Annual Accounts 2013

Annika Falkengren
President & CEO
Highlights 2013
Customer-driven
growth

Broadened
earnings base

Cost and capital
efficiency

2
The relationship bank
Leading Nordic bank for
corporates & institutions
SME Bank of the
Year in Sweden

Top universal bank...
Financial summary
Profit and loss (SEK m)
Q4-13
Total Operating income
Total Operating expenses
Profit before credit losse...
Net interest income development
Net interest income
2012 vs. 2013 (SEK bn)

+7%
17.6

Net interest income type
Q4 2011 – Q...
Net fee and commission income development
Net fee and commissions
2012 vs. 2013 (SEK bn)

+8%

Gross fee and commissions b...
Net financial income development
Net financial income
2012 vs. 2013 (SEK bn)

Net financial income Q4 2011 – Q4 2013 (SEK ...
Increased operating leverage
Average quarterly expenses (SEK bn)

Average quarterly income (SEK bn)
9.2

9.4

9.8

10.4

5...
Divisional performance
Operating profit 2013 vs. 2012 (SEK bn)
2012

8.2

2013

5.7

1.6

Merchant Banking
RoBE

13%

Reta...
Customer-driven growth
Large Corporates and Financial Institutions
New client income contribution (%)
10%
+413

7%

+171

...
Broadened corporate platform outside Sweden
Credit portfolio (SEK bn, FX-adj)
Denmark

Finland

Norway

Operating profit (...
Higher number of full-service customers
(thousands)
SME
+9.5

140
+7.2

2012

2013

2012

94

2013

Private
+20.0
+17.4

2...
Mobile banking and payment services
Increasing contact points from customers
# of visits per month (millions)

Mobile mone...
Continued resilience and flexibility
Liquidity

Operating expenses
(SEK bn)

Balance sheet ratios

Capital

15.0%

Common ...
Income growth in line with communicated target
ILLU

From Q4 2012:
rofit
ting p
Opera )
EK bn
(S

te &
Priva tes
ora
Corp
...
Financial performance
2012

2013

RoE

11.1%

13.1%

CET 1 ratio

13.1%

15.0%

5.31

6.74

2.75

4.00

Basel III

EPS
SEK...
Relationship banking remains the growth driver

Human touch

Capability

 Culture & people
 Advisory-driven
 Service-or...
Going forward

Long-term customer relationships

Disciplined execution

Competitive and sustainable returns

18
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SEB fourth-quarter 2013 results presentation

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SEB fourth-quarter 2013 results presentation

  1. 1. Annual Accounts 2013 Annika Falkengren President & CEO
  2. 2. Highlights 2013 Customer-driven growth Broadened earnings base Cost and capital efficiency 2
  3. 3. The relationship bank Leading Nordic bank for corporates & institutions SME Bank of the Year in Sweden Top universal bank in Sweden and the Baltics Income distribution 2013 Best Private Bank Sweden & Nordics Willingness to recommend Willingness to recommend #1 #1 Nordics Nordics Note: SME Bank of the Year – Privata Affärer (December 2013), Best Private Bank Sweden & Nordics – PWM/The Banker (November 2013), Willingness to Recommend Corporates – TNS/SIFO Prospera (January 2014), Willingness to Recommend Financial Institutions – TNS/SIFO Prospera (December 2013) 3
  4. 4. Financial summary Profit and loss (SEK m) Q4-13 Total Operating income Total Operating expenses Profit before credit losses Net credit losses etc. Operating profit % Q3-13 % Q4-12 FY 2013 FY 2012 % 11,030 -5,661 5,369 -360 5,009 +7 +4 +10 +14 -13 +72 +76 38,823 -23,652 15,171 -936 14,235 +7 -6 +27 +8 41,553 -22,287 19,266 -1,139 18,127 +27 Operating income by type, Q4 2013 vs. Q4 2012 (SEK bn) 4.9 Income distribution Q4 2013 3.9 8% 11% 1.2 Q4-13 Q4-12 Net interest income Q4-13Q4-12 Net fee and commissions 0.9 Q4-13 Q4-12 Q4-13 Q4-12 Net financial Net life insurance income income 45% 36% 4
  5. 5. Net interest income development Net interest income 2012 vs. 2013 (SEK bn) +7% 17.6 Net interest income type Q4 2011 – Q4 2013 (SEK bn) Lending 4.0 3.2 3.4 Q4-11 Q4-12 Q4-13 0.6 0.5 Q4-12 Q4-13 0.4 0.4 Q4-12 Q4-13 18.8 Deposits 0.9 Q4-11 Funding & other 0.2 Jan-Dec '12 Jan-Dec '13 Q4-11 5
  6. 6. Net fee and commission income development Net fee and commissions 2012 vs. 2013 (SEK bn) +8% Gross fee and commissions by income type Q4 2011 – Q4 2013 (SEK bn) Advisory, secondary markets and derivatives 0.7 Q4-12 Q4-13 1.8 1.8 1.8 Q4-11 13.6 0.7 Q4-11 14.7 0.9 Q4-12 Q4-13 Custody and mutual funds Payments, cards, lending, deposits & guarantees 2.2 Jan-Dec '12 Jan-Dec '13 2.4 2.3 Q4-11 Q4-12 Q4-13 6
  7. 7. Net financial income development Net financial income 2012 vs. 2013 (SEK bn) Net financial income Q4 2011 – Q4 2013 (SEK bn) Divisions -12% Divisions 4.5 Divisions 4.6 4.6 4.1 1.1 1.2 1.3 Q4-11 Q1-12 Q2 Non-division 1.4 1.0 1.1 1.1 1.2 Q3 Q4-12 Q1-13 Q2 Q3 Q4-13 Q4-12 Q1-13 Q2 Q3 Q4-13 0.9 Economic cycle indicator 110 105 100 95 90 85 Jan-Dec '12 Jan-Dec '13 Q4-11 Q1-12 Q2 Q3 7
  8. 8. Increased operating leverage Average quarterly expenses (SEK bn) Average quarterly income (SEK bn) 9.2 9.4 9.8 10.4 5.8 Avg 2010 Avg 2011 Avg 2012 Avg 2013 5.9 5.7 5.6 Avg 2010 Avg 2011 Avg 2012 Avg 2013 Average quarterly pre-provision profit (SEK bn) 3.4 3.5 Avg 2010 Avg 2011 4.1 Avg 2012 4.8 Avg 2013 Notes: Excluding one-offs (restructuring in 2010, and bond buy-back and IT impairment in 2012) Estimated IAS 19 costs in 2010 8
  9. 9. Divisional performance Operating profit 2013 vs. 2012 (SEK bn) 2012 8.2 2013 5.7 1.6 Merchant Banking RoBE 13% Retail Banking 22% 1.9 1.3 Wealth Management Life Baltic 15% 20% 13% 9
  10. 10. Customer-driven growth Large Corporates and Financial Institutions New client income contribution (%) 10% +413 7% +171 +305 5% +209 +49 +93 2% # of new clients +89 +100 2010 2011 2012 2013 10
  11. 11. Broadened corporate platform outside Sweden Credit portfolio (SEK bn, FX-adj) Denmark Finland Norway Operating profit (SEK bn, FX-adj) Germany 310 CAGR 2010-2013 2010 Denmark CAGR 2010-2013 0.4 +28% 0.8 2013 +30% 227 2010 +10% Finland +16% +4% Germany 1.0 2013 2010 2013 +25% 0.9 2013 2010 Norway 2010 0.4 1.5 0.7 0.9 +15% +11% 2013 11
  12. 12. Higher number of full-service customers (thousands) SME +9.5 140 +7.2 2012 2013 2012 94 2013 Private +20.0 +17.4 2012 844 466 2013 2012 2013 12
  13. 13. Mobile banking and payment services Increasing contact points from customers # of visits per month (millions) Mobile money transfers 2013 Total # of Swish transactions (thousands) 6 700 600 500 400 300 200 100 0 Mobile Private 5 Desktop Private 4 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2 Desktop Corporate 1 0 2009 Mobile Corporate 2010 2011 2012 2013 13
  14. 14. Continued resilience and flexibility Liquidity Operating expenses (SEK bn) Balance sheet ratios Capital 15.0% Common Equity Tier 1 Funding 129% LCR Asset quality 114% 0.09% Core Gap ratio Credit Loss Level Cost cap extended to 2015 23.7 23.8 23.5 22.9 22.3 2010 2011 2012 2013 <22.5bn 2014 2015 14
  15. 15. Income growth in line with communicated target ILLU From Q4 2012: rofit ting p Opera ) EK bn (S te & Priva tes ora Corp t Asse g erin Gath Baltic STR ATIV E x. 20 Appro Growth target 2012-15 s& Corp Large tions Institu 3 years 3% rox. 1 = app 15.4 Capit 2012 % 1 ROE 1 al >peers 40% t ROE yout > Targe nd pa divide ming ssu tion a genera ” ”2015 x. 13% appro ROE Each year Actual growth 2013 Merchant Banking ~15% ~5% vs. +6% Retail Banking ~20% ~6% vs. +10% Life & Wealth ~5% Baltic ~15% ~5% vs. +3% Group ~15% ~5% vs. +7% ~1.5% vs. +2% 15
  16. 16. Financial performance 2012 2013 RoE 11.1% 13.1% CET 1 ratio 13.1% 15.0% 5.31 6.74 2.75 4.00 Basel III EPS SEK per share Proposed dividend SEK per share 16
  17. 17. Relationship banking remains the growth driver Human touch Capability  Culture & people  Advisory-driven  Service-oriented  Accessibility  Balance sheet strength  Full-service bank …the most committed employees …developing the most loyal customers …doing more business with existing customers 17
  18. 18. Going forward Long-term customer relationships Disciplined execution Competitive and sustainable returns 18

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