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SEB’s results for the second quarter 2024

SEB’s operating profit for the second quarter 2024 amounted to SEK 11.8bn, with a return on equity of 17.6 per cent, a CET1 capital ratio of 19.0 per cent, and a capital management buffer of 430 basis points. 

“Our result remained solid in the second quarter and asset quality was robust. While the interest rate cuts during the quarter resulted in a decrease in net interest income, we saw improved momentum in other parts of our business. For instance, we saw positive net flows in asset management across the divisions, an increase in investment banking activity and signs of improving credit demand,” says SEB’s President and CEO Johan Torgeby.
 

Income statement                      
                           
  Q2    Q1    Q2    Jan-Jun    Full-year
SEK m 2024   2024  %    2023 %    2024 2023 %    2023
Total operating income 20,312   20,682 -2   20,019 1   40,994 39,078 5   80,193
Total operating expenses 7,383   7,160 3   6,948 6   14,542 13,414 8   27,449
Net expected credit losses 44   73 -40   43 2   117 315 -63   962
Imposed levies 1,046   1,133 -8   934 12   2,179 1,636 33   3,819
Operating profit 11,840   12,316 -4   12,093 -2   24,156 23,714 2   47,963
                           
NET PROFIT 9,416   9,503 -1   9,768 -4   18,919 19,161 -1   38,116
                           
Return on equity, % 17.6   17.2     18.8     17.3 18.4     17.9
Basic earnings per share, SEK 4.58   4.60     4.65     9.18 9.10     18.20

 

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 16-07-2024 06:30 CET.

All about the quarterly report

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 18,000 employees. At 30 June 2024, the Group's total assets amounted to SEK 4,152bn while assets under management totalled SEK 2,666bn. Read more about SEB at sebgroup.com.

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