SEB

Quarterly Report • Mar 28, 2022

Group Total

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	6 194	6 073	6 349	6 458	6 300	6 468	6 612	6 717	25 073	26 097
Net fee and commission income	4 624	4 364	4 301	4 774	4 776	5 280	5 202	5 885	18 063	21 142
Net financial income	- 544	3 724	1 969	2 113	2 543	2 056	2 119	1 517	7 262	8 235
Net other income	68	48	170	- 57	- 3	120	38	8	229	164
Total operating income	10 343	14 208	12 789	13 288	13 616	13 924	13 971	14 127	50 628	55 638
Staff costs	-3 619	-3 794	-3 654	-3 909	-3 897	-3 818	-3 862	-3 795	-14 976	-15 372
Other expenses Depreciation, amortisation and impairment of	-1 598	-1 362	-1 432	-1 473	-1 345	-1 467	-1 336	-1 616	-5 864	-5 763
tangible and intangible assets	- 429	- 557	- 461	- 460	- 476	- 475	- 473	- 687	-1 906	-2 110
Total operating expenses	-5 646	-5 712	-5 547	-5 842	-5 718	-5 759	-5 671	-6 097	-22 747	-23 245
Profit before credit losses and imposed
levies	4 697	8 496	7 242	7 446	7 898	8 164	8 300	8 030	27 881	32 393
Net expected credit losses	-1 494	-2 691	-1 098	- 835	- 156	- 7	- 49	- 299	-6 118	- 510
Imposed levies: Risk tax and resolution fees	- 253	- 208	- 228	- 228	- 267	- 242	- 255	- 255	- 918	-1 019
Operating profit before
items affecting comparability	2 950	5 598	5 916	6 382	7 475	7 916	7 997	7 476	20 846	30 864
Items affecting comparability		-1 000							-1 000
Operating profit	2 950	4 598	5 916	6 382	7 475	7 916	7 997	7 476	19 846	30 864
Cost/Income	0.55	0.40	0.43	0.44	0.42	0.41	0.41	0.43	0.45	0.42

Large Corporates & Financial Institutions

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	2 610	2 676	2 724	2 788	2 702	2 664	2 585	2 627	10 799	10 578
Net fee and commission income	1 537	1 521	1 281	1 630	1 531	1 907	1 733	2 018	5 969	7 189
Net financial income	- 287	2 559	1 305	1 388	1 500	1 035	1 009	1 199	4 965	4 743
Net other income	- 20	34	101	- 27	- 49	43	32	- 4	87	22
Total operating income	3 840	6 791	5 411	5 779	5 684	5 649	5 359	5 840	21 820	22 532
Staff costs	- 992	-1 032	-1 022	-1 064	-1 030	- 995	-1 030	-1 060	-4 110	-4 115
Other expenses	-1 263	-1 228	-1 196	-1 335	-1 239	-1 262	-1 255	-1 351	-5 022	-5 106
Depreciation, amortisation and impairment
of tangible and intangible assets	- 16	- 17	- 17	- 17	- 17	- 17	- 16	- 14	- 67	- 64
Total operating expenses	-2 271	-2 278	-2 234	-2 416	-2 286	-2 274	-2 301	-2 425	-9 199	-9 286
Profit before credit losses and imposed
levies	1 569	4 513	3 176	3 363	3 398	3 375	3 059	3 415	12 622	13 247
Net expected credit losses	- 907	-2 211	-1 116	- 632	- 172	- 64	- 137	- 287	-4 865	- 660
Imposed levies: Risk tax and resolution fees	- 133	- 109	- 121	- 121	- 156	- 141	- 149	- 149	- 483	- 594
Operating profit	530	2 194	1 940	2 610	3 069	3 171	2 773	2 980	7 273	11 993
Cost/Income	0.59	0.34	0.41	0.42	0.40	0.40	0.43	0.42	0.42	0.41
Business equity, SEK bn	68.8	74.1	68.7	68.5	63.6	65.3	65.1	64.2	70.0	64.6
Return on business equity, per cent
-isolated in the quarter	2.4	9.1	8.6	11.7	14.9	15.0	13.1	14.3
-accumulated in the period	2.4	5.8	6.7	7.9	14.9	14.9	14.3	14.3	7.9	14.3
Risk exposure amount, SEK bn	412	384	380	366	390	373	369	396	366	396
Lending to the public*, SEK bn	740	667	660	645	641	628	639	673	645	673
Deposits from the public*, SEK bn	643	632	614	641	671	674	740	732	641	732
FTEs, present	2,028	2,019	1,990	1,983	2,017	2,072	2,105	2,155	2,007	2,076

*excluding repos

Corporate & Private Customers

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	2 824	2 733	2 983	3 045	2 949	2 793	2 693	2 680	11 584	11 115
Net fee and commission income	1 021	830	934	958	955	1 008	1 095	1 124	3 744	4 183
Net financial income	90	71	85	89	114	109	106	135	335	465
Net other income	9	3	5	5	7	3	2	3	22	15
Total operating income	3 945	3 637	4 006	4 097	4 026	3 913	3 896	3 943	15 685	15 778
Staff costs	- 756	- 735	- 738	- 761	- 765	- 750	- 724	- 705	-2 991	-2 944
Other expenses	- 812	- 842	- 833	-1 025	- 895	- 922	- 910	-1 006	-3 512	-3 733
Depreciation, amortisation and impairment of tangible and intangible assets
Total operating expenses	- 19 -1 587	- 15 -1 593	- 17 -1 588	- 17 -1 803	- 20 -1 681	- 21 -1 693	- 21 -1 655	- 207 -1 918	- 68 -6 570	- 270 -6 947
Profit before credit losses and imposed
levies	2 359	2 044	2 418	2 294	2 345	2 220	2 241	2 025	9 115	8 830
Net expected credit losses	- 478	- 235	29	- 94	- 44	41	- 32	- 31	- 779	- 66
Imposed levies: Risk tax and resolution fees	- 81	- 62	- 72	- 72	- 82	- 78	- 80	- 80	- 287	- 321
Operating profit	1 800	1 746	2 375	2 128	2 219	2 183	2 129	1 913	8 049	8 444
Cost/Income	0.40	0.44	0.40	0.44	0.42	0.43	0.42	0.49	0.42	0.44
Business equity, SEK bn	42.5	44.2	42.8	43.4	42.7	43.6	44.4	45.2	43.2	44.0
Return on business equity, per cent
-isolated in the quarter	12.9	12.1	17.0	15.0	16.0	15.4	14.8	13.0
-accumulated in the period	12.9	12.5	14.0	14.2	16.0	15.7	15.4	14.8	14.2	14.8
Risk exposure amount, SEK bn	203	199	203	204	208	214	216	220	204	220
Lending to the public*, SEK bn	772	778	785	798	808	830	846	865	798	865
Deposits from the public*, SEK bn	381	407	414	433	441	460	469	481	433	481
FTEs, present	3,320	3,357	3,395	3,365	3,338	3,293	3,216	3,177	3,355	3,281

*excluding repos

Private Wealth Mgmt & Family Office

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	265	249	276	273	256	228	205	192	1 064	881
Net fee and commission income	307	305	301	319	314	357	353	377	1 232	1 401
Net financial income	18	6	8	11	12	14	12	27	44	64
Net other income	2	2	2	1	2	1	2	4	7	9
Total operating income	592	562	588	605	583	600	572	600	2 347	2 354
Staff costs	- 159	- 150	- 151	- 158	- 155	- 150	- 175	- 188	- 618	- 668
Other expenses	- 158	- 165	- 148	- 164	- 186	- 172	- 158	- 199	- 636	- 714
Depreciation, amortisation and impairment of
tangible and intangible assets	0	0	0	0	0	- 2	- 1	- 1	- 1	- 4
Total operating expenses	- 318	- 315	- 300	- 323	- 341	- 324	- 333	- 388	-1 255	-1 386
Profit before credit losses and imposed
levies	274	247	288	282	242	276	239	212	1 092	968
Net expected credit losses	- 41	8	- 24	9	- 8	2	- 7	10	- 49	- 4
Imposed levies: Risk tax and resolution fees	- 6	- 6	- 6	- 6	- 5	- 5	- 5	- 5	- 25	- 21
Operating profit	227	249	259	285	228	272	226	217	1 019	944
Cost/Income	0.54	0.56	0.51	0.53	0.59	0.54	0.58	0.65	0.53	0.59
Business equity, SEK bn	3.4	3.6	3.3	3.3	3.1	3.2	3.1	3.2	3.4	3.1
Return on business equity, per cent
-isolated in the quarter	20.5	21.4	24.3	26.3	22.7	26.6	22.3	20.9
-accumulated in the period	20.5	21.0	22.0	23.1	22.7	24.6	23.8	23.1	23.1	23.1
Risk exposure amount, SEK bn	22	21	22	22	23	23	23	24	22	24
Lending to the public*, SEK bn	55	56	56	58	62	62	63	67	58	67
Deposits from the public*, SEK bn	92	99	97	97	98	110	127	124	97	124
FTEs, present	407	407	408	409	402	402	419	434	407	412
AuM, SEK bn	659	744	844	890	994	1,094	1,101	1,295	890	1,295

*excluding repos

Baltic

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	862	809	790	726	743	751	773	776	3 187	3 043
Net fee and commission income	399	381	402	401	372	423	439	462	1 584	1 695
Net financial income	32	96	66	130	78	90	78	99	325	345
Net other income	0	1	1	- 2	3	2	5	1	- 1	12
Total operating income	1 293	1 287	1 260	1 255	1 196	1 267	1 295	1 338	5 095	5 096
Staff costs	- 225	- 218	- 214	- 223	- 195	- 220	- 216	- 252	- 880	- 882
Other expenses	- 278	- 288	- 271	- 267	- 267	- 268	- 275	- 295	-1 105	-1 105
Depreciation, amortisation and impairment of
tangible and intangible assets Total operating expenses	- 8 - 511	- 8 - 514	- 9 - 494	- 8 - 498	- 8 - 470	- 8 - 496	- 8 - 499	- 6 - 553	- 32 -2 017	- 30 -2 017
Profit before credit losses and imposed
levies	783	773	766	757	727	771	796	786	3 078	3 079
Net expected credit losses	- 77	- 260	10	- 97	66	19	123	8	- 425	216
Imposed levies: Risk tax and resolution fees	- 13	- 25	- 18	- 18	- 18	- 13	- 16	- 15	- 74	- 62
Operating profit	693	488	757	641	775	777	903	778	2 579	3 233
Cost/Income	0.39	0.40	0.39	0.40	0.39	0.39	0.39	0.41	0.40	0.40
Business equity, SEK bn	13.3	13.3	12.9	13.0	12.2	12.4	12.4	12.3	13.1	12.3
Return on business equity, per cent
-isolated in the quarter	17.9	12.5	20.1	16.8	21.6	21.4	24.7	21.6
-accumulated in the period	17.9	15.2	16.8	16.8	21.6	21.5	22.6	22.3	16.8	22.3
Risk exposure amount, SEK bn	88	84	86	80	81	81	82	86	80	86
Lending to the public*, SEK bn	166	156	158	149	152	151	153	157	149	157
Deposits from the public*, SEK bn	167	169	171	175	184	188	192	200	175	200
FTEs, present	2,339	2,299	2,249	2,219	2,206	2,196	2,174	2,190	2,285	2,196
*excluding repos

Life

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	- 8	- 8	- 8	- 8	- 7	- 7	- 7	- 7	- 31	- 27
Net fee and commission income	590	578	603	624	649	668	708	762	2 394	2 788
Net financial income	- 118	235	247	296	262	238	251	293	660	1 044
Net other income	- 5	6	2	3	2	30	1	15	5	48
Total operating income	460	810	843	915	906	929	954	1 064	3 028	3 853
Staff costs	- 179	- 175	- 164	- 184	- 180	- 167	- 168	- 174	- 702	- 690
Other expenses	- 182	- 181	- 182	- 179	- 166	- 159	- 167	- 176	- 724	- 667
Depreciation, amortisation and impairment of
tangible and intangible assets	- 6	- 5	- 5	- 5	- 5	- 5	- 5	- 5	- 21	- 20
Total operating expenses	- 367	- 362	- 351	- 368	- 351	- 332	- 340	- 354	-1 447	-1 377
Profit before credit losses and imposed
levies	93	449	492	547	555	597	614	709	1 581	2 476
Net expected credit losses	0	0	1	0	0	0	0	0	1	0
Imposed levies: Risk tax and resolution fees
Operating profit	93	449	493	547	555	598	614	709	1 582	2 476
Cost/Income	0.80	0.45	0.42	0.40	0.39	0.36	0.36	0.33	0.48	0.36
Business equity, SEK bn	5.5	5.3	5.3	5.4	5.4	5.2	5.2	5.2	5.3	5.3
Return on business equity, per cent
-isolated in the quarter	6.3	31.8	34.8	37.7	38.1	42.8	43.7	50.3
-accumulated in the period	6.3	18.8	24.0	27.5	38.1	40.4	41.5	43.7	27.5	43.7
FTEs, present	880	869	859	882	860	870	853	844	872	853

Investment Management

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	- 5	- 6	- 5	- 6	- 4	- 4	- 5	- 6	- 22	- 19
Net fee and commission income	711	681	674	793	902	845	806	1 067	2 860	3 620
Net financial income	14	- 23	45	- 36	12	- 8	5	19	- 1	28
Net other income	1	1	1	1	1	1	1	1	4	5
Total operating income	721	653	715	751	910	835	807	1 082	2 840	3 633
Staff costs	- 138	- 138	- 125	- 160	- 131	- 132	- 140	- 141	- 561	- 544
Other expenses Depreciation, amortisation and impairment of tangible	- 182	- 146	- 168	- 175	- 182	- 189	- 180	- 177	- 671	- 729
and intangible assets	- 2	- 3	- 3	- 3	- 3	- 2	- 3	- 3	- 10	- 11
Total operating expenses	- 322	- 286	- 295	- 338	- 316	- 323	- 323	- 322	-1 242	-1 283
Profit before credit losses and imposed levies	399	367	419	413	594	512	484	760	1 599	2 350
Net expected credit losses	0	0	0	0	0	0	0	0	0	0
Imposed levies: Risk tax and resolution fees	0	0	0	0	0	0	0	0	0	- 1
Operating profit	399	367	419	413	594	512	483	760	1 599	2 349
Cost/Income	0.45	0.44	0.41	0.45	0.35	0.39	0.40	0.30	0.44	0.35
Business equity, SEK bn	2.5	2.6	2.6	2.5	2.4	2.4	2.4	2.4	2.6	2.4
Return on business equity, per cent
-isolated in the quarter	49.1	42.9	50.4	50.1	76.4	66.9	62.9	98.2
-accumulated in the period	49.1	45.9	47.4	48.1	76.4	71.7	68.8	76.1	48.1	76.1
FTEs, present	266	260	263	264	255	248	251	250	263	252
Net flows, SEK bn	-10	9	-8	-7	8	11	5	-1	-12	22
AuM, SEK bn	1,024	1,074	1,109	1,131	1,179	1,233	1,252	1,315	1,131	1,315
of which SEB labelled mutual funds	562	614	647	672	706	757	776	831	672	831

Group Functions & Eliminations

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Full year	Full year
SEK m	2020	2020	2020	2020	2021	2021	2021	2021	2020	2021
Net interest income	- 353	- 381	- 411	- 362	- 339	42	368	454	-1 507	525
Net fee and commission income	59	67	105	49	53	72	68	74	281	267
Net financial income	- 295	780	213	236	565	578	659	- 256	934	1 546
Net other income	80	2	59	- 37	31	40	- 5	- 12	104	53
Total operating income	- 509	468	- 33	- 114	310	732	1 089	260	- 188	2 391
Staff costs	-1 170	-1 346	-1 240	-1 358	-1 440	-1 404	-1 409	-1 275	-5 115	-5 528
Other expenses	1 277	1 489	1 367	1 672	1 590	1 505	1 609	1 588	5 805	6 291
Depreciation, amortisation and impairment of
tangible and intangible assets	- 378	- 508	- 411	- 411	- 423	- 419	- 419	- 451	-1 707	-1 712
Total operating expenses	- 271	- 365	- 284	- 97	- 272	- 319	- 219	- 138	-1 017	- 948
Profit before credit losses and imposed
levies	- 780	103	- 317	- 211	37	413	869	122	-1 205	1 442
Net expected credit losses	9	8	2	- 20	2	- 5	5	2	- 1	4
Imposed levies: Risk tax and resolution fees	- 20	- 6	- 11	- 11	- 6	- 4	- 5	- 5	- 49	- 20
Operating profit before
items affecting comparability	- 791	106	- 327	- 243	34	404	869	119	-1 255	1 426
Items affecting comparability		-1 000							-1 000
Operating profit	- 791	- 894	- 327	- 243	34	404	869	119	-2 255	1 426

Income statement, condensed - SEB Group

	Previously reported	Change in presentation	Restated
	Jan–Dec	Resolution	NII adjust		Jan–Dec
SEK m	2020	fees	ment	Other	2020
Net interest income	25 143	918	- 987		25 073
Net fee and commission income	18 063				18 063
Net financial income	6 275		987		7 262
Net other income	236			- 7	229
Total operating income	49 717	918	0	- 7	50 628
Staff costs	-14 976				-14 976
Other expenses	-5 864				-5 864
Depreciation, amortisation and impairment
of tangible and intangible assets	-1 906				-1 906
Total operating expenses	-22 747				-22 747
Profit before credit losses and imposed
levies	26 970	918	0	- 7	27 881
Gains less losses from tangible and
intangible assets	- 7			7
Net expected credit losses	-6 118				-6 118
Imposed levies: Risk tax and resolution fees		- 918			- 918
Operating profit before
items affecting comparability	20 846	0	0	0	20 846
Items affecting comparability	-1 000				-1 000
Operating profit	19 846	0	0	0	19 846
Income tax expense	-4 100				-4 100
NET PROFIT	15 746	0	0	0	15 746
Attributable to shareholders of
Skandinaviska Enskilda Banken AB	15 746				15 746

Income statement, condensed - SEB Group

	Previously reported	Change in presentation	Restated
	Jan–Dec	Resolution	NII adjust		Jan–Dec
SEK m	2021	fees	ment	Other	2021
Net interest income	26 321	1 019	-1 243		26 097
Net fee and commission income	21 142				21 142
Net financial income	6 992		1 243		8 235
Net other income	159			5	164
Total operating income	54 614	1 019	0	5	55 638
Staff costs	-15 372				-15 372
Other expenses Depreciation, amortisation and impairment	-5 763				-5 763
of tangible and intangible assets	-2 110				-2 110
Total operating expenses	-23 245				-23 245
Profit before credit losses and imposed
levies	31 368	1 019	0	5	32 393
Gains less losses from tangible and
intangible assets	5			- 5
Net expected credit losses	- 510				- 510
Imposed levies: Risk tax and resolution fees		-1 019			-1 019
Operating profit before
items affecting comparability	30 864	0	0	0	30 864
Items affecting comparability
Operating profit	30 864	0	0	0	30 864
Income tax expense	-5 441				-5 441
NET PROFIT	25 423	0	0	0	25 423
Attributable to shareholders of
Skandinaviska Enskilda Banken AB	25 423				25 423

Income statement, condensed, by segment - SEB Group

	Large		Private
	Corporates &	Corporate &	Wealth Mgmt
	Financial	Private	& Family			Investment	Group
Jan-Dec 2020, SEK m	Institutions	Customers	Office	Baltic	Life	Management	Functions	Eliminations	SEB Group
Net interest income	10 799	11 584	1 064	3 187	- 31	- 22	-1 336	- 171	25 073
Net fee and commission income	5 969	3 744	1 232	1 584	2 394	2 860	300	- 19	18 063
Net financial income	4 965	335	44	325	660	- 1	932	2	7 262
Net other income	87	22	7	- 1	5	4	108	- 4	229
Total operating income	21 820	15 685	2 347	5 095	3 028	2 840	4	- 192	50 628
Staff costs	-4 110	-2 991	- 618	- 880	- 702	- 561	-5 130	15	-14 976
Other expenses Depreciation, amortisation and impairment of tangible and intangible	-5 022	-3 512	- 636	-1 105	- 724	- 671	5 628	177	-5 864
assets	- 67	- 68	- 1	- 32	- 21	- 10	-1 707	0	-1 906
Total operating expenses	-9 199	-6 570	-1 255	-2 017	-1 447	-1 242	-1 209	192	-22 747
Profit before credit losses and imposed
levies	12 622	9 115	1 092	3 078	1 581	1 599	-1 205	0	27 881
Net expected credit losses Imposed levies: Risk tax and resolution	-4 865	- 779	- 49	- 425	1	0	- 4	2	-6 118
fees	- 483	- 287	- 25	- 74		0	- 49		- 918
Operating profit before
items affecting comparability	7 273	8 049	1 019	2 579	1 582	1 599	-1 258	2	20 846
Items affecting comparability							-1 000		-1 000
Operating profit	7 273	8 049	1 019	2 579	1 582	1 599	-2 258	2	19 846

Income statement, condensed, by segment - SEB Group

	Large Corporates		Private Wealth
	& Financial	Corporate &	Mgmt & Family			Investment
Jan-Dec 2021, SEK m	Institutions	Private Customers	Office	Baltic	Life	Management	Group Functions	Eliminations	SEB Group
Net interest income	10 578	11 115	881	3 043	- 27	- 19	574	- 48	26 097
Net fee and commission income	7 189	4 183	1 401	1 695	2 788	3 620	304	- 37	21 142
Net financial income	4 743	465	64	345	1 044	28	1 569	- 23	8 235
Net other income	22	15	9	12	48	5	58	- 5	164
Total operating income	22 532	15 778	2 354	5 096	3 853	3 633	2 505	- 114	55 638
Staff costs	-4 115	-2 944	- 668	- 882	- 690	- 544	-5 529	1	-15 372
Other expenses	-5 106	-3 733	- 714	-1 105	- 667	- 729	6 178	113	-5 763
Depreciation, amortisation and impairment
of tangible and intangible assets	- 64	- 270	- 4	- 30	- 20	- 11	-1 712		-2 110
Total operating expenses	-9 286	-6 947	-1 386	-2 017	-1 377	-1 283	-1 063	114	-23 245
Profit before credit losses and imposed
levies	13 247	8 830	968	3 079	2 476	2 350	1 442	0	32 393
Net expected credit losses Imposed levies: Risk tax and resolution	- 660	- 66	- 4	216	0	0	7	- 3	- 510
fees	- 594	- 321	- 21	- 62		- 1	- 20		-1 019
Operating profit before
items affecting comparability	11 993	8 444	944	3 233	2 476	2 349	1 429	- 3	30 864
Items affecting comparability
Operating profit	11 993	8 444	944	3 233	2 476	2 349	1 429	- 3	30 864