SEB’s Annual Accounts and results for the fourth quarter 2022
SEB’s operating profit for the fourth quarter 2022 amounted to SEK 9.6bn, with a return on equity of 14.7 per cent, a CET1 capital ratio of 19.0 per cent, and a capital management buffer of 470 basis points. The Board of Directors proposes an ordinary dividend of SEK 6.75 per share and has resolved to utilise the authorisation granted by the 2022 Annual General Meeting to initiate a new quarterly share buyback programme of SEK 1.25bn.
“As we close the books for 2022, we look back at a year characterised by a tragic war in Europe, historically high energy prices, global inflationary pressure and central banks responding with rapid interest rate hikes,” says Johan Torgeby, SEB’s President and CEO. “During the fourth quarter, this unprecedented macroeconomic environment continued to impact customer sentiment and activity, with our results driven by strong trading activity and higher interest rates. With our solid earnings capacity, capital and liquidity buffers, we believe we are in a good position to continue to support our customers and invest in our business.”
Income statement
| Q4 | Q3 | Q4 | Jan-Dec | ||||||||
| SEK m | 2022 | 2022 | % | 2021 | % | 2022 | 2021 | % | |||
| Total operating income | 18 829 | 16 551 | 14 | 14 127 | 33 | 64 589 | 55 638 | 16 | |||
| Total operating expenses | -6 757 | -6 293 | 7 | -6 097 | 11 | -25 044 | -23 245 | 8 | |||
| Net expected credit losses | - 506 | - 567 | -11 | - 299 | 70 | -2 007 | - 510 | ||||
| Imposed levies: Risk tax and resolution fees | - 578 | - 572 | 1 | - 255 | 127 | -2 288 | -1 019 | 125 | |||
| Operating profit before items affecting comparability |
10 988 | 9 118 | 21 | 7 476 | 47 | 35 249 | 30 864 | 14 | |||
| Items affecting comparability | -1 399 | -1 399 | |||||||||
| Operating profit | 9 590 | 9 118 | 5 | 7 476 | 28 | 33 850 | 30 864 | 10 | |||
| NET PROFIT | 7 434 | 7 311 | 2 | 6 198 | 20 | 26 989 | 25 423 | 6 | |||
| Return on equity, % | 14.7 | 14.9 | 12.9 | 13.8 | 13.9 | ||||||
| Return on equity excluding items affecting comparability, % | 17.4 | 14.9 | 12.9 | 14.5 | 13.9 | ||||||
| Basic earnings per share, SEK | 3.50 | 3.43 | 2.87 | 12.63 | 11.75 | ||||||
| Comparative figures for 2021 have been restated. 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 26-01-2023 07:00 CET.
For further information, contact:
Masih Yazdi, CFO
+46 771 62 10 00
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se
Niklas Magnusson, Head of Media Relations & External Communication
+46 70 763 8243
niklas.x.magnusson@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 16,500 employees. At 31 December 2022, the Group's total assets amounted to SEK 3,533bn while assets under management totalled SEK 2,123bn. Read more about SEB at sebgroup.com.