Your SlideShare is downloading. ×
0
www.sebgroup.com




                     Facts & Figures
                   January – March 2008




                    ...
Contents

                        Page
SEB Group              3 – 27
Asset quality         29 – 39
Bond portfolios       4...
SEB – the key to
North-European markets
SEB has…
  an attractive platform
  high customer satisfaction
  stable profit gro...
SEB's organisation
                                    President & CEO

                                     Annika Falken...
Share of operating profit
    Jan – Mar 2008




                      Germany                   Wealth               Merc...
Ratings of SEB AB
  Rating target set by SEB Board at AA


                     Moody’s          S&P       Fitch          ...
Key figures
SEB Group
                                                   Change
SEKm                                      ...
Key figures
SEB Group
                                                   Change
SEKm
                                     ...
Profit and loss account
Q1 2008 vs. Q1 2007
SEKm                                      Q1       Q1    Change
              ...
Profit and loss account
Q1 2008 vs. Q4 2007
SEKm                                      Q1       Q4 Change Jan – Dec
       ...
SEB Group
  Income, Expenses and Operating profit, SEKm
                                             Income       Expenses...
Net interest income analysis
SEB Group Q1 2007 vs. Q1 2008
SEKm


                                                      16...
Net interest income analysis
SEB Group Q4 2007 vs. Q1 2008
SEKm

                                          86        -273
...
Net interest and Net fee and
commission income
SEB Group, SEKm
5,000


4,000


3,000


2,000


1,000


   0
        Q1- Q2...
Fee and commission income
 Gross quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm
                         Capital ...
Net financial, Other and Life
insurance income
Quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm
1,600

1,400

1,200...
Cost development per quarter
Quarterly development Q1 2004 – Q1 2008* SEB Group, SEKm

4,500

4,000

3,500

3,000

2,500

...
Cost management
Total expenses, Q1 2008 vs. Q1 2007
                                                                      ...
Return on equity
SEB Group, per cent



                                            20.8
                                 ...
Cost/income ratio
SEB Group



                                                                     0.62 excluding
       ...
Basic earnings per share
SEB Group, SEK




                                                           19.97
             ...
12 month rolling
SEB Group*, SEKm

 45,000
 40,000
                                                                       ...
Assets under management
SEB Group, SEKbn

Assets under management year-end 2007 1,370
Inflow                              ...
SEB Group net inflow AuM
Jan – Mar 2008, SEKbn



                                -0.5
                        0.3        ...
Balance sheet
                                                Mar 2008    Dec 2007    Mar 2007
Cash and balances with cent...
Relationship Deposits from and
Lending to the public 2001 – 2008
                       Deposits to loans ratio
  100%

  ...
Funding structure
SEB Group, March 2008
SEK 1,598bn
                        Schuldscheins and
                            ...
Capital adequacy
     SEB Group
                        Core capital ratio, %            Total capital ratio, %
          ...
Asset quality




                29
Credit exposure
– on and off balance
SEKbn

Mar 2008 (Dec 2007)       Nordic          German         Baltic       Total

C...
Credit exposure
– on and off balance
SEKbn


                        Dec-05   Dec-06   Dec-07   Mar-08
Corporates         ...
Credit Exposure – on and off balance
       SEB Baltic Banks, SEKbn
       SEB Estonia                           SEB Latvi...
Credit exposure – Households
SEKbn




               Mortgage              Other
                                        ...
Credit exposure
– Property management
SEKbn


               Commercial          Multi-family
                            ...
Credit exposure – Emerging markets
SEKbn                                Dec 2005         Dec 2006         Dec 2007        ...
Impaired loans and reserves
SEKm


                                  Dec 2005 Dec 2006 Dec 2007   Mar 2008
Impaired loans
...
Level of Net Credit Losses

                                                        Increased
                            ...
Credit losses and                                     Baltics:

build up of reserves                                  Coll...
Credit losses and build up of
reserves quarterly development
SEKm
                                              Q1     Q2 ...
Bond portfolios




                  40
SEB Bond Portfolio*
 31 March, 2008, SEK bn




                                                                         A...
Merchant Banking Bond Portfolios
 31 March, 2008
          Trading                                         Investments
   ...
Bond investment portfolio – status
   31 March, 2008
Structured credits                      Financial institutions
 Reduc...
Bond investment portfolio – strategy
 31 March, 2008, SEKbn

     Limit P/L volatility by increasing AFS portfolios and re...
Distribution of Investment portfolio
    31 March, 2008

         Financial institutions                       Structured ...
Main characteristics of structured
credits portfolio (ABS portfolio)
31 March, 2008
   A high quality investment portfolio...
Please note:
A restatement of the divisional financial reporting has
been carried out in conjunction with the Q1 2008
repo...
Operating profit per division
                          Q1 2008 vs. Q1 2007
                          SEKm                ...
Volumes
Public lending
SEKbn
                       Q1      Q2      Q3      Q4      Q1
                     2007    2007  ...
Volumes
Public deposit
SEKbn
                       Q1     Q2     Q3     Q4     Q1
                     2007   2007   2007...
FTEs, end of quarter

                                          Q1         Q2          Q3      Q4      Q1
                ...
Summary per division
 Jan – Mar 2008


                                     Merchant      Retail        Wealth
           ...
RoE and Cost/Income ratio per division
Return on Equity per division, per cent
50
40
30
20
10
 0
           Merchant      ...
Merchant Banking
                                       Highlights
           Magnus Carlsson
           Head of
         ...
Merchant Banking
SEKm                                       Income    Expenses
5000
4500
4000
3500
3000
2500
2000
1500
100...
Trading and Capital Markets
SEKm                                       Income   Expenses
2,000

1,600

1,200

 800

 400

...
Developing products to meet
customer needs
Trading and Capital Markets income
by main product cluster, excl.
investment po...
Corporate banking
SEKm                                       Income   Expenses
1,600
1,400
1,200
1,000
  800
  600
  400
 ...
Global Transaction Services
SEKm                                       Income   Expenses
900
800
700
600
500
400
300
200
1...
Custody volume development

               Assets under custody, SEKbn     No of transactions/day
7,000                   ...
Merchant Banking
         Market shares Nordic & Baltic Stock Exchanges Q1 2008*

                          SEB
          ...
Merchant Banking
    Syndicated loans, 12-months rolling
  Swedish syndicated loans league                Nordic syndicate...
Merchant Banking– Recent rankings
                                    World’s Best Developed Market Banks 2008, no. 1 in S...
Retail Banking
                                             Highlights
            Bo Magnusson
            Head of
      ...
Retail Banking
SEKm
                        Income   Expenses
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
  500
...
Share of income and result by area
     Jan – Mar 2008, per cent of total

               Income                          ...
Business volume development by area
SEKbn Q1 2008 change vs. Q1 2007 (local currency)

                                   ...
Deposit breakdown                      Transaction account private
Percent of total deposits              Transaction acco...
Development of lending market                        SEB
                                                           Swedba...
Retail Sweden
                               Δ 2007
SEKm       Jan – Mar 2008               Highlights
Total income       ...
Business volume development
      Retail Sweden, SEKbn                                                                    ...
Market share development
     Sweden, per cent                                                                            ...
Mortgages private market
Retail Sweden
Market share, per cent

                                              Sales        ...
Mortgages private market
Total Sweden
Volumes and margins
           Outstanding volume, SEKbn                         Ave...
Mortgages private market
Sweden
Customers’ choice of fixed / floating interest rates

100%

80%

60%
                     ...
Retail Germany
                              Δ 2007   Highlights
SEKm        Jan – Mar 2008

Total income           824   ...
Business volume development
       Retail Germany, EURbn
                                                     Other lendin...
Sales development
      Retail Germany
                                                 Customer                          ...
Retail Estonia
                              Δ 2007
SEKm        Jan – Mar 2008             Highlights
Total income        ...
Business volume development
      Retail Estonia, EURbn                                                                   ...
Market share development
Retail Estonia, per cent                                                         Corporate
      ...
Retail Latvia
                              Δ 2007
SEKm        Jan – Mar 2008             Highlights
                     ...
Business volume development
                                                                                              ...
Market share development
Retail Latvia February, per cent                                                 Corporate
      ...
Retail Lithuania
                              Δ 2007   Highlights
SEKm        Jan – Mar 2008

Total income           528 ...
Business volume development
      Retail Lithuania, EURbn                                                                 ...
Market share development
Retail Lithuania February, per cent                                                    Corporate
...
Cards
                                      Highlights
                             Δ 2007
SEKm        Jan – Mar 2008

Tot...
Cards
 SEKbn                         Turnover cards
 70
 60
 50
 40
 30
 20
       Q1    Q2   Q3   Q4    Q1    Q2   Q3   Q...
Wealth Management
            Fredrik Boheman              Highlights
            Head of                        Good inco...
Share of income and result by area
Jan – Mar 2008; percent of total



Income                             Operating result...
Wealth Management
 SEKm
                         Income     Costs
1,400
1,200
1,000
 800
 600
 400
 200
   0
        Q1-07...
Institutional Clients
SEKm                    Income    Expenses
1,000
  900
  800
  700
  600
  500
  400
  300
  200
  1...
Private Banking
SEKm
                       Income    Expenses
500

400

300

200

100

  0
       Q1-07   Q2-07          ...
Assets under management
Wealth Management, SEKbn


                                   7

                -27        -9



...
Assets under management
per product type
Wealth Management, SEKbn

                                                      1...
Total net sales per quarter
SEKbn

   25

           3.0
   20
                                                           ...
Mutual funds per product type
     Wealth Management, Mar 2008 (Dec 2007)


      Total amount SEK 497bn (SEK 514bn)

    ...
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
SEB Facts And Figures January March 2008
Upcoming SlideShare
Loading in...5
×

SEB Facts And Figures January March 2008

4,471

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
4,471
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "SEB Facts And Figures January March 2008"

  1. 1. www.sebgroup.com Facts & Figures January – March 2008 1
  2. 2. Contents Page SEB Group 3 – 27 Asset quality 29 – 39 Bond portfolios 40 – 46 Divisions 47 – 53 Merchant Banking 54 – 63 Retail Banking 64 – 89 Wealth Management 90 – 101 Life 102 – 117 Macro update 118 – 125 2
  3. 3. SEB – the key to North-European markets SEB has… an attractive platform high customer satisfaction stable profit growth several leading positions ...a strong customer base 2,500 customers are large companies and financial institutions 400,000 SME customers 5 million private customers 3
  4. 4. SEB's organisation President & CEO Annika Falkengren Group Credits & Internal Audit Group Risk Control Johan Andersson Agneta Brevenhag Merchant Banking Retail Banking Wealth Life Management Magnus Carlsson Bo Magnusson Anders Mossberg Fredrik Boheman Business Support/Group Staff Per-Arne Blomquist / Ingrid Engström / Hans Larsson 4
  5. 5. Share of operating profit Jan – Mar 2008 Germany Wealth Merchant Life Management Sweden Banking Lithuania 4% 12% 12% Latvia 16% 7% 32% Estonia 1% 4% Finland 58% 8% 40% Denmark 6% Norway Retail Banking Geography - Adjusted for Other Divisions - Adjusted for Other 5
  6. 6. Ratings of SEB AB Rating target set by SEB Board at AA Moody’s S&P Fitch DBRS Bank Senior Rating Short Term P-1 A-1 F-1 R-1 (middle) Long Term Aa2 A+ A+ AA (low) Outlook Positive Stable Positive Stable Last Action Outlook change Upgrade Outlook change Initial rating Date Jul-07 Oct-06 Jul-06 Dec-06 6
  7. 7. Key figures SEB Group Change SEKm Excluding Q1 Q1 portfolios 2008 2007 Q1 – Q1 Operating income 8,802 -14% -5% Operating expenses -6,027 4% Operating profit 2,410 - 42% -20% Net profit 1,848 - 43% Return on Equity, % 9.6 19.0 13.2 Cost / income ratio 0.69 0.57 0.62 Credit loss level, % 0.13 0.10 Core capital ratio, Basel II, %* 8.85 8.33 Core capital ratio, Basel I, % 7.96 7.87 RWA, Basel II, SEKbn 817 753 * Basel II including transitional rules 7
  8. 8. Key figures SEB Group Change SEKm Q1 Q4 Jan – Dec 2008 2007 2007 Operating income 8,802 -12% 40,440 Operating expenses -6,027 2% -23,194 Operating profit 2,410 -47% 17,01 Net profit 1,848 -51% 13,642 Return on Equity, % 9.6 20.2 19.3 Cost / income ratio 0.69 0.59 0.57 Credit loss level, % 0.13 0.13 0.11 Core capital ratio, Basel II, %* 8.85 892 8.63 Core capital ratio, Basel I, % 7.96 8.15 8.15 RWA, Basel II, SEKbn 817 8.63 842 * Basel II including transitional rules 8
  9. 9. Profit and loss account Q1 2008 vs. Q1 2007 SEKm Q1 Q1 Change 2008 2007 % Net interest income 4,223 3,767 12 Net fee and commissions 3,801 4,277 -11 Net financial income -161 1,311 -112 Net life insurance income 713 743 -4 Net other income 226 95 138 Total operating income 8,802 10,193 -14 Staff costs -3,899 -3,796 3 Other expenses -1,756 -1,678 5 Depreciation of assets -372 -328 13 Total operating expenses -6,027 -5,802 4 Gain/loss tangible/intangible assets 3 - Net credit losses etc -368 -234 57 Operating profit 2,410 4,157 -42 Net profit 1,848 3,262 -43 9
  10. 10. Profit and loss account Q1 2008 vs. Q4 2007 SEKm Q1 Q4 Change Jan – Dec 2008 2007 % 2007 Net interest income 4,223 4,375 -3 15,998 Net fee and commissions 3,801 4,129 -8 17,051 Net financial income -161 420 -138 3,239 Net life insurance income 713 766 -7 2,933 Net other income 226 345 -34 1,219 Total operating income 8,802 10,035 -12 40,440 Staff costs -3,899 -3,787 3 -14,921 Other expenses -1,756 -1,782 -1 -6,919 Depreciation of assets -372 -359 4 -1,354 Total operating expenses -6,027 -5,928 2 -23,194 Gain/loss tangible/intangible assets 3 787 -100 788 Net credit losses etc -368 -313 18 -1,016 Operating profit 2,410 4,581 -47 17,018 Net profit 1,848 3,757 -51 13,642 10
  11. 11. SEB Group Income, Expenses and Operating profit, SEKm Income Expenses 12,000 ** 10,000 8,000 * 6,000 4,000 2,000 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 Operating profit 5,000 4,000 3,000 * 2,000 1,000 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 * One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m 11
  12. 12. Net interest income analysis SEB Group Q1 2007 vs. Q1 2008 SEKm 16 142 83 353 -138 4,223 3,767 Q1 2007 Lending Lending Deposit Deposit Funding & Q1 2008 margin volume margin volume other 12
  13. 13. Net interest income analysis SEB Group Q4 2007 vs. Q1 2008 SEKm 86 -273 34 -71 72 4,375 4,223 Q4 2007 Lending Lending Deposit Deposit Funding & Q1 2008 margin volume margin volume other 13
  14. 14. Net interest and Net fee and commission income SEB Group, SEKm 5,000 4,000 3,000 2,000 1,000 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 Net interest income Net fee and commissions 14
  15. 15. Fee and commission income Gross quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm Capital market driven Non-capital Value driven – 2,500 market driven performance driven 2,000 Securities transaction driven * 1,500 1,000 Deal driven 500 0 New issues & Secondary Custody & Payment, cards, Other advisory market & mutual funds structured derivatives lending, deposits, * Q2 2006 adjusted for gross commission on security lending, guarantees SEK 200m 15
  16. 16. Net financial, Other and Life insurance income Quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm 1,600 1,400 1,200 1,000 800 600 400 200 0 Net financial income Net life insurance income Net other income -200 -400 16
  17. 17. Cost development per quarter Quarterly development Q1 2004 – Q1 2008* SEB Group, SEKm 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 ** 500 0 Staff costs Other expenses Restructuring costs * Include capitalisation of acquisition cost in Life from Q1 2005 – onwards ** One-off charges of SEK 890m in Q4 2005 17
  18. 18. Cost management Total expenses, Q1 2008 vs. Q1 2007 SEK 625m 33 308 from the start of 2007 46 177 260 79 6,027 5,802 Q1 2007 Inflation Investments Depreciation Variable Cost before Efficiency Redundancy Q1 2008 salaries efficiency gains cost gains 18
  19. 19. Return on equity SEB Group, per cent 20.8 19.3 13.2 excluding 15.8 * portfolios 14.7 9.6 2004 2005 2006 2007 Q1 2008 * 17.0 excluding one-off charges of SEK 890m in Q4 2005 19
  20. 20. Cost/income ratio SEB Group 0.62 excluding portfolios * 0.69 0.65 0.65 0.58 0.57 2004 2005 2006 2007 Q1 2008 * 0.62 excluding one-off charges of SEK 890m in Q4 2005 20
  21. 21. Basic earnings per share SEB Group, SEK 19.97 18.72 12.58 * 10.83 2.70 2004 2005 2006 2007 Q1 2008 * 13.54 excluding one-off charges of SEK 890m in Q4 2005 21
  22. 22. 12 month rolling SEB Group*, SEKm 45,000 40,000 Income 35,000 30,000 25,000 Expenses 20,000 15,000 Operating 10,000 profit 5,000 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 * Excluding restructuring costs and one-off charges of SEK 890m in Q4 2005 22
  23. 23. Assets under management SEB Group, SEKbn Assets under management year-end 2007 1,370 Inflow 69 (5%) Outflow -62 (-5%) Acquisition/disposal net 17 Change in value -63 (-5%) Assets under management March 2008 1,331 * * Of which: Retail Banking 85 Wealth Management 1,256 Life 443 23
  24. 24. SEB Group net inflow AuM Jan – Mar 2008, SEKbn -0.5 0.3 -2.5 2.6 7.3 7.2 Sweden Other Germany Baltic Other & Group Nordic countries Elim & Poland 24
  25. 25. Balance sheet Mar 2008 Dec 2007 Mar 2007 Cash and balances with central banks 17,728 96,871 11,866 Loans to credit institutions 308,822 263,012 232,935 Loans to the public 1,098,597 1,067,341 1,016,519 Financial assets at fair value 694,111 661,223 684,290 Available-for-sale financial assets 196,848 170,137 125,166 Held-to-maturity investments 1,868 1,798 2,053 Asset held for sale / Discontinued operations 952 Investment in associates 1,314 1,257 1,134 Tangible and intangible assets 25,452 24,697 23,328 Other assets 53,823 58,126 37,879 Total assets 2,398,563 2,344,462 2,136,122 Deposits by credit institutions 455,707 421,348 427,367 Deposits and borrowings from the public 764,567 750,481 669,646 Liabilities to policyholders 213,046 225,916 213,289 Debt securities 499,622 510,564 457,442 Financial liabilities at fair value 256,961 216,390 174,757 Other liabilities 87,273 97,519 80,419 Provisions 1,338 1,536 1,863 Subordinated liabilities 42,990 43,989 45,325 Total equity 77,059 76,719 66,014 Total liabilities and equity 2,398,563 2,344,462 2,136,122 25
  26. 26. Relationship Deposits from and Lending to the public 2001 – 2008 Deposits to loans ratio 100% 90% 80% 70% 60% 50% 40% 30% 2001 2002 2003 2004 2005 2006 2007 Q1 2008 26
  27. 27. Funding structure SEB Group, March 2008 SEK 1,598bn Schuldscheins and Mortgage covered CPs/CDs Reg Bonds bonds, Sweden 10% 2% 9% Mortgage covered bonds, Germany Deposits – General 2% Public 42% Public covered bonds, Sweden 7% Senior debt 3% Deposits – Subordinated debt Interbank 3% 22% * Over collateral within covered pools SEK 60bn 27
  28. 28. Capital adequacy SEB Group Core capital ratio, % Total capital ratio, % Basel II Basel I 11.5 11.1 11.0 10.8 10.5 10.0% 10.3 10.2 Basel I 8.9 8.6 8.2 8.0 7.9 7.8 7.5 8.0 % Dec Dec Dec Dec Dec Dec Mar 2002 2003 2004 2005 2006 2007 2008 SEKbn Capital base 52.7 54.7 58.7 76.2 85.8 93.0 91.0 Basel I Risk-w. Assets 503 535 570 704 741 842 817 909 28
  29. 29. Asset quality 29
  30. 30. Credit exposure – on and off balance SEKbn Mar 2008 (Dec 2007) Nordic German Baltic Total Corporates 425 (416) 73 (72) 84 (85) 581 (572) Property Management 104 (100) 85 (87) 24 (24) 213 (210) Households 302 (292) 88 (87) 56 (55) 446 (434) Public Administration 18 (18) 74 (66) 4 (3) 96 (88) Total non-banks 849 (826) 320 (312) 168 (166) 1,336 (1,304) Banks 199 (187) 68 (58) 2 (3) 269 (248) Total 1,048 (1,013) 387 (369) 170 (169) 1,605 (1,552) 30
  31. 31. Credit exposure – on and off balance SEKbn Dec-05 Dec-06 Dec-07 Mar-08 Corporates 494 485 572 581 Property Management 192 191 210 213 Households 319 374 434 446 Public Administration 125 97 88 96 Total non-banks 1,130 1,146 1,304 1,336 Banks 198 169 248 269 Total 1,328 1,315 1,552 1,605 31
  32. 32. Credit Exposure – on and off balance SEB Baltic Banks, SEKbn SEB Estonia SEB Latvia SEB Lithuania 78,6 76,4 23 22 56,3 Banks 51,1 50,6 13 41,4 41,1 11 11 Public 39,8 41,3 19 Administration 19 7 33,6 9 30,8 14 14 14 Households 25,0 5 10 8 7 10 5 5 8 41 42 7 4 35 Property 5 3 25 23 23 Management 21 20 17 18 14 14 Corporate Dec Dec Dec Mar Dec Dec Dec Mar Dec Dec Dec Mar '05 '06 '07 '08 '05 '06 '07 '08 '05 '06 '07 '08 2006 2007 Q1 2006 2007 Q1 2006 2007 Q1 +39% +19% +40% +18% -1% +47% +30% +3% -1% Growth rates adjusted for SEK/EUR changes 32
  33. 33. Credit exposure – Households SEKbn Mortgage Other 446 434 374 319 106 104 105 79 340 330 269 240 Dec 2005 Dec 2006 Dec 2007 Mar 2008 33
  34. 34. Credit exposure – Property management SEKbn Commercial Multi-family 213 210 192 191 74 75 81 91 139 135 110 101 Dec 2005 Dec 2006 Dec 2007 Mar 2008 34
  35. 35. Credit exposure – Emerging markets SEKbn Dec 2005 Dec 2006 Dec 2007 Mar 2008 Asia 9.4 8.2 10.0 10.8 China 3.0 3.0 3.9 4.7 Hong Kong 2.7 2.1 2.2 1.8 Korea 1.3 1.0 1.2 1.4 India 1.1 0.8 1.1 1.2 Latin America 1.7 1.4 1.9 1.8 Brazil 0.9 0.8 1.3 1.2 Eastern and Central Europe 4.7 5.2 9.2 8.6 Russia 2.9 2.6 5.2 4.5 Africa and Middle East 4.2 4.0 2.5 4.4 Saudi Arabia 0.5 0.6 0.4 1.3 Total – Gross 20.0 18.8 23.6 25.5 Reserves 0.4 0.3 0.1 0.1 Total – Net 19.6 18.5 23.4 25.4 % of Total Credit Portfolio 1.5% 1.4% 1.5% 1.6% Note: SEB subsidiaries domiciled in emerging market countries, the domestic (i.e. non cross-border) exposure is excluded from the above figures. 35
  36. 36. Impaired loans and reserves SEKm Dec 2005 Dec 2006 Dec 2007 Mar 2008 Impaired loans Non-performing, gross (60 days) 7,957 7,123 7,619 7,775 Performing, gross 1,144 1,403 772 778 Impaired loans, gross 9,101 8,526 8,391 8,553 Specific reserves 4,787 4,234 3,787 3,669 Collective reserves 2,283 2,170 2,602 2,703 Off-balance sheet reserves 268 215 209 202 Total reserves 7,338 6,619 6,598 6,574 Reserve ratio 77.7% 75.1% 76.1% 74.5% Specific reserve ratio 52.6% 49.7% 45.1% 42.9% 36
  37. 37. Level of Net Credit Losses Increased collective % provisions 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2003 2004 2005 2006 Jan-Sep 2007 Q1 2008 2007 * Germany Baltics Nordics SEB Group * Annualised 37
  38. 38. Credit losses and Baltics: build up of reserves Collective provisions -166 Specific provisions -52 SEKm Sum Average/ Jan – Mar Jan – Mar Change 8 quarters quarter 2007 2008 Net credit losses, quarterly 2006 – 2008 Provisions Net collective provisions -485 -61 - 114 -112 2 Specific provisions -1,621 -203 - 245 -190 55 Reversals of specific provisions no longer required 910 114 75 44 -31 Net provisions for contingent liabilities 29 4 31 1 -30 Net provisions (build-up of reserve) -1,167 -146 - 253 -257 -4 Write-offs Total write-offs -2,810 -351 - 243 -332 -89 Reversal of specific provisions utilized for write-offs 1,510 189 124 201 77 Write-offs not previously provided for -1,300 -163 - 119 -131 -12 Recovered from previous write-offs 562 70 135 24 -111 Net write-offs -738 -92 16 -107 -123 Total credit losses net -1,905 -238 - 237 -364 -127 38
  39. 39. Credit losses and build up of reserves quarterly development SEKm Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net credit losses, quarterly 2006 2006 2006 2006 2007 2007 2007 2007 2008 Provisions Net collective provisions -125 -106 -89 212 -114 -220 -71 15 -112 Specific provisions -110 -198 -124 -455 -245 -77 -100 -231 -190 Reversals of specific provisions no longer required 83 155 133 173 75 87 80 163 44 Net provisions for contingent liabilities 11 9 1 10 31 -7 8 -24 1 Net provisions (build-up of reserve) -141 -140 -80 -60 -253 -217 -83 -77 -257 Write-offs Total write-offs -225 -305 -334 -444 -243 -240 -350 -562 -332 Reversal of specific provisions utilized for write-offs 106 181 196 221 124 131 214 242 201 Write-offs not previously provided for -119 -124 -138 -223 -119 -109 -136 -320 -131 Recovered from previous write-offs 77 102 81 62 135 43 30 85 24 Net write-offs -42 -22 -57 -161 16 -66 -106 -235 -107 Total credit losses net -183 -162 -137 -221 -237 -283 -189 -312 -364 39
  40. 40. Bond portfolios 40
  41. 41. SEB Bond Portfolio* 31 March, 2008, SEK bn ABS 18% Cover pool 21% Merchant Banking 222 Group Treasury 120 Other divisions 18 Financials Corp, 22% Gov't etc Total 360 18% Covered bonds 21% *Net of short and fully matched positions; excluding holdings in the insurance business 41
  42. 42. Merchant Banking Bond Portfolios 31 March, 2008 Trading Investments Credit & Portfolio Management Capital Markets and other 13% 8% 47% 42% 58% 21% 11% Structured credits Financial institutions Corporate bonds Financial institutions Covered bonds etc Gov't Covered bonds Volume SEK 91bn Volume SEK 131bn 42
  43. 43. Bond investment portfolio – status 31 March, 2008 Structured credits Financial institutions Reduced volume: SEK 63bn (71) Unchanged volume: SEK 55bn (55) AAA-rating: 98.3% (99.3) Rapid credit spread widening MTM losses highly dependent on MTM losses on all financial holdings, seniority, underlying assets and not only investment banks vintage Covered bonds etc. SEK 14bn (5) Q3 07 Q4 07 Q1 08 Acc MTM (SEKm) P/L -779 -990 -872 -2,641 Equity -291 -407 -1,630 -2,328 -1,070 -1,397 -2,502 -4,969 43
  44. 44. Bond investment portfolio – strategy 31 March, 2008, SEKbn Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios Reduce subprime holdings, primarily in the HFT portfolio Reduce the credit spread risk through partial hedging (ITRAXX) Q1 08 Q4 07 41 43 SEK bn 30 29 26 29 26 Held for trading 20 (MTM over income) 11 5 Available for sale 3 (MTM over equity) 0 ABS Financial Covered ABS Financial Covered institutions bonds etc. institutions bonds etc. 44
  45. 45. Distribution of Investment portfolio 31 March, 2008 Financial institutions Structured credits SEK 55bn SEK 63bn Direct and indirect RMBS exposure DE 4% 35% IT 6% SE 2% FI 2% NL 7% Sub Other 8% prime 3% FR 10% ABS 18% CMO 13% US 25% ES 18% CDO 7% CMBS 7% CLO UK 18% 17% 45
  46. 46. Main characteristics of structured credits portfolio (ABS portfolio) 31 March, 2008 A high quality investment portfolio initiated 1998 with fixed income securities eligible as central bank collateral Total volume SEK 63bn (71) - # of positions 740 (748) 98.3% of the portfolio is rated Aaa/AAA – 10 rating actions in our tranches since summer 2007 (Q1 08: #7) by Moody’s and Standard & Poor’s – Well diversified across products, asset classes and geographies – Cash-flow based – only one synthetic transaction ($10.5m) Mark-to-market prices applied to all 740 positions – No level 3 assets Current average remaining maturity ~4 years. Current annual amortisation rate is SEK ~10 bn 46
  47. 47. Please note: A restatement of the divisional financial reporting has been carried out in conjunction with the Q1 2008 report as previously announced. Please consult www.sebgroup.com for more information. Divisions 47
  48. 48. Operating profit per division Q1 2008 vs. Q1 2007 SEKm ROE Change Excl. vs. Q1 2007 Q1 2008 portfolio losses Financial performance Merchant -50% (-5%) 10.8% (20.4%) Banking -11% 15.3% Retail Banking -17% 22.2% Wealth Management -20% 17.3% Q1 2008 Life Q1 2007 0 1,000 2,000 48
  49. 49. Volumes Public lending SEKbn Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 MB 465 492 459 483 526 Retail Banking 468 483 493 513 518 RB Sweden 256 264 271 279 286 RB Estonia 37 39 40 42 42 RB Latvia 31 35 34 36 35 RB Lithuania 46 50 54 59 60 RB Germany 85 81 80 81 81 RB Cards 13 14 14 14 14 Wealth Management 30 31 33 32 31 Life - - - - - Other/Elim 54 42 36 39 24 SEB Group 1,017 1,048 1,021 1,067 1,099 49
  50. 50. Volumes Public deposit SEKbn Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 MB 371 384 364 389 409 Retail Banking 231 249 249 262 257 RB Sweden 130 139 139 145 145 RB Estonia 18 20 20 22 20 RB Latvia 16 17 17 18 17 RB Lithuania 25 26 26 30 28 RB Germany 43 46 46 48 47 RB Cards - - - - - Wealth Management 47 54 51 53 54 Life - - - - - Other/Elim 20 28 43 46 45 SEB Group 670 715 707 750 765 50
  51. 51. FTEs, end of quarter Q1 Q2 Q3 Q4 Q1 2007 2007 2007 2007 2008 MB 2,540 2,568 2,550 2,672 2,742 Retail Banking 8,655 8,912 8,807 8,925 8,995 RB Sweden 2,742 2,812 2,660 2,736 2,733 RB Estonia 1,011 1,095 1,061 1,061 1,048 RB Latvia 1,052 1,089 1,117 1,118 1,108 RB Lithuania 1,333 1,387 1,428 1,492 1,520 RB Germany 1,668 1,699 1,728 1,733 1,802 RB Cards 849 830 813 785 784 Wealth Management 1,099 1,050 1,064 1,073 1,160 Life 1,194 1,203 1,199 1,218 1,222 Other/Elim 5,842 5,886 5,820 5,906 7,091* SEB Group 19,330 19,619 19,440 19,794 21,210 * Whereof 1,075 encompasses the consolidated acquisitions of Factorial bank in Ukraine Key Asset Management 51
  52. 52. Summary per division Jan – Mar 2008 Merchant Retail Wealth Banking Banking Management Life Other Group Operating profit, SEKm 1,008 1,254 509 368 -729 2,410 Business equity, SEKbn 27.0 25.3 ** 6.6 7.5 76.6 * Return on equity, % 10.8 15.3 22.2 17.3 9.6 Cost / income ratio 0.65 0.62 0.57 0.61 0.69 RWA, SEKbn, Basel II 372 361 38 46 817 RWA, SEKbn, Basel I 441 395 27 46 909 Tax Rate 28% 23% 28% 12% * Average shareholders' equity ** Where of Sweden 7.4bn Estonia 3.3bn, Latvia 3.1bn, Lithuania 4.4bn, Germany 4.5bn and Cards 2.6bn. 52
  53. 53. RoE and Cost/Income ratio per division Return on Equity per division, per cent 50 40 30 20 10 0 Merchant Retail Banking Wealth Life* Group Banking Management Jan – Mar 2007 Jan – Mar 2008 Cost/income ratio per division 1.00 0.80 0.60 0.40 0.20 0.00 Merchant Retail Banking Wealth Life Group Banking Management Jan – Mar 2007 Jan – Mar 2008 * Based on operating result 53
  54. 54. Merchant Banking Highlights Magnus Carlsson Head of Operating profit of SEK 1,008m in Merchant Banking spite of weaker capital markets and investment portfolio mark-to-market losses of SEK 872m Jan – Mar 2008 Δ 2007 SEKm Increased volatility and lower risk Total income 2,929 -29% appetite but some recovery in Interest, net 1,525 15% margins Commission, net 1,241 -20% After a very strong start to the year, Financial, net 119 -90% the worsened conditions in the second part of the quarter eventually Total expenses -1,895 -4% had some chilling effect on investor Credit losses, net -29 -73% activity Operating profit 1,008 -50% Focus on growth investments RoE, % 10.8 22.0 through internal efficiencies C/I 0.65 0.48 54
  55. 55. Merchant Banking SEKm Income Expenses 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 2500 2000 1500 1000 500 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 2007 and 2008 including Baltics 55
  56. 56. Trading and Capital Markets SEKm Income Expenses 2,000 1,600 1,200 800 400 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 1,200 900 600 300 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 2007 and 2008 including Baltics 56
  57. 57. Developing products to meet customer needs Trading and Capital Markets income by main product cluster, excl. investment portfolios ● Credit market turbulence effecting income 5% 11% 8% composition 11% 3% 4% 15% 22% ● Based on customer flows 6% ● Product innovation 46% 64% 49% ● Product manufacturer for 46% 44% other divisions (structured products, alpha products, beta products) 38% 41% 28% 33% 26% Q1 - 07 Q2 Q3 Q4 Q1 - 08 Equities FX Capital Markets Structured Derivatives and other TCM 57
  58. 58. Corporate banking SEKm Income Expenses 1,600 1,400 1,200 1,000 800 600 400 200 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 1,000 800 600 400 200 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 2007 and 2008 including Baltics 58
  59. 59. Global Transaction Services SEKm Income Expenses 900 800 700 600 500 400 300 200 100 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 400 300 200 100 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 2007 and 2008 including Baltics 59
  60. 60. Custody volume development Assets under custody, SEKbn No of transactions/day 7,000 160,000 140,000 6,000 120,000 5,000 100,000 4,000 80,000 3,000 60,000 2,000 40,000 1,000 20,000 0 0 2004 2005 2006 2007 2008 60
  61. 61. Merchant Banking Market shares Nordic & Baltic Stock Exchanges Q1 2008* SEB 8.5% Enskilda Glitnir 6.0% Carnegie 4.4% Evli 3.1% Danske 2.5% *Source: The Nordic Stock exchanges 61
  62. 62. Merchant Banking Syndicated loans, 12-months rolling Swedish syndicated loans league Nordic syndicated loans league (and bookrunner %) (and bookrunner %) Apr 2007 – Mar 2008 Apr 2007 – Mar 2008 EUR 0 4 8 12 16 EUR 0 2 4 6 bn bn Nordea 17,6% 18.5% SEB 17.1% SHB 10.9% Citi 13.7% Citi DnB NOR 9.5% 13.6% RBS 6,1% RBS 4.1% Nordea 5,7% SHB 2.0% BNP 5,6% SEB Source: Dealogic Analytics 62
  63. 63. Merchant Banking– Recent rankings World’s Best Developed Market Banks 2008, no. 1 in Sweden April 2008 World’s Best Emerging Market Banks 2008 Central and Eastern Europe, no. 1 in Latvia and Lithuania February 2008 Best Arranger Structured Products, Sweden Euroweek February 2008 Best Arranger Nordic Loans, Syndicated Loans and Leveraged Finance Awards 2007 Prospera January 2008 No.1 stockbroker in the Nordic region Global Finance Best Bank for Cash, Liquidity and Risk Management, Nordic Region January 2008 Best Trade Finance bank, Nordic Region, Sweden and Lithuania Best Foreign Exchange Bank and Provider in the Nordic countries and Lithuania TMI Best bank for Cash Management, Nordic Region January 2008 Best Bank for supply Chain Finance, Nordic Region FX Week January 2008 Best bank for international currency forecasts in 2007 Global Custodian November 2007 Top rated in Central and Eastern Europe (2007 Emerging Markets Agent Bank Review) October 2007 Top rated in all four Nordic markets (2007 Major Market Agent Bank Review ) Euromoney No. 1 for Overall Customer Satisfaction in Europe (No.2 globally) October 2007 No. 1 Globally in level of commitment to Cash Management Business No. 9 Globally in market share for International Cash Management Euromoney Best at commercial real estate banking, Nordic and Baltic region September 2007 Best at commercial real estate investment banking, Nordic and Baltic region Prospera September 2007 No.1 for corporate finance in the Nordic region Best for cash management in Nordic-Baltic region Euromoney Best for investor services in Nordic-Baltic region July 2007 Best equities house in Nordic-Baltic region Best for FX in Nordic-Baltic Region Extel June 2007 Best research house in the Nordic countries Risk Magazine March 2007 Best derivatives dealer in Sweden 63
  64. 64. Retail Banking Highlights Bo Magnusson Head of Strong net interest income across all Retail Banking business areas offsets lower security- related fees, income +5% Profit before credit losses +3% Jan – Mar 2008 Δ 2007 SEKm Decrease in operating profit due to Total income 4,100 5% higher credit losses, mainly driven by Interest, net 2,551 12% increased provisions in Estonia Commission, net 1,431 -6% Re-branding to SEB completed in Estonia, Latvia, Lithuania Total expenses -2,535 6% SEB Way ongoing across division, Credit losses, net -311 155% further increased sales focus going Operating profit 1,254 -11% forward RoE, % 15.3 17.5 C/I 0.62 0.61 64
  65. 65. Retail Banking SEKm Income Expenses 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 2,000 1,500 1,000 500 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 65
  66. 66. Share of income and result by area Jan – Mar 2008, per cent of total Income Operating profit Cards Cards Sweden Sweden 15% 14% Lithuania 37% 13% 46% Lithuania Latvia 8% 24% 8% 11% 1% 20% 3% Estonia Latvia Germany Estonia Germany 66
  67. 67. Business volume development by area SEKbn Q1 2008 change vs. Q1 2007 (local currency) Other lending Deposits Mortgages 59 145 12% 227 12% Sweden 11% 22 45 15% -2% 4% 61 Germany 20 28 10% 19% 12% Estonia 14 17 25 10% 15% 8% Latvia 10 30 48 10% 59% 26% Lithuania 13 Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes 67
  68. 68. Deposit breakdown Transaction account private Percent of total deposits Transaction account corporate & public 13% 25% 41%21% Savings account private Savings account corporate & public Retail Total Sweden Germany 2% 8% 8% 17% 26% 36% 58% 24% 42% 51% 24% 4% Estonia Latvia Lithuania 9% 17% 20% 20% 20% 24% 31% 19% 24% 36% 44% 36% 68
  69. 69. Development of lending market SEB Swedbank shares – Baltics DnB Nord Parex Banka Per cent, Dec 2004 – Feb 2008 Sampo Nordea Estonia* Latvia Lithuania 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% 0% * Hansabank & Sampo as per Dec 2007 69
  70. 70. Retail Sweden Δ 2007 SEKm Jan – Mar 2008 Highlights Total income 1,545 1% Strong net interest income offsets decreasing security-related fees Interest, net 1,085 8% Stable mortgage margins and Commission, net 393 -15% continued volume growth Total expenses -962 6% 1,900 new SME customers (1,300 Q1 2007) Credit losses, net -10 -62% Insurance sales +20% compared to Operating profit 573 -5% Q1 2007 Expenses affected by increased RoE, % 22.3 24.0 pension cost C/I 0.62 0.59 Total lending 285,862 +12% Total deposits 144,657 +12% 70
  71. 71. Business volume development Retail Sweden, SEKbn Corporate Private Other lending Deposits Mortgages 250 250 250 200 200 200 150 150 150 100 100 100 50 50 50 0 0 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 71
  72. 72. Market share development Sweden, per cent Corporate Private Other lending Mortgages Deposits 20 30 20 25 15 15 20 10 15 10 10 5 5 5 0 0 0 Q1Q2Q3Q4 Q1Q2Q3Q4Q1 Q2Q3Q4Q1 Q1Q2Q3Q4 Q1Q2Q3Q4Q1 Q2Q3Q4Q1 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden 72
  73. 73. Mortgages private market Retail Sweden Market share, per cent Sales Volume 20 18 16 14 12 10 8 6 4 2 0 Q4* Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 05 05 05 05 06 06 06 06 07 07 07 07 08 * New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points 73
  74. 74. Mortgages private market Total Sweden Volumes and margins Outstanding volume, SEKbn Average margin 250 1.25% 200 1.00% 150 0.75% 100 0.50% 50 0.25% 0 0.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 05 05 05 05 06 06 06 06 07 07 07 07 08 74
  75. 75. Mortgages private market Sweden Customers’ choice of fixed / floating interest rates 100% 80% 60% Fixed Floating 40% 20% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2005 2006 2007 2008 75
  76. 76. Retail Germany Δ 2007 Highlights SEKm Jan – Mar 2008 Total income 824 -3% Reduced profitability due to lower customer activity within securities- Interest, net 480 2% related-areas Commission, net 340 -9% Higher sales of mortgages (+25%) and consumer lending (+5%) vs. Q1 2007 Total expenses -759 1% Successful campaign for custody Credit losses, net -27 -13% account attracting 5,000 new accounts Operating profit 38 -44% (+35% vs. year-end 2007) New account product launched RoE, % 2.7 5.1 receiving significant media attention C/I 0.92 0.88 Total lending 80,906 -4% Total deposits 46,829 10% 76
  77. 77. Business volume development Retail Germany, EURbn Other lending Mortgages* Deposits 8 8 8 7 7 7 6 6 6 5 5 5 4 4 4 3 3 3 2 2 2 1 1 1 0 0 0 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4Q1 Q2 Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 Figures above present Mortgage, lending and deposits from private individuals and SME * Effected by amortizations on large historical sales volumes, partly sold through external sales organizations 77
  78. 78. Sales development Retail Germany Customer Insurance EURm New mortgage* EURm appointments* 140 50,000 450 45,000 400 120 40,000 350 100 35,000 300 30,000 80 250 25,000 200 60 20,000 150 15,000 40 100 10,000 20 50 5,000 0 0 0 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 * by Callcenter * incl prolongation 78
  79. 79. Retail Estonia Δ 2007 SEKm Jan – Mar 2008 Highlights Total income 309 3% Lower business activity than precedent quarters Interest, net 211 4% Credit growth -1% during quarter, Commission, net 86 6% decreasing lending market share Higher loan losses due to collective Total expenses -136 25% credit provisions Credit losses, net -166 1300% Strong focus on credit quality, Operating profit 7 -96% including increase of loans overdue Cost increase affected by real RoE, % 0.7 17.3 estate sale Q4 2007, continued C/I 0.44 0.36 investments in sales capacity, and high salary inflation Re-branding to SEB completed Total lending 42,282 +14% SEB Way ongoing Total deposits 20,325 +11% 79
  80. 80. Business volume development Retail Estonia, EURbn Corporate Private Mortgages Other lending Deposits 3 3 3 2 2 2 1 1 1 0 0 0 Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 Mortgages defined as home loans to private individuals Note: Figures include SEB:s large corporate business volumes 80
  81. 81. Market share development Retail Estonia, per cent Corporate Private Mortgages Deposits 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Q1 Q2Q3Q4 Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 Mortgage market share for home loans to private individuals 81
  82. 82. Retail Latvia Δ 2007 SEKm Jan – Mar 2008 Highlights Lower business activity than precedent Total income 327 23% quarters Interest, net 273 43% Credit growth -1% during quarter, Commission, net 44 -41% decreasing lending market share Strong focus on credit quality, including Total expenses -150 22% increase of loans overdue Credit losses, net -38 376% Continued strong focus on long-term savings, structured deposit volumes Operating profit 139 4% +30% during Q1 Cost increase affected by real estate RoE, % 15.3 14.3 sale Q4 2007, continued investments C/I 0.46 0.46 in sales capacity, and high salary inflation Total lending 35,604 +13% Re-branding to SEB completed Total deposits 17,484 +12% SEB Way ongoing 82
  83. 83. Business volume development Corporate Retail Latvia, EURbn Private Other lending Mortgages Deposits 3 3 3 2 2 2 1 1 1 0 0 0 Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 Mortgages defined as home loans to private individuals Note: Figures include SEB:s large corporate business volumes 83
  84. 84. Market share development Retail Latvia February, per cent Corporate Private Mortgages Deposits 20 20 15 15 10 10 5 5 0 0 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1 Q1 Q2Q3Q4 Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 Mortgage market share for home loans to private individuals 84
  85. 85. Retail Lithuania Δ 2007 Highlights SEKm Jan – Mar 2008 Total income 528 24% Controlled credit growth continued, +3% during quarter Interest, net 412 31% Commission, net 91 4% Lower activity in commission area compared to precedent quarter Total expenses -201 18% Continued expansion of distribution Credit losses, net -19 25% capacity Operating profit 308 28% Cost increase affected by real estate sale Q4 2007, continued RoE, % 23.7 18.2 investments in sales capacity, and high salary inflation C/I 0.38 0.40 Re-branding to SEB completed Total lending 60,980 +32% SEB Way ongoing Total deposits 27,957 +11% 85
  86. 86. Business volume development Retail Lithuania, EURbn Corporate Private Mortgages Other lending Deposits 6 6 6 5 5 5 4 4 4 3 3 3 2 2 2 1 1 1 0 0 0 Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2Q3Q4 Q1 Q2 Q3Q4Q1 Q2Q3Q4 Q1 -05 -06 -07 -08 -05 -06 -07 -08 -05 -06 -07 -08 Mortgages defined as home loans to private individuals Note: Figures include SEB:s large corporate business volumes 86
  87. 87. Market share development Retail Lithuania February, per cent Corporate Private Mortgages Deposits 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4Q1 Q2Q3 Q4Q1 Q1 Q2Q3Q4 Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 -05 -06 -07 -08 -05 -06 -07 -08 Mortgage market share for home loans to private individuals 87
  88. 88. Cards Highlights Δ 2007 SEKm Jan – Mar 2008 Total income 567 6% Continued underlying business growth, turnover +6% Interest, net 90 1% Several new large customers gained Commission, net 469 8% across countries, e.g. Statoil Sweden Total expenses -327 1% Strong cost discipline, cost +1% Credit losses, net -51 66% Increased losses due to higher Operating profit 189 6% levels of fraud RoE, % 21.0 24.6 C/I 0.58 0.61 88
  89. 89. Cards SEKbn Turnover cards 70 60 50 40 30 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2005 2006 2007 2008 Millions Number of cards 3.4 3.2 3.0 2.8 2.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2005 2006 2007 2008 89
  90. 90. Wealth Management Fredrik Boheman Highlights Head of Good income given the market Wealth Management Good net sales in PB, SEK +6bn (4) Assets under management Jan – Mar 2008 Δ 2007 SEKm SEK 1,256bn, -2% since year end Total income 1,229 0% SEB kept capturing volumes, incl. Interest, net 242 30% shift to alternative products, on a Commission, net 958 -6% continued weak net sales market for Swedish mutual funds, SEK +1,5bn Total expenses -695 14% vs. total market of SEK -19,7bn. Operating profit 509 -17% Cost increased due to consolidation of Key Asset Management and RoE, % 22.2 32.2 other investments in alternative products C/I 0.57 0.50 90
  91. 91. Share of income and result by area Jan – Mar 2008; percent of total Income Operating result Institutional Private Institutional Private Clients Banking Clients Banking 18% 32% 68% 82% 91
  92. 92. Wealth Management SEKm Income Costs 1,400 1,200 1,000 800 600 400 200 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 800 600 400 200 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 92
  93. 93. Institutional Clients SEKm Income Expenses 1,000 900 800 700 600 500 400 300 200 100 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 800 600 400 200 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 93
  94. 94. Private Banking SEKm Income Expenses 500 400 300 200 100 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Operating profit 250 200 150 100 50 0 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 94
  95. 95. Assets under management Wealth Management, SEKbn 7 -27 -9 1,285 1,256 Dec 2007 Value Fx Net sales Q1 2008 95
  96. 96. Assets under management per product type Wealth Management, SEKbn 1,320 1,300 1,285 1,266 1,192 1,147 1,107 15% 15% 15% 15% 1,079 14% 13% 15% 14% 39% 40% 40% 39% 39% 38% 39% 38% 46% 45% 46% 48% 48% 47% 45% 47% Q1 2006 Q2 Q3 Q4 Q1 2007 Q2 Q3 Q4 Institutional portf incl Stiftelser & Ftg (excl MF) Mutual Funds Private Clients 96
  97. 97. Total net sales per quarter SEKbn 25 3.0 20 2.9 2.6 15 0.8 2.3 10 19.7 1.0 4.1 16.4 3.5 15.5 13.6 10.9 5 5.8 9.4 7.6 6.3 2.0 0 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 IC PB The figures are not eliminated. Restated for transfer of Foundations & Companies from PB to IC. Finland is split between IC and PB as of Q1 2008. 97
  98. 98. Mutual funds per product type Wealth Management, Mar 2008 (Dec 2007) Total amount SEK 497bn (SEK 514bn) 24.8% 35.8% Equity funds 35.8% (42.4%) Fixed income funds 24.8% (24.2%) Balanced funds 11.8% (12.3%) 11.8% Alternative funds 27.6% (21.1%) 27.6% Note: Key Asset Mgmt is included from Q1-08 but not restated 2007 98
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×