24 Apr 2012 07:00

SEB: First quarter of 2012: Operating profit SEK 3.7bn (4.3)

"Our relationship banking model has generated a robust first quarter and profit before credit loss provisions increased by 2 per cent. The number of customers increased in all segments and asset gathering activities continued to attract net new money. Costs developed according to plan and asset quality has remained strong.

We are proud to have been recognised by customers as "Overall best bank for large corporates and institutions in the Nordics 2011", according to a compilation of all Prospera's surveys for 2011. This is a merit to our focused expansion in the Nordic and German wholesale markets and it spurs us to continue to build with even more determination on this recognition", says Annika Falkengren, SEB's President and CEO, commenting on the first quarter 2012 result.

Profit before credit losses amounted to SEK 3.9bn (SEK 3.8bn the first quarter 2011). The customer business, which is generated through the divisions, was 15 per cent higher than last year.

Operating income amounted to SEK 9.6bn, down 1 per cent compared to the first quarter 2011. Operating expenses, at SEK 5.7bn, were 2 per cent lower than the first quarter 2011.

Provisions for credit losses amounted to SEK 206m.

Net profit amounted to SEK 2.7bn (2.6 first quarter 2011).

The liquidity reserve amounted to SEK 321bn and the total liquidity resources were SEK 499bn. The core Tier 1 capital ratio was 13.9 per cent (13.7 at year-end) and the Tier 1 capital ratio was 16.0 per cent (15.9 at year-end).

Download Annika Falkengren's presentation

For further information, please contact
Jan Erik Back, CFO, +46 8 22 19 00
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +46 70 763 85 01
Viveka Hirdman-Ryrberg, Head of Corporate Communication, +46 8 763 85 77, +46 70 550 35 00
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany 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 2012, the Group's total assets amounted to SEK 2,331 billion while its assets under management totalled SEK 1,317 billion. The Group has around 17,000 employees. Read more about SEB at www.sebgroup.com.