29 Apr 2020 07:02

SEB's first quarter 2020 result

The operating profit for the first quarter 2020 amounted to SEK 3bn with a return on equity of 6 per cent and a Common Equity Tier 1 capital ratio of 16.8 per cent.

"The consequences of the Covid-19 pandemic had a negative impact on the reported quarterly financial result although the underlying business remained robust. With negative market valuations and higher net expected credit losses, operating profit decreased by 58 per cent compared to the strong fourth quarter 2019. SEB’s capital buffer amounts to 310 basis points above the requirement and we stand strong to help our customers weather the storm, as we have done many times before”, says Johan Torgeby, President and CEO.

Financial information

 

Q1

 

Q4

 

 

Jan–Mar

 

Full year

SEK m

2020

 

2019

%

 

 

2020

2019

%

 

2019

Total operating income

10 089

 

14 089

-28

   

10 089

11 907

-15

 

50 134

Total operating expenses

-5 646

 

-6 026

-6

   

-5 646

-5 622

0

 

-22 945

Net expected credit losses

-1 494

 

- 997

50

   

-1 494

- 422

   

-2 294

Operating profit

2 950

 

7 063

-58

   

2 950

5 864

-50

 

24 894

NET PROFIT

2 355

 

5 831

-60

   

2 355

4 681

-50

 

20 177

                       

Return on equity, %

6.0

 

15.5

     

6.0

12.7

   

13.7

Basic earnings per share, SEK

1.09

 

2.70

     

1.09

2.16

   

9.33

You can download the Quarterly Report, Results Presentation and Fact Book from https://sebgroup.com/investor-relations/reports-and-presentations/financial-reports.

For further information, please contact
Masih Yazdi, CFO, +46 771 621 000
Christoffer Geijer, Head of Investor Relations, +46 70 762 10 06
Frank Hojem, Head of Corporate Communication, +46 70 763 99 47

This is information that Skandinaviska Enskilda Banken AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out  above, at around 7.00 am CET, on 29 April 2020.

SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, 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 31 March 2020, the Group's total assets amounted to SEK 3,286bn while its assets under management totalled SEK 1,758bn. The Group has around 15,000 employees. Read more about SEB at sebgroup.com