Facts Q4, February 2016
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- Prudence Sullivan
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1 Facts 2 February 2016
2 Contents page page General information 2 Asset quality 45 Swedbank in brief 2-3 Asset quality Macro economic indicators 4-5 Credit impairments 48 Financial information, Group 6 Impaired loans and provisions Income statement, 5-year summary 6 Loans past due 51 Income statement, 9-quarter summary 7 Private Mortgage loans 52 Balance sheet, 5-year summary 8 Concentration risk 53 Balance sheet, 9 quarters, Equity and Goodwill 9 Capital adequacy 54 Statement of changes in equity 10 Credit risks, EAD distribution by business area and by segment 54 Net interest income analysis 11 Capital adequacy parameters for credit risk - business area 55 Income analysis 12 Capital adequacy parameters for credit risk - segment Expense analysis 13 Capital adequacy, consolidated situation and leverage ratio 58 Estimated capital requirements by entity, Change in REA and Variable pay 14 Outstanding subordinated debt 59 Business areas 15 ICAAP Scenario based stress test Swedish Banking Liquidity & Funding 62 Baltic Banking 17 Liquidity reserve and additional Liquid Assets 62 Baltic Banking Survival horizon 63 Estonia 19 Liquidity ratios 64 Latvia 20 Debt securities in issue 65 Lithuania 21 Issued long-term debt, by currency 66 Other 22 Maturity distribution, long-term funding 67 Large Corporates & Institutions Outstanding benchmark bonds 68 Group Functions & Other Outstanding short-term funding 69 Group Products 32 Maturity distribution, total balance sheet Group Treasury 33 Asset encumbrance Other 34 Cover pool data Eliminations 35 Swedbank Mortgage AB, loan data 77 Product companies 36 Rating 78 Swedbank Robur AB Key figures Swedbank Insurance Market shares 81 Baltic Life Insurance 40 Swedbank Group by geography 82 Baltic P&C Insurance 41 Employees 83 Business volumes 42 Currency distribution and exchange rates 84 Loans 42 Sensitivity analysis and market risk 85 Deposits and amounts owed to credit institutions 43 Shareholders and share data 86 Interest bearing Securities and Exposures towards the GIIPS countries and Deferred Tax Assets 44 Definitions 87 Contacts and financial calendar 88
3 Swedbank in brief General information Swedbank has roots firmly entrenched in Sweden's savings bank history, the cooperative agricultural bank tradition and Hansabanks's significant role in the Baltic countries. Swedbank has a leading position in its home markets of Sweden, Estonia, Latvia and Lithuania. Purpose To promote a sustainable financial situation for the many households and businesses. Values Simple, Open, Caring Financial targets Return on equity: Return on equity of at least 15 per cent. Cost efficiency: Market-leading cost efficiency Capitalisation: Solid capitalisation Priorities 2015 Long-term strategy Accessible full-service bank: We provide households, large and small businesses, and institutions with everything from basic transaction services to the most advanced advice. We offer efficient digital solutions that make it easy for customers to manage most of their financial needs themselves. More complex services that require advice are offered through direct contact with our employees. Improve customer value Continue to invest in accessibility, transparency, service and quality Maintain our attractiveness through a simplified offering and competitive pricing Better integrate sustainability into offerings and services and quality Decision-making close to our customers: All decisions are made as close to our customers as possible. Advisors and central development units are responsible for creating value for customers and shareholders. Since decisions are increasingly made using self-service solutions, business acumen is required of both our advisors and of those responsible for developing our offerings. This encourages our employees to be engaged, take responsibility and capitalise on opportunities for personal development. Low risk: Swedbank s lending are mainly financed through capital market funding. Low funding costs are the result of stable profitability in combination with high-quality lending and solid capitalisation. Maintaining stable earnings over time requires not only a low risk level, where each borrower s solvency, solidity and collateral are the determining factors, but also the ability to quickly adapt to changing customer behaviour and other market factors. Our priority is sustainable growth. Increase efficiency: Increase cost and resource efficiency Simplify internal processes and increase automation Increase competence transfers through increased internal mobility Integrate Sparbanken Öresund: Consolidate our position in an important growth region Give Sparbanken Öresund s customers access to Swedbank s systems and products Realise cost synergies High cost efficiency: External trends increase the importance of managing capital and expenses efficiently. Capital efficiency is achieved by employees who understand our customers and know what affects risk weighted assets and tie-up capital. It is also attained by developing products collaboratively at Group level. Our broad customer base gives us the economies of scale and opportunities to create cost-effective solutions with the help of new technology. The more cost-effective we are, the more customer value we can create through greater investment opportunities. 2
4 Swedbank in brief General information Sweden Population: 9.6m Private customers: 4.0m Corporate customers: Organisations: Branches: 275 ATMs 1) Cards: 4,1m Employees: Latvia Population: 2.0m Private customers: 0.9m Corporate customers: Branches: 41 ATMs: 413 Cards: 1.0m Employees: Estonia Population: 1.3m Private customers: 0.8m Corporate customers: Branches: 36 ATMs: 423 Cards: 1.1m Employees: Lithuania Population: 3.0m Private customers: 1.5m Corporate customers: Branches: 67 ATMs: 454 Cards: 1.6m Employees: ) ATMs are owned and operated by Bankomat AB. More information is available on To support the business in Swedbank's four home markets, Swedbank also has a presence in neighbouring Norway, Finland and Denmark as well as the US, China, South Africa and Luxembourg. Group operational structure The financial reporting is divided in four segments. The six Swedish regions form Swedish Banking. Group products, and other group functions, constitute Group Functions & Other. Board of Directors President and CEO Internal audit Group Functions & Other Group Products Swedish Banking Baltic Banking Northern Region Central Region Stockholm Region Eastern region Western region South Region Large Corporates & Institutions Group executive committee Michael Wolf, President and CEO Mikael Björknert, Head of Strategic Analyses and M&A Birgitte Bonnesen, Head of Swedish Banking Göran Bronner, Chief Financial Officer Ulf Ejelöv, Head of Northern Region in Sweden Björn Elfstrand, Head of Stockholm Region in Sweden Anders Ekedahl, Head of Group IT Jonas Erikson, Head of Group Products Lars Friberg, Head of Group Human Resources Björn Meltzer, Acting Head of Large Corporates & Institutions Annika Hellström, Head of Central Region in Sweden Cecilia Hernqvist, Head of Group Communications Anders Karlsson, Group Chief Risk Officer Lars Ljungälv, Head of Southern Region in Sweden Helo Meigas, Head of Group Treasury Priit Perens, Head of Baltic Banking Lena Smeby-Udesen, Head of Western Region in Sweden Christer Trägårdh, Head of Eastern Region in Sweden Viveka Strangert, Head of Compliance 3
5 44B 4B 2B General information Macro economic indicators GDP growth Average inflation rate (consumer price growth) % 2016F 2015F % 2016F 2015F Sweden Sweden , Estonia Estonia Latvia Latvia Lithuania Lithuania Current account balance, % of GDP General Government Financial Balance, % of GDP 2016F 2015F F 2015F Sweden Sweden Estonia Estonia Latvia Latvia Lithuania Lithuania General government debt, % of GDP 2016F 2015F Sweden Sweden Estonia Estonia Latvia Latvia Lithuania Lithuania Household debt, % of disposable income 1) Unemployment % % 2016F 2015F Sweden Sweden Estonia 1) Estonia Latvia 1) Latvia Lithuania 2) Lithuania ) Gross debt-to-income ratio of households (ESA 2010) 2) Gross debt-to-income ratio of households (not ESA 2010 adjusted) Source: Swedbank Reasearch - Macro Research, Eurostat, the World Bank & the Riksbank GDP per capita (PPP) 2013, USD Inhabitants (millions) GDP (2013, USDbn) 4
6 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Macro economic indicators General information Interest rates: Sweden & Eurozone, % Repo rate (SWE) ECB Euro rate 90 days Euribor 90 days Stibor (SWE) Real estate price development, Sweden 1) Index, 2005= Stockholm Gothenburg Sweden Malmoe 1) House price index per december (2005=100) for a single family home Source: Valueguard Index Sweden AB 2015 (Hox index) Real estate price development, Baltics 2) EUR/m Tallin Riga Vilnius 2) Average sales price per sqm for apartments Source: Land boards of respective country 5
7 Income statement, 5-year summary Financial information, Group Income statement, Group FY FY FY FY FY FY SEKm ) ) % ) Net interest income Net commission income Net gains and losses on financial items, fair value Net insurance Share of the profit or loss of associates Other income Total income Staff costs Variable staff costs Other expenses Depreciation/amortisation Total expenses Profit before impairments Impairment of intangible assets Impairment of tangible assets Credit impairments Operating profit Tax expense Profit for the period from continuing operations Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest Profit for the period attributable to: Shareholders of Swedbank AB ####### ##### ######### Non-controlling interests Statement of Comprehensive Income FY FY FY FY FY FY SEKm ) ) % Profit for the period reported via Income statement Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans Share related to associates Income tax Total Items that may be reclassified to the income statement Exchange differences on translating foreign operations: Gains/losses arising during the period Net gains and losses on financial items, fair value or profit for the period from discontinued operation Hedging of net investments in foreign operations: Gains/losses arising during the period Reclassification adjustments to Income statement, profit for the period from discontinued operations Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to Income statement, Net interest income Net gains and losses on financial items, fair value Share of other comprehensive income of associates Tax Income tax Reclassification adjustments to Income statement, tax Reclassification adjustments to Income statement, profit for the period from discontinued operations Total Other comprehensive income for the period, net of tax Total comprehensive income for the period Total comprehensive income attributable to: Shareholders of Swedbank AB Non-controlling interests ) From 2012, trading related net interest income is reported as net gains and losses on financial items at fair value. 2) Q one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, other costs of SEK 222m and a positive effect on tax expenses of SEK 135m. 3) One-off tax effects in Q increased tax expense with 447 SEKm related to Estonian dividend and US tax In 2013 Swedbank decided to discontinue its operations in Russia and Ukraine. In Q the divestment of the Ukrainan subsidiary was finalised. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 6
8 Income statement, 9-quarter summary Financial information, Group Income statement, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2015 SEKm ) ) Net interest income Net commission income Net gains/losses on financial items, fair value Net insurance Share of profit or loss of associates Other income Total income Staff costs Variable staff costs Other expenses Depreciation/amortisation Total expenses Profit before impairments Impairment of intangible assets Impairment of tangible assets Credit Impairments Operating profit Tax expense Profit for the period from continuing operations Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest Profit for the period attributable to: Shareholders of Swedbank AB Non-controlling interests Statement of comprehensive income Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2015 SEKm ) ) Profit for the period reported via Income statement Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans Share related to associates Income tax Total Items that may be reclassified to the income statement Exchange differences on translating foreign operations: Gains/losses arising during the period Reclassification adjustments to income statement, Net gains/losses on financial items at fair value or profit for the period from discontinued operation Hedging of net investments in foreign operations: Gains/losses arising during the period Reclassification adjustments to Income statement, profit for the period from discontinued operations Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to Income statement, Net interest income Share of other comprehensive income of associates Tax Income tax relating to components of other comprehensive income Reclassification adjustments to Income statement, tax Reclassification adjustments to Income statement, profit for the period from discontinued operations Total Other comprehensive income for the period, net of tax Total comprehensive income for the period Shareholders of Swedbank AB ) Q one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, other costs of SEK 222m and a positive effect on tax expenses of SEK 135m. 2) One-off tax effects in Q increased tax expense with 447 SEKm related to Estonian dividend and US tax. 7
9 11B 1B Balance sheet, 5-year summary Financial information, Group Balance sheet 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec SEKm % Assets Cash and balances with central banks Loans to credit institutions Loans to the public Bonds and other interest-bearing securities Financial assets for which customers bear the investment risk Derivatives Other assets Total assets Liabilities and equity Amounts owed to credit institutions Deposits and borrowings from the public Debt securites in issue Financial liabilities for which customers bear the investment risk Derivatives Other liabilites Subordinated liabilities Equity Total liabilities and equity In 2013 Swedbank decided to discontinue its operations in Russia and Ukraine. In Q the divestment of the Ukrainan subsidiary was finalised. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 8
10 Balance sheet 9 quarters, Equity and Goodwill Financial information, Group Balance sheet 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2015 SEKm Assets Cash and balances with central banks Loans to credit institutions Loans to the public Interest-bearing securities Value change of interest hedged item in portfolio hedge Financial assets for which customers bear the investment risk Shares and participating interests Investments in associates Derivatives Intangible fixed assets of which goodwill Tangible assets Current tax assets Deferred tax assets Other assets Prepaid expenses and accrued income Group of assets classified as held for sale Total assets Liabilities and equity Liabilities Amounts owed to credit institutions Deposits and borrowings from the public Debt securities in issue Financial liabilities for which customers bear the investment risk Derivatives Current tax liabilities Deferred tax liabilities Short positions securities Other liabilities Accrued expenses and prepaid income Provisions Subordinated liabilities Liabilities directly associated with group of assets classified as held for sale Total liabilities Equity Non-controlling interests Equity attributable to shareholders of Swedbank AB Total equity Total liabilities and equity Equity attributable to shareholders of Swedbank AB, 31 Dec 2015 Goodwill, 31 Dec 2015 SEKm SEKm Swedbank AB (Sweden) Swedbank Robur 328 Swedbank Mortgage (Sweden) Swedbank Försäkring 651 Swedbank Robur (Sweden) Ölands Bank AB 9 Swedbank Försäkring (Sweden) Swedbank (Estonia) Sparia Försäkring Group(Sweden) 146 Swedbank (Latvia) Swedbank (Estonia) Swedbank (Lithuania) Swedbank (Latvia) Group total Swedbank (Lithuania) Goodwill within parent company: OOO Leasing (Russia) -75 Swedbank AB (Sweden) Ektornet (Sweden) 162 Other subsidiaries Total goodwill Total legal equity Group adjustments and eliminations Total equity attributable to shareholders of Swedbank AB
11 00B 0B Statement of changes in equity Financial information, Group Statement of changes in equity SEKm Share capital Other contributed equity Exchange differences, subsidiaries and associates Shareholders' equity Hedging of net investments in foreign operations Cash flow hedges Retained earnings Total Noncontrolling interest Total equity Opening balance 1 January Dividends Share based payments to employees Disposal of own shares for trading purposes Acquired non-controlling interests Associated companies' acquisition of minority Total comprehensive income for the period Closing balance 31 December Specification of Exchange differences, subsidiaries and associates 31 Dec 31 Dec Q4 Q3 Q2 Q1 Q4 Q3 Q2 SEKm Russian Operations Estonian Operations Latvian Operations Lithuanian Operations Norwegian Operations Robur, Ektornet and other Total Specification of Hedging of net investment in foreign operations 31 Dec 31 Dec Q4 Q3 Q2 Q1 Q4 Q3 Q2 SEKm Russian Operations Estonian Operations Latvian Operations Lithuanian Operations Norwegian Operations Robur, Ektornet and other Total Specification of Cash flow hedges 31 Dec 31 Dec Q4 Q3 Q2 Q1 Q4 Q3 Q2 SEKm Group Treasury Other Total
12 Net interest income analysis, Group Financial information, Group Net interest income analysis, Group FY FY % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm Y/Y Interest income Loans to credit institutions Loans to the public Interest-bearing securities Derivatives, income Other Total interest income of which interest income reported in net gains/ losses on financial items at fair value Interest income according to income statement Interest expense Amounts owed to credit institutions Deposits and borrowings from the public of which deposits guarantee fees Debt securities in issue of which state guarantee fees Subordinated liabilities Derivatives, expenses Other of which stability fee Total interest expense of which interest expense reported in net gains/ losses on financial items at fair value Interest expense according to income statement Net interest income Average balances Loans to credit institutions Loans to the public Interest-bearing securities Interest-bearing assets Derivatives Other assets Total assets Amounts owed to credit institutions Deposits and borrowings from the public Debt securities in issue Subordinated liabilities Interest-bearing liabilities Derivatives Other liabilities Total liabilities Equity Total liabilities and equity Net interest income analysis, Group FY FY Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 % Average interest rates Loans to credit institutions Loans to the public Interest-bearing securities Interest-bearing assets Amounts owed to credit institutions Deposits and borrowings from the public Debt securities in issue Subordinated liabilities Interest-bearing liabilities Net interest margin before trading interest are deducted (net interest income/ total assets) Interest-bearing securities are reported net less sold, not held, securities. Interest income on impaired loans is not accrued. 11
13 Income analysis Financial information, Group Income analysis, Group FY FY % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm Y/Y Net interest income Payment processing Card commissions Service concepts Asset management & Custody Life insurance Brokerage & Other securities Corporate Finance Lending and Guarantees Deposits Real estate brokerage Non-Life insurance Other commission income Net commission income Financial instruments held for trading Financial instruments intended to hold until maturity Net gains and losses on financial items at fair value Net insurance Sparbanken Skåne/Färs & Frosta Sparbank Swedbank Sjuhärad Other jointly owned banks in Sweden EnterCard Holding 1) Other companies Share of the profit or loss of associates IT/administrative services to savings banks Assets taken over Other 2) Other income Total income ) Q One-off effect of SEK 230m due to terminated partnership Norway. 2) Q one-off effect from the acquisition of Sparbanken Öresund, of SEK 461m. 12
14 99B 9B 99B 9B Expense analysis Financial information, Group Expense analysis, Group FY FY % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm Y/Y Staff costs Salaries and other remunerations Variable staff costs 1) Pension costs 1) Social insurance charges 1) Training costs Other staff costs Total staff costs 2) 3) Other expenses Premises and rents 2) IT expenses Telecommunications and postage Advertising, PR and marketing Consultants 2) Compensation to Savings Banks Other purchased services Security transport and alarm systems Supplies Travel Entertainment Repair/maintenance of inventories Other expenses 2) Total other expenses Depreciation/amortisation Total expenses IT-related expenses IT-related expenses 4) FY FY % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm Y/Y Expenses within internal IT-organisation (Group IT) Staff costs IT expenses of which software incl. licenses of which IT-consultants of which other bought IT-services Leasing and depreciation of IT-equipment Other expenses Total expenses Expenses outside internal IT-organisation (Group IT) IT expenses bought by business areas Activated IT-related expenses Total IT-related expenses of which development cost ) Social insurance charges and pension costs related to variable pay are presented as variable staff costs. 2) Q one-off effects from the acquisition of Sparbanken Öresund, staff costs of SEK 393m, premises and rents of SEK 80m, consultancy of SEK 127m and other costs of SEK 15m. 3) During Q SEK 100m was expensed for staff restructurings in Sweden and the Baltic countries. 4) IT-related staff costs outside the internal IT organisation are not included. 13
15 Variable pay Income Statement Impact Actual Financial information, Group Forecast Year Program FY 2011 FY 2012 FY 2013 FY 2014 FY programs 2011 Eken IP Eken IP Eken IP Eken IP Eken IP Other variable pay Total ) Variable Pay in Swedbank includes two programs, Eken and Individual Program ("IP"). Eken comprises essentially all employees in the Group and consists of deferred compensation in the form of shares. IP comprises around 700 employees and consists of cash and deferred compensation in the form of shares 2) Duration period for each program is comprised of i) an initial performance year followed by ii) a deferral period prior to iii) the delivery date year after the deferral period. The share part is recognized in the P/L over the duration period, 50 months, while cash part is recognized over 12 months (performance year) 3) Positive Economic Profit is a prerequisite for Eken and IP. Size of Eken has direct connection to Group ROE 4) Recognized expenses for shares after the performance year take into account forfeited rights and include social charges based on the expected share price on the delivery date (assumed being equal to the current share price) 14
16 Swedish Banking Business areas FY FY Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm ) Y/Y ) Income statement Net interest income Payment processing Card commission Service concepts Asset management Life Insurance Brokerage & Other securities Lending and guarantees Deposits Corporate finance Real estate brokerage Non-Life insurance Other commissions Net commission income Net gains and losses on financial items at fair value Net insurance Share of the profit or loss of associates Other income Total income Staff costs Variable staff costs Expenses for premises IT expenses Consultants Other expenses of which internally sold and bought services Depreciation/amortisation Total expenses Profit before impairments Credit impairments Operating profit Tax expense Profit for the period from continuing operations Profit for the period including non-controlling interest Profit for the period attributable to: Shareholders of Swedbank AB Non-controlling interests ) Q one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, premises and rents of SEK 80m, consultancy of SEK 127m, other costs of SEK 15m and a positive effect on tax expenses of SEK 135m. 15
17 Swedish Banking Business areas 31 Dec 31 Dec Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn Y/Y Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks Loans to credit institutions Loans to the public Bonds and other interest-bearing securities 2 Financial assets for which customers bear inv. risk Derivatives Other assets Total assets Liabilities and equity Amounts owed to credit institutions Deposits and borrowings from the public Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities Subordinated liabilities Allocated equity Total liabilities and equity Key figures Key performance indicators Return on allocated equity, % Cost/Income ratio Credit impairment ratio, % Loan/Deposit ratio, % Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 2) Deposits from the public excluding repos & SNDO 1) 2) Mutual funds & insurance Discretionary asset management Goodwill Allocated equity, average, SEKm Risk exposure amount 3) 4) Commitments Full-time employees 2) Other information (millions) Number of Internet bank customers (incl. savings banks) Number of internet bank payments (incl. savings banks) Number of Mobile bank customers (incl. savings banks) Number of logins in Internetbank Number of logins in Mobile Bank Number of cards (debit cards) Number of card purchases POS/total card turnover, % 5) Number of card acquiring, Nordic Countries Total acquired amount, Nordic Countries, SEKm ) Excluding intra-group transactions. 2) Q effects from the acquisition of Sparbanken Öresund, Loans SEK 16.5bn, Deposits SEK 12bn, Full-time employees ) During Q2 2014, implementation of IRB-A decreased REA with SEK 34bn and aquisition of Öresund and investment in Sparbanken Skåne increased REA with SEK 16bn. 4) Risk exposure amount is reported according to Basel 3. Risk exposure amount is reported according to Basel 2 in ) Point of Sale (POS). 16
18 Baltic Banking Business areas FY FY Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm ) 2014 Y/Y ) Income statement Net interest income Payment processing Card commission Service concepts Asset management Life Insurance Brokerage & Other securities Lending and guarantees Deposits Non-life insurance Other commissions Net commission income Net gains and losses on financial items at fair value Net insurance Share of the profit or loss of associates Other income Total income Staff costs Variable staff costs Expenses for premises IT expenses Consultants Other expenses of which internally sold and bought services Depreciation/amortisation Total expenses Profit before impairments Impairment of intangible assets Impairment of tangible assets Credit impairments Operating profit Tax expense Profit for the period from continuing operations Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest Profit for the period attributable to: Shareholders of Swedbank AB Non-controlling interests 1) One-off tax effect in Q increased tax expense with 929 SEKm related to Estonian extra dividend. 17
19 Baltic Banking Business areas 31 Dec 31 Dec Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn Y/Y Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks Loans to credit institutions 1 Loans to the public Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets Total assets Liabilities and equity Amounts owed to credit institutions Deposits and borrowings from the public Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities Subordinated liabilities Allocated equity Total liabilities and equity Key figures Key performance indicators Return on allocated equity, % Cost/Income ratio Credit impairment ratio, % Loan/Deposit ratio, % Volumes, SEKbn Loans to the public excluding repos & SNDO 1) Deposits from the public excluding repos & SNDO 1) Mutual funds & insurance Discretionary asset management Goodwill Allocated equity, average, SEKm Risk exposure amount 2) Commitments Full-time employees Other information (millions) Number of Internet bank customers 4) Number of Internet bank payments Number of Mobile bank customers Number of logins in Internet bank Number of logins in Mobile bank Number of cards Number of card purchases POS/total card turnover, % 3) Number of card acquiring Total acquired amount, SEKm Key figures in Euro Income statement, EURm Net interest income Total income Total expenses Profit for the period 5) Volumes and balance sheet, EURbn Total assets Loans to the public excluding repos & SNDO 1) Deposits from the public excluding repos & SNDO 1) Allocated equity, average, EURm Risk exposure amount 2) ) Excluding intra-group transactions. 2) From Q1 2014, Risk exposure amount is reported according to Basel 3. 2 Risk exposure amount is reported according to Basel 2 for ) Point of Sale (POS). 4) Definition of Number of Internet bank customers changed compared to Q ) One-off tax effect in Q increased tax expense with 929 SEKm related to Estonian extra dividend. 18
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