SEB buffers and takings pick up

City A.M. Reporter
SWEDISH banking group SEB said yesterday it had the right buffers in place to protect it from Europe’s deep sovereign debt problems, as it posted second-quarter operating profit well above forecast.

SEB’s core tier one capital level rose to 15.3 per cent in the quarter from 13.9 per cent in the first quarter. The bank’s core net interest income was 4.5bn Swedish crowns (£408m), beating a 4.2bn crown forecast by a poll of analysts. Operating earnings from April to June were 3.95bn crowns.