Skandinaviska Enskilda Banken AB Class A

SEB A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 669.00	Bxgd	Qplyntdtc

SEB Earnings: Quiet Quarter; Additional Share-Buyback Program Announced

Niklas Kammer

Apr 27, 2023

No-moat SEB reported first-quarter operating profit before items affecting comparability that was up 6% to SEK 11.6 billion on a sequential basis. Lower operating expenses (down 4%) and just 4 basis points of net expected credit losses stood out positively in the quarter. Paired with slightly better income generation (up 1%), SEB achieved a noteworthy 17.9% return on equity in the quarter. We maintain our SEK 123 fair value estimate.

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