Go to search feature Go to content

You need to use a different browser. To be able to use our internet services, you can instead use one of these browsers: Apple Safari, Google Chrome, Microsoft Edge or Mozilla Firefox.

Read more about recommended browsers

SEB’s first quarter 2022 results

SEB’s operating profit for the first quarter of 2022 amounted to SEK 7.9bn, with a return on equity of 13.4 per cent on a capital buffer above the regulatory requirement of 490 basis points.

“The first quarter of the year was dominated by Russia’s invasion of Ukraine. SEB has joined the international community in condemning Russia’s actions and our thoughts go out to our employees and customers in Ukraine and to everyone affected by the war,” says Johan Torgeby, SEB’s President and CEO. “Despite the heightened level of uncertainty and less favourable macroeconomic outlook, it was a financially robust quarter for SEB and our capital and liquidity position remains strong.”

The operating profit increased by 5 per cent compared to the previous quarter, to SEK 7.9bn. Return on equity reached 13.4 per cent. Net expected credit losses increased to 8 basis points due to less favourable macroeconomic scenarios, uncertainty related to higher energy prices, and the war in Ukraine. In light of this uncertainty, it is difficult to make projections for the full year, but we believe we are well reserved and therefore net expected credit losses are likely to remain at a low level for the full year.

Income statement

 

Q1

 

Q4

 

Jan-Mar

 

Full year

SEK m

2022

 

2021

%

 

2022

2021

%

 

2021

Total operating income

14 768

 

14 127

5

 

14 768

13 616

8

 

55 638

Total operating expenses

-5 793

 

-6 097

-5

 

-5 793

-5 718

1

 

-23 245

Net expected credit losses

- 535

 

- 299

79

 

- 535

- 156

   

- 510

Imposed levies: Risk tax and resolution fees

- 582

 

- 255

128

 

- 582

- 267

118

 

-1 019

Operating profit

7 857

 

7 476

5

 

7 857

7 475

5

 

30 864

                     

NET PROFIT

6 403

 

6 198

3

 

6 403

6 018

6

 

25 423

                     
                     

Return on equity, %

13.4

 

12.9

   

13.4

13.8

   

13.9

                     

Basic earnings per share, SEK

2.98

 

2.87

   

2.98

2.78

   

11.75

                     

Comparative figures for 2021 have been restated. See section on restated comparative figures for further information.

This disclosure contains information that SEB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-04-2022 07:00 CET.

For further information, contact:
Masih Yazdi, CFO
+46 771 62 10 00

Per Andersson, Acting Head of Investor Relations
+46 70 667 74 81
per.andersson@seb.se

Frank Hojem, Head of Corporate Communication
+46 70 763 9947
frank.hojem@seb.se

SEB is a leading northern European financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. We take a long-term perspective and support our customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in our presence in more than 20 countries worldwide, with around 16,000 employees. At 31 March 2022, the Group's total assets amounted to SEK 3,766bn while its assets under management totalled SEK 2,432bn. Read more about SEB at sebgroup.com.