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SEB’s first quarter 2022 results

SEB’s operating profit for the first quarter of 2022 amounted to SEK 7.9bn, with a return on equity of 13.4 per cent on a capital buffer above the regulatory requirement of 490 basis points.

“The first quarter of the year was dominated by Russia’s invasion of Ukraine. SEB has joined the international community in condemning Russia’s actions and our thoughts go out to our employees and customers in Ukraine and to everyone affected by the war,” says Johan Torgeby, SEB’s President and CEO. “Despite the heightened level of uncertainty and less favourable macroeconomic outlook, it was a financially robust quarter for SEB and our capital and liquidity position remains strong.”

The operating profit increased by 5 per cent compared to the previous quarter, to SEK 7.9bn. Return on equity reached 13.4 per cent. Net expected credit losses increased to 8 basis points due to less favourable macroeconomic scenarios, uncertainty related to higher energy prices, and the war in Ukraine. In light of this uncertainty, it is difficult to make projections for the full year, but we believe we are well reserved and therefore net expected credit losses are likely to remain at a low level for the full year.

Income statement

Q1 Q4 Jan-Mar Full year
SEK m 2022 2021 % 2022 2021 % 2021
Total operating income 14 768 14 127 5 14 768 13 616 8 55 638
Total operating expenses -5 793 -6 097 -5 -5 793 -5 718 1 -23 245
Net expected credit losses - 535 - 299 79 - 535 - 156 - 510
Imposed levies: Risk tax and resolution fees - 582 - 255 128 - 582 - 267 118 -1 019
Operating profit 7 857 7 476 5 7 857 7 475 5 30 864
NET PROFIT 6 403 6 198 3 6 403 6 018 6 25 423
Return on equity, % 13.4 12.9 13.4 13.8 13.9
Basic earnings per share, SEK 2.98 2.87 2.98 2.78 11.75
Comparative figures for 2021 have been restated. See section on restated comparative figures for further information.

This disclosure contains information that SEB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-04-2022 07:00 CET.

For further information, contact:
Masih Yazdi, CFO
+46 771 62 10 00

Per Andersson, Acting Head of Investor Relations
+46 70 667 74 81

Frank Hojem, Head of Corporate Communication
+46 70 763 9947

SEB is a leading northern European financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. We take a long-term perspective and support our customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, 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 our presence in more than 20 countries worldwide, with around 16,000 employees. At 31 March 2022, the Group's total assets amounted to SEK 3,766bn while its assets under management totalled SEK 2,432bn. Read more about SEB at sebgroup.com.