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SEB names new group CFO as Q3 profit rises 5% YOY

Skandinaviska Enskilda Banken AB appointed Finance Director Masih Yazdi to be its new group CFO, as it reported a 5% year-over-year increase in its third-quarter net profit attributable to shareholders.

The Swedish banking group's attributable net profit for the quarter came in at 4.77 billion Swedish kronor, up from 4.54 billion kronor a year ago. EPS rose over the same period to 2.20 kronor from 2.09 kronor.

Net interest income rose on a yearly basis to 5.98 billion kronor from 5.32 billion kronor. Net fee and commission income also increased over the period, to 4.69 billion kronor from 4.51 billion kronor. Net financial income was 1.20 billion kronor, down from 1.51 billion kronor in the third quarter of 2018.

Costs for depreciation, amortization and impairment of tangible and intangible assets reached 379 million kronor in the quarter, compared to the year-ago 182 million kronor. SEB's total operating expenses increased year over year to 5.59 billion kronor from 5.42 billion kronor.

Net expected credit losses amounted to 489 million kronor in the period, up from 424 million kronor in the third quarter of 2018.

Return on equity stood at 13.2% in the third quarter, compared to 12.7% a year earlier. The group said it aims to reach a sustainable ROE of 15% in the long term.

For the nine months ended Sept. 30, SEB's attributable net profit declined year over year to 14.35 billion kronor from 18.56 billion kronor. EPS for the period fell to 6.60 kronor from 8.52 kronor.

As of Sept. 30, the group's Basel III common equity Tier 1 capital ratio was 16.4%, down from 16.6% at the end of June and 19.7% a year ago. Its leverage ratio stood at 4.5% at the end of September, compared to 4.6% at June-end and 4.8% at Sept. 30, 2018.

The liquidity coverage ratio, in accordance with the EU delegated act, was 174% at Sept. 30, up from 149% at the end of June and 129% a year earlier.

SEB also named Group Finance Head Nina Korfu-Pedersen head of business support and operations, replacing Martin Johansson, who will also leave his post as chief of staff after being appointed senior adviser to President and CEO Johan Torgeby. The appointments are effective Jan. 1, 2020.

As of Oct. 22, US$1 was equivalent to 9.63 Swedish kronor.