SEB Pank
SEB nine months results 2008

SEB Pank / 

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The SEB group's operating profit January - September 2008: SEK 7,9 bn (12.4)
 
SEB in Estonia: EEK 532m, of which EEK 350m in Q3

SEB in Estonia

SEB Estonia´s nine months operating profit was EEK 532m (EEK 1 241m), which is
57 per cent per cent lower compared to the same period last year. 
Income for the first nine months was EEK 2 025m, (EEK 2 060m) a decrease of 2
per cent. 
Provisions for loan losses increased to EEK 638m. (EEK 40m), of which EEK 24m
in Q3. 
Lending volumes grew by 6 per cent year on year reflecting slowing economy. 
Deposits increased by 2 per cent year on year.
SEB's client base grew by 5 700 new clients in Q3.
SEB is the only bank in Estonia that has fulfilled Basel II risk and capital
management requirements. 
SEB Estonia has increased client market share in III pillar pension products
by 2 per cent during nine months. 

Ahti Asmann, Head of SEB in Estonia: 

Despite slowing economy, SEB clients have remained active. SEB Plans, various
packages of bank services, launched in Estonia during spring 2008 have become a
large success. SEB has attracted a number of new active customers thanks to
this new everyday banking solution. 

Our cautious approach to credit risks has started to pay off. SEB has managed
to restructure some of the exposures for which we provisioned in the first half
of the year. Amount of specific provision has decreased and we have increased
general provision, since we think that macro environment will deteriorate even
further. 

SEB Estonia has a large capital buffer. Our total capital ratio is 15 per cent,
which is significantly more than 10 per cent required by the law. 
 
SEB Group 
Operating profit for January-September 2008 amounted to SEK 7,927m, a decrease
of 36 per cent compared with the corresponding period of 2007. Net profit was
SEK 6,171m (9,885). 
Net interest income rose by 14 per cent. Net fee and commission income was 11
per cent lower. Overall operating income decreased by 8 per cent; valuation
losses on the investment portfolio amounted to SEK 1,286m. 
Operating expenses increased by 7 per cent.
Net credit losses amounted to SEK 1,545m (703). The credit loss level was 0.19
per cent (0.10). 
Return on equity was 10.9 per cent (19.0) and earnings per share SEK 9.00
(14.62). 
Operating profit amounted to SEK 2,010m. Net profit for the third quarter was
SEK 1,514m. 

Annika Falkengren, President and CEO, the SEB Group:
In these challenging times SEB has had a continued sound capital position and
good access to funding. It has been key for us to maintain business as usual
and to strengthen customer relationships. In the new financial landscape I
believe we will gradually see a return to more traditional banking, which fits
well to our strategy built on a robust platform and long-term customer
relationships. 

SEB is a North European financial group serving some 400,000 corporate
customers and institutions and five million private individuals. SEB offers
universal banking services in Sweden, Germany and the Baltic countries -
Estonia, Latvia and Lithuania. It also has local presence in the other Nordic
countries, Poland, Ukraine and Russia and a global presence through its
international network in another ten countries. On 30 September 2008, the
Group's total assets amounted to SEK 2,416bn while its assets under management
totalled SEK 1,244bn. The Group has about 22,000 employees. Read more about SEB
at www.sebgroup.com. 


Further information information, please contact:
Ahti Asmann, Head of SEB in Estonia tel. + 372 66 55 300
Silver Vohu, Head of Communication in Estonia, tel. + 372 66 55 393
Ulf Grunnesjö, Head of Group Investor Relations, +46 8 763 85 01; +46 70 763 85
01

News Source: NASDAQ OMX

23.10.2008  Financial News transmitted by DGAP
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Language:     English
Issuer:       SEB Pank
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3300091073
WKN:          
 
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