05 Feb 2014 07:00

SEB: Full year 2013 - Operating profit SEK 18,127m (14,235) Fourth quarter 2013 - Operating profit SEK 5,009m (2,839)

Operating profit in the fourth quarter amounted to SEK 5.0bn (SEK 2.8bn in the fourth quarter of 2012) and the full year operating profit was SEK 18.1bn (14.2).

"Over the past years we in SEB have strengthened long-term customer relationships, continued to grow in our areas of strength, reduced earnings volatility and have improved both cost and capital efficiency.  We have a growing and attractive customer base and work to improve customer satisfaction, which is also reflected in the operating result for 2013", says Annika Falkengren, SEB's President and CEO, commenting on the annual accounts.

"Our diversified business contributed to a broad increase in operating income, up by 7 per cent to SEK 41.6bn while operating expenses decreased to SEK 22.3bn."

"We continued to generate capital and on a Common Equity Tier 1 ratio (Basel III) of 15.0 per cent, return on equity reached 13.1 per cent."

Asset quality remained high. Credit losses amounted to SEK 1.2bn, corresponding to a credit loss level of 9 basis points. Non-performing loans were 32 per cent lower than a year ago.

The liquidity coverage ratio was 129 per cent, the core liquidity reserve amounted to SEK 346bn and the total liquid resources were SEK 625bn.

Operating income in the fourth quarter amounted to SEK 11.0bn, which was 14 per cent higher than the fourth quarter last year and 7 per cent higher than the previous quarter. Operating expenses, at SEK 5.7bn, were 2 per cent lower, excluding the items of one-time character in the fourth quarter 2012. Operating profit in the quarter amounted to SEK 5.0bn, which was up 25 per cent compared to the fourth quarter 2012 excluding last year's one-off items.

The Board of Directors prosposes a dividend to the shareholders of SEK 4.00 per share, corresponding to 59 per cent of the earnings per share for the full year.

Download Annika Falkengren's presentation here:
https://www.sebgroup.com/Documents/Investor_Relations/Presentations/Interim/
PressConference_2013_Q4
.pdf

Download Fact Book here:
https://www.sebgroup.com/Documents/Investor_Relations/Factbook/2013_Q4_
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 December 2013, the Group's total assets amounted to SEK 2,485 billion while its assets under management totalled SEK 1,475 billion. The Group has around 16,000 employees. Read more about SEB at http://www.sebgroup.com.