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 Full
-Sep -year
SEK m 2024 2024 % 2023 % 2024 2023 % 2023
Total 20,908 20,312 3 20,979 -0 61,901 60,057 3 80,193
operating
income
Total 7,718 7,383 5 6,905 12 22,260 20,319 10 27,449
operating
expenses
Net 393 44 -17 509 298 71 962
expected
credit
losses
Imposed 979 1,046 -6 1,108 -12 3,158 2,744 15 3,819
levies
Operating 11,818 11,840 -0 12,983 -9 35,974 36,696 -2 47,963
profit
NET 9,454 9,416 0 10,581 -11 28,373 29,742 -5 38,116
PROFIT
Return on 17.0 17.6 19.8 17.2 18.9 17.9
equity, %
Basic 4.63 4.58 5.07 13.80 14.17 18.20
earnings
per
share,
SEK
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.