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SEB's second quarter 2023 results

SEB's operating profit for the second quarter 2023 amounted to SEK 12.1bn, with a return on equity of 18.8 per cent, a CET1 capital ratio of 19.3 per cent, and a capital management buffer of 450 basis points.

“We report a strong result for the second quarter, driven by our corporate business. We saw sound activity among our large corporate customers, reflected in growing lending and deposit volumes and a pick-up in capital markets activity,” says Johan Torgeby, SEB's President and CEO.

Operating profit increased by 4 per cent in the second quarter compared to the previous quarter. Both operating income and operating expenses increased. Asset quality remained robust and net expected credit losses were close to zero, despite an increase in portfolio model overlays.

“Halfway through a year characterised by an uncertain macroeconomic environment, it can be concluded that our diversified business model with broad international presence and universal offering serves us and our customers well. SEB stands strong, with liquidity buffers at historical highs and asset quality remaining solid,” says Johan Torgeby.

Income statement

                     
                         

 

 

Q2

 

Q1

 

Q2

 

Jan-Jun

 

Full year

SEK m

2023

 

2023

%

 

2022

%

 

2023

2022

%

 

2022

Total operating income

20 019

 

19 060

5

 

14 390

39

 

39 078

29 129

34

 

64 478

Total operating expenses

-6 948

 

-6 465

7

 

-6 201

12

 

-13 414

-11 995

12

 

-25 044

Net expected credit losses

- 43

 

- 272

-84

 

- 399

-89

 

- 315

- 933

-66

 

-2 007

Imposed levies

- 934

 

- 702

33

 

- 556

68

 

-1 636

-1 138

44

 

-2 288

Operating profit before
items affecting comparability

12 093

 

11 620

4

 

7 234

67

 

23 714

15 062

57

 

35 138

Items affecting comparability

 

             

 

     

-1 399

Operating profit

12 093

 

11 620

4

 

7 234

67

 

23 714

15 062

57

 

33 739

 

 

             

 

       

NET PROFIT

9 768

 

9 393

4

 

5 790

69

 

19 161

12 164

58

 

26 877

 

 

             

 

       
 

 

             

 

       

Return on equity, %

18.8

 

17.9

   

12.2

   

18.4

12.7

   

13.8

Return on equity excluding items affecting comparability, %

18.8

 

17.9

   

12.2

   

18.4

12.7

   

14.5

Basic earnings per share, SEK

4.65

 

4.45

   

2.70

   

9.10

5.67

   

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 July 18, 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