SEB (SEB) Q3 2026 earnings summary

Executive summary

• 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.

Financial highlights

• 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.

Outlook and guidance

• 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.