SEB

SEB's net interest margin rose 5.64% yoy to 0.803% in 3Q2019

By Helgi Analytics - November 19, 2019

SEB's net interest margin amounted to 0.803% in the third quarter of 2019, up from 0.785% when compared to the previous quarter....

SEB's npls (as % of loans) rose 24.4% yoy to 0.675% in 3Q2019

By Helgi Analytics - November 19, 2019

SEB's non-performing loans reached 0.675% of total loans at the end of 2019-09-30, up from 0.543% compared to the previous year. ...

SEB's net interest income rose 12.5% yoy to SEK 5,983 mil in 3Q2019

By Helgi Analytics - November 19, 2019

SEB generated total banking revenues of SEK 13,444 mil in the third quarter of 2019, up 6.62% when compared to the same period of...

Profit Statement 2016 2017 2018
Net Interest Income SEK mil 18,908 19,970 21,095
Net Fee Income SEK mil 16,628 17,676 18,364
Other Income SEK mil 13,627 13,262 12,029
Total Revenues SEK mil 49,163 50,908 51,488
Operating Profit SEK mil 28,243 30,095 29,552
Provisions SEK mil 993 808 1,166
Net Profit SEK mil 10,618 16,197 23,134
Balance Sheet 2016 2017 2018
Interbank Loans SEK mil 180,781 93,725 175,517
Customer Loans SEK mil 1,389,500 1,444,540 1,546,890
Debt Securities SEK mil 212,688 512,096 476,186
Total Assets SEK mil 2,620,650 2,556,910 2,567,520
Shareholders' Equity SEK mil 140,976 141,237 148,789
Interbank Borrowing SEK mil 160,691 101,372 139,115
Customer Deposits SEK mil 960,046 1,026,160 1,107,990
Issued Debt Securities SEK mil 709,599 646,423 715,191
Ratios 2016 2017 2018
ROE % 7.48 11.5 16.0
ROA % 0.415 0.626 0.903
Costs (As % Of Assets) % 0.818 0.804 0.856
Costs (As % Of Income) % 42.6 40.9 42.6
Capital Adequacy Ratio % 24.8 24.2 22.2
Net Interest Margin % 0.739 0.771 0.823
Loans (As % Of Deposits) % 145 141 140
NPLs (As % Of Loans) % 0.548 0.572 0.525
Provisions (As % Of NPLs) % 62.7 54.0 71.3
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 22,869 25,108 20,803
Share Price (End Of Period) SEK 94.7 94.6 85.6
Price/Earnings (P/E) 19.5 12.7 8.05
Price/Book Value (P/BV) 1.47 1.46 1.25
Dividend Yield % 5.74 6.07 7.65
Earnings Per Share (EPS) 4.85 7.44 10.6
Book Value Per Share 64.4 64.8 68.3
Dividend Per Share 5.44 5.74 6.55

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summary Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                              
Net Interest Income SEK mil                                                 17,710 18,899 20,021 19,107 18,908    
Total Revenues SEK mil                                                 43,922 45,804 49,043 49,398 49,163    
Operating Profit SEK mil                                                 21,112 23,643 27,092 28,751 28,243    
Net Profit SEK mil                                                 11,632 14,771 19,218 16,581 10,618    
balance sheet                                                              
Interbank Loans SEK mil                                                 219,443 199,720 183,521 149,324 180,781    
Customer Loans SEK mil                                                 1,160,390 1,215,130 1,279,920 1,294,830 1,389,500    
Debt Securities SEK mil                                                 412,760 459,578 459,780 289,915 212,688    
Total Assets SEK mil                                                 2,453,460 2,484,830 2,641,250 2,495,960 2,620,650    
Shareholders' Equity SEK mil                                                 109,513 122,814 134,576 142,798 140,976    
Interbank Borrowing SEK mil                                                 280,593 341,213 168,601 174,111 160,691    
Customer Deposits SEK mil                                                 829,544 760,239 930,751 868,926 960,046    
Issued Debt Securities SEK mil                                                 686,132 736,799 730,128 670,816 709,599    
ratios                                                              
ROE %                                                 11.0 12.7 14.9 12.0 7.48    
ROA %                                                 0.483 0.598 0.750 0.646 0.415    
Costs (As % Of Assets) %                                                 0.948 0.898 0.856 0.804 0.818    
Costs (As % Of Income) %                                                 51.9 48.4 44.8 41.8 42.6    
Capital Adequacy Ratio % ...                                               17.2 19.0 22.2 23.8 24.8    
Net Interest Margin %                                                 0.736 0.765 0.781 0.744 0.739    
Interest Income (As % Of Revenues) %                                                 40.3 41.3 40.8 38.7 38.5    
Fee Income (As % Of Revenues) %                                                 31.0 32.0 33.2 37.1 33.8    
Equity (As % Of Assets) %                                                 4.46 4.94 5.10 5.72 5.38    
Loans (As % Of Deposits) %                                                 140 160 138 149 145    
Loans (As % Assets) %                                                 47.3 48.9 48.5 51.9 53.0    
NPLs (As % Of Loans) % ... ... ... ... ...       ... ... ... ... ... ...                     1.18 0.774 0.824 0.618 0.548    
Provisions (As % Of NPLs) % ... ... ... ... ...       ... ... ... ... ... ...                     64.1 69.1 58.1 60.8 62.7    
valuation                                                              
Market Capitalisation (End Of Period) USD mil ... ...                                             18,632 28,767 27,930 23,230 22,869    
Number Of Shares (Average) mil                                                 2,199 2,207 2,202 2,203 2,188    
Share Price (End Of Period) SEK ... ...                                             55.1 83.8 98.9 89.0 94.7    
Earnings Per Share (EPS)                                                 5.29 6.69 8.73 7.53 4.85    
Book Value Per Share                                                 49.8 55.6 61.1 64.8 64.4    
Dividend Per Share                                 ... ...             2.74 3.95 4.72 5.22 5.44    
Price/Earnings (P/E) ... ...     ...                                       10.4 12.5 11.3 11.8 19.5    
Price/Book Value (P/BV) ... ...                                             1.11 1.51 1.62 1.37 1.47    
Dividend Yield % ... ...                             ... ...             4.97 4.72 4.77 5.86 5.74    
Earnings Per Share Growth % ...                                               7.76 26.5 30.4 -13.8 -35.5    
Book Value Per Share Growth % ...                                               6.84 11.7 9.83 6.06 -0.599    
income statement Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                              
Interest Income SEK mil                                                 53,869 49,795 48,702 37,895 35,372    
Interest Cost SEK mil                                                 36,159 30,896 28,681 18,788 16,464    
Net Interest Income SEK mil                                                 17,710 18,899 20,021 19,107 18,908    
Net Fee Income SEK mil                                                 13,620 14,664 16,306 18,345 16,628    
Other Income SEK mil                                                 12,592 12,241 12,716 11,946 13,627    
Total Revenues SEK mil                                                 43,922 45,804 49,043 49,398 49,163    
Operating Cost SEK mil                                                 22,810 22,161 21,951 20,647 20,920    
Operating Profit SEK mil                                                 21,112 23,643 27,092 28,751 28,243    
Provisions SEK mil                                                 937 1,155 1,324 883 993    
Extra and Other Cost SEK mil                                                 5,940 4,361 2,420 7,003 12,383    
Pre-Tax Profit SEK mil                                                 14,235 18,127 23,348 20,865 14,867    
Tax SEK mil                                                 2,093 3,338 4,129 4,284 4,249    
Minorities SEK mil                                                 22.0 7.00 1.00 0 0    
Net Profit SEK mil                                                 11,632 14,771 19,218 16,581 10,618    
Dividends SEK mil                                 ... ...             6,028 8,719 10,400 11,500 11,900    
growth rates                                                              
Net Interest Income Growth % ...                                               4.08 6.71 5.94 -4.57 -1.04    
Net Fee Income Growth % ...                                               -3.92 7.67 11.2 12.5 -9.36    
Total Revenue Growth % ...                                               3.38 4.28 7.07 0.724 -0.476    
Operating Cost Growth % ...                                               -2.87 -2.85 -0.948 -5.94 1.32    
Operating Profit Growth % ...                                               11.1 12.0 14.6 6.12 -1.77    
Pre-Tax Profit Growth % ...                                               -4.80 27.3 28.8 -10.6 -28.7    
Net Profit Growth % ...                                               7.51 27.0 30.1 -13.7 -36.0    
market share                                                              
Market Share in Revenues %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Net Profit %         ...                                       19.6 20.6 21.9 21.5 ... ... ...
Market Share in Employees %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
balance sheet Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                              
Cash SEK mil                                                 191,445 173,950 103,098 101,429 151,078    
Interbank Loans SEK mil                                                 219,443 199,720 183,521 149,324 180,781    
Customer Loans SEK mil                                                 1,160,390 1,215,130 1,279,920 1,294,830 1,389,500    
Debt Securities SEK mil                                                 412,760 459,578 459,780 289,915 212,688    
Fixed Assets SEK mil                                                 18,420 18,120 18,064 17,894 12,313    
Total Assets SEK mil                                                 2,453,460 2,484,830 2,641,250 2,495,960 2,620,650    
Shareholders' Equity SEK mil                                                 109,513 122,814 134,576 142,798 140,976    
Of Which Minority Interest SEK mil                                                 90.0 33.0 33.0 0 0    
Liabilities SEK mil                                                 2,343,940 2,362,020 2,506,670 2,353,170 2,479,670    
Interbank Borrowing SEK mil                                                 280,593 341,213 168,601 174,111 160,691    
Customer Deposits SEK mil                                                 829,544 760,239 930,751 868,926 960,046    
Sight Deposits SEK mil                                                 496,085 89,045 584,351 686,579 802,861    
Term Deposits SEK mil                                                 333,459 671,194 346,400 182,347 157,185    
Issued Debt Securities SEK mil                                                 686,132 736,799 730,128 670,816 709,599    
Other Liabilities SEK mil                                                 547,674 523,769 677,190 639,313 649,334    
asset quality                                                              
Non-Performing Loans SEK mil ... ... ... ... ...       ... ... ... ... ... ...                     13,840 9,458 10,599 8,027 7,643    
Gross Loans SEK mil                                                 1,169,260 1,221,670 1,286,080 1,299,700 1,394,280    
Provisions SEK mil                                                 937 1,155 1,324 883 993    
growth rates                                                              
Customer Loan Growth % ...                                               4.17 4.72 5.33 1.16 7.31    
Total Asset Growth % ...                                               3.99 1.28 6.29 -5.50 5.00    
Shareholders' Equity Growth % ...                                               6.59 12.1 9.58 6.11 -1.28    
Customer Deposit Growth % ...                                               1.84 -8.35 22.4 -6.64 10.5    
market share                                                              
Market Share in Customer Loans %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Total Assets %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Market Share in Customer Deposits %                         ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
ratios Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                              
ROE %                                                 11.0 12.7 14.9 12.0 7.48    
ROA %                                                 0.483 0.598 0.750 0.646 0.415    
Costs (As % Of Assets) %                                                 0.948 0.898 0.856 0.804 0.818    
Costs (As % Of Income) %                                                 51.9 48.4 44.8 41.8 42.6    
Capital Adequacy Ratio % ...                                               17.2 19.0 22.2 23.8 24.8    
Tier 1 Ratio %                                                 17.5 19.2 19.5 21.3 21.2    
Net Interest Margin %                                                 0.736 0.765 0.781 0.744 0.739    
Interest Spread % ...                                               0.667 0.704 0.722 0.702 0.701    
Asset Yield %                                                 2.24 2.02 1.90 1.48 1.38    
Cost Of Liabilities % ...                                               1.57 1.31 1.18 0.773 0.681    
Payout Ratio %                                 ... ...             51.8 59.0 54.1 69.4 112    
Interest Income (As % Of Revenues) %                                                 40.3 41.3 40.8 38.7 38.5    
Fee Income (As % Of Revenues) %                                                 31.0 32.0 33.2 37.1 33.8    
Other Income (As % Of Revenues) %                                                 28.7 26.7 25.9 24.2 27.7    
Equity (As % Of Assets) %                                                 4.46 4.94 5.10 5.72 5.38    
Loans (As % Of Deposits) %                                                 140 160 138 149 145    
Loans (As % Assets) %                                                 47.3 48.9 48.5 51.9 53.0    
NPLs (As % Of Loans) % ... ... ... ... ...       ... ... ... ... ... ...                     1.18 0.774 0.824 0.618 0.548    
Provisions (As % Of NPLs) % ... ... ... ... ...       ... ... ... ... ... ...                     64.1 69.1 58.1 60.8 62.7    
Provisions (As % Of Loans) %                                                 0.764 0.538 0.481 0.377 0.345    
Cost of Provisions (As % Of Loans) %                                                 0.082 0.097 0.106 0.069 0.074    
other data Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                              
Employees                                                 16,357 15,712 15,910 15,416 15,087    
Sight (As % Of Customer Deposits) %                                                 59.8 11.7 62.8 79.0 83.6    

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SEB's net profit rose 5.13% yoy to SEK 4,772 mil in 3Q2019

By Helgi Analytics - November 19, 2019

SEB made a net profit of SEK 4,772 mil under revenues of SEK 13,444 mil in the third quarter of 2019, up 5.13% and 6.62% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of SEK 10,024 mil in...

SEB's price/earnings (P/E) fell 13.3% yoy to 10.3 in 3Q2019

By Helgi Analytics - November 19, 2019

SEB stock traded at SEK 90.1 per share at the end third quarter of 2019 implying a market capitalization of USD 19,933 mil. Since the end of 3Q2014, the stock has depreciated by -6.00 % implying an annual average growth of -1.23 %. In absolute terms, the value of the ...

SEB's market capitalisation (end of period) fell 0.485% to USD 19,933 mil in 3Q2019

By Helgi Analytics - November 19, 2019

SEB stock traded at 90.1 per share at the end of third quarter of 2019 implying a market capitalization of USD 19,933 mil. Over the last five years, the stock has depreciated by 6 implying an annual average growth of -1.23% In absolute terms, the value of ...

SEB's capital adequacy ratio fell 16.4% yoy to 20.9% in 3Q2019

By Helgi Analytics - November 19, 2019

SEB's capital adequacy ratio reached 20.9% at the end of third quarter of 2019, down from 21.1% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 25.9% in 1Q2017 and an all time low of 13.8% in 4Q2010. The T...

SEB's share price (end of period) fell 8.63% yoy to SEK 90.1 in 3Q2019

By Helgi Analytics - November 19, 2019

SEB stock traded at SEK 90.1 per share at the end of third quarter of 2019 implying a market capitalization of USD 19,933 mil. Over the last five years, the stock has depreciated by -6.00 % implying an annual average growth of -1.23 %. In absolute terms, the value of ...

SEB's customer loan growth fell 12.1% yoy to 7.10% in 3Q2019

By Helgi Analytics - November 19, 2019

SEB's customer loan growth reached 7.10% in 2019-09-30, down from 8.07% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 10.4% in 2011-12-31 and an all time low of -13.8% in 2011-03-31. In the last decade, t...

SEB's equity (as % of assets) fell 8.37% yoy to 4.80% in 3Q2019

By Helgi Analytics - November 19, 2019

SEB's Equity reached 7.25% of total assets in the 3Q2019, down from 7.42% for the previous year. As a share of net customer loans, the ratio amounted to 19.4% at the end of the third quarter of 2019. ...

SEB's net profit rose 42.8% to SEK 23,134 mil in 2018

By Helgi Analytics - November 18, 2019

SEB made a net profit of SEK 23,134 mil under revenues of SEK 51,488 mil in 2018, up 42.8% and 1.14% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of SEK 23,134 mil in 2018 and an all time low of SEK -4,762 m...

SEB's capital adequacy ratio fell 8.26% to 22.2% in 2018

By Helgi Analytics - December 12, 2019

SEB's capital adequacy ratio reached 22.2% at the end of 2018, down from 24.2% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 24.8% in 2016 and an all time low of 8.40% in 1992. The Tier 1 ratio amounted to 1...

SEB's npls (as % of loans) fell 8.09% to 0.525% in 2018

By Helgi Analytics - December 12, 2019

SEB's non-performing loans reached 0.525% of total loans at the end of 2018, down from 0.572% compared to the previous year. Historically, the NPL ratio hit an all time high of 10.2% in 1993 and an all time low of 0.525% in 2018. Provision coverage amounted...

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SEB has been growing its revenues and asset by 1.21% and 0.224% a year on average in the last 10 years. Its loans and deposits have grown by 1.78% and 4.26% a year during that time and loans to deposits ratio reached 140% at the end of 2018. The company achieved an average return on equity of 10.4% in the last decade with net profit growing 8.70% a year on average. In terms of operating efficiency, its cost to income ratio reached 42.6% in 2018, compared to 46.9% average in the last decade.

Equity represented 5.80% of total assets or 9.62% of loans at the end of 2018. SEB's non-performing loans were 0.525% of total loans while provisions covered some 71.3% of NPLs at the end of 2018.

Valuation

SEB stock traded at SEK 85.6 per share at the end of 2018 resulting in a market capitalization of USD 20,803 mil. Over the previous five years, stock price rose by 2.18% or 0.433% a year on average. That’s compared to an average ROE of 12.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 8.05x and price to book value (PBV) of 1.25x in 2018.

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