Fee and commission income increased across all divisions, offsetting net interest income declines, and customer satisfaction and employee engagement reached top industry levels.
S&P upgraded the long-term credit rating to AA-/weak AA, reflecting improved financial strength and stable profitability.
AirPlus integration is progressing as planned and is expected to be EPS accretive in 2026.
Proposed ordinary dividend of SEK 8.50 per share and special dividend of SEK 2.50 per share, with a SEK 1.25bn share buyback program approved until March/April 2026.
Strategic focus on digital transformation, AI, and sustainability initiatives, including new technology investments and partnerships.
Q4 2025 operating income was SEK 18,894m, up 1% sequentially but down 5% year-over-year; full-year operating income was SEK 76,939m, down 6% year-over-year.
Q4 2025 net profit was SEK 7,308m, down 5% sequentially and 2% year-over-year; full-year net profit was SEK 31,063m, down 13% year-over-year.
Net interest income declined 10% year-over-year for FY 2025; fee and commission income rose 10% year-over-year.
Operating expenses for the year were SEK 32,596m, in line with the FX-adjusted cost target.
Net expected credit losses for Q4 were 5 bps (SEK 387m), with asset quality remaining robust.
2026 cost target set at SEK 33.4bn ± SEK 250m, reflecting inflation, investments, and AirPlus integration.
Focus on digital transformation, AI, and operational efficiency, with investments in technology, regulatory resilience, and digital assets.
NII expected to bottom out 3–6 months after the last rate cut, with technical headwinds in Q1 2026.
Long-term aspiration to achieve a sustainable ROE of 15%.
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Skandinaviska Enskilda Banken (SEB), headquartered in Stockholm, Sweden, is a prominent financial institution in Northern Europe, providing a comprehensive range of banking services to individuals, corporations, and institutions. With a history dating back to 1856, SEB has built a strong reputation for stability and expertise in financial operations, and they're known for its comprehensive solutions for small and medium-sized businesses. Today, SEB plays a crucial role in the Nordic economy, serving as a significant conduit for investments and financial transactions both within the region and internationally.
SEB can trace its roots back to 1856 by André Oscar Wallenberg, a significant figure in Sweden's economic development during the latter half of the 19th century. The bank was created with the aim of supporting Sweden's burgeoning industrial sector, aiding in the transformation of the country's agrarian economy into a modern industrial one. Over its long history, SEB has weathered multiple financial crises and geopolitical upheavals, both surviving and thriving through these. The bank’s history is characterized by a desire to improve and innovate, something that can be exemplified by its role in introducing ATMs in Sweden during the 1960s and its early adoption of Internet banking in the late 1990s.
In the current Nordic economy, SEB holds a significant position as a key financial service provider, offering an extensive array of banking and financial services, including savings and loans, investments, insurance, and pension products. Its clientele is diverse, ranging from private individuals and small businesses to large corporations and institutions. As one of the largest banks in the Nordic region, SEB plays a substantial role in facilitating commerce and financial transactions, contributing to the region's economic growth and stability. This is however not something that they’re alone in, and some competitors operating in the region include names like DNB, Nordea, and Danske Bank.
SEB has gained a reputation as one of the most attractive options for banking for small and medium-sized businesses. SEB offers a comprehensive suite of banking services for entrepreneurs, including business accounts, loans, and insurance services. Moreover, the bank provides specific tools and resources for startups, such as guidance on business development and access to a vast network of industry contacts.
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