No dividend for SEB shareholders after earnings fall
AFP/The Local · 5 Feb 2009, 09:42
Published: 05 Feb 2009 09:42 GMT+01:00
Net profit fell by 26 percent to 10.04 billion kronor ($1.2 billion) in 2008. At the operating level net earnings dropped 27 percent to 12.47 billion kronor.
In the October-December period, net earnings declined 7.0 percent to 3.5 billion kronor despite a 27 percent increase in net banking income.
The bank said in a statement it would carry out a capital increase worth 15 billion kronor and would pay no 2008 dividend in order to improve its capital base, which currently stands at 19.5 billion kronor.
"With the proposed measures to strengthen our capital base SEB is well-equipped to confront macro-economic difficulties."
The bank employs 22,000 people and operates in Scandinavia, the Baltic states and Germany.