SEB’s Annual Accounts and results for the fourth quarter 2024
SEB’s operating profit for the fourth quarter 2024 amounted to SEK 10.1bn, with a return on equity of 13.2 per cent, a CET1 capital ratio of 17.6 per cent, and a capital buffer of 290 basis points.
For the full year 2024, the return on equity of 16.2 per cent was above our 15 per cent long-term aspiration. Total operating expenses for 2024 were in line with the cost target of at, or below, SEK 31bn, and with a capital management buffer of 290 basis points, SEB has also reached the target of having a Common Equity Tier 1 capital ratio of 100-300 basis points above the regulatory requirement by the end of 2024.
“We have delivered on our targets for the full year 2024 regarding return on equity, costs and capital,” says SEB’s President and CEO Johan Torgeby.
For 2025, we have a cost target of SEK 33bn. This enables continued investments in our capabilities while we maintain a strong focus on consolidation and efficiencies. In SEB’s business plan for 2025-2027, the underlying strength of the bank’s business and 2030 Strategy enables focus on areas with particularly high potential.
“Our efforts will be centred around business growth, which includes capturing long-term potential in our wealth and asset management business, corporate growth, and to future-proof and grow retail banking. The other focus area is technology and efficiency,” says Johan Torgeby.
The Board of Directors has proposed an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 3.00 per share. Further, SEB has received an approval from the Swedish Financial Supervisory Authority to buy back shares amounting to SEK 10bn until the end of January 2026.
| Income statement | |||||||||||
| Q4 | Q3 | Q4 | Jan-Dec | ||||||||
| SEK m | 2024 | 2024 | % | 2023 | % | 2024 | 2023 | % | |||
| Total operating income | 19 985 | 20 908 | -4 | 20 136 | -1 | 81 887 | 80 193 | 2 | |||
| Total operating expenses | 8 688 | 7 718 | 13 | 7 130 | 22 | 30 949 | 27 449 | 13 | |||
| Net expected credit losses | 377 | 393 | -4 | 664 | -43 | 886 | 962 | -8 | |||
| Imposed levies | 851 | 979 | -13 | 1 075 | -21 | 4 009 | 3 819 | 5 | |||
| Operating profit | 10 069 | 11 818 | -15 | 11 267 | -11 | 46 043 | 47 963 | -4 | |||
| NET PROFIT | 7 493 | 9 454 | -21 | 8 373 | -11 | 35 865 | 38 116 | -6 | |||
| Return on equity, % | 13,2 | 17,0 | 15,2 | 16,2 | 17,9 | ||||||
| Basic earnings per share, SEK | 3,69 | 4,63 | 4,03 | 17,51 | 18,20 | ||||||
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 29-01-2025 07:00 CET.
For further information, contact:
Christoffer Malmer, CFO
+46 771 62 10 00
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se
Petter Brunnberg, Head of Media Relations & External Communication
+46 70 763 5166
petter.brunnberg@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 19,000 employees. At 31 December 2024, the Group's total assets amounted to SEK 3,759bn while assets under management totalled SEK 2,664bn. Read more about SEB at sebgroup.com.