“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.”
|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.