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SEB’s second quarter 2022 results

SEB’s operating profit for the second quarter of 2022 amounted to SEK 7.3bn, with a return on equity of 12.3 per cent on a capital management buffer that exceeds the regulatory requirement by 480 basis points.

“The heightened level of global uncertainty prevailed in the second quarter, driven by Russia’s war in Ukraine, the energy crisis, and continued supply-chain disruptions – with continuously increasing global inflationary pressure and higher interest rates also contributing,” says Johan Torgeby, SEB’s President and CEO. “Despite a worsening macroeconomic backdrop, SEB is reporting a solid operating result for the second quarter, enabled by our diversified business model.”

Total operating income amounted to SEK 14.4bn, a decrease of only 2 per cent compared with the previous quarter. The operating profit amounted to SEK 7.3bn and return on equity was 12.3 per cent. SEB’s capital and liquidity position remains strong, with a capital buffer of 480 basis points. The underlying asset quality remained robust, and net expected credit losses amounted to 6 basis points, due to less favourable macroeconomic scenarios. SEB continues to believe that the bank is well reserved and therefore net expected credit losses are likely to remain at a low level for the full year.

“As the environment in which we are operating changes, many of our customers are facing a more challenging situation,” says Johan Torgeby. ”We strive to take a long-term perspective and to support them in both good times and bad.”

Income statement

 

Q2

Q1

 

Q2

 

Jan-Jun

 

Full year

SEK m

2022

2022

%

 

2021

%

 

2022

2021

%

 

2021

Total operating income

14 441

14 768

-2

 

13 924

4

 

29 209

27 539

6

 

55 638

Total operating expenses

-6 201

-5 793

7

 

-5 759

8

 

-11 995

-11 477

5

 

-23 245

Net expected credit losses

- 399

- 535

-26

 

- 7

   

- 933

- 163

   

- 510

Imposed levies: Risk tax and resolution fees

- 556

- 582

-5

 

- 242

130

 

-1 138

- 509

124

 

-1 019

Operating profit

7 285

7 857

-7

 

7 916

-8

 

15 142

15 391

-2

 

30 864

NET PROFIT

5 842

6 403

-9

 

6 574

-11

 

12 244

12 591

-3

 

25 423

Return on equity, %

12.3

13.4

   

14.7

   

12.8

14.2

   

13.9

Basic earnings per share, SEK

2.73

2.98

   

3.04

   

5.70

5.82

   

11.75

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