= =
= = = = =
SEB Fact Book Annual Accounts 2012
Fact Book = Annual Accounts 2012 STOCKHOLM 31 JANUARY 2013
=
N
Table of contents About SEB..................................................................................................................................................................................... 4 Financial targets.......................................................................................................................................................................................................................... 4 Rating............................................................................................................................................................................................................................................. 4
Organisation .................................................................................................................................................................................5 Full-time equivalents, end of quarter ......................................................................................................................................................................................... 5
Corporate Governance ............................................................................................................................................................... 6 Board.............................................................................................................................................................................................................................................. 6 Group Executive Committee ....................................................................................................................................................................................................... 6 Share and shareholders ............................................................................................................................................................................................................... 7 The SEB share Index..................................................................................................................................................................................................................... 7 SEB’s major shareholders Dividend development ............................................................................................................................................................... 7
Income statement ....................................................................................................................................................................... 8 SEB Group...................................................................................................................................................................................................................................... 8 Income, Expenses and Operating profit..................................................................................................................................................................................... 8 Income statement, quarters SEB Group..................................................................................................................................................................................... 9 Share of profit before credit losses............................................................................................................................................................................................. 9 Key figures – SEB Group ............................................................................................................................................................................................................ 10 Impact from exchange rate fluctuations.................................................................................................................................................................................. 10 Net interest income analysis ......................................................................................................................................................................................................11 Net interest margin......................................................................................................................................................................................................................11 NII customer driven specification ............................................................................................................................................................................................. 12 Net financial income .................................................................................................................................................................................................................. 12 Net fee and commission income............................................................................................................................................................................................... 13 Expenses...................................................................................................................................................................................................................................... 13 Staff costs - SEB Group ................................................................................................................................................................................................ 13 Other expenses - SEB Group ....................................................................................................................................................................................... 13
Balance sheet structure & funding...........................................................................................................................................14 Balance sheet structure ............................................................................................................................................................................................................. 14 Total loans and deposits............................................................................................................................................................................................................ 15 Loan to deposit ratio excl repos and debt instruments.......................................................................................................................................................... 15 A strong balance sheet structure, Dec 2012............................................................................................................................................................................ 15 Intangible assets......................................................................................................................................................................................................................... 15 Long-term funding Maturity profile, Dec 2012........................................................................................................................................................................ 16 By product, SEK bn ....................................................................................................................................................................................................... 16 By currency, SEK bn...................................................................................................................................................................................................... 16 Long-term funding raised, SEK bn.............................................................................................................................................................................. 16 Balance Sheet Maturity Profile SEB Group................................................................................................................................................................................17 Remaining Contractual Maturities...............................................................................................................................................................................17 SEB's Liquidity Reserve .............................................................................................................................................................................................................. 18 Asset encumbrance.................................................................................................................................................................................................................... 18 SEB AB Cover pool and covered bonds characteristics .......................................................................................................................................................... 19 Capital adequacy ........................................................................................................................................................................................................................20 Capital base of the SEB financial group of undertakings .......................................................................................................................................................20 Risk-weighted assets for the SEB financial group of undertakings....................................................................................................................................... 21 RWA development...................................................................................................................................................................................................................... 21 SEB Group - Basel II without transitional rules ........................................................................................................................................................................ 21 IRB reported credit exposures (less repos and securities lending) .......................................................................................................................................22 All outstanding Subordinated Debt and Hybrid Tier 1 issues ................................................................................................................................................22 Assets under management........................................................................................................................................................................................................22
Credit portfolio .......................................................................................................................................................................... 23 Credit portfolio*.......................................................................................................................................................................................................................... 23 Credit portfolio by industry and geography*........................................................................................................................................................................... 23 Loan portfolio by industry and geography*.............................................................................................................................................................................24 Credit portfolio – Corporates Credit portfolio – Property Management......................................................................................................................... 25 Credit portfolio by industry and geography*........................................................................................................................................................................... 25
Asset quality .............................................................................................................................................................................. 26 Credit loss level...........................................................................................................................................................................................................................26 Development of Non-performing loans...................................................................................................................................................................................26 Non-performing loans & reserves............................................................................................................................................................................................. 27 Non-performing loans & reserves............................................................................................................................................................................................. 27 SEB Group ..................................................................................................................................................................................................................... 27 Baltic geographies........................................................................................................................................................................................................ 27 Impaired loans by industry and geography*............................................................................................................................................................................28 Portfolio assessed loans* (Including restructured loans) ......................................................................................................................................................29
SEB Fact Book Annual Accounts 2012
2
Market risk...................................................................................................................................................................................................................................29 Debt instruments........................................................................................................................................................................................................................ 30 SEB's holdings of bonds with exposure to Greece, Italy, Ireland, Portugal and Spain........................................................................................................ 30
SEB Group by business segment ..............................................................................................................................................31 Operating profit before credit loss provisions per division.................................................................................................................................................... 31 Other and eliminations, total (Group-wide functions outside the divisions)....................................................................................................................... 31
Merchant Banking ..................................................................................................................................................................... 32 Income, Expenses, Net losses and Operating profit ............................................................................................................................................................... 32 Trading and Capital Markets ....................................................................................................................................................................................... 33 Corporate Banking ....................................................................................................................................................................................................... 33 Global Transaction Services ........................................................................................................................................................................................ 33 Nordic leader in investment banking ....................................................................................................................................................................................... 34 Trading and Capital Markets, income by main product cluster ............................................................................................................................................ 34 Low risk trading orientation ...................................................................................................................................................................................................... 34
Retail Banking............................................................................................................................................................................ 35 Income, Expenses and Operating profit................................................................................................................................................................................... 35 Retail Sweden ............................................................................................................................................................................................................... 36 Cards.............................................................................................................................................................................................................................. 36 Business volume development by area.................................................................................................................................................................................... 36 Retail Sweden ............................................................................................................................................................................................................... 36 Volumes....................................................................................................................................................................................................................................... 37 Retail Sweden ............................................................................................................................................................................................................... 37
Cards............................................................................................................................................................................................37 Eurocard brand in: ....................................................................................................................................................................................................... 37 Diners Club brand Issuing & Acquiring exclusively in:............................................................................................................................................. 37
Wealth Management ................................................................................................................................................................ 38 Income, Expenses and Operating profit................................................................................................................................................................................... 38 AuM per customer type.............................................................................................................................................................................................................. 39 Total net new money per quarter ............................................................................................................................................................................................. 39 Mutual funds per product type.................................................................................................................................................................................................. 39
Life .............................................................................................................................................................................................. 40 Income, Expenses and Operating profit.....................................................................................................................................................................40 Income statement....................................................................................................................................................................................................................... 41 Sales volume insurance (weighted*) ..........................................................................................................................................................................42 Premium income and Assets under management....................................................................................................................................................42 Market shares, premium income new and existing unit-linked policies............................................................................................................................... 43 Gamla Livförsäkringsaktiebolaget ............................................................................................................................................................................................ 43 Surplus values ............................................................................................................................................................................................................................. 43 Embedded value ......................................................................................................................................................................................................................... 43 Surplus value accounting...........................................................................................................................................................................................................44
Baltic........................................................................................................................................................................................... 45 Income, Expenses and Operating profit...................................................................................................................................................................................45 Baltic Estonia.................................................................................................................................................................................................................46 Baltic Latvia...................................................................................................................................................................................................................46 Baltic Lithuania .............................................................................................................................................................................................................46 Baltic real estate holding companies.......................................................................................................................................................................... 47 Business volume development by area.................................................................................................................................................................................... 47 Deposit breakdown, Per cent of total deposits ....................................................................................................................................................................... 47 Deposit market shares ............................................................................................................................................................................................................... 47 Baltic countries ...........................................................................................................................................................................................................................48 Baltic lending market shares .......................................................................................................................................................................................48 Per cent, Q2 2009 – Q4 2012 ^ ..................................................................................................................................................................................48 Loan portfolio ...............................................................................................................................................................................................................48 Volumes.......................................................................................................................................................................................................................................49 Baltic Estonia, EUR .......................................................................................................................................................................................................49 Baltic Latvia, LVL...........................................................................................................................................................................................................49 Baltic Lithuania, LTL .....................................................................................................................................................................................................50 Baltic real estate holding companies........................................................................................................................................................................................50
SEB Group by geography...........................................................................................................................................................51 Macro.......................................................................................................................................................................................... 53 Nordic countries ......................................................................................................................................................................................................................... 53 Baltic countries ...........................................................................................................................................................................................................................54 Swedish housing market............................................................................................................................................................................................................ 55 Macro forecasts per country......................................................................................................................................................................................................56 Definitions ...................................................................................................................................................................................................................................58
SEB Fact Book Annual Accounts 2012
3
About SEB Mission
We help people and businesses thrive by providing quality advice and financial resources.
Vision
To be the trusted partner for customers with aspirations.
Customers & Markets
2,800 large corporates and institutions, 400,000 SMEs and 4 million private customers bank with us. They are mainly located in eight markets around the Baltic Sea.
Brand promise
Rewarding relationships.
Corporate objectives
The leading Nordic bank for corporates and institutions Top universal bank in Sweden and the Baltic countries
Strategic priorities
Long-term customer relationships – SEB provides advice with a long-term perspective based on the customer’s overall financial situation. Leading Nordic corporate bank – SEB grows through an increased share of existing customer business and through increased activity versus new corporate customers. Resilience and flexibility – SEB proritises to maintain a strong capital and liquidity position in order to ensure the long term capacity to support our customers in all circumstances.
People
16,500 highly skilled people serving customers from locations in some 20 countries; covering different time zones, securing reach and local market knowledge.
Values
Guided by our Code of Business Conduct and our core values: professionalism, commitment, mutual respect and continuity.
History
Over 150 years of business, building trust and sharing knowledge. We have always acted responsibly in society promoting entrepreneurship, international outlook and long-term relationships.
SEB history •
1856- Stockholms Enskilda Bank was founded
•
1972- Merger with Skandinaviska Banken
•
1990- Swedish bank crises. Several acquisitions: Trygg Hansa (1997), Baltic banks (1998), SEB AG (1999), Ukraine (2004)
•
2011- A Nordic relationship bank. Divestment of German retail and Ukrainian retail
Financial targets Financial targets and outcome Return on equity (per cent) Core Tier 1 ratio (Basel 2.5, per cent) Common Equity Tier 1 ratio (Basel III per cent) Dividend (per cent of earnings per share) 1
2008 13.1 10.1
2009 1.2 13.9
2010 6.8 14.2
2011 11.1 13.7
0
172
49
35
2012 11.1 15.1 13.1 1 52
Target Competitive with peers 13% Dividend payout 40% or above
=
SEK 2.75 per share proposed to the AGM
Rating Moody's
Standard & Poor's
Outlook Stable Short P-1 P-2 P-3
Long Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3
SEB Fact Book Annual Accounts 2012
Outlook Negative Short A-1+ A-1 A-2 A-3
Fitch Outlook Stable Long AAA AA+ AA AAA+ A ABBB+ BBB BBB-
Short F1+ F1 F2 F3
Long AAA AA+ AA AAA+ A ABBB+ BBB BBB-
4
Organisation Board of Directors
Internal Audit
Group Risk
Human Resources President and Chief Executive Officer
Group Compliance
Merchant Banking
Chief Financial Officer
Retail Banking
Wealth Management
Life
Baltic
Business Support / Group Staff
=
Full-time equivalents, end of quarter
Merchant Banking Retail Banking RB Sweden RB Cards Wealth Management Life Baltic Baltic Estonia Baltic Latvia Baltic Lithuania Baltic Real Estate Companies Business Support Other total SEB Group Continuing operations Discontinued operations SEB Group
SEB Fact Book Annual Accounts 2012
Q1 2011 2,386 3,623 2,850 773 976 1,237 3,203 981 878 1,323 21 3,740 5,270
Q2 2011 2,390 3,723 2,949 774 982 1,241 3,182 969 888 1,306 19 3,748 5,261
Q3 2011 2,409 3,651 2,869 782 965 1,331 3,112 922 883 1,282 25 3,805 5,322
Q4 2011 2,414 3,684 2,905 779 957 1,323 3,065 891 863 1,285 26 3,864 5,364
Q1 2012 2,414 3,724 2,959 765 955 1,305 3,030 875 881 1,248 26 3,928 5,278
Q2 2012 2,414 3,834 3,072 762 948 1,303 2,990 863 867 1,233 27 3,915 5,258
Q3 2012 2,429 3,649 2,882 767 913 1,323 2,907 839 837 1,203 28 3,885 5,194
Q4 2012 2,392 3,649 2,898 751 919 1,338 2,857 814 821 1,193 29 3,847 5,140
16,695 817 17,512
16,779 797 17,576
16,790 830 17,620
16,807 764 17,571
16,706 728 17,434
16,747 66 16,813
16,415 65 16,480
16,295 62 16,357 =
5
=
Corporate Governance • • • • • •
SEB follows the Swedish Code of Corporate Governance (Bolagsstyrningskoden). The structure of responsibility distribution and governance comprises: Annual General Meeting (AGM) Board of Directors President and Chief Executive Officer (CEO) Divisions, business areas and business units Business Support and staff functions Internal Audit, Compliance and Group Risk organisation.
Board The Board members are appointed by the shareholders at the AGM for a one-year term of office, extending through the next AGM. The Board of Directors consists of eleven members without any deputies, elected by the AGM, and of two members and two deputies appointed by the employees. In order for the Board to form a quorum more than half of the
members must be present. The President and CEO, Annika Falkengren, is the only Board member elected by the AGM who is equally an employee of the Bank. All other Board members elected by the AGM are considered to be independent in relation to the Bank and its Management. Two Board members are considered nonindependent in relation to major shareholders.
Group Executive Committee The President and CEO has three different committees at her disposal; the Group Executive Committee, the Group Risk and Credit Committee and the Asset and Liability Committee. The GEC deals with, among other things, matters of common concern to several divisions, strategic issues, business plans, financial forecasts and reports. The Board of Directors and the President and CEO perform their governing and controlling roles through several policies and instructions, the purpose of which is to clearly define the distribution
of responsibility. The Rules of Procedure for the Board of Directors, the Instruction for the President and Chief Executive Officer, the Instruction for the Activities, the Group’s Credit Instruction, Instruction for handling of Conflicts of Interest, Ethics Policy, Risk Policy, Instruction for procedures against Money Laundering and Financing of Terrorism, Remuneration Policy, Code of Business Conduct and the Corporate Sustainability Policy are of special importance.
Corporate Governance Structure Nomination Committee
Shareholders/Annual General Meeting Board of Directors Risk & Capital Committee
Remuneration & HR Committee
Audit & Compliance Committee Head of Group Internal Audit
President and Chief Executive Officer Group Risk Committee Chief Risk Officer
Group Credit Officer
Group Executive Committee
Asset & Liability Committee Head of Group Compliance Appointed by Reporting to Informing
SEB’s activities are managed, controlled and followed up in accordance with policies and instructions established by the Board and the President and CEO.
SEB Fact Book Annual Accounts 2012
=
6
=
Share and shareholders The SEB share Index
NASDAQ OMXS30
FTSE W.EUROPEAN BANKS
SEB A
120 100 80 60 40 20 0 Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12
= SEB’s major shareholders
Dividend development SEK m
Share of capital, per cent
16,000
20.8
14,000
Trygg Foundation Alecta Swedbank/Robur Funds
8.1 6.2 3.9
12,000
Norges Bank Nordea Funds
2.6 2.1
6,000
SEB funds SHB funds
2.0 1.5
2,000
Wallenberg Foundations AMF Insurance & Funds
1.5 1.3
December 2012 Investor AB
Foreign owners Source: Euroclear Sweden/SIS Ägarservice
= =
Total dividend
Net profit
10,000 8,000 4,000 0 2007
2008
2009
DPS1), SEK 3.40 0 1.00 Pay-out ratio 33% 0% 172% Dividend policy: 40% of net profit (Earnings per share)
24.2
=
1)
2010
1.50 49%
2011
1.75 35%
2012
2.75 52%
No. shares adjusted for rights issue
= =
SEB Fact Book Annual Accounts 2012
7
=
Income statement SEB Group Jan - Dec 2012 2011 17,635 16,901 13,620 14,175 4,579 3,548 3,428 3,197 -439 -135 38,823 37,686
4 -4 29 7
4 -20
-14,596 -6,444
-14,325 -7,424
2 -13
-475 -6,032
158
-2,612 -23,652
-1,764 -23,513
48
8
-23
3,302
-6
15,171
14,173
7
1 -186 3,857
100 48
-1 -240 3,061
-7
1 -937 14,235
2 778 14,953
-50
15
401 3,240
-868 2,989
-146
-2,093 12,142
-2,942 12,011
-29
27
Discontinued operations Net profit
-1 3,239
-155 2,834
-99
-300 2,257
-100
44
-488 11,654
-1,155 10,856
-58
14
Attributable to minority interests Attributable to shareholders
7 3,232
4 2,830
75 14
10 2,247
-30 44
22 11,632
37 10,819
-41 8
Continuing operations Basic earnings per share, SEK Diluted earnings per share, SEK
1.47 1.47
1.36 1.36
1.16 1.16
5.53 5.51
5.46 5.43
Total operations Basic earnings per share, SEK Diluted earnings per share, SEK
1.47 1.47
1.29 1.29
1.02 1.02
5.31 5.29
4.93 4.91
Q4 2012 4,458 3,715 982 831 -349 9,637
Q3 2012 4,466 3,192 1,091 861 71 9,681
0 16 -10 -3
0
Q4 2011 4,318 3,637 589 992 -202 9,334
-3,672 -1,628
-3,602 -1,573
2 3
-3,527 -2,030
-1,224 -6,524
-464 -5,639
164
16
Profit before credit losses
3,113
4,042
Gains less losses from disposals of tangible and intangible assets Net credit losses Operating profit
2 -276 2,839
Income tax expense Net profit from continuing operations
SEK m Net interest income Net fee and commission income Net financial income Net life insurance income Net other income Total operating income Staff costs Other expenses Depreciation, amortisation and impairment of tangible and intangible assets Total operating expenses
%
-26
8
-504 2,557
% 3 2 67 -16 73
3
%
3
1
-5
1
7
Income, Expenses and Operating profit SEK m SEK m
Income
Expenses
SEK m
Operating profit before credit losses
Operating profit
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Q2 -09 Q4 -09 Q2 -10 Q4 -10 Q2 -11 Q4 -11 Q2 -12 Q4 -12
Q2-09 Q4 -09 Q2 -10 Q4 -10
Q2 -11
Q4 -11 Q2 -12
Q4 -12
Including: SEK 2,394m goodwill write-down for Baltics and Russia in Q2 2009 and SEK 1,3bn capital gain on repurchased bonds SEK 270m capital gain on repurchased bonds in Q4 2009 SEK 755m restructuring costs for German Retail divestment in Q3 2010 SEK 402m buy-backs of covered bonds and SEK 753m impairment/loss on IT investment assets in Q4 2012
SEB Fact Book Annual Accounts 2012
= 8
=
Income statement, quarters SEB Group Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Net interest income Net fee and commission income Net financial income Net life insurance income Net other income Total operating income
4,246 3,495 1,231 782 -110 9,644
4,215 3,554 825 764 143 9,501
4,122 3,489 903 659 34 9,207
4,318 3,637 589 992 -202 9,334
4,181 3,264 1,379 915 -150 9,589
4,530 3,449 1,127 821 -11 9,916
4,466 3,192 1,091 861 71 9,681
4,458 3,715 982 831 -349 9,637
Staff costs Other expenses Depreciation, amortisation and impairment of tangible and intangible assets Restructuring costs Total operating expenses
-3,689 -1,785
-3,615 -1,904
-3,494 -1,705
-3,527 -2,030
-3,618 -1,653
-3,704 -1,590
-3,602 -1,573
-3,672 -1,628
-429
-425
-435
-475
-464
-460
-464
-1,224
-5,903
-5,944
-5,634
-6,032
-5,735
-5,754
-5,639
-6,524
Profit before credit losses
3,741
3,557
3,573
3,302
3,854
4,162
4,042
3,113
Gains less losses from disposals of tangible and intangible assets Net credit losses Operating profit
6 427 4,174
-5 558 4,110
2 33 3,608
-1 -240 3,061
2 -206 3,650
-4 -269 3,889
1 -186 3,857
2 -276 2,839
Income tax expense Net profit from continuing operations
-839 3,335
-765 3,345
-834 2,774
-504 2,557
-793 2,857
-833 3,056
-868 2,989
401 3,240
Discontinued operations Net profit
-790 2,545
-41 3,304
-24 2,750
-300 2,257
-246 2,611
-86 2,970
-155 2,834
-1 3,239
Attributable to minority interests Attributable to shareholders
14 2,531
6 3,298
7 2,743
10 2,247
5 2,606
6 2,964
4 2,830
7 3,232
SEK m
Share of profit before credit losses December 2012 Germany*
Sweden
Lithuania 2% 8% Estonia 4%
Life
Latvia 3% 6%
7% 12%
Finland
51% 12%
Denmark
Baltic
Wealth Management
Merchant Banking
44%
8%
14%
29% Retail Banking
Norway Geography and Divisions excluding Other and eliminations, see page 31 * Excluding centralised Treasury operations
=
= =
SEB Fact Book Annual Accounts 2012
9
=
Key figures – SEB Group Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
14.13 1.51 1.51 0.61 16,695
14.12 1.52 1.51 0.63 16,779
11.23 1.26 1.25 0.61 16,790
10.05 1.16 1.16 0.65 16,807
11.06 1.30 1.30 0.60 16,706
11.83 1.39 1.39 0.58 16,747
11.35 1.36 1.36 0.58 16,415
11.93 1.47 1.47 0.68 16,295
Total operations Return on equity, % Return on total assets, % Return on risk-weighted assets, %
10.77 0.48 1.30
13.94 0.61 1.67
11.13 0.49 1.36
8.87 0.38 1.09
10.10 0.44 1.25
11.50 0.50 1.39
10.76 0.47 1.31
11.93 0.53 1.49
Basic earnings per share, SEK Weighted average number of shares, millions**
1.15 2,194
1.50 2,194
1.25 2,194
1.02 2,193
1.19 2,189
1.35 2,192
1.29 2,192
1.47 2,192
Diluted earnings per share, SEK Weighted average number of diluted shares, millions***
1.15 2,206
1.49 2,206
1.24 2,205
1.02 2,203
1.19 2,196
1.35 2,196
1.29 2,198
1.47 2,202
Net worth per share, SEK Average shareholders' equity, SEK, billion
47.33 94.0
49.72 94.6
50.86 98.6
51.99 101.4
51.85 103.1
53.74 103.3
55.30 105.1
56.33 108.5
Credit loss level, % Total reserve ratio individually assessed impaired loans, % Net level of impaired loans, % Gross level of impaired loans, %
-0.17 69.0 0.54 1.13
-0.20 64.8 0.56 1.11
-0.01 68.6 0.43 0.90
0.08 71.1 0.39 0.84
0.06 71.8 0.36 0.79
0.08 71.3 0.34 0.71
0.11 74.2 0.30 0.62
0.08 74.4 0.28 0.58
Capital adequacy including transitional floor :**** Risk-weighted assets, SEK billion Core Tier 1 capital ratio, % Tier 1 capital ratio, % Total capital ratio, %
777 11.35 13.18 12.72
798 11.47 13.27 12.86
827 11.25 13.06 12.77
828 11.25 13.01 12.50
835 11.24 12.96 12.35
867 11.12 12.79 12.31
860 11.33 12.94 12.74
879 10.05 11.65 11.47
Capital adequacy without transitional floor (Basel II): Risk-weighted assets, SEK billion Core Tier 1 capital ratio, % Tier 1 capital ratio, % Total capital ratio, %
678 13.00 15.09 14.57
678 13.50 15.62 15.12
667 13.94 16.18 15.83
679 13.71 15.87 15.24
675 13.91 16.03 15.29
632 15.25 17.54 16.88
591 16.51 18.85 18.56
586 15.09 17.48 17.22
Number of full time equivalents*
17,512
17,576
17,620
17,571
17,434
16,813
16,480
16,357
Assets under custody, SEK billion Assets under management, SEK billion
4,948 1,372
4,683 1,356
4,321 1,241
4,490 1,261
4,982 1,317
4,989 1,261
4,788 1,271
5,191 1,328
Discontinued operations Basic earnings per share, discontinued operations, SEK Diluted earnings per share, discontinued operations, SEK
-0.36 -0.36
-0.02 -0.02
-0.01 -0.01
-0.14 -0.14
-0.11 -0.11
-0.04 -0.04
-0.07 -0.07
0.00 0.00
Continuing operations Return on equity, continuing operations, % Basic earnings per share, continuing operations, SEK Diluted earnings per share, continuing operations, SEK Cost/income ratio, continuing operations Number of full time equivalents, continuing operations*
*
Quarterly numbers are for last month of quarter.
** The number of issued shares was 2,194,171,802. SEB owned 2,344,366 Class A shares for the employee stock option programme at year end 2011. During 2012 SEB has repurchased 11,987,956 shares and 12,143,588 shares have been sold as employee stock options have been exercised. Thus, as at 31 December 2012 SEB owned 2,188,734 Class A-shares with a market value of SEK 121m. *** Calculated dilution based on the estimated economic value of the long-term incentive programmes.
=
**** 80 per cent of RWA in Basel I
= = Impact from exchange rate fluctuations SEK/EUR Period-End
SEK/USD Period-End 8.0
10.0
7.5
9.5
7.0
9.0
6.5
8.5
6.0 5.5
8.0 Dec Mar Jun Sep Dec Mar Jun Sep Dec -10 -11 -11 -11 -11 -12 -12 -12 -12
SEB Fact Book Annual Accounts 2012
Dec Mar Jun Sep Dec Mar Jun Sep Dec -10 -11 -11 -11 -11 -12 -12 -12 -12
SEK m Q4-12/Q4-11 Total income -140 Total expenses 88 Net credit losses 10 Operating profit -42 SEK bn Loans to the public Deposits from the public RWA - Basel II Total assets
Q4-12/Q3-12 74 -42 -3 29 Dec-12/Dec-11 -18 -19 -10 -44
YTD-12/YTD-11 -303 184 13 -107
10
=
Net interest income analysis SEB Group, SEK m Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Lending volumes and margins Deposit volumes and margins Funding and Other
2,770 708 768
2,930 774 511
3,028 895 199
3,209 907 202
3,010 892 279
3,110 849 571
3,237 769 460
3,436 624 398
Net interest income
4,246
4,215
4,122
4,318
4,181
4,530
4,466
4,458
SEK m Loans to credit institutions and central banks Loans to the public Interest-earning securities Total interest-earning assets Derivatives Other assets Total assets
Q1 2011 136,787 1,102,488 350,683 1,589,958
Q2 2011 153,399 1,090,337 378,565 1,622,302
Q3 2011 138,211 1,130,430 399,914 1,668,556
Q4 2011 165,691 1,162,340 404,961 1,732,992
Q1 2012 227,557 1,168,790 394,042 1,790,389
Q2 2012 194,186 1,212,949 385,363 1,792,497
Q3 2012 117,169 1,204,916 455,022 1,777,107
Q4 2012 114,645 1,214,739 470,964 1,800,348
538,951 2,128,910
569,624 2,191,926
567,017 2,235,573
592,284 2,325,276
584,326 2,374,715
615,114 2,407,611
613,834 2,390,941
628,186 2,428,534
Deposits from credit institutions Deposits and borrowing from the public Debt securities Subordinated liabilities Total interest-bearing liabilities Other liabilities and equity Total liabilities and equity
196,262 693,934 608,660 24,579 1,523,435 605,475 2,128,910
222,377 728,453 645,443 24,328 1,620,600 571,326 2,191,926
220,306 766,300 653,617 26,424 1,666,647 568,926 2,235,573
215,746 801,657 686,978 25,510 1,729,891 595,385 2,325,276
221,117 812,535 711,304 24,943 1,769,899 604,817 2,374,715
225,314 839,674 697,085 24,099 1,786,172 621,438 2,407,611
206,968 826,534 709,327 23,017 1,765,846 625,095 2,390,941
187,131 851,754 732,412 24,449 1,795,746 632,788 2,428,534
Q1 2011 793 9,392 1,967 12,152 891 13,044
Q2 2011 897 9,953 2,211 13,061 904 13,965
Q3 2011 967 10,738 2,071 13,775 662 14,437
Q4 2011 1,233 10,927 2,072 14,233 662 14,894
Q1 2012 749 10,899 1,775 13,424 604 14,028
Q2 2012 718 10,580 1,649 12,947 880 13,826
Q3 2012 663 10,221 1,374 12,258 921 13,179
Q4 2012 633 9,741 1,282 11,656 1,132 12,788
-817 -3,341 -3,366 -340 -7,863 -813 -8,676
-966 -3,800 -3,663 -381 -8,809 -963 -9,772
-1,080 -4,187 -3,668 -292 -9,228 -1,064 -10,293
-1,161 -4,324 -3,785 -341 -9,611 -948 -10,559
-717 -4,095 -3,830 -287 -8,929 -909 -9,839
-727 -3,817 -3,635 -279 -8,458 -835 -9,294
-619 -3,548 -3,372 -296 -7,834 -879 -8,713
-594 -3,233 -3,313 -383 -7,523 -807 -8,330
Loans to credit institutions and central banks Loans to the public Interest-earning securities Interest rate on interest-earning assets
Q1 2011 2.32% 3.41% 2.24% 3.06%
Q2 2011 2.34% 3.65% 2.34% 3.22%
Q3 2011 2.80% 3.80% 2.07% 3.30%
Q4 2011 2.98% 3.76% 2.05% 3.29%
Q1 2012 1.32% 3.73% 1.80% 3.00%
Q2 2012 1.48% 3.49% 1.71% 2.89%
Q3 2012 2.26% 3.39% 1.21% 2.76%
Q4 2012 2.21% 3.21% 1.09% 2.59%
Deposits from credit institutions Deposits and borrowing from the public Debt securities Subordinated liabilities Interest rate on interest-bearing liabilities Net yield on interest-earning assets, total operations
-1.67% -1.93% -2.21% -5.53% -2.06% 1.10%
-1.74% -2.09% -2.27% -6.27% -2.17% 1.03%
-1.96% -2.19% -2.25% -4.42% -2.21% 0.99%
-2.15% -2.16% -2.20% -5.35% -2.22% 1.00%
-1.30% -2.02% -2.15% -4.60% -2.02% 0.94%
-1.29% -1.82% -2.09% -4.64% -1.89% 1.01%
-1.20% -1.72% -1.90% -5.14% -1.77% 1.01%
-1.27% -1.52% -1.81% -6.26% -1.68% 0.99%
=
Net interest margin Average balance, quarterly isolated
Interest, quarterly isolated SEK m Loans to credit institutions and central banks Loans to the public Interest-earning securities Interest income from interest-earning assets Other assets Total interest income Deposits from credit institutions Deposits and borrowing from the public Debt securities Subordinated liabilities Interest expense from interest-bearing liabilities Other liabilities and equity Total interest expense
Interest rate
SEB Fact Book Annual Accounts 2012
11
=
NII customer driven specification Cumulative changes from Q1 2010, SEK m 3,500
NII from lending
3,000 2,500 2,000 1,500 1,000 500 0 -500
Q1 2010
Q2
Q3
Q4
Q1 2011
Starting point
Q2
Q3
Volume effect
Q4
Q1 2012
Margin effect
Q2
Q3
Q2
Q3
Q4
Total
1,500
NII from deposits
1,250 1,000 750 500 250 0 -250
Q1 2010
Q2
Q3
Q4
Q1 2011
Starting point
Q2
Q3
Q4
Volume effect
Q1 2012
Margin effect
Q4
Total
=
Net financial income SEB Group SEK m Equity instruments and related derivatives Debt instruments and related derivatives Currency related Other Net financial income
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
146 218 861 6
207 110 659 -151
-357 793 613 -146
-17 -64 848 -178
416 76 881 6
-175 767 588 -53
289 -8 809 1
-12 137 885 -28
1,231
825
903
589
1,379
1,127
1,091
982
The result within Net financial income is presented based on type of underlying financial instrument. Treasury related activities are volatile due to changes in interests and spreads. The net effect from trading operations is fairly stabile over time, although affected by seasonality, but shows volatility between lines.
SEB Fact Book Annual Accounts 2012
12
=
Net fee and commission income SEB Group Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Issue of securities Secondary market Custody and mutual funds Securities commissions
62 440 1,903 2,405
70 371 1,809 2,250
28 485 1,711 2,224
92 525 1,795 2,412
57 366 1,625 2,048
31 353 1,664 2,048
11 398 1,564 1,973
45 370 1,838 2,253
Payments Card fees Payment commissions
386 944 1,330
400 1,008 1,408
390 1,022 1,412
399 1,060 1,459
395 1,041 1,436
413 1,132 1,545
376 1,103 1,479
396 1,096 1,492
66 445 26 95 151 125 908
147 583 26 99 134 136 1,125
122 474 27 98 222 120 1,063
97 461 27 106 208 128 1,027
114 476 29 109 126 116 970
111 521 30 115 114 148 1,039
81 442 33 114 103 65 838
196 608 36 113 110 152 1,215
Fee and commission income
4,643
4,783
4,699
4,898
4,454
4,632
4,290
4,960
Securities commissions Payment commissions Other commissions Fee and commission expense
-352 -541 -255 -1,148
-359 -575 -295 -1,229
-326 -593 -291 -1,210
-348 -592 -321 -1,261
-327 -635 -228 -1,190
-307 -670 -206 -1,183
-281 -641 -176 -1,098
-371 -626 -248 -1,245
Securities commissions Payment commissions Other commissions
2,053 789 653
1,891 833 830
1,898 819 772
2,064 867 706
1,721 801 742
1,741 875 833
1,692 838 662
1,882 866 967
Net fee and commission income
3,495
3,554
3,489
3,637
3,264
3,449
3,192
3,715
SEK m
Advisory Lending Deposits Guarantees Derivatives Other Other commissions
Expenses Staff costs - SEB Group SEK m Salaries etc Redundancies Pensions Other staff costs Staff costs* *all items include social charges
Q1 2011 -3 126 - 17 - 393 - 153 -3,689
Q2 2011 -3 082 - 33 - 354 - 146 -3,615
Q3 2011 -2 949 - 30 - 367 - 148 -3,494
Q4 2011 -2 985 - 56 - 297 - 189 -3,527
Q1 2012 -3 099 - 31 - 354 - 134 -3,618
Q2 2012 -3 152 - 31 - 377 - 144 -3,704
Q3 2012 -2 958 - 110 - 400 - 134 -3,602
Q4 2012 -2 974 - 241 - 290 - 167 -3,672
Q2 2012 -411 -782 -118 -200 -119 -116 156 -1,590
Q3 2012 -399 -621 -80 -153 -89 -107 -124 -1,573
Q4 2012 -408 -710 -141 -231 -125 -113 100 -1,628
= Other expenses - SEB Group SEK m Costs for premises Data costs Travel and entertainment Consultants Marketing Information services Other operating costs Other expenses
SEB Fact Book Annual Accounts 2012
Q1 2011 -408 -861 -102 -227 -102 -110 25 -1,785
Q2 2011 -418 -1,004 -129 -288 -142 -107 184 -1,904
Q3 2011 -404 -877 -103 -207 -100 -101 87 -1,705
Q4 2011 -450 -1,165 -159 -224 -167 -127 262 -2,030
Q1 2012 -407 -797 -90 -146 -97 -108 -8 -1,653
13
=
Balance sheet structure & funding Balance sheet structure Assets SEK m Cash and balances with central banks Other lending to central banks Lending Repos Debt instruments Other loans to credit institutions Public Private Individuals Corporate Repos Debt instruments Loans to the public Debt instruments Equity instruments Derivatives Insurance assets Financial assets at fair value Debt instruments Other Available-for-sale financial assets Assets held for sale Tangible and intangible assets Other assets TOTAL ASSETS Liabilities SEK m Central banks Credit institutions Repos Deposits from credit institutions Public Private Individuals Corporate Repos Deposits and borrowings from the public Liabilities to policyholders CP/CD Long term debt Debt securities Debt instruments Equity instruments Derivatives Financial liabilities at fair value Liabilities held for sale Other liabilities Subordinated liabilities Total liabilities Total equity Total liabilities and equity
Mar 2011 15,914 14,567 126,400 17,464 40,629 184,493 76,006 397,925 527,155 76,214 36,507 1,113,807 177,477 78,676 124,369 263,900 644,421 65,534 3,101 68,635 0 27,212 46,485 2,115,534
June 2011 106,558 85,069 26,983 36,164 148,216 63,515 411,327 572,732 52,915 37,769 1,138,257 187,032 89,788 112,585 266,050 655,454 63,485 3,220 66,705
Sep 2011 100,405 39,143 93,512 25,661 32,092 151,265 61,995 423,658 590,524 79,239 35,801 1,191,217 191,995 83,724 179,686 270,100 725,504 58,817 3,026 61,843
27,952 55,249 2,198,391
29,053 58,610 2,357,040
Mar 2011 36,326 137,811 27,365 201,503 62,139 173,068 456,319 15,569 707,095 263,075 206,449 343,400 549,849 31,239 41,129 122,979 195,347
June 2011 26,803 144,526 37,710 209,039 73,804 184,109 492,296 13,869 764,078 264,834 189,346 355,905 545,250 44,460 60,913 107,714 213,087
Sep 2011 37,487 164,647 38,475 240,610 77,895 189,534 534,520 12,465 814,415 268,030 203,922 343,374 547,296 59,877 60,469 159,909 280,255
82,214 23,992 2,023,075 92,459 2,115,534
80,100 24,836 2,101,225 97,166 2,198,391
77,972 27,705 2,256,282 100,758 2,357,040
Dec 2011 148,042 80,548 70,756 30,201 27,806 128,763 62,188 433,547 585,723 72,244 32,520 1,186,223 176,001 55,931 167,821 269,925 669,678 54,573 2,804 57,377 2,005 29,016 57,729 2,359,381
Mar 2012 39,064 126,816 88,914 28,792 24,777 142,483 59,043 442,198 596,240 73,750 29,875 1,201,106 186,836 71,983 143,367 276,008 678,195 56,335 3,010 59,345 1,826 29,536 49,570 2,327,941
Dec 2011 35,957 139,000 26,317 201,274 73,409 198,244 565,522 24,508 861,682 269,683 217,778 372,095 589,873 44,584 35,233 152,430 232,246 1,962 74,812 25,109 2,256,642 102,739 2,359,381
Mar 2012 41,551 156,453 29,661 227,665 68,950 201,341 493,482 19,089 782,861 279,874 229,999 395,599 625,598 40,029 35,175 131,935 207,139 1,803 76,560 24,669 2,226,169 101,772 2,327,941
June 2012 81,307 105,693 69,965 23,351 24,479 117,796 58,611 449,925 606,178 104,702 28,750 1,248,166 179,369 71,461 160,817 267,732 679,379 48,001 3,307 51,308
Sep 2012 187,126 21 70,508 28,817 23,329 122,655 54,378 454,613 596,725 104,381 27,950 1,238,048 176,063 92,566 176,947 271,603 717,179 45,631 3,539 49,170
Dec 2012 191,445 17,718 71,841 30,822 23,360 126,023 55,584 466,988 612,557 75,702 25,258 1,236,088 191,477 85,210 170,600 278,650 725,938 47,159 3,439 50,598
29,632 56,967 2,370,247
29,098 55,602 2,398,897
28,494 77,151 2,453,456
June 2012 50,851 136,474 24,180 211,505 96,508 206,728 545,954 10,385 859,575 276,597 227,290 362,401 589,690 42,591 38,564 147,788 228,944
Sep 2012 53,578 139,482 19,868 212,928 90,931 207,941 499,638 13,392 811,901 280,231 279,110 375,733 654,843 33,198 34,901 164,483 232,581
Dec 2012 30,073 126,210 14,372 170,656 74,248 208,972 564,577 14,463 862,260 285,973 257,794 404,057 661,851 43,060 34,161 159,781 237,001
76,807 22,979 2,266,098 104,149 2,370,247
75,566 24,184 2,292,235 106,662 2,398,897
The definitions of the specified categories under Loans to credit institutions and Loans to the public above deviates slightly from the definitions of industries in the table on p. 24 Loan portfolio by industry and geography that is also more detailed.
SEB Fact Book Annual Accounts 2012
101,921 24,281 2,343,943 109,513 2,453,456 =
14
=
Total loans and deposits SEK bn Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
1,113 76 37 1,000
1,138 53 37 1,048
1,191 79 36 1,076
1,185 72 33 1,080
1,201 74 30 1,097
1,248 105 29 1,114
1,238 104 28 1,106
1,236 76 25 1,135
706 15 691
764 14 750
813 12 801
862 25 837
783 19 764
860 10 850
812 13 799
862 14 848
145%
140%
134%
129%
144%
131%
138%
Loans to the public Repos Debt instruments Loans adjusted for repos and debt instruments Deposits and borrowing from the public Repos Deposits adjusted for repos Loan to deposit ratio excl repos and debt instruments
134% =
Loan to deposit ratio excl repos and debt instruments 150% 145% 140% 135% 130% 125% 120% 115%
134%
2002
2003
2004
2005
2006
2007
A strong balance sheet structure, Dec 2012
2008
2009
2010
2011
2012
Deposits and wholesale funding structure by product SEB Group, SEK 1,661bn*, Dec 2012
Balance sheet structure
Liquid assets
100%
Credit Institutions
90%
Net Trading Assets Funding 1y
40%
“Banking book”
Short-term funding
Deposits from CB
60% 50%
Senior Debt Subordinated debt 7% 1%
Credit Institutions
Corporate & Public Sector Deposits
Corporate deposits 32%
10%
Private Individual deposits 13%
Equity
0% Assets
Liabilities
* Excluding repos and public covered bonds issued by SEB AG which are in a run-off mode
Intangible assets SEK m Goodwill Other intangibles Deferred acquisition costs Intangible assets
SEB Fact Book Annual Accounts 2012
31 Mar 2011 10,434 2,836 3,660 16,930
30 Jun 2011 10,511 3,014 3,688 17,213
30 Sep 2011 10,549 3,225 4,138 17,912
31 Dec 2011 10,487 3,254 4,131 17,872
31 Mar 2012 10,495 3,425 4,113 18,033
30 Jun 2012 10,498 3,596 4,087 18,180
30 Sep 2012 10,417 3,531 3,995 17,943
31 Dec 2012 10,460 2,820 4,008 17,287
15
=
Long-term funding Maturity profile, Dec 2012 By product, SEK bn 90 Subordinated debt
80 70
Senior unsecured
60 50
Covered bonds SEB AG
40 30
Covered bonds non SEK, SEB AB
20 10
Covered bonds SEK, SEB AB
Product* Mortgage covered bonds SEB AB, SEK Mortgage covered bonds SEB AB, non-SEK Mortgage covered bonds SEB AG Senior unsecured Subordinated debt Total
0 10Y
10y 7,9 0,2 4,4 2,9 1,1 17
Total 203 59 26 128 22 438
10y 7,9 6,4 1,1 0,0 1,1 0,0 0,0 0,0 0,0 0,0 17
Total 237 176 7 8 2 1 0 5 1 1 438
* Excluding public covered bonds.
By currency, SEK bn Currency* SEK EUR USD GBP JPY CHF HKD NOK DKK RUB Total
Long-term funding raised, SEK bn Instrument
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Full Year 2012
5
16
42
19
24
81
0
1
2009
2010
2011
Senior unsecured
76
20
32
16
5
Covered bonds SEB AB
26
71
95
23
15
Covered bonds SEB AG
24
11
0
1
0
0
Subordinated debt Total
SEB Fact Book Annual Accounts 2012
3
0
0
0
0
6
0
6
130
102
126
40
21
30
40
131
16
=
Balance Sheet Maturity Profile SEB Group Remaining Contractual Maturities SEB Group 31 Dec 2012 SEK m Cash and balances with central banks Other Lending to Central Banks Loans to credit institutions of which Repos and Margins of safety Loans to the public of which Repos and Margins of safety Public Private individuals Corporate Financial assets at fair value Debt instruments Equity instruments Derivatives Insurance assets Other Total assets
Payable on demand 190,890 0 41,880 16,402 75,674 54 26,860 5,756 43,058 86 86 0 0 0 483 309,013
10y 0 0 3,043 875 90,514 0 1,928 27,011 61,575 0 0 0 0 0 36,494 130,051
Not distributed 0 0 0 0 2,341 0 51 1,346 944 534,461 0 85,210 170,600 278,650 71,343 608,144
Total 191,445 17,718 126,023 62,711 1,236,088 88,970 63,016 467,004 706,069 725,938 191,477 85,210 170,600 278,650 156,244 2,453,456
SEK m Deposits by credit institutions of which Repos and Margins of safety Deposits and borrowings from the public of which Repos and Margins of safety of which covered by Deposit Guarantee Public Private individuals Corporate Liabilities to policyholders Debt securities Certificates Covered bonds Other bonds Financial liabilities at fair value Debt instruments Equity instruments Derivatives Other Subordinated liabilities Equity Total Liabilities and Equity
Payable on demand 72,315 4,810 470,607 443 0 38,921 71,533 360,154 0 309 0 0 309 645 61 584 0 196 3 0 544,076
10y 3,418 1,126 20,733 0 0 2,159 404 18,170 0 18,142 0 13,942 4,200 0 0 0 0 47,410 2,920 0 92,623
Not distributed 0 0 0 0 310,332 0 0 0 285,973 387 0 387 0 193,358 0 33,577 159,781 28,649 0 109,513 617,880
Total 170,656 6,884 862,260 30,540 310,332 78,052 208,972 575,235 285,973 661,851 257,794 286,746 117,311 237,001 43,060 34,161 159,781 101,921 24,281 109,513 2,453,456
SEB Group 31 Dec 2012, EUR SEK m Cash and balances with central banks Other Lending to Central Banks Loans to credit institutions Loans to the public Financial assets at fair value Other Total
Payable on demand 43,663 0 26,379 39,399 0 459 109,899
10y 0 0 155 36,034 0 1,411 37,601
Not distributed 0 0 0 0 97,226 32,413 129,638
Total 43,663 17,718 50,283 302,109 145,498 73,115 632,386
SEK m Deposits by credit institutions Deposits and borrowings from the public Debt securities Financial liabilities at fair value Other Total
Payable on demand 12,930 127,143 309 645 167 141,194
10y 2,512 8,877 7,514 0 1,687 20,591
Not distributed 0 0 0 46,848 46,193 93,041
Total 36,235 243,742 155,751 51,203 69,800 556,731
SEK m Cash and balances with central banks Other Lending to Central Banks Loans to credit institutions Loans to the public Financial assets at fair value Other Total
Payable on demand 133,562 0 7,374 3,696 0 24 144,656
10y 0 0 2,713 4,040 0 545 7,299
Not distributed 0 0 0 0 30,646 3,265 33,911
Total 133,562 0 32,484 93,063 35,987 4,032 299,129
SEK m Deposits by credit institutions Deposits and borrowings from the public Debt securities Financial liabilities at fair value Other Total
Payable on demand 23,491 122,739 0 0 0 146,230
10y 0 34 290 0 638 963
Not distributed 0 0 0 7,992 2,860 10,852
Total 48,833 163,542 219,591 7,992 12,546 452,504
SEK m Cash and balances with central banks Other Lending to Central Banks Loans to credit institutions Loans to the public Financial assets at fair value Other Total
Payable on demand 411 0 1,342 22,537 0 0 24,290
10y 0 0 173 21,739 0 5,809 27,721
Not distributed 0 0 0 0 274,044 14,963 289,007
Total 967 0 29,656 689,888 351,768 27,429 1,099,708
SEK m Deposits by credit institutions Deposits and borrowings from the public Debt securities Financial liabilities at fair value Other Total
Payable on demand 25,673 151,542 0 0 0 177,216
10y 0 8,482 9,748 0 9,351 27,581
Not distributed 0 0 0 106,170 271,732 377,902
Total 38,540 354,036 254,848 133,043 293,938 1,074,405
SEB Group 31 Dec 2012, USD
SEB Group 31 Dec 2012, SEK
Notes: Maturities above are based on remaining contractual maturities. Other Assets include assets Held for Sale, Tangible and Intangible assets and Other assets Other Liabilities include Liabilities to Policyholders, Liabilities Held for Sale, Subordinated Debt, Equity and Other liabilities Payable on Demand includes items available O/N Not Distributed includes items with no contractual maturity and other undistributed items
SEB Fact Book Annual Accounts 2012
17
=
SEB's Liquidity Reserve 31 Dec 2012 Liquidity Reserve*, Group 1 Cash and holdings in central banks 2 Deposits in other banks available overnight 3 Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 4 Securities issued or guaranteed by municipalities or other public sector entities 5 Covered bonds issued by other institutions
30 Dec 2011
31 Mar 2012
TOTAL 225,187
TOTAL 157,882
30 Jun 2012 30 Sep 2012 TOTAL 187,000
Currency distribution
31 Dec 2012
TOTAL 187,147
TOTAL 209,163
SEK 967
EUR 61,381
USD 133,562
Other 13,253
9,949
16,391
13,419
12,588
12,527
1,394
1,366
2,014
7,753
32,646
32,710
26,126
33,888
37,722
4,092
31,158
2,473
0
32,505
32,270
39,106
40,841
42,564
1,213
41,270
81
0
55,544
61,529
52,893
58,112
57,015
32,551
23,822
642
0
0
0
0
0
0
0
0
0
0 0
6 Covered bonds issued by SEB 7 Securities issued by non-financial corporates
0
0
0
0
0
0
0
0
2,668
3,392
3,651
5,475
3,200
0
3,200
0
0
9 Other
18,087
16,858
16,870
10,277
10,707
0
5,367
5,102
238
Total
376,585
321,032
339,065
348,328
372,898
40,217
167,564
143,873
21,244
8 Securities issued by financial corporates (excl. covered bon
* The liquidity reserve is presented in accordance with the template defined by the Swedish Bankers' Association. Assets included in the liquidity reserve should comply with the following: Assets shall be held by the Treasury function in the bank, not be encumbered and be pledgable with central banks. Furthermore, bonds shall have a maximum risk weight of 20% under the standardised approach to credit risk of the Basel II framework and a lowest rating of Aa2/AA-. Assets are disclosed using market values.
SEB Extended Liquidity Reserve and SEB Liquid Resources, Group 31 Dec 2012 Total Liquid Resources, Group Liquidity Reserve Available OC SEB Extended Liquidity Reserve* Other liquid resources SEB Total Liquid Resources**
30 Jun 2012 30 Sep 2012
Currency distribution
30 Dec 2011
31 Mar 2012
TOTAL
TOTAL
TOTAL
TOTAL
31 Dec 2012 TOTAL
SEK
EUR
USD
Other
376,585
321,032
339,065
348,328
372,898
40,217
167,564
143,873
21,244
99,586
93,825
122,728
106,874
105,493
105,493
0
0
0
476,172
414,857
461,793
455,202
478,391
145,710
167,564
143,873
21,244
79,510
83,970
75,548
167,846
153,450
52,064
13,642
1,515
86,229
555,682
498,827
537,341
623,049
631,840
197,774
181,205
145,388
107,473
* SEB Extended Liquidity Reserve includes available overcollateralisation in the Swedish Mortgage cover pool after deducting rating agency haircut. Amounts have been placed in SEK although issuance can also be made in other currencies. ** Other liquid resources include bond holdings outside the Treasury function as well as repos and bond holdings not eligible for inclusion in the Liquidity Reserve.
Asset encumbrance Encumbered assets by liability type, SEKm Sovereigns, cental bank & multilateral development banks Public sector entity Covered bonds Non-financial corporates Financial corporates Other eligible assets Mortgage assets Public sector assets Total
Central bank funding -
Intraday settlement collateral* 541 2,667 3,208
Securities*
Overcollateralisation SEB AB
Repos 18,127 48 10,218 28,392
Derivative Mortgage covered collateral bonds** 291,852 291,852
Public covered bonds ** 29,007 29,007
Total 18,127 48 10,758 2,667 291,852 29,007 352,459
*Pledged and encumbered bonds on balance sheet **Excluding accrued interest Additional unencumbered assets by liability type, SEKm Sovereigns, cental bank & multilateral development banks Public sector entity Covered bonds Non-financial corporates Financial corporates Other eligible assets Mortgage assets Public sector assets Cash Total *Does not include reversed repos
SEB Fact Book Annual Accounts 2012
68,099 17,825 93,975 10,534 10,327 25,432 226,193
139,489 139,489
Overcollateralisation SEB AG 9,348 4,728 14,075
Total 68,099 17,825 93,975 10,534 10,327 25,432 148,837 4,728 379,758
=
18
=
SEB AB Cover pool and covered bonds characteristics 31 Dec 2012 SEB AB Mortgage Covered Bonds Loans originated by
Skandinaviska Enskilda Banken AB (publ)
Pool type
Dynamic
Cover pool Total residential mortgage assets (SEK m) Weighted average LTV (property level) Number of loans (thousand) Number of borrowers (thousand) Weighted average loan balance (SEK thousand) Substitute assets (SEK thousand) Loans past due 60 days (basis points) Net credit losses (basis points)
Covered bonds Total outstanding covered bonds (SEK m) Rating of the covered bond programme FX distribution
SEK non-SEK
Over collateralisation Over collateralisation level
Q4 2012 400,999 59% 625 391 642 0 11 1
Q2 2012 380,181 59% 601 379 632 0 13 1
Q4 2011 360,099 44%* 561 357 610 0 13 1
Q4 2012 261,510 Aaa Moody's 78% 22%
Q2 2012 235,117 Aaa Moody's 74% 26%
Q4 2011 236,829 Aaa Moody's 74% 26%
Q4 2012 53%
Q2 2012 62%
Q4 2011 52%
Q4 2012 LTV distribution**
Loans (100% Swedish residential mortgage) 20% 18%
0-10% 10-20% 20-30% 30-40%
16% 14%
7% 3%
Prior ranking loans
Interest rate type
No prior ranks 5y 1%
Floating (3m) 49%
Fixed rate reset 2y25
