Q3 operating income was stable YoY at SEK 18,626m; net profit was SEK 7,498m and ROE 13.0%.
Lending grew across divisions; record fee income helped offset weaker FICC and net financial income.
2026 costs are expected SEK 500–600m below the SEK 33.4bn target, including the DFS settlement; buybacks are paused after the IRB decision.
Net interest income rose 3% YoY to SEK 10,881m; net fee and commission income rose 7% to SEK 6,702m, a Q3 record.
Net financial income fell 36% YoY to SEK 1,124m amid weaker client-related income, challenging FICC conditions and negative Treasury valuation effects.
Operating expenses increased 3% YoY to SEK 8,178m; operating profit was SEK 9,412m, EPS SEK 3.85 and net ECL SEK 179m.
9M operating income declined 2% to SEK 57,087m; net profit was SEK 23,659m, down 0.4% YoY.
2026 costs are forecast SEK 500–600m below the SEK 33.4bn target; levies guidance is SEK 3.5bn and tax-rate guidance 20%.
Long-term targets include a 15% ROE aspiration and CET1 capital 100–300 bps above regulatory requirements.
New IRB model applications are expected to start submission by Q3 2027 at the latest; approval timing is uncertain and approved models are expected to have a net positive capital effect.
Year-end management buffer is expected at ~150 bps, based on Q3-end FX rates, credit demand and mitigating actions.
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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.
SEB can trace its roots back to 1856 by André Oscar Wallenberg, a significant figure in Sweden's economic development during the latter half of the 19th century. The bank was created with the aim of supporting Sweden's burgeoning industrial sector, aiding in the transformation of the country's agrarian economy into a modern industrial one. Over its long history, SEB has weathered multiple financial crises and geopolitical upheavals, both surviving and thriving through these. The bank’s history is characterized by a desire to improve and innovate, something that can be exemplified by its role in introducing ATMs in Sweden during the 1960s and its early adoption of Internet banking in the late 1990s.
In the current Nordic economy, SEB holds a significant position as a key financial service provider, offering an extensive array of banking and financial services, including savings and loans, investments, insurance, and pension products. Its clientele is diverse, ranging from private individuals and small businesses to large corporations and institutions. As one of the largest banks in the Nordic region, SEB plays a substantial role in facilitating commerce and financial transactions, contributing to the region's economic growth and stability. This is however not something that they’re alone in, and some competitors operating in the region include names like DNB, Nordea, and Danske Bank.
SEB has gained a reputation as one of the most attractive options for banking for small and medium-sized businesses. SEB offers a comprehensive suite of banking services for entrepreneurs, including business accounts, loans, and insurance services. Moreover, the bank provides specific tools and resources for startups, such as guidance on business development and access to a vast network of industry contacts.
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