SEB AB, Sweden's largest bank, experienced a decrease in profit from lending in the third quarter due to the impact of central bank interest rate cuts.
Net interest income for the three-month period ending in September declined by 9.7% compared to the previous year, amounting to 11.06 billion kronor ($1 billion).
Analysts had predicted a stronger performance, estimating net interest income to reach 11.31 billion kronor. This decline highlights the challenges faced by financial institutions as changes in monetary policy affect their profitability.