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SEB's operating profit for the fourth quarter 2023 amounted to SEK 11.3bn, with a return on equity of 15.2 per cent, a CET1 capital ratio of 19.1 per cent, and a capital management buffer of 440 basis points. Asset quality remained robust.
"We report a solid result with a return on equity that is in line with our long-term aspiration. After a year of exceptional macroeconomic circumstances, we are now starting to see a normalisation of our operating environment. Interest rates started to plateau towards the end of the year and the positive effect on our results experienced earlier in 2023 continued to abate. We continue to execute our business plan and develop the business in accordance with our 2030 Strategy, which is possible due to our financial strength," says SEB's President and CEO Johan Torgeby.
SEB's Board of Directors proposes an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 3.00 per share. The Board has also resolved to utilise the authorisation granted by the 2023 Annual General Meeting to initiate a share buyback programme of SEK 1.75bn, which will end on 18 March 2024 at the latest.
"SEB's dividend is an important contribution to society, not least in tough economic times. Through our owners, who mostly consist of pension funds and fund companies, it benefits millions of pensioners and households. Among our shareholders there are also more than 250,000 private individuals who have chosen to invest part of their savings in SEB shares. Through our largest shareholder, Investor AB, part of our dividend also goes to research and education via the Wallenberg Foundations. In addition, we are a large employer and taxpayer and pay interest to customers and bondholders. In this way, we create long-term value for all our stakeholders - customers, employees, shareholders, and the communities in which we operate," says Johan Torgeby.
Income
statement
Q4 Q3 Q4 Jan
-Dec
SEK m 2023 2023 % 2022 % 2023 2022 %
Total 20,136 20,979 -4 18,798 7 80,193 64,478 24
operating
income
Total -7,130 -6,905 3 -6,757 6 -27,449 -25,044 10
operating
expenses
Net expected -664 17 -506 31 -962 -2,007 -52
credit losses
Imposed levies -1,075 -1,108 -3 -578 86 -3,819 -2,288 67
Operating 11,267 12,983 -13 10,957 3 47,963 35,138 37
profit before
items
affecting
comparability
Items -1,399 -100 -1,399 -100
affecting
comparability
Operating 11,267 12,983 -13 9,558 18 47,963 33,739 42
profit
NET PROFIT 8,373 10,581 -21 7,402 13 38,116 26,877 42
Return on 15.2 19.8 14.7 17.9 13.8
equity, %
Return on 15.2 19.8 17.4 17.9 14.5
equity
excluding
items
affecting
comparability,
%
Basic earnings 4.03 5.07 3.49 18.20 12.58
per share, SEK
Comparative
figures for
2022
have been
restated for
the
transition to
IFRS 17
Insurance
Contracts. See
section on
restated
comparative
figures for
further
information.
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 25-01-2024 07:00 CET.