Estonia: SEB Bank doubles profit to EUR 232mn in 2023

Estonia’s second-largest commercial bank, SEB Pank, posted a net profit of EUR 231.7mn in 2023, which was a double increase from EUR 115.9mn in 2022, ERR reports. SEB’s operating income amounted to EUR 356mn (EUR 206.9mn) and operating expenses to EUR 78.4mn (EUR 69.1mn). CEO Allan Parik attributed the high profit to the rapid rise in interest rates. He said that the bank cut its fees and loan margins, invested in IT systems, recruited new staff, and raised wages.