SEB

SEB’s operating profit for the third quarter 2023 amounted to SEK 13.0bn, with a return on equity of 19.8 per cent, a CET1 capital ratio of 18.9 per cent and a capital management buffer of 430 basis points.

“The geopolitical and macroeconomic uncertainty remained elevated during the third quarter. As central banks continued their monetary tightening and policy rate hikes, the inflation rate started to decrease from high levels. Rising interest rates continued to have a positive effect on SEB’s results in the third quarter, however, the positive effect on net interest income has abated compared with previous quarters,” says Johan Torgeby, SEB’s President and CEO.

Operating profit increased by 7 per cent compared with the previous quarter, mainly driven by higher operating income. Asset quality remained robust, reflected in a small net reversal of provisions in the quarter.

“Our customers have this year had to adjust to a new economic reality and our dedicated employees support our customers in navigating this uncertain environment while maintaining our focus on being a long-term partner. I am glad that availability and customer satisfaction among retail customers in Sweden improved significantly during the quarter. SEB’s strong financial position provides ample safeguards going forward and enable us to continue supporting our customers as well as keeping the wheels of the economy turning,” says Johan Torgeby.