Investor presentation. Result
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1 Investor presentation Result 2010
2 Highlights Income Stable earnings from a diversified platform Provisions for credit losses Net credit losses back to pre-crisis levels Strategic alignment Strategic alignment German retail business divested 2
3 Profit and loss trend Profit and loss development Q2-08 Q2-10 (SEK bn) Q2-10 Q2-10 Q2-10 Operating income Operating expenses Net credit losses 0.6 Operating profit (SEK bn) 2.6 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Note: Shaded areas refer to gain on buy-back of subordinated debt and goodwill write-offs, respectively 3
4 Income statement Q Profit and loss (SEK m) Q2-10 Q1-10 % H1-10 H1-09 % Total operating income 9,821 9, ,193 23, Total operating expenses -6,619-6, ,986-13,267-2 Profit bef credit losses & GW 3,202 3, ,207 10, Goodwill & capital gain -1,688 Profit before credit losses 3,202 3, ,207 8, Net credit losses etc , ,552-5, Operating profit 2,580 1, ,655 2, Operating income by type, Q2 vs. Q1 (SEK bn) +6% % % -12% Q1-10 Q2-10 Q1-10 Q2-10 Q1-10 Q2-10 Q1-10 Q2-10 Net interest Net fees and Net financial Net life insurance income commissions income income 41% 9% 9% 10% 10% 37% 4
5 Net interest income development NII (SEK bn) Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2-10 NII by income type (SEK bn) Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Lending Deposits Funding & other 5
6 Net interest income analysis SEB Group, SEK m H vs. H Q vs. Q Q vs. Q H ,274 Q ,875 Q ,370 Lending margin 307 Lending margin 9 Lending margin 100 Lending volume -491 Lending volume 1 Lending volume -244 Deposit margin -1,050 Deposit margin -35 Deposit margin -478 Deposit volume -174 Deposit volume 9 Deposit volume -71 Funding & other -1,896 Funding & other 236 Funding & other -582 H ,970 Q ,095 Q ,095 6
7 Fees and commissions supported by stable product mix 4,000 Capital market driven Non-capital market driven 3,500 3,000 2,500 2,000 1,500 1, Q1 Q2 Q3 Q4 Q1 Q2 Q Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Q4 Q1 Q
8 Fee and commission income Gross quarterly development Q Q SEB Group, SEK m Capital market driven Non-capital market driven 2,500 2,000 1,500 Securities transaction driven Value driven performance driven 1,000 Deal driven * New issues & advisory * Q adjusted for gross commission on security lending, SEK 200m Secondary market & derivatives Custody & mutual funds Payments, cards, structured lending, deposits, guarantees Other 8
9 Cost development Operating expenses 1 (SEK bn) -2% 13,267 12,986 IT & Admin Number of FTEs 20,430 19,912 19,562 19,032 19,091 Staff cost H1-09 H1-10 Productivity/efficiency H1 vs. H1 Cost per transaction No. of transactions -15% +13% Transactions per FTE +18% Q2-09 Q3 Q4 Q1-10 Q2 IT infrastructure First milestone reached new core banking system implemented in Lithuania Improves product development and efficiency Investments to enable new Group-wide IT infrastructure 1) Excluding goodwill write-offs 9
10 Divisional performance Operating profit Q2-10 vs. Q1-10 (SEK m) 2,066 2,552 GTS Corp TCM Cards Retail Baltic Merchant Banking 1 Retail Banking, excl. Germany Wealth Management Life -197 Q1-10 Q ,205 RoE YTD 23% 17% 22% 33% Neg. 1) Retail incl. Germany 317 (Q1), 469 (Q2) 10
11 Robust TCM income Income growth thanks to higher activity and volatility TCM income split, excluding investment portfolio FX Capital Markets 8% 11% 7% 22% 15% 5% 3% 11% 44% 46% 59% 26% 28% 33% 44% Equities SD and Other TCM 8% 6% 45% 38% 41% 6% 8% 50% 36% -2% 12% 46% 44% 3% 8% -3% 21% 30% 34% 6% 4% 19% 7% 6% 29% 21% 34% 22% 24% 28% 22% 29% 30% 63% 30% 46% 34% 38% 41% 36% 38% Q1-07 Q2 Q3 Q4 Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Low risk trading orientation Daily trading income ndQ negative out of 872 trading days. Average loss SEK 15m Jan- 07 Mar- 07 Jun- 07 Sep- 07 Nov- 07 * Excluding Investment Portfolio Feb- 08 Apr- 08 Jul- 08 Sep- 08 Dec- 08 Mar- 09 May- 09 Aug- 09 Oct- 09 Jan- 10 Mar- 10 Jun
12 Nordic expansion gaining momentum Development outside Sweden Over 40 new large corporate clients Hired 40 new professionals Leading advisor in the Nordic IPO market during 2010 Largest market share (9.1%) on the Nordic Stock Exchange Lead manager NOK 4bn rights issue May 2010 Lead arranger USD 2.1bn acquisition of Intergraph July 2010 Joint bookrunner DKK 5.5bn rights issue June 2010 Lead manager SEK m IPO June
13 Customers in focus Large corporates and institutions Institutions Corporates World Expo China No. 1 ECM bank in the Nordics in H EUR m Strong net sales within Wealth SEK bn ,495 1,266 1,257 1, H1-08 H1-09 H1-10 2,378 Best performance in German real estate funds Best Trade Bank Western Europe Best investment bank in Finland SEB s The Benche.com No.1 equities market share in Nordics & Baltics 4.8% 3.8% 6.6% 6.2% Best Brokerage Firm Nordic Countries 9.1% 13
14 Customers in focus Private and SME customers in Sweden Private 323,000 customers in Enkla vardagen (+7%) Number of card transactions up 11% iphone application launched Increased availability Increased market share on net sales Swedish Mutual Funds: 12% (10% FY 2009) 589 new private banking clients YTD Modern Investment Programmes continue to attract new volumes SMEs Established corporate centers in Stockholm, Gothenburg and Malmö Increased market share to 11% (10.7): 3,000 net new corporate payment customers SEK 76bn in lending (+9%) 1 Assisting new entrepreneurs 1) Including real estate-related lending, excluding one man businesses 14
15 Development of credit portfolio SEK bn Asset Quality Credit exposure - on & off balance Sector Jun/Mar Corporates 1% Households 1% Prop Mgmt Banks 2% -17% 100 Publ Admin -4% 0 Dec '06 Jun '07 Dec '07 Jun '08 Dec '08 Jun '09 Dec '09 Jun '10 SEB Group - Corporates Dec '06 Dec '07 Dec '08 Dec '09 Mar '10 Jun '10 "Nordic" - Larger Germany - Larger Baltic "Nordic" - Retail Other Total Mar '10 Jun '10 Corporates Property Management Households Public Administration Total non-banks Banks Total
16 Swedish asset quality Private SEB mortgage lending (SEK bn) Corporate SEB corporate lending (SEK bn) Q4-08 Q2-09 Q4-09 Q2-10 Stricter mortgage policy since Q4-09 7% interest rate stress test 80% first lien cap Stricter amortisation policy Q4-08 Q2-09 Q4-09 Q2-10 Turnaround in corporate sentiment Robust domestic market Strong export trend Shifting gears and hiring people Loan-to-value Share of portfolio >80% 3% 51-80% 21% Corporate bankruptcies in Sweden 1) -14% 3,848 3,305 2,534 2, % 76% H1-07 H1-08 H1-09 H1-10 Swedish credit loss level at 5 bps 1) Source: UC 16
17 Baltic net credit losses By type, SEK m Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Previous communication on asset quality 1,716 1,923 2,381 Q3-09 1, Collective Provisions Specific Provisions Net Write-offs Q4-09 Reasons for lower credit losses Further macroeconomic stabilisation Household repayment capacity better than expected Estonian Euro accession a morale booster Positioned for a more normalised economic climate 17
18 Development of NPLs SEK bn Non-performing loans Individually assessed Portfolio assessed 13.8% of lending % of lending 1.0% of lending 0 Q1 '09 Q2 Q3 Q4 Q1 '10 Q2 Q1 '09 Q2 Q3 Q4 Q1 '10 Q2 Q1 '09 Q2 Q3 Q4 Q1 '10 Q2 Nordic Germany Baltics 18
19 Conservative provisioning policy Baltics - Non-performing loan and reserve development SEK bn 20 Individually assessed Portfolio assessed Collective reserves Specific reserves NPL coverage ratios % Q2 09 Q4 09 Q1 10 Q2 10 Group 72% 65% 70% 70% Baltics 68% 61% 67% 68% 19
20 NPLs & reserves SEB Baltic, June 2010, SEK m Reserve ratio high and stable Estonia Latvia Lithuania Total Δ Q2 Individually assessed loans Impaired loans, gross Specific reserves Collective reserves Specific reserve ratio 63,5% 50,5% 51,7% 53,0% 2,2% Total reserve ratio 85,9% 83,3% 67,9% 74,5% 1,3% Portfolio assessed loans Loans past due > 60 days, gross* Collective reserves Reserve ratio 53,2% 54,2% 43,1% 50,2% 1,0% Non-performing loans Total reserves NPL coverage ratio 73,6% 71,6% 63,9% 67,9% 1,0% *including restructured loans SEK 555m 20
21 NPLs & reserves SEB Baltic, SEK m Dec '09 Mar '10 Jun '10 Q2 Individually assessed loans Impaired loans, gross Specific reserves Collective reserves Specific reserve ratio 47,6% 50,8% 53,0% 2,2% Total reserve ratio 65,3% 73,2% 74,5% 1,3% Portfolio assessed loans Loans past due > 60 days* Collective reserves Reserve ratio 47,7% 49,2% 50,2% 1,0% Non-performing loans Total reserves NPL coverage ratio 61,1% 66,9% 67,9% 1,0% *including restructured loans SEK 555m 21
22 Reducing NPLs and stable reserve ratio SEB Group, SEK bn Dec '08 Mar '09 Individually assessed loans Impaired loans, gross 11,4 13,0 16,7 18,4 21,3 19,6 19,3 Specific reserves 5,0 5,6 7,0 8,3 10,5 10,2 10,4 Collective reserves 2,8 3,7 5,0 4,9 4,4 4,9 4,4 Off Balance sheet reserves 0,3 0,4 0,3 0,3 0,5 0,5 0,5 Specific reserve ratio 44% 43% 42% 45% 49% 52% 54% Total reserve ratio 69% 72% 72% 72% 70% 77% 77% Portfolio assessed loans Loans past due > 60 days 3,2 4,6 6,4 6,9 6,9 7,1 7,1 Restructured loans 0,3 0,5 0,6 Collective reserves 1,4 1,8 2,4 2,8 3,3 3,5 3,7 Reserve ratio 44% 41% 37% 40% 45% 46% 48% Non-performing loans 14,6 17,5 23,1 25,3 28,6 27,2 26,9 Total reserves 9,5 11,5 14,6 16,4 18,6 19,1 19,0 NPL coverage ratio 65% 66% 63% 65% 65% 70% 70% Non-performing loans / Lending 0,9% 1,1% 1,5% 1,7% 1,9% 1,8% 1,8% Jun '09 Sep '09 Dec '09 Mar '10 Jun '10 22
23 Net credit losses back to pre-crisis levels Credit losses Baltic region (SEK bn) Credit losses outside Baltic region (SEK bn) Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Q1-08 Q2 Q3 Q4 Q1-09 Q2 Q3 Q4 Q1-10 Q2 Provisioning level at bps sustainable in current economic climate 23
24 Capital ratios and RWA Capital adequacy Total capital ratio, % Tier I capital ratio, % Core Tier I Risk-weighted assets SEK bn Dec Migration 4 Market and Operational Risk Dec 2009 Jun 2010 SEK bn Capital base Jun FX effects Other RWA
25 Net liquidity position SEB s matched funding horizon Months Loans to deposits ratio; %* 200% 180% 160% 140% 120% 100% 155% Q NB: Increased due to volatile repo volumes 10 Loans to deposit ratio excl repos, %* 5 0 Q4-07 Q2-08 Q4-08 Q2-09 Q4-09 Q % 180% 160% 140% 120% 100% 142% Q *excl re-classified bonds 25
26 Diversified wholesale funding structure SEB Group, SEK 589bn, June 2010 CPs/CDs 29% Mortgage Covered Bonds Sweden 26% Senior debt Germany 1% SSD and Reg Bonds Germany 3% Subordinated debt 6% Mortgage Covered Bonds Germany 7% Public Covered Bonds Germany 12% Senior debt Sweden 16% 26
27 Long-term funding Maturity profile SEK bn 0 <1Y 1-2Y 2-3Y 3-4Y 4-5Y 5-7Y 7-10Y >10Y Subordinated Debt Covered Bonds non SEK, Swe Covered Bonds SEK, Swe Senior Unsecured Mortgage Pfandbriefe, Ger Public Pfandbriefe, Ger Actions -120 <1yr maturities of sub and senior unsecured debt prefinanced in 2009 <1yr maturities of SEK covered bonds are gradually bought back and new bonds are issued New funding markets Marketing of Swedish covered bonds outside of Sweden jointly with our friendly competitors 27
28 Funding raised with original maturity > 1 year SEK bn Instrument Q Q Q3 2010* Yankee CD Senior unsecured SEB AG Senior unsecured SEB AB Structured bonds Covered bonds SEB AG Covered bonds SEB AB Hybrid tier Total *Until August 27 28
29 Strategic alignment of SEB s German business Retail banking business discontinued 173 branches 1 million customers ~2,000 employees Strategic rationale Completes strategic alignment Santander ideal partner Financial ratios will improve C/I: +4 units Core Tier 1: +50 bps ROE: +60bps Subject to regulatory approvals, expected closing around year-end
30 SEB Germany after divestment Financials are expected to improve significantly in the medium term Pro-forma effects on continuing business Cost/income ratio Actual Pro-forma Return on business equity Focus going forward Merchant Banking Asset Mgmt Targeting selected Mittelstand clients Build on strong real estate trackrecord and Merchant Banking to increase customer acquisition Actual Pro-forma 0% 10% Support functions Increased productivity, e.g. IT integration with SEB Group Pro-forma operating profit (SEKbn) H
31 Positioned for customer-led growth and improved earnings in core markets Provisions for credit losses normalising Alignment of German business Tier 1 ratio Matched funding Leverage Ratio* Reserve ratio Tier 114.3% Tier 1 >18m Tier 1 5.7% Tier 1 77% *FDIC rules applied 31
32 32
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