"Throughout the year, our financial strength has enabled us to support our customers. Despite the challenging economic environment, SEB’s business model proved resilient during the year, delivering operating income in local currencies that was broadly unchanged compared to 2019. However, the pandemic affected the income composition, weighing negatively on SEB’s debit and credit card business, while at the same time the increase in volatility supported the Fixed Income, Currencies and Commodities business. The net interest income increased by 10 per cent during the year while the net expected credit losses amounted to 26 basis points.
With the objective to create further financial flexibility to better support our customers over time, we have revised our financial targets for the Group and share repurchases will be the main form of capital distribution when the capital buffer exceeds and is projected to remain above the target range,” says Johan Torgeby, President and CEO.
Financial information
| Q4 | Q3 | Q4 | Jan–Dec | ||||||||||||||||||||||
| SEK m | 2020 | 2020 | % | 2019 | % | 2020 | 2019 | % | |||||||||||||||||
| Total operating income | 13 066 | 12 563 | 4 | 14 089 | -7 | 49 717 | 50 134 | -1 | |||||||||||||||||
| Total operating expenses | -5 842 | -5 547 | 5 | -6 026 | -3 | -22 747 | -22 945 | -1 | |||||||||||||||||
| Net expected credit losses | - 835 | -1 098 | -24 | - 997 | -16 | -6 118 | -2 294 | 167 | |||||||||||||||||
| Operating profit before items affecting comparability |
6 382 | 5 916 | 8 | 7 063 | -10 | 20 846 | 24 894 | -16 | |||||||||||||||||
| Items affecting comparability1) | -1 000 | ||||||||||||||||||||||||
| Operating profit | 6 382 | 5 916 | 8 | 7 063 | -10 | 19 846 | 24 894 | -20 | |||||||||||||||||
| NET PROFIT | 5 123 | 4 766 | 7 | 5 831 | -12 | 15 746 | 20 177 | -22 | |||||||||||||||||
| Return on equity, % | 12.2 | 11.7 | 15.5 | 9.7 | 13.7 | ||||||||||||||||||||
| Return on equity excluding items affecting comparability, % | 12.1 | 11.6 | 15.5 | 10.3 | 13.8 | ||||||||||||||||||||
| Basic earnings per share, SEK | 2.37 | 2.21 | 2.70 | 7.28 | 9.33 | ||||||||||||||||||||
| 1) Administrative fine issued by the Swedish FSA. See note 8. | |||||||||||||||||||||||||
You can download the Quarterly Report, Results Presentation and Fact Book from https://sebgroup.com/investor-relations/reports-and-presentations/financial-reports.
This is information that Skandinaviska Enskilda Banken AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at around 7.00 am CET, on 27 January 2021.