Swedish bank SEB reports Q3 net profit below forecast (updated)

Skandinaviska Enskilda Banken AB (publ)

23/10/2025 05:47

Adds figures, details and background in paragraphs 4-8

STOCKHOLM, Oct 23 (Reuters) - Swedish banking group SEB SEBa.ST reported a bigger-than-expected fall in third-quarter net profit on Thursday but said  the economic outlook for its main market Sweden had improved.

Net profit at the bank, a pillar of the financial sphere led by Sweden's Wallenberg family, fell to 7.68 billion crowns ($815.68 million) from 9.45 billion a year ago, lagging the 7.86 billion seen in a poll of analysts' estimates collected by LSEG.

SEB said in a statement that its full-year cost target remained unchanged in local currencies, but that it has decreased to 32.6 billion Swedish crowns given the stronger Swedish currency.

Sweden's banks have seen a string of rate cuts by the Riksbank weigh on interest income over the past year while uncertainty linked to U.S. President Donald Trump's tariff plans has affected markets and some companies amid a tentative economic recovery.

SEB said that the Swedish economy had remained subdued in the quarter, with household consumption still weak, but that it looked brighter ahead.

"Given an expansionary monetary policy and expectations of a more active fiscal policy in 2026, the economic outlook for Sweden has improved," SEB CEO Johan Torgeby said in a statement.

SEB, which relies more on corporate clients rather than households compared to its main Swedish peers, said interest income, which includes revenues from mortgages, fell to 10.42 billion crowns from a year-ago 11.27 billion, but came in above the 10.18 billion seen by analysts.

Earlier this week, rival
Handelsbanken
 reported 10.47 billion crowns in net interest income from a year-ago 11.76 billion, roughly in line with analysts' expectations of 10.48 billion.

($1 = 9.4155 Swedish crowns)

 (Reporting by Johan Ahlander, editing by Louise Rasmussen)

 ((johan.ahlander@thomsonreuters.com; +46 707 211027;))