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Visa sale boosts SEB Q2 profit

SkandinaviskaEnskilda Banken AB reported second-quarter group net profitattributable to shareholders of 4.52 billion Swedish kronor, compared to 3.93billion kronor in the year-ago period.

EPS was 2.06 kronor, up from 1.78 kronor in the secondquarter of 2015.

For the quarter, the group's net interest income was 4.65billion kronor, compared to 4.63 billion kronor a year ago; net fee andcommission income dropped to 4.07 billion kronor from 5.19 billion kronor.The group's net financial income rose on a yearly basis to 1.72 billion kronorfrom 994 million kronor. Net credit losses were 221 million kronor, compared to220 million kronor a year ago.

The group said it recorded a one-off gain of 520 millionkronor from the closing of its Visa memberships in the Baltic countries asVisa Inc. its acquisition of VisaEurope.

ROE for the period was 14.03%, up from 12.04% in the secondquarter of 2015. Excluding one-off items, ROE was 11.88%, down from 14.75% inthe prior-year period.

For the first half, group net profit attributable toshareholders amounted to 2.23 billion kronor, down from 8.58 billion kronor inthe first half of 2015. President and CEO AnnikaFalkengren said that "for the first half of this year … all income lineswere lower compared to the first half of 2015 mirroring the impact of negativeinterest rates and a more cautious business sentiment."

As of June 30, the group's Basel III common equity Tier 1capital ratio stood at 18.7%, compared to 19.1% at the end of March and 17.2%at the end of June 2015.

The liquidity coverage ratio, according to Swedish FSAregulations, was 129% at the end of June, compared to 132% at March-end and123% as of June 30, 2015.

As of July 13, US$1was equivalent to 8.49 Swedish kronor.