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SEB’s results for the third quarter 2024

SEB’s operating profit for the third quarter 2024 amounted to SEK 11.8bn, with a return on equity of 17.0 per cent, a CET1 capital ratio of 19.4 per cent, and a capital buffer of 470 basis points.

“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.

More about the quarterly report

For further information, contact:
Christoffer Malmer, CFO
+46 771 62 10 00

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

Petter Brunnberg, Head of Media Relations & External Communication
+46 70 763 5166
petter.brunnberg@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 19,000 employees. At 30 September 2024, the Group's total assets amounted to SEK 4,142bn while assets under management totalled SEK 2,709bn. Read more about SEB at sebgroup.com.