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