Enskilda Banken : SEB's results for the second quarter 2024
July 16, 2024 at 12:40 am EDT
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Published: 2024-07-16 06:30:00 CEST
Skandinaviska Enskilda Banken AB
Half Year financial report
SEB's results for the second quarter 2024
Stockholm 16 July 2024
SEB's operating profit for the second quarter 2024 amounted to SEK 11.8bn, with a return on equity of 17.6 per cent, a CET1 capital ratio of 19.0 per cent, and a capital management buffer of 430 basis points.
"Our result remained solid in the second quarter and asset quality was robust. While the interest rate cuts during the quarter resulted in a decrease in net interest income, we saw improved momentum in other parts of our business. For instance, we saw positive net flows in asset management across the divisions, an increase in investment banking activity and signs of improving credit demand," says SEB's President and CEO Johan Torgeby.
Income statement
Q2
Q1
Q2
Jan-Jun
Full-year
SEK m
2024
2024
%
2023
%
2024
2023
%
2023
Total operating income
20,312
20,682
-2
20,019
1
40,994
39,078
5
80,193
Total operating expenses
7,383
7,160
3
6,948
6
14,542
13,414
8
27,449
Net expected credit losses
44
73
-40
43
2
117
315
-63
962
Imposed levies
1,046
1,133
-8
934
12
2,179
1,636
33
3,819
Operating profit
11,840
12,316
-4
12,093
-2
24,156
23,714
2
47,963
NET PROFIT
9,416
9,503
-1
9,768
-4
18,919
19,161
-1
38,116
Return on equity, %
17.6
17.2
18.8
17.3
18.4
17.9
Basic earnings per share, SEK
4.58
4.60
4.65
9.18
9.10
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 16-07-2024 06:30 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 18,000 employees. At 30 June 2024, the Group's total assets amounted to SEK 4,152bn while assets under management totalled SEK 2,666bn. Read more about SEB at sebgroup.com.
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SEB - Skandinaviska Enskilda Banken AB published this content on
16 July 2024 and is solely responsible for the information contained therein. Distributed by
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16 July 2024 04:39:03 UTC.
Skandinaviska Enskilda Banken AB (SEB) is a banking group. Operating income (including intragroup) breaks down by activity as follows:
- market, finance, and investment banking (41%): financial intermediation, financing for structured projects, investment fund management, etc.;
- retail and corporate banking (30.3%): sale of standard and specialized banking products and services (lease-credit, consumer credit, etc.);
- investment funds management (5.1%);
- private banking (5%) ;
- other (7.9%) primarily life insurance and retirement savings management.
The remaining operating income (10.7%) is from the activity ensured in the Baltic States.
At the end of 2022, the group had SEK 1,701.7 billion in current deposits and SEK 2,065.3 billion in current loans.
ENSKILDA BANKEN 
