24 Oct 2013 07:00

SEB: Third quarter 2013 - Operating profit SEK 4,618m (3,857)

"During the third quarter, we saw increasing activity on the corporate side and despite a continued high level of economic uncertainty globally, the corporate community showed emerging optimism. As a corporate bank, we have responded to the improved business sentiment", says Annika Falkengren, SEB's President and CEO, commenting on the third quarter.

"Operating profit was 20 per cent higher than last year's third quarter, with a continued trend of increased revenues and lower costs. We continue to grow in our core areas, as well as to attract more customers."

"With our strong balance sheet, we can support corporate customers if the business cycle further improves. Our capital situation and liquidity resources have been further strengthened, which also creates resilience if the economy were to decline or market uncertainty to increase."

Operating income amounted to SEK 10.3bn, which was 7 per cent higher than the third quarter last year but 3 per cent down on the previous quarter. Operating expenses, at SEK 5.5bn, were 3 per cent lower from a year ago and 2 per cent lower than the previous quarter. Operating profit amounted to SEK 4.6bn, which was up 20 per cent from the third quarter 2012 but down 3 per cent from the previous quarter.

Provisions for credit losses amounted to SEK 0.3bn, corresponding to a net credit loss level of 8 bps. Non-performing loans were 30 per cent lower than a year ago.

The liquidity coverage ratio was 114 per cent, the core liquidity reserve amounted to SEK 438bn and the total liquid resources were SEK 702bn.

The Core Tier 1 capital ratio was 17.4 per cent according to current regulation. The Common Equity Tier 1 ratio was 15.0 per cent (Basel 3).

Return on equity in the quarter was 13.4 per cent and earnings per share SEK 1.71.

Download Annika Falkengren's presentation here:
https://www.sebgroup.com/Documents/Investor_Relations/Presentations/Interim/PressConference_2013_Q3.pdf

Download Fact Book here: https://www.sebgroup.com/Documents/Investor_Relations/Factbook/2013_Q3_factbook.pdf

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 30 September 2013, the Group's total assets amounted to SEK 2,569 billion while its assets under management totalled SEK 1,427 billion. The Group has around 16,000 employees. Read more about SEB at http://www.sebgroup.com.