Executive summary. Interim results January - June

Transcription

1 Executive summary Interim results January - June

2 SEB Focus SEB traditional strengths - Corporates - Affluent individuals Growth Broadening platform New home markets /acquisitions Doubling of revenues and customers Quadrupling of AuM Consolidation Realising potential of the platform Consolidation 3C program Customer satisfaction Cross servicing Cost efficiency Intragroup/ Cross border synergies Profit growth within existing markets Realising potential of the platform Profit growth Refinement of 3C program and Intragroup/ Cross border synergies Organic growth and add-on acquisitions One SEB culture The leading Northern European Bank based on long term customer relationships, competence and technology Risk reduction

3 Ten home markets in Northern Europe - and strategic locations outside chosen home markets Market Home market in 10 countries 200 million inhabitants SEB 5 million customers 2,1 million internet clients 680 branch offices ~ employees SEK 1,012bn in AuM (~USD 130bn) Nice Note: Including BOŚ 3

4 Strong trade flows between neighbouring countries Eastern Europe natural for SEB Examples of bilateral trade flows* (Billion USD) Germany Poland 36 Norway 5 Denmark Germany Sweden Finland 5 7 Latvia Lithuania Poland Estonia Russia High today and increasing Germany important gateway Sweden Germany 26 Russia Finland 8 Ukraine *Sum of exports in both directions. Based on statistics from IMF,

5 Strongest quarter ever Overall positive market trend Customer activity picking up Most divisions show strong underlying profit improvement Continued volume growth Underlying costs stable, +1% excluding acquisitions and performance-related remuneration Assets under management all time high - more than SEK 1,000bn 5

6 Second quarter 2005 SEK 3.0bn SEB Group operating profit, SEKbn Q Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 6

7 Profit and loss account SEB Group, SEK m Jan-Jun Jan-Jun Change % Net interest income 6,971 6,827 2 Net fee and commissions 6,248 5,914 6 Net financial income 1,914 1, Net life insurance income 1, Net other income Tot operating income 16,412 15,059 9 Staff costs -6,356-5, Other expenses -3,767-3,490 8 Deferred acquisition costs Depreciations/amortisations/impairment Tot operating expenses -10,331-9,667 7 Gain/loss tangible/intangible assets Net credit losses etc Operating profit 5,696 5, Net profit 4,273 3, Change excl Acquisitions 5% Excl Acquisitions 3% plus increase in variable salaries 1% Excl Acquisitions 9% 7

8 Growth in Assets under management SEB Group, SEKbn , Q Q

9 Unit-linked insurance sales growth Sales volumes weighted*, SEKbn Jan-Jun 2005 Market Share Sweden, % (Q1) *) Does not include Codan Pension 9

10 SEB Group total volume growth SEKbn Lending Deposits Q Q

11 Growth in risk weighted assets SEB Group, SEKbn Strong volume growth +14% in six months Q Q

12 Operating profit per division SEKm Q isolated SEB Merchant * Changes vs. Q % Nordic Retail & Private % German Retail & Mortgage % Eastern European % SEB Asset Management % SEB Trygg Liv 242 (286**) +42% * SEB Corporate & Institutions renamed to SEB Merchant ** Business result 12

13 SEB s platform increased diversification Operating profit Jan June 2004 SEK 5.0bn Jan June 2005 SEK 5.7bn Asset Management 7% Eastern European 11% German Retail & Mortgage 4% Nordic Retail & Private 27% Trygg Liv 4% SEB Merchant 47% Eastern European 12% Asset Management 7% German Retail & Mortgage 5% Nordic Retail & Private 26% Trygg Liv 7% SEB Merchant 43% 13

14 Result per geographical area Share of Group s operating profit Germany 14% Other world 7% Eastern Europe 12% Other Nordic countries 21% Sweden 46% Operating profit Jan-June 2005 annualised vs 2004 Other Nordic countries 54% Germany* 11% Eastern Europe 28% Sweden -3% *) Excluding restructuring costs

15 Continued realisation of profit growth Opportunities based on attractive and well diversified platform Another strong quarter Volume and revenue growth in competitive environment Investments in future growth initial negative impact on costs now starting to pay off Eastern European and Trygg Liv another record quarter SEB s diversified platform strong basis for future opportunities Eastern European Business opportunities in other Nordic countries Life insurance 15

16 One SEB More international than the local banks and more local than the international banks 16