SEB's results for the second quarter 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 Full
-Jun -year
SEK m 2024 2024 % 2023 % 2024 2023 % 2023
Total 20,312 20,682 -2 20,019 1 40,994 39,078 5 80,193
operating
income
Total 7,383 7,160 3 6,948 6 14,542 13,414 8 27,449
operating
expenses
Net 44 73 -40 43 2 117 315 -63 962
expected
credit
losses
Imposed 1,046 1,133 -8 934 12 2,179 1,636 33 3,819
levies
Operating 11,840 12,316 -4 12,093 -2 24,156 23,714 2 47,963
profit
NET 9,416 9,503 -1 9,768 -4 18,919 19,161 -1 38,116
PROFIT
Return on 17.6 17.2 18.8 17.3 18.4 17.9
equity, %
Basic 4.58 4.60 4.65 9.18 9.10 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 16-07-2024 06:30 CET.