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SEB: First quarter 2013 - Operating profit SEK 3,717m (3,650)

"SEB's results display stability in an environment marked by renewed uncertainty.  In the restrained business sentiment, we have continued to attract new customers and strengthen our market franchise in all of our core markets." says Annika Falkengren, SEB's President and CEO, commenting on the first quarter.

"The small and medium-sized corporates that are more directed towards the domestic Swedish economy have been more active. Lending to SMEs increased by 9 per cent compared to a year ago and we have attracted 3 400 new SME customers since year-end."

"We continue to have strong resilience. Our liquid resources amount to 25 per cent of total assets. Also capital ratios have strengthened to 13.8 per cent (Basel 3) Common Equity Tier 1 ratio. Non-performing loans are below one per cent of total lending and the net credit loss level remains below 0.1 per cent."

Operating income amounted to SEK 9.6bn, which was unchanged from the first quarter last year. Operating expenses, at SEK 5.6bn, were 3 per cent lower from a year ago. Operating profit amounted to SEK 3.7bn.

Provisions for credit losses amounted to SEK 0.3bn, corresponding to a net credit loss level of 7 bps.

The liquidity coverage ratio was 111 per cent, the core liquidity reserve amounted to SEK 410bn and the total liquid resources were SEK 685bn.

The Core Tier 1 capital ratio was 15.3 per cent according to current regulation. According to Basel 3, the Common Equity Tier 1 ratio was 13.4 per cent and including the proposed dividend from the life business, it was 13.8 per cent.

Return on equity was 11.0 per cent and earnings per share SEK 1.37.

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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 2013, the Group's total assets amounted to SEK 2,580 billion while its assets under management totalled SEK 1,374 billion. The Group has around 16,000 employees. Read more about SEB at http://www.sebgroup.com.