The call covered macroeconomic trends, P&L lines, risk exposure, capital, and provided reminders of previous guidance, with no new updates on the current quarter.
Q3 is affected by seasonality due to summer months, with lower activity in July and a catch-up effect after a slow April.
No one-off items are expected in Q3, and imposed levies are projected to remain at similar levels in 2026 as in 2025.
Lower average 3-month Stibor and Euribor rates in Q3 compared to Q2, with lending and deposit rates adjusted accordingly.
Loan growth remains healthy, especially in retail mortgages, despite stiff competition.
Net fee and commission income is slightly positively impacted by higher average asset values, but summer seasonality typically reduces activity.
Net financial income guidance remains the 16-quarter average of SEK 2.5 billion per quarter.
Net interest income (NII) in Q2 was affected by FX losses (~SEK 600 million) offset by positive day effects; Q3 has one extra day, adding ~SEK 100 million.
Business and retail banking saw a SEK 200 million NII decline in Q2 due to lower deposit margins; mortgage margin pressure persists but shows some stability.
Baltic division NII also declined by SEK 200 million in Q2, offset by higher loan and deposit volumes.
Total expenses target for 2025 is at or below SEK 33 billion, with FX-adjusted Q2 expenses at SEK 32.7 billion.
Share price increases slightly raise costs for long-term incentive programs, but the impact is minor relative to total expenses.
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Skandinaviska Enskilda Banken (SEB), headquartered in Stockholm, Sweden, is a prominent financial institution in Northern Europe, providing a comprehensive range of banking services to individuals, corporations, and institutions. With a history dating back to 1856, SEB has built a strong reputation for stability and expertise in financial operations, and they're known for its comprehensive solutions for small and medium-sized businesses. Today, SEB plays a crucial role in the Nordic economy, serving as a significant conduit for investments and financial transactions both within the region and internationally.
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