"Customers’ need for advisory and risk management services continued to increase in an uncertain market environment in the third quarter. Business sentiment was more stable in the Nordic region and demand for corporate lending picked up. This led to an increase of 4 per cent of the operating profit excluding a one-off item in the second quarter, says Annika Falkengren, SEB’s President and CEO, commenting on the quarterly result.”
Operating profit for the third quarter was SEK 5,229m (5,536) and return on equity 12.3 per cent. The second quarter underlying result, excluding a positive one-off item of SEK 520m from the transaction of SEB’s Visa memberships in the Baltic countries, amounted to SEK 5,016m.
Operating income for the third quarter amounted to SEK 10.8bn, an increase of 2 per cent compared to the second quarter this year (excluding the one-off item). Operating expenses amounted to SEK 5.4bn (5.3).
Asset quality remained high. The net credit loss level was 5 basis points during the quarter. The liquidity coverage ratio was 135 per cent (128 at year-end). The capital position was strong with a Common Equity Tier 1 capital ratio of 18.6 per cent (18.8 at year-end). Our own assessment of the CET1 requirement, including the maturity floor and corporate risk weights, amounted to 16.9 per cent, resulting in a buffer of 1.7 per cent.
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
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 30 September 2016, the Group's total assets amounted to SEK 2,851bn while its assets under management totalled SEK 1,758bn. The Group has around 15,300 employees. Read more about SEB at http://www.sebgroup.com.