Q1 2026 Skandinaviska Enskilda Banken AB Earnings Call Transcript
Key Points
- Skandinaviska Enskilda Banken AB (SVKEF) reported a positive sentiment shift in April after a turbulent first quarter, indicating stabilization in market conditions.
- The bank saw higher demand for commodity hedging and increased activity in secondary equities markets, benefiting from market volatility.
- Cost consolidation efforts are evident, allowing for future investments in prioritized areas and continuation of the share buyback program.
- Growth was observed in the corporate segment, Property Management, and particularly strong performance in the Baltics with 10% growth in mortgages and SMEs.
- Customer satisfaction surveys showed positive results in cash management, fixed income, financial sponsors, and debt capital markets in Sweden.
- Net interest income declined by 6% year-on-year, primarily due to lower deposit margins and FX headwinds.
- Market volatility disrupted the momentum in fee and commission income, with transactions and new issuances being placed on hold.
- Operating expenses, although consolidated, are impacted by external factors such as share price-linked incentive schemes.
- The bank's return on equity was 13.1%, below the target of 15%, partly due to the impact of an overfunded defined benefit pension scheme.
- Corporate lending in Sweden is facing tough competition, impacting market share and pricing discipline.
Good day, and thank you for standing by. Welcome to the SEB financial results Q1 2026 webcast and Conference Call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Johan Torgeby, President and CEO. Please go ahead.
Good morning, everyone, and welcome to SEB's first-quarter results presentation. First, I'd like to just comment on a pretty unusual quarter. We've clearly seen some turbulent times with some macroeconomic sharp turns during the first-quarter of this year.
After a very constructive start in January and February, we had the trigger of the military conflict in the Middle East, where we saw interest rate expectation significantly increase following higher energy prices and the risk of higher inflation, fairly sharp drops in some of the equity markets and also a widening of credit spreads. What's good to see is that April has really
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