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SEB’s first quarter 2023 results

Johan Torgeby and Masih Yazdi
Johan Torgeby and Masih Yazdi

SEB’s operating profit for the first quarter 2023 amounted to SEK 11.6bn, with a return on equity of 17.9 per cent, a CET1 capital ratio of 19.2 per cent, and a capital management buffer of 480 basis points.

“SEB had a good start to the year. During the first quarter, customer sentiment, activity and our results were to a large degree affected by external factors such as higher interest rates and the increased volatility in financial markets,” says Johan Torgeby, SEB’s President and CEO.

SEB’s large corporate customers remained cautious during the quarter, which was reflected in stable lending and increased deposit volumes while the demand for risk management services remained high. Financial institutions continued to focus on risk management while remaining active in the new interest rate environment. SEB’s retail customers continued to be cautious on taking on more debt, and the bank can now see an accelerating shift of deposits into its higher-yielding savings accounts.

“We believe some of the positive effects on net interest income from higher interest rates to be transitory as both corporate and household customers keep adapting to the new interest rate environment,” says Johan Torgeby.

Income statement

 

Q1

 

Q4

 

Jan-Mar

 

Full year

SEK m

2023

 

2022

%

 

2023

2022

%

 

2022

Total operating income

19 060

 

18 798

1

 

19 060

14 739

29

 

64 478

Total operating expenses

-6 465

 

-6 757

-4

 

-6 465

-5 793

12

 

-25 044

Net expected credit losses

- 272

 

- 506

-46

 

- 272

- 535

-49

 

-2 007

Imposed levies: Risk tax and resolution fees

- 702

 

- 578

21

 

- 702

- 582

21

 

-2 288

Operating profit before
items affecting comparability

11 620

 

10 957

6

 

11 620

7 828

48

 

35 138

Items affecting comparability

 

 

-1 399

-100

 

 

     

-1 399

Operating profit

11 620

 

9 558

22

 

11 620

7 828

48

 

33 739

 

 

       

 

       

NET PROFIT

9 393

 

7 402

27

 

9 393

6 374

47

 

26 877

 

 

       

 

       
 

 

       

 

       

Return on equity, %

17.9

 

14.7

   

17.9

13.3

   

13.8

Return on equity excluding items affecting comparability, %

17.9

 

17.4

   

17.9

13.3

   

14.5

Basic earnings per share, SEK

4.45

 

3.49

   

4.45

2.96

   

12.58

                     

Comparative figures for 2022 have been restated for the transition to IFRS 17 Insurance contracts. 
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 April 26, 2023.

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

Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se

Niklas Magnusson, Head of Media Relations & External Communication
+46 70 763 8243
niklas.x.magnusson@seb.se