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SEB’s third quarter 2023 results

SEB’s operating profit for the third quarter 2023 amounted to SEK 13.0bn, with a return on equity of 19.8 per cent, a CET1 capital ratio of 18.9 per cent and a capital management buffer of 430 basis points. 

“The geopolitical and macroeconomic uncertainty remained elevated during the third quarter. As central banks continued their monetary tightening and policy rate hikes, the inflation rate started to decrease from high levels. Rising interest rates continued to have a positive effect on SEB’s results in the third quarter, however, the positive effect on net interest income has abated compared with previous quarters,” says Johan Torgeby, SEB’s President and CEO.

Operating profit increased by 7 per cent compared with the previous quarter, mainly driven by higher operating income. Asset quality remained robust, reflected in a small net reversal of provisions in the quarter.

“Our customers have this year had to adjust to a new economic reality and our dedicated employees support our customers in navigating this uncertain environment while maintaining our focus on being a long-term partner. I am glad that availability and customer satisfaction among retail customers in Sweden improved significantly during the quarter. SEB’s strong financial position provides ample safeguards going forward and enable us to continue supporting our customers as well as keeping the wheels of the economy turning,” says Johan Torgeby.

Income statement                      
                           
  Q3    Q2    Q3    Jan-Sep    Full-year
SEK m 2023   2023    2022   2023 2022   2022
Total operating income 20,979   20,019 5   16,552 27   60,057 45,680 31   64,478
Total operating expenses -6,905   -6,948 -1   -6,293 10   -20,319 -18,288 11   -25,044
Net expected credit losses 17   -43     -567     -298 -1,501 -80   -2,007
Imposed levies -1,108   -934 19   -572 94   -2,744 -1,711 60   -2,288
Operating profit before
items affecting comparability
12,983   12,093 7   9,119 42   36,696 24,181 52   35,138
Items affecting comparability                         -1,399
Operating profit 12,983   12,093 7   9,119 42   36,696 24,181 52   33,739
                           
NET PROFIT 10,581   9,768 8   7,311 45   29,742 19,475 53   26,877
                           
Return on equity, % 19.8    18.8      14.9      18.9  13.5      13.8 
Return on equity excluding items affecting comparability, % 19.8    18.8      14.9      18.9  13.5      14.5 
Basic earnings per share, SEK 5.07    4.65      3.43      14.17  9.09      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 25-10-2023 07:00 CET.