SEB’s shipping loan book fell in the third quarter.
The Swedish bank’s loan book shrank to SEK 44.7bn ($4.2bn) from SEK 48.4bn at the end of the second quarter.
Earlier in October, DNB Bank and Nordea Bank also reported a slight drop in shipping loans.
The Stockholm-based bank’s third-quarter net profit was SEK 9.5bn.
Chief executive Johan Torgeby said: “Our diversified business model enabled a robust result in a falling interest rate environment, supported by strong net commission and net financial income.
“Net profit was stable compared with the previous quarter. It is also pleasing to see that we have a continuously strong capital position and overall robust asset quality.”
The lender said it will bring together Private Wealth Management & Family Office, Life and Asset Management in one unit, establishing a consolidated Wealth & Asset Management division from 1 January.
It will improve cooperation and collaboration to capture the full potential in savings and investments.
The bank has also launched SEB Global Sustainable Companies, an Article 9 exposure fund.
The fund’s goal is to invest in companies, in developed markets worldwide, that contribute to a sustainable future for the environment and society.
The bank also formed SEB Water, a team geared towards SEB’s and the financial industry’s focus on water-related issues.
Torgeby said geopolitics and the US presidential election could affect SEB.
“The economic consequences of the escalating situation in the Middle East and the war in Ukraine have so far been relatively limited, however, the risk of larger effects remains,” he said.
“The outcome of the US elections can have implications for the economic agenda and affect Europe and the Nordics in terms of, among other things, tariffs, taxes and international engagement from the US.”
