Net fee and commission income at this segment was SEK1.197 billion in Q4 2014, a rise of 27 per cent from the previous quarter. Net interest income fell 10 per cent over the quarter to SEK146 million, perhaps unsurprisingly in an environment of low interest rates.

The wealth segment’s cost/income ratio was 0.53 per cent at the end of last year, a rise from 0.5 per cent at the end of September 2014,  and arranged the largest number of transactions,” said Annika Falkengren, SEB’s president and chief executive, commenting on the fourth quarter results.

“All divisions increased income and showed continued growth in the customer base with good cost control. The result reflects our investments in a broader and deeper relationship with large corporates outside Sweden. Profit growth in the Nordic countries and Germany was firm,” she added.