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SEB: Annual Accounts 2004

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.