SEB’s Annual Accounts and results for the fourth quarter 2023
SEB’s operating profit for the fourth quarter 2023 amounted to SEK 11.3bn, with a return on equity of 15.2 per cent, a CET1 capital ratio of 19.1 per cent, and a capital management buffer of 440 basis points. Asset quality remained robust.
“We report a solid result with a return on equity that is in line with our long-term aspiration. After a year of exceptional macroeconomic circumstances, we are now starting to see a normalisation of our operating environment. Interest rates started to plateau towards the end of the year and the positive effect on our results experienced earlier in 2023 continued to abate. We continue to execute our business plan and develop the business in accordance with our 2030 Strategy, which is possible due to our financial strength,” says SEB’s President and CEO Johan Torgeby.
SEB’s Board of Directors proposes an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 3.00 per share. The Board has also resolved to utilise the authorisation granted by the 2023 Annual General Meeting to initiate a share buyback programme of SEK 1.75bn, which will end on 18 March 2024 at the latest.
“SEB's dividend is an important contribution to society, not least in tough economic times. Through our owners, who mostly consist of pension funds and fund companies, it benefits millions of pensioners and households. Among our shareholders there are also more than 250,000 private individuals who have chosen to invest part of their savings in SEB shares. Through our largest shareholder, Investor AB, part of our dividend also goes to research and education via the Wallenberg Foundations. In addition, we are a large employer and taxpayer and pay interest to customers and bondholders. In this way, we create long-term value for all our stakeholders – customers, employees, shareholders, and the communities in which we operate,” says Johan Torgeby.
| Income statement | ||||||||||||
| Q4 | Q3 | Q4 | Jan-Dec | |||||||||
| SEK m | 2023 | 2023 | % | 2022 | % | 2023 | 2022 | % | ||||
| Total operating income | 20,136 | 20,979 | -4 | 18,798 | 7 | 80,193 | 64,478 | 24 | ||||
| Total operating expenses | -7,130 | -6,905 | 3 | -6,757 | 6 | -27,449 | -25,044 | 10 | ||||
| Net expected credit losses | -664 | 17 | -506 | 31 | -962 | -2,007 | -52 | |||||
| Imposed levies | -1,075 | -1,108 | -3 | -578 | 86 | -3,819 | -2,288 | 67 | ||||
| Operating profit before items affecting comparability |
11,267 | 12,983 | -13 | 10,957 | 3 | 47,963 | 35,138 | 37 | ||||
| Items affecting comparability | -1,399 | -100 | -1,399 | -100 | ||||||||
| Operating profit | 11,267 | 12,983 | -13 | 9,558 | 18 | 47,963 | 33,739 | 42 | ||||
| NET PROFIT | 8,373 | 10,581 | -21 | 7,402 | 13 | 38,116 | 26,877 | 42 | ||||
| Return on equity, % | 15.2 | 19.8 | 14.7 | 17.9 | 13.8 | |||||||
| Return on equity excluding items affecting comparability, % | 15.2 | 19.8 | 17.4 | 17.9 | 14.5 | |||||||
| Basic earnings per share, SEK | 4.03 | 5.07 | 3.49 | 18.20 | 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 25-01-2024 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 17,500 employees. At 31 December 2023, the Group's total assets amounted to SEK 3,608bn while assets under management totalled SEK 2,361bn. Read more about SEB at sebgroup.com.