SEB Launches New Share Buyback as Earnings Beat Forecasts

By Dominic Chopping

STOCKHOLM--Skandinaviska Enskilda Banken launched a new share buyback after posting better-than-expected second-quarter earnings.

The Sweden-based bank posted net profit of 8.66 billion kronor, or about $896 million, up from 8.25 billion kronor a year earlier and ahead of the 7.62 billion kronor forecast in a company-compiled consensus.

Net interest income rose 0.6% to 10.69 billion kronor, compared with an expected 10.46 billion kronor, as the bank benefited from lending growth and stable to increasing policy rates, it said.

"The positive momentum in revenues is a result of our long-term focus on staying close to our customers, which has enabled us to capture business opportunities in a market with high activity," Chief Executive Johan Torgeby said Wednesday.

SEB said it has completed its latest 1.25 billion kronor share buyback and will now initiate a new 1.25 billion kronor program.

It said it continues to manage costs within its full-year cost target which remains unchanged. Updated with current currency rates the target amounts to 33.3 billion kronor plus or minus 250 million kronor.

The bank's common equity Tier 1 ratio--a key measure of financial strength--stood at 17.2% at the end of the quarter, down from 17.7% a year prior.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 15, 2026 01:13 ET (05:13 GMT)