SEB’s shipping loan book fell in the first half of the year.
The total loans decreased to SEK 48.4bn ($4.6bn) from SEK 50.9bn at the end of 2023, according to the Stockholm-based bank’s second-quarter report.
In July, other Nordic Banks such as Nordea and DNB also reported falling shipping loan books in the first six months.
SEB’s net profit was SEK 9.4bn in the second quarter.
Chief executive Johan Torgeby said: “Our result remained solid in the second quarter and asset quality was robust.
“While the interest rate cuts during the quarter resulted in a decrease in net interest income, we saw improved momentum in other parts of our business.”
The net expected credit losses amounted to one basis point.
“During the first half of 2024, we made progress within the four focus areas that make up our 2030 Strategy,” Torgeby said.
“In line with our focus on acceleration of efforts, green and sustainability-linked bank guarantees were added to our financing offering, to support companies in fulfilling their sustainability strategies.”
In the second quarter, the shipping sector was included in the targets of the Net-Zero Banking Alliance.
“Our targeted ambitions to put our green transition in numbers continued as we set a net zero aligned 2030 target for the shipping sector, in line with our commitment to the Net-Zero Banking Alliance,” Torgeby said.
“This means the emission intensity in the bank’s shipping portfolio is targeted to be reduced by 41% by 2030, compared with the base year 2022.”
