“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. |