SEB’s results for the third quarter 2024
SEB’s operating profit for the third quarter 2024 amounted to SEK 11.8bn, with a return on equity of 17.0 per cent, a CET1 capital ratio of 19.4 per cent, and a capital buffer of 470 basis points.
“Our diversified business model enabled a robust result in a falling interest rate environment, supported by strong net commission and net financial income. Net profit was stable compared with the previous quarter. It is also pleasing to see that we have a continuously strong capital position and overall robust asset quality,” says SEB’s President and CEO Johan Torgeby.
SEB reiterates the underlying full-year 2024 cost target. The consolidation of the recently acquired corporate payments provider AirPlus is estimated to impact full-year operating expenses, resulting in an updated cost target for 2024 of below or equal to SEK 31 bn.
“By joining forces, SEB Kort and AirPlus are well placed for the future corporate payments market,” says SEB’s President and CEO Johan Torgeby.
| Income statement | |||||||||||||
| Q3 | Q2 | Q3 | Jan-Sep | Full-year | |||||||||
| SEK m | 2024 | 2024 | % | 2023 | % | 2024 | 2023 | % | 2023 | ||||
| Total operating income | 20,908 | 20,312 | 3 | 20,979 | -0 | 61,901 | 60,057 | 3 | 80,193 | ||||
| Total operating expenses | 7,718 | 7,383 | 5 | 6,905 | 12 | 22,260 | 20,319 | 10 | 27,449 | ||||
| Net expected credit losses | 393 | 44 | -17 | 509 | 298 | 71 | 962 | ||||||
| Imposed levies | 979 | 1,046 | -6 | 1,108 | -12 | 3,158 | 2,744 | 15 | 3,819 | ||||
| Operating profit | 11,818 | 11,840 | -0 | 12,983 | -9 | 35,974 | 36,696 | -2 | 47,963 | ||||
| NET PROFIT | 9,454 | 9,416 | 0 | 10,581 | -11 | 28,373 | 29,742 | -5 | 38,116 | ||||
| Return on equity, % | 17.0 | 17.6 | 19.8 | 17.2 | 18.9 | 17.9 | |||||||
| Basic earnings per share, SEK | 4.63 | 4.58 | 5.07 | 13.80 | 14.17 | 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 24-10-2024 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 30 September 2024, the Group's total assets amounted to SEK 4,142bn while assets under management totalled SEK 2,709bn. Read more about SEB at sebgroup.com.