OREANDA-NEWS. February 11, 2009. SEB Estonia?s operating profit for 2008 was EEK 569m (EEK 2 036m)*, reported the press-centre of SEB.

Income for 2008 was EEK 2 474m, (EEK 2 750m), a decrease of 10 per cent.

Net interest income for 2008 was EEK 1 716m (EEK 1 579), an increase of 9 per cent.

Provisions for loan losses increased by EEK 754m. (EEK 171m), of which EEK 116m in Q4.

Lending remained in the same level as in 2007, while private individual portfolio increased by 4%.

Deposits volumes remained in the same level as in 2007, while private individual portfolio increased by 10%.

The number of the bank's active customers grew by 17,500 individuals and 2,000 companies in 2008.

SEB Payment Plan has continued its success - by the end of 2008 more than 50 000 clients have chosen package based pricing.

More than 50% of start up companies have choosen SEB in Estonia as their main bank in 2008.

For the second year in the row SEB Estonia has been announced The Best Bank in Estonia by The Bankers Magazine.

Ahti Asmann, Head of SEB in Estonia:
Our financial result reflects the current situation in the Estonian and global economy. SEB is monitoring the changes in the economies of Estonia and our main export partners very closely and we have increased our loan provisions significantly in 2008 due to the weakened economic environment. However, regardless of the complicated situation, SEB is determined to keep to its long-term goals by placing the main emphasis on high quality of client service. SEB is in a strong position from which to face the decline on the markets.

SEB is still the bank with the best client services in Estonia. The number of clients who use banking services actively increased considerably in 2008, mainly as a result of the Payment Plan launched on the market, which are new in Estonia. The market share of SEB increased noticeably in the area of pensions, mainly on account of the Pension Plan launch.

SEB is currently in a strong position and will continue moving towards the achievement of its business goals.

* unaudited result