Excluding items affecting comparability the operating result was SEK 20.3bn and return on equity 11.3 per cent. The operating result for 2016 amounted to SEK 14.9bn (20.9) and the return on equity was 7.8 per cent.
"Following a cautious start of the year, business sentiment grew more positive and event-driven transactions picked up. Large corporate credit demand rose and SEB participated in a number of large initial public offerings in the Nordic region. Both in Sweden and in the Baltic countries we saw that domestically focused SMEs showed a growing willingness to invest. Customers need for advisory and risk management services was high throughout the year", says Annika Falkengren, SEB's President and CEO, commenting on the result.
Operating income for the fourth quarter amounted to SEK 11.6bn, an increase of 8 per cent compared to the third quarter this year. Operating expenses amounted to SEK 5.7bn (5.4). Operating profit for the fourth quarter was SEK 5.6bn (5.2) and return on equity 12.3 per cent.
Asset quality remained high. The net credit loss level was 8 basis points for the quarter. The liquidity coverage ratio was 168 per cent (128 at year-end 2015). The capital position was strong with a Common Equity Tier 1 capital ratio of 18.8 per cent (18.8 at year-end 2015). Our own assessment of the CET1 requirement, including the maturity floor and corporate risk weights, amounted to 16.9 per cent, resulting in a buffer of 1.9 per cent.
The Board of Directors proposes a dividend to the shareholders of SEK 5.50 per share (5.25) for 2016.
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For further information, please contact
Jan Erik Back, CFO, +46 8 22 19 00
Jonas Söderberg, Head of Investor Relations, +46 8 763 83 19; +46 73 521 02 66
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 2016, the Group's total assets amounted to SEK 2,621bn while its assets under management totalled SEK 1,781bn. The Group has around 15,300 employees. Read more about SEB at http://www.sebgroup.com.|