The comparability of the third quarter result is affected by a one-off item in the third quarter 2014, when shares in MasterCard Inc. were sold at a gain of SEK 1,321m, before tax.
“In the prevailing economic environment, our customers were cautious, refraining from new investments but increasing their demand for risk management services. The seasonality of the third quarter was accentuated this year. We continued to strengthen our balance sheet to secure our long-term role to support all our customers. Our Common Equity Tier 1 capital ratio of 17.8 per cent exceeds the regulator’s requirement”, says Annika Falkengren, SEB’s President and CEO, commenting on the third quarter results.
Operating income in the third quarter amounted to SEK 10.1bn, compared to an operating income for the third quarter last year of SEK 12.7bn, including the one-off item. Operating expenses decreased by 1 per cent to SEK 5.5bn. Operating profit in the third quarter amounted to SEK 4.3bn (6.7).
Asset quality remained high. Credit losses amounted to SEK 256m, corresponding to a credit loss level of 7 basis points.
Return on equity for the quarter amounted to 10.1 per cent while the Common Equity Tier 1 capital ratio increased to 17.8 per cent.
The liquidity coverage ratio was 116 per cent, and the core liquidity reserve amounted to SEK 486bn.
For further information, please contact
Jan Erik Back, CFO, +46 8 22 19 00
Jonas Söderberg, Head of Investor Relations, +46 8 763 83 19; +46 73 521 02 66
Viveka Hirdman-Ryrberg, Head of Corporate Communication, +46 8 763 85 77, +46 70 550 35 00