Swedish bank SEB profit beats forecast as interest income grows (updated)

Skandinaviska Enskilda Banken AB (publ)

15/07/2026 05:40

SEB profit rises to 8.66 bln SEK vs forecast 7.68 bln
Interest and commission income both above expectations
Bank says customer activity high amid geopolitical uncertainty
SEB raises full-year cost target slightly due to currency swings
Adds analyst comment, Handelsbanken in paragraphs 4-5
By Niklas Pollard

    STOCKHOLM, July 15 (Reuters) - Swedish banking group SEB SEBa.ST reported second-quarter net earnings above market expectations on Wednesday and said customer activity had been brisk with interest and commission income both growing more than expected.
Net profit at the bank, part of the business sphere centred on Sweden's Wallenberg family, rose to 8.66 billion Swedish crowns ($898 million) from a year-ago 8.25 billion to beat a mean forecast of 7.68 billion in an LSEG poll of analysts.
The bank, the first of Sweden's major banks to report on the second quarter, said interest income grew on the back of lending growth and stable or rising central bank policy rates while activity increased in its investment banking arm.
Analysts at Citi said SEB's results were well above consensus with strong corporate lending a key positive. "We therefore think one gets low single-digit consensus earnings upgrades," Citi said in a note. 
SEB's results contrasted with those from rival Handelsbanken SHBa.ST whose profit for the quarter missed forecasts after a sharper than anticipated fall in interest and financial income.
After benefiting from a gradual economic recovery, months of conflict in the Middle East and recurring closures of the Strait of Hormuz have dampened growth expectations and begun stoking inflation, rubbing off on the outlook for Nordic banks. 
With central bank rate hikes now firmly back on the agenda, headwinds faced by SEB and its peers on interest income may be about to reverse, though an economic slowdown could likewise dent other income streams and push up loan losses.
"Customer activity was high across several business segments. We saw an increased credit demand among our large corporate customers," SEB CEO Johan Torgeby said.    
SEB, whose rivals include Handelsbanken, Swedbank SWEDa.ST and Nordea NDAFI.HE, which all report this week, said interest income rose slightly to 10.69 billion crowns from a year-ago 10.62 billion, beating the 10.48 billion seen by analysts.
Taking stock of shifting currency rates, the bank raised its full-year cost target to 33.3 billion crowns from 33.0 billion.
($1 = 9.6430 Swedish crowns)

 (Reporting by Niklas Pollard, editing by Terje Solsvik and Tomasz Janowski)
 ((Niklas.Pollard@thomsonreuters.com;))