“The heightened level of global uncertainty prevailed in the second quarter, driven by Russia’s war in Ukraine, the energy crisis, and continued supply-chain disruptions – with continuously increasing global inflationary pressure and higher interest rates also contributing,” says Johan Torgeby, SEB’s President and CEO. “Despite a worsening macroeconomic backdrop, SEB is reporting a solid operating result for the second quarter, enabled by our diversified business model.”
Total operating income amounted to SEK 14.4bn, a decrease of only 2 per cent compared with the previous quarter. The operating profit amounted to SEK 7.3bn and return on equity was 12.3 per cent. SEB’s capital and liquidity position remains strong, with a capital buffer of 480 basis points. The underlying asset quality remained robust, and net expected credit losses amounted to 6 basis points, due to less favourable macroeconomic scenarios. SEB continues to believe that the bank is well reserved and therefore net expected credit losses are likely to remain at a low level for the full year.
“As the environment in which we are operating changes, many of our customers are facing a more challenging situation,” says Johan Torgeby. ”We strive to take a long-term perspective and to support them in both good times and bad.”
Income statement
| Q2 | Q1 | Q2 | Jan-Jun | Full year | |||||||||
| SEK m | 2022 | 2022 | % | 2021 | % | 2022 | 2021 | % | 2021 | ||||
| Total operating income | 14 441 | 14 768 | -2 | 13 924 | 4 | 29 209 | 27 539 | 6 | 55 638 | ||||
| Total operating expenses | -6 201 | -5 793 | 7 | -5 759 | 8 | -11 995 | -11 477 | 5 | -23 245 | ||||
| Net expected credit losses | - 399 | - 535 | -26 | - 7 | - 933 | - 163 | - 510 | ||||||
| Imposed levies: Risk tax and resolution fees | - 556 | - 582 | -5 | - 242 | 130 | -1 138 | - 509 | 124 | -1 019 | ||||
| Operating profit | 7 285 | 7 857 | -7 | 7 916 | -8 | 15 142 | 15 391 | -2 | 30 864 | ||||
| NET PROFIT | 5 842 | 6 403 | -9 | 6 574 | -11 | 12 244 | 12 591 | -3 | 25 423 | ||||
| Return on equity, % | 12.3 | 13.4 | 14.7 | 12.8 | 14.2 | 13.9 | |||||||
| Basic earnings per share, SEK | 2.73 | 2.98 | 3.04 | 5.70 | 5.82 | 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 14-07-2022 07:00 CET.