Facts Q4 2013 28 January, 2014
44B 4B 44B 4B 44B 4B Contents page page General information 3 Asset quality 47 Swedbank in brief 3 Asset quality 47-50 Macro economic indicators 4-5 Credit impairments 51 Financial information, Group 6 Impaired loans and provisions 52-53 Income statement, 5-year summary 6 Loans past due 54 Income statement, 9-quarter summary 7 Concentration risk 55 Balance sheet, 5-year summary 8 Capital adequacy 56 Balance sheet, 9 quarters, Equity and Goodwill 9 Exposure distribution for credit risk Basel 2 56 Statement of changes in equity and Intangible fixed assets 10 by business area and by segment 57 Net interest income analysis 11 Capital adequacy parameters for credit risk - business area 57 Income analysis 12 Capital adequacy parameters for credit risk - segment 58 Expense analysis 13 Capital adequacy 59 Variable pay 14 Change in RWA and Outstanding subordinated debt and leverage ratio 60 Business areas 15 ICAAP 2013 - Scenario based stress test 61-62 Swedish Banking 15-16 Liquidity & Funding 63 Large Corporates & Institutions 17-23 Liquidity reserve and additional Liquid Assets 63 Baltic Banking 24 Survival horizon 64 Baltic Banking 24-25 Liquidity ratios 65 Estonia 26 Debt securities in issue 66 Latvia 27 Maturity distribution, long-term funding 67 Lithuania 28 Outstanding benchmark bonds 68 Other 29 Outstanding short-term funding 69 Group Functions & Other 30-31 Maturity distribution, total balance sheet 70-71 Group Products 32 Asset encumbrance 72 Group Treasury 33 Cover pool data 73-75 Ektornet 34-35 Swedbank Mortgage AB, loan data 76 Other 36 Rating 77 Eliminations 37 Key figures 78-79 Product companies 38 Market shares 80 Swedbank Robur AB 38-39 Swedbank Group by geography 81 Swedbank Insurance 40 Employees 82 Baltic Life Insurance 41 Currency distribution and exchange rates 83 Baltic P&C Insurance 42 Sensitivity analysis 84 Business volumes 43 Shareholders and share data 85 Loans 43 Definitions 86 Deposits and amounts owed to credit institutions 44 Contacts and financial calendar 87 Derivatives and Deferred Tax Assets 45 Interest bearing Securities and Exposures towards the GIIPS countries 46
Swedbank in brief General information Sweden Population: 9.5m Private customers: 4.0m Corporate customers: 264 000 Organisations: 68 000 Branches: 305 ATMs 1) Cards: 3.8m Employees: 8 174 Latvia Population: 2.0m Private customers: 1.0m Corporate customers: 83 000 Branches: 54 ATMs: 427 Cards: 1.0m Employees: 1 612 Estonia Population: 1.3m Private customers: 1.0m Corporate customers: 123 000 Branches: 50 ATMs: 480 Cards: 1.1m Employees: 2 264 Lithuania Population: 3.0m Private customers: 2.0m Corporate customers: 86 000 Branches: 77 ATMs: 489 Cards: 1.8m Employees: 1 864 1) ATMs are handled in Bankomat AB. More information is available on www.bankomat.se To support the business in Swedbank's four home markets, Swedbank is also established in neighbouring markets such as Norway, Finland and Denmark as well as certain other countries such as the US, China, Luxembourg and Spain. Swedbank is discontinuing operations in Russia and has finalised the divestment of the Ukrainian subsidiary in Q2 2013. Group operational structure 2013 The financial reporting is divided in four segments. The six Swedish regions and Channel & Concepts form Swedish Banking. Group products, and other group functions, constitute Group Functions & Other. Group executive committee Michael Wolf, President and CEO Anders Karlsson, Group Chief Risk Officer Mikael Björknert, Head of Channels & Concepts Birgitte Bonnesen, Head of Baltic 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 Helo Meigas, Head of Group Treasury Jonas Erikson, Head of Group Products Lars Friberg, Head of Group Human Resources Magnus Gagner-Geeber, Head of Large Corporates & Institutions Stojko Gjurovski, Head of Southern Region in Sweden Marie Halling, Head of Eastern Region in Sweden Cecilia Hernqvist (Secretary), Head of Group Legal Lena Smeby-Udesen, Head of Western Region in Sweden Johan Smedman, Head of Central Region in Sweden 3
General information Macro economic indicators GDP growth Average inflation rate (consumer price growth) % 2015F 2014F 2013F 2012 2011 2010 2009 2008 % 2015F 2014F 2013F 2012 2011 2010 2009 2008 Sweden 2.2 3.2 1.0 1.3 3.7 6.6-5.0-0.6 Sweden 2.5 0.6 0.0 0.9 3.0 1.2-0.5 3.4 Estonia 3.7 3.0 1.0 3.9 8.3 2.9-13.9-5.1 Estonia 2.9 2.6 2.8 3.9 5.0 3.0-0.1 10.4 Latvia 4.5 4.8 4.4 5.0 5.5-0.3-17.7-4.2 Latvia 2.8 2.5 0.0 2.3 4.4-1.1 3.5 15.4 Lithuania 4.2 3.7 3.3 3.7 5.9-1.1-17.8 2.8 Lithuania 3.0 1.5 1.0 3.1 4.1 1.3 4.5 11.0 Current account balance, % of GDP General Government Financial Balance, % of GDP 2015F 2014F 2013F 2012 2011 2010 2009 2008 2015F 2014F 2013F 2012 2011 2010 2009 2008 Sweden 6.3 6.3 6.3 6.6 7.3 6.8 6.8 8.8 Sweden -0.7-1.2-1.4-0.5 0.0-0.1-0.7 2.2 Estonia -2.3-2.2-2.1-1.8 1.8 3.1 3.6-8.8 Estonia -0.3-0.4-0.6-0.2 1.1 0.3-2.0-2.9 Latvia -1.5-0.8-0.3-1.7-2.2 3.0 8.6-13.1 Latvia -0.7-0.6-1.3-1.3-3.4-8.1-9.7-4.2 Lithuania -3.5-1.8 0.0-0.2-3.7 1.5 4.4-12.9 Lithuania -1.0-2.0-2.9 3.2 4.7-7.2-9.5-3.3 General government debt, % of GDP 2015F 2014F 2013F 2012 2011 2010 2009 2008 GDP per capita (PPP) 2012, USD Inhabitants (millions) GDP (2012, USDbn) Sweden 39.3 40.6 41.2 38.3 38.4 39.4 42.7 38.8 Sweden 34 945 9.5 417.3 Estonia 10.0 10.0 10.1 9.8 6.1 6.7 7.2 4.5 Estonia 18 926 1.3 15.8 Latvia 30.6 36.9 38.4 40.6 42.2 44.7 36.7 19.8 Latvia 15 825 2.0 17.1 Lithuania 40.8 42.4 39.7 40.5 38.3 38.0 29.4 15.5 Lithuania 18 799 3.0 30.1 Household debt, % of disposable income 1) Unemployment % 2012 2011 2010 2009 2008 % 2015F 2014F 2013F 2012 2011 2010 2009 2008 Sweden 172.1 173.2 174.1 166.5 161.2 Sweden 7.3 7.7 8.0 8.0 7.8 8.4 8.3 6.2 Estonia N/A 88.1 96.8 95.5 91.9 Estonia 7.9 8.3 8.6 10.2 12.5 16.9 13.8 5.5 Latvia N/A 66.1 75.1 74.9 70.8 Latvia 9.3 10.4 11.8 15.0 16.2 18.7 16.9 7.5 Lithuania N/A 41.2 43.1 45.9 44.9 Lithuania 9.0 10.0 11.7 13.4 15.4 17.8 13.7 5.8 1) Data for households and non-profit institutions serving households. Source: Swedbank Reasearch - Macro Research, Eurostat, the World Bank & the Riksbank Total market, net change in loans to the public by Country Sweden SEKbn Net change 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct-Nov Total loans 1) 99 40 32 167 48 100-9 59 66 36-12 76 37 29 49 Mortgage loans 47 34 39 22 33 27 27 20 27 23 29 23 32 29 24 Estonia EURm Net change Total loans 1) -281-210 -315-299 -51-244 -226 119 60 247 24 119-98 219 22 Mortgage loans -44-31 -43-52 -16-23 -32-56 -6 16-8 -31 13 21 22 Latvia EURm Net change 2) Total loans 1) -383-397 -603-688 -464-163 -464-1 273-432 1-370 -163-617 na na Mortgage loans -58-96 -107-195 -112-121 -141-270 -169-104 -115-97 58-91 na Lithuania EURm Net change Total loans 1) -361-414 -377-88 -338 205-1 074-184 100-32 -660 385-190 72-20 Mortgage loans -42-120 -49 100-128 -9-151 -61-30 -36-70 -29-7 -1-7 1) Excluding repurchase agreements. 2) June the latest for lending and Sept the latest for mortgage. 4
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 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 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 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 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 Macro economic indicators General information Interest rates: Sweden & Eurozone, % Interest rates: Baltics & Eurozone, % 6,0 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 24 22 20 18 16 14 12 10 8 6 4 2 0 Repo rate (SWE) Real estate price development, Sweden 1) SEK 000 3 750 3 500 3 250 3 000 2 750 2 500 2 250 2 000 1 750 1 500 1 250 1 000 750 500 250 0 2005 2006 2007 2008 2009 2010 2011 2012 Q3-13 Sweden Gothenburg ECB Euro rate 90 days Euribor 90 days Stibor (SWE) Stockholm Malmö 90 days Vilibor (Lithuania) 90 days Rigibor (Latvia) 90 days Euribor Real estate price development, Baltics 2) EUR/m2 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 2006 2007 2008 2009 2010 2011 2012 2013 Tallin Riga Vilnius 1) Median price for a single family home 2) Average sales price per sqm for apartments Source: Swedbank's Boindex (real estate price index) Source: Land boards of respective country Turnover 500 000 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 General index and turnover, equities, NASDAQ OMX, Stockholm Index 450 400 350 300 250 200 150 0 100 Stockholm, SEKm turnover month OMX Stockholm PI (rs) 5
Income statement, 5-year summary Financial information, Group Income statement, Group FY FY FY FY FY FY SEKm 2013 % 2012 1) 2011 2010 2009 2008 Net interest income 22 029 8 20 361 19 014 16 228 20 765 21 702 Net commission income 10 132 5 9 614 9 597 10 116 7 825 8 830 Net gains and losses on financial items, fair value 1 484-52 3 073 1 584 2 400 2 770 2 351 Net insurance 647 9 595 506 612 647 452 Share of the profit or loss of associates 852 7 798 767 624 866 512 Other income 1 794-2 1 827 2 577 1 554 1 909 2 616 Total income 36 938 2 36 268 34 045 31 534 34 782 36 463 Staff costs 8 704 2 8 500 9 522 9 052 9 184 9 142 Variable staff costs 947 28 738 395 340 17 950 Other expenses 6 258-3 6 470 7 471 7 790 7 758 6 994 Depreciation/amortisation 739-13 852 1 011 950 889 972 Total expenses 16 648 1 16 560 18 399 18 132 17 848 18 058 Profit before impairments 20 290 3 19 708 15 646 13 402 16 934 18 405 Impairment of intangible assets 182 20 1 960 37 1 305 1 403 Impairment of tangible assets 693 70 407 174 600 449 27 Credit impairments 60-185 -1 911 2 810 24 641 3 156 Operating profit 19 355-1 19 466 15 423 9 955-9 461 13 819 Tax expense 4 099-1 4 157 3 669 2 472 981 2 880 Profit for the period from continuing operations 15 256 0 15 309 11 754 7 483-10 442 10 939 Profit for the period from discontinued operations, after tax -2 340-997 4 Profit for the period including non-controlling interest 12 916-10 14 312 11 758 7 483-10 442 10 939 Profit for the period attributable to: Shareholders of Swedbank AB 12 901-10 14 304 11 744 7 444-10 511 10 887 Non-controlling interests 15 88 8 14 39 69 52 Statement of Comprehensive Income YTD FY FY FY FY FY SEKm 2013 % 2012 2011 2010 2009 2008 Profit for the period reported via Income statement 12 916-10 14 312 11 758 7 483-10 442 10 939 Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans 2 264-1 653 Share related to associates 12-43 Income tax -500 374 Total 1 776-1 322 Items that may be reclassified to the income statement Exchange differences on translating foreign operations: Gains/losses arising during the period 1 258-1 480-284 -4 218-1 852 3 468 Reclassification adjustments to Income statement, Net gains and losses on financial items, fair value or profit for the period from discontinued operation 1 875 Hedging of net investments in foreign operations: Gains/losses arising during the period -910 1 050 379 2 420 1 312-3 419 Cash flow hedges: Gains/losses arising during the period -210-66 -614 78 149-574 -1 423 Reclassification adjustments to Income statement, Net interest income 83-57 193 345 806 817 198 Net gains and losses on financial items, fair value 37 Share of other comprehensive income of associates -115 21-2 -30 42-45 Income tax 230-74 -210-890 -397 1 211 Total 2 211-904 306-1 763-615 -10 Other comprehensive income for the period, net of tax 3 987-2 226 306-1 763-615 -10 Total comprehensive income for the period 16 903 40 12 086 12 064 5 720-11 057 10 929 Total comprehensive income attributable to: Shareholders of Swedbank AB 16 887 40 12 078 12 050 5 693-11 138 10 885 Non-controlling interests 16 100 8 14 27 81 44 1) From 2012, trading related net interest income is reported as net gains and losses on financial items at fair value. For 2012, SEK 523m has been moved from net interest income to net gains and losses on financial items at fair value. As of 2012, the changes in reporting of benefit pension plans according according to IAS 19 have affected staff costs. For 2012, staff costs have increased by SEK 51m and tax expense by SEK 83m. As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 6
22B 2B Income statement, 9-quarter summary Financial information, Group Income statement, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 SEKm 2013 2013 2013 2012 2012 2012 2012 2011 Net interest income 5 626-15 5 641 5 409 5 353 5 346 5 085 5 035 4 895 4 967 Net commission income 2 699 179 2 520 2 525 2 388 2 502 2 375 2 339 2 398 2 291 Net gains/losses on financial items, fair value 461 291 170 296 557 830 687 577 979 559 Net insurance 181 52 129 144 193 127 147 163 158 134 Share of profit or loss of associates 209-31 240 197 206 154 225 210 209 155 Other income 476-49 525 408 385 478 452 464 433 550 Total income 9 652 427 9 225 8 979 9 082 9 437 8 971 8 788 9 072 8 656 Staff costs 2 297 182 2 115 2 159 2 133 2 107 2 045 2 147 2 201 2 604 Variable staff costs 277 64 213 232 225 157 184 189 208 47 Other expenses 1 689 201 1 488 1 567 1 514 1 669 1 490 1 616 1 695 2 019 Depreciation/amortisation 221 42 179 168 171 209 201 219 223 277 Total expenses 4 484 489 3 995 4 126 4 043 4 142 3 920 4 171 4 327 4 947 Profit before impairments 5 168-62 5 230 4 853 5 039 5 295 5 051 4 617 4 745 3 709 Impairment of intangible assets 12 12 170 17-1 4 1 960 Impairment of tangible assets 311 216 95 202 85 141 102 124 40 170 Credit Impairments -32 24-56 88 60-76 36-49 -96-174 Operating profit 4 877-314 5 191 4 393 4 894 5 213 4 914 4 538 4 801 1 753 Tax expense 1 212 214 998 913 976 786 1 216 1 047 1 108 790 Profit for the period from continuing operations 3 665-528 4 193 3 480 3 918 4 427 3 698 3 491 3 693 963 Profit for the period from discontinued operations, after tax -48-33 -15-1 887-390 -174-203 -341-279 4 Profit for the period including non-controlling interest 3 617-561 4 178 1 593 3 528 4 253 3 495 3 150 3 414 967 Profit for the period attributable to: Shareholders of Swedbank AB 3 612-560 4 172 1 592 3 525 4 252 3 495 3 147 3 410 965 Non-controlling interests 5-1 6 1 3 1 3 4 2 Statement of comprehensive income Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 SEKm 2013 2013 2013 2012 2012 2012 2012 2011 Profit for the period reported via Income statement 3 617-561 4 178 1 593 3 528 4 253 3 495 3 150 3 414 967 Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans -318-824 506 1 402 674-209 -984-831 371 Share related to associates -10-23 13 25-16 -9-21 -21 8 Income tax 71 185-114 -312-145 -15 265 224-100 Total -257-662 405 1 115 513-233 -740-628 279 Items that may be reclassified to the income statement Exchange differences on translating foreign operations: Gains/losses arising during the period 1 185 1 854-669 2 089-1 347 837-1 700-344 -273-1 310 Reclassification adjustments to income statement, Net gains/losses on financial items at fair value or profit for the period from discontinued operation 1 875 1-1 Hedging of net investments in foreign operations: Gains/losses arising during the period -927-1 503 576-1 644 1 085-668 1 265 313 140 1 138 Cash flow hedges: Gains/losses arising during the period -112-80 -32-26 -40-116 -37-32 -429 304 Reclassification adjustments to Income statement, Net interest income 12-12 24 25 22 29 43 48 73 77 Share of other comprehensive income of associates -10 33-43 -9-53 22-18 -1 18-18 Income tax relating to components of other comprehensive income 228 351-123 361-236 296-339 -88 57-396 Total 376 643-267 2 671-569 401-786 -104-415 -205 Other comprehensive income for the period, net of tax 119-19 138 3 786-56 168-1 526-732 -136-205 Total comprehensive income for the period 3 736-580 4 316 5 379 3 472 4 421 1 969 2 418 3 278 762 Total comprehensive income attributable to: Shareholders of Swedbank AB 3 730-580 4 310 5 378 3 469 4 420 1 969 2 415 3 274 760 Non-controlling interests 6 6 1 3 1 3 4 2 As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 7
Balance sheet, 5-year summary Financial information, Group Balance sheet 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec SEKm 2013 % 2012 2011 2010 2009 2008 Assets Cash and balances with central banks 59 382-54 130 058 164 307 17 109 37 879 29 060 Loans to credit institutions 82 278-4 85 480 97 195 166 417 92 131 128 536 Loans to the public 1 264 910 2 1 238 864 1 211 454 1 187 226 1 290 667 1 287 424 Bonds and other interest-bearing securities 182 399 34 135 807 138 311 131 576 170 615 133 694 Financial assets for which customers bear the investment risk 119 448 15 104 194 95 747 100 628 78 194 51 638 Derivatives 64 352-37 102 265 103 726 65 051 72 969 128 055 Other assets 48 038-4 50 192 46 325 47 674 52 232 53 283 Total assets 1 820 807-1 1 846 860 1 857 065 1 715 681 1 794 687 1 811 690 Liabilities and equity Amounts owed to credit institutions 121 621 0 122 202 139 598 136 766 231 687 316 730 Deposits and borrowings from the public 620 853 7 579 663 561 696 534 237 504 424 508 456 Debt securites in issue 727 706-5 767 454 781 458 686 517 703 258 593 365 Financial liabilities for which customers bear the investment risk 120 577 15 105 104 96 449 100 988 80 132 52 074 Derivatives 55 011-40 92 141 90 484 65 935 72 172 116 720 Other liabilites 55 175-12 62 803 69 716 69 016 75 057 93 128 Subordinated liabilities 10 159-29 14 307 19 531 27 187 37 983 44 755 Equity 109 705 6 103 186 98 133 95 035 89 974 86 462 Total liabilities and equity 1 820 807-1 1 846 860 1 857 065 1 715 681 1 794 687 1 811 690 As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 8
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 2013 SEKm 2013 2013 2013 2012 2012 2012 2012 2011 Assets Cash and balances with central banks 59 382-72 619 132 001 199 879 210 251 130 058 212 761 132 028 169 795 164 307 Loans to credit institutions 82 278 6 535 75 743 73 100 86 932 85 480 95 615 94 083 98 373 97 195 Loans to the public 1 264 910 16 644 1 248 266 1 245 820 1 236 583 1 238 864 1 251 456 1 228 494 1 212 564 1 211 454 Interest-bearing securities 182 399 29 790 152 609 135 550 137 859 135 807 136 804 131 525 151 678 138 311 Value change of interest hedged item in portfolio hedge 62 262-200 -234 16 Financial assets for which customers bear the investment risk 119 448 4 276 115 172 110 780 109 307 104 194 103 834 101 273 103 014 95 747 Shares and participating interests 7 109 327 6 782 4 600 6 552 8 106 4 879 1 684 8 400 2 015 Investments in associates 3 640 264 3 376 3 267 3 602 3 552 3 464 3 346 3 223 3 111 Derivatives 64 352 1 548 62 804 71 470 83 960 102 265 110 342 98 070 88 697 103 726 Intangible fixed assets 13 658 325 13 333 13 485 13 123 13 440 13 244 13 621 13 702 13 799 of which goodwill 11 760 259 11 501 11 620 11 176 11 452 11 276 11 622 11 695 11 762 Tangible assets 3 825-930 4 755 5 343 5 722 7 031 7 827 8 346 8 368 8 293 Current tax assets 895-427 1 322 629 580 1 082 1 559 1 447 1 401 2 083 Deferred tax assets 417-8 425 484 500 657 662 770 820 872 Other assets 9 578 2 992 6 586 8 319 7 904 8 380 13 525 11 207 19 046 7 531 Prepaid expenses and accrued income 6 992-83 7 075 7 742 8 391 7 736 8 799 7 877 9 153 8 371 Group of assets classified as held for sale 1 862-138 2 000 2 388 5 945 208 204 245 248 250 Total assets 1 820 807-11 242 1 832 049 1 882 622 1 917 227 1 846 860 1 964 975 1 834 016 1 888 482 1 857 065 Liabilities and equity Liabilities Amounts owed to credit institutions 121 621 2 263 119 358 124 002 137 198 122 202 129 060 128 657 130 000 139 598 Deposits and borrowings from the public 620 853-2 867 623 720 673 175 650 480 579 663 630 594 559 955 603 773 561 696 Debt securities in issue 727 706-16 278 743 984 746 252 779 751 767 454 825 838 786 460 784 607 781 458 Financial liabilities for which customers bear the investment risk 120 577 4 552 116 025 111 680 111 512 105 104 104 668 101 837 105 428 96 449 Derivatives 55 011-3 477 58 488 59 862 75 126 92 141 104 178 90 179 80 365 90 484 Current tax liabilities 1 893 745 1 148 635 885 1 378 1 339 1 176 1 357 472 Deferred tax liabilities 2 383-478 2 861 2 645 2 827 2 641 2 313 2 270 2 365 3 183 Short positions securities 17 519 2 243 15 276 15 649 14 763 18 229 13 463 17 272 22 398 30 603 Other liabilities 14 269-2 294 16 563 18 752 11 453 16 624 18 243 12 254 20 484 13 059 Accrued expenses and prepaid income 14 194 1 14 193 12 676 16 101 16 782 16 475 14 088 19 525 18 612 Provisions 4 698 317 4 381 4 931 6 268 7 073 7 022 6 167 5 340 3 690 Subordinated liabilities 10 159 163 9 996 10 585 13 827 14 307 12 980 17 023 18 659 19 531 Liabilities directly associated with group of assets classified as held for sale 219-6 225 375 1 149 76 77 95 96 97 Total liabilities 1 711 102-15 116 1 726 218 1 781 219 1 821 340 1 743 674 1 866 250 1 737 433 1 794 397 1 758 932 Equity Non-controlling interests 165 6 159 153 157 154 155 155 144 140 Equity attributable to shareholders of Swedbank AB 109 540 3 868 105 672 101 250 95 730 103 032 98 570 96 428 93 941 97 993 Total equity 109 705 3 874 105 831 101 403 95 887 103 186 98 725 96 583 94 085 98 133 Total liabilities and equity 1 820 807-11 242 1 832 049 1 882 622 1 917 227 1 846 860 1 964 975 1 834 016 1 888 482 1 857 065 Equity attributable to shareholders of Swedbank AB, 31 Dec 2013 Goodwill, 31 Dec 2013 SEKm SEKm Swedbank AB (Sweden) 64 383 Swedbank Robur 328 Swedbank Mortgage (Sweden) 35 288 Swedbank Försäkring 651 Swedbank Finans (Sweden) 4 514 Ölands Bank AB 9 Swedbank Robur (Sweden) 1 632 Swedbank (Estonia) 3 781 Swedbank Försäkring (Sweden) 2 901 Swedbank (Latvia) 1 946 Swedbank Asset Management (Luxembourg) 57 Swedbank (Lithuania) 3 307 Sparia Försäkring (Sweden) 616 Swedbank Franchise (Sweden) 19 Swedbank (Estonia) 16 940 Group total 10 041 Swedbank (Latvia) 9 146 Goodwill within parent company: Swedbank (Lithuania) 8 517 Swedbank AB (Sweden) 1 719 OAO Swedbank (Russia) 1 239 Total goodwill 11 760 OOO Leasing (Russia) 178 First Securities (Norway) 20 Ektornet (Sweden) 361 Swedbank Babs Holding (Sweden 460 Other subsidiaries 1 973 Total legal equity 148 225 Group adjustments and eliminations -38 685 Total equity attributable to shareholders of Swedbank AB 109 540 As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 9
Statement of changes in equity and Intangible fixed assets Financial information, Group Statement of changes in equity SEKm Shareholders' equity Noncontrolling interest Total equity Share capital Exchange Other differences, contributed subsidiaries and equity associates Hedging of net investments in foreign operations Cash flow hedges Retained earnings Total Opening balance 1 January 2013 24 904 17 275-3 848 1 001-42 63 742 103 032 154 103 186 Dividends -10 880-10 880-5 -10 885 Share based payments to employees 501 501 501 Associates' aquisition of shares in Swedbank AB -14-14 -14 Associates' disposal of shares in Swedbank AB 14 14 14 Total comprehensive income for the period 3 015-708 -97 14 677 16 887 16 16 903 Closing balance 31 December 2013 24 904 17 275-833 293-139 68 040 109 540 165 109 705 Specification of Exchange differences, subsidiaries and associates 31 Dec 31 Dec Q4 Q3 Q2 Q1 SEKm 2013 2012 2013 2013 2013 2013 Russian Operations -444-312 -2-59 -43-28 Ukrainian Operations -1 854 1 874-20 Estonian Operations 58-646 566-266 992-588 Latvian Operations -73-376 281-151 520-347 Lithuanian Operations -111-489 294-137 517-296 Norwegian Operations -153-22 -14-45 -9-63 Robur, Ektornet and other -109-149 50-54 102-58 Total -832-3 848 1 175-712 3 953-1 400 Specification of Hedging of net investment in foreign operations 31 Dec 31 Dec Q4 Q3 Q2 Q1 SEKm 2013 2012 2013 2013 2013 2013 Russian Operations 232 138-1 44 30 21 Estonian Operations -158 255-339 160-604 370 Latvian Operations 120 315-179 96-331 219 Lithuanian Operations 27 259-174 82-298 158 Norwegian Operations 85 9 6 31-1 40 Robur, Ektornet and other -13 25-34 36-78 38 Total 293 1 001-721 449-1 282 846 Specification of Cash flow hedges 31 Dec 31 Dec Q4 Q3 Q2 Q1 SEKm 2013 2012 2013 2013 2013 2013 Group Treasury -137-38 -78-4 -1-16 Other -2-4 1 1 Total -139-42 -78-4 0-15 Intangible fixed assets, 31 Dec 2013 SEKm Indefinite useful life Definite useful life Goodwill Customer base Internally developed software Other Total Cost, opening balance, 1 January 2013 15 682 1 721 998 995 19 396 Additions through internal development 0 0 73 0 73 Additions through separate acquisitions 19 72 396 487 Sales and disposals -2 394-142 0-162 -2 698 Exchange rate differences 394 21 0 9 424 Cost,closing balance, 31 December 2013 13 701 1 672 1 071 1 238 17 682 Amortisation, opening balance 1 January 2013-743 -404-442 -1 589 Amortisation for the year -97-107 -115-319 Sales and disposals 57 0 27 84 Exchange rate differences -19 0-10 -29 Amortisation, closing balance, 31 December 2013-802 -511-540 -1 853 Impairments, opening balance, 1 January 2013-4 230-102 -4-31 -4 367 Impairments for the year 0 0-170 -12-182 Sales and disposals 2 394 86 0 0 2 480 Exchange rate differences -105 2 0 1-102 Impairments, closing balance, 31 December 2013-1 941-14 -174-42 -2 171 Carrying amount, 31 December 2013 11 760 856 386 656 13 658 10
Net interest income analysis, Group Financial information, Group Net interest income analysis, Group YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Interest income Loans to credit institutions 679 1 436-53 98 175 193 213 285 369 359 423 436 Loans to the public 41 588 47 575-13 10 344 10 369 10 377 10 498 11 255 11 859 12 057 12 404 12 743 Interest-bearing securities 2 147 2 833-24 605 516 504 522 541 722 823 747 916 Derivatives, income 63 198-68 -104-55 129 93-65 -78 85 256-6 Other 502 501 0 162 106 116 118 114 100 126 161 271 Total interest income 44 979 52 543-14 11 105 11 111 11 319 11 444 12 130 12 972 13 450 13 991 14 360 of which interest income reported in net gains/ losses on financial items at fair value 1 011 2 040-50 186 244 206 375 392 529 492 627 Interest income according to income statement 43 968 50 503-13 10 919 10 867 11 113 11 069 11 738 12 443 12 958 13 364 14 360 Interest expense Amounts owed to credit institutions -656-1 108-41 -122-181 -180-173 -236-276 -277-319 -345 Deposits and borrowings from the public -5 040-7 379-32 -1 225-1 207-1 278-1 330-1 571-1 886-1 889-2 033-2 197 of which deposits guarantee fees -560-554 1-144 -129-149 -138-146 -139-135 -134-131 Debt securities in issue -18 709-21 741-14 -4 620-4 438-4 813-4 838-5 016-5 489-5 547-5 689-5 965 of which state guarantee fees -129-387 -67-20 -21-39 -49-81 -85-88 -133-245 Subordinated liabilities -625-999 -37-123 -126-187 -189-192 -254-278 -275-341 Derivatives, expenses 2 658 244 693 619 626 720 487 305-130 -418-348 Other -548-676 -19-127 -147-127 -147-179 -160-172 -165-197 of which stability fee -491-569 -14-114 -131-108 -138-147 -134-144 -144-159 Total interest expense -22 920-31 659-28 -5 524-5 480-5 959-5 957-6 707-7 760-8 293-8 899-9 393 of which interest expense reported in net gains/ losses on financial items at fair value -981-1 517-35 -231-254 -255-241 -315-402 -370-430 Interest expense according to income statement -21 939-30 142-27 -5 293-5 226-5 704-5 716-6 392-7 358-7 923-8 469-9 393 Net interest income 22 029 20 361 8 5 626 5 641 5 409 5 353 5 346 5 085 5 035 4 895 4 967 Average balances Loans to credit institutions 82 220 104 780-22 76 917 78 859 83 654 86 728 95 499 104 827 102 786 109 439 189 569 Loans to the public 1 249 907 1 230 418 2 1 257 357 1 250 320 1 242 749 1 244 440 1 248 087 1 237 767 1 222 858 1 213 274 1 196 649 Interest-bearing securities 133 098 119 264 12 146 864 127 702 131 400 121 685 120 138 115 893 125 226 118 070 118 207 Interest-bearing assets 1 465 225 1 454 462 1 1 481 138 1 456 881 1 457 803 1 452 853 1 463 724 1 458 487 1 450 870 1 440 783 1 504 425 Derivatives 76 497 104 056-26 65 250 66 274 80 113 91 537 105 413 107 389 101 622 98 035 99 784 Other assets 343 790 313 870 10 314 845 339 773 368 107 349 892 327 863 329 738 293 263 316 661 255 293 Total assets 1 885 512 1 872 388 1 1 861 233 1 862 928 1 906 023 1 894 282 1 897 000 1 895 614 1 845 755 1 855 479 1 859 502 Amounts owed to credit institutions 132 810 132 213 0 127 352 126 568 138 108 134 745 128 808 129 620 135 942 132 250 134 784 Deposits and borrowings from the public 646 873 591 561 9 643 121 653 220 657 025 635 813 606 948 599 158 578 999 586 056 574 654 Debt securities in issue 767 551 789 929-3 757 704 759 640 774 016 770 678 797 194 807 728 778 155 783 419 799 257 Subordinated liabilities 12 022 16 869-29 10 117 10 405 13 126 14 025 13 995 15 801 18 014 19 180 20 151 Interest-bearing liabilities 1 559 256 1 530 572 2 1 538 294 1 549 833 1 582 275 1 555 261 1 546 945 1 552 307 1 511 110 1 520 905 1 528 846 Derivatives 67 716 94 438-28 56 900 58 671 70 000 82 874 96 484 102 377 89 641 87 102 87 496 Other liabilities 155 128 149 387 4 158 177 151 038 155 337 153 292 152 640 143 331 149 413 150 888 145 187 Total liabilities 1 782 100 1 774 397 0 1 753 371 1 759 542 1 807 612 1 791 427 1 796 069 1 798 015 1 750 164 1 758 895 1 761 529 Equity 103 412 97 991 6 107 862 103 386 98 411 102 855 100 931 97 599 95 591 96 584 97 973 Total liabilities and equity 1 885 512 1 872 388 1 1 861 233 1 862 928 1 906 023 1 894 282 1 897 000 1 895 614 1 845 755 1 855 479 1 859 502 Net interest income analysis, Group YTD YTD Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 % 2013 2012 2013 2013 2013 2013 2012 2012 2012 2012 2011 Average interest rates Loans to credit institutions 0.83 1.37-0.54 0.51 0.89 0.92 0.98 1.19 1.41 1.40 1.55 0.92 Loans to the public 3.33 3.87-0.54 3.29 3.32 3.34 3.37 3.61 3.83 3.94 4.09 4.26 Interest-bearing securities 1.61 2.38-0.76 1.65 1.62 1.53 1.72 1.80 2.49 2.63 2.53 3.10 Interest-bearing assets 3.03 3.56-0.53 2.98 3.04 3.04 3.09 3.30 3.55 3.65 3.77 3.75 Amounts owed to credit institutions 0.49 0.84-0.34 0.38 0.57 0.52 0.51 0.73 0.85 0.82 0.96 1.02 Deposits and borrowings from the public 0.78 1.25-0.47 0.76 0.74 0.78 0.84 1.04 1.26 1.31 1.39 1.53 Debt securities in issue 2.44 2.75-0.31 2.44 2.34 2.49 2.51 2.52 2.72 2.85 2.90 2.99 Subordinated liabilities 5.20 5.92-0.72 4.86 4.84 5.70 5.39 5.49 6.43 6.17 5.74 6.77 Interest-bearing liabilities 1.61 2.04-0.43 1.58 1.54 1.63 1.68 1.81 2.04 2.12 2.19 2.31 Net interest margin before trading interest are deducted 1.17 1.12 0.05 1.20 1.21 1.12 1.16 1.14 1.10 1.12 1.10 1.07 Net interest margin after trading interest are deducted 1.17 1.09 0.08 1.21 1.21 1.14 1.13 1.13 1.07 1.09 1.06 Interest-bearing securities are reported net less sold, not held, securities. Interest income on impaired loans is not accrued. As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 11
Income analysis Financial information, Group Income analysis, Group FY FY % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Net interest income 1) 22 029 20 361 8 5 626 5 641 5 409 5 353 5 346 5 085 5 035 4 895 4 967 Payment processing 815 1 009-19 198 184 203 230 233 258 270 248 289 Card commissions 2 161 2 093 3 531 579 556 495 549 567 500 477 510 Service concepts 426 321 33 110 108 104 104 86 85 77 73 55 Asset management & Custody 4 113 3 715 11 1 110 1 031 1 010 962 968 913 909 925 899 Life insurance 277 315-12 59 74 74 70 72 80 79 84 87 Brokerage & Other securities 266 239 11 65 67 42 92 63 55 25 96 48 Corporate Finance 350 339 3 163 54 90 43 124 26 78 111-14 Lending and Guarantees 983 830 18 262 244 274 203 212 201 212 205 217 Deposits 63 61 3 17 14 15 17 5 19 18 19 6 Real estate brokerage 169 158 7 43 46 49 31 44 38 43 33 35 Non-Life insurance 89 62 44 27 17 17 28 15 15 15 17 25 Other commission income 420 472-11 114 102 91 113 131 118 113 110 134 Net commission income 10 132 9 614 5 2 699 2 520 2 525 2 388 2 502 2 375 2 339 2 398 2 291 Financial instruments held for trading 1 963 2 380-18 438 404 508 613 605 383 668 724 235 Financial instruments intended to hold until maturity -479 693 23-234 -212-56 225 304-91 255 324 Net gains and losses on financial items at fair value 1 484 3 073-52 461 170 296 557 830 687 577 979 559 Net insurance 647 595 9 181 129 144 193 127 147 163 158 134 Färs & Frosta Sparbank 82 81 1 21 18 12 31 19 23 21 18 20 Swedbank Sjuhärad 127 126 1 32 34 30 31 29 36 30 31 26 Other jointly owned banks in Sweden 57 51 12 13 17 11 16 15 11 10 15 12 BGC-Holding 5 6-17 -1 2 3 1 3 2-1 2-6 EnterCard Holding 548 500 10 129 158 135 126 89 141 142 128 84 Other companies 33 34-3 15 11 6 1-1 12 8 15 19 Share of the profit or loss of associates 852 798 7 209 240 197 206 154 225 210 209 155 IT/administrative services to savings banks 766 759 1 208 196 190 172 180 205 194 180 193 Assets taken over 628 640-2 178 172 140 138 159 154 165 162 199 Other 400 428-7 90 157 78 75 139 93 105 91 158 Other income 1 794 1 827-2 476 525 408 385 478 452 464 433 550 Total income 36 938 36 268 2 9 652 9 225 8 979 9 082 9 437 8 971 8 788 9 072 8 656 1) In Q4 2011, One-off revenue of SEK 206m related to commercial real estate loans taken over in relation to the bankruptcy estate of Lehman Brothers. As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 12
Expense analysis Financial information, Group Expense analysis, Group YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Staff costs Salaries and other remunerations 5 559 5 466 2 1 495 1 342 1 360 1 362 1 339 1 314 1 391 1 422 1 756 Variable staff costs 1) 947 738 28 277 213 232 225 157 184 189 208 47 Pension costs 1) 1 055 1 037 2 243 273 271 268 275 260 243 259 212 Social insurance charges 1) 1 744 1 669 4 465 422 439 418 403 405 427 434 520 Training costs 116 114 2 41 22 31 22 39 14 33 28 41 Other staff costs 230 214 7 53 56 58 63 51 52 53 58 75 Total staff costs 2) 9 651 9 238 4 2 574 2 328 2 391 2 358 2 264 2 229 2 336 2 409 2 651 Other expenses Premises and rents 1 193 1 232-3 319 293 292 289 318 299 300 315 350 IT expenses 1 650 1 574 5 491 404 402 353 415 359 371 429 517 Telecommunications and postage 141 224-37 34 32 33 42 56 55 51 62 52 Advertising, PR and marketing 354 333 6 114 71 99 70 120 57 87 69 139 Consultants 265 249 6 87 49 79 50 62 51 63 73 112 Compensation to Savings Banks 662 623 6 162 168 162 170 165 147 159 152 138 Other purchased services 647 602 7 178 157 153 159 150 146 166 140 214 Security transport and alarm systems 207 388-47 21 45 60 81 93 95 101 99 107 Supplies 120 132-9 32 29 30 29 34 26 33 39 49 Travel 201 171 18 67 38 51 45 51 29 46 45 67 Entertainment 49 49 0 17 11 10 11 14 10 14 11 25 Repair/maintenance of inventories 158 140 13 40 47 35 36 29 34 37 40 37 Other expenses 611 753-19 127 144 161 179 162 182 188 221 212 Total other expenses 6 258 6 470-3 1 689 1 488 1 567 1 514 1 669 1 490 1 616 1 695 2 019 Depreciation/amortisation 739 852-13 221 179 168 171 209 201 219 223 277 Total expenses 16 648 16 560 1 4 484 3 995 4 126 4 043 4 142 3 920 4 171 4 327 4 947 IT-related expenses IT-related expenses 3) YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Expenses within internal IT-organisation (Group IT) Staff costs 920 919 0 257 219 219 225 240 209 229 241 IT expenses 927 912 2 244 228 233 222 224 213 215 260 of which software incl. licenses 441 458-4 111 107 115 108 117 117 107 117 of which IT-consultants 185 164 13 47 41 53 44 34 29 45 56 of which other bought IT-services 301 290 4 86 80 65 70 73 67 63 87 Leasing and depreciation of IT-equipment 134 147-9 35 32 32 35 32 35 41 39 Other expenses 452 519-13 117 112 118 105 125 120 144 130 Total expenses 2 433 2 497-3 653 591 602 587 621 577 629 670 Expenses outside internal IT-organisation (Group IT) IT expenses bought by business areas 722 662 9 246 176 169 131 191 146 156 169 Activated IT-related expenses 50 80-37 4 10 18 18 26 19 17 18 Total IT-related expenses 3 205 3 239-1 903 777 789 736 838 742 802 857 of which development cost 1 023 843 21 354 226 248 195 218 188 233 204 1) Social insurance charges and pension costs related to variable pay are presented as variable staff costs. 2) During Q4 2013 SEK 100m and during Q4 2011 SEK 330m was expensed for staff restructurings in Sweden and the Baltic countries 3) IT-related staff costs outside the internal IT organisation are not included. As of 2013 Swedbank has decided to reclassify the Russian and Ukrainian Operations as discontinued operations. Income statements have been restated for 2012 but for balances and full time employees no restatements have been done. 13
Variable pay Allocations 1) SEKm Fullyear 2013 Q4 2013 Programmes 2013 General programme Eken 2013 463 44 share part 381 social security charges 82 Individual programme 2013 371 107 of which cash 234 67 of which shares 137 40 share part 108 social security charges 29 Other 2013 69 10 Total allocations, 2013 903 161 Programmes 2012 3) General programme Eken 2012 753 share part 578 social security charges 175 Individual programme 2012 324 of which cash 199 of which shares 125 share part 93 social security charges 32 Other 2012 111 Total allocations, 2012 1 188 % Cash vs. shares Duration period for shares 2) Financial information, Group Delivery date for shares 100% shares 50 months 2017 ~60% cash & 40% shares 100% cash 50 months 2017 100% shares 50 months 2016 ~60% cash & 40% shares 100% cash 50 months 2016 Programmes 2011 General programme Eken 2011 4) 619 share part 399 social security charges 220 Individual programme 2011 248 of which cash 148 of which shares 4) 100 share part 64 social security charges 36 Other 2011 92 Total allocations, 2011 959 Programmes 2010 3) Individual programme 2010 331 of which cash 167 of which shares 4) 164 share part 101 social security charges 63 Other 2010 109 Total allocations, 2010 440 100% shares ~60% cash & 40% shares 100% cash ~50% cash & 50% shares 100% cash 38 months for 50% of shares; 50 months for 50% of shares 2014 for 50% of shares & 2015 for 50% shares 50 months 2015 50 months 2014 1) Full-year allocation is a total expense for a certain programme including social insurance charges. Any change in full-year allocations impacts quarterly allocations for the current year programmes. Historical allocations are shown during the entire duration period (see comment 2). Balance sheet currency rates are used for conversion of allocations while average YTD currency rates are used for conversion of variable pay expenses in the income statement. 2) Duration period is comprised of i) an initial performance year followed by ii) a deferral period prior to iii) the delivery date a year after the deferral period and publication of the year-end report. The share part is recognised in the income statement over the duration period. 3) Allocations for shares after the allotment (done in Q1 after the performance year) include social insurance charges based on the expected share price on the delivery date (assumed being equal to the current share price). 4) Forfeited performance rights are taken into account during the deferral period (not during the performance year). Income statement impact 2013 2012 SEKm Jan-Dec Jan-Dec Number of performance rights 5) General programme Eken 2013 111 Eken 2013, expected Individual programme 2013 267 Individual 2013, expected of which cash 234 Eken 2012, current of which shares 33 Individual 2012, current General programme Eken 2012 183 182 Eken 2011, current Individual programme 2012 32 233 Individual 2011, current of which cash 205 Individual 2010, current of which shares 32 28 Total General programme 2011 198 156 Individual programme 2011 30 23 Individual programme 2010 57 33 Other 69 111 Total 947 738 Equity-settled share based programmes Dec 2013 2 108 315 594 785 4 523 001 729 301 4 535 400 721 418 1 121 871 14 334 092 5) Number of performance rights in the table above gives full impact on dilution on delivery date and slightly differs from number of rights establishing the recognised share based expense. Current dilutive rights/future shares amount to 9 393 291 Recognised share based expense, including social insurance charges 6) FY 2010 FY 2011 FY 2012 2013 FY 2014 FY 2015 FY 2016 FY 2017 SEKm Jan-Dec expected expected expected expected TOTAL General programme Eken 2013 111 111 111 111 19 463 Individual programme 2013 33 33 33 33 5 137 General programme Eken 2012 182 183 180 178 30 753 Individual programme 2012 28 32 31 29 5 125 General programme Eken 2011 164 156 198 89 12 619 Individual programme 2011 20 23 30 24 3 100 Individual programme 2010 41 29 33 57 4 164 Total 41 213 422 644 472 366 179 24 2 361 6) Adjustments for actual outcome are usually included in share based expenses the year after the performance year (same applies for the cash part) 14
Swedish Banking Business areas YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Income statement Net interest income 13 620 13 491 1 3 448 3 473 3 367 3 332 3 353 3 405 3 362 3 371 3 202 Payment processing 186 349-47 20 24 47 95 70 89 90 100 86 Card commission 1 033 997 4 256 274 248 255 261 265 240 231 252 Service concepts 426 321 33 110 108 104 104 86 85 77 73 55 Asset management 3 320 3 174 5 880 840 791 809 802 785 794 793 753 Life Insurance 288 319-10 62 75 72 79 74 79 79 87 86 Brokerage & Other securities 296 263 13 87 61 70 78 67 54 67 75 53 Lending and guarantees 280 199 41 74 73 86 47 52 60 41 46 59 Deposits 53 48 10 12 12 15 14 12 12 12 12 11 Corporate finance 2 2 1 1 1 1 Real estate brokerage 169 158 7 43 46 49 31 44 38 43 33 35 Non-Life insurance 71 65 9 18 18 19 16 17 16 16 16 14 Other commissions 240 260-8 86 46 47 61 69 48 72 71 95 Net commission income 6 364 6 155 3 1 649 1 577 1 548 1 590 1 554 1 532 1 531 1 538 1 499 Net gains and losses on financial items at fair value 126 161-22 31 28 33 34 37 39 41 44 49 Net insurance 342 307 11 99 53 66 124 65 82 80 80 41 Share of the profit or loss of associates 849 788 8 209 239 197 204 153 223 209 203 158 Other income 415 464-11 100 121 101 93 93 132 129 110 128 Total income 21 716 21 366 2 5 536 5 491 5 312 5 377 5 255 5 413 5 352 5 346 5 077 Staff costs 3 499 3 399 3 888 874 866 871 844 830 852 873 925 Variable staff costs 230 139 65 67 48 68 47 20 43 42 34 16 Expenses for premises 505 514-2 143 129 119 114 148 128 117 121 124 IT expenses 509 389 31 138 125 136 110 114 81 77 117 127 Consultants 59 52 13 18 12 18 11 8 15 15 14 18 Other expenses 4 792 5 174-7 1 236 1 172 1 161 1 223 1 309 1 351 1 276 1 238 1 380 of which internally sold and bought services 3 348 3 677-9 876 840 797 835 915 1 006 881 875 992 Depreciation/amortisation 132 124 6 43 29 30 30 31 29 32 32 33 Total expenses 9 726 9 791-1 2 533 2 389 2 398 2 406 2 474 2 477 2 411 2 429 2 623 Profit before impairments 11 990 11 575 4 3 003 3 102 2 914 2 971 2 781 2 936 2 941 2 917 2 454 Impairment of intangible assets Impairment of tangible assets Credit impairments 338 286 18 140 106 37 55 91 72 102 21 220 Operating profit 11 652 11 289 3 2 863 2 996 2 877 2 916 2 690 2 864 2 839 2 896 2 234 Tax expense 2 516 2 694-7 617 678 586 635 458 759 733 744 504 Profit for the period from continuing operations 9 136 8 595 6 2 246 2 318 2 291 2 281 2 232 2 105 2 106 2 152 1 730 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 9 136 8 595 6 2 246 2 318 2 291 2 281 2 232 2 105 2 106 2 152 1 730 Profit for the period attributable to: Shareholders of Swedbank AB 9 122 8 585 6 2 241 2 312 2 290 2 279 2 232 2 102 2 103 2 148 1 728 Non-controlling interests 14 10 40 5 6 1 2 3 3 4 2 15
Swedish Banking Business areas YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 1 1 1 2 1 1 Loans to credit institutions 41 33 24 41 37 30 40 33 29 29 33 32 Loans to the public 937 912 3 937 925 919 915 912 909 902 896 888 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk 117 102 15 117 113 109 107 102 102 99 101 94 Derivatives Other assets 12 14-14 12 13 12 13 14 14 15 13 14 Total assets 1 107 1 062 4 1 107 1 088 1 070 1 075 1 062 1 055 1 047 1 044 1 029 Liabilities and equity Amounts owed to credit institutions 83 73 14 83 77 74 80 73 69 71 69 75 Deposits and borrowings from the public 385 377 2 385 378 378 371 377 371 367 359 365 Debt securities in issue Financial liabilities for which customers bear inv. risk 119 103 16 119 114 110 110 103 103 100 103 94 Derivatives Other liabilities 487 478 2 487 487 475 481 478 480 476 482 460 Subordinated liabilities 10 Allocated equity 33 31 6 33 32 33 33 31 32 33 31 25 Total liabilities and equity 1 107 1 062 4 1 107 1 088 1 070 1 075 1 062 1 055 1 047 1 044 1 029 Key figures Key performance indicators Return on allocated equity, % 27.9 27.1 27.6 28.1 28.1 27.9 28.0 25.5 26.3 28.4 27.4 Cost/Income ratio 0.45 0.46 0.46 0.44 0.45 0.45 0.47 0.46 0.45 0.45 0.52 Common Equity Tier 1 capital ratio, Basel 2, % 13.4 13.7 13.4 14.6 14.1 14.5 13.7 13.7 13.9 12.8 11.4 Credit impairment ratio, % 0.04 0.03 0.06 0.05 0.02 0.02 0.04 0.03 0.04 0.01 0.10 Loan/Deposit ratio, % 244 242 244 244 243 246 242 245 246 250 243 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 937 912 3 937 925 919 915 912 909 902 896 889 Deposits from the public excluding repos & SNDO 1) 385 377 2 385 378 378 371 377 371 367 359 365 Mutual funds & insurance 504 431 17 504 479 463 459 431 412 402 412 390 Index linked bonds 10 14-29 10 11 12 13 14 16 16 16 16 Allocated equity, average, SEKm 32 719 31 629 3 32 491 32 938 32 586 32 646 31 868 32 927 31 937 30 298 25 272 Common Equity Tier 1 capital, period end 27.1 27.7-2 27.1 29.1 28.3 29.4 27.7 29.1 29.9 28.2 24.3 Risk-weighted assets, Basel 2 202 202 0 202 200 201 204 202 212 214 221 213 Commitments 107 101 6 107 103 110 99 101 107 107 103 106 Full-time employees 5 004 4 922 2 5 004 4 969 4 921 4 872 4 922 4 896 4 971 5 068 5 160 1) Excluding intra-group transactions. Other information (millions) Number of Internet bank customers (incl. savings banks) 3.6 3.5 3 3.6 3.5 3.4 3.5 3.5 3.4 3.4 3.4 3.3 Number of internet bank payments (incl. savings banks) 170.2 193.9-12 21.3 55.1 44.3 49.5 50.8 46.1 50.3 46.8 42.9 Number of Mobile bank customers (incl. savings banks) 1.6 1.2 33 1.6 1.5 1.3 1.3 1.2 1.1 0.9 0.8 0.7 Number of logins in Internetbank 270.4 276.8-2 66.3 63.9 71.5 68.7 69.4 66.0 70.4 71.0 70.2 Number of logins in Mobile Bank 326.4 209.9 55 91.7 88.7 80.6 65.4 59.2 58.3 50.8 41.7 29.4 Number of cards (debit cards) 3.8 3.8 0 3.8 3.9 3.9 3.8 3.8 3.8 3.8 3.8 3.8 Number of card purchases 896.4 808.2 11 232.3 238.9 227.6 197.6 214.4 208.5 202.2 183.2 195.0 POS/total card turnover, % 2) 74.9 72.2 75.9 74.5 74.8 74.5 73.6 71.8 71.6 71.6 70.7 Number of card acquiring, Nordic Countries 1 504.6 1 349.1 12 396.3 390.4 381.1 336.9 354.8 349.6 338.9 305.8 322.0 Total acquired amount, Nordic Countries, SEKm 401 447 367 460 9 106 652 104 587 102 725 87 483 97 495 95 328 93 634 81 004 90 822 2) Point of Sale (POS). 16
Large Corporates & Institutions Business areas YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2013 2012 Y/Y 2013 2013 2013 2013 2012 2012 2012 2012 2011 Income statement Net interest income 3 387 3 041 11 889 864 851 783 795 768 750 728 1 104 Payment processing 103 114-10 20 23 30 30 30 29 23 32 24 Card commission 290 357-19 52 92 89 57 89 112 83 73 74 Service concepts Asset management 537 416 29 165 120 137 115 140 96 84 96 116 Life Insurance 2 6-67 1 1 2 2 2 1 Brokerage & Other securities 46-14 -2 21 6 21 1 3-34 16-2 Lending and guarantees 528 466 13 143 126 143 116 119 99 126 122 113 Deposits 10 13-23 5 2 3-7 7 6 7 1 Corporate finance 348 337 3 162 54 90 42 124 25 78 110-14 Real estate brokerage Non-life insurance Other commissions 104 138-25 13 29 27 35 40 43 28 27 26 Net commission income 1 968 1 833 7 559 467 523 419 536 416 396 485 339 Net gains and losses on financial items at fair value 1 960 2 253-13 491 387 503 579 492 471 443 847 227 Net insurance Share of the profit or loss of associates 6 6-4 Other income 167 51 48 37 49 33 34 12 5-4 Total income 7 482 7 184 4 1 987 1 755 1 926 1 814 1 857 1 655 1 601 2 071 1 662 Staff costs 1 150 1 125 2 302 269 292 287 278 252 290 305 438 Variable staff costs 409 365 12 118 99 104 88 75 65 120 105 13 Expenses for premises 125 136-8 34 31 30 30 31 31 38 36 52 IT expenses 471 424 11 152 106 112 101 123 99 108 94 88 Consultants 58 81-28 18 10 19 11 28 15 18 20 33 Other expenses 934 818 14 237 228 265 204 195 253 175 195 235 of which internally sold and bought services 653 550 19 158 152 203 140 132 190 113 115 134 Depreciation/amortisation 58 47 23 17 16 12 13 13 12 11 11 19 Total expenses 3 205 2 996 7 878 759 834 734 743 727 760 766 878 Profit before impairments 4 277 4 188 2 1 109 996 1 092 1 080 1 114 928 841 1 305 784 Impairment of intangible assets 56 4 56 4 17 Impairment of tangible assets Credit impairments 180 194-7 5 7 94 74 162-38 53 17 Operating profit 4 041 3 990 1 1 104 989 942 1 006 952 966 784 1 288 767 Tax expense 1 044 1 010 3 360 211 256 217 84 225 262 439 272 Profit for the period from continuing operations 2 997 2 980 1 744 778 686 789 868 741 522 849 495 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 2 997 2 980 1 744 778 686 789 868 741 522 849 495 Profit for the period attributable to: Shareholders of Swedbank AB 2 997 2 980 1 744 778 686 789 868 741 522 849 495 Non-controlling interests 17