Photo: Magnus Hjalmarson Neideman/Scanpix

Banks report good profits for 2010

One of Sweden's major banks, SEB Banken, reports a surprise profit of some US$ 600 million for the last quarter of last year - compared to only 100 million the year before.

The bank claims this is a result of the improved credit situation and a stabilization of the economies in the Baltic states, where the bank has large investments.

Some critics object to the bank's decisions to hand out 107 per cent increases in bonuses.

Meanwhile, the Chinese-owned Swedish car maker Volvo has also declared a US$ 900 million profit for the last quarter of 2010 - compared to a loss for the same period the year before.

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