SEB, Swedbank see record negative OCI
Lower discount rate linked to pension obligations triggers aggregate unrealised losses of Skr5.5 billion in Q4
A decline in the value of defined benefit pension plans at two Swedish banks lowered their other comprehensive income (OCI) in the fourth quarter of 2023.
Skandinaviska Enskilda Banken (SEB) reported a negative OCI of Skr2.9 billion ($275 million) at the end of December – the highest ever reported by the bank. OCI losses accounted for Skr1.2 billion in the three months to end-September.
Swedbank also recorded an all-time high, with OCI losses hitting Skr2.6 billion, up from Skr877 million in Q3.
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