SEB FY20 Profit Down Due to High LLPs; Capital Remains Strong
Skandinaviska Enskilda Banken AB (SEB or the Bank) reported net income of SEK 15,746 million in 2020, down 22% Year-on-Year (YoY). The reduction has been mainly driven by the high level of loan loss provisions (LLPs) while underlying income before provisions and taxes (IBPT) remained almost flat YoY. On a quarterly basis, net profit was SEK 5,123 million in Q4 2020, up 7% Quarter-on-Quarter (QoQ) but down 12% YoY. Excluding one-offs (SEK 1 billion fine imposed by the Swedish FSA in June 2020 over anti-money-laundering issues in the Baltics), SEB reported an ROE of 10.3% in 2020 down from 13.8% in 2019. The Bank maintains a long term ROE aspiration of 15%.
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