Best result to date
Operating result for the fourth quarter, SEK 2.5bn, was 21 per cent better than for the previous quarter and 15 per cent up compared with the corresponding period in 2003.
Operating result for 2004 increased by 16 per cent, to SEK 9.3bn. All divisions improved their results.
Net profit (after tax) for the full year increased by 16 per cent, to SEK 6.6bn.
Total income rose by 4 per cent, while underlying costs remained stable.
Net credit losses remained low.
Return on equity was 13.2 per cent (12.3). Earnings per share increased by 18 per cent, to SEK 9.69 (8.22).
The Board of Directors proposes a dividend of SEK 4.35 (4.00) and a new share buy-back scheme.
Strengthened market position
In Sweden, SEB increased its market shares in key areas such as mortgage lending, unit-linked insurance and corporate lending.
The Group also strengthened its position in its other home markets, with increased business volumes within many areas.
Customer satisfaction and ranking improved.
Three add-on acquisitions have been finalised:
- Eurocard's card-issuing activities in Denmark.
- Codan Pension, one of the leading Danish life insurance companies.
- Bank Agio in the Ukraine (purchase completed in January 2005).
Forthcoming changes on the Board and within the Group Executive Committee
At the 2005 Annual General Meeting, Jacob Wallenberg will step back as Chairman of the Board. Marcus Wallenberg, current Deputy Chairman, is proposed as new Chairman.
Annika Falkengren, Deputy Group Chief Executive and previous Head of the Corporate & Institutions division, has been appointed new President and Group Chief Executive as from 1 January, 2006. Lars H Thunell, the present Group Chief Executive, will retire in 2006.
The full report including tables can be downloaded from the following link.