“Our diversified business model enabled a robust result in a falling interest rate environment, supported by strong net commission and net financial income. Net profit was stable compared with the previous quarter. It is also pleasing to see that we have a continuously strong capital position and overall robust asset quality,” says SEB’s President and CEO Johan Torgeby.
SEB reiterates the underlying full-year 2024 cost target. The consolidation of the recently acquired corporate payments provider AirPlus is estimated to impact full-year operating expenses, resulting in an updated cost target for 2024 of below or equal to SEK 31bn.
“By joining forces, SEB Kort and AirPlus are well placed for the future corporate payments market,” says SEB’s President and CEO Johan Torgeby.
| Income statement | |||||||||||||
| Q3 | Q2 | Q3 | Jan-Sep | Full-year | |||||||||
| SEK m | 2024 | 2024 | % | 2023 | % | 2024 | 2023 | % | 2023 | ||||
| Total operating income | 20,908 | 20,312 | 3 | 20,979 | -0 | 61,901 | 60,057 | 3 | 80,193 | ||||
| Total operating expenses | 7,718 | 7,383 | 5 | 6,905 | 12 | 22,260 | 20,319 | 10 | 27,449 | ||||
| Net expected credit losses | 393 | 44 | -17 | 509 | 298 | 71 | 962 | ||||||
| Imposed levies | 979 | 1,046 | -6 | 1,108 | -12 | 3,158 | 2,744 | 15 | 3,819 | ||||
| Operating profit | 11,818 | 11,840 | -0 | 12,983 | -9 | 35,974 | 36,696 | -2 | 47,963 | ||||
| NET PROFIT | 9,454 | 9,416 | 0 | 10,581 | -11 | 28,373 | 29,742 | -5 | 38,116 | ||||
| Return on equity, % | 17.0 | 17.6 | 19.8 | 17.2 | 18.9 | 17.9 | |||||||
| Basic earnings per share, SEK | 4.63 | 4.58 | 5.07 | 13.80 | 14.17 | 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 24-10-2024 07:00 CET.