Swedish bank SEB Q1 net profit beats forecast (updated)
29/04/2026 05:39
Adds background in paragraphs 3-4, CEO comment in paragraphs 5-6, detail in paragraph 7 By Niklas Pollard STOCKHOLM, April 29 (Reuters) - Swedish bank SEB SEBa.ST reported first-quarter net earnings above market expectations on Wednesday on the back of lower costs even as markets soured with corporate customers pausing larger investment decisions amid economic uncertainty. SEB said its net profit fell to 7.50 billion Swedish crowns ($808.41 million) from 7.82 billion a year ago, beating a mean forecast of 7.16 billion from analysts polled by LSEG. Nordic banks have benefited from a tentative recovery in the underlying economy in recent quarters, but have also faced headwinds to interest income, including bread-and-butter mortgage revenues, from lower central bank rates. More than eight weeks of conflict in the Middle East and a spiralling energy crisis have left the economic outlook highly uncertain, potentially resulting in weaker growth as well as rising inflation and interest rates. "The market developments during the first quarter contrasted sharply with the more supportive conditions seen in the fourth quarter of 2025, impacting several aspects of our business in the quarter," SEB CEO Johan Torgeby said. Torgeby added that earnings in the quarter had been supported by lower costs and income resilience across several business areas. Total spending fell to 7.62 billion crowns in the quarter from a year-ago 8.24 billion. SEB, which relies more on corporate clients than rivals such as Swedbank SWEDa.ST, said interest income fell to 10.24 billion crowns from 10.84 billion a year earlier, topping the 10.05 billion seen by analysts. The bank, part of the business sphere centred on Sweden's Wallenberg family, said in a statement it was initiating a new quarterly share buyback programme of 1.25 billion crowns, to be completed by 13 July. ($1 = 9.2775 Swedish crowns) (Reporting by Niklas Pollard, editing by Essi Lehto) ((Niklas.Pollard@thomsonreuters.com;))