SEB's first quarter 2020 result

The operating profit for the first quarter 2020 amounted to SEK 3bn with a return on equity of 6 per cent and a Common Equity Tier 1 capital ratio of 16.8 per cent.

"The consequences of the Covid-19 pandemic had a negative impact on the reported quarterly financial result although the underlying business remained robust. With negative market valuations and higher net expected credit losses, operating profit decreased by 58 per cent compared to the strong fourth quarter 2019. SEB’s capital buffer amounts to 310 basis points above the requirement and we stand strong to help our customers weather the storm, as we have done many times before”, says Johan Torgeby, President and CEO.

Financial information

	Q1		Q4				Jan–Mar				Full year
SEK m	2020		2019	%			2020	2019	%		2019
Total operating income	10 089		14 089	-28			10 089	11 907	-15		50 134
Total operating expenses	-5 646		-6 026	-6			-5 646	-5 622	0		-22 945
Net expected credit losses	-1 494		- 997	50			-1 494	- 422			-2 294
Operating profit	2 950		7 063	-58			2 950	5 864	-50		24 894
NET PROFIT	2 355		5 831	-60			2 355	4 681	-50		20 177
Return on equity, %	6.0		15.5				6.0	12.7			13.7
Basic earnings per share, SEK	1.09		2.70				1.09	2.16			9.33

You can download the Quarterly Report, Results Presentation and Fact Book from https://sebgroup.com/investor-relations/reports-and-presentations/financial-reports.

For further information, please contact
Masih Yazdi, CFO, [phone]
Christoffer Geijer, Head of Investor Relations,  [phone]
Frank Hojem, Head of Corporate Communication, [phone]

This is information that Skandinaviska Enskilda Banken AB (publ) is obliged to make public pursuant to the EU Market  Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out  above, at around 7.00 am CET, on 29 April 2020.

SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, 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 March 2020, the Group's total assets amounted to SEK 3,286bn while its assets under management totalled SEK 1,758bn. The Group has around 15,000 employees. Read more about SEB at sebgroup.com

Attachment

• Quarterly report Q1 2020