SEB’s results for the first quarter 2024

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SEB’s operating profit for the first quarter 2024 amounted to SEK 12.3bn, with a return on equity of 17.2 per cent, a CET1 capital ratio of 18.9 per cent, and a capital management buffer of 420 basis points. 

“We report a solid result, with robust asset quality and low net expected credit losses. The strengthening macroeconomic picture in Sweden was partly reflected in an improved market sentiment. At the same time, the high interest rate environment continued to have a dampening effect on credit demand,” says SEB’s President and CEO Johan Torgeby.

Income statement
Q1  Q4  Jan-Mar  Full-year
SEK m 2024 2023  2024 2023 2023
Total operating income 20,682 20,136 3 20,682 19,060 9 80,193
Total operating expenses 7,160 7,130 0 7,160 6,465 11 27,449
Net expected credit losses 73 664 -89 73 272 -73 962
Imposed levies 1,133 1,075 5 1,133 702 61 3,819
Operating profit 12,316 11,267 9 12,316 11,620 6 47,963
NET PROFIT 9,503 8,373 13 9,503 9,393 1 38,116
Return on equity, % 17.2 15.2 17.2 17.9 17.9
Basic earnings per share, SEK 4.60 4.03 4.60 4.45 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 24-04-2024 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 March 2024, the Group's total assets amounted to SEK 4,130bn while assets under management totalled SEK 2,567bn. Read more about SEB at sebgroup.com.