SEB’s first quarter 2022 results

SEB’s operating profit for the first quarter of 2022 amounted to SEK 7.9bn, with a return on equity of 13.4 per cent on a capital buffer above the regulatory requirement of 490 basis points.

“The first quarter of the year was dominated by Russia’s invasion of Ukraine. SEB has joined the international community in condemning Russia’s actions and our thoughts go out to our employees and customers in Ukraine and to everyone affected by the war,” says Johan Torgeby, SEB’s President and CEO. “Despite the heightened level of uncertainty and less favourable macroeconomic outlook, it was a financially robust quarter for SEB and our capital and liquidity position remains strong.”

The operating profit increased by 5 per cent compared to the previous quarter, to SEK 7.9bn. Return on equity reached 13.4 per cent. Net expected credit losses increased to 8 basis points due to less favourable macroeconomic scenarios, uncertainty related to higher energy prices, and the war in Ukraine. In light of this uncertainty, it is difficult to make projections for the full year, but we believe we are well reserved and therefore net expected credit losses are likely to remain at a low level for the full year.

Income statement

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 27-04-2022 07:00 CET.