This compares with a profit of SEK 5,768 million for the period 2018.

The Board proposes a dividend of SEK 6.25 per share, compared to SEK 6.50 per share for the previous year.

“It was another quarter of high customer activity and growth continued in all markets. SEB's diversified business model continues to be favorable and we have benefited from the favorable financial markets, "SEB President and CEO Johan Torgeby writes in a comment.

Net interest income, which SEB earned on the difference in deposits and lending during the most recent quarter, rose by 14 percent to SEK 5,930 million, from SEK 5,215 million a year earlier.

Rising costs

Net commission income increased to SEK 4,989 million, from SEK 4,848 million.

In total, revenues amounted to SEK 14,089 million, compared with SEK 11,744 million for the corresponding period last year.

At the same time, costs rose to SEK 6,026 million, from SEK 5,561 million. And credit losses more than doubled to SEK 997 million, from SEK 413 million.