SEB SA (OTCPK:SEBYF) Q3 2024 Earnings Conference Call October 24, 2024 3:00 AM ET
Company Participants
Johan Torgeby – President and Chief Executive Officer
Christoffer Malmer – Chief Financial Officer
Conference Call Participants
Magnus Andersson – ABGSC
Shrey Srivastava – Citi
Sofie Peterzens – JPMorgan
Gulnara Saitkulova – Morgan Stanley
Namita Samtani – Barclays
Nicolas McBeath – DNB
Bettina Thurner – BNP Paribas Exane
Jens Hallén – Carnegie Investment Bank
Riccardo Rovere – Mediobanca
Patrick Nielsen – Goldman Sachs
Tarik El Mejjad – Bank of America
Piers Brown – HSBC
Markus Sandgren – Kepler Cheuvreux
Johan Torgeby
Welcome everyone to our Q3 2024 results. As customary, we will refer to the slides from the slideshow that we posted on SEB on the web. So starting with our highlights on Page 2, this is clearly a quarter where interest rates continue to fall. And amidst a falling interest rate environment, one can see the diversified business model of SEB in play, where both fees and commission and net financial income mitigates the otherwise falling trend in interest rates.
We’ve also now consumed the acquisition of Germany’s AirPlus the corporate credit card business. And therefore we reiterate the underlying cost target for 2024 of below or at SEK29 billion. And we now include AirPlus, which we will come back to and the new target is SEK31.0 billion. We continue after the decision of the Board yesterday with our share buyback program with another SEK2.5 billion per quarter. And this means that we are continued to commit to our capital target of 300 basis points or below as a capital buffer as of year-end 2024. And also this quarter is the first quarter after some reorganization and alignments of the organizational strategy in the bank to support our strategy going forward.
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