SEB’s second quarter 2022 results

“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