April 29, 2020 / 5:18 AM / a month ago

SEB Q1 net profit down 50% as coronavirus hit

STOCKHOLM, April 29 (Reuters) - Swedish banking group SEB reported lower-than-expected first-quarter earnings on Wednesday, as the coronavirus hits the bank’s trading arm and loan portfolio.

SEB’s net profit fell 50% to 2.36 billion Swedish crowns ($239.28 million)from a year-ago 4.68 billion, lower than the mean forecast for 3.51 billion in a Refinitiv poll of analysts. ($1 = 9.8628 Swedish crowns) (Reporting by Colm Fulton; editing by Johan Ahlander)

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