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SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
SEB Resultatpresentation January Juni 2008
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SEB Resultatpresentation January Juni 2008

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  • 1. Annika Falkengren Result presentation 2008 1
  • 2. Highlights Q2 2008 Income regained strength – second best quarter ever – High business activity – Limited portfolio losses Strong capitalisation and liquidity Higher costs due to continued investments and sales activities Increased credit losses in Estonia 2
  • 3. Key figures Net Interest Income SEB Group SEKbn Q2 Jan-Jun 4.4 4.4 4.2 3.9 3.9 2008 2008 Operating income 10,403 19,205 Of which: Net interest income 4,421 8,644 Net fee and commissions 3,909 7,710 Q2 -07 Q3 -07 Q4 -07 Q1 -08 Q2 -08 Net financial income 1,161 1,000 Operating profit Operating expenses 6,445 12,472 SEKbn Operating profit 3,507 5,917 4.6* 4.6 3.7 3.5 Return on Equity, % 15.2 12.4 3.8 2.4 Cost / income ratio 0.62 0.65 Credit loss level, % 0.17 0.15 Core capital ratio, % Basel II 8.64 8.64 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 * Including sales of Baltic properties of SEK 785m 3
  • 4. High business activity – Merchant Banking Merchant Banking: Operating Income Portfolio valuations, SEKm SEKm Accumulated Q2 07 Q1 08 Q2 08 since Q2 08 Q3 07 2,000 Income -66 -2,707 Equity -56 -2,384 Total -122 -5,091 Portfolios 1,000 Q2 08 Available Held for 89% for sale trading 11% (MTM over (MTM over income) equity) 0 TCM excl Corporate GTS CPM Banking 4
  • 5. High business activity – long-term savings Swedish mutual funds: net inflows Life – Total sales Jan-Jun, SEKbn SEKbn 3.8 13.3 12.0 12.0 11.9 10.7 9.7 -3.0 -7.2 -8.5 -13.3 Q1-07 Q2 Q3 Q4 Q1-08 Q2 Robur SHB Nordea SEB Others Private Banking – Net sales SEKbn 5.8 4.9 4.1 3.5 2.9 2.6 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 5
  • 6. High business activity – Retail Sweden Retail Sweden household mortgages Retail Sweden, SME segment Lending, SEK billions Cash management customers (thousands) 90 207 201 196 189 183 176 173 80 + 5,200 70 60 Income growth +6% 50 2005 2006 2007 2008 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Growth +2.3% +3.9% +3.1% +3.6% +2.3% +3.5% rates 6
  • 7. Volume growth supported by strong capital Risk-weighted assets (Basel I) Core capital ratios Q1 2007 - Q2 2008, SEKbn Per cent 600 10 +26% Basel II Basel I +13% 500 9 400 8 300 200 7 100 6 0 Q1 Q2 Q3 Q4 Q1 Q2 Merchant Banking Retail Banking 2007 2007 2007 2007 2008 2008 7
  • 8. Net liquidity position across maturities 30 June, SEKbn 250 SEB is match- 200 funded approx. one year SEK 113bn in long-term funding 150 raised in H1 2008 Examples of transactions: 100 April: Euro covered bond at spread of 17 bps 50 May/June: Euro floating rate notes at spread of 48 bps 0 -50 1 week 2 weeks 4 weeks 2 months 3 months 4 months 5 months 6 months 9 months 12 months 8
  • 9. Cost development ~4% total cost growth due to acquisitions, pensions and One IT Roadmap SEK 202m in efficiency gains achieved in H1 Cost management program 2007 - 2009 Achieved Target SEK -748m SEK 1.5 – 2.0bn * 2007 2008 2009 2010 * 9
  • 10. Cost dynamics H1 2008, 2007 & 2006 2008 2007 2006 SEK m Chg yoy SEK m Chg yoy SEK m Chg yoy Jan-Jun % % % Total cost base reported 12,472 6.70% 23,194 2.90% 22,537 1.80% Reported cost increase 786 Acquisitions (KAM, Factorial, PetroE) -108 0.90% 0.10% 0.10% Cost increase excl acquisitions 678 5.80% 2.80% 1.70% One IT Roadmap -222 1.90% Pensions -170 1.50% Cost increase excl acquisitions, OITR, Pensions 286 2.40% 2.80% 1.70% Baltic cost increase -210 1.80% 1.80% 0.80% Cost increase excl above & Baltics 76 0.70% 1.00% 0.80% 10
  • 11. Baltic countries: economic slowdown accelerates Annual GDP growth Per cent Estonia Latvia Lithuania 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 (f) 2009 (f) -5 SEB’s credit exposure Estonia Latvia Lithuania Corporate Property Management Households Public Administration Banks SEKbn 83 79 76 50 51 49 41 42 41 2007 Q1 08 Jun 08 Q2 '08 2007 Q1 08 Q2 08 2007 Q1 08 Mar '08 Q2 08 Dec '07 Mar '08 Dec '07 Mar '08 Jun '08 Dec '07 Jun '08 +3% +18% -1% +30% +3% +4% +17% 0% +2% Growth rates in local currency 11
  • 12. Credit losses increase in Estonia Group credit exposure Net credit losses Total exposure = SEK 1,631bn Q1 2007 - Q2 2008, SEKm 250 200 150 Non-Baltic 100 89% 50 0 Estonia Latvia Lithuania SEB Group excl. Baltics 60 days past due in SEB’s portfolio Per cent Estonia Latvia 2.0% Estonia 1.5% 1.0% 3% Latvia Lithuania 0.5% 3% 5% 0.0% Jun Dec Jun Dec Jun 2006 2007 2008 12
  • 13. SEB in Germany SEB in Germany: Operating profit Retail Germany: Operating profit SEKm SEKm 136 134 74 843 60 807 -22 189 -226 -244 H1 07 H2 H1 08 H1 05 H2 H1 06 H2 H1 07 H2 H1 08 Distribution of Operating profit Jan – Jun 2008 Other 91 % business 9% Retail 13
  • 14. Looking ahead ● Strong capital and liquidity ● Top line growth ● Continued investments ● Cost efficiency 14
  • 15. 15

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