By Dominic Chopping

STOCKHOLM--Skandinaviska Enskilda Banken AB on Wednesday posted a better-than-expected first-quarter net profit as its fixed income, currencies and commodities businesses drove a sharp increase in net financial income.

The Sweden-based bank posted net profit of 6.02 billion Swedish krona ($717.6 million) for the quarter, up from SEK2.36 billion a year earlier and above the SEK4.89 billion forecast from analysts polled by FactSet.

Net interest income for the quarter rose 3.1% to SEK6.4 billion, while expected credit losses in the quarter fell to SEK156 million from SEK1.49 billion, it said.

SEB said that to further strengthen and grow its savings and investments business, it will establish a new unit for private wealth management and family office services, effective June 1.

The new unit will be led by William Paus, currently co-head of SEB's large corporates and financial institutions division. Jonas Ahlstrom, currently head of SEB's Baltic division, will succeed Mr. Paus, the bank said.

"Our aim is to take a leading position in this increasingly important segment by offering first-class investment advisory based on SEB's entire product range of analysis, IPOs and alternative investments," Chief Executive Johan Torgeby said.

The bank's common equity Tier 1 ratio--a key measure of financial strength--stood at 20.3% at the end of the quarter, down from 21.0% at the end of the fourth quarter, it said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

04-28-21 0153ET