“Over the past years we in SEB have strengthened long-term customer relationships, continued to grow in our areas of strength, reduced earnings volatility and have improved both cost and capital efficiency. We have a growing and attractive customer base and work to improve customer satisfaction, which is also reflected in the operating result for 2013”, says Annika Falkengren, SEB’s President and CEO, commenting on the annual accounts.
“Our diversified business contributed to a broad increase in operating income, up by 7 per cent to SEK 41.6bn while operating expenses decreased to SEK 22.3bn.”
“We continued to generate capital and on a Common Equity Tier 1 ratio (Basel III) of 15.0 per cent, return on equity reached 13.1 per cent.”
Asset quality remained high. Credit losses amounted to SEK 1.2bn, corresponding to a credit loss level of 9 basis points. Non-performing loans were 32 per cent lower than a year ago.
The liquidity coverage ratio was 129 per cent, the core liquidity reserve amounted to SEK 346bn and the total liquid resources were SEK 625bn.
Operating income in the fourth quarter amounted to SEK 11.0bn, which was 14 per cent higher than the fourth quarter last year and 7 per cent higher than the previous quarter. Operating expenses, at SEK 5.7bn, were 2 per cent lower, excluding the items of one-time character in the fourth quarter 2012. Operating profit in the quarter amounted to SEK 5.0bn, which was up 25 per cent compared to the fourth quarter 2012 excluding last year’s one-off items.
The Board of Directors proposes a dividend to the shareholders of SEK 4.00 per share, corresponding to 59 per cent of the earnings per share for the full year.