The operating profit was higher than expected.
“Operating profit increased by 9 percent compared to the previous quarter, mainly driven by higher operating income and a reduction in expected net credit losses. Return on equity was strong at 17 percent and our capital buffer remained solid at 420 basis points. Our cost target for the full year is unchanged. Credit quality remained robust with expected net credit losses of 1 basis point,” says the CEO Johan Torgeby.
Total revenues amounted to SEK 20,682 million (19,060), which was better than the Bloomberg analyst consensus of SEK 19,670 million.
Net interest amounted to SEK 11,765 million (11,297), expected SEK 11,947 million.
Net commission was SEK 5,625 million (5,170), expected to be SEK 5,513 million.
Net trading amounted to SEK 3,249 million (2,403), consensus was SEK 2,154 million.
Operating expenses amounted to SEK 7,160 million (6,465), analyst consensus was SEK 7,049 million. Personnel costs increased by 8 percent during the first quarter.
The credit losses amounted to SEK 73 million. Last year, the credit losses were SEK 272 million. Credit losses of SEK 499 million were expected.
Operating profit was SEK 12,316 million (11,620), expected to be SEK 11,205 million.
The net result was SEK 9,503 million (9,393) and the earnings per share were SEK 4.56 (4.42).
SEB‘s cost target for the full year is unchanged, i.e. the cost target is below or equal to SEK 29 billion based on 2023 average exchange rates and does not include AirPlus.
| Income | 20,682 | 19,670 | 5.1% | 19,060 | 8.5% |
| Net interest | 11,765 | 11,947 | -1.5% | 11,297 | 4.1% |
| Commission net | 5,625 | 5,513 | 2.0% | 5,170 | 8.8% |
| Trading net | 3,249 | 2 154 | 50.8% | 2,403 | 35.2% |
| Operating costs | -7,160 | -7,049 | -6,465 | ||
| Credit losses | -73 | -499 | -272 | ||
| Operating results | 12,316 | 11,205 | 9.9% | 11,620 | 6.0% |
| Net result | 9,503 | 9,393 | 1.2% | ||
| Earnings per share, SEK | 4.56 | 4.42 | 3.2% |
