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STOCKHOLM, April 23 (Reuters) - Swedish banking group SEB reported on Tuesday a smaller-than-expected rise in first-quarter operating profits as commission income missed forecasts.
SEB’s operating profit in the quarter rose to 3.72 billion Swedish crowns ($570 million), missing a mean forecast for 3.91 billion in a Reuters poll and compared with 3.65 billion in the year-ago period.
Return on equity in the quarter was 11.0 percent.
SEB, which focuses on corporate banking, said large companies had been affected by the subdued economic climate and were operating in a restrained investment mode.
$1 = 6.5285 Swedish crowns Reporting by Mia Shanley and Oskar von Bahr