SEB Posts Lower Than Expected Q1
The Swedish bank SEB has reported a worse-than-expected fall in operating profit for the first quarter.
Citing higher costs and lower revenues from capital market-related activities, SEB posted a 42 percent drop in operating profit. Nordic banks have not been hurt as badly by the recent market turmoil as some in other countries.
But according to Reuters the first quarter has generally been weak with several banks forced to lower the value of their assets.
SEB, which is one of Sweden’s Big Four banks, says the ongoing credit crunch has led it to write down the value of bonds in its portfolio.