15 Jul 2020
Mixed P&L, but strength in diversification
SEB delivered a mixed Q2 report as NII came in low, losses came in high while it once again showcased the strength of its diversified income mix with a SEK 3.5bn trading line. Though loan loss provisions were well above our estimate, implied guiding for H2/20 was more upbeat. Our EPS estimates are mostly unchanged after the report. With a SEK 30bn management buffer, growth and dividend capacity remain very strong as well. We stick to Hold and SEK 92 TP.
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Mixed P&L, but strength in diversification
Skandinaviska Enskilda Banken AB Class A (SEBA:FRA) | 0 0 0.5% | Mkt Cap: 212,477m
- Published:
15 Jul 2020 -
Author:
Roy Tilley -
Pages:
12
SEB delivered a mixed Q2 report as NII came in low, losses came in high while it once again showcased the strength of its diversified income mix with a SEK 3.5bn trading line. Though loan loss provisions were well above our estimate, implied guiding for H2/20 was more upbeat. Our EPS estimates are mostly unchanged after the report. With a SEK 30bn management buffer, growth and dividend capacity remain very strong as well. We stick to Hold and SEK 92 TP.