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SEB's Profit Skyrockets, Dividend Hikes on Strong Interest Income"

Swedish banking group SEB reported a higher-than-forecasted rise in fourth-quarter net earnings, as a result of central bank rate hikes lifting interest income. The bank also proposed an increased shareholder dividend.

With net profit at 7.43 billion Swedish crowns ($728.8 million) and interest income at 9.72 billion crowns, SEB beat analyst expectations. CEO Johan Torgeby noted that the ongoing macroeconomic environment continues to impact customer sentiment, activity, and results, but savings buffers built up during the pandemic have contributed to resilient demand and consumption. The bank proposed raising its annual dividend to 6.75 crowns per share from 6.00 crowns."

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