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SEB’s third quarter 2022 results

SEB’s operating profit for the third quarter of 2022 amounted to SEK 9.1bn, with a return on equity of 14.9 per cent on a capital management buffer of 410 basis points.

“The higher inflation, rising interest rates and volatile financial markets clearly impacted customer sentiment, activity and our results in the quarter,” says Johan Torgeby, SEB’s President and CEO. “With our solid earnings capacity, capital and liquidity buffers, we believe we are in a favourable position to continue to support our customers and invest in our business in line with our 2030 Strategy. As conditions now become increasingly challenging for many of our customers, we aim to remain a stable and trustworthy partner.”

Operating profit in the third quarter rose to SEK 9.1bn from SEK 7.3bn in the previous quarter, driven by higher operating income while operating expenses were stable. Return on equity increased to 14.9 per cent from 12.3 per cent in the previous quarter, and the capital management buffer amounted to 410 basis points. Asset quality continues to be robust, while further downward revisions of the macroeconomic outlook resulted in net expected credit losses increasing to 8 basis points.

 Income statement

 

Q3

 

Q2

 

Q3

 

Jan-Sep

 

Full year

SEK m

2022

 

2022

%

 

2021

%

 

2022

2021

%

 

2021

Total operating income

16 551

 

14 441

15

 

13 971

18

 

45 759

41 511

10

 

55 638

Total operating expenses

-6 293

 

-6 201

1

 

-5 671

11

 

-18 288

-17 148

7

 

-23 245

Net expected credit losses

- 567

 

- 399

42

 

- 49

   

-1 501

- 211

   

- 510

Imposed levies: Risk tax and resolution fees

- 572

 

- 556

3

 

- 255

125

 

-1 711

- 764

124

 

-1 019

Operating profit

9 118

 

7 285

25

 

7 997

14

 

24 260

23 388

4

 

30 864

                           

NET PROFIT

7 311

 

5 842

25

 

6 634

10

 

19 555

19 225

2

 

25 423

                           
                           

Return on equity, %

14.9

 

12.3

   

14.1

   

13.5

14.2

   

13.9

                           

Basic earnings per share, SEK

3.43

 

2.73

   

3.06

   

9.13

8.88

   

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 26-10-2022 07:00 CET.