SEB CEO Annika Falkengren

SEB Report Exceeds Expectations

The Swedish banking group SEB posted a better than expected third quarter operating profit Wednesday. But SEB reports a much reduced profit compared to the same period last year.

 Operating earnings in July through September fell to just over 56 million US dollars, down from around 350 million dollars in the third quarter of 2008.

SEB says, however, that growth in non-performing loans in the troubled Baltic region is slowing.

In a statement the bank says it is not applying for an extension of the Swedish government guarantee program, set up to help financial institutions through the current crisis. The bank has not yet utilized the program.

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