Skandinaviska Enskilda Banken Ab Stock Earnings Reports

SEB reported a solid but seasonally softer Q3 driven by stable markets and resilient investment banking activity. Key financials: net profit SEK 7.7bn, return on equity ~14% (YTD 14.1%), CET1 18.2%. Net interest income (NII) was slightly up quarter-on-quarter due to timing/FX/treasury effects, but fees and commissions declined seasonally (notably in CIB and card fees); CIB still delivered a record third-quarter net commission income. Lending showed modest growth (group lending +3% y/y FX-adjusted; corporate +4% y/y FX-adjusted) and Baltic loan growth remained strong (mortgages ~9%, corporate ~8%). Costs moderated and SEB updated its FX-adjusted full-year cost target to SEK 32.6bn (± SEK 300m) as hiring for non-critical roles remains paused while selected tech/AI investments continue. The Board approved continuation of a SEK 2.5bn per-quarter share buyback program. Capital and liquidity strengthened (LCR 136%, NSFR 116%); CET1 buffer was 360bp end-September (pro forma buffer ~290bp once Baltic RWA phasing fully accounted for). Management reiterated a 50% payout policy and long-term ROE aspiration of 15%. Other notable items: potential euro-denominated stablecoin consortium (target H1 2027), ongoing AirPlus integration (implementation costs guided for FY and potential to accelerate), continued AI investments and SEB Growth initiative targeting fast-growing/AI companies, added SEK 100m to overlay provisions in Q3, imposed levies guidance raised slightly to SEK 3.6bn, and an expected operational risk RWA increase in Q4 (~15bp). Looking ahead, management expects NII to trough roughly 3–6 months after the last rate cut and is constructive on capital markets activity into Q4, while remaining cautious on the timing/realization of transaction-driven lending.