Skandinaviska Enskilda Banken AB Class C (SEBC) Q3 2026 Earnings Report
DE:SEBC Q3 2026 EPS Results
- Actual EPS
- EUR 0.34
- Consensus EPS
- EUR 0.36
- Beat/Miss
- Missed by -EUR 0.02
- One Year Ago EPS
- EUR 0.34
DE:SEBC Q3 2026 Revenue Results
- Actual Revenue
- EUR 3.64B
- Expected Revenue
- EUR 1.75B
- Beat/Miss
- Beat by +EUR 1.89B
- YoY Revenue Growth
- +4.28%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
Skandinaviska Enskilda Banken AB Class C's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was operationally strong, with broad-based lending growth, record quarterly fee income, disciplined costs, solid asset quality, positive wealth-management flows, and significant AI deployment. However, the temporary SEK 10 billion capital requirement, reduced expected capital buffer, paused buybacks, uncertain IRB approval timeline, and weak FICC performance create meaningful constraints. Overall, the positive operating momentum and maintained financial targets outweighed the stated challenges, but the outlook remains subject to regulatory and capital execution.
SEB expects to come in around 500 to 600 million below its 2026 cost target of 33.4 billion, or beat its full year cost target by between SEK 500 million to SEK 600 million, including the $33 million settlement; levies guidance is 3.5 billion and tax rate guidance is 20%. SEB expects to start submitting the new models in the third quarter of 27 at the latest, or no later than Q3 of next year, and expects to close the year with a management buffer of around 150 basis points, based on FX rates as of the end of the third quarter. Its unchanged targets are a payout ratio of around 50%, a capital buffer of 100 to 300 basis points, and a return on equity of 15%; the share buyback program is paused, while buybacks will be revisited based on capital distribution, capital retention, and growth. The bank expects to be in a position to start SRT transactions towards the end of this year, and its economist forecast is for 1 rate hike this year and 2 more rate hikes next year.
- Broad-Based Lending GrowthFX-adjusted lending increased 2% quarter-over-quarter and 5% year-over-year, with growth across all business divisions, reflecting continued credit demand. SEB also increased its market share in both corporate and mortgage lending in Sweden.
- Net Interest Income GrowthNet interest income increased 3% compared with Q3 last year and 2% compared with the previous quarter, supported by stabilizing and increasing interest rates and continued growth in lending and deposit volumes.
- Record Quarterly Fee and Commission IncomeNet fee and commission income increased 7% year-over-year and reached the highest Q3 level on record for both the group and Corporate and Investment Banking. Securities-related commissions rose 13%, while card and payment fees increased 5% year-over-year.
- Strong Cost Discipline and Guidance OutperformanceOperating expenses were SEK 8.2 billion for the quarter. SEB expects to beat its full-year cost target of SEK 33.4 billion by SEK 500 million to SEK 600 million, including the $33 million settlement announced in relation to historical matters with the DFS. Drivers included the external hiring pause, accelerated cost efforts in AirPlus, and lower pension costs.
- Solid Profitability and Asset QualityNet profit was SEK 7.5 billion, earnings per share was SEK 3.85, and reported return on equity was 13%, or 14.4% adjusted for the overfunded pension scheme. Net expected credit losses were SEK 100 million, equivalent to 2 basis points of total credit exposure, and management cited solid underlying asset quality.
- Record Assets Under Custody and Strong CIB RecognitionAssets under custody reached a record level of almost SEK 23 trillion. SEB was ranked No. 1 among Tier 1 institutions in the Prospera Nordic Equity Survey, maintained its No. 2 position overall, and has a market share in excess of 50% in both its Nordic sub-custody and nonbank-owned asset-manager custody segments.
- Improved Swedish Mortgage Market ShareSEB captured 19% of new Swedish mortgage lending in August, the most recent data point, which management described as an encouraging early sign of efforts to regain market share. Redesigned mortgage customer journeys and AI-driven solutions are being used to increase efficiency, shorten processing times, and improve customer experience.
- AirPlus and SEB Kort Merger CompletedThe legal merger of AirPlus and SEB Kort was fully completed across platforms, markets, and operations, with management stating that the teams delivered according to plan.
- Positive Wealth and Asset Management FlowsWealth and asset management recorded net flows of €16 billion year-to-date, or €30 billion year-to-date excluding the pension reform impact in Lithuania. Lending volumes in the division increased 6% compared with last year.
- Leading Nordic Asset Management RankingSEB was ranked the leading external asset manager in the Nordics for the fifth consecutive year in the Prospera institutional investor survey. SEB achieved a score of 4.09, the highest score recorded by any participant since the survey began.
- Broad-Based Baltic GrowthBaltic lending growth was supported by consumer purchasing power and corporate investment activity, with continued strong development in mortgages, SMEs, and large corporates. Management also noted support on margins from rising interest rates.
- AI Infrastructure and Operational DeploymentSEB's shared AI system setup, Sferical, built on NVIDIA technology, went live and provides SMB with secure access to independent AI infrastructure and compute capacity in Sweden. Across the bank, AI-assisted financial-crime investigations, AI-powered software engineering, and AI support for call-center staff are being deployed. Approximately 70% of customer calls are now analyzed within hours, compared with fractions of a percent two or four times per year.
- Significant Automation in Collateral ManagementSEB has largely automated a high-volume collateral-management workflow, reducing manual handling by approximately 90%.
- Baltic AI Voice Bot LaunchSince July, an AI-powered voice bot has handled night-shift calls in the Baltics involving card issues and internet-banking access blocks. Management said it has significantly reduced customer waiting times and created operational efficiencies, with plans to expand into daytime operations and additional customer journeys.
- Capital Efficiency Initiatives UnderwaySEB is continuing capital-efficiency actions, including obtaining external ratings on more counterparties, preparing for significant risk transfer transactions, and selectively using credit-risk insurance. Management said mitigants may already provide some benefit in Q4 and that the bank expects a net positive capital outcome once the new models are approved.
- Financial Targets MaintainedSEB maintained its financial targets of a payout ratio of around 50%, a capital buffer of 100 to 300 basis points, and return on equity of 15%.
DE:SEBC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 0.37- | 0.33 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 0.360.34 | 0.34 | -0.52% (-0.00) | |
| Jul 15, 2026 | 2026 (Q2) | 0.350.39 | 0.37 | 7.60% (+0.03) | |
| Apr 29, 2026 | 2026 (Q1) | 0.330.34 | 0.35 | -1.30% (-0.00) | |
| Jan 29, 2026 | 2025 (Q4) | 0.350.33 | 0.33 | 0.55% (+0.00) | |
| Oct 23, 2025 | 2025 (Q3) | 0.350.34 | 0.41 | -16.19% (-0.07) | |
| Jul 16, 2025 | 2025 (Q2) | 0.340.37 | 0.41 | -10.13% (-0.04) | |
| Apr 29, 2025 | 2025 (Q1) | 0.350.35 | 0.41 | -15.79% (-0.06) | |
| Jan 29, 2025 | 2024 (Q4) | 0.340.33 | 0.36 | -8.75% (-0.03) | |
| Oct 24, 2024 | 2024 (Q3) | 0.380.41 | 0.45 | -9.15% (-0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.