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 SEKÂ 4.0bn (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
7Â per 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 SEKÂ 22.5bn for 2013 and 2014."
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 SEKÂ 10.0bn, up 8Â per cent compared to the fourth
quarter 2011. Operating expenses, at SEKÂ 5.8bn, were 4Â perÂ cent higher than the
fourth quarter 2011. Operating profit amounted to SEK 4.0bn.
Including one-off items, operating income amounted to SEKÂ 9.6bn and operating
expenses SEKÂ 6.5bn. 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 SEKÂ 0.3bn, corresponding to a net
credit loss level of 8Â bps.
The liquidity coverage ratio was 113Â perÂ cent, the core liquidity reserve
amounted to SEKÂ 373bn and the total liquid resources were SEKÂ 632bn.
The Core Tier 1 capital ratio was 15.1Â perÂ cent (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 GrunnesjÃ¶, Head of Investor Relations,
+46 8Â 763 85 01; +46 70Â 763 85 01
Viveka Hirdman-Ryrberg, Head of Corporate
Communication, +46Â 8Â 763 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 SEKÂ 2,453 billion while its assets under management totalled SEKÂ 1,328
billion. The Group has around 16,500 employees. Read more about SEB at
Annual Accounts 2012:
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Source: SEB via Thomson Reuters ONE