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Investing.com -- Swedish bank SEB’s fourth-quarter net profit did not meet expectations, and the proposed total dividend for the year was lower than anticipated, causing a 3% drop in its share price.
SEB, a bank with a stronger focus on corporate clients compared to its domestic competitors, reported a nearly 11% decline in net profit to 7.49 billion crowns ($683 million), down from 8.37 billion a year earlier.
This figure fell short of the 7.65 billion crowns that analysts predicted in a London Stock Exchange Group (LON:LSEG) poll.
Additionally, SEB proposed an ordinary and special dividend for shareholders, amounting to 11.50 crowns per share for the year. This proposal remains unchanged from the previous year but is lower than the 12.73 crowns per share that analysts anticipated, according to LSEG data.
SEB’s CEO, Johan Torgeby, stated that the bank’s return on equity was impacted by falling interest rates, a less robust net financial income level, and the costs associated with integrating payment service provider AirPlus.
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