Skandinaviska Seb's Third Quarter 2020 Result
October 22 2020 - 1:30AM
Dow Jones News
TIDMSEBA
Press release
Stockholm, 22 October 2020
The operating profit for the third quarter 2020 amounted to SEK 5.9bn
with a return on equity of 11.7 per cent and a Common Equity Tier 1
capital ratio of 19.4 per cent. The Board of Directors confirms its
previous decision to not propose a dividend during 2020.
"Despite the challenging economic environment, SEB delivered a robust
financial performance. Higher net interest income, lower expenses and
lower credit losses were offset by valuation effects that came down from
the elevated level in the second quarter. We continue to see limited
effects from the pandemic on the asset quality and the guidance on net
expected credit losses of around SEK 6bn for 2020 remains. We have a
strong capital and liquidity position and the capital buffer above the
common equity tier 1 regulatory requirement amounted to 580 basis
points. Despite some light at the end of the tunnel, uncertainty still
remains. It continues to be our highest priority to support our
customers,", says Johan Torgeby, President and CEO.
Full
Q3 Q2 Q3 Jan--Sep year
------ ------------ ----------- ---------------------
SEK m 2020 2020 % 2019 % 2020 2019 % 2019
------ ------ ---- ------ --- ------- ------- --- -------
Total operating income 12 563 13 999 -10 11 942 5 36 651 36 045 2 50 134
Total operating expenses -5 547 -5 712 -3 -5 589 -1 -16 905 -16 918 0 -22 945
Net expected credit losses -1 098 -2 691 -59 - 489 124 -5 282 -1 297 -2 294
Operating profit before
items affecting comparability 5 916 5 598 6 5 864 1 14 463 17 831 -19 24 894
Items affecting comparability(1) -1 000 -100 -1 000
Operating profit 5 916 4 598 29 5 864 1 13 463 17 831 -24 24 894
NET PROFIT 4 766 3 501 36 4 772 0 10 623 14 346 -26 20 177
Return on equity, % 11.7 8.7 13.2 8.8 13.1 13.7
Return on equity excluding
items affecting comparability,
% 11.6 11.2 13.2 9.7 13.2 13.8
Basic earnings per share,
SEK 2.21 1.62 2.21 4.91 6.64 9.33
1) Administrative fine issued by the Swedish FSA. See note 6.
You can download the Quarterly Report, Results Presentation and Fact
Book from
https://www.globenewswire.com/Tracker?data=kuAGAkibFmL4LXhjmq0iwYf3UHrz4yZpxgS5EPGmeouZBcg0e1aDXikpep59_rKSSRMTM5nvO4XV5DbG3smQYdyTxQ_uCT6DmYmZz1zc2uQrJnXjCUymN4aargWeDD9Wal19dKmtUgoZO-ZV388WmatTnI6vKTmTZXKZ9AGu_q7j4ZOHLXTFWOwxdyzgBh5e0hKYdP8DH9j4sYGoQm6XGXlvY_RjgV3faQ2Zc4TvD1b_7OoypSihyRicXKxsaizG
https://sebgroup.com/investor-relations/reports-and-presentations/financial-reports.
For further information, please contact
Masih Yazdi, CFO, +46 771 621 000
Pawel Wyszynski, Head of Investor Relations, +46 70 462 21 11
Frank Hojem, Head of Corporate Communication, +46 70 763 99 47
This is information that Skandinaviska Enskilda Banken AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the
contact persons set out above, at around 7.00 am CET, on 22 October
2020.
SEB is a leading Nordic financial services group with a strong belief
that entrepreneurial minds and innovative companies are key in creating
a better world. SEB takes a long-term perspective and supports its
customers in good times and bad. 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, 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 30 September 2020, the Group's total
assets amounted to SEK 3,201bn while its assets under management
totalled SEK 2,054bn. The Group has around 15,000 employees. Read more
about SEB at sebgroup.com
Attachment
-- Quarterly report Q3 2020
https://ml-eu.globenewswire.com/Resource/Download/1c2fe090-27a7-43be-a7dd-3d8efe43ea95
(END) Dow Jones Newswires
October 22, 2020 01:15 ET (05:15 GMT)
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