Skandinaviska Enskilda Banken AB (publ) (SEB_A) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the SEB Financial Results Q2 2025 conference call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Johan Torgevi. Please go ahead. Good morning and welcome to SEB's second quarter result presentation. As customary, you can follow the slides from our website. Starting with reflecting a bit about the macro situation, I think it's sometimes helpful to make the distinction between risk and uncertainty. The typical risk definition is something that is measurable, something that is tradable or insurable or hedgeable and you can monitor and you can have risks going up or down in one's portfolio or business engagement. Here I just show two classic risk measures that is the risk premium in the credit market here measured as the credit default swaps and also the stock market and its outlook for the future and both risk measures indicate that everything is actually quite benign. That feels a bit surprising to say as uncertainty which is the definition something that is not known not hedgeable or quantifiable is actually very close to record highs and here that represents by trade policy uncertainty index which is absolutely at the same level not seen since 1920s This is a quite unique situation where the financial markets over the last quarter have behaved very, very strongly whilst we see geopoliti...