SEB published its economic results for the first nine months

Today, the SEB Group published its economic results for the first nine months of 2026; for additional information, please visit www.sebgroup.com/ir.

Allan Parik, Chairman of the Board of SEB Pank, commented on the results of SEB units in Estonia as follows:

Estonian economy continues to recover at the expected pace and the growth has achieved the fastest momentum of the last few years. This has been supported by more active consumption among Estonians as well as economic recovery in our main export markets. Despite the growing prices of fuel, inflation has remained at a moderate level, even lingering below the average of the euro area. However, the longer the fuel and heating prices remain high, the more the increased expenses will carry over into retail prices, inhibiting consumer confidence.

Investments are reaching an increasing number of economic sectors

In the course of a year, the loan portfolio of SEB has grown by 9.5% and we can see an increase in all customer segments. This year, SEB has financed the expansion plans of over 4,600 companies, which is 15% more than during the same period a year ago. Among all else, we see projects seeking funding in the transportation, energy, technology, and retail sectors. This is a good sign for the Estonian economy.

Whereas real estate used to dominate new financing in previous years, the current situation is much more diverse. Investments are reaching more industries, and this kind of dispersion provides better support for economic growth. If the economic environment and the outlook for the export markets continue to improve, we might also see more investments in the manufacturing sector, where the level of activity has remained more modest.

The home loan market remains active; leasing is growing rapidly

In nine months, SEB issued 12% more loans and leases to private individuals than a year ago. In total, the private loan portfolio has grown by 7.5% and the volume of home loans by 8.5%. In nine months, SEB helped to finance the purchase of about 4,000 homes. Activity on the home loan market has improved and higher interest rates have not yet had an impact.

We see the same in car leases. The initial effect of introducing the motor vehicle tax has subsided and the number of new car leases for private customers has grown by 54% year on year. High fuel prices have impelled the popularity of electrical vehicles. When selecting a car, people pay more attention to everyday expenses associated with its use, as well as to what kind of technology is sensible in the long run.

In addition to saving, investments are increasingly popular

The deposits of SEB’s customers grew by 4.1% over the course of a year, reaching almost 6.6 billion euros. Growth is mainly driven by private customers, whose deposits increased by 5.7% in a year. We can see an overall positive change in people’s financial behaviour. It is more and more commonly understood that deliberate money management is part of everyday financial security. This can be seen in the popularity of term deposits, catalysed by the increased interest rates, the volume of which has grown by about 9% in a year, as well as in the wider adoption of investment solutions. In the course of a year, the number of users of SEB’s Robo-Advisor has increased by 41% and the number of micro-investors by 49%. This points to better financial literacy and the fact that people are increasingly prepared to make financial decisions that create long-term value.

Technology helps to make our services more available

This year, SEB has taken another step in implementing AI in customer service by adopting a new virtual advisor. Its purpose is to solve simple and common issues faster and to provide immediate support to customers even when traditional customer service is unavailable. At the same time, the competence of our staff and providing personal service are central to solving more complex matters. In September, customer satisfaction with our services was at an all-time high, indicating that personal consultations still have an important role in the increasingly digital banking sector.

The merger of Baltic banks is getting closer

We continue to prepare for the merger of SEB banks in Estonia, Latvia, and Lithuania. For our customers, there will be no changes in everyday banking services. However, the increased capital base and financing capability will allow us to support the long-term plans of companies and private individuals better than before. It is important to remain vigilant about fraudsters during this period. Fraudulent schemes often take advantage of any changes related to banks, which is why we would like to emphasise once again that at this point, our customers do not have to alter anything in their everyday use of banking services due to the merger of the SEB units.

SEB Pank Grupp (‘the Group’) ended the first nine months of 2026 with a profit of 129.8 million euros (compared to 127.3 million euros in the first nine months of 2025). The operating income of the Group reached 224.9 million euros (219.2 million euros in the first nine months of 2025) and operating expenses 70.9 million euros (67.1 million euros in the first nine months of 2025). The group reduced its net expected credit losses by 3.1 million euros (0.3 million euros in the first nine months of 2025). For the nine months, we paid 27.3 million euros of income tax to the State Treasury (25.1 million euros for the first nine months of 2025).

Additional information:

Kristi Jänes 
Head of Communication
SEB

Tornimäe 2, 15010 Tallinn
Phone: +372 665 5399
Mobile phone: +372 5569 0616
Email: kristi.janes@seb.ee