OREANDA-NEWS. July 20, 2010. SEB Group published Q2 results for 2010, which can be found here: www.sebgroup.com/ir, reported the press-centre of SEB Group.

Chief Financial Officer and Management Board member Paulius Tarbunas commented on SEB business units result in Estonia:
“Estonian economy continues to show signs of recovery – unemployment is falling since April, consumer confidence shows improvement, 9 month deflationary trend has been broken. Further supported by accession to Euro area, we believe that GDP might show positive growth already in the second quarter and we expect modest growth for full year 2010.

The operating result of SEB business units in Estonia in second quarter of 2010 was 53 million Estonian kroons (-829 million EEK in Q2 2009). The operating income earned by all SEB business units in Estonia in the second quarter of 2010 amounted to 528 million Estonian kroons (463 mEEK). The operating expenses of SEB business units in the second quarter amounted to 280 million Estonian kroons (635 mEEK in Q2 2009 including goodwill impairment loss in amount of 379 mEEK). Loan provisions have decreased to 194 mEEK (657 mEEK). Total operating result of all business units in the first half of the year was 2 mEEK.”