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Report of the month

June 2011
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SEB (Skandinaviska Enskilda Banken)

Stockholm, Sweden



Report Facts

Company name: Skandinaviska Enskilda Banken AB (publ)
Fiscal year end: December 31, 2010
Report title: Annual Review/Report 10
Chief Executive Officer: Annika Falkengren
Number of books: 3
Report length: 32 + 152 + 40 pages
Auditors: PricewaterhouseCoopers AB
Website: http://www.sebgroup.com/pow/wcp/sebgroup.asp
Design and production: SEB and Intellecta
E-mail contacts: ulf.grunnesjo@seb.se

Report Rating

4.5/5

(Rating scale below)

Profile-Mission

SEB is a leading Nordic financial services group... SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services... In Denmark, Finland, Norway and Germany the bank’s operations have a strong focus on corporate and investment banking... The Group has about 17,000 employees.
(Excerpts, as from the report. Italics are own company’s words)

Key Figures

Total assets: SEK 2,179,821 million
Total operating income: SEK 36,879 million
Net interest income: SEK 16,010 million
Net income: SEK 6,798 million
Earnings per share: SEK 3.88
Dividend per share: SEK 1.50
Return on equity: 8.65%
Tier 1 capital ratio: 14.24%
Cost/income ratio: 0.65 (continuing operations)
(Source: figures sourced from the annual report)

Competitors or Rivals

  • Nordea
  • Svenska Handelsbanken
  • Swedbank
  • Danske Bank
  • Other European banks...
 

Triple A

> The Review does an excellent summary job: quick profiling and key figures, wrap-up of strategy, illustrated overview of business areas, key share items, and, last but not least, summarized income statement and balance sheet with nearby explanations in plain language (see Selected Page).
> Geographical and divisional contribution shown without delay, as well as charted key figures, most important events and customer interaction during the last year.
> Substantial chapter about Risk and Capital Management (see Selected Page): begins with Focus areas during 2010, analyzes major factors in depth, is strongly supported by data tables (e.g. Credit exposure; Credit portfolio, also by risk class; Debt instruments...) and charts (e.g. Observed default frequencies, Non-performing loans...).
> Thorough share data and transparency about boards and shareholder structure.
 

Double A

> Markets and competitive landscape clearly mapped out.
> Well-structured and charted, informative review of business divisions, including 5 questions for... columns.
> Work of board of directors and committees summed up. Information about the auditor.
 

Simple A

> Report layout may be seen as “functionally Swedish” and makes the books readable.
> Most notes to statements consist of tables. These are certainly rich in data and useful, but lack analysis.
> Although interesting and well developed in some areas, the responsibility report is insufficient to meet some among the demanding stakeholder needs. And why aren’t the profile and Key figures focused on CSR issues?
 

B Sides

> Not another boring banking report, though lacking in creative touches on design and read appeal. But banking is a serious business, isn’t it?
 

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item.
Contact e.com@reportwatch.net

 

Selected Page

(p 28 of SEB Annual Review 2010)
p 28 of SEB Annual Review 2010
Rating Scale
5
First-Rate
4.5
Excellent
4
Very good
3.5
Sound
3
Average
2.5
Uneven
2
Common
1.5
Substandard
1
Poor
0.5
Uncompetitive
The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.