15 Jul 2013 07:03

Second quarter 2013 – Operating profit SEK 4,783m (3,889)


“This quarter we saw a cautiously more positive business sentiment among our customers with activity levels picking up. SEB has continued to attract customers in all markets.”

“We have further added to our strong capital ratios and at the same time improved return on equity. We stay true to our strong belief that long-term customer relationships drive competitive and sustainable profitability.”

Operating income amounted to SEK 10.6bn, which was 7 per cent higher from the second quarter last year and 11 per cent up on the previous quarter. Operating expenses, at SEK 5.6bn, were 3 per cent lower from a year ago and unchanged from the previous quarter. Operating profit amounted to SEK 4.8bn, up 23 per cent from the second quarter 2012 and 29 per cent from the previous quarter.

Provisions for credit losses amounted to SEK 0.3bn, corresponding to a net credit loss level of 9 bps. Non-performing loans were 24 per cent lower than a year ago.

The liquidity coverage ratio was 114 per cent, the core liquidity reserve amounted to SEK 411bn and the total liquid resources were SEK 686bn.

The Core Tier 1 capital ratio was 16.1 per cent according to current regulation. The Common Equity Tier 1 ratio was 14.2 per cent (Basel 3).

Return on equity in the quarter was 14.0 per cent and earnings per share SEK 1.73.