SEB reported operating profit of SEK 9.4 billion for the first quarter of 2026, supported by lower costs and stable income despite a challenging macroeconomic environment. The northern European financial services group posted a return on equity of 13.1%, a CET1 capital ratio of 17.5% and a capital buffer of 290 basis points.
© SEB Group
According to SEB, the first quarter was shaped by geopolitical tensions, which contributed to higher energy prices and a weaker global growth outlook.
"Early year momentum slowed in March amid heightened geopolitical uncertainty. Despite this, selected areas delivered strong performance during the quarter. We play an important role in providing advice and capital to all our customers regardless of the economic cycle," said Johan Torgeby.
Operating profit increased compared with the previous quarter, primarily driven by a reduction in costs alongside resilient income. Total operating expenses declined by 10% quarter-on-quarter to SEK 7.6 billion, reflecting ongoing cost consolidation efforts.
At the same time, total operating income reached SEK 18.4 billion, down slightly from the previous quarter, while net profit rose to SEK 7.5 billion.
SEB confirmed that its full-year cost target for 2026 remains unchanged, updated for currency effects at SEK 33.0 billion ±0.25 billion.
"At the same time, we continue to focus on our revenue-driving business plan initiatives, with the ambition to have a trajectory where income grows faster than costs in the medium-to-long term," Torgeby added.
The results highlight SEB's focus on balancing cost discipline with continued investment in growth initiatives, even amid uncertain economic conditions. The bank said its strategy remains centred on supporting customers across market cycles through advisory services and capital provision, while maintaining strong financial resilience.
Headquartered in Stockholm, SEB operates across more than 20 countries, with a core presence in the Nordic and Baltic regions and a focus on corporate and investment banking services in key European markets including Germany and the United Kingdom.
As of 31 March 2026, the group reported total assets of SEK 4,123 billion and assets under management of SEK 2,863 billion.
More information:
SEB Group
www.sebgroup.com
