SEB : SEB: Full year - Operating profit SEK 14,235m (14,953); Fourth quarter -
Operating profit SEK 2,839m (3,061)
Excluding communicated items of a one-time character (22 January), operating
profit amounted to SEK4.0bn (SEK 3.3 bn in the fourth quarter of 2011) and
the full year operating profit was SEK 15.4bn (15.0)
"Operating income in the quarter exceeded SEK 10bn which reflected a strong
fee generation capacity. For the full year, profit before credit losses
increased by 7per cent, excluding one-off items by 15 per cent." says Annika
Falkengren, SEB's President and CEO, commenting on the Annual Accounts 2012.
"As we close the former 3-year plan, SEB's platform is considerably stronger.
We have attracted close to 300 large corporate clients in Merchant Banking and
for the first time been recognised as the leading corporate bank in the Nordic
region. We have clearly strengthened our position in the Swedish SME business
with strong improvements of customer satisfaction."
"Going forward, the long-term financial targets reflect our higher ambition of
having the most satisfied customers and closing the financial performance gap
to peers. On the cost side, we lower the cost-cap to SEK22.5bn for 2013 and
Excluding communicated items of a one-time character (22 January), profit
before credit losses amounted to SEK 4.3bn (SEK 3.3 bn in the fourth quarter
of 2011). Operating income amounted to SEK10.0bn, up 8per cent compared to
the fourth quarter 2011. Operating expenses, at SEK5.8bn, were 4percent
higher than the fourth quarter 2011. Operating profit amounted to SEK 4.0bn.
Including one-off items, operating income amounted to SEK9.6bn and operating
expenses SEK6.5bn. Operating profit was SEK 2.8bn. Net profit amounted to SEK
3.2bn corresponding to a return on equity of 11.9 per cent.
Provisions for credit losses amounted to SEK0.3bn, corresponding to a net
credit loss level of 8bps.
The liquidity coverage ratio was 113percent, the core liquidity reserve
amounted to SEK373bn and the total liquid resources were SEK632bn.
The Core Tier 1 capital ratio was 15.1percent (13.7 at year-end) according
to current regulation. According to Basel III, the Common Equity Tier 1 ratio
was 13.1 per cent.
The Board proposes a dividend per share of SEK 2.75 corresponding to a pay-out
ratio of 52 per cent of earnings per share at SEK 5.31 for the full year.
Download Annika Falkengren's presentation
For further information, please contact
Jan Erik Back, CFO, +46 8 22 19 00
Ulf Grunnesjö, Head of Investor Relations, +46 8763 85 01; +46
70763 85 01
Viveka Hirdman-Ryrberg, Head of Corporate Communication,
+468763 85 77, +46 70 550 35 00
SEB is a leading Nordic financial services group. As a relationship bank, SEB
in Sweden and the Baltic countries offers financial advice and a wide range of
financial services. In Denmark, Finland, Norway and Germany the bank's
operations 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 its presence in some 20
countries worldwide. At 31 December 2012, the Group's total assets amounted to
SEK2,453 billion while its assets under management totalled SEK1,328
billion. The Group has around 16,500 employees. Read more about SEB at
Annual Accounts 2012
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applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: SEB via Thomson Reuters ONE
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