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Baltic loans hit SEB bottom line

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Baltic loans hit SEB bottom line

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The Swedish banking group SEB has posted a sharply weaker-than-expected second-quarter operating profit.

It had to writedown the value of Eastern European assets, particularly in the Baltics, which accounts for thirteen percent of its loans and where the recession has hit hard. Operating earnings from April to June fell to 56 million euros from 319 million a year-ago.