Interim report Q April 25, 2007 Jan Lidén President and CEO
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1 Interim report Q April 25, 2007 Jan Lidén President and CEO
2 Highlights Q Strong and stable results intact SEK 2,910m (2,270 Q1, 2006) Strong and stable results from all major business areas; Swedish- and Baltic Banking and Swedbank Markets Group net interest income increased for the fourth consecutive quarter Swedish Banking SEK 1,632m (1,435) High level of customer activity, increased volumes in savings, lending and payments Net interest income was stable Baltic Banking SEK 995m (597) Continued healthy development Some signs of lending growth slowdown Swedbank Markets SEK 313m (206) Continued strong profit development in all product areas Fixed income and FX showed exceptionally good results Swedbank s leading position on the Swedish savings market was reinforced by co-operation agreement with Folksam Moody s upgraded Swedbank s long term rating to Aa1. (2)
3 Strong position for profitability and growth Sweden Swedbank is the leading bank in Sweden. Profitability is high and stable and the bank is gaining market share in important segments such as retail mortgages and deposits. Stable base Baltics The Baltic economies are experiecing strong economic growth that is expected to remain for many years. As the largest bank in the region, growing with the market ensures Swedbank an attractive earnings growth. Growth and experience Russia and Ukraine Swedbank has a small but growing presence in Russia and Ukraine. Long term, a significant share of Swedbank s growth will be generated in these markets. Future growth and profitability Customer satisfaction Profitability Attractive employer Swedbank had the highest increase in customer satisfaction in Sweden during Customer satisfaction in the Baltics is rising from an already high level. 72 Swedbank s average annual growth of earnings per share the last 5 years was 16.5 percent. The peer group average was 15.5 percent. 25 In Sweden, Swedbank is ranked as the most attractive employer in the financial services sector*. In the Baltics we have been able to attract the best talent for a long period of time * According to Universum (3)
4 Business volumes, lending 50 SEKbn Growth Q1-07, SEKbn 1,000 SEKbn Balance, March Lending, Group 11 Mortgage, private, Sweden 15 Corporate, Sweden Mortgage, private, Baltics 3 Corporate, Baltics Lending, Group Mortgage, private, Sweden Corporate, Sweden 49 Mortgage, private, Baltics 88 Corporate, Baltics Due to change in exchange rate between SEK and Euro (4)
5 Business volumes, savings SEKbn Growth Q1-07 SEKbn Balance, March Deposits, Sweden 3 Deposits, Baltics AM funds, Group 0 Deposits, Sweden Deposits, Baltics AM funds, Group Due to change in exchange rate between SEK and Euro (5)
6 Margins % Lending % Deposits Latvian rate RIGIBOR increased substantially Shift in product mix towards mortgages and higher RIGIBOR Q1-06 Q2-06 Q3-06 Q4-06 Q Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Estonia Lithuania Latvia Sweden Estonia Lithuania Latvia Sweden (6)
7 Swedish Banking SEKm % 4, , ,500 3, , , , , Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Continued positive volume- and market share development in: Household mortgages Household deposits Corporate lending Net interest income was stable Swedbank was named Sweden s most attractive work-place in banking and the fourth most attractive employer over-all. Income Costs C/I-ratio (7)
8 Swedbank leads the savings market in Sweden Total market shares Dec Breakdown of savings market Others; 13.8 (9.7) Swedbank; 14.2 (14.0) Bonds etc; 3.5 (3.6) PPM; 6.4 (2.4) Deposits; 16.3 (16.7) The state; 3.5 (2.9) Alecta; 10.1 (11.7) SEB; 13.0 (14.2) Mutual funds; 26.8 (25.1) Folksam; 4.1(3.2) LF; 4.7 (4.9) Skandia; 10.2 (11.8) Traditional insurance; 37.7 (45.2) AMF; 7.3 (7.4) Handelsbanken; 11.0 (10.4) Nordea; 8.3 (9.7) Swedbank s market shares Unit-linked insurance; 9,4 (7,1) PPM 13.7% Bonds etc 14.1% Mutaual funds 25.9% Unit-linked insurance 16.4% Traditional insurance 0.2% Depoists 26.2% Source: SEB Sparbarometern. Comparative figures refer to December % 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% (8)
9 New ways of distributing mutual funds (9)
10 Swedbank Robur strengthens its leading position in asset management in the Nordic area Swedbank Robur will manage Folksam s portfolio of interestbearing securities and equities totalling SEK 142m Swedbank Robur acquires Folksam Fond AB, with assets under management of approx. SEK 27bn, for SEK 450m. The deal will close as of January 1, 2008 The management assignment to effective as of May 1, 2007 Requires usual regulatory approval Swedbank Robur s strong asset management performance was a key factor in the deal Continued efforts in non-life insurance with Folksam as supplier. (10)
11 Baltic Banking SEKm % 2,200 2,000 1,800 1,600 1,400 1,200 1, Q1 06 Q2 06 Q3 06 Q4 06 Q Continued good earnings trend Profit for the period increased by 8 per cent to SEK 995 million C/I-ratio improved to 0.40 Some slowing down in the lending increase Strong increase in saving volumes New employments to meet demand for service Continued good credit quality. Income Costs C/I-ratio (11)
12 Decreasing lending growth in Baltics EURm Baltic Banking EURm Estonia 1,800 14% % 1,600 1,400 1,200 1, % 12.8% 12.8% 12.0% 12% 10% 8.5% 8% 6% % 11.9% 10.4% 10.4% 12% 10% 8% 7.0% 6% % 2% % 2% 0 0 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 EURm % Latvia 18.2% 17.5% 14.9% 9.8% EURm 20% % % % 12% % 10% 200 8% 150 6% 100 4% 2% 50 0% 0 Lithuania 14% 12% 10.4% 11.4% 10.3% 10% 9.2% 8% 6% 4% 2% Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Growth / quarter (12)
13 Actions taken in the Baltics Plan to combat inflation in Latvia Expected to be introduced during the spring and summer 2007 Hansabank has taken an active part in preparing the plan Since Q1 2006; increased risk margins on new credits to e.g. certain parts of the real-estate sector Financing only experienced developers Increased LTV requirements Increased guarantees from construction company required for larger projects Tightened requirements for retail lending Increased service ratio Increased LTV requirements Tougher demand on previous credit history. (13)
14 Baltic Banking, market shares Balance, % Estonia Latvia Lithuania Dec 31, 2006 Feb 28, 2007 Dec 31, 2006 Feb 28, 2007 Feb 28, 2007 Dec 31, 2006 Deposits, households Mortgage lending, households Consumer/bank lending Deposits, SME/corporate Lending, corporate Pension II (14)
15 Swedbank Markets 450 SEKm Continued strong development in all product areas Net profit increased 16 percent vs. Q and 49 percent vs. Q C/I-ratio improved to 0, Fixed income and foreign exchange reported best improvements Issue of structured products increased 24 percent compared to Q Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Net profit Q3 06 Q4 06 Q1 07 Swedbank was largest issuer of equity linked bonds in Sweden during Q First Securities profit increased 4 percent vs. Q and 40 percent vs. Q (15)
16 TAS-Kommerzbank Acquisition process is running according to plan. Closing is expected during Q3 after approval from Ukrainian competition authorities and the central bank Norge Sverige Finland Estland Ryssland Ongoing preparations in several areas, e.g. treasury, credit, risk management, accounting and internal audit Danmark Lettland Litauen Ukraina Continued rapid growth, opening of another 60 branches during (16)
17 Swedbank Russia SEKm SEK Incl. provisions for VAT dispute 0 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q Profit (right scale) Income Costs (17)
18 Group results Mikael Inglander CFO (18)
19 Income statement, Group Q Q % Q % SEKm Net interest income 4,501 4, , Net commission income 2,289 2, ,098 9 Net gains/losses on financial items at fair value Other income Total income 7,793 7, , Staff costs 1,932 1, ,812 7 Profit-based staff costs Other expenses 1,615 1, ,546 4 Total expenses 3,937 4, ,650 8 Profit before loan losses 3,856 3, , Loan losses Operating profit 3,807 3, , Tax Profit for the period 2,956 2, , Attributable to Swedbank's shareholders 2,910 2, , (19)
20 Improved efficiency SEKm 9,000 8,000 Capital gains from sale of Kundinkasso and 50% of EnterCard 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Q1-04 Q2-04 Q3-04 Q4-04 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Income Costs (20)
21 Net interest income, by business area SEKm Q Q % Q % Swedish Banking 2,950 2, ,752 7 Baltic Banking Operations 1,324 1, Baltic Banking Investment Swedbank Markets Asset Management and Insurance Shared Services and New Operations Eliminations Total net interest income 4,501 4, , (21)
22 Net interest income Swedish Banking, change Q vs Q Q vs Q SEKm Net interest income Q ,949 Net interest income Q ,752 Changes: Higher lending volumes Decreased lending margins Higher deposit volumes Higher deposit margins Other changes Total change Net interest income Q ,950 2,950 (22)
23 Baltic Banking, change in net interest income Q vs Q Q vs Q SEKm Net interest income Q ,221 Net interest income Q Changes: Higher lending volumes Decreased lending margins Higher deposit volumes Higher deposit margins Other changes Total change Net interest income Q ,324 1,324 (23)
24 Net commission income, Group 1, Q Q Q Q Q (24) Asset management Payments Brokerage Lending Insurance Corporate finance Other SEKm
25 Expenses SEKm Q Q % Q % Swedish Banking 2,204 2, ,156 2 Baltic Banking Swedbank Markets Other business areas Total expenses 3,937 4, ,650 8 of which staff costs in: Swedish Banking 1,036 1, ,009 3 Baltic Banking Swedbank Markets (25)
26 Loan losses, Group SEKm % Q1-03 Q3-03 Q1-04 Q3-04 Q1-05 Q3-05 Q1-06 Q3-06 Q1-07 Loan losses Loan loss level (26)
27 Credit quality, Group 200 % % Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q Share of impaired loans (right scale) Provision ratio (27)
28 Credit quality, Baltic Banking 1.5% NPL/loan portfolio (12-month old) 1.2% 0.9% 0.6% 0.3% 0.0% 1.5% 1.0% Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Est Lat Lit Net provisions* to average portfolio Increase relates to an individual customer 0.5% 0.0% -0.5% Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Est Lat Lit HBG group (28)
29 Business areas Q1 07 vs Q1 06, SEKm Swedish Banking Q % Baltic Banking Q % Swedbank Markets Q % Asset Mgmt Q % Net interest income 2, , #### Net commission income 1, Other income Total income 4, , , Staff costs 1, Other expenses 1, Total expenses 2, Profit before loan losses 2, , Loan losses 67 1, #### 0 #### Operating profit 2, , Return on allocated equity, % (29)
30 Key figures Mar 31, 2007 Mar 31, 2006 Return on equity, % Earnings per share, SEK Equity per share, SEK C/I ratio before loan losses Loan loss ratio, net, % Share of impaired loans, % Provision ratio for impaired loans, % Tier 1 capital ratio, % Capital adequacy ratio, % (30)
31 Highlights Q Strong and stable results intact SEK 2,910m (2,270 Q1, 2006) Strong and stable results from all major business areas; Swedish- and Baltic Banking and Swedbank Markets Group net interest income increased for the fourth consecutive quarter Swedish Banking SEK 1,632m (1,435) High level of customer activity, increased volumes in savings, lending and payments Net interest income was stable Baltic Banking SEK 995m (597) Continued healthy development Some signs of lending growth slowdown Swedbank Markets SEK 313m (206) Continued strong profit development in all product areas Fixed income and FX showed exceptionally good results Swedbank s leading position on the Swedish savings market was reinforced by co-operation agreement with Folksam Moody s upgraded Swedbank s long term rating to Aa1. (31)
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