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SEB’s third quarter 2023 results

SEB’s operating profit for the third quarter 2023 amounted to SEK 13.0bn, with a return on equity of 19.8 per cent, a CET1 capital ratio of 18.9 per cent and a capital management buffer of 430 basis points.

“The geopolitical and macroeconomic uncertainty remained elevated during the third quarter. As central banks continued their monetary tightening and policy rate hikes, the inflation rate started to decrease from high levels. Rising interest rates continued to have a positive effect on SEB’s results in the third quarter, however, the positive effect on net interest income has abated compared with previous quarters,” says Johan Torgeby, SEB’s President and CEO.

Operating profit increased by 7 per cent compared with the previous quarter, mainly driven by higher operating income. Asset quality remained robust, reflected in a small net reversal of provisions in the quarter.

“Our customers have this year had to adjust to a new economic reality and our dedicated employees support our customers in navigating this uncertain environment while maintaining our focus on being a long-term partner. I am glad that availability and customer satisfaction among retail customers in Sweden improved significantly during the quarter. SEB’s strong financial position provides ample safeguards going forward and enable us to continue supporting our customers as well as keeping the wheels of the economy turning,” says Johan Torgeby.

Income statement
Q3  Q2  Q3  Jan-Sep  Full-year
SEK m 2023 2023  2022 2023 2022 2022
Total operating income 20,979 20,019 5 16,552 27 60,057 45,680 31 64,478
Total operating expenses -6,905 -6,948 -1 -6,293 10 -20,319 -18,288 11 -25,044
Net expected credit losses 17 -43 -567 -298 -1,501 -80 -2,007
Imposed levies -1,108 -934 19 -572 94 -2,744 -1,711 60 -2,288
Operating profit before
items affecting comparability
12,983 12,093 7 9,119 42 36,696 24,181 52 35,138
Items affecting comparability -1,399
Operating profit 12,983 12,093 7 9,119 42 36,696 24,181 52 33,739
NET PROFIT 10,581 9,768 8 7,311 45 29,742 19,475 53 26,877
Return on equity, % 19.8  18.8  14.9  18.9  13.5  13.8 
Return on equity excluding items affecting comparability, % 19.8  18.8  14.9  18.9  13.5  14.5 
Basic earnings per share, SEK 5.07  4.65  3.43  14.17  9.09  12.58 
Comparative figures for 2022 have been restated for the transition to IFRS 17 Insurance Contracts. 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 25-10-2023 07:00 CET.

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

Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se

Niklas Magnusson, Head of Media Relations & External Communication
+46 70 763 8243
niklas.x.magnusson@seb.se

SEB is a leading northern European financial services group with international reach. We exist to positively shape the future with responsible advice and capital, today and for generations to come. By partnering with our customers, we want to be a leading catalyst in the transition to a more sustainable world. 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, we 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 17,500 employees. At 30 September 2023, the Group's total assets amounted to SEK 4,134 bn while assets under management totalled SEK 2,194bn. Read more about SEB at sebgroup.com.