SEB’s second quarter 2023 results
SEB’s operating profit for the second quarter 2023 amounted to SEK 12.1bn, with a return on equity of 18.8 per cent, a CET1 capital ratio of 19.3 per cent, and a capital management buffer of 450 basis points.
“We report a strong result for the second quarter, driven by our corporate business. We saw sound activity among our large corporate customers, reflected in growing lending and deposit volumes and a pick-up in capital markets activity,” says Johan Torgeby, SEB’s President and CEO.
Operating profit increased by 4 per cent in the second quarter compared to the previous quarter. Both operating income and operating expenses increased. Asset quality remained robust and net expected credit losses were close to zero, despite an increase in portfolio model overlays.
“Halfway through a year characterised by an uncertain macroeconomic environment, it can be concluded that our diversified business model with broad international presence and universal offering serves us and our customers well. SEB stands strong, with liquidity buffers at historical highs and asset quality remaining solid,” says Johan Torgeby.
Income statement
| Q2 | Q1 | Q2 | Jan-Jun | Full year | |||||||||
| SEK m | 2023 | 2023 | % | 2022 | % | 2023 | 2022 | % | 2022 | ||||
| Total operating income | 20 019 | 19 060 | 5 | 14 390 | 39 | 39 078 | 29 129 | 34 | 64 478 | ||||
| Total operating expenses | -6 948 | -6 465 | 7 | -6 201 | 12 | -13 414 | -11 995 | 12 | -25 044 | ||||
| Net expected credit losses | - 43 | - 272 | -84 | - 399 | -89 | - 315 | - 933 | -66 | -2 007 | ||||
| Imposed levies | - 934 | - 702 | 33 | - 556 | 68 | -1 636 | -1 138 | 44 | -2 288 | ||||
| Operating profit before items affecting comparability |
12 093 | 11 620 | 4 | 7 234 | 67 | 23 714 | 15 062 | 57 | 35 138 | ||||
| Items affecting comparability | -1 399 | ||||||||||||
| Operating profit | 12 093 | 11 620 | 4 | 7 234 | 67 | 23 714 | 15 062 | 57 | 33 739 | ||||
| NET PROFIT | 9 768 | 9 393 | 4 | 5 790 | 69 | 19 161 | 12 164 | 58 | 26 877 | ||||
| Return on equity, % | 18.8 | 17.9 | 12.2 | 18.4 | 12.7 | 13.8 | |||||||
| Return on equity excluding items affecting comparability, % | 18.8 | 17.9 | 12.2 | 18.4 | 12.7 | 14.5 | |||||||
| Basic earnings per share, SEK | 4.65 | 4.45 | 2.70 | 9.10 | 5.67 | 12.58 | |||||||
| 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 18-07-2023 07:00 CET.
