SEB, Sweden’s biggest bank, made an operating profit of SEK1.48 billion ($222.4 million) in its wealth management division last year, in line with the profit the bank logged in 2010.

At the same time, assets under management in private banking fell to SEK1.175 trillion at the end of 2011 from SEK1.321 trillion a year earlier, despite the bank saying it attracted 1,300 new customers and SEK24 billion in new AuM in the segment. The bank attributed the drop to a SEK198 billion decrease in value.

Meanwhile, SEB said that the acquisition of Irish Life International added SEK17 billion in client assets.

Across its divisions, the banking group recorded a net profit of SEK15.4 billion for 2011, 35 per cent higher than the SEK11.4 billion figure for the year before.

The bank’s chief executive, Annika Falkengren, said in a statement that the Swedish bank will continue to concentrate its efforts on becoming number one in relationship management in Scandinavia.