08:15 AM EDT, 07/13/2026 (MT Newswires) -- Morgan Stanley forecasts a "modest" inflection in Skandinaviska Enskilda Banken's (SEB-A.ST, SEB-C.ST) second-quarter net interest income alongside an acceleration of operating expenses. "We expect NII to inflect and return to growth in Q2, albeit at a modest pace (+1% QoQ, in line with consensus), as c.30 [basis point] QoQ increase in 6M EURIBOR will bring higher Baltic funding costs, creating a modest headwind. The bank also highlighted several smaller moving parts: in Q1, NII benefited from a positive SEK 0.2bn effect (offset by lower [net commission income]), which is expected to persist in Q2 but to a lesser extent, implying a small NII headwind and corresponding NCI tailwind versus Q1. Q1 will also see a [favorable] day-count effect of c.SEK 100m (+1 day versus Q1) as well as FX tailwinds from a weaker SEK," according to a July 10 earnings preview note. The research firm projects fee income to rise sequentially, driven by typical second-quarter seasonal tailwinds. However, analysts flagged a 9% quarter-on-quarter increase in costs as planned investments ramp up, with the estimate 1% worse than market expectations. Morgan Stanley rates the stock at equal-weight. The financial services group is scheduled to release its interim report on Wednesday.

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