Sweden · Delayed Price · Currency is SEK Skandinaviska Enskilda Banken AB Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw macro turbulence but stabilized by April, with net profit at SEK 9.4 billion and ROE at 13.1%. Cost base declined 7% year-over-year, while fee income fell due to market volatility. Strong growth in the Baltics and Wealth & Asset Management offset muted CIB income.
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Restated segment reporting and income statement presentation align with peers, with no impact on net profit. Q1 2026 faces headwinds from seasonality, FX, and lower market activity, with fee and commission income expected well below last year's record.
Fiscal Year 2025
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Q4 saw higher fees and commissions offsetting NII headwinds, with full-year ROE at 14% and cost control in line with targets. Dividend and buyback plans maintain capital flexibility, while investments focus on digital, AI, and regulatory resilience. Baltic lending growth stands out amid muted Swedish demand.
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Lower Swedish policy rates and a marginally stronger SEK are impacting revenue and capital ratios. Net interest income trends are mixed across divisions, with cost targets and capital planning reaffirmed. Share buybacks and dividends remain key capital allocation priorities.
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Solid Q3 results with SEK 7.7bn net profit and 14% ROE, supported by stable asset quality and robust lending growth. Cost control measures and the share buyback program continue, while Baltic loan growth and AI initiatives remain key focus areas.
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Q3 is marked by lower market rates, healthy loan growth, and seasonality-driven lower activity. Expenses are on track with targets, imposed levies are stable, and FX movements impact capital ratios. No one-offs are expected, and strategic initiatives like AirPlus remain on course.
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Q2 2025 saw solid financial results with broad-based lending and deposit growth, strong CIB recovery, and robust asset inflows, despite high macro uncertainty. CET1 ratio stood at 17.7% with a 290 bps buffer, and cost controls were reinforced.
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Policy rate cuts and FX movements are impacting income, costs, and risk exposure. NII is under pressure from lower rates and fewer days, with a likely bottoming in Q3. Expenses and levies remain in line with guidance, while asset quality is stable despite some increased credit losses.
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Q1 2025 saw stable operating profit and higher fee income offsetting lower NII, with strong capital and liquidity positions. AI initiatives advanced, AirPlus integration progressed, and mortgage competition intensified, while market uncertainty and credit loss provisions increased.
Fiscal Year 2024
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Full-year 2024 results showed stable income, strong asset quality, and robust capital, with increased activity in corporate banking and the Baltics. The board proposed an ordinary and special dividend plus a SEK 10 billion buyback, while maintaining a cautious outlook amid regulatory and macroeconomic uncertainties.
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Operating income grew 3% year-over-year to SEK 61.9 billion, with strong capital and asset quality. AirPlus integration drove cost target to SEK 31 billion, and share buybacks continue. Net interest income declined, but net financial income and fees offset lower rates.
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Q2 saw improved business momentum, strong asset management inflows, and a 17.6% ROE. Net interest income faces pressure from expected rate cuts, but lending and fee income trends are positive. Capital and liquidity remain robust, with regulatory changes expected to have a neutral impact.