Skandinaviska Enskilda Banken reported net income of SEK 3.2 billion, or SEK 1.47 per diluted share, for the fourth quarter compared with SEK 2.2 billion, or SEK 1.02 per diluted share, a year ago.
For 2012, net income equaled SEK 11.6 billion, or SEK 5.29 per diluted share, a 7.4% increase from 2011 net income of SEK 10.8 billion, or SEK 4.91 per diluted share. During the quarter, SEB realized a tax benefit of SEK 401 million compared with paying approximately SEK 800 million-850 million in income tax over the last three quarters. The tax benefit is the result of the reduction of the Swedish corporate tax rate, which had a one-time positive effect of SEK 1.1 billion from the revaluation of deferred tax assets and liabilities.
Without the tax benefit, earnings per share would have been SEK 1.00 for the fourth quarter. Total revenue was flat at SEK 9.6 billion for the third and fourth quarters of 2012. However, it was a 3.2% increase from a year ago with net interest income and net financial income showing increases of 3% and 67%, respectively. Expenses increased to SEK 6.5 billion, or 15.7% from the third quarter, largely because of increased depreciation and amortization expenses.
SEB reported credit losses of SEK 276 million compared with SEK 240 million a year ago.
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