Danske Bank har mod betaling udarbejdet denne analyse af SEB:
Although lower trading income affected profitability negatively, SEB beat analyst expectations on more or less all income lines and profitability remains at a very high level. We expect more tailwind for NII in the coming quarters. Loan losses remain low, asset quality is stable and management provided details on its real estate exposure, which we view as solid. Capitalisation remains comfortably above requirements. We view the report as credit neutral and maintain our Marketweight recommendation.
Net profit arrived at SEK5,842m (ann. return on equity of 12.5%), which was 6% above company-collected consensus estimates, but almost 9% below the Q1 level. In terms of drivers of lower profitability, costs rose 7.1% (SEK409m) during the quarter but the most important reason was lower trading income (SEK1,154m against SEK2,334m in Q1). As for core income lines, NII beat consensus by 8% and rose almost 10% during the quarter. Meanwhile, fee income beat consensus by 7% and was 1.9% ahead of Q1. Hence, NII+Fees-Costs rose 5.6% during the quarter, illustrating the solid underlying earnings momentum for SEB.
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