24 Oct 2013 06:06

SEB´s third-quarter operating profit 4.6 billion kronor

“Operating profit was 20 per cent higher than last year's third quarter, with a continued trend of increased revenues and lower costs. We continue to grow in our core areas, as well as to attract more customers.”

“With our strong balance sheet, we can support corporate customers if the business cycle further improves. Our capital situation and liquidity resources have been further strengthened, which also creates resilience if the economy were to decline or market uncertainty to increase.”

Operating income amounted to 10.3 billion kronor, which was 7 per cent higher than the third quarter last year but 3 per cent down on the previous quarter. Operating expenses, at 5.5 billion kronor, were 3 per cent lower from a year ago and 2 per cent lower than the previous quarter. Operating profit amounted to 4.6 billion kronor, which was up 20 per cent from the third quarter 2012 but down 3 per cent from the previous quarter.

Provisions for credit losses amounted to 0.3 billion kronor, corresponding to a net credit loss level of 8 basis points. Non-performing loans were 30 per cent lower than a year ago.

The liquidity coverage ratio was 114 per cent, the core liquidity reserve amounted to 438 billion kronor and the total liquid resources were 702 billion kronor.

The Core Tier 1 capital ratio was 17.4 per cent according to current regulation. The Common Equity Tier 1 ratio was 15.0 per cent (Basel 3).

Return on equity in the quarter was 13.4 per cent and earnings per share SEK 1.71.

Read more about the quarterly results