The group’s operating profit reached 356.0 million euros (206.9 million euros in 2022) and 78.4 million euros (69.1 million euros in 2022). The Group reduced expected net credit losses by €3.1 million (reduced by €0.1 million in 2022).
The fees foreseen for the resolution fund included 1.9 million euros (2.2 million euros in 2022). Income taxes were calculated at 47.1 million euros (19.8 million euros in 2022). In 2023, the group paid a total of €64.5 million in various taxes to Estonian state revenues.
Last year SEB financed new projects for companies for 1.3 billion euros and private customers for 555 million euros. SEB’s loan portfolio grew by 3.1% last year. In total, SEB financed the business plans of almost 7,000 companies last year and helped purchase almost 3,700 new homes.
While business deposits in the SEB increased by another 13.2% in 2022, last year they decreased by 2.2%, a sign that companies had to use the savings in their daily operations. Bank deposits at the bank grew by 1.2%, which is more than the 0.5% increase recorded in 2022. The saving capacity of individuals therefore improved slightly over the course of the year. At the end of the year, 28% of customer liquidity consisted of time deposits, of which 34% were private customer deposits.
Allan Parik, Chairman of the Board of Directors of SEB Bank, commented on the results of SEB units in Estonia as follows:
“The SEB’s financial results were most affected in 2023 by the rapid increase in core interest rates, i.e. the price of money. On the one hand, it increased the amount of loan payments to customers, but on the other hand it allowed to increase interest on deposits. If in 2022 SEB customers earned 3.24 million euros from time deposits, in 2023 this amount already amounted to 57.3 million euros. In connection with the increase in the price of money , we felt it was right to once again pay appropriate interest on the bank savings of all private clients: we are currently the only bank in Estonia whose all private clients earn more than the legally required minimum income from their current account.”
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2024-01-25 07:15:00
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