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| Name | Symbol | Market | Type |
|---|---|---|---|
| Westpac 24 S | LSE:61KN | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
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RNS No 1175f
SKANDINAVISKA ENSKILDA BANKEN
17 August 1999
PART 2
Profit and Loss Account of the SEB Group
(SEK M)
January- January- Change Full
June June per year
1999 1998 cent 1998
-------------------------------------------------------------------------------
Interest receivable 13,388 15,788 -15 31,470
Interest payable -9,987 -12,487 -20 -24,763
Net interest earnings 3,401 3,301 3 6,707
Dividends received 203 208 -2 227
Commission receivable 4,383 3,980 10 8,019
Commission payable -568 -693 -18 -1,400
Net commission income 1) 3,815 3,287 16 6,619
Net result of financial transactions 2) 1,162 1,256 -7 1,757
Other operating income 1,305 1,781 -27 2,768
Total income 9,886 9,833 1 18,078
General administrative expenses
Staff costs 3,864 3,553 9 6,806
Other administrative expenses 2,041 1,951 5 4,105
Depreciation and write-downs of tangible
and intangible fixed assets 559 548 2 1,073
Other operating costs 651 509 28 1,051
Total costs 7,115 6,561 8 13,035
Result before lending losses 2,771 3,272 -15 5,043
Lending losses and provisions, net 3) 209 -520 -2,237
Change in value of assets taken over 11 2 -10
Write-down of financial fixed assets -2 -4
Operating result, excl. non-life operations 2,989 2,754 9 2,792
Operating result, non-life operations 4) -232 2,237 -110 2,009
Operating result 2,757 4,991 -45 4,801
Pension provision 280 222 26 531
Tax -732 -1,549 -53 -1,000
Minority interests -5 -4 25 -6
Result for the period 2,300 3,660 -37 4,326
Operating result excl. non-life operations 2,989 2,754 9 2,792
Change in surplus values in life insurance 436 404 8 752
operations
Pension provision 280 222 26 531
Total result, excl. non-life operations 3,705 3,380 10 4,075
Operating result, non-life operations -232 2,237 -110 2,009
Total result 3,473 5,617 -38 6,084
Tax and minority interests -737 -1,553 -53 -1,006
Tax on change in surplus values -122 -113 8 -211
Total result after tax 2,614 3,951 -34 4,867
Notes to the Profit and Loss Account
January- January- Change Full
June June per Year
1999 1998 cent 1998
1)Net commission income
Payment Commissions 880 761 16 1,585
Securities Commissions 2,306 1,881 23 3,654
Other Commissions 629 645 -2 1,380
3,815 3,287 16 6,619
2) Net result of financial transactions
Shares/Participants 301 308 -2 207
Interest-bearing securities -93 165 -156 113
Other Financial Instruments 410 133 208 549
Realised result 618 606 2 869
Shares/participations 37 383 -90 -63
Interest-bearing securities 102 -307 -226
Other financial instruments -256 -24 200
Unrealised value changes -117 52 -89
Exchange rate fluctuations 666 605 10 984
Redemption of bonds, SEB BoLan -5 -7 -29 -7
Total 1,162 1,256 -7 1,757
3)Lending losses and provisions, net
Individually appraised receivables:
Reported write-down, incurred losses -159 -260 -39 -926
Reversal of previous provisions for
possible losses, reported as incurred
losses in current period's accounts 124 184 -33 544
Reported provision for possible losses -344 -340 1 -904
Recovered from
losses incurred in previous years 59 101 -42 185
Reversal of previous provisions
for possible losses 281 118 138 227
Reported net cost for individually
appraised receivables -39 -197 -80 -874
Receivables appraised by category:
Reported write-down, incurred losses -45 -50 -10 -98
Reported provision for possible losses -15 -19 -21 -33
Recovered from losses incurred in
previous years 21 25 -16 52
Withdrawal from reserve for lending
losses 24 30 20 49
Reported net cost for receivables
appraised by category -15 -14 7 -30
Allocation to/withdrawal from
reserve for political risks abroad 209 -301 -169 -1,343
Contingent liabilities 54 -8 10
Net cost, lending losses 209 -520 -140 -2,237
4)Operating result, non-life operations
Net interest earnings 88 74 19 70
Dividends received 94 104
Net result of financial
transactions -287 1,872 -115 1,710
Other operating income, incl
net insurance income 497 702 -29 1,135
Total income 298 2,742 -89 3,019
General Administrative expenses
Staff Costs 385 300 28 641
Other administrative expenses 118 92 28 53
Depreciation and write-downs of
tangible and intangible fixed
assets 4 4 7
Other operating costs, incl
net insurance income 23 125 -82 309
Total costs 530 521 2 1,010
Result before lending losses -232 2,221 -110 2,009
Lending losses, net 16
Operating result -232 2,237 -110 2,009
Result per business area, January - June
(SEK M)
Retail Financial Asset
Distribution Services Management
1999 1998 1999 1998 1999 1998
Income 2,582 2,701 1,266 1,143 1,278 1,066
Costs -2,032 -2,053 -784 -700 -856 -626
Lending losses -88 -85 -45 -20
Operating result 462 563 437 423 422 440
Change in surplus values
Total result 462 563 437 423 422 440
Allocated capital 7,100 7,100 1,300 1,300 3,750 3,750
Return, % 9.4 11.4 48.4 46.9 16.2 16.9
Return on equity,
moving basis, % 10.4 54.8 17.5
SEB Trygg Liv Merchant Enskilda
(Life and Pension) Banking Securities
1999 1998 1999 1998 1999 1998
Income 539 482 2,728 2,617 1,079 775
Costs -607 -546 -1,471 -1,440 -764 -576
Lending losses 297 -290 -3
Operating result -68 -64 1,554 887 315 196
Change in surplus
values 436 402
Total result 368 338 1,554 887 315 196
Allocated capital 3,250 3,250 10,400 10,400 650 650
Return, % 16.3 15.0 21.5 12.3 69.8 43.4
Return on equity,
moving basis, % 13.4 17.1 37.2
Other*) Group
1999 1998 1999 1998
Income 414 1,049 9,886 9,833
Costs -601 -620 -7,115 -6,561
Lending losses 54 -120 218 -518
Non-life
operations -232 2,237 -232 2,237
Operating result -365 2,546 2,757 4,991
Change in surplus
values 2 436 404
Pension provision 280 222 280 222
Total result -85 2,770 3,473 5,617
Allocated capital 5,050 5,850 31,500 32,300
*) Refers to income/costs that cannot be attributed to individual business
areas, incl. the three Baltic banks. Return on capital that cannot be
attributed to individual business areas, depreciation of goodwill in
connection with the purchase of Trygg-Hansa and central costs,
are included under other.
SEB Group - some key figures
January- January- Full
June June year
1999 1998 1998
Return on equity 1) % 14.9 25.1 14.8
Return incl.change in surplus values % 16.0 26.0 16.1
Return on equity, 12 month moving
average, % 9.9 12.6 14.9
Return on equity, incl change in
surplus values, 12 month moving
average, % 11.1 13.4 16.1
Earnings per share for the
period, SEK 3.91 6.22 7.35
Total result per share after
tax, SEK, 4.44 6.72 8.27
Income/cost ratio, before lending
losses 1.39 1.50 1.39
Income/cost ratio, after lending
losses 1.43 1.39 1.18
Lending loss level 2) % -0.13 0.30 0.65
Provision ratio for doubtful claims% 57.7 48.6 52.0
Level of doubtful claims, % 0.78 1.09 1.08
Total capital ratio, % 11.58 9.79 10.85
Core capital ratio, % 8.83 7.88 8.12
Claims ratio, net, % 94.9 88.4 90.5
Expense ratio, net, % 20.6 23.1 21.6
Combined ratio, net, % 115.5 111.5 112.1
1) Result for the period as a percentage of average equity.
2) Lending losses as a percentage of opening balance for lending, excluding
banks, credit guarantees and assets taken over.
Cash flow analysis
January- January-
June June Change
Cash flow 1999 1998 per cent
Cash flow, current operations 3,077 6.626 -54
Changes in assets, current
operations -36,190 -77,940 -54
Changes in liabilities, current
operations 36,113 39,286 -8
Cash flow, current operations 3,000 -32,028
Cash flow, investment activities 8,932 1,081
Cash flow, financing activities -13,236 30,640 -143
Current period's cash flow -1,304 -307
Liquid funds at beginning of year 4,753 6,593 -28
Current period's cash flow -1,304 -307
Liquid funds at end of period 3,449 6,286 -45
Balance Sheet of the SEB Group (abbreviated)
(SEK M)
30 June 30 June 31 December
1999 1998 1998
Lending to credit institutions 76,556 110,698 91,137
Lending to the general public 348,625 350,151 324,442
Interest-bearing securities 117,921 96,550 131,182
Financial fixed assets 4,026 13,035 14,564
Financial current assets 96,866 67,357 95,779
Investnent assets 17,029 16,158 20,839
Shares and participations 50,553 46,222 47,334
Investment assets 839 7,055 6,421
For account of policyholders 44,378 35,562 37,454
Other shares and participations 5,336 3,605 3,459
Other assets 116,164 127,912 95,562
Total assets 709,819 731,533 689,657
Liabilities to credit
institutions 132,215 159,917 153,824
Deposits and funding from
the general public 202,686 193,672 187,901
Securities issued, etc. 120,708 142,155 133,052
Technical provisions 13,687 14,436 12,433
Provisions for account of
policyholders 44,344 35,432 37,378
Other liabilities and
provisions 140,461 131,632 110,625
Subordinated liabilities 25,043 24,522 24,010
Shareholders' equity 30,675 29,767 30,434
Total liabilities and
shareholder's equity 709,819 731,533 689,657
Derivatives contracts
30 June 1999, SEK M
Contracts on the asset side Contracts on the liabilities side
Book value Market value Book value Market value
Interest-related 20,000 20,000 20,246 20,246
Currency-related 30,064 32,717 28,745 32,409
Equity-related 66 66 115 115
Other 27 27 26 26
Total 50,157 52,810 49,132 52,796
On 30 June, 1999 the notional value of the Group's derivatives contracts
amounted to SEK 3,833 billion (SEK 4,826 billion on 30 June 1998). The
book value of derivatives instruments forming part of trading operations is
identical with the market value. Those deviations between actual and book values
which are reported in the above table are matched by opposite deviations
between market and book values in that part of the Group's operations which is
the object of hedge accounting.
SEB Group performance on a quarterly basis
(SEK M)
1999:2 1999:1 1998:4 1998:3 1998:2 1998:1
Interest receivable 6,421 6,967 7,923 7,759 7,888 7,900
Interest payable -4,718 -5,269 -6,182 -6,094 -6,264 -6,223
Net interest earnings 1,703 1,698 1,741 1,665 1,624 1,677
Dividends received 192 11 15 4 191 17
Commission receivable 2,320 2,063 2,077 1,962 2,057 1,923
Commission payable -317 -251 -412 -295 -362 -331
Net commission income 2,003 1,812 1,665 1,667 1,695 1,592
Net result of financial
transactions 357 805 530 -29 739 517
Other operating income 397 908 271 716 1,298 483
Total income 4,652 5,234 4,222 4,023 5,547 4,286
General administrative expenses
Staff costs 1,950 1,914 1,699 1,554 1,765 1,788
Other administrative
expenses 1,048 993 1,197 957 1,053 898
Depreciation and write-downs
of tangible and intangible
fixed assets 265 294 260 265 268 280
Other operating costs 328 323 266 276 259 250
Total costs 3,591 3,524 3,422 3,052 3,345 3,216
Result before lending
losses 1,061 1,710 800 971 2,202 1,070
Lending losses, net 340 -131 -218 -1,499 -408 -112
Change in value of assets
taken over 4 7 5 -17 9 -7
Write-down of financial
fixed assets -2 -4
Operating result, excl.
non-life operations 1,403 1,586 583 -545 1,803 951
Operating result, non-life
operations -289 57 579 -807 711 1,526
Operating result 1,114 1,643 1,162 -1,352 2,514 2,477
Pension provision 155 125 196 113 112 110
Tax on result for the
period -247 -485 204 345 -734 -815
Minority interests -3 -2 1 -3 -5 1
Result for the period 1,019 1,281 1,563 -897 1,887 1,773
Operating result, excl.
non-life operations 1 403 1 586 583 -545 1 803 951
Change in surplus values
in life insurance
operations 168 268 357 -9 140 264
Pension provision 155 125 196 113 112 110
Total result excl.
non-life operations 1 726 1 979 1 136 -441 2 055 1 325
Operating result, non-life
operations -289 57 579 -807 711 1,526
Total result before
tax 1,437 2,036 1,715 -1,248 2,766 2,851
Problem loans and assets taken over for the protection of claims
(SEK M)
30 June 30 June 31 December
1999 1998 1998
Doubtful claims 6,501 7,724 7,454
Reserve for possible
lending losses -3,752 -3,756 -3,877
Doubtful claims, net 2,749 3,968 3,577
Claims subject to interest
reduction 1,280 1,962 1,195
Total volume of problem loans 4,029 5,930 4,772
Level of doubtful claims
Doubtful claims (net) in relation
to lending
and leasing (net) at end of period,
per cent 0.78 1.09 1.08
Provision ratio for doubtful claims
Reserve for possible lending losses in
relation to doubtful claims (gross)
per cent 57.7 48.6 52.0
Pledges taken over
Buildings and land 85 163 160
Shares and participations 835 515 871
Total volume of pledges taken over 920 678 1,031
The soft loans of the Group are included among claims subject to interest
reduction.
The shortfall in income due to interest deferments was SEK 25 M (SEK 11 M).
while unpaid interest on nonperforming loans amounted to SEK 114 M (SEK 165
M),together an improvement of 21 per cent compared with January-June.1998.
On 30 June 1999, the Group had SEK 938 M (SEK 434 M) in non-performing
loans on which interest income was reported. These loans are not included
among the problem loans, since the corresponding collateral covers both
interest and principal.
Profit and Loss Account, Parent Company
(SEK M)
January - January- Change Full
June June per year
1999 1998 cent 1998
Interest receivable 10,192 12,218 -17 24,839
Leasing income 125 32 64
Interest payable -7,752 -9,806 -21 -20,010
Net interest earnings1)
Dividends received 210 189 11 4,828
Commission receivable 2,752 2,947 -7 5,909
Commission payable -492 -486 1 -1,062
Net commission income2) 2,260 2,461 -8 4,847
Net result of financial
transactions. 3) 760 1,062 -28 1,752
Other operating income 1,024 179 363
Total income 6,819 6,335 8 16,683
General administrative expenses
Staff costs 2,769 2,785 -1 5,488
Other administrative expenses 2,092 1,507 39 3,524
Depreciation and write-downs
of tangible and intangible
fixed assets 141 88 60 201
Other operating costs 568 469 21 1,212
Total costs 5,570 4,849 15 10,425
Result before lending losses 1,249 1,486 -16 6,258
Lending losses and provisions,
net 4) 292 -36 -2,109
Change in value of assets taken
over -10 -2 -23
Write-down of financial
fixed assets -2 -3,330
Operating result 1,529 1,448 6 796
Pension provision 230 222 26 531
Other appropriations* -657 -306 115 -1,144
Tax on result for the period* -219 -330 -33 818
Result for the period 933 1,034 -10 1,001
1) Net interest earnings
Interest receivable 10,192 12,218 -17 24,839
Leasing income 125 32 64
Interest payable -7,752 -9,806 -21 -20,010
Leasing depreciation -46 -26 77 -51
2,519 2,418 4 4,842
* Group contributions reported directly
against equity.
Notes to the profit and Loss Account, parent contpany
January- January-
June June Change Full year
1999 1998 per cent 1998
2) Net commission income
Payment commissions 649 560 16 1,163
Securities commissions 1,243 1,356 -8 2,545
Other commissions 368 545 -32 1,139
2,260 2,461 -8 4,847
3) Net result of financial
transactions
Shares/participations 3 306 -99 201
Interest-bearing securities -92 165 -156 114
Other financial instruments 400 134 199 573
Realised result 311 605 -49 888
Shares/participations -21 9 -36
Interest-bearing securities 58 -91 -183
Other financial instruments -226 -23 188
Unrealised value changes -189 105 -31
Exchange rate fluctuations 638 562 14 895
Total 760 1,062 -28 1,752
4) Lendinz losses and provisions. net
Individually appraised receivables:
Reported write-down, incurred
losses -97 -164 -41 -767
Reversal of previous provisions
for possible
losses reported as incurred losses in
current period's accounts 85 106 -20 435
Reported provision for
possible losses -266 -116 129 -694
Recovered from losses
incurred in previous
years 52 72 -28 141
Reversal of previous
provisions for possible
losses 263 104 153 198
Reported net cost for
individually
appraised receivables 37 2 -687
Receivables appraised by
category:
Reported write-down, incurred
losses -26 -21 24 -47
Reported provision for
possible losses -3 -13 -77 -20
Recovered from losses
incurred in previous
years 13 19 -32 35
Withdrawal from reserve
for lending
Losses 8 14 -43 23
Reported net cost for
receivables
appraised by category -8 -1 -9
Allocation to /withdrawal
from reserve for
political risks abroad 209 -29 -1,423
Contingent liabilities 54 -8 10
Net cost lending losses 292 -36 -2,109
END
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