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SEB: First quarter 2014 - Operating profit SEK 4.9bn (3.7)

Operating profit in the first quarter amounted to SEK 4.9bn (SEK 3.7bn in the first quarter of 2013).

"Over the past years we in SEB have broadened the customer base in our home markets. Thus, increased corporate activity was an important contributor to bottom-line at the same time as we continued to enhance cost and capital efficiency. The higher activity level on the capital markets indicates that the corporate sector, supported by a more positive economic climate, has started to invest in growth after a period of focus on refinancing of existing business", says Annika Falkengren, SEB's President and CEO, commenting on the first quarter results.

"Our diversified business contributed to a broad increase in operating income, up by 9 per cent while operating expenses decreased by 4 per cent."

"We continued to generate capital and on a Common Equity Tier 1 capital ratio (Basel III) of 15.7 per cent, return on equity reached 12.6 per cent."

Operating income in the first quarter amounted to SEK 10.4bn, which was 9 per cent higher than the first quarter last year but 5 per cent lower than the previous quarter. Operating expenses, at SEK 5.3bn, were 4 per cent lower than the first quarter 2013. Operating profit in the quarter amounted to SEK 4.9bn, which was up 31 per cent compared to the first quarter 2013.

Asset quality remained high. Credit losses amounted to SEK 258m, corresponding to a credit loss level of 7 basis points.

The liquidity coverage ratio was 137 per cent, the core liquidity reserve amounted to SEK 412bn and the total liquid resources were SEK 747bn.

Download Annika Falkengren's presentation here:

Download Fact Book here: http://www.sebgroup.com/Documents/Investor_Relations/Factbook/2014_Q1_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 31 March 2014, the Group's total assets amounted to SEK 2,651 billion while its assets under management totalled SEK 1,504 billion. The Group has around 16,000 employees. Read more about SEB at http://www.sebgroup.com.