Facts Q4 2011 14 February, 2012
44B 4B 44B 4B Contents page page General information 2 Asset quality 43 Swedbank in brief 2-3 Credit risks 43-44 Macro economic indicators 4-5 Asset quality 45-47 Income statement, key figures and Balance sheet 6 Credit impairments 48 Income statement, 5-year summary 6 Impaired loans 49-50 Income statement, 9-quarter summary 7 Loans past due 51 Balance sheet, 5-year summary 8 Capital adequacy 52 Balance sheet, 9 quarters, Equity and Goodwill 9 Key credit risk capital adequacy parameters 52 Net interest income analysis 10 Capital requirement framework 53 Income analysis 11 Capital adequacy 54 Expense analysis 12 Outstanding subordinated debt 55 Variable pay 13 Liquidity & Funding 56 Business areas 14 Interest bearing Securities 56 Retail 14-15 Liquidity reserve and additional Liquid Assets 57 Swedbank Insurance 16 Liquidity ratios 58 Large Corporates & Institutions 17-18 Debt securities in issue 59 Baltic Banking 19 Maturity profile, long-term funding 60 Baltic Banking 19-20 Outstanding benchmark bonds 61 Estonia 21 Outstanding short-term funding 62 Latvia 22 Cover pool data 63-65 Lithuania 23 Swedbank Mortgage AB, Asset Quality 66 Other 24 Rating 67 Asset Management 25-26 Key figures, 5-year summary 68 Russia & Ukraine 27-28 Key figures, 9-quarter summary 69 Russian Banking 29 Market shares 70 Ukrainian Banking 30 Employees 71 Other 31 FX-positions, Exchange rates, Impact from Ektornet 32-34 exchange rate fluctuations and Currency distribution 72-73 Group Functions 35-36 Sensitivity analysis and maturity distribution 74 Tresury 37 Shareholders and share data 75 Eliminations 38 Definitions 76 Business volumes 39 Contacts and financial calendar 77 Loans 39 Amounts owed to credit institutions and deposits 40 Derivatives 41 Deferred Tax Assets 42
Swedbank in brief Swedbank is a bank for the many households and businesses, offering a wide range of financial products and services. The key is a traditional banking model that focuses on close customer relationships and advisory services. Swedbank is the largest bank in Sweden based on number of customers and is the leader in many market segments in its four home markets. Markets Four home markets: Sweden, Estonia, Latvia, Lithuania. Present in 9 other countries. Number of customers 9.7 million private customers and 634 000 corporate and organisational customers. Number of branches Just below 600 Financial targets Return on equity: The return on equity shall amount to 15 per cent. Capitalisation: The Board of Directors has resolved to withdraw its capitalisation target. In the opinion of Swebank s management today, Swedbank will need a core Tier 1 capital ratio of 13.5 to 14.5 per cent. Dividend: The dividend will correspond to 50 per cent of aftertax profit, provided that the bank meets its capitalisation goals. Number of full-time employees Priorities 2012 Improve customer satisfaction 16 287 Adapt our offering to various customer groups Purpose To promote a sustainable financial situation for many households and businesses. Match employee competence to customer needs Increase decision-making close to our customers: Clarify and continue to implement Values the uniform framework Simple, Open, Caring Increase local business acumen Long-term strategy A bank for the many: Swedbank is an inclusive rather than exclusive bank. The aim is to develop large customer bases, long-term customer relationships and high market shares in our four home markets. Close to customers: By being close to our customers, we gain a better understanding of their situation and needs, enabling us to provide the right advice and make fast decisions when required. Close customer relationships and a high level of service are enabled by a widespread branch network, coupled with highly advanced Internet, Telephone and Mobile banks. Grow with existing customers: Gain a larger share of our customers banking business Continue to work with risk-based pricing Improve quality and cost effectiveness: Standardise and coordinate processes Increase cost focus Capital and liquidity management: Improve the understanding of risk-weighted assets and capital efficiency within the organisation Improve our relative cost of capital market funding Uniform framework and local decision-making: A uniform framework for the entire Group together with local decisionmaking authority, facilitates faster decisions close to the customer. Local units are responsible for customer relationships and results. Development and production of the bank s products are handled at Group level. Strong leadership is crucial to our governance model, with a clear delegation of responsibility. We therefore focus on long-term recruitment, training and development of leaders. A low risk level: Swedbank shall have a low risk level. The risk in its assets is managed with the long term in mind, so that the Tier 1 capital ratio does not decline by more than three percentage points in an adverse scenario. A vast majority of exposures are in Sweden. Good risk diversification is achieved through a broad base of customers and businesses from many different industries. The bank will maintain a sustainable balance between lending and deposits in each of its home markets. Good control and focus on costs: Staying compettive requires us to continiously work with costs. We do so primarily in three ways: - Through a corporate culture where everyone is aware and cautious about costs. - By continuosly adapting our organisation and costs to current conditions - By capitalising on economies of scale based on our high market shares in each home market - not least in terms of effective process support and IT 2
Swedbank in brief Sweden Population: 9.3m Private customers: 4.1m Corporate customers: 263 000 Organisations: 67 000 Branches: 317 ATMs: 662 Cards: 3.8m Employees: 8 266 Latvia Population: 2.2m Private customers: 1.0m Corporate customers: 73 000 Branches: 59 ATMs: 380 Cards: 1.0m Employees: 1 767 Estonia Population: 1.3m Private customers: 1.2m Corporate customers: 114 000 Branches: 63 ATMs: 534 Cards: 1.1m Employees: 2 565 Lithuania Population: 3.3m Private customers: 3.2m Corporate customers: 105 000 Branches: 84 ATMs: 492 Cards: 1.8m Employees: 2 018 To support the business in Swedbank's four home markets, Swedbank is also established in neighbouring markets such as Finland, Norway, Denmark and Russia as well as certain other countries such as the US, China, Luxembourg and Spain. Swedbank also conducts banking operations in Ukraine. Group operational structure Swedbank is organised in six business areas, supported by Group functions. Group executive committee Michael Wolf, president and CEO Thomas Backteman, Head of Corporate Affairs Håkan Berg, Goup Chief Risk Officer Mikael Björknert, Head of Group Business Support Birgitte Bonnesen, Head of Baltic Banking Göran Bronner, Chief Financial Officer Catrin Fransson, Head of Retail Magnus Gagner Geeber, Head of Large Corporates & Institutions Marie Hallander Larsson, Head of Group Human Resources Cecilia Hernqvist (Secretary), Head of Group Legal Thomas Eriksson (adjunct), Head of Asset Management Helena Nelson (adjunct), Head of Group Compliance 3
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 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Nov-11 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 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 Macro economic indicators GDP growth Average inflation rate (consumer price growth) % 2013F 2012F 2011F 2010 2009 2008 2007 2006 % 2013F 2012F 2011F 2010 2009 2008 2007 2006 Sweden 1.8 0.3 4.5 5.7-5.2-0.6 3.3 4.3 Sweden 2.1 1.8 2.7 1.2-0.3 3.5 2.2 1.4 Estonia 4.0 2.7 8.0 3.1-13.9-5.1 6.9 10.6 Estonia 3.0 3.2 5.0 3.0-0.1 10.4 6.7 4.4 Latvia 3.2 2.0 5.4-0.3-17.7-4.2 10.0 12.2 Latvia 2.5 2.4 4.4-1.1 3.5 15.3 10.1 6.6 Lithuania 4.0 3.3 6.3 1.4-14.8 2.9 9.8 7.8 Lithuania 3.0 2.5 4.1 1.3 4.5 10.9 5.8 3.8 Current account balance, % of GDP General Government Financial Balance, % of GDP 2013F 2012F 2011F 2010 2009 2008 2007 2006 2013F 2012F 2011F 2010 2009 2008 2007 2006 Sweden 5.8 6.3 6.6 6.2 6.9 9.6 8.3 7.3 Sweden 0.4 0.3 0.2-0.2-0.9 2.5 3.8 2.5 Estonia 2.7 4.4 6.7 7.2 7.3-9.7-17.2-15.3 Estonia -0.3-1.9 0.5 0.2-2.0-2.7 2.6 2.5 Latvia -1.9-1.8-0.9 3.0 8.6-13.0-22.3-22.5 Latvia -0.9-2.4-3.7-7.6-9.6-4.1-0.3-0.5 Lithuania -2.7-2.5-2.0 1.5 4.4-13.0-14.5-10.6 Lithuania -2.0-3.0-5.2-7.1-9.5-3.3-1.0-0.4 General government debt, % of GDP 2013F 2012F 2011F 2010 2009 2008 2007 2006 GDP per capita (PPP) 2010, USD Inhabitants (millions) GDP (2010, USDbn) Sweden 32.0 34.4 35.3 39.7 42.7 38.3 40.8 45.7 Sweden 38 203 9.3 458.2 Estonia 6.0 5.8 5.9 6.7 7.2 4.6 3.8 4.5 Estonia 18 527 1.3 19.3 Latvia 39.7 42.4 43.1 44.7 36.7 19.5 9.0 10.7 Latvia 14 504 2.2 24.0 Lithuania 39.0 40.0 39.0 38.2 29.5 15.6 16.9 18.0 Lithuania 17 235 3.3 36.7 Unemployment % 2013F 2012F 2011F 2010 2009 2008 2007 2006 Sweden 7.3 7.4 7.5 8.4 8.3 6.2 6.1 7.1 Estonia 8.6 10.7 12.5 16.9 13.8 5.5 4.7 5.9 Latvia 12.0 13.7 15.4 18.7 16.9 7.5 6.0 6.8 Lithuania 12.0 13.7 15.4 18.7 13.7 5.8 4.3 5.6 Source: Swedbank Economic Research Department Total market, loans to the public by Country SEKbn 6 000 Sweden EURbn 30 Estonia 5 000 25 4 000 20 3 000 15 2 000 10 1 000 5 0 0 Total loans 1) Mortgage loans Total loans 1) Mortgage loans EURbn Latvia EURbn Lithuania 30 30 25 25 20 20 15 15 10 10 5 5 0 0 Total loans 1) Mortgage loans Total loans 1) Mortgage loans 1) Excluding repurchase agreements 4
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 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 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 Macro economic indicators 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 3 500 3 250 3 000 2 750 2 500 2 250 2 000 1 750 1 500 1 250 1 000 750 500 250 0 2004 2005 2006 2007 2008 2009 2010 Q3-11 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 Q4-11 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 Sthlm, SEKm turnover month OMX Stockholm PI (rs) 5
00B 0B Income statement, 5-year summary Income statement, Group FY FY FY FY FY FY SEKm 2011 % 2010 2009 2008 2007 2006 Net interest income 19 118 17 16 329 20 765 21 702 19 157 15 977 Net commission income 8 963-6 9 525 7 825 8 830 9 880 8 869 Net gains and losses on financial items, fair value 1 584-34 2 400 2 770 2 351 1 691 2 738 Net insurance 506-17 612 647 452 548 264 Share of the profit or loss of associates 767 23 624 866 512 424 222 Other income 2 577 66 1 554 1 909 2 616 1 224 1 127 Total income 33 515 8 31 044 34 782 36 463 32 924 29 197 Staff costs 9 522 5 9 052 9 184 9 142 8 134 7 253 Variable staff costs 395 16 340 17 950 1 658 1 307 Other expenses 6 941-5 7 300 7 758 6 994 6 222 5 920 Depreciation/amortisation 1 011 6 950 889 972 705 659 Total expenses 17 869 1 17 642 17 848 18 058 16 719 15 139 Profit before impairments 15 646 17 13 402 16 934 18 405 16 205 14 058 Impairment of intangible assets 1 960 37 1 305 1 403 Impairment on tangible assets 174-71 600 449 27 Credit impairments -1 911 2 810 24 641 3 156 619-205 Operating profit 15 423 55 9 955-9 461 13 819 15 586 14 263 Tax expense 3 669 48 2 472 981 2 880 3 450 3 211 Profit for the period from continuing operations 11 754 57 7 483-10 442 10 939 12 136 11 052 Profit for the period from discontinued operations, after tax 4 Profit for the period including non-controlling interest 11 758 57 7 483 Profit for the period attributable to: Shareholders of Swedbank AB 11 744 58 7 444-10 511 10 887 11 996 10 880 Non-controlling interests 14-64 39 69 52 140 172 Statement of Comprehensive Income Jan-Dec FY FY FY SEKm 2011 % 2010 2009 2008 Profit for the period reported via Income statement 11 758 57 7 483-10 442 10 939 Exchange differences on translating foreign operations -284-93 -4 218-1 852 3 468 Hedging of net investments in foreign operations: Gains/losses arising during the period 379-84 2 420 1 312-3 419 Cash flow hedges: Gains/losses arising during the period 78-48 149-574 -1 423 Reclassification adjustments to Income statement, Net interest income 345-57 806 817 198 Share of other comprehensive income of associates -2-93 -30 42-45 Income tax relating to components of other comprehensive income -210-76 -890-397 1 211 Other comprehensive income for the period, net of tax 306-1 763-615 -10 Total comprehensive income for the period 12 064 5 720-11 057 10 929 Shareholders of Swedbank AB 12 049 5 693-11 138 10 885 Non-controlling interests 15-44 27 81 44 6
22B 2B Income statement, 9-quarter summary Income statement, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Net interest income 4 994 137 4 857 4 740 4 527 4 527 3 980 3 799 4 023 4 702 Net commission income 2 126-166 2 292 2 244 2 301 2 538 2 310 2 395 2 282 2 273 Net gains/losses on financial items, fair value 559 300 259 511 255 357 574 822 647 262 Net insurance 134 37 97 161 114 147 172 173 120 182 Share of profit or loss of associates 155-62 217 224 171 127 191 160 146 123 Other income 550 82 468 475 1 084 262 420 423 449 440 Total income 8 518 328 8 190 8 355 8 452 7 958 7 647 7 772 7 667 7 982 Staff costs 2 604 268 2 336 2 261 2 321 2 213 2 261 2 282 2 296 2 319 Variable staff costs 47-26 73 129 146 101 19 141 79-389 Other expenses 1 881 247 1 634 1 733 1 693 1 990 1 721 1 781 1 808 2 168 Depreciation/amortisation 277-11 288 222 224 286 237 219 208 202 Total expenses 4 809 478 4 331 4 345 4 384 4 590 4 238 4 423 4 391 4 300 Profit before impairments 3 709-150 3 859 4 010 4 068 3 368 3 409 3 349 3 276 3 682 Impairment of intangible assets 1 960 1 960 23 14 Impairment of tangible assets 170 183-13 15 2 406 30 128 36 352 Credit Impairments -174 267-441 -324-972 -483 120 963 2 210 5 003 Operating profit 1 753-2 560 4 313 4 319 5 038 3 445 3 236 2 258 1 016-1 673 Tax expense 790-44 834 863 1 182 693 638 672 469 115 Profit for the period from continuing operations 963-2 516 3 479 3 456 3 856 2 752 2 598 1 586 547-1 788 Profit for the period from discontinued operations, after tax 4 4 Profit for the period including non-controlling interest 967-2 512 3 479 3 456 3 856 2 752 2 598 1 586 547-1 788 Profit for the period attributable to: Shareholders of Swedbank AB 965-2 510 3 475 3 452 3 852 2 750 2 591 1 567 536-1 804 Non-controlling interests 2-2 4 4 4 2 7 19 11 16 Statement of comprehensive income Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Profit for the period reported via Income statement 967-2 512 3 479 3 456 3 856 2 752 2 598 1 586 547-1 788 Exchange differences on translating foreign operations -1 310-1 838 528 692-194 -549-1 441-595 -1 633 207 Hedging of net investments in foreign operations: Gains/losses arising during the period 1 138 1 489-351 -479 71 317 687 399 1 017-156 Cash flow hedges: Gains/losses arising during the period 304 240 64-26 -264-71 44 337-161 69 Reclassification adjustments to Income statement, Net interest income 77-2 79 88 101 194 209 214 189 199 Reclassification adjustments to Income statement, Net gains/losses on financial items, fair value -75 Share of other comprehensive income of associates -18-12 -6 25-3 8-25 -7-6 13 Income tax relating to components of other comprehensive income -396-450 54 108 24-117 -248-250 -275-6 Other comprehensive income for the period, net of tax -205-573 368 408-265 -218-774 98-869 251 Total comprehensive income for the period 762-3 085 3 847 3 864 3 591 2 534 1 824 1 684-322 -1 537 Total comprehensive income attributable to: Shareholders of Swedbank AB 759-3 085 3 844 3 859 3 587 2 533 1 823 1 667-330 -1 556 Non-controlling interests 3 3 5 4 1 1 17 8 19 7
11B 1B Balance sheet, 5-year summary Balance sheet 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec SEKm 2011 2010 2009 2008 2007 Assets Cash and balances with central banks 164 307 17 109 37 879 29 060 21 200 Loans to credit institutions 97 195 166 417 92 131 128 536 174 014 Loans to the public 1 211 454 1 187 226 1 290 667 1 287 424 1 135 287 Bonds and other interest-bearing securities 138 311 131 576 170 615 133 694 115 492 Financial assets for which customers bear the investment risk 95 747 100 628 78 194 51 638 69 324 Derivatives 103 726 65 051 72 969 128 055 36 984 Other assets 46 325 47 674 52 232 53 283 55 683 Total assets 1 857 065 1 715 681 1 794 687 1 811 690 1 607 984 Liabilities and equity Amounts owed to credit institutions 139 598 136 766 231 687 316 730 163 785 Deposits and borrowings from the public 561 696 534 237 504 424 508 456 458 375 Debt securites in issue 781 458 686 517 703 258 593 365 673 116 Financial liabilities for which customers bear the investment risk 96 449 100 988 80 132 52 074 69 819 Derivatives 90 484 65 935 72 172 116 720 36 267 Other liabilites 69 716 69 016 75 057 93 128 98 563 Subordinated liabilities 19 531 27 187 37 983 44 755 39 736 Equity 98 133 95 035 89 974 86 462 68 323 Total liabilities and equity 1 857 065 1 715 681 1 794 687 1 811 690 1 607 984 8
11B 1B Balance sheet 9 quarters, Equity and Goodwill Balance sheet 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Assets Cash and balances with central banks 164 307 71 235 93 072 11 954 11 297 17 109 17 925 19 833 31 621 37 879 Loans to credit institutions 97 195-103 603 200 798 202 527 198 682 166 417 206 346 204 327 152 780 92 131 Loans to the public 1 211 454 25 467 1 185 987 1 174 938 1 173 981 1 187 226 1 214 302 1 239 104 1 214 007 1 290 667 Interest-bearing securities 138 311-10 150 148 461 148 436 149 628 131 576 167 582 215 569 275 266 170 615 Fund shares for which customers bear the investment risk 95 747 3 309 92 438 104 255 102 071 100 628 88 685 85 181 85 023 78 194 Shares and participating interests 2 015 88 1 927 2 878 4 457 6 181 9 420 10 230 11 350 9 505 Investments in associates 3 111-77 3 188 3 019 2 835 2 710 2 596 2 486 2 662 2 740 Derivatives 103 726-8 378 112 104 60 371 60 558 65 051 92 276 89 199 76 524 72 969 Intangible fixed assets 13 799-2 279 16 078 15 980 15 707 15 794 16 058 16 592 16 902 17 555 of which goodwill 11 762-2 281 14 043 13 933 13 680 13 733 13 944 14 416 14 690 15 368 Tangible assets 8 293 85 8 208 6 739 5 915 5 679 4 189 4 195 3 937 3 815 Current tax assets 2 083 15 2 068 1 682 1 306 1 156 1 454 1 307 1 135 881 Deferred tax assets 872-49 921 1 023 1 099 1 218 1 281 1 335 1 302 1 209 Other assets 7 531-4 946 12 477 15 579 9 245 8 611 17 308 9 438 10 237 9 806 Prepaid expenses and accrued income 8 371 191 8 180 8 136 7 750 6 325 6 510 5 792 7 308 6 721 Assets held for sale 250 250 Total assets 1 857 065-28 842 1 885 907 1 757 517 1 744 531 1 715 681 1 845 932 1 904 588 1 890 054 1 794 687 Liabilities and equity Liabilities Amounts owed to credit institutions 139 598 10 235 129 363 130 175 119 204 136 766 175 741 243 947 259 782 231 687 Deposits and borrowings from the public 561 696 6 908 554 788 528 992 524 107 534 237 523 683 529 048 511 142 504 424 Debt securities in issue, etc 781 458-37 772 819 230 757 203 738 618 686 517 720 687 710 509 723 596 703 258 Financial liabilities for which customers bear the investment risk 96 449 3 507 92 942 104 499 102 601 100 988 94 941 90 892 90 186 80 132 Derivatives 90 484-5 649 96 133 60 901 69 782 65 935 92 074 76 950 73 364 72 172 Current tax liabilities 472-241 713 572 669 317 717 947 750 1 495 Deferred tax liabilities 3 183 1 509 1 674 1 857 1 569 1 734 1 566 1 104 972 720 Sold, not held, securities 30 603-63 30 666 28 342 23 583 34 179 66 029 90 661 62 929 40 411 Other liabilities 13 059-10 263 23 322 15 770 23 177 13 625 26 798 19 363 21 038 11 819 Accrued expenses and prepaid income 18 612 4 168 14 444 8 206 18 399 15 074 17 617 12 966 18 432 14 400 Provisions 3 690-467 4 157 4 131 4 065 4 087 4 210 4 304 4 361 6 212 Subordinated liabilities 19 531-1 598 21 129 20 811 23 079 27 187 28 757 32 630 33 922 37 983 Liabilities directly associated with group of assets classified as held for sale 97 97 Total liabilities 1 758 932-29 629 1 788 561 1 661 459 1 648 853 1 620 646 1 752 820 1 813 321 1 800 474 1 704 713 Equity Non-controlling interests 140 2 138 135 142 138 261 260 240 304 Equity attributable to shareholders of Swedbank AB 97 993 785 97 208 95 923 95 536 94 897 92 851 91 007 89 340 89 670 Total equity 98 133 787 97 346 96 058 95 678 95 035 93 112 91 267 89 580 89 974 Total liabilities and equity 1 857 065-28 842 1 885 907 1 757 517 1 744 531 1 715 681 1 845 932 1 904 588 1 890 054 1 794 687 Equity attributable to shareholders Goodwill, 31 Dec 2011 of Swedbank AB, 31 Dec 2011 SEKm Swedbank AB (Sweden) 62 751 Swedbank Robur 328 Swedbank Mortgage (Sweden) 34 116 Swedbank Försäkring 651 Swedbank Finans (Sweden) 4 609 Ölands Bank 9 Swedbank Robur (Sweden) 1 505 Swedbank (Estonia) 3 782 Swedbank Försäkring (Sweden) 2 314 Swedbank (Latvia) 1 955 Swedbank Luxembourg (Luxembourg) 145 Swedbank (Lithuania) 3 307 Sparia Försäkring (Sweden) 584 First Securities 189 Swedbank (Estonia) 13 736 Group total 10 221 Swedbank (Latvia) 7 175 Goodwill within parent company and subsidiaries: Swedbank (Lithuania) 6 505 Swedbank AB 1 538 JSC Swedbank (Ukraine) 684 Swedbank Robur AB 3 OAO Swedbank (Russia) 1 387 Total goodwill 11 762 OOO Leasing (Russia) 291 First Securities (Norway) 366 Ektornet AB (Sweden) 1 284 Swedbank Babs Holding AB (Sweden 351 Other subsidiaries 2 123 Total legal equity 139 926 Group adjustments and eliminations -41 933 Total equity attributable to shareholders of Swedbank AB 97 993 SEKm 9
55B 5B Net interest income analysis, Group Net interest income analysis, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Interest income Loans to credit institutions 436-97 533 489 347 175 201 221 188 161 Loans to the public 1) 12 770 468 12 302 11 713 10 828 10 372 9 315 8 778 9 053 9 729 Interest-bearing securities 916 37 879 1 015 619 373 259 315 348 598 Other 271 99 172 46 62 36 77 34 58 45 Total Interest income 14 393 507 13 886 13 263 11 856 10 956 9 852 9 348 9 647 10 533 Interest expenses Amounts owed to credit institutions -345-15 -330-360 -270-269 -311-375 -289-358 Deposits and borrowings from the public -2 197-144 -2 053-1 853-1 482-1 239-989 -934-1 110-1 195 of which deposits guarantee fees -131-4 -127-140 -108-104 -121-101 -105-106 Debt securities in issue -5 965-67 -5 898-5 778-5 206-5 274-5 572-5 286-5 444-5 285 of which state guarantee fees -245 35-280 -293-345 -363-384 -400-437 -505 Subordinated liabilities -341-47 -294-292 -317-329 -344-330 -405-436 Other -197-46 -151-19 -270-61 -74-74 -76-34 of which stability fee -159-26 -133-132 -121-47 -61-58 -57-29 Total interest expenses -9 045-319 -8 726-8 302-7 545-7 172-7 290-6 999-7 324-7 308 Derivatives, income -6-103 97-53 245-4 -95-160 -13 1 758 Derivatives, expenses 2) -348 52-400 -168-29 747 1 513 1 610 1 713-281 Derivatives, net interest income -354-51 -303-221 216 743 1 418 1 450 1 700 1 477 Net interest income 4 994 137 4 857 4 740 4 527 4 527 3 980 3 799 4 023 4 702 Average balances Loans to credit institutions 189 569-20 929 210 498 204 541 191 131 202 292 210 670 192 185 129 443 135 056 Loans to the public 1 196 649 16 938 1 179 711 1 171 118 1 172 830 1 201 516 1 221 549 1 224 639 1 243 618 1 253 901 Interest-bearing securities 118 207 2 295 115 912 131 986 113 289 92 729 104 921 161 419 173 054 144 151 Interest-bearing assets 1 504 425-1 696 1 506 121 1 507 645 1 477 250 1 496 537 1 537 140 1 578 243 1 546 115 1 533 108 Derivatives 99 784 19 422 80 362 63 610 66 226 78 655 89 853 86 288 74 037 79 940 Other assets 255 293 53 072 202 221 168 026 169 146 163 835 159 401 160 212 165 926 198 461 Total assets 1 859 502 70 798 1 788 704 1 739 281 1 712 622 1 739 027 1 786 394 1 824 743 1 786 078 1 811 509 Amounts owed to credit institutions 134 784-428 135 212 129 941 129 126 158 359 201 726 258 362 238 971 263 734 Deposits and borrowings from the public 574 654 30 381 544 273 530 668 520 890 529 546 519 282 518 905 515 787 491 406 Debt securities in issue 799 257 16 535 782 722 742 249 719 639 709 644 721 134 711 193 707 691 689 588 Subordinated liabilities 20 151-790 20 941 21 675 25 558 27 944 31 555 32 956 36 588 38 639 Interest-bearing liabilities 1 528 846 45 698 1 483 148 1 424 533 1 395 213 1 425 493 1 473 697 1 521 416 1 499 037 1 483 367 Derivatives 87 496 13 276 74 220 70 254 74 086 77 499 82 869 78 286 71 938 80 868 Other liabilities 145 187 11 059 134 128 148 935 147 605 142 012 137 883 134 995 125 508 160 144 Total liabilities 1 761 529 70 033 1 691 496 1 643 722 1 616 904 1 645 004 1 694 449 1 734 697 1 696 483 1 724 379 Equity 97 973 765 97 208 95 559 95 718 94 023 91 945 90 046 89 595 87 130 Total liabilities and equity 1 859 502 70 798 1 788 704 1 739 281 1 712 622 1 739 027 1 786 394 1 824 743 1 786 078 1 811 509 Net interest income analysis, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 % 2011 % 2011 2011 2011 2010 2010 2010 2010 2009 Average interest rates Loans to credit institutions 0.92-9 1.01 0.96 0.73 0.35 0.38 0.46 0.58 0.48 Loans to the public 4.27 2 4.17 4.00 3.69 3.45 3.05 2.87 2.91 3.10 Interest-bearing securities 3.10 2 3.03 3.08 2.19 1.61 0.99 0.78 0.80 1.66 Interest-bearing assets 3.75 3 3.64 3.51 3.19 2.92 2.54 2.36 2.48 2.74 Amounts owed to credit institutions 1.02 5 0.98 1.11 0.84 0.68 0.62 0.58 0.48 0.54 Deposits and borrowings from the public 1.53 1 1.51 1.40 1.14 0.94 0.76 0.72 0.86 0.97 Debt securities in issue 2.99-1 3.01 3.11 2.89 2.97 3.09 2.97 3.08 3.07 Subordinated liabilities 6.77 21 5.62 5.39 4.96 4.71 4.36 4.01 4.43 4.51 Interest-bearing liabilities 2.31 0 2.31 2.33 2.09 2.00 1.96 1.82 1.93 1.96 Net interest margin 1.07-1 1.09 1.09 1.06 1.04 0.89 0.83 0.90 1.04 1) In Q4 2010, penalties' related income in Baltics of SEK 191m was reclassified in line with Group accounting principles from other income to net interest income 2) Interest on all derivatives that economically hedge funding is recognised as an interest expense regardless of whether the contract s net interest is a gain or loss. Other derivative interest, trading derivatives and derivatives that financially hedge assets are recognised as interest income. Interest-bearing securities are reported net less sold, not held, securities. Interest income on impaired loans is not accrued. 10
44B 4B Income analysis Income analysis, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Net interest income 1) 2) 4 994 137 4 857 4 740 4 527 4 527 3 980 3 799 4 023 4 702 Payment processing 799-78 877 825 725 873 864 830 779 850 Asset management 899-17 916 988 1 005 1 010 981 991 984 838 Life insurance 87 14 73 78 75 74 76 54 66 70 Brokerage 96-14 110 112 152 158 93 159 167 210 Other securities -48-26 -22-23 -12 10-22 -2-22 -10 Corporate Finance -14-56 42 77 49 85 57 111 61 95 Lending and Guarantees 217 19 198 136 252 266 174 200 169 185 Deposits 6-19 25 16 20 6 17 17 25 11 Other commission income 84 11 73 35 35 56 70 35 53 24 Net commission income 2 126-166 2 292 2 244 2 301 2 538 2 310 2 395 2 282 2 273 Financial instruments for trading 235-20 255 247 495 659 505 703 440 285 Financial instruments intended to hold until maturity 324 320 4 264-240 -302 69 119 207-23 Net gains and losses on financial items at fair value 559 300 259 511 255 357 574 822 647 262 Net insurance 134 37 97 161 114 147 172 173 120 182 Färs & Frosta Sparbank 20 0 20 18 14 14 12 8 8 8 Swedbank Sjuhärad 26-5 31 35 29 28 19 25 14 18 Other jointly owned banks in Sweden 12-1 13 13 11 9 12 13 1 7 BGC-Holding -6 2-8 25 5-7 2 3 8 2 EnterCard Holding 84-51 135 106 112 78 115 105 110 79 UC 2 2 0-1 -2 2 18 Other companies 17-9 26 28 2 3 13 4 5 10 Share of the profit or loss of associates 155-62 217 224 171 127 191 160 146 123 Real estate income 9 0 9 6 6 6 6 6 6 4 IT/administrative services to savings banks 193-11 204 208 180 196 203 216 203 218 Assets taken over 199 56 143 172 71 73 45 34 55 48 Other 1) 3) 149 37 112 89 827-13 166 167 186 170 Other income 550 82 468 475 1 084 262 420 423 449 440 Total income 8 518 328 8 190 8 355 8 452 7 958 7 647 7 772 7 667 7 982 1) In Q4 2010, penalties' related income of SEK 191m was reclassified from other income to net interest income. 2) 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 3) Q1-2011 One-off revenue of SEK 716m from a settlement with the bankruptcy estate of Lehman Brothers. 11
99B 9B Expense analysis Expense analysis, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 SEKm 2011 2011 2011 2010 2010 2010 2010 2009 Staff costs Salaries and other remunerations 1 756 233 1 523 1 493 1 519 1 507 1 516 1 449 1 473 1 521 Variable staff costs 1) 47-26 73 129 146 101 19 141 79-389 Pension costs 1) 212-69 281 248 260 185 309 263 254 218 Social Insurance charges 520 74 446 429 447 431 376 483 485 500 Training costs 41 20 21 30 28 33 15 23 17 28 Other staff costs 75 9 66 61 67 57 45 64 67 52 Total staff costs 2 651 242 2 409 2 390 2 467 2 314 2 280 2 423 2 375 1 930 Other expenses Premises and rents 350 37 313 335 339 354 317 347 361 408 IT expenses 518 141 377 402 399 457 372 410 396 489 Consultants 112 11 101 166 151 244 196 232 233 293 Other purchased services 214-6 220 204 183 211 201 204 178 243 Telecommunications and postage 52-19 71 52 76 63 70 63 75 73 Advertising, PR and marketing 139 55 84 106 72 131 67 88 74 136 Security transport, alarm systems 107-1 108 113 108 125 134 73 108 120 Expenses for repossessed assets 2) 144 16 128 66 66 8 47 59 30 31 Other expenses 287 24 263 312 322 403 328 307 355 376 Depreciation/amortisation 3) 235-22 257 199 201 280 226 217 207 201 Total other expenses 2 158 236 1 922 1 955 1 917 2 276 1 958 2 000 2 016 2 370 Total expenses 4 809 478 4 331 4 345 4 384 4 590 4 238 4 423 4 391 4 300 1) Pension costs regarding variable staff costs is presented on row variable staff costs 2) Including expenses for assets taken over for protection of claims 3) Excluding expenses for assets taken over for protection of claims 12
22B 2B Variable pay Cash & shares Allocations (incl social insurance charges) SEKm Programmes 2010 Individual programme 2010 * 310 Other 2010 109 Total allocations 2010 419 * Forfeited performance rights are taken into account Programmes 2011 General programme 2011 591 Individual programme 2011 227 of which cash 144 of which shares 83 Other 2011 92 Total allocations, 2011 910 Income statement impact YTD SEKm 2011 Individual programme 2010-25 of which reversal of previous year's provisions -54 General programme 2011 164 Individual programme 2011 164 of which cash 144 of which shares 20 Other 92 Total 395 Equity-settled share based programmes Conditions Date of grant Number of shares granted Contractual life and service period Individual programme 2010 2011-03-25 1 060 821 50 months: 2010-01-01 -- 2014-02-28 Individual programme 2011 2012-01-31 (expected) 572 073 (expected) 50 months: 2011-01-01 -- 2015-02-28 General programme 2011 2012-01-31 (expected) 4 049 306 (expected) 50%, 38 months: 2011-01-01 -- 2014-02-28 50%, 50 months: 2011-01-01 -- 2015-02-28 Vesting conditions Performance targets reached during 2010, 50 months of service Performance targets reached during 2011, 50 months of service Performance targets reached during 2011, 38 and 50 months of service Exercise price 0 0 Recognised remuneration expense, including social insurance charges, during the contractual life SEKm Individual programme 2010 1) Individual programme 2011 2010 FY 2011 FY 2015 expected General programme 2011 164 164 164 87 12 Total 41 213 219 219 113 15 20 FY 2012 FY 2013 FY 2014 expected expected expected 41 29 35 35 6 20 20 20 3 Number of granted rights at the closing of the period 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 expected expected expected expected Individual programme 2010 1) Individual programme 2011 1 060 821 1 041 716 1 020 882 572 073 1 000 464 572 073 572 073 General programme 2011 Total 1 041 716 4 049 306 5 642 261 4 049 306 5 621 843 2 024 653 2 596 726 Reported expectations are built on annual renumerations of the YTD outcome. 1) Staff turnover is taken into account. 13
Retail YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 12 340 10 100 22 3 246 3 143 3 026 2 925 2 752 2 499 2 416 2 433 2 591 Payment processing 1 569 1 616-3 381 425 375 388 423 422 398 373 395 Asset management 1 949 2 034-4 454 477 508 510 532 500 510 492 475 Life insurance 303 234 29 77 69 80 77 64 66 46 58 56 Brokerage 323 427-24 50 83 86 104 125 48 138 116 159 Other securities -264-285 -7-64 -67-63 -70-64 -71-77 -73-60 Lending and guarantees 215 199 8 54 54 56 51 52 53 47 47 43 Deposits 49 49 0 5 15 15 14 4 15 15 15 6 Corporate finance 1 1 0 0 0 1 0 0 0 0 1 0 Other commissions 84 17 59 33-7 -1-4 -14 23 12-30 Net commission income 4 229 4 292-1 1 016 1 089 1 051 1 073 1 132 1 019 1 100 1 041 1 044 Net gains and losses on financial items at fair value 201 184 9 56 53 52 40 74 36 41 33 45 Net insurance 182 274-34 41 15 74 52 63 64 92 55 75 Share of the profit or loss of associates 768 624 23 158 217 222 171 127 192 159 146 123 Other income 646 729-11 178 166 168 134 201 171 184 173 194 Total income 18 366 16 203 13 4 695 4 683 4 593 4 395 4 349 3 981 3 992 3 881 4 072 Staff costs 4 022 3 921 3 1 048 973 988 1 013 967 986 966 1 002 995 Variable staff costs 101 43 14 29 35 23 17-23 28 21-93 Expenses for premises 597 613-3 156 144 149 148 167 146 153 147 169 IT expenses 714 715 0 197 169 170 178 196 153 204 162 229 Consultants 102 123-17 22 20 33 27 32 22 41 28 30 Other expenses 2 988 2 970 1 775 679 795 739 742 747 762 719 837 Depreciation/amortisation 271 285-5 71 68 67 65 102 69 62 52 40 Total expenses 8 795 8 670 1 2 283 2 082 2 237 2 193 2 223 2 100 2 216 2 131 2 207 Profit before impairments 9 571 7 533 27 2 412 2 601 2 356 2 202 2 126 1 881 1 776 1 750 1 865 Impairment of intangible assets Impairment of tangible assets Credit impairments 332 272 22 216 106 5 5 136-3 51 88-87 Operating profit 9 239 7 261 27 2 196 2 495 2 351 2 197 1 990 1 884 1 725 1 662 1 952 Tax expense 2 275 1 951 17 535 643 520 577 499 503 523 426 515 Profit for the period from continuing operations 6 964 5 310 31 1 661 1 852 1 831 1 620 1 491 1 381 1 202 1 236 1 437 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 6 964 5 310 31 1 661 1 852 1 831 1 620 1 491 1 381 1 202 1 236 1 437 Profit for the period attributable to: Shareholders of Swedbank AB 6 951 5 301 31 1 660 1 848 1 827 1 616 1 489 1 377 1 200 1 235 1 436 Non-controlling interests 13 9 44 1 4 4 4 2 4 2 1 1 Statement of comprehensive income Profit for the period reported via income statement 6 964 5 310 31 1 661 1 852 1 831 1 620 1 491 1 381 1 202 1 236 1 437 Exchange differences on translating foreign operations -1-23 -96-6 2 4-1 -3-7 -4-9 2 Hedging of net investments in foreign operations: Gains/losses arising during the period 4 65-94 32-9 -25 6 3 31 13 18-15 Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates -2-30 -93-18 -6 25-3 8-25 -7-6 13 Income tax relating to components of other comprehensive income -1-19 -95-8 3 6-2 -2-8 -4-5 8 Other comprehensive income for the period, net of tax 0-7 0-10 10 0 6-9 -2-2 8 Total comprehensive income for the period 6 964 5 303 31 1 661 1 842 1 841 1 620 1 497 1 372 1 200 1 234 1 445 Total comprehensive income attributable to: Shareholders of Swedbank AB 6 951 5 294 31 1 660 1 838 1 837 1 616 1 494 1 369 1 198 1 233 1 443 Non-controlling interests 13 9 44 1 4 4 4 3 3 2 1 2 14
Retail YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 1 2-50 1 1 2 2 2 2 3 2 Loans to credit institutions 32 31 3 32 31 31 28 31 27 27 29 Loans to the public 894 873 2 894 887 881 877 873 866 859 853 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk 94 99-5 94 90 102 100 99 87 83 83 Derivatives Other assets 14 12 17 14 14 13 12 12 17 17 14 Total assets 1 035 1 017 2 1 035 1 023 1 029 1 019 1 017 999 989 981 Liabilities and equity Amounts owed to credit institutions 75 72 4 75 73 75 68 72 76 77 70 Deposits and borrowings from the public 365 347 5 365 352 347 338 347 335 325 313 Debt securities in issue Financial liabilities for which customers bear inv. risk 94 99-5 94 91 102 101 99 93 89 88 Derivatives Other liabilities 465 463 0 465 472 471 478 463 462 464 476 Subordinated liabilities 10 13-23 10 9 9 12 13 11 12 12 Allocated equity 26 23 13 26 26 25 22 23 22 22 22 Total liabilities and equity 1 035 1 017 2 1 035 1 023 1 029 1 019 1 017 999 989 981 Key figures Key performance indicators Return on allocated equity, % 28.6 24.0 19 25.9 28.9 31.1 28.7 26.9 25.2 21.6 22.3 28.8 Cost/Income ratio 0.48 0.54-11 0.49 0.44 0.49 0.50 0.51 0.53 0.56 0.55 0.54 Credit impairment ratio, % 0.04 0.03 33 0.09 0.05 0.00 0.00 0.06 0.00 0.02 0.04-0.04 Loan/Deposit ratio, % 245 251-3 245 252 254 261 251 259 266 272 269 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 894 873 2 894 887 881 877 873 866 859 853 854 Deposits from the public excluding repos & SNDO 1) 365 347 5 365 352 347 338 347 335 322 313 318 Mutual funds & insurance 230 275-16 230 224 267 269 275 264 257 264 253 Index linked bonds 16 17-6 16 16 17 17 17 19 20 22 22 Allocated equity, average, SEKm 24 305 22 128 10 25 628 25 600 23 461 22 503 22 153 21 894 22 214 22 181 19 953 Risk-weighted assets, Basel 2 216 222-3 216 219 219 224 222 227 229 233 244 Commitments 106 107-1 106 107 114 109 107 110 126 119 124 Full-time employees 5 333 5 571-4 5 333 5 374 5 494 5 572 5 571 5 530 5 573 5 677 5 738 1) Excluding intra-group transactions Other information (millions) Number of Internet bank customers 3.4 3.2 5.5 3.4 3.3 3.3 3.2 3.2 3.1 3.1 3.0 3.0 Number of internet bank payments 178.6 174.1 2.6 42.9 44.6 45.3 45.8 45.9 42.0 43.0 43.2 43.3 Number of cards 3.8 3.8 1.2 3.8 3.8 3.8 3.7 3.8 3.7 3.7 3.7 3.7 Number of card purchases 741.4 675.2 9.8 195.0 192.5 187.3 166.6 177.9 176.2 168.3 152.8 163.5 Number of card aqcuiring 1 236.5 1 164.0 6.2 322.0 315.2 315.5 283.8 309.4 303.3 292.1 259.2 276.6 Average number of products/ private customer 5.3 5.1 5.3 5.3 5.2 5.2 5.1 5.1 5.0 4.9 4.9 Average number of products/ corporate customer 7.9 8.0 7.9 7.9 8.1 8.1 8.0 7.9 7.9 7.8 7.8 Products per private customer, Sweden Number of customers, thousand 1 200 1 000 800 600 Products per corporate customer, Sweden Number of customers, thousand 30 25 20 15 400 200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 >15 Q3, 2011 10 5 Number of products 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 >15 Q3, 2011 Number of products 15
Swedbank Insurance YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Insurance premiums, net 668 625 7 168 151 188 161 148 139 160 178 141 Income investment contracts Own fees 518 448 16 130 128 130 130 120 108 113 107 104 Commissions from fund companies 658 667-1 151 327 90 90 174 167 169 157 152 Income investment contracts, total 1 176 1 115 5 281 455 220 220 294 275 282 264 256 Net investment income 70 8 22 21 17 10 2-1 4 3 1 Other operating income 48 77-38 12 12 13 11 29 16 17 15 24 Total income, gross 1 962 1 825 8 483 639 438 402 473 429 463 460 422 Claims paid, net -428-326 31-118 -120-93 -97-74 -82-83 -87-102 Change in provisions for claims oustanding, net -58-25 -10-15 -21-12 -11 7 15-36 35 Commissions to distributors -734-730 1-166 -346-110 -112-187 -173-191 -179-170 Total income, net 742 744 0 189 158 214 181 201 181 204 158 185 Staff costs 145 108 34 49 32 32 32 33 27 25 23 26 Variable staff costs 2 1 100 1 1 1-1 Expenses for premises 19 16 19 4 5 5 5 4 5 4 3 3 IT expenses 113 80 41 33 26 25 29 20 15 25 20 22 Consultants 22 22 5 10 7 4 2 11 5 1 Other expenses 82 93-12 26 14 20 22 25 17 33 18 30 Depreciation/amortisation 18 51-65 5 4 4 5 38 8 3 2-1 Total expenses 401 371 8 117 87 97 100 124 74 101 72 80 Profit before impairments 341 373-9 72 71 117 81 77 107 103 86 105 Impairment of intangible assets Impairment of tangible assets Credit impairments Operating profit 341 373-9 72 71 117 81 77 107 103 86 105 Tax expense -23 124 6 8-61 24-3 30 89 8 33 Profit for the year from continuing operations 364 249 46 66 63 178 57 80 77 14 78 72 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 364 249 46 66 63 178 57 80 77 14 78 72 Profit for the period attributable to: Shareholders of Swedbank AB 364 249 46 66 63 178 57 80 77 14 78 72 Non-controlling interests Key performance indicators Return on allocated equity, % 12.9 10.7 8.9 8.7 25.6 8.5 13.0 13.2 2.4 14.4 14.8 Allocated equity, average SEKm 2 829 2 326 22 2 968 2 905 2 777 2 678 2 467 2 333 2 293 2 161 1 950 Cost/Income ratio 0.54 0.50 0.62 0.55 0.45 0.55 0.62 0.41 0.50 0.46 0.43 Asset under management, SEKbn 95 99-4 95 91 103 101 99 93 89 88 80 Full-time employees 147 131 12 147 147 144 142 131 127 118 116 112 16
Large Corporates & Institutions YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 3 586 2 817 27 1 074 778 884 850 733 642 738 704 862 Payment processing 466 473-1 107 103 146 110 125 124 116 108 110 Asset management 223 255-13 49 52 55 67 65 58 62 70 82 Life insurance 8 3 2 2 2 2 1 1 1 Brokerage 129 131-2 45 20 24 40 29 38 18 46 47 Other securities 168 249-33 21 51 45 51 57 54 81 57 20 Lending and guarantees 395 408-3 111 96 33 155 163 86 88 71 78 Deposits 18 15 20 1 10 1 6 2 2 2 9 4 Corporate finance 153 313-51 -14 42 76 49 85 57 111 60 94 Other commissions 104 108-4 26 23 30 25 48 61 3-4 17 Net commission income 1 664 1 955-15 348 399 412 505 575 481 482 417 452 Net gains and losses on financial items at fair value 720 1 446-50 228 98 25 369 439 259 308 440 55 Net insurance Share of the profit or loss of associates -2-4 2 Other income 808 88 4 36 21 747 25 7 36 20 18 Total income 6 776 6 306 7 1 650 1 311 1 344 2 471 1 772 1 389 1 564 1 581 1 387 Staff costs 1 491 1 235 21 453 358 331 349 342 314 279 300 285 Variable staff costs 152 254-40 13 6 50 83 69 116 69-252 Expenses for premises 183 138 33 54 42 51 36 36 32 35 35 31 IT expenses 407 424-4 97 107 100 103 120 108 100 96 98 Consultants 133 180-26 34 27 27 45 56 47 41 36 39 Other expenses 983 916 7 262 228 259 234 238 206 242 230 281 Depreciation/amortisation 48 55-13 19 10 10 9 16 18 12 9 10 Total expenses 3 397 3 202 6 932 778 828 859 877 725 825 775 492 Profit before impairments 3 379 3 104 9 718 533 516 1 612 895 664 739 806 895 Impairment of intangible assets 17 17 Impairment of tangible assets 7 Credit impairments -186-1 4-66 -19-105 65-55 -56 45 499 Operating profit 3 548 3 105 14 697 599 535 1 717 830 719 795 761 389 Tax expense 1 140 768 48 257 296 133 454 213 196 193 166 78 Profit for the period from continuing operations 2 408 2 337 3 440 303 402 1 263 617 523 602 595 311 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 2 408 2 337 3 440 303 402 1 263 617 523 602 595 311 Profit for the period attributable to: Shareholders of Swedbank AB 2 408 2 307 4 440 303 402 1 263 617 520 585 585 296 Non-controlling interests 30 3 17 10 15 Statement of comprehensive income Profit for the period reported via income statement 2 408 2 337 3 440 303 402 1 263 617 523 602 595 311 Exchange differences on translating foreign operations -8-37 -78-15 12-5 1-22 -5-11 13 Hedging of net investments in foreign operations: Gains/losses arising during the period 9 10-10 13-2 -4 2-1 5 3 3-4 Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income -2-3 -33-3 1-2 -1 1 Other comprehensive income for the period, net of tax -1-30 -97-5 -2 9-3 -19-2 -9 10 Total comprehensive income for the period 2 407 2 307 4 435 301 411 1 260 617 504 600 586 321 Total comprehensive income attributable to: Shareholders of Swedbank AB 2 407 2 289 5 435 301 411 1 260 618 507 585 579 304 Non-controlling interests 18-1 -3 15 7 17 17
Large Corporates & Institutions YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 7 2 7 6 1 1 2 1 1 15 Loans to credit institutions 297 358-17 297 316 310 310 358 472 571 558 Loans to the public 184 171 8 184 160 154 153 171 198 218 188 Bonds and other interest-bearing securities 63 78-19 63 65 70 76 78 143 199 262 Financial assets for which customers bear inv. risk Derivatives 122 72 69 122 120 68 73 72 99 96 83 Other assets 13 17-24 13 13 11 16 17 16 9 14 Total assets 686 698-2 686 680 614 629 698 929 1 094 1 120 Liabilities and equity Amounts owed to credit institutions 233 223 4 233 243 243 254 223 355 459 537 Deposits and borrowings from the public 79 93-15 79 75 68 90 93 92 85 93 Debt securities in issue 18 84-79 18 18 19 18 84 97 72 89 Financial liabilities for which customers bear inv. risk Derivatives 120 72 67 120 116 66 72 72 100 91 83 Other liabilities 217 203 7 217 206 195 169 203 257 359 290 Subordinated liabilities 6 6 6 7 7 10 6 11 11 11 Allocated equity 13 17-24 13 15 16 16 17 17 17 17 Total liabilities and equity 686 698-2 686 680 614 629 698 929 1 094 1 120 Key figures Key performance indicators Return on allocated equity, % 15.5 13.8 12.4 7.5 10.2 31.1 14.9 12.7 13.8 13.7 8.7 Cost/Income ratio 0.50 0.51 0.56 0.59 0.62 0.35 0.49 0.52 0.53 0.49 0.35 Credit impairment ratio, % -0.06-0.10-0.03-0.14 0.07-0.06-0.07 0.06 0.64 Loan/Deposit ratio, % 214 176 214 208 219 177 176 220 173 180 217 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 139 130 7 139 130 126 121 130 134 138 143 150 Deposits from the public excluding repos & SNDO 1) 65 74-12 65 63 57 68 74 61 80 79 69 Mutual funds & insurance 13 15-13 13 13 15 16 15 16 15 16 16 Index linked bonds 22 23-4 22 22 23 23 23 26 27 27 28 Discretionary asset management Goodwill Allocated equity, average, SEKm 15 572 16 669-7 14 246 16 193 15 748 16 225 16 526 16 328 16 984 17 111 13 679 Risk-weighted assets, Basel 2 132 156-15 132 134 147 149 156 162 167 173 164 Commitments 55 54 2 55 52 53 51 54 51 38 39 38 Full-time employees 1 197 1 229-3 1 197 1 179 1 189 1 214 1 229 1 190 1 166 1 147 1 137 1) Excluding intra-group transactions 18
Baltic Banking YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 3 910 3 771 4 902 994 1 017 997 1 168 919 863 821 854 Payment processing 1 096 1 140-4 297 297 277 225 291 291 285 273 301 Asset management 136 137-1 29 39 31 37 35 34 35 33 68 Life insurance 1 1 7-7 1 1-1 1-2 Brokerage 2 1 1 Other securities -6-6 -1-3 -1-1 -2-1 -2-1 -1 Lending and guarantees 163 176-7 41 43 42 37 41 43 49 43 51 Deposits Corporate finance 1 Other commissions 64 83-23 7 23 15 19 17 19 20 27 23 Net commission income 1 454 1 533-5 380 392 365 317 383 386 388 376 441 Net gains and losses on financial items at fair value 280 341-18 84 80 61 55 119 48 102 72 102 Net insurance 304 317-4 89 77 81 57 80 102 75 60 106 Share of the profit or loss of associates -1 1 Other income 228 225 1 75 63 44 46-118 107 78 158 126 Total income 6 176 6 187-0 1 530 1 606 1 568 1 472 1 632 1 561 1 507 1 487 1 629 Staff costs 1 054 1 032 2 299 242 255 258 261 232 254 285 314 Variable staff costs 46-13 7 16 16 7-13 Expenses for premises 239 264-9 64 58 57 60 60 62 65 77 84 IT expenses 370 379-2 104 91 91 84 98 85 89 107 80 Consultants 35 150-77 6 5 14 10 37 30 35 48 51 Other expenses 805 753 7 220 197 185 203 203 176 183 191 295 Depreciation/amortisation 147 164-10 36 40 35 36 38 39 42 45 47 Total expenses 2 696 2 729-1 736 649 653 658 697 624 668 740 871 Profit before impairments 3 480 3 458 1 794 957 915 814 935 937 839 747 758 Impairment of intangible assets 1 913 23 1 913 23 Impairment of tangible assets 34 261-87 21-11 19 5 73 39 118 31 172 Credit impairments -1 002 3 363-117 -361-142 -382-163 327 1 096 2 103 3 355 Operating profit 2 535-189 -1 023 1 329 1 038 1 191 1 025 548-375 -1 387-2 769 Tax expense 435-182 68 124 122 121 35 7-63 -161-346 Profit for the period from continuing operations 2 100-7 -1 091 1 205 916 1 070 990 541-312 -1 226-2 423 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 2 100-7 -1 091 1 205 916 1 070 990 541-312 -1 226-2 423 Profit for the period attributable to: Shareholders of Swedbank AB 2 100-7 -1 091 1 205 916 1 070 990 541-312 -1 226-2 423 Non-controlling interests Statement of comprehensive income Profit for the period reported via income statement 2 100-7 -1 091 1 205 916 1 070 990 541-312 -1 226-2 423 Exchange differences on translating foreign operations -264-3 955-93 -1 241 416 690-129 -548-1 113-656 -1 638 159 Hedging of net investments in foreign operations: Gains/losses arising during the period 351 2 324-85 1 069-383 -409 74 313 639 376 996-136 Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income -92-611 -85-281 101 108-20 -82-169 -98-262 36 Other comprehensive income for the period, net of tax -5-2 242-100 -453 134 389-75 -317-643 -378-904 59 Total comprehensive income for the period 2 095-2 249-1 544 1 339 1 305 995 673-102 -690-2 130-2 364 Total comprehensive income attributable to: Shareholders of Swedbank AB 2 095-2 249-1 544 1 339 1 305 995 673-102 -690-2 130-2 364 Non-controlling interests 19
Baltic Banking YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 3 12-75 3 2 2 2 12 13 14 13 Loans to credit institutions 19 19 13 12 10 Loans to the public 119 130-8 119 125 125 127 130 136 146 155 Bonds and other interest-bearing securities 2 12-83 2 3 2 2 12 14 14 16 Financial assets for which customers bear inv. risk 2 2 2 2 2 2 2 2 2 2 Derivatives Other assets 12 16-25 12 14 15 13 16 18 22 30 Total assets 138 191-28 138 146 146 146 191 196 210 226 Liabilities and equity Amounts owed to credit institutions 54 54 60 66 73 Deposits and borrowings from the public 98 93 5 98 99 95 89 93 91 96 97 Debt securities in issue 1 1 1 1 1 1 1 1 1 1 Financial liabilities for which customers bear inv. risk 2 2 2 2 2 2 2 2 2 2 Derivatives Other liabilities 12 12 16 18 18 5 Subordinated liabilities 4 7-43 4 4 5 7 7 7 8 9 Allocated equity 21 34-38 21 24 25 29 34 35 37 39 Total liabilities and equity 138 191-28 138 146 146 146 191 196 210 226 Key figures Key performance indicators Return on allocated equity, % 8.0 0.0-19.0 19.6 13.5 13.9 11.4 6.0-3.3-12.5-33.2 Cost/Income ratio 0.44 0.44 0.48 0.40 0.42 0.45 0.43 0.40 0.44 0.50 0.53 Credit impairment ratio, % -0.76 2.05-0.37-1.15-0.44-1.18-0.51 0.90 2.83 5.07 7.48 Loan/Deposit ratio, % 122 141 122 126 133 142 141 149 151 159 164 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 119 130-8 119 125 125 126 130 136 145 154 170 Deposits from the public excluding repos & SNDO 1) 97 93 4 97 99 95 89 93 91 96 97 103 Mutual funds & insurance 18 20-10 18 18 19 18 20 20 20 19 19 Index linked bonds Discretionary asset management Goodwill 9 11-18 9 11 11 11 11 12 12 12 12 Allocated equity, average, SEKm 26 262 35 950-27 23 010 24 551 27 072 30 858 34 763 35 846 37 695 39 242 29 196 Risk-weighted assets, Basel 2 102 136-25 102 104 108 120 136 143 152 160 165 Commitments 16 13 23 16 16 14 13 13 12 13 15 18 Full-time employees 5 221 5 416-4 5 221 5 450 5 419 5 383 5 416 5 581 5 590 5 719 5 924 1) Excluding intra-group transactions Other information (millions) Number of Internet bank customers 3.4 3.2 6 3.4 3.3 3.3 3.2 3.2 3.1 3.1 3.0 3.0 Number of internet bank payments 109.2 97.5 12 30.0 26.7 27.2 25.3 26.5 23.4 24.2 23.4 24.0 Number of cards 3.9 3.8 3 3.9 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 Number of card purchases 212.5 183.6 16 55.5 54.3 53.9 48.8 47.9 47.0 46.2 42.5 44.4 Number of card aquiring 227.7 185.4 23 59.0 60.3 57.6 50.8 49.2 47.7 46.4 42.1 45.2 Amortisation plan Baltic Banking Investment 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Revalued lending 110 94 82 69 33 Intangible assets, customer base 58 52 46 40 34 27 20 13 6 1 20
Estonia YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 1 784 1 784 400 469 459 456 526 440 419 399 361 Payment processing 398 436-9 102 104 100 92 109 109 111 107 115 Asset management 53 66-20 6 16 13 18 14 16 17 19 16 Life insurance 7 2 8-2 1 1 1-3 Brokerage Other securities 3-1 -2 Lending and guarantees 82 91-10 22 21 20 19 22 21 22 26 27 Deposits Corporate finance Other commissions 15 18-17 13-2 2 2 2 1 5 10 7 Net commission income 555 613-9 154 136 134 131 148 147 156 162 162 Net gains and losses on financial items at fair value 72 152-53 28 17 15 12 73-8 42 45 61 Net insurance 1 209-100 -175 90 53 33 52 63 53 41 64 Share of the profit or loss of associates -1 1 Other income 35 55-36 -4 12 12 15-31 31 22 33 28 Total income 2 447 2 813-13 403 724 673 647 768 672 693 680 676 Staff costs 343 324 6 91 80 85 87 85 71 79 89 88 Variable staff costs 13-1 2 5 5 1-1 Expenses for premises 98 110-11 28 23 23 24 24 25 29 32 33 IT expenses 135 167-19 11 53 33 38 48 44 43 32 27 Consultants 14 42-67 1 2 7 4 12 9 10 11 17 Other expenses 322 366-12 35 104 77 106 112 89 78 87 114 Depreciation/amortisation 23 21 10 6 9 4 4 4 5 6 6 8 Total expenses 948 1 029-8 174 276 234 264 285 243 245 256 287 Profit before impairments 1 499 1 784-16 229 448 439 383 483 429 448 424 389 Impairment of intangible assets 23 23 Impairment of tangible assets 15 24-38 2 13 23 1 2 Credit impairments -53 968-55 -125 136-9 24 3 348 593 526 Operating profit 1 537 769 100 282 573 290 392 436 403 99-169 -139 Tax expense -5 1-1 -1-1 -2 1-1 1-1 Profit for the period from continuing operations 1 542 768 283 574 291 394 435 404 98-169 -138 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 1 542 768 283 574 291 394 435 404 98-169 -138 Profit for the period attributable to: Shareholders of Swedbank AB 1 542 768 283 574 291 394 435 404 98-169 -138 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1 3-67 1 1 1 1 3 5 7 6 Loans to credit institutions 7 7 5 4 8 Loans to the public 53 58-9 53 55 55 56 58 60 63 68 Bonds and other interest-bearing securities 6 1 1 1 6 7 7 6 Financial assets for which customers bear inv. risk 1 1 1 1 1 1 1 1 Derivatives Other assets 1 1 1 1 1 1 3 15 Total assets 55 75-27 55 59 59 60 75 79 85 104 Liabilities and equity Amounts owed to credit institutions 22 22 26 28 31 Deposits and borrowings from the public 45 42 7 45 45 43 41 42 42 45 45 Debt securities in issue Financial liabilities for which customers bear inv. risk 1 1 1 1 1 1 1 1 Derivatives Other liabilities 4 4 6 8 9 15 Subordinated liabilities 2 3-33 2 2 2 3 3 3 3 4 Allocated equity 4 7-43 4 5 5 6 7 7 8 8 Total liabilities and equity 55 75-27 55 59 59 60 75 79 85 104 Key figures Key performance indicators Return on allocated equity, % 28.7 10.6 26.1 48.4 21.0 22.4 24.6 22.1 5.0-8.6-8.2 Cost/Income ratio 0.39 0.37 0.43 0.38 0.35 0.41 0.37 0.36 0.35 0.38 0.42 Credit impairment ratio, % -0.09 1.38-0.41-0.90 0.98-0.06-0.09 0.01 2.05 3.35 2.78 Loan/Deposit ratio, % 117 138 117 121 128 137 138 143 140 147 150 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 53 58-9 53 54 55 56 58 60 63 66 72 Deposits from the public excluding repos & SNDO 1) 45 42 7 45 45 43 41 42 42 45 45 48 Mutual funds & insurance 8 10-20 8 8 9 8 10 10 10 9 9 Index linked bonds Discretionary asset management Goodwill Allocated equity, average, SEKm 5 374 7 212-25 4 341 4 742 5 534 7 037 7 077 7 315 7 851 7 884 6 727 Risk-weighted assets, Basel 2 41 57-28 41 42 42 45 57 59 61 64 64 Commitments 9 6 50 9 9 7 6 6 6 6 6 8 Full-time employees 1 785 1 728 3 1 785 1 802 1 798 1 739 1 728 1 776 1 745 1 753 1 808 1) Excluding intra-group transactions 21
Latvia YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 1 061 1 097-3 231 263 283 284 321 274 257 245 289 Payment processing 305 343-11 89 91 80 45 87 90 84 82 91 Asset management 42 43-2 10 11 10 11 11 11 11 10 29 Life insurance Brokerage 1 Other securities Lending and guarantees 47 53-11 10 13 13 11 11 15 16 11 14 Deposits Corporate finance Other commissions 31 21 48 9 12 4 6 5 6 5 5 12 Net commission income 425 460-8 118 127 107 73 114 122 116 108 147 Net gains and losses on financial items at fair value 115 124-7 31 31 26 27 17 29 46 32 38 Net insurance -1 52-24 13 10 14 17 11 10 Share of the profit or loss of associates Other income 38 81-53 11 8 11 8-33 30 36 48 30 Total income 1 638 1 814-10 391 405 440 402 433 472 466 443 504 Staff costs 250 272-8 72 59 59 60 66 64 67 75 87 Variable staff costs 13-3 3 3 4 3-3 Expenses for premises 57 64-11 15 14 14 14 15 16 15 18 19 IT expenses 99 98 1 37 13 27 22 22 19 16 41 27 Consultants 12 62-81 2 2 4 4 14 13 14 21 15 Other expenses 289 298-3 86 52 77 74 77 68 73 80 115 Depreciation/amortisation 32 37-14 8 8 8 8 9 9 9 10 10 Total expenses 752 828-9 223 151 193 185 203 189 194 242 273 Profit before impairments 886 986-10 168 254 247 217 230 283 272 201 231 Impairment of intangible assets Impairment of tangible assets 30 30 16 4 3 7 5 9 7 9 44 Credit impairments -332 1 719 157-190 -164-135 -57 369 453 954 593 Operating profit 1 188-763 -5 440 408 345 282-95 -188-762 -406 Tax expense 178-115 -6 68 66 50 44-17 -32-110 -68 Profit for the period from continuing operations 1 010-648 1 372 342 295 238-78 -156-652 -338 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 1 010-648 1 372 342 295 238-78 -156-652 -338 Profit for the period attributable to: Shareholders of Swedbank AB 1 010-648 1 372 342 295 238-78 -156-652 -338 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1 5-80 1 1 1 1 5 5 5 5 Loans to credit institutions 8 8 5 4 3 Loans to the public 32 37-14 32 34 35 36 37 39 43 46 Bonds and other interest-bearing securities 1 1 2 1 1 Financial assets for which customers bear inv. risk Derivatives Other assets 1 3-67 1 1 1 1 3 3 4 5 Total assets 34 54-37 34 36 37 38 54 54 57 60 Liabilities and equity Amounts owed to credit institutions 24 24 24 26 28 Deposits and borrowings from the public 19 19 19 20 19 18 19 18 18 19 Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities 10 10 10 11 11 Subordinated liabilities 1 2-50 1 1 2 2 2 3 3 3 Allocated equity 4 9-56 4 5 5 7 9 9 10 10 Total liabilities and equity 34 54-37 34 36 37 38 54 54 57 60 Key figures Key performance indicators Return on allocated equity, % 18.7-7.0 0.1 25.2 21.1 17.3 10.8-3.4-6.2-24.7-29.5 Cost/Income ratio 0.46 0.46 0.57 0.37 0.44 0.46 0.47 0.40 0.42 0.55 0.54 Credit impairment ratio, % -0.89 1.38 1.83-2.19-1.83-1.47-0.91 3.46 3.97 7.60 4.36 Loan/Deposit ratio, % 172 195 172 178 185 200 195 217 239 242 243 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 32 37-14 32 35 35 36 37 39 43 46 51 Deposits from the public excluding repos & SNDO 1) 19 19 19 20 19 18 19 18 18 19 21 Mutual funds & insurance 4 4 4 4 4 4 4 4 4 4 4 Index linked bonds Discretionary asset management Goodwill Allocated equity, average, SEKm 5 415 9 256-41 5 415 5 916 6 469 6 835 8 790 9 234 9 985 10 577 4 590 Risk-weighted assets, Basel 2 33 39-15 33 35 36 45 39 42 45 49 51 Commitments 4 4 4 4 3 4 4 3 3 5 5 Full-time employees 1 382 1 407-2 1 382 1 403 1 374 1 391 1 407 1 418 1 468 1 511 1 545 1) Excluding intra-group transactions 22
Lithuania YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 1 089 1 065 2 217 287 302 283 354 242 237 232 249 Payment processing 393 365 8 106 102 97 88 96 93 91 85 96 Asset management 32 31 3 4 12 8 8 12 7 8 4 16 Life insurance -1 5-5 -1 Brokerage 2 1 1 Other securities -1 1-1 -1 Lending and guarantees 33 32 3 8 9 9 7 8 8 9 7 10 Deposits Corporate finance Other commissions 47 48-2 14 13 10 10 10 12 12 14 15 Net commission income 504 477 6 138 130 123 113 126 120 120 111 137 Net gains and losses on financial items at fair value 101 78 29 33 32 20 16 26 28 10 14-5 Net insurance 56-40 10 16 14 14 22 10 10 43 Share of the profit or loss of associates Other income 113 104 9 46 35 14 18-53 53 35 69 67 Total income 1 807 1 780 2 394 494 475 444 467 465 412 436 491 Staff costs 315 316-0 92 77 74 72 77 71 78 90 102 Variable staff costs 13-3 1 5 4 3-3 Expenses for premises 74 83-11 20 18 17 19 19 20 19 25 28 IT expenses 122 112 9 42 25 30 25 26 23 30 33 25 Consultants 5 45-89 1 1 1 2 11 8 10 16 18 Other expenses 275 252 9 77 70 67 61 59 57 74 62 93 Depreciation/amortisation 33 38-13 9 8 8 8 9 9 10 10 11 Total expenses 837 843-1 242 204 201 190 201 188 221 233 277 Profit before impairments 970 937 4 152 290 274 254 266 277 191 203 214 Impairment of intangible assets Impairment of tangible assets -10 207 4-16 4-2 45 31 109 22 125 Credit impairments -655 676-257 -46-114 -238-130 -45 294 557 2 150 Operating profit 1 635 54 405 352 384 494 351 291-212 -376-2 061 Tax expense 249-71 63 58 56 72-13 26-32 -52-278 Profit for the period from continuing operations 1 386 125 342 294 328 422 364 265-180 -324-1 783 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 1 386 125 342 294 328 422 364 265-180 -324-1 783 Profit for the period attributable to: Shareholders of Swedbank AB 1 386 125 342 294 328 422 364 265-180 -324-1 783 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1 3-67 1 1 1 1 3 3 2 2 Loans to credit institutions 6 6 4 7 4 Loans to the public 34 35-3 34 36 35 35 35 37 39 41 Bonds and other interest-bearing securities 1 5-80 1 1 1 1 5 6 6 8 Financial assets for which customers bear inv. risk 1 1 1 1 1 1 1 1 1 1 Derivatives Other assets 1 2-50 1 1 1 1 2 2 1 2 Total assets 38 52-27 38 40 39 39 52 53 56 58 Liabilities and equity Amounts owed to credit institutions 10 10 11 13 14 Deposits and borrowings from the public 34 32 6 34 34 33 30 32 32 33 33 Debt securities in issue 1 Financial liabilities for which customers bear inv. risk 1 1 1 1 1 1 1 1 Derivatives Other liabilities 1 1 1 1 1 Subordinated liabilities 1 2-50 1 1 1 2 2 2 2 2 Allocated equity 3 6-50 3 4 4 5 6 6 6 7 Total liabilities and equity 38 52-27 38 40 39 39 52 53 56 58 Key figures Key performance indicators Return on allocated equity, % 34.4 2.0 40.3 31.4 30.9 33.5 24.0 17.3-11.2-18.5-137.0 Cost/Income ratio 0.46 0.47 0.61 0.41 0.42 0.43 0.43 0.40 0.54 0.53 0.56 Credit impairment ratio, % -1.84 1.38-2.97-0.53-1.31-2.70-0.75-0.49 2.88 5.05 16.86 Loan/Deposit ratio, % 100 109 100 104 108 113 109 119 118 124 135 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 34 35-3 34 36 35 34 35 37 39 41 46 Deposits from the public excluding repos & SNDO 1) 33 32 3 33 34 33 30 32 31 33 33 34 Mutual funds & insurance 6 6 6 6 6 6 6 6 6 6 6 Index linked bonds Discretionary asset management Goodwill Allocated equity, average, SEKm 4 025 6 145-34 3 397 3 750 4 250 5 043 6 064 6 118 6 441 6 990 5 204 Risk-weighted assets, Basel 2 28 32-13 28 27 30 30 32 34 37 38 42 Commitments 3 3 3 3 4 3 3 3 4 4 5 Full-time employees 1 652 1 870-12 1 652 1 854 1 846 1 812 1 870 1 979 1 957 2 025 2 144 1) Excluding intra-group transactions 23
Other YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -24-175 -86 54-25 -27-26 -33-37 -50-55 -45 Payment processing -4-1 -1-1 -1-1 Asset management 9-3 9-2 -1 7 Life insurance -6-6 1 Brokerage -1 Other securities -5-6 -17-5 -1 2-1 -2-1 -2-1 -1 Lending and guarantees 1 1-1 2-1 Deposits Corporate finance 1 Other commissions -29-4 -29-1 1-2 -2-11 Net commission income -30-17 76-30 -1 1-5 -3-4 -5-5 Net gains and losses on financial items at fair value -8-13 -38-8 3-1 4-19 8 Net insurance 304 304 1-1 1-1 -1 Share of the profit or loss of associates Other income 42-15 22 8 7 5-1 -7-15 8 1 Total income 284-220 342-17 -20-21 -36-48 -64-72 -42 Staff costs 146 120 22 44 26 37 39 33 26 30 31 37 Variable staff costs 7-6 1 3 3-6 Expenses for premises 10 7 43 1 3 3 3 2 1 2 2 4 IT expenses 14 2 14 1-1 2-1 1 1 Consultants 4 1 2 2 1 1 Other expenses -81-163 -50 22-29 -36-38 -45-38 -42-38 -27 Depreciation/amortisation 59 68-13 13 15 15 16 16 16 17 19 18 Total expenses 159 29 97 18 25 19 8 4 8 9 34 Profit before impairments 125-249 245-35 -45-40 -44-52 -72-81 -76 Impairment of intangible assets 1 913 1 913 Impairment of tangible assets -1-1 1-1 -1 1 1 Credit impairments 38 38 1-1 86 Operating profit -1 825-249 -1 705-36 -44-40 -44-51 -74-80 -163 Tax expense 13 3 12-1 1 1 3-1 1 1 Profit for the period from continuing operations -1 838-252 -1 717-35 -45-41 -47-50 -74-81 -164 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest -1 838-252 -1 717-35 -45-41 -47-50 -74-81 -164 Profit for the period attributable to: Shareholders of Swedbank AB -1 838-252 -1 717-35 -45-41 -47-50 -74-81 -164 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1-1 -1-1 1 Loans to credit institutions -2-2 -1-3 -5 Loans to the public 1 Bonds and other interest-bearing securities 1 1 1-1 1 Financial assets for which customers bear inv. risk 1 1 Derivatives Other assets 9 11-18 9 11 12 10 11 12 14 8 Total assets 11 10 10 11 11 11 9 10 10 12 4 Liabilities and equity Amounts owed to credit institutions -2-2 -1-1 Deposits and borrowings from the public -1 Debt securities in issue 1 1 1 1 1 1 1 1 1 Financial liabilities for which customers bear inv. risk 2 2 Derivatives Other liabilities -2-1 100-2 -1-3 -1-1 -1-10 Subordinated liabilities -1 Allocated equity 10 12-17 10 10 11 11 12 13 13 14 Total liabilities and equity 11 10 10 11 11 11 9 10 10 12 4 Key figures Key performance indicators Return on allocated equity, % -16.1-1.9-69.7-1.4-1.7-1.4-1.5-1.5-2.2-2.3-5.2 Cost/Income ratio 0.56-0.13 0.28-1.06-1.25-0.90-0.22-0.08-0.13-0.13-0.81 Credit impairment ratio, % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46.54 Loan/Deposit ratio, % Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 1 1 Deposits from the public excluding repos & SNDO 1) Mutual funds & insurance Index linked bonds Discretionary asset management Goodwill 9 11-18 9 11 11 11 11 12 12 12 12 Allocated equity, average, SEKm 11 448 13 337-14 9 857 10 143 10 819 11 943 12 832 13 179 13 418 13 791 12 675 Risk-weighted assets, Basel 2 8 8 8 9 9 8 Commitments Full-time employees 402 411-2 402 391 401 441 411 408 420 430 427 1) Excluding intra-group transactions 24
Asset Management YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -17-4 4-2 -5-3 -7-7 Payment processing -1-2 50-1 -2 Asset management 1 548 1 584-2 379 369 402 398 411 391 389 393 243 Life insurance Brokerage 18 17 6 3 5 3 7 5 4 4 4 4 Other securities -3-5 40-1 -1-1 -2-4 1 21 Lending and guarantees Deposits Corporate finance Other commissions -2-2 -1 1-1 -1-1 -1-1 Net commission income 1 560 1 592-2 380 374 403 403 415 393 386 398 267 Net gains and losses on financial items at fair value -9 9-1 -3-1 -4 2-5 1 11 2 Net insurance Share of the profit or loss of associates Other income 16 24-33 2 4 7 3 11 5 5 3-4 Total income 1 567 1 608-3 381 371 413 402 426 388 389 405 258 Staff costs 396 391 1 113 90 97 96 101 91 99 100 95 Variable staff costs 42 49-14 9 6 13 14 18 30 1-26 Expenses for premises 28 26 8 6 6 9 7 6 6 7 7 8 IT expenses 111 117-5 34 21 28 28 43 22 30 22 34 Consultants 19 33-42 4 6 9 4 7 15 7 18 Other expenses 195 190 3 55 50 45 45 53 41 48 48 46 Depreciation/amortisation 49 50-2 12 13 12 12 13 12 12 13 10 Total expenses 840 856-2 233 186 210 211 238 209 212 197 185 Profit before impairments 727 752-3 148 185 203 191 188 179 177 208 73 Impairment of intangible assets 30 30 Impairment of tangible assets Credit impairments Operating profit 697 752-7 118 185 203 191 188 179 177 208 73 Tax expense 176 177-1 28 48 53 47 47 42 38 50 40 Profit for the period from continuing operations 521 575-9 90 137 150 144 141 137 139 158 33 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 521 575-9 90 137 150 144 141 137 139 158 33 Profit for the period attributable to: Shareholders of Swedbank AB 521 575-9 90 137 150 144 141 137 139 158 33 Non-controlling interests Statement of comprehensive income Profit for the period reported via income statement 521 575-9 90 137 150 144 141 137 139 158 33 Exchange differences on translating foreign operations -2-32 -94-10 3 6-1 -4-10 -5-13 -7 Hedging of net investments in foreign operations: Gains/losses arising during the period Cash flow hedges: Gains/losses arising during the period 3 26-88 10-3 -5 1 7 12 7 Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income -7-2 -3-2 Other comprehensive income for the period, net of tax 1-13 1 1-1 -13-7 Total comprehensive income for the period 522 562-7 90 137 151 144 142 136 139 145 26 Total comprehensive income attributable to: Shareholders of Swedbank AB 522 562-7 90 137 151 144 142 136 139 145 26 Non-controlling interests 25
Asset Management YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks Loans to credit institutions 2 2 2 2 2 3 2 2 2 1 Loans to the public Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets 2 2 2 2 2 2 2 2 2 2 Total assets 4 4 4 4 4 5 4 4 4 3 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 2 2 2 2 2 3 2 2 2 1 Subordinated liabilities Allocated equity 2 2 2 2 2 2 2 2 2 2 Total liabilities and equity 4 4 4 4 4 5 4 4 4 3 Key figures Key performance indicators Return on allocated equity, % 27.9 26.6 21.2 32.3 31.3 26.9 26.1 25.4 25.5 29.2 8.6 Cost/Income ratio 0.54 0.53 0.61 0.50 0.51 0.52 0.56 0.54 0.54 0.49 0.72 Volumes, SEKbn Mutual funds & insurance 446 484-8 446 421 475 477 484 466 453 464 448 Discretionary asset management 271 252 8 271 256 263 255 252 242 231 231 222 Allocated equity, average, SEKm 1 867 2 163-14 1 696 1 695 1 914 2 144 2 165 2 159 2 182 2 163 1 532 Risk-weighted assets, Basel 2 3 3 0 3 3 3 3 3 3 3 3 2 Full-time employees 286 313-9 286 276 306 311 313 297 289 284 291 Assets under management, SEKbn Sweden 431 469-8 431 406 459 462 469 451 438 448 433 Estonia 6 7-11 6 6 7 7 7 7 7 8 7 Latvia 5 4 3 5 4 5 4 4 4 4 4 4 Lithuania 4 4 4 4 4 4 4 4 4 4 4 4 Total fund assets under management 446 484-8 446 421 475 477 484 466 453 464 448 of which interest-bearing securities, % 36.4 30.7 36.4 38.6 32.2 31.8 30.7 33.2 35.2 33.4 32.6 of which Swedish equities, % 28.9 34.4 28.9 28.2 33.2 34.0 34.4 33.9 30.8 30.7 32.0 of which foreign equities, % 34.7 34.9 34.7 33.1 34.6 34.2 34.9 32.9 34.0 35.9 35.4 Discretionary asset management 271 252 8 271 256 263 255 252 242 231 231 222 Fund asset management 446 484-8 446 421 475 477 484 466 453 464 448 Total assets under management 717 736-3 717 677 738 732 736 708 684 695 670 26
Russia & Ukraine YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 566 638-11 126 124 128 188 159 146 122 211 284 Payment processing 35 50-30 6 10 10 9 12 13 14 11 14 Asset management -1-1 Life insurance Brokerage Other securities Lending and guarantees 19 17 12 2 9 5 3 7 3 6 1 9 Deposits Corporate finance 1 1 Other commissions 5 15-67 1 2 2 2 3 8 2 1 Net commission income 60 81-26 9 21 15 15 20 19 28 14 24 Net gains and losses on financial items at fair value 42-71 7 14 12 9-96 -25 23 27 149 Net insurance Share of the profit or loss of associates Other income 41 32 28 12 13 9 7 12 7 8 5 3 Total income 709 680 4 154 172 164 219 95 147 181 257 460 Staff costs 333 377-12 60 124 70 79 81 80 104 112 130 Variable staff costs -9-9 -18 Expenses for premises 81 120-33 16 17 16 32 24 24 32 40 47 IT expenses 30 23 30 9 8 8 5 7 4 5 7 12 Consultants 27 76-64 8 6 5 8 21 24 22 9 36 Other expenses 134 206-35 28 31 43 32 58 53 49 46 83 Depreciation/amortisation 100 78 28 7 64 13 16 29 17 16 16 18 Total expenses 705 871-19 128 250 155 172 211 202 228 230 308 Profit before impairments 4-191 26-78 9 47-116 -55-47 27 152 Impairment of intangible assets 14 14 Impairment of tangible assets 14 254-94 9 4 3-2 250-11 10 5 173 Credit impairments -1 038-859 21-260 -119-169 -490-521 -158-139 -41 1 237 Operating profit 1 028 400 277 37 175 539 155 114 82 49-1 258 Tax expense 27-19 30-2 -2 1 13-24 -28 20-66 Profit for the period from continuing operations 1 001 419 247 39 177 538 142 138 110 29-1 192 Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 1 001 419 247 39 177 538 142 138 110 29-1 192 Profit for the period attributable to: Shareholders of Swedbank AB 1 001 419 247 39 177 538 142 138 110 29-1 192 Non-controlling interests Statement of comprehensive income Profit for the period reported via income statement 1 001 419 247 39 177 538 142 138 110 29-1 192 Exchange differences on translating foreign operations -30-99 -70-48 33-15 4-144 -4 45 2 Hedging of net investments in foreign operations: Gains/losses arising during the period 46-5 13 54-17 -4-5 -1 Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income -12 1-3 -15 5 1 1 Other comprehensive income for the period, net of tax 4-103 10-9 21-18 -144-4 45 1 Total comprehensive income for the period 1 005 316 257 30 198 520 142-6 106 74-1 191 Total comprehensive income attributable to: Shareholders of Swedbank AB 1 005 316 257 30 198 520 142-6 106 74-1 191 Non-controlling interests 27
Russia & Ukraine YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 1 1 1 1 1 1 1 2 2 2 Loans to credit institutions 2 3-33 2 2 3 2 3 3 3 3 Loans to the public 10 13-23 10 10 10 11 13 14 17 18 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets 1 3-67 1 2 3 2 3 4 5 6 Total assets 14 20-30 14 15 17 16 20 23 27 29 Liabilities and equity Amounts owed to credit institutions 6 11-45 6 7 9 9 11 12 13 14 Deposits and borrowings from the public 2 3-33 2 2 2 2 3 5 7 7 Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities 1 1 1 1 1 Subordinated liabilities 2 2 2 1 1 1 2 2 3 4 Allocated equity 3 4-25 3 4 4 3 4 4 4 4 Total liabilities and equity 14 20-30 14 15 17 16 20 23 27 29 Key figures Key performance indicators Return on allocated equity, % 30.4 11.0 29.3 4.3 22.7 74.1 15.6 14.9 10.1 2.7-161.1 Cost/Income ratio 0.99 1.28 0.83 1.45 0.95 0.79 2.22 1.37 1.26 0.89 0.67 Credit impairment ratio, % -6.87-4.35-9.54-4.23-5.36-12.96-14.00-3.27-2.91-0.83 21.00 Loan/Deposit ratio, % 544 378 544 470 484 471 378 260 255 272 276 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 10 13-23 10 10 10 11 13 13 17 18 18 Deposits from the public excluding repos & SNDO 1) 2 3-33 2 2 2 2 3 5 7 7 7 Allocated equity, average, SEKm 3 297 3 814-14 3 373 3 630 3 122 2 906 3 631 3 695 4 348 4 350 2 959 Risk-weighted assets, Basel 2 15 18-17 15 15 16 16 18 20 23 23 23 Commitments 1 1 1 1 1 1 1 1 2 2 2 Full-time employees 1 214 1 847-34 1 214 1 530 1 662 1 787 1 847 2 043 2 085 2 658 3 472 1) Excluding intra-group transactions 28
Russian Banking YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 300 210 43 66 71 70 93 48 30 45 87 131 Payment processing 5 9-44 1 2 1 1 1 3 2 3 2 Asset management -1-1 Life insurance Brokerage Other securities Lending and guarantees 14 13 8 7 5 2 5 2 6 2 Deposits Corporate finance -1 1 Other commissions 3 11-73 2 1-1 1 1 2 7 1 1 Net commission income 22 32-31 2 10 5 5 7 7 14 4 5 Net gains and losses on financial items at fair value -5-95 -95-1 -1-3 -108-2 -5 20 66 Net insurance Share of the profit or loss of associates Other income 14 3 5 5 3 1-1 2 2 3 Total income 331 150 72 86 77 96-54 37 56 111 205 Staff costs 95 163-42 19 20 26 30 30 31 50 52 66 Variable staff costs -18 Expenses for premises 44 58-24 8 6 7 23 12 11 16 19 21 IT expenses 9 13-31 2 3 3 1 4 2 3 4 5 Consultants 8 11-27 3 2 1 2 2 4 2 3 10 Other expenses 41 82-50 6 3 18 14 21 21 22 18 26 Depreciation/amortisation 33 26 27 4 17 5 7 6 7 6 7 5 Total expenses 230 353-35 42 51 60 77 75 76 99 103 115 Profit before impairments 101-203 30 35 17 19-129 -39-43 8 90 Impairment of intangible assets 14 14 Impairment of tangible assets 8-3 4 3 1-1 -11 9-7 Credit impairments -512-271 89-269 -59-13 -171-144 -83-29 -15 993 Operating profit 605 57 299 90 27 189 16 55-23 9-896 Tax expense 37 9 32 2 3 0 1 2-20 25 5 Profit for the year from continuing operations 568 48 267 88 24 189 15 53-3 -16-901 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 568 48 267 88 24 189 15 53-3 -16-901 Profit for the period attributable to: Shareholders of Swedbank AB 568 48 267 88 24 189 15 53-3 -16-901 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1 1 1 1 1 1 1 1 1 1 Loans to credit institutions 1 2-50 1 1 1 1 2 3 3 3 Loans to the public 5 6-17 5 5 5 5 6 7 8 9 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets 1 2 2 Total assets 7 9-22 7 7 7 7 9 12 14 15 Liabilities and equity Amounts owed to credit institutions 3 5-40 3 4 4 4 5 6 7 8 Deposits and borrowings from the public 1 1 1 1 1 1 1 3 4 4 Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities 1 1 1 1 1 Subordinated liabilities 1 1 1 1 1 1 1 Allocated equity 1 2-50 1 1 1 1 2 2 2 2 Total liabilities and equity 7 9-22 7 7 7 7 9 12 14 15 Key figures Key performance indicators Return on allocated equity, % 51.2 3.0 96.8 31.7 8.7 63.7 4.0 13.6-0.7-3.5-255.2 Cost/Income ratio 0.69 2.35 0.58 0.59 0.78 0.80-1.39 2.05 1.77 0.93 0.56 Credit impairment ratio, % -6.85-4.05-19.26-3.93-0.88-9.13-4.20-3.17-1.13-0.47 26.88 Loan/Deposit ratio, % 391 578 391 842 890 763 578 220 208 228 251 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 5 6-17 5 5 5 5 6 7 8 9 10 Deposits from the public excluding repos & SNDO 1) 1 1 1 1 1 1 1 3 4 4 4 Allocated equity, average, SEKm 1 110 1 594-30 1 103 1 112 1 103 1 187 1 475 1 551 1 830 1 848 1 412 Risk-weighted assets, Basel 2 6 8-25 6 6 7 7 8 9 11 11 11 Commitments 1 1 1 1 1 1 1 1 Full-time employees 174 284-39 174 206 245 277 284 393 422 564 567 1) Excluding intra-group transactions 29
Ukrainian Banking YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income 267 429-38 60 53 59 95 113 113 79 124 155 Payment processing 30 40-25 5 8 9 8 10 10 11 9 11 Asset management Life insurance Brokerage Other securities Lending and guarantees 4 4 1 1 1 1 2 1 1 6 Deposits Corporate finance Other commissions 3 4-25 2 1 2 2 Net commission income 37 48-23 6 11 10 10 12 13 13 10 17 Net gains and losses on financial items at fair value 47 25 88 9 13 13 12 12-22 28 7 82 Net insurance Share of the profit or loss of associates Other income 26 29-10 6 8 7 5 13 5 6 5 Total income 377 531-29 81 85 89 122 150 109 126 146 254 Staff costs 216 182 19 37 98 39 42 43 42 46 51 53 Variable staff costs Expenses for premises 36 60-40 9 9 9 9 12 12 15 21 25 IT expenses 20 7 6 6 4 4 2 2 1 2 5 Consultants 15 14 7 4 4 3 4 4 4 3 3 10 Other expenses 72 99-27 18 21 21 12 32 26 21 20 25 Depreciation/amortisation 66 51 29 2 47 9 8 23 9 10 9 13 Total expenses 425 413 3 76 185 85 79 116 95 96 106 131 Profit before impairments -48 118 5-100 4 43 34 14 30 40 123 Impairment of intangible assets Impairment of tangible assets 6 257-98 9-3 251 1 5 180 Credit impairments -526-588 -11 9-60 -156-319 -377-75 -110-26 244 Operating profit 472 449 5-13 -40 160 365 160 89 139 61-301 Tax expense 2 4-50 1 1 1 2 1-52 Profit for the year from continuing operations 470 445 6-13 -41 159 365 159 87 139 60-249 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 470 445 6-13 -41 159 365 159 87 139 60-249 Profit for the period attributable to: Shareholders of Swedbank AB 470 445 6-13 -41 159 365 159 87 139 60-249 Non-controlling interests Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 1 1 1 Loans to credit institutions 1 1 1 1 2 1 1 Loans to the public 5 7-29 5 5 5 6 7 7 9 9 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets 1 3-67 1 2 3 2 3 3 3 4 Total assets 7 11-36 7 8 10 9 11 11 13 14 Liabilities and equity Amounts owed to credit institutions 3 6-50 3 3 5 5 6 6 6 6 Deposits and borrowings from the public 1 2-50 1 1 1 1 2 2 3 3 Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities Subordinated liabilities 1 1 1 1 1 1 1 1 2 3 Allocated equity 2 2 2 3 3 2 2 2 2 2 Total liabilities and equity 7 11-36 7 8 10 9 11 11 13 14 Key figures Key performance indicators Return on allocated equity, % 21.5 20.0-2.3-6.5 31.5 84.9 29.5 16.2 22.1 9.6-64.4 Cost/Income ratio 1.13 0.78 0.94 2.18 0.96 0.65 0.77 0.87 0.76 0.73 0.52 Credit impairment ratio, % -7.27-11.77 0.71-4.05-9.67-17.46-16.95-3.64-4.37-1.15 10.13 Loan/Deposit ratio, % 916 314 916 332 329 339 314 314 327 352 310 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 5 7-29 5 5 5 6 7 6 9 9 8 Deposits from the public excluding repos & SNDO 1) 1 2-50 1 1 1 1 2 2 3 3 3 Allocated equity, average, SEKm 2 186 2 220-2 2 268 2 518 2 019 1 719 2 156 2 144 2 518 2 502 1 547 Risk-weighted assets, Basel 2 9 10-10 9 9 9 9 10 11 12 12 12 Commitments 1 1 1 1 1 1 Full-time employees 1 037 1 554-33 1 037 1 322 1 410 1 503 1 554 1 640 1 652 2 077 2 880 1) Excluding intra-group transactions 30
Other Russia & Ukraine YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -1-1 -1-2 3-2 -2 Payment processing 1 1 1-1 1 Asset management -1 1 Life insurance Brokerage Other securities Lending and guarantees 1 1 1-1 1 Deposits Corporate finance 1 1 Other commissions -1-1 -1 1 1-1 -1 1 Net commission income 1 1 1 1-1 1 2 Net gains and losses on financial items at fair value -1-1 1-1 1 Net insurance Share of the profit or loss of associates Other income 1 1-1 1 Total income 1-1 1 1-2 1-1 1-1 1 Staff costs 22 32-31 4 6 5 7 8 7 8 9 11 Variable staff costs -9-9 Expenses for premises 1 2-50 -1 2 1 1 1 IT expenses 1 3-67 1-1 1 1 1 1 2 Consultants 4 51-92 1 1 2 15 16 17 3 16 Other expenses 21 25-16 4 7 4 6 5 6 6 8 32 Depreciation/amortisation 1 1 1-1 1 1 Total expenses 50 105-52 10 14 10 16 20 31 33 21 62 Profit before impairments -49-106 -54-9 -13-12 -15-21 -30-34 -21-61 Impairment of intangible assets Impairment of tangible assets Credit impairments Operating profit -49-106 -54-9 -13-12 -15-21 -30-34 -21-61 Tax expense -12-32 -62-2 -5-6 1 11-28 -8-6 -19 Profit for the year from continuing operations -37-74 -50-7 -8-6 -16-32 -2-26 -15-42 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest -37-74 -50-7 -8-6 -16-32 -2-26 -15-42 Profit for the period attributable to: Shareholders of Swedbank AB -37-74 -50-7 -8-6 -16-32 -2-26 -15-42 Balance sheet (Incl intra-group transactions), SEKbn 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 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 Index linked bonds Other investment volume Goodwill Allocated equity, average, SEKm Risk-weighted assets, Basel 2 Commitments Full-time employees 3 9-67 3 2 7 7 9 10 11 17 25 1) Excluding intra-group transactions 31
Ektornet YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -62-21 -25-11 -13-13 -8-6 -2-5 -1 Payment processing Asset management Life insurance Brokerage Other securities Lending and guarantees Deposits Corporate finance Other commissions Net commission income Net gains and losses on financial items at fair value 163 31 56 21 24 62 18 9 4 2 Net insurance Share of the profit or loss of associates 1 1 Other income 505 108 166 126 154 59 30 36 28 14 Total income 607 118 198 136 165 108 40 39 26 13 1 Staff costs 102 74 38 27 26 29 20 20 21 28 5 2 Variable staff costs 4 4 Expenses for premises 5 11-55 2 1 2 8 2 1 IT expenses 2 1 1 Consultants 33 60-45 11 9 4 9 14 11 10 25 23 Other expenses 282 101 102 97 41 42 26 27 30 18 2 Depreciation/amortisation 122 24 42 32 25 23 7 12 4 1 Total expenses 550 270 188 166 100 96 75 73 72 50 27 Profit before impairments 57-152 10-30 65 12-35 -34-46 -37-26 Impairment of intangible assets Impairment of tangible assets 126 85 48 140-6 -7-1 83 2 Credit impairments Operating profit -69-237 -71-130 -24 72 13-118 -36-46 -37-26 Tax expense 52-25 -3-3 37 21-16 -3-6 -6 Profit for the year from continuing operations -121-212 -43-127 -21 35-8 -102-33 -40-37 -20 Profit for the year from discontinued operations, after tax 4 4 Profit for the period including non-controlling interest -117-212 -45-123 -21 35-8 -102-33 -40-37 -20 Profit for the period attributable to: Shareholders of Swedbank AB -118-212 -44-124 -21 35-8 -102-33 -40-37 -20 Statement of comprehensive income Profit for the period reported via income statement -117-212 -45-123 -21 35-8 -102-33 -40-37 -20 Exchange differences on translating foreign operations 3-20 -34 78-55 14-2 -11-1 -6-1 Hedging of net investments in foreign operations: Gains/losses arising during the period -34 1-8 -19-8 Cash flow hedges: Gains/losses arising during the period Reclassification adjustments to income statement, net interest income Reclassification adjustments to income statement, net gains and losses on financial items at fair value Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income 9 2 5 2 Other comprehensive income for the period, net of tax -22-20 10-33 72-69 8-2 -11-1 -6-1 Total comprehensive income for the period -139-232 -40-156 51-34 -104-44 -41-43 -21 Total comprehensive income attributable to: Shareholders of Swedbank AB -140-231 -39-157 52-35 -102-45 -41-43 -21 Non-controlling interests 1-1 1-1 1-2 1 32
Ektornet YTD YTD % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks Loans to credit institutions 1 1 1 1 1 1 1 1 1 Loans to the public Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk Derivatives Other assets 6 4 50 6 6 5 4 4 2 1 1 Total assets 7 5 40 7 7 6 5 5 3 2 1 Liabilities and equity Amounts owed to credit institutions 5 3 67 5 5 4 3 3 2 1 1 Deposits and borrowings from the public Debt securities in issue Financial liabilities for which customers bear inv. risk Derivatives Other liabilities -1 Subordinated liabilities Allocated equity 2 2 2 2 2 2 2 1 1 1 Total liabilities and equity 7 5 40 7 7 6 5 5 3 2 1 Key figures Key performance indicators Return on allocated equity, % -6.1-25.2-21.7-4.0 8.3-2.0-33.8-14.8-23.6-25.1-145.5 Cost/Income ratio 0.91 2.29 0.95 1.22 0.61 0.89 1.88 1.87 2.77 3.85 27.00 Volumes, SEKbn Allocated equity, average, SEKm 1 921 842 2 282 2 104 1 684 1 564 1 208 893 679 590 55 Risk-weighted assets, Basel 2 7 4 75 7 6 5 4 4 2 2 1 1 Full-time employees 216 150 44 216 206 197 175 150 141 123 103 39 33
00B 0B Ektornet Geographical split of carrying amounts, land and buildings taken over for protection of claims Carrying amount per country 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Sweden 305 290 271 268 270 273 239 240 Norway 102 114 117 116 116 165 176 169 173 Finland 709 751 756 751 765 Estonia 569 606 561 498 469 347 293 178 150 Latvia 1 721 1 519 1 373 1 083 851 227 121 60 64 Lithuania 448 343 252 223 206 104 41 7 USA 1 415 1 514 482 113 122 121 140 130 130 Ukraine 443 373 228 201 73 Total 5 712 5 510 4 040 3 253 2 872 1 237 1 010 784 517 Classification of land and buildings taken over for protection of claims Carrying amounts Land & buildings IAS 40 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Residential properties 443 454 328 93 70 17 24 121 50 Commercial properties (Office) 1) 1 143 1 134 1 050 1 217 988 134 130 91 102 Commercial properties (Retail) 481 431 472 217 450 292 277 253 Industrial properties 205 200 163 122 118 6 5 5 4 Hotel and conference facilities 1 127 1 224 344 97 94 72 78 76 68 Land 4 112 55 169 58 151 176 131 229 Other properties 2 2 2 1 1 3 1 2 Land & buildings IAS 40, total 3 405 3 557 2 414 1 916 1 779 675 691 679 453 Land & buildings IAS 2 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Residential properties 1 502 1 436 1 182 965 719 333 167 73 64 Commercial properties (Office) 52 29 23 20 13 15 3 4 Commercial properties (Retail) 15 22 12 7 6 26 11 Industrial properties 52 45 41 39 32 16 6 Hotel and conference facilities 4 7 8 7 1 Land 656 375 322 264 299 165 130 26 Other properties 26 39 38 35 23 7 2 2 Land & buildings IAS 2, total 2 307 1 953 1 626 1 337 1 093 562 319 105 64 Total Land & buildings for protection of claims 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Residential properties 1 945 1 890 1 510 1 058 789 350 191 194 114 Commercial properties (Office) 1) 1 195 1 163 1 073 1 237 1 001 149 133 95 102 Commercial properties (Retail) 496 453 484 224 456 318 288 253 Industrial properties 257 245 204 161 150 22 11 5 4 Hotel and conference facilities 1 131 1 231 352 104 95 72 78 76 68 Land 660 487 377 433 357 316 306 157 229 Other properties 28 41 40 36 24 10 3 4 Total 5 712 5 510 4 040 3 253 2 872 1 237 1 010 784 517 1) For Q4 2009 there is no split between office and retail available regarding commercial properties. 34
Group Functions YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -1 207-942 -28-318 -167-314 -408-268 -209-329 -136 129 Payment processing 4 22-82 -8 26 4-18 9 2 7 4 16 Asset management -5-4 25-2 -2-1 -3-1 -2 Life insurance 3 32-91 1 1 1 8 10 6 8 7 Brokerage -1 1-1 1-1 2-1 Other securities -35-20 -75-13 -10-12 -10-3 -1-6 Lending and guarantees -5 1 5-12 -2 4-5 -5-3 14 3 Deposits 1 1 1 Corporate finance 1-1 Other commissions -24-1 -9-4 -3-8 5-3 -5 2 10 Net commission income -62 31-25 -14-23 6 2 23 35 Net gains and losses on financial items at fair value 187 460-59 129-4 338-276 -199 252 347 60-93 Net insurance 21 22-5 5 5 6 5 5 6 6 5 1 Share of the profit or loss of associates Other income 4 604 4 311 7 1 186 1 094 1 189 1 135 1 063 1 057 1 098 1 093 1 176 Total income 3 543 3 882-9 977 928 1 205 433 607 1 106 1 124 1 045 1 248 Staff costs 2 134 2 030 5 614 523 491 506 449 537 552 492 508 Variable staff costs 50 16 16 15 19 6 12-4 2 Expenses for premises 208 212-2 52 49 53 54 54 47 56 55 71 IT expenses 1 254 1 217 3 366 281 312 295 329 284 297 307 342 Consultants 192 282-32 38 34 77 43 80 55 67 80 96 Other expenses 1 003 933 8 216 273 251 263 233 264 174 262 189 Depreciation/amortisation 274 294-7 90 61 60 63 81 70 71 72 77 Total expenses 5 115 4 984 3 1 376 1 237 1 259 1 243 1 232 1 269 1 213 1 270 1 283 Profit before impairments -1 572-1 102 43-399 -309-54 -810-625 -163-89 -225-35 Impairment of intangible assets Impairment of tangible assets Credit impairments -17 35-17 -1 1 9 11 15-1 Operating profit -1 555-1 137 37-382 -308-55 -810-625 -172-100 -240-34 Tax expense -436-198 -125-272 -39-98 -83 15-32 -100 Profit for the year from continuing operations -1 119-939 19-257 -36-55 -771-527 -89-115 -208 66 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest -1 119-939 19-257 -36-55 -771-527 -89-115 -208 66 Profit for the period attributable to: Shareholders of Swedbank AB -1 119-939 19-257 -36-55 -771-527 -89-115 -208 66 Non-controlling interests Statement of comprehensive income Profit for the period reported via income statement -1 119-939 19-257 -36-55 -771-527 -89-115 -208 66 Exchange differences on translating foreign operations 18-52 -4 77 2-57 3-134 80-1 39 Hedging of net investments in foreign operations: Gains/losses arising during the period Cash flow hedges: Gains/losses arising during the period 78 149-48 304 64-26 -264-71 44 337-161 69 Reclassification adjustments to income statement, net interest income 345 806-57 77 79 88 101 194 209 214 189 199 Reclassification adjustments to income statement, net gains and losses on financial items at fair value -75 Reclassification adjustments to initial carrying amount of hedged item Share of other comprehensive income of associates Income tax relating to components of other comprehensive income -112-251 -55-101 -37-17 43-32 -66-146 -7-51 Other comprehensive income for the period, net of tax 329 652-50 276 183 47-177 94 53 485 20 181 Total comprehensive income for the period -790-287 19 147-8 -948-433 -36 370-188 247 Total comprehensive income attributable to: Shareholders of Swedbank AB -791-288 18 147-8 -948-434 -36 370-188 247 Non-controlling interests 1 1 1 1 35
Group Functions YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKbn 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Balance sheet (Incl intra-group transactions) Assets Cash and balances with central banks 152 152 83 6 5 Loans to credit institutions 213 265-20 213 432 339 327 265 333 391 410 Loans to the public 11 12-8 11 11 10 11 12 11 12 14 Bonds and other interest-bearing securities 82 69 19 82 91 89 88 69 44 22 21 Financial assets for which customers bear inv. risk Derivatives 36 17 36 39 17 12 17 20 25 21 Other assets 658 607 8 658 655 662 636 607 626 699 667 Total assets 1 152 970 19 1 152 1 311 1 123 1 079 970 1 034 1 149 1 133 Liabilities and equity Amounts owed to credit institutions 269 284-5 269 382 286 252 284 320 388 364 Deposits and borrowings from the public 24 5 24 33 24 13 5 6 20 6 Debt securities in issue 775 634 22 775 815 758 739 634 657 701 720 Financial liabilities for which customers bear inv. risk Derivatives 25 18 39 25 27 20 22 18 19 18 17 Other liabilities 28 11 28 29 13 31 11 16 9 17 Subordinated liabilities 5 1 5 4 5 5 Allocated equity 31 13 31 24 22 22 13 12 8 4 Total liabilities and equity 1 152 970 19 1 152 1 311 1 123 1 079 970 1 034 1 149 1 133 Key figures Key performance indicators Return on allocated equity, % -4.8-9.5-3.71-0.6-1.0-15.8-15.5-3.2-7.7-21.0 1.3 Cost/Income ratio 1.44 1.28 1.41 1.33 1.04 2.87 2.03 1.15 1.08 1.22 1.03 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 4 0 4 5 5 6 Deposits from the public excluding repos & SNDO 1) 18 0 18 27 18 5 Allocated equity, average, SEKm 23 339 9 914 27 744 22 519 22 749 19 518 13 577 11 131 5 944 3 958 19 756 Risk-weighted assets, Basel 2 17 2 17 16 11 3 2 3 3 3 4 Commitments 8 8 9 8 8 Full-time employees 2 820 2 698 5 2 820 2 798 2 741 2 704 2 698 2 707 2 703 2 675 2 676 1) Excluding intra-group transactions 36
Group Treasury YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -1 145-932 23-313 -146-287 -399-264 -212-306 -150-52 Payment processing 2 5-60 1 1-1 1 1 1 2 1 1 Asset management -1-2 -50-1 -1-1 -1 Life insurance 2 2 1 1 1 1 Other securities -30-15 100-10 -11-9 -6-6 6-9 1 Lending and guarantees -6 5 5-12 1-5 10 Other commissions -5 5 Net commission income -33-5 -4-22 -9 2-5 -6-1 7 1 Net gains and losses on financial items at fair value 187 463-60 128 8 327-276 -200 252 348 63-115 Other income 21 15 40 9 3 5 4 5 10 2 Total income -970-459 -180-157 36-669 -464 44 41-80 -164 Staff costs 85 53 60 21 22 21 21 16 13 14 10 7 Variable staff costs 10 3 2 3 3 2 1 2 Expenses for premises 6 7-14 1 2 2 1 2 2 1 2 1 IT expenses 75 52 44 17 9 27 22 21 16 8 7 4 Consultants 18 14 29 2 3 7 6 6 3 2 3 1 Other expenses 89 31 17 23 25 24 9 7 8 7 14 Depreciation/amortisation 15 15 4 4 3 4 4 4 3 4 3 Total expenses 298 175 70 64 66 88 80 59 47 36 33 30 Profit before impairments -1 268-634 100-244 -223-52 -749-523 -3 5-113 -194 Impairment of tangible assets Credit impairments -4 3-11 4-13 Operating profit -1 268-630 -244-223 -52-749 -523-6 16-117 -181 Tax expense -378-321 18-290 108-13 -183-227 -183 120-31 -10 Profit for the year from continuing operations -890-309 46-331 -39-566 -296 177-104 -86-171 Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest -890-309 46-331 -39-566 -296 177-104 -86-171 Profit for the period attributable to: Shareholders of Swedbank AB -890-309 46-331 -39-566 -296 177-104 -86-171 Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks 152 152 82 5 5 Loans to credit institutions 213 269-21 213 432 339 326 269 333 414 411 Loans to the public 11 16-31 11 11 10 10 16 11 13 14 Bonds and other interest-bearing securities 82 67 22 82 91 88 86 67 44 21 20 Financial assets for which customers bear inv. risk Derivatives 36 17 36 39 17 12 17 20 25 21 Other assets 649 601 8 649 649 657 632 601 621 694 662 Total assets 1 143 970 18 1 143 1 304 1 116 1 071 970 1 029 1 167 1 128 Liabilities and equity Amounts owed to credit institutions 268 281-5 268 382 285 251 281 319 388 364 Deposits and borrowings from the public 24 5 24 33 24 13 5 5 20 6 Debt securities in issue 775 634 22 775 815 758 739 634 657 701 720 Financial liabilities for which customers bear inv. risk Derivatives 25 18 39 25 27 20 22 18 19 17 17 Other liabilities 21 14 50 21 23 8 26 14 14 29 14 Subordinated liabilities 5 1 5 4 5 5 Allocated equity 30 13 30 23 21 20 13 11 7 2 Total liabilities and equity 1 143 970 18 1 143 1 304 1 116 1 071 970 1 029 1 167 1 128 Key figures Key performance indicators Return on allocated equity, % -4.0-3.5 0.7-6.2-0.7-12.2-9.4 7.0-7.0-11.5-3.6 Cost/Income ratio -0.31 23.20-0.36-0.42 2.44-0.12-0.13 1.07 0.88-0.41-0.18 Loan/Deposit ratio, % 24 24 17 24 114 Volumes, SEKbn Loans to the public excluding repos & SNDO 1) 4 4 5 5 6 Deposits from the public excluding repos & SNDO 1) 18 18 27 18 5 Allocated equity, average, SEKm 22 257 8 928 26 603 21 395 21 665 18 545 12 593 10 178 5 940 2 996 19 160 Risk-weighted assets, Basel 2 15 2 15 14 9 2 2 3 2 2 3 Commitments 8 8 9 8 8 Full-time employees 64 46 39 64 69 67 63 46 41 37 31 25 1) Excluding intra-group transactions 37
Eliminations YTD YTD Δ % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2010 Y/Y 2011 2011 2011 2011 2010 2010 2010 2010 2009 Income statement Net interest income -15-17 -12-11 8-12 -7-6 -6 2-10 Payment processing 57 47 21 16 16 13 12 13 12 12 10 14 Asset management -43-39 10-12 -19-6 -6-32 1-4 -4-28 Life insurance -2 8-6 -4 9 Brokerage -1 1 Other securities 35 31 13 10 8 9 8 29 1 1 10 Lending and guarantees 16 8 100 4 8 2 2 8-6 13-7 1 Deposits Corporate finance -1-1 Other commissions -4-6 -33 1-5 1-1 -11 4-13 14 4 Net commission income 58 41 41 18 17 12 11 7 12 9 13 10 Net gains and losses on financial items at fair value Net insurance -1-1 -1-1 Share of the profit or loss of associates Other income -4 271-3 963 8-1 073-1 034-1 117-1 047-962 -970-1 014-1 017-1 073 Total income -4 229-3 940 7-1 067-1 017-1 097-1 048-963 -964-1 011-1 002-1 073 Staff costs -10-8 25-10 -8-10 Variable staff costs Expenses for premises -4-5 -20-4 -1-2 -1-1 -2 IT expenses -1 192-1 241-4 -289-301 -309-293 -336-284 -316-305 -306 Consultants -11-11 Other expenses -3 012-2 686 12-757 -712-788 -755-618 -678-694 -696-755 Depreciation/amortisation Total expenses -4 229-3 940 7-1 067-1 017-1 097-1 048-963 -964-1 011-1 002-1 073 Profit before impairments Impairment of intangible assets Impairment of tangible assets Credit impairments Operating profit Tax expense Profit for the year from continuing operations Profit for the year 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 Balance sheet (Incl intra-group transactions), SEKbn Assets Cash and balances with central banks Loans to credit institutions -450-513 -12-450 -583-483 -472-513 -645-803 -858 Loans to the public -7-12 -42-7 -7-5 -5-12 -11-13 -14 Bonds and other interest-bearing securities -9-27 -67-9 -11-13 -16-27 -33-19 -24 Financial assets for which customers bear inv. risk Derivatives -54-24 -54-47 -25-24 -24-27 -32-27 Other assets -659-613 8-659 -652-655 -637-613 -626-703 -680 Total assets -1 179-1 189-1 -1 179-1 300-1 181-1 154-1 189-1 342-1 570-1 603 Liabilities and equity Amounts owed to credit institutions -448-510 -12-448 -581-487 -467-510 -649-760 -799 Deposits and borrowings from the public -6-7 -14-6 -6-7 -8-7 -5-4 -5 Debt securities in issue -13-32 -59-13 -15-21 -19-32 -34-63 -86 Financial liabilities for which customers bear inv. risk Derivatives -55-24 -55-47 -25-24 -24-27 -32-27 Other liabilities -655-610 7-655 -650-640 -629-610 -621-705 -679 Subordinated liabilities -2-6 -67-2 -1-1 -7-6 -6-6 -7 Allocated equity Total liabilities and equity -1 179-1 189-1 -1 179-1 300-1 181-1 154-1 189-1 342-1 570-1 603 Key figures Volumes, SEKbn Mutual funds & insurance -258-307 -16-258 -252-298 -300-307 -297-288 -295-286 Index linked bonds -15-16 -6-15 -15-15 -15-16 -18-18 -20-19 38
11B 1B Loans Loans by sector, Group 31 Dec SEKbn % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKbn 2011 Q/Q Y/Y 2011 2011 2011 2010 2010 2010 2010 2009 Private customers 666 1 1 665 661 657 656 651 649 644 645 Private mortgage 629 2 2 627 622 618 616 609 606 600 599 Private other 37-1 -6 38 39 39 40 42 43 44 46 Corporate customers 500 8 2 492 486 484 490 498 510 524 547 Agriculture, forestry, fishing 62 0 5 62 61 60 59 59 58 58 58 Manufacturing 30-0 1 30 30 29 29 29 33 34 34 Public sector and utilities 15-0 -8 15 14 16 16 16 15 16 16 Construction 13 0 3 13 13 13 13 14 14 14 14 Retail 24 0 3 23 24 24 23 24 25 26 28 Transportation 12-0 -11 12 12 12 13 13 15 15 16 Shipping 23 3 49 21 17 15 16 16 16 13 13 Hotels and restaurants 6-0 -7 7 7 7 7 7 7 7 7 Information and communication 2-0 9 3 2 2 2 1 1 2 2 Finance and insurance 17 0 56 16 16 17 11 16 17 17 10 Property management 145 3-2 141 139 144 148 155 156 160 166 Housing cooperatives 71 0-1 71 72 71 72 66 67 69 71 Professional services 30-0 8 31 32 27 28 34 35 35 38 Other corporate lending 50 3-6 47 47 47 53 48 51 58 74 Loans to the public 1) 1 166 9 2 1 157 1 147 1 141 1 146 1 149 1 159 1 168 1 192 Credit institutions 2) 68-100 -47 168 146 127 126 138 142 126 132 Repurchase agreements 75 13-8 62 84 105 82 134 142 73 59 of which to the public 29 8 33 20 19 28 22 38 57 25 20 of which to credit institutions 2) 46 4-23 42 65 77 60 96 85 48 39 Loans 1 309-78 -3 1 387 1 377 1 373 1 354 1 421 1 443 1 367 1 383 Specification of loans to the public excluding Swedish National Debt Office and repurchase agreements By business area 31 Dec SEKbn % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKbn (excl intra-group transactions) 2011 Q/Q Y/Y 2011 2011 2011 2010 2010 2010 2010 2009 Swedbank Mortgage - private 557 5 3 552 547 542 539 529 522 515 510 Swedbank Mortgage - corporate 157 1 1 156 156 156 156 148 148 150 149 Other - private 39 2 37 37 38 39 41 41 41 42 Other - corporate 116 1 4 115 114 114 112 121 121 123 128 Leasing and Factoring 25-2 -7 27 27 27 27 27 27 24 25 Retail 894 7 2 887 881 877 873 866 859 853 854 Swedbank Mortgage - corporate 3 50 3 2 3 2 10 11 11 13 Other - corporate 131 9 7 122 119 114 123 120 122 127 131 Leasing and Factoring 5 5 5 4 5 4 5 5 6 Large Corporates & Institutions 3) 139 9 7 130 126 121 130 134 138 143 150 Bank loans - private 5 5 5 5 5 5 7 7 8 Bank loans - corporate 52-4 -16 56 56 60 62 64 68 71 77 Mortgage loans - private 55-3 -5 58 58 57 58 60 63 65 69 Leasing and Factoring 14-13 14 15 15 16 18 20 23 27 Other -7 1-36 -8-9 -11-11 -11-13 -12-11 Baltic Banking 119-6 -8 125 125 126 130 136 145 154 170 Russia & Ukraine 10-23 10 10 11 13 13 17 18 18 Other 3) 4-1 ###### 5 5 6 Loans to the public 1) 1 166 9 2 1 157 1 147 1 141 1 146 1 149 1 159 1 168 1 192 Specification of loans to the public excluding Swedish National Debt Office and repurchase agreements By country 31 Dec SEKbn % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKbn (excl intra-group transactions) 2011 Q/Q Y/Y 2011 2011 2011 2010 2010 2010 2010 2009 Sweden 1 000 11 3 989 978 971 969 961 955 952 959 Estonia 53-2 -9 55 55 56 58 60 64 67 72 Latvia 32-3 -14 35 35 36 37 39 43 47 51 Lithuania 34-1 -3 35 35 34 35 37 39 40 46 Norway 24 4 33 20 19 17 18 20 20 22 22 USA 5-38 5 6 7 8 9 11 11 12 Finland 6 20 6 6 6 5 5 5 6 6 Russia 5-17 5 5 5 6 7 8 10 10 Ukraine 5-29 5 5 6 7 7 9 9 9 Denmark 1-50 1 1 2 2 3 3 3 3 Other 1 1 1 1 1 1 2 1 2 Loans to the public 1) 1 166 9 2 1 157 1 147 1 141 1 146 1 149 1 159 1 168 1 192 1) Excluding Swedish National Debt Office and repurchase agreements 2) Including Swedish National Debt Office 3) 2011: Intra group movement of loans as a result of consolidated money market operations in Group Treasury 39
Amounts owed to credit institutions and deposits Amounts owed to credit institutions 31 Dec SEKbn % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKbn 2011 Q/Q Y/Y 2011 2011 2011 2010 2010 2010 2010 2009 Central banks 4 2 3 059 2 3 35 89 108 116 Banks 110 2-3 108 104 95 113 110 89 117 93 Other credit institutions 4 1 1 3 4 4 4 6 40 3 5 Repurchase agreements, banks 17 9 22 8 12 13 14 18 19 27 17 Repurchase agreements, other credit institutions 5-3 -4 8 7 7 6 7 7 5 1 Amounts owed to credit institutions 140 11 2 129 130 119 137 176 244 260 232 Deposits from the public 31 Dec SEKbn % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKbn (excl intra-group transactions) 2011 Q/Q Y/Y 2011 2011 2011 2010 2010 2010 2010 2009 Retail 365 13 5 352 347 338 347 335 322 313 318 of which on demand deposits 120-8 120 122 118 131 130 123 120 129 of which savings account 245 13 13 232 225 220 216 205 199 193 189 of which private 263 5 5 258 256 248 251 242 237 226 222 of which corporate 102 8 6 94 91 90 96 93 85 87 96 Large Corporates & Institutions 2) 65 2-12 63 57 68 74 61 80 79 69 of which on demand deposits 59 1-11 58 52 62 66 53 73 71 64 of which savings account 6 1-17 5 5 6 8 8 7 8 5 Baltic Banking 97-2 5 99 95 89 93 91 96 97 103 of which on demand deposits 58-1 7 59 58 54 55 50 53 49 51 of which savings account 39-1 3 40 37 35 38 41 43 48 52 of which private 55-1 7 56 54 51 52 50 54 54 56 of which corporate 42-1 3 43 41 38 41 41 42 43 47 Russia & Ukraine 2-43 2 2 2 3 5 7 7 7 Other 2) 18-9 27 18 5 Deposits from the public 1) 547 4 6 543 519 502 517 492 505 496 497 Repurchase agreements, Swedish National Debt Office 12 9 57 3 3 5 8 8 4 4 5 Repurchase agreements from the public 2-7 -77 9 7 17 9 24 20 11 2 Total deposits and borrowings from the public 561 6 5 555 529 524 534 524 529 511 504 1) Excluding Swedish National Debt Office and repurchase agreements 2) 2011: Intra group movement of deposits as a result of consolidated money market operations in Group Treasury 40
Derivatives Derivatives Group SEKm Derivatives in hedge accounting Fair value hedge Interest-rate-related < 1 year > 1 year < 5 years > 5 years Swaps 47 277 268 974 64 001 380 252 129 667 17 569 2 938 1 Currency-related Swaps 9 717 7 724 1 408 18 849 23 704 1 457 2 048 1 Total 56 994 276 698 65 409 399 101 153 371 19 026 4 986 2 Cash flow hedge Interest-rate-related Swaps 3 696 1 987 5 683 9 376 136 328 Currency-related Swaps 245 23 262 9 364 32 871 32 673 3 813 3 611 Total 3 941 25 249 9 364 38 554 42 049 3 949 3 939 Net investment in foreign operations Interest-rate-related Swaps Currency-related Swaps 915 6 Total 915 6 Other derivatives Interest-rate-related Options 497 443 195 619 59 223 752 285 1 323 233 1 468 1 279 1 814 1 264 Forward contracts 6 172 280 1 594 969 7 767 249 5 638 632 6 776 4 067 6 993 3 854 Swaps 626 028 1 178 929 482 079 2 287 036 2 274 353 49 747 33 274 53 040 35 150 Other 178 486 719 1 383 10 20 93 1 Currency-related Options 31 165 227 31 392 37 852 302 396 307 355 Forward contracts 1 209 107 17 288 110 1 226 505 929 849 16 516 10 250 16 997 12 052 Swaps 21 367 226 675 53 706 301 748 265 839 11 340 10 193 9 609 9 765 Other 2 433 196 2 629 865 75 14 27 10 Equity-related Nominal value 31 Dec 2011 remaining contractual term to maturity Nominal amount Positive fair value Negative fair value Options 171 929 95 674 5 428 273 031 97 611 1 462 2 312 864 1 683 Forward contracts 458 2 460 484 3 3 23 10 Swaps 3 919 2 214 747 6 880 7 750 273 1 005 140 679 Other 1 557 32 1 589 999 30 69 30 70 Total 8 737 864 3 312 311 602 012 12 652 187 10 577 476 88 012 62 955 89 845 64 892 Total derivatives before netting 8 798 799 3 614 258 676 785 13 089 842 10 773 811 107 038 67 947 93 796 68 831 Netting agreements -3 312-2 896-3 312-2 896 Total derivatives after netting 8 798 799 3 614 258 676 785 13 089 842 10 773 811 103 726 65 051 90 484 65 935 of which cleared 2 364 124 674 108 3 038 232 236 119 3 587 2 979 3 838 3 589 31 Dec 2011 31 Dec 2010 31 Dec 2011 31 Dec 2010 31 Dec 2011 31 Dec 2010 Maturity distribution regarding future hedged cash flows in cash flow hedge accounting SEKm < 1 year 1-3 years 3-5 years 5-10 years > 10 years Positive cash flows (assets) Negative cash flows (liabilities) 882 9 660 12 334 2 529 8 326 Cash flows, net -882-9 660-12 334-2 529-8 326 41
44B 4B Deferred Tax Assets SEKm 31 Dec 2011 30 Sep 2011 % 31 Dec 2010 Deferred tax assets Tax loss carry-forwards 1 556 1 529 2 2 060 Other items 112 203-45 296 Non-recognised deferred tax assets -796-811 -2-1 138 Total 872 921-5 1 218 42
00B 0B Credit risks EAD 31 Dec 2011 SEKm Risk grades PD Retail IRB methodology Large Corporates & Institutions Baltic Banking Asset Management Russia & Ukraine Ektornet Group Functions Default Default 100.0 3 469 1 627 13 176 18 272 High risk 0-5 > 5.7 18 368 1 130 15 097 16 34 611 Augmented risk 6-8 2.0-5.7 51 732 3 754 32 764 99 88 349 Normal risk 9-12 0.5-2.0 141 115 27 071 29 553 44 197 783 Low risk 13-21 <0.5 739 567 207 697 32 123 76 362 1 055 749 Total rated exposures 954 251 241 279 122 713 76 521 1 394 764 Total non-rated exposures 5 890 3 497 6 508 123 6 671 2 622 25 311 Total IRB methodology 960 141 244 776 129 221 123 6 671 79 143 1 420 075 of which companies not included in Swedbank Group 66 392 Standardised methodology Total standardised methodology 42 685 40 747 17 906 905 12 661 0 159 631 274 535 of which companies not included in Swedbank Group 11 916 Total IRB- and standardised methodology 1 002 826 285 523 147 127 905 12 784 6 671 238 774 1 694 610 of which companies not included in Swedbank Group 78 308 The tables distribute credit risks by Exposure at Default (EAD). EAD includes items on and off the balance sheet, e.g. guarantees, loans and derivatives. The amounts also include EAD from institutions in the Swedbank Financial Companies Group, but not in the Group, i.e. associates that are not fully consolidated. Insurance companies are not included in the Swedbank Financial Companies Group. EAD distribution 31 Dec 2011 % Risk grades PD Retail IRB methodology Large Corporates & Institutions Baltic Banking Asset Management Russia & Ukraine Ektornet Group Functions Default Default 100.0 0.2 0.1 0.8 0.0 0.0 0.0 0.0 1.1 High risk 0-5 > 5.7 1.1 0.0 0.9 0.0 0.0 0.0 0.0 2.0 Augmented risk 6-8 2.0-5.7 3.1 0.2 1.9 0.0 0.0 0.0 0.0 5.2 Normal risk 9-12 0.5-2.0 8.4 1.6 1.7 0.0 0.0 0.0 0.0 11.7 Low risk 13-21 <0.5 43.6 12.3 1.9 0.0 0.0 0.0 4.5 62.3 Total rated exposures 56.4 14.2 7.2 0.0 0.0 0.0 4.5 82.3 Total non-rated exposures 0.3 0.2 0.4 0.0 0.0 0.4 0.2 1.5 Total IRB methodology 56.7 14.4 7.6 0.0 0.0 0.4 4.7 83.8 of which companies not included in Swedbank Group 3.9 Standardised methodology Total standardised methodology 2.5 2.4 1.1 0.1 0.7 0.0 9.4 16.2 of which companies not included in Swedbank Group 0.7 Total IRB- and standardised methodology 59.2 16.8 8.7 0.1 0.7 0.4 14.1 100.0 of which companies not included in Swedbank Group 4.6 Total Total 43
00B 0B Credit risks EAD 31 Dec 2011 SEKm Risk grades PD Retail Corporates Institutions Other Total IRB methodology Default Default 100.0 8 544 9 440 288 18 272 High risk 0-5 > 5.7 20 543 13 952 116 34 611 Augmented risk 6-8 2.0-5.7 33 922 54 228 199 88 349 Normal risk 9-12 0.5-2.0 92 087 104 223 1 473 197 783 Low risk 13-21 <0.5 700 579 225 909 129 261 1 055 749 Total rated exposures 855 675 407 752 131 337 1 394 764 Total non-rated exposures 5 987 19 324 25 311 Total IRB methodology 855 675 413 739 131 337 19 324 1 420 075 of which companies not included in Swedbank Group 66 392 Standardised methodology Central and local government 175 456 Retail 11 289 Institutions 1 779 Corporates 5 640 Exposure secured on residential property 6 383 Other exposure classes 73 988 Total standardised methodology 274 535 of which companies not included in Swedbank Group 11 916 Total IRB- and standardised methodology 1 694 610 of which companies not included in Swedbank Group 78 308 EAD distribution 31 Dec 2011 % Risk grades PD Retail Corporates Institutions Other Total IRB methodology Default Default 100.0 0.5 0.6 0.0 0.0 1.1 High risk 0-5 > 5.7 1.2 0.8 0.0 0.0 2.0 Augmented risk 6-8 2.0-5.7 2.0 3.2 0.0 0.0 5.2 Normal risk 9-12 0.5-2.0 5.4 6.2 0.1 0.0 11.7 Low risk 13-21 <0.5 41.5 13.3 7.6 0.0 62.3 Total rated exposures 50.5 24.1 7.7 82.3 Total non-rated exposures 0.0 0.4 0.0 1.1 1.5 Total IRB methodology 50.5 24.5 7.7 1.1 83.8 of which companies not included in Swedbank Group 3.9 Standardised methodology Central and local government 10.4 Retail 0.7 Institutions 0.1 Corporates 0.3 Exposure secured on residential property 0.4 Other exposure classes 4.3 Total standardised methodology 16.2 of which companies not included in Swedbank Group 0.7 Total IRB- and standardised methodology 100.0 of which companies not included in Swedbank Group 4.6 44
00B 0B Asset quality Loans by collateral 1) 31 Dec 2011 (31 Dec 2010) Unsecured 9% (9) Chattel mortgages 1% (1) Other properties 13% (14) Personal guarantee 2% (2) Municipalities and county councils 2% (2) Other collateral 9% (8) 1) Excluding Swedish Nat'l Debt Office and repurchase agreements Residential properties incl. condominiums 64% (64) Credit risks, Group Carrying Provisions Portfolio Carrying Carrying Past due loans Sector/industry amount for individually provisions amount of amount more than 60 31 Dec 2011 before assessed loans after of impaired days that are SEKm provisions impaired loans provisions loans not impaired Private customers 670 858 3 900 775 666 183 4 889 519 Agriculture, forestry, fishing 62 630 349 58 62 223 349 36 Manufacturing 31 611 1 622 244 29 745 975 16 Public sector and utilities 15 007 26 39 14 942 83 16 Construction 13 903 608 104 13 191 581 Retail 25 187 1 442 178 23 567 670 7 Transportation 11 957 177 91 11 689 214 1 Shipping and offshore 23 669 358 20 23 291 298 Hotels and restaurants 6 646 183 51 6 412 218 3 Information and communication 2 483 47 24 2 412 50 Finance and insurance 16 774 96 16 16 662 38 Property management 148 026 2 813 549 144 664 2 769 87 Housing cooperatives 71 556 13 76 71 467 7 Professional services 30 921 475 103 30 343 389 Other corporate lending 50 246 649 106 49 491 454 51 Loans to the public excluding the Swedish National Debt Office and repurchase agreements 1 181 474 12 758 2 434 1 166 282 11 984 736 Credit institutions 2) 67 577 63 2 67 512 Repos, credit institutions 32 457 32 457 Repos, public 2) 42 397 42 397 Loans to the public and credit institutions 1 323 905 12 821 2 436 1 308 649 11 984 736 2) Including Swedish National Debt Office Credit exposure, Carrying amount Dec Dec Dec Change Change SEKm 2011 2010 2009 SEKm % Sweden 1 404 175 1 390 760 1 419 164 13 415 1 OECD countries 3) 183 650 179 013 184 603 4 637 3 of which Denmark 35 191 19 937 17 930 15 254 77 of which Norway 50 174 44 677 48 551 5 497 12 of which Finland 14 028 25 322 14 686-11 294-45 of which USA 20 393 36 537 27 658-16 144-44 of which UK 19 192 18 786 14 094 406 2 of which France 9 197 8 619 12 681 578 7 of which Germany 13 286 8 582 4 209 4 704 55 Baltic region 143 201 151 639 197 204-8 438-6 of which Estonia 63 907 65 373 82 676-1 466-2 of which Latvia 37 599 41 401 60 561-3 802-9 of which Lithuania 41 695 44 865 53 968-3 170-7 Ukraine 5 159 7 701 10 975-2 542-33 Russia 7 524 9 191 14 586-1 667-18 Latin America 708 392 409 316 81 of which Brazil 410 123 138 287 233 Japan 1 193 2 283 90-1 090-48 Rest of East Asia 3 606 2 125 2 809 1 481 70 of which South Korea 6 3 62 3 100 of which China 2 178 1 853 2 255 325 18 Other countries 11 680 7 869 10 106 3 811 48 Cash and balances with central banks 164 307 17 109 37 879 147 198 860 Other financial assets 14 357 13 324 14 167 1 033 8 Total 1 939 560 1 781 406 1 891 992 158 154 9 3) Excluding Sweden, Japan, Hungary, Mexico, Poland, Turkey, Slovakia, South Korea and the Czech Republic 45
11B 1B Asset quality Loans, gross, by business area 31 Dec 2011 SEKm Large Corporates & Retail Institutions Baltic Banking - of which Estonia - of which Latvia - of which Lithuania - of which Investment and Other Russia & Ukraine - of which Russia - of which Ukraine Other (mainly Group Treasury) Private customers 598 986 2 849 64 478 29 009 18 627 16 842 4 545 725 3 820 670 858 Corporate customers 296 980 136 403 63 325 25 996 18 059 18 990 280 9 490 4 740 4 750 4 418 510 616 Agriculture, forestry, fishing 59 268 141 3 009 1 207 1 031 771 212 34 178 62 630 Manufacturing 12 424 8 313 8 553 2 807 3 184 2 562 2 321 956 1 365 31 611 Public sector and utilities 7 490 1 056 6 418 1 852 646 3 920 43 43 15 007 Construction 10 715 805 1 736 1 048 345 343 647 17 630 13 903 Retail 11 096 3 798 7 839 2 836 2 426 2 577 2 454 1 056 1 398 25 187 Transportation 7 017 26 4 564 1 848 1 316 1 400 350 311 39 11 957 Shipping and offshore 76 22 755 838 494 178 166 23 669 Hotels and restaurants 3 671 40 2 735 1 167 822 746 200 140 60 6 646 Information and communication 627 1 161 694 270 49 375 1 1 2 483 Finance and insurance 3 005 8 428 825 612 187 26 98 98 4 418 16 774 Property management 80 662 45 363 19 797 7 610 6 856 5 331 2 204 2 116 88 148 026 Housing cooperatives 70 398 1 158 1 158 71 556 Professional services 6 234 20 296 4 325 2 967 800 558 66 66 30 921 Other corporate lending 24 297 24 221 834 120 219 215 280 894 894 50 246 Loans to the public excluding the Swedish National Debt Office and repurchase agreements 895 966 139 252 127 803 55 005 36 686 35 832 280 14 035 5 465 8 570 4 418 1 181 474 Credit institutions 1) 26 584 31 100 351 351 1 058 859 199 8 484 67 577 Repos, Credit institutions 32 457 32 457 Repos, public 1) 42 397 42 397 Total loans to credit institutions and to the public 2) 922 550 245 206 128 154 55 005 36 686 35 832 631 15 093 6 324 8 769 12 902 1 323 905 Group Provisions by business area 31 Dec 2011 SEKm Large Corporates & Retail Institutions Baltic Banking - of which Estonia - of which Latvia - of which Lithuania - of which Investment and Other Russia & Ukraine - of which Russia - of which Ukraine Other (mainly Group Treasury) Provisions, private customers 338 2 2 704 530 1 550 624 1 631 33 1 598 4 675 Provisions, corporate customers 1 219 368 6 115 1 445 2 875 1 795 2 815 557 2 258 10 517 Agriculture, forestry, fishing 52 315 51 222 42 40 1 39 407 Manufacturing 203 29 762 88 338 336 872 245 627 1 866 Public sector and utilities 18 4 43 8 16 19 65 Construction 62 4 330 151 87 92 316 316 712 Retail 192 8 592 148 243 201 828 101 727 1 620 Transportation 39 1 207 49 60 98 21 1 20 268 Shipping and offshore 3 70 305 144 100 61 378 Hotels and restaurants 27 186 9 158 19 21 1 20 234 Information and communication 14 15 42 4 10 28 71 Finance and insurance 10 3 22 20 2 77 77 112 Property management 216 82 2 781 401 1 550 830 283 208 75 3 362 Housing cooperatives 77 12 12 89 Professional services 82 9 487 356 78 53 578 Other corporate lending 224 143 31 4 13 14 357 357 755 Total 1 557 370 8 819 1 975 4 425 2 419 4 446 590 3 856 15 192 Credit institutions 1) 62 2 2 64 Repos, Credit institutions Repos, public 1) Total provisions to credit institutions and to the public 2) 1 557 432 8 819 1 975 4 425 2 419 4 448 592 3 856 15 256 Loans, net, by business area 31 Dec 2011 SEKm Large Corporates & Retail Institutions Baltic Banking - of which Estonia - of which Latvia - of which Lithuania - of which Investment and Other Russia & Ukraine - of which Russia - of which Ukraine Other (mainly Group Treasury) Private customers 598 648 2 847 61 774 28 479 17 077 16 218 2 914 692 2 222 666 183 Corporate customers 295 761 136 035 57 210 24 551 15 184 17 195 280 6 675 4 183 2 492 4 418 500 099 Agriculture, forestry, fishing 59 216 141 2 694 1 156 809 729 172 33 139 62 223 Manufacturing 12 221 8 284 7 791 2 719 2 846 2 226 1 449 711 738 29 745 Public sector and utilities 7 472 1 052 6 375 1 844 630 3 901 43 43 14 942 Construction 10 653 801 1 406 897 258 251 331 17 314 13 191 Retail 10 904 3 790 7 247 2 688 2 183 2 376 1 626 955 671 23 567 Transportation 6 978 25 4 357 1 799 1 256 1 302 329 310 19 11 689 Shipping and offshore 73 22 685 533 350 78 105 23 291 Hotels and restaurants 3 644 40 2 549 1 158 664 727 179 139 40 6 412 Information and communication 613 1 146 652 266 39 347 1 1 2 412 Finance and insurance 2 995 8 425 803 592 187 24 21 21 4 418 16 662 Property management 80 446 45 281 17 016 7 209 5 306 4 501 1 921 1 908 13 144 664 Housing cooperatives 70 321 1 146 1 146 71 467 Professional services 6 152 20 287 3 838 2 611 722 505 66 66 30 343 Other corporate lending 24 073 24 078 803 116 206 201 280 537 537 49 491 Loans to the public excluding the Swedish National Debt Office and repurchase agreements 894 409 138 882 118 984 53 030 32 261 33 413 280 9 589 4 875 4 714 4 418 1 166 282 Credit institutions 1) 26 584 31 038 351 351 1 056 857 199 8 484 67 513 Repos, Credit institutions 32 457 32 457 Repos, public 1) 42 397 42 397 Total loans to credit institutions and to the public 2) 920 993 244 774 119 335 53 030 32 261 33 413 631 10 645 5 732 4 913 12 902 1 308 649 1) Including Swedish National Debt Office 2) Excluding intra-group transactions Group Group 46
22B 2B Asset quality Impaired loans, gross, by business area 31 Dec 2011 SEKm Retail Large Corporates & Institutions Baltic Banking - of which Estonia Impaired loans, private customers 483 6 180 1 482 3 234 1 464 2 126 69 2 057 8 789 Impaired loans, corporate customers 1 248 257 9 928 2 138 4 462 3 328 4 521 1 212 3 309 15 954 Agriculture, forestry, fishing 67 581 79 382 120 50 1 49 698 Manufacturing 246 4 1 052 156 457 439 1 295 444 851 2 597 Public sector and utilities 6 103 4 27 72 109 Construction 68 497 220 128 149 624 624 1 189 Retail 229 806 178 315 313 1 077 183 894 2 112 Transportation 36 317 46 83 188 38 38 391 Shipping and offshore 10 66 580 215 220 145 656 Hotels and restaurants 23 320 7 286 27 58 58 401 Information and communication 5 32 60 16 44 97 Finance and insurance 5 31 30 1 98 98 134 Property management 215 37 4 658 552 2 410 1 696 672 584 88 5 582 Housing cooperatives 20 20 Professional services 91 773 544 135 94 864 Other corporate lending 227 118 150 107 3 40 609 609 1 104 Impaired loans, municipalities Total 1 731 257 16 108 3 620 7 696 4 792 6 647 1 281 5 366 24 743 Credit institutions 1) 62 62 Total 1 731 319 16 108 3 620 7 696 4 792 6 647 1 281 5 366 24 805 - of which Latvia - of which Lithuania Russia & Ukraine - of which Russia - of which Ukraine Group Total provision ratio for impaired loans by business area 31 Dec 2011 % Retail Large Corporates & Institutions Baltic Banking - of which Estonia Private customers 70 44 36 48 43 77 48 78 53 Corporate customers 98 143 62 68 64 54 62 46 68 66 Agriculture, forestry, fishing 78 54 65 58 35 80 100 80 58 Manufacturing 83 725 72 56 74 77 67 55 74 72 Public sector and utilities 300 42 200 59 26 60 Construction 91 66 69 68 62 51 51 60 Retail 84 73 83 77 64 77 55 81 77 Transportation 108 65 107 72 52 55 53 69 Shipping and offshore 30 106 53 67 45 42 58 Hotels and restaurants 117 58 129 55 70 36 34 58 Information and communication 280 47 70 63 64 73 Finance and insurance 200 71 67 200 79 79 84 Property management 100 222 60 73 64 49 42 36 85 60 Housing cooperatives 385 445 Professional services 90 63 65 58 56 67 Other corporate lending 99 121 21 4 433 35 59 59 68 Municipalities Total 90 144 55 55 57 50 67 46 72 61 Credit institutions 1) 100 103 Total 90 135 55 55 57 50 67 46 72 62 - of which Latvia - of which Lithuania Russia & Ukraine - of which Russia - of which Ukraine Group Share of impaired loans gross by business area 31 Dec 2011 % Retail Large Corporates & Institutions Baltic Banking - of which Estonia Private customers 0.08 9.58 5.11 17.36 8.69 46.78 9.52 53.85 1.31 Corporate customers 0.42 0.19 15.68 8.22 24.71 17.53 47.64 25.57 69.66 3.12 Agriculture, forestry, fishing 0.11 19.31 6.55 37.05 15.56 23.58 2.94 27.53 1.11 Manufacturing 1.98 0.05 12.30 5.56 14.35 17.14 55.79 46.44 62.34 8.22 Public sector and utilities 0.08 1.60 0.22 4.18 1.84 0.73 Construction 0.63 28.63 20.99 37.10 43.44 96.45 99.05 8.55 Retail 2.06 10.28 6.28 12.98 12.15 43.89 17.33 63.95 8.39 Transportation 0.51 6.95 2.49 6.31 13.43 10.86 97.44 3.27 Shipping and offshore 13.16 0.29 69.21 43.52 123.60 87.35 2.77 Hotels and restaurants 0.63 11.70 0.60 34.79 3.62 29.00 96.67 6.03 Information and communication 0.80 2.76 8.65 32.65 11.73 3.91 Finance and insurance 0.17 3.76 4.90 3.85 100.00 100.00 0.80 Property management 0.27 0.08 23.53 7.25 35.15 31.81 30.49 27.60 100.00 3.77 Housing cooperatives 0.03 0.03 Professional services 1.46 17.87 18.34 16.88 16.85 2.79 Other corporate lending 0.93 0.49 17.99 89.17 1.37 18.60 68.12 68.12 2.20 Loans to the public 0.19 0.18 12.60 6.58 20.98 13.37 47.36 23.44 62.61 2.09 Credit institutions 1) 0.20 0.09 Total 0.19 0.13 12.57 6.58 20.98 13.37 44.04 20.26 61.19 1.87 1) Incl Swedish National Debt Office Property taken over to protect claims and cancelled leasing agreements 31 Dec 2011 SEKm Retail Large Corporates & Institutions Baltic Banking - of which Estonia - of which Latvia - of which Latvia - of which Lithuania - of which Lithuania Russia & Ukraine Russia & Ukraine - of which Russia - of which Russia - of which Ukraine Group - of which Ukraine Ektornet Group Buildings and land 1 63 1 62 291 5 286 5 712 6 067 Shares and participating interests 107 107 Other assets 39 15 15 54 Total property taken over to protect claims 40 78 1 77 291 5 286 5 819 6 228 Finance leasing objects, cancelled agreements 4 137 8 40 89 6 5 147 Total 44 215 9 117 89 297 10 286 5 819 6 375 Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2011 2011 2011 2010 2010 2009 2010 2009 Buildings and land 6 067 5 916 4 332 3 628 3 299 1 380 1 139 922 663 Condominiums Shares and participating interests 107 124 137 165 184 103 108 208 207 Other assets 54 69 28 27 30 13 18 5 1 Total property taken over to protect claims 6 228 6 109 4 497 3 820 3 513 1 496 1 265 1 135 871 Finance leasing objects, cancelled agreements 147 244 271 294 333 435 568 770 870 Total 6 375 6 353 4 769 4 114 3 846 1 931 1 833 1 905 1 741 47
44B 4B Credit impairments Credit impairments, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Provisions Individual provisions, gross 1) 135 276 423 347-248 610 1 716 2 670 5 820 Reversal of previous provisions -958-769 -830-924 -582-196 -289-538 -14 Portfolio provisions -55-131 -36-607 -308-498 -581-351 -2 040 Provisions, net -878-624 -443-1 184-1 138-84 846 1 781 3 766 Write-offs Established losses 1 049 1 900 1 102 831 2 274 650 642 807 1 546 Utilisation of previous provisions -264-1 636-846 -554-1 440-367 -345-258 -196 Recoveries -81-81 -137-65 -179-79 -180-120 -113 Write-offs, net 704 183 119 212 655 204 117 429 1 237 Total -174-441 -324-972 -483 120 963 2 210 5 003 1) Including credit impairments for contingent liabilities and other credit risk exposures, net Credit impairments by business area, SEKm Retail 216 106 5 5 136-3 51 88-87 Large Corporates & Institutions 4-66 -19-105 65-55 -56 45 499 Estonia -55-125 136-9 24 3 348 593 526 Latvia 157-190 -164-135 -57 369 453 954 594 Lithuania -257-46 -114-238 -130-45 295 556 2 150 Investment and Other 38 85 Baltic Banking -117-361 -142-382 -163 327 1 096 2 103 3 355 Russia -269-59 -13-171 -144-83 -29-15 993 Ukraine 9-60 -156-319 -377-75 -110-26 244 Russia & Ukraine -260-119 -169-490 -521-158 -139-41 1 237 Group Functions -17-1 1 9 11 15-1 Group -174-441 -324-972 -483 120 963 2 210 5 003 Credit impairment ratio, % Retail 0.09 0.05 0.06 0.02 0.04-0.04 Large Corporates & Institutions -0.10-0.03-0.14 0.07-0.06-0.07 0.06 0.64 Estonia -0.41-0.90 0.98-0.06-0.09 0.01 2.05 3.35 2.78 Latvia 1.83-2.19-1.83-1.47-0.91 3.46 3.97 7.60 4.36 Lithuania -2.97-0.53-1.31-2.70-0.75-0.49 2.88 5.05 16.86 Investment and Other 46.54 Baltic Banking -0.37-1.15-0.44-1.18-0.51 0.90 2.83 5.07 7.48 Russia -19.26-3.93-0.88-9.13-4.20-3.17-1.13-0.47 26.88 Ukraine 0.71-4.05-9.67-17.46-16.95-3.64-4.37-1.15 10.13 Russia & Ukraine -9.54-4.23-5.36-12.96-14.00-3.27-2.91-0.83 21.00 Group -0.05-0.13-0.09-0.29-0.14 0.03 0.28 0.64 1.44 Credit impairments by sector, Group, SEKm Private customers 578 276 291 5-12 182 321 474 381 Private mortgage 381 154 279-39 -19 107 204 254 193 Private other 197 122 12 44 7 75 117 220 188 Corporate customers -715-717 -615-977 -439-61 642 1 736 4 622 Agriculture, forestry, fishing 7 1-8 5-8 13 76 25 70 Manufacturing -328 29-327 -173-167 77 163 222 1 268 Public sector and utilities -28 25-9 -4 22 5-2 -176 Construction 4-325 45-285 -96-88 -23 213 56 Retail 25 23-56 -52-75 -22 156 357 488 Transportation 11 23-228 26-20 41 188 220 Shipping and offshore 125 48 1-11 65 17 27 9 10 Hotels and restaurants -17-48 1 3 47-4 31 54 235 Information and communication -6 2-3 -3 4 13-6 6 12 Finance and insurance 14-2 -1-31 45-26 4-8 -35 Property management -428-337 -374 24-167 46 205 549 1 998 Housing cooperatives -7 6 1 3-13 10-8 1 Professional services 8-23 34-39 -146-20 69 136 246 Other corporate lending -102-103 53-184 8-39 -109-7 229 Total -137-441 -324-972 -451 121 963 2 210 5 003 Credit institutions -37-32 -1 Total -174-441 -324-972 -483 120 963 2 210 5 003 48
55B 5B Impaired loans and provisions Impaired loans by business area 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Impaired loans, gross Retail 1 731 1 704 1 555 1 581 1 602 1 971 2 039 1 666 2 062 Large Corporates & Institutions 319 400 446 586 770 965 991 1 109 1 081 Estonia 3 620 4 532 4 836 4 505 4 722 5 134 5 739 5 473 5 465 Latvia 7 696 9 079 9 802 10 468 11 259 12 907 13 916 13 371 13 401 Lithuania 4 792 5 810 6 383 6 357 6 529 6 971 7 688 7 896 7 705 Baltic Banking 16 108 19 421 21 021 21 330 22 510 25 012 27 343 26 740 26 571 Russia 1 281 1 378 1 407 1 555 1 939 2 152 2 557 2 381 2 238 Ukraine 5 366 5 840 6 240 6 695 7 957 8 531 9 789 8 432 8 180 Russia & Ukraine 6 647 7 218 7 647 8 250 9 896 10 683 12 346 10 813 10 418 Group Functions Group 24 805 28 743 30 669 31 747 34 778 38 631 42 719 40 328 40 132 Individually identified impaired loan provisions Retail 900 809 752 843 837 935 935 864 898 Large Corporates & Institutions 299 300 409 484 579 689 774 790 818 Estonia 1 636 2 203 2 362 2 143 2 297 2 540 2 817 2 574 2 513 Latvia 3 739 4 503 4 818 5 134 5 597 6 789 6 967 6 617 6 189 Lithuania 2 162 2 695 3 085 3 165 3 494 3 903 4 315 4 366 4 009 Baltic Banking 7 536 9 401 10 265 10 442 11 388 13 232 14 099 13 557 12 711 Russia 538 739 788 796 984 1 110 1 306 1 265 1 227 Ukraine 3 548 3 532 3 737 4 033 4 706 5 102 5 914 5 413 5 228 Russia & Ukraine 4 086 4 271 4 525 4 829 5 690 6 212 7 220 6 678 6 455 Group Functions 1 1 Group 12 821 14 782 15 952 16 598 18 494 21 068 23 028 21 889 20 882 Impaired loans, net Retail 831 895 803 738 765 1 036 1 104 802 1 164 Large Corporates & Institutions 20 100 37 102 191 276 217 319 263 Estonia 1 984 2 329 2 474 2 362 2 425 2 593 2 922 2 899 2 952 Latvia 3 957 4 576 4 984 5 334 5 662 6 119 6 949 6 754 7 212 Lithuania 2 630 3 115 3 298 3 192 3 035 3 068 3 373 3 530 3 696 Baltic Banking 8 572 10 020 10 756 10 888 11 122 11 780 13 244 13 183 13 860 Russia 743 639 619 759 955 1 041 1 251 1 116 1 011 Ukraine 1 818 2 308 2 503 2 662 3 251 3 429 3 875 3 019 2 952 Russia & Ukraine 2 561 2 947 3 122 3 421 4 206 4 470 5 126 4 135 3 963 Group Functions -1-1 Group 11 984 13 961 14 717 15 149 16 284 17 563 19 691 18 439 19 250 All provisions for impaired loans Retail 1 557 1 485 1 436 1 533 1 591 1 668 1 709 1 635 2 024 Large Corporates & Institutions 432 412 557 680 816 952 1 113 1 215 843 Estonia 1 975 2 562 2 725 2 700 2 930 3 218 3 566 3 399 3 253 Latvia 4 425 5 000 5 386 5 792 6 322 7 596 7 825 7 803 7 346 Lithuania 2 419 2 940 3 358 3 440 3 831 4 346 4 780 4 752 4 677 Baltic Banking 8 819 10 502 11 469 11 932 13 083 15 160 16 171 15 954 15 276 Russia 592 854 914 904 1 105 1 255 1 507 1 496 1 484 Ukraine 3 856 3 937 4 011 4 317 5 196 5 639 6 632 6 273 6 390 Russia & Ukraine 4 448 4 791 4 925 5 221 6 301 6 894 8 139 7 769 7 874 Group Functions 1 1 1 Group 15 256 17 191 18 388 19 367 21 791 24 674 27 132 26 573 26 017 Impaired loans, total net Retail 174 219 119 48 11 303 330 31 38 Large Corporates & Institutions -113-12 -111-94 -46 13-122 -106 238 Estonia 1 645 1 970 2 111 1 805 1 792 1 916 2 173 2 074 2 212 Latvia 3 271 4 079 4 416 4 676 4 937 5 311 6 091 5 568 6 055 Lithuania 2 373 2 870 3 025 2 917 2 698 2 625 2 908 3 144 3 028 Baltic Banking 7 289 8 919 9 552 9 398 9 427 9 852 11 172 10 786 11 295 Russia 689 524 493 651 834 897 1 050 885 754 Ukraine 1 510 1 903 2 229 2 378 2 761 2 892 3 157 2 159 1 790 Russia & Ukraine 2 199 2 427 2 722 3 029 3 595 3 789 4 207 3 044 2 544 Group Functions -1-1 -1 Group 9 549 11 552 12 281 12 380 12 987 13 957 15 587 13 755 14 115 49
66B 6B Impaired loans and provisions Provision ratio for impaired loans, % (excluding portfolio provisions) 31 Dec 2011 30 Sep 2011 30 Jun 2011 31 Mar 2011 31 Dec 2010 30 Sep 2010 30 Jun 2010 31 Mar 2010 31 Dec 2009 Retail 52 47 48 53 52 47 46 52 44 Large Corporates & Institutions 94 75 92 83 75 71 78 71 76 Estonia 45 49 49 48 49 49 49 47 46 Latvia 49 50 49 49 50 53 50 49 46 Lithuania 45 46 48 50 54 56 56 55 52 Baltic Banking 47 48 49 49 51 53 52 51 48 Russia 42 54 56 51 51 52 51 53 55 Ukraine 66 60 60 60 59 60 60 64 64 Russia & Ukraine 61 59 59 59 57 58 58 62 62 Group 52 51 52 52 53 55 54 54 52 Total provision ratio for impaired loans, % (including portfolio provisions) Retail 90 87 92 97 99 85 84 98 98 Large Corporates & Institutions 135 103 125 116 106 99 112 110 78 Estonia 55 57 56 60 62 63 62 62 60 Latvia 57 55 55 55 56 59 56 58 55 Lithuania 50 51 53 54 59 62 62 60 61 Baltic Banking 55 54 55 56 58 61 59 60 57 Russia 46 62 65 58 57 58 59 63 66 Ukraine 72 67 64 64 65 66 68 74 78 Russia & Ukraine 67 66 64 63 64 65 66 72 76 Group 62 60 60 61 63 64 64 66 65 Share of impaired loans, gross, % Retail 0.19 0.19 0.17 0.18 0.18 0.22 0.23 0.19 0.23 Large Corporates & Institutions 0.13 0.12 0.17 0.21 0.25 0.25 0.25 0.35 0.34 Estonia 6.58 7.91 8.33 7.68 7.69 8.11 8.52 7.59 7.11 Latvia 20.98 22.92 24.36 25.30 25.85 27.43 27.22 24.79 22.72 Lithuania 13.37 15.16 16.61 16.62 16.52 16.71 17.60 17.18 15.32 Baltic Banking 12.57 14.32 15.34 15.38 15.54 16.40 16.81 15.50 14.23 Russia 20.26 21.64 20.73 22.57 22.44 23.80 20.90 19.83 18.13 Ukraine 61.19 62.67 66.38 61.04 62.26 66.97 64.37 56.75 53.46 Russia & Ukraine 44.04 46.02 47.24 46.20 46.20 49.05 44.98 40.25 37.69 Group 1.87 2.05 2.20 2.28 2.53 2.67 2.90 2.89 2.85 Share of impaired loans, net, % (excluding portfolio provisions) Retail 0.09 0.10 0.09 0.08 0.09 0.12 0.13 0.09 0.13 Large Corporates & Institutions 0.01 0.03 0.01 0.04 0.06 0.07 0.05 0.10 0.08 Estonia 3.74 4.25 4.47 4.22 4.15 4.32 4.58 4.22 4.01 Latvia 12.27 13.22 14.30 14.99 15.21 15.50 16.05 14.64 13.97 Lithuania 7.87 8.80 9.40 9.17 8.50 8.21 8.67 8.57 8.10 Baltic Banking 7.18 8.01 8.57 8.59 8.44 8.58 9.04 8.42 8.08 Russia 12.96 11.59 10.54 12.68 12.67 13.37 11.66 10.62 9.31 Ukraine 37.00 42.89 46.45 40.02 42.87 48.30 45.18 35.17 33.13 Russia & Ukraine 24.05 27.05 27.72 27.07 27.82 30.03 26.55 21.66 20.05 Group 0.92 1.01 1.07 1.10 1.20 1.24 1.36 1.35 1.39 Share of impaired loans, total net, % (including portfolio provisions) Retail 0.02 0.02 0.01 0.01 0.03 0.04 Large Corporates & Institutions -0.05-0.04-0.03-0.01-0.03-0.03 0.08 Estonia 3.10 3.60 3.82 3.22 3.06 3.19 3.41 3.02 3.01 Latvia 10.14 11.79 12.67 13.14 13.26 13.46 14.07 12.07 11.73 Lithuania 7.10 8.11 8.62 8.38 7.56 7.02 7.48 7.63 6.64 Baltic Banking 6.11 7.13 7.61 7.42 7.15 7.17 7.63 6.89 6.59 Russia 12.02 9.50 8.40 10.88 11.06 11.52 9.79 8.43 6.94 Ukraine 30.73 35.36 41.36 35.75 36.41 40.74 36.82 25.14 20.09 Russia & Ukraine 20.66 22.28 24.17 23.97 23.78 25.45 21.79 15.94 12.87 Group 0.73 0.83 0.89 0.90 0.96 0.98 1.08 1.01 1.02 50
77B 7B Loans past due Loans past due 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 31 to 60 days Estonia 367 391 518 577 421 553 642 988 782 Latvia 509 607 482 535 623 578 807 866 1 178 Lithuania 366 531 572 783 579 642 832 1 135 673 Baltic Banking 1 242 1 529 1 572 1 895 1 623 1 773 2 281 2 989 2 633 Russia 14 17 45 51 6 14 100 143 34 Ukraine 53 57 278 279 200 86 174 1 266 670 Russia & Ukraine 67 74 323 330 206 100 274 1 409 704 more than 60 days Estonia 2 015 2 910 3 042 3 087 3 721 4 299 4 576 4 119 4 438 Latvia 5 460 6 492 6 715 7 115 7 510 9 063 9 523 10 248 11 012 Lithuania 3 428 3 947 4 299 4 204 4 112 5 243 5 705 4 630 4 711 Baltic Banking 10 903 13 349 14 056 14 406 15 343 18 605 19 804 18 997 20 161 Russia 740 751 716 986 1 226 1 457 1 811 1 590 932 Ukraine 4 283 4 426 4 782 4 877 5 618 6 202 7 454 5 476 5 866 Russia & Ukraine 5 023 5 177 5 498 5 863 6 844 7 659 9 265 7 066 6 798 Loans past due ratio (more than 60 days) % Estonia 3.66 5.08 5.24 5.26 6.06 6.79 6.79 5.71 5.78 Latvia 14.88 16.39 16.68 17.20 17.24 19.26 18.63 19.00 18.67 Lithuania 9.57 10.30 11.19 10.99 10.41 12.57 13.06 10.08 9.36 Baltic Banking 8.51 9.85 10.26 10.39 10.59 12.20 12.18 11.01 10.80 Russia 11.70 11.80 10.55 14.31 14.19 16.11 14.80 13.25 7.56 Ukraine 48.84 47.49 50.87 44.46 43.96 48.68 49.02 36.86 38.34 Russia & Ukraine 33.28 33.00 33.97 32.83 31.95 35.16 33.76 26.31 24.59 51
Capital adequacy parameters for credit risk 31 Dec 2011 SEKm Retail Large Corporates & Institutions Baltic Banking Russia & Ukraine Other Total Retail - mortgages Exposure 722 766 439 54 611 777 816 Exposure weighted average PD (incl defaults), % 0.56 4.67 12.72 1.41 Exposure weighted average PD (excl defaults), % 0.40 1.90 3.00 0.56 Exposure weighted average LGD, % 10.0 11.8 20.4 10.7 Average risk weight, % 5.3 16.6 30.9 7.1 Retail - other Exposure 63 896 230 13 722 11 77 859 Exposure weighted average PD (incl defaults), % 2.88 4.25 12.65 1.40 4.61 Exposure weighted average PD (excl defaults), % 1.61 4.19 5.19 1.40 2.21 Exposure weighted average LGD, % 42.2 34.2 46.7 45.0 42.9 Average risk weight, % 35.8 50.2 63.5 18.9 40.7 Corporates Exposure 157 887 195 496 53 867 503 407 753 Exposure weighted average PD (incl defaults), % 2.55 1.04 16.09 0.95 3.64 Exposure weighted average PD (excl defaults), % 1.62 0.43 4.32 0.95 1.36 Exposure weighted average LGD, % 41.2 43.5 44.2 45.0 42.7 Average risk weight, % 71.5 47.1 99.1 75.9 63.5 Corporate - specialised lending Exposure 5 987 0 5 987 Average risk weight, % 109.1 87.3 109.1 Institutions Exposure 9 703 45 113 514 76 007 131 337 Exposure weighted average PD (incl defaults), % 0.17 0.75 0.19 0.04 0.29 Exposure weighted average PD (excl defaults), % 0.17 0.11 0.19 0.04 0.08 Exposure weighted average LGD, % 45.0 33.8 45.0 19.4 26.3 Average risk weight, % 32.8 17.8 21.1 7.4 12.9 Other IRB exposure classes Exposure 5 890 3 497 521 123 9 293 19 324 Average risk weight, % 78.6 54.7 100.0 100.0 80.6 82.6 Total IRB approach Exposure 960 141 244 776 129 221 123 85 813 1 420 074 Exposure weighted average PD (incl defaults), % 1.04 1.04 14.14 0.05 2.14 Exposure weighted average PD (excl defaults), % 0.68 0.37 3.81 0.05 0.84 Exposure weighted average LGD, % 17.7 41.7 33.9 19.5 23.3 Average risk weight, % 19.0 41.8 66.7 100.0 10.3 27.2 Standardised approach Exposure 42 686 40 747 17 906 12 661 160 536 274 535 Average risk weight, % 18.0 14.6 27.9 82.4 0.8 11.1 Total exposures Exposure 1 002 826 285 523 147 127 12 784 246 349 1 694 609 Average risk weight, % 18.9 37.9 61.9 82.6 5.9 24.5 52
44B 4B Capital adequacy parameters for credit risk Exposures 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 2010 2010 2010 2009 Retail 855 675 853 777 852 670 847 209 845 823 841 105 834 499 829 877 833 222 of which Retail mortgage 777 816 774 058 771 955 765 769 762 666 755 010 748 308 740 744 740 507 of which Retail other 77 859 79 719 80 715 81 440 83 157 86 095 86 191 89 133 92 715 Corporate 407 752 405 172 391 300 384 297 388 427 395 605 410 057 417 967 432 854 Corporate specialised lending 5 987 7 199 7 720 8 728 9 343 10 720 12 155 13 097 14 370 Institutions 131 337 144 608 133 282 145 359 146 519 104 317 90 067 92 262 79 011 Other IRB 19 324 18 579 19 774 17 849 19 615 19 881 20 256 21 587 21 918 IRB total 1 420 075 1 429 335 1 404 746 1 403 442 1 409 727 1 371 627 1 367 034 1 374 790 1 381 375 Standardised 274 535 303 034 131 874 135 437 163 414 151 609 165 750 153 334 236 371 Total exposures 1 694 610 1 732 369 1 536 620 1 538 879 1 573 141 1 523 236 1 532 783 1 528 124 1 617 746 Risk weighted assets Retail 87 289 88 959 88 747 90 950 88 247 91 579 93 232 96 168 92 586 of which Retail mortgage 55 593 56 234 55 575 57 292 54 506 56 032 57 004 57 853 57 660 of which Retail other 31 696 32 725 33 172 33 658 33 741 35 547 36 228 38 314 34 926 Corporate 258 865 264 194 274 788 282 319 290 043 298 528 311 111 323 764 333 115 Corporate specialised lending 6 534 7 074 6 575 7 069 7 453 8 149 9 199 10 346 11 655 Institutions 16 964 17 017 16 328 19 442 20 369 20 044 16 660 18 994 22 925 Other IRB 15 969 14 407 15 136 13 197 14 871 13 919 14 154 15 418 14 679 IRB total 385 621 391 651 401 574 412 976 420 982 432 219 444 356 464 689 474 961 Standardised 30 336 31 699 31 859 31 035 34 031 36 831 44 258 39 993 43 179 Total risk weighted assets 415 957 423 350 433 433 444 012 455 013 469 050 488 614 504 682 518 140 Risk weighted assets, % Retail 10.2 10.4 10.4 10.7 10.4 10.9 11.2 11.6 11.1 of which Retail mortgage 7.1 7.3 7.2 7.5 7.1 7.4 7.6 7.8 7.8 of which Retail other 40.7 41.1 41.1 41.3 40.6 41.3 42.0 43.0 37.7 Corporate 63.5 65.2 70.2 73.5 74.7 75.5 75.9 77.5 77.0 Corporate specialised lending 109.1 98.3 85.2 81.0 79.8 76.0 75.7 79.0 81.1 Institutions 12.9 11.8 12.3 13.4 13.9 19.2 18.5 20.6 29.0 Other IRB 82.6 77.5 76.5 73.9 75.8 70.0 69.9 71.4 67.0 IRB total 27.2 27.4 28.6 29.4 29.9 31.5 32.5 33.8 34.4 Standardised 11.0 10.5 24.2 22.9 20.8 24.3 26.7 26.1 18.3 Total risk weighted assets 24.5 24.4 28.2 28.9 28.9 30.8 31.9 33.0 32.0 Average PD, excluding defaults, % Retail 0.71 0.71 0.71 0.71 0.66 0.68 0.69 0.74 0.74 of which Retail mortgage 0.56 0.56 0.55 0.55 0.48 0.49 0.50 0.53 0.54 of which Retail other 2.21 2.24 2.25 2.27 2.26 2.32 2.38 2.49 2.42 Corporate 1.36 1.46 1.61 1.77 1.81 1.92 1.94 2.01 1.95 Institutions 0.08 0.07 0.07 0.07 0.07 0.08 0.09 0.10 0.36 Total Swedbank FCG 1) 0.84 0.86 0.90 0.93 0.91 0.99 1.03 1.08 1.10 Average LGD, % Retail 13.7 13.8 13.8 13.8 14.0 14.2 14.4 14.7 14.5 of which Retail mortgage 10.7 10.8 10.7 10.7 10.9 10.9 11.0 11.1 11.2 of which Retail other 42.9 43.1 43.2 43.3 43.0 43.0 43.8 43.9 41.2 Corporate 42.7 42.9 43.0 43.4 43.4 43.1 43.2 43.1 43.2 Institutions 26.3 25.2 27.3 29.4 29.5 39.8 37.8 40.9 41.8 Total Swedbank FCG 1) 23.3 23.3 23.3 23.6 23.9 24.6 24.7 23.6 25.2 Expected loss Retail 4 406 4 720 4 790 4 594 4 518 4 686 4 821 4 775 4 357 of which Retail mortgage 2 633 2 811 2 861 2 613 2 531 2 594 2 633 2 520 2 213 of which Retail other 1 773 1 909 1 929 1 981 1 987 2 092 2 188 2 254 2 144 Corporate 6 523 7 158 10 542 11 194 12 285 13 537 10 474 10 212 9 795 Corporate specialised lending 1 691 2 182 2 542 2 872 3 060 3 623 4 089 4 357 4 647 Institutions 163 138 137 164 179 183 218 228 323 Total Swedbank FCG 1) 12 783 14 197 18 010 18 823 20 042 22 029 19 602 19 571 19 122 Expected loss, non defaults Retail 1 410 1 449 1 457 1 474 1 380 1 452 1 504 1 617 1 487 of which Retail mortgage 686 697 691 689 593 615 631 666 667 of which Retail other 724 753 766 784 787 837 873 951 820 Corporate 2 325 2 492 2 642 2 847 2 942 3 158 3 313 3 484 3 551 Corporate specialised lending 202 218 203 216 226 247 278 315 351 Institutions 34 37 34 33 45 33 35 40 127 Total Swedbank FCG 1) 3 971 4 197 4 336 4 570 4 592 4 891 5 130 5 455 5 516 Expected loss, defaults Retail 2 996 3 271 3 332 3 120 3 138 3 234 3 317 3 157 2 870 of which Retail mortgage 1 947 2 114 2 170 1 924 1 939 1 979 2 003 1 854 1 546 of which Retail other 1 049 1 157 1 162 1 196 1 200 1 255 1 314 1 304 1 324 Corporate 4 198 4 665 7 900 8 346 9 342 10 379 7 161 6 728 6 244 Corporate specialised lending 1 489 1 964 2 339 2 656 2 834 3 376 3 811 4 043 4 296 Institutions 129 100 103 131 134 150 183 187 196 Total Swedbank FCG 1) 8 812 10 000 13 674 14 253 15 449 17 138 14 472 14 116 13 606 Defaults Retail 8 545 9 262 9 329 9 093 9 240 9 599 9 818 9 166 8 306 of which Retail mortgage 6 639 7 112 7 165 6 875 6 994 7 141 7 230 6 550 5 632 of which Retail other 1 906 2 150 2 163 2 218 2 247 2 458 2 588 2 616 2 674 Corporate 9 440 10 464 12 442 12 269 14 083 15 140 16 017 15 059 13 983 Corporate specialised lending 2 977 3 927 4 677 5 313 5 668 6 752 7 622 8 086 8 592 Institutions 288 223 225 291 299 333 406 416 436 Total Swedbank FCG 1) 21 250 23 877 26 673 26 965 29 291 31 824 33 863 32 727 31 316 1) Only exposures calculated by IRB approach. FCG=Financial companies group 53
33B 3B Capital adequacy Capital adequacy according to Basel 2 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 Shareholders' equity according to the Group balance sheet 97 993 97 208 95 923 95 536 94 897 Non-controlling interests 140 138 135 142 138 Anticipated dividend -5 825-5 389-3 652-1 925-2 995 Deconsolidation of insurance companies -1 980-1 908-1 579-1 307-1 395 Associated companies consolidated according to purchase method 1 742 1 678 1 500 1 356 1 332 Unrealised value changes in financial liabilities due to changes in own creditworthiness -23-15 -2-9 -10 Cash flow hedges -268 13 116 162 44 Goodwill -11 085-13 367-13 375-13 005-12 966 Deferred tax assets -843-908 -1 016-1 097-1 213 Intangible assets -1 767-1 795-1 788-1 888-1 794 Net provisions for reported IRB credit exposures -748-551 -754-600 -534 Shares deducted from Tier 1 capital -34-41 -45-36 -34 Total core Tier 1 capital 77 302 75 063 75 463 77 329 75 470 Core Tier 1 capital ratio, % 15.7 15.1 14.8 14.9 13.9 Tier 1 capital contributions, of which 7 553 7 562 6 776 6 642 6 915 a) Tier 1 instruments that must be converted during emergency situations 0 0 0 0 0 b) Undated Tier 1 instruments without incentives to redeem 535 535 536 536 535 c) Fixed term Tier 1 or undated Tier 1 instruments with incentives to redeem 7 018 7 027 6 240 6 106 6 380 Total Tier 1 capital 84 855 82 625 82 239 83 971 82 385 Tier 1 capital ratio, % 17.2 16.6 16.1 16.2 15.2 Undated subordinated loans 1 616 1 634 1 481 2 250 2 458 Fixed-term subordinated loans 10 389 11 959 12 846 14 507 18 313 Deduction remaining duration 0 0 0 0 0 Net provisions for reported IRB credit exposures -748-551 -754-600 -534 Shares deducted from Tier 2 capital -34-41 -45-36 -34 Total Tier 2 capital 11 223 13 001 13 528 16 121 20 203 Less shares in insurance companies -2 905-2 909-2 907-2 901-2 901 Total capital base 93 173 92 717 92 860 97 191 99 687 Total capital adequacy ratio, % 18.9 18.7 18.2 18.7 18.4 Capital quotient 2.37 2.33 2.28 2.34 2.30 RWA Credit risks 415 957 423 350 433 433 444 012 455 013 RWA Market risks 21 880 19 217 21 381 20 571 29 251 RWA Operational risks 54 487 54 487 54 487 54 487 57 063 RWA Settlement risks 13 13 25 0 0 Total RWA, Basel 2 492 337 497 067 509 326 519 070 541 327 Capital ratios according to Basel 2 transition rules 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 Total RWA, Basel 2 492 337 497 067 509 326 519 070 541 327 RWA Supplement during transition period 264 425 263 388 235 535 228 055 209 113 Total RWA, Basel 2 transition rules 756 762 760 455 744 861 747 125 750 440 Core Tier 1 capital ratio, % 10.2 9.9 10.1 10.4 10.1 Tier 1 capital ratio, % 11.2 10.9 11.0 11.2 11.0 Total capital adequacy ratio, % 12.3 12.2 12.5 13.0 13.3 Capital quotient 1.54 1.52 1.56 1.63 1.66 Capital ratios according to Basel 3 rules 1) 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 Total RWA 515 137 Total core Tier 1 capital 75 595 Core Tier 1 capital ratio, % 14.7 1) Estimates based on Swedbank's current understanding of future regulations 54
Outstanding subordinated debt Swedbank AB (parent company) ISIN Value date Maturity date Coupon Call date Coupon after step-up Currency Nominal amount, local currency, m Carrying Rating amount, SEKm Moody's S&P Lower Tier 2 XS0300645180 18-May-07 18-May-17 3mth USD Libor+0.18% 2012-05-18 3mth USD Libor + 1.68% USD 310 1 888 A3 XS0322614420 27-Sep-07 27-Sep-17 5.57% 2012-09-27 3mth EURIBOR + 2.6% EUR 358 3 410 A3 SE0002268417 14-Dec-07 14-Dec-17 5.9% 2012-12-14 3mth Stibor + 2.8% SEK 725 742 SE0002288381 21-Dec-07 21-Dec-17 3mth Stibor+1.30% 2012-12-21 3mth Stibor + 2.8% SEK 349 349 NO0010404643 21-Dec-07 21-Dec-17 5.36% 2012-12-21 3mth NIBOR + 2.77% NOK 156 182 XS0372124403 26-Jun-08 26-Jun-18 7.38% 2013-06-26 3mth EURIBOR + 3.8% EUR 400 3 977 A3 A- SE0000122111 26-Apr-89 26-Apr-19 11.00% n.a. Non-innovative SEK 111 142 Total Lower Tier 2 10 691 Upper Tier 2 W94253AD8 19-Mar-97 Perpetual 8.01% 2012-03-19 3mth USD Libor + 2.35% USD 50 349 Baa3 XS0080222838 11-Sep-97 Perpetual 7.50% 2012-09-11 3mth USD Libor + 2.35% USD 95 687 Baa3 XS0085821733 27-Apr-98 Perpetual 5.00% 2028-04-28 6mth YEN Libor + 1.9% JPY 5 000 553 Baa3 Total Upper Tier 2 1 589 Hybrid Tier 1 SE0002408989 12-May-08 Perpetual 6mth Stibor+2.25% 2013-09-17 Non-innovative SEK 536 535 W9421AA1 30-Sep-05 Perpetual 4.00% 2015-09-17 6mth YEN Libor + 1.4% JPY 14 000 1 321 Ba2 BBB- XS0188779028 26-Mar-04 Perpetual 5.75% 2016-03-17 3mth LIBOR + 1.92% GBP 200 2 483 Ba2 BBB- XS0321184706 17-Sep-07 Perpetual 6.67% 2017-09-17 6mth Stibor + 300bp SEK 2 000 2 277 XS0363160127 12-May-08 Perpetual 8.28% 2018-09-17 6mth Stibor + 450bp SEK 873 936 Total Hybrid Tier 1 7 553 Total 19 833 55
Interest bearing securities and loans to credit institutions (>3 months maturities) 31 Dec 2011 Country SEKm Banks & other financial of which covered institutions bonds Government & municipalities Other nonfinancial companies Total Loans (net) to credit institions and balances with central banks with maturities over 3 months of which repos of which central banks Australia 1 1 Austria 11 11 221 Bangladesh 22 Belgium 875 11 886 6 Bulgaria 10 10 Chile 4 China 5 Croatia 13 13 88 Cyprus 5 5 Czech Republic 62 62 Denmark 155 48 30 185 49 Estonia 66 334 400 30 Finland 914 743 216 1 130 France 599 572 2 875 14 3 488 4 Germany 6 286 61 1 085 7 432 927 Ghana 15 Greece 14 14 Hungary 56 56 India 786 Indonesia 1 Italy 157 157 25 Kenya 46 Kuwait 10 Latvia 1 1 111 13 125 Lithuania 2 459 1 462 Luxembourg 3 502 3 502 Mexico 1 Netherlands 758 925 225 1 908 6 Norway 4 387 2 544 417 6 263 11 067 669 Poland 72 72 Portugal 25 25 Romania 38 38 Russian Federation 255 Saudi Arabia 4 Slovakia 89 89 Spain 10 10 3 Sweden 74 761 66 072 19 506 4 944 99 211 3 160 750 Tunisia 13 Turkey 710 United Kingdom 1 163 147 1 310 10 United States 6 630 12 6 642 10 Total 99 158 69 980 25 853 13 300 138 311 7 080 750 SEKm 120 000 100 000 80 000 60 000 40 000 20 000 0 Banks & other financial institutions Government & municipalities Other non-financial companies Sweden Other countries 56
Liquidity Reserve Liquidity Reserve, Group 1) According to the template defined by the Swedish Bankers' Association Total Currency distribution SEK EUR USD Other Cash and holdings in central banks 163 215 2 156 102 881 46 491 11 687 Deposits in other banks available overnight Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 27 880 7 036 18 092 2 752 Securities issued or guaranteed by municipalities or Public sector entities Covered bonds 54 132 51 832 2 300 - Issued by other institutions 54 132 51 832 2 300 - Own issued Securities issued by non-financial corporates Securities issued by financial corporates (excl. covered bonds) 1 715 699 1 016 Other Total 246 942 61 024 123 972 50 259 11 687 1) 96% of the securities in the liquidity reserve per Q4 2011 are rated AAA. Definition, Liquidity Reserve Assets included in the liquidity reserve should comply with the following: - assets shall be held by the Treasury function in a bank - assets can not be encumbered - market values are used for the assets - only unencumbered securities receiving 0-20% risk weight under the standardised approach to credit risk of the Basel II framework can be included - securities received in reverse repo transactions shall be included in the liquidity reserve and securities used as collateral for repo transactions shall be excluded Additional liquid assets Additional liquid assets, Group 2) Cash and holdings in central banks Deposits in other banks available overnight Securities issued or guaranteed by sovereigns, central banks or multilateral Total Currency distribution SEK EUR USD Other development banks 3 985 2 920 311 755 Securities issued or guaranteed by municipalities or Public sector entities 4 2 2 Covered bonds 45 989 41 323 1 572 3 094 - Issued by other institutions 33 950 29 715 1 158 3 078 - Own issued 12 039 11 608 415 16 Securities issued by non-financial corporates 1 947 119 1 822 7 Securities issued by financial corporates (excl. covered bonds) 10 156 4 297 3 230 1 331 1 299 Other Total 62 082 48 661 6 934 1 331 5 157 2) 80% of the additional assets fulfill the Liquidity Reserve definition by the Swedish Bankers Association except for that they are held outside the Treasury department. 57
Liquidity ratios Liquidity and funding ratios, % 31 Dec 2011 30 Sep 2011 Liquidity coverage ratio (LCR) 139 212 Net stable funding ratio (NSFR) 94 92 Liquidity position in relation to maturing wholesale funding during next 12 months liquidity reserve 98 91 liquidity reserve + additional liquid assets 123 109 Definitions Liquidity position in relation to maturing wholesale funding during next 12 months: Liquidity reserve according to definition by the Swedish Bankers' Association: - Additional liquid assets: Assets, pledgeable in central banks, held by the group outside of Group Treasury - Maturing wholesale funding during 12 months: All wholesale funding maturing within 12 months, including long-term debt, short-term debt and net of interbank funding. 58
33B 3B Debt securities in issue Group 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec SEKm 2011 2011 2011 2011 2010 % Commercial papers with government guarantee Other commercial papers 122 970 110 673 94 907 84 893 64 375 91 Covered bonds 525 892 536 394 488 046 476 548 410 369 28 Government guaranteed bonds 75 568 118 441 119 832 125 555 156 045-52 Other interest-bearing bonds 39 440 35 615 35 298 32 152 35 196 12 Structured retail bonds 17 588 18 107 19 120 19 470 20 532-14 Total debt securities in issue 781 458 819 230 757 203 738 618 686 517 14 Oct-Dec Jul-Sep Apr-Jun Jan-Mar Full year Turnover during the period 2011 2011 2011 2011 2010 Commercial papers with government guarantee Opening balance 60 689 Issued Repurchased Repaid -60 689 Change in market value Changes in exchange rates Closing balance Other commercial papers Opening balance 110 673 94 907 84 893 64 375 49 884 Issued 92 024 90 578 69 168 67 851 284 652 Repurchased -107 4 38 65 Repaid -79 844-74 946-59 233-46 232-268 179 Change in market value -60-205 158 14-1 519 Changes in exchange rates 284 335-117 -1 180-463 Closing balance 122 970 110 673 94 907 84 893 64 375 Covered bonds Opening balance 536 394 488 046 476 548 410 369 341 372 Issued 37 706 57 814 51 333 85 161 237 958 Repurchased -31 258-23 269-21 974-16 562-57 635 Repaid -7 592-1 247-24 637-1 207-103 351 Change in market value -9 358 15 050 6 776-1 213-7 975 Changes in exchange rates Closing balance 525 892 536 394 488 046 476 548 410 369 Government guaranteed bonds Opening balance 118 441 119 832 125 555 156 045 181 587 Issued Repurchased -7 512-4 870-880 Repaid -34 448-637 -7 159-25 082-14 035 Change in market value 423 467 168-1 159 342 Changes in exchange rates -1 336 3 649 1 268-3 369-11 849 Closing balance 75 568 118 441 119 832 125 555 156 045 Other interest-bearing bonds Opening balance 35 615 35 298 32 152 35 196 32 721 Issued 6 209 1 444 6 182 4 134 23 524 Repurchased -1 249-243 -2 294-679 -33 Repaid -789-1 127-1 247-6 071-18 128 Change in market value 262-98 34-158 264 Changes in exchange rates -608 341 471-270 -3 152 Closing balance 39 440 35 615 35 298 32 152 35 196 Structured retail bonds Opening balance 18 107 19 120 19 470 20 532 37 004 Issued 321 488 1 717 1 346 3 768 Repurchased -4 901 Repaid -2 993-1 116-1 682-1 586-16 552 Change in market value 2 155-385 -386-822 1 217 Changes in exchange rates -2 1-4 Closing balance 17 588 18 107 19 120 19 470 20 532 59
Maturity profile, long-term funding Nominal amount, SEKm Domestic covered bonds 1) International Senior covered bonds unsecured bonds Government guaranteed bonds Structured retail bonds 1) Total Q1 2012 408 4 140 28 055 1 720 34 323 Q2 2012 20 713 3 908 9 195 1 448 35 264 Q3 2012 465 4 333 2 575 1 163 8 536 Q4 2012 2 382 2 935 2 897 8 214 Q1 2013 12 164 14 436 10 303 1 194 38 097 Q2 2013 61 373 4 445 2 095 756 68 669 Q3 2013 1 191 1 810 552 3 553 Q4 2013 1 620 2 663 1 860 1 098 963 8 204 Q1 2014 1 100 17 097 1 035 19 232 Q2 2014 70 263 17 068 876 25 266 1 525 114 998 Q3 2014 15 149 1 537 928 17 614 Q4 2014 2 200 4 046 3 248 1 664 11 158 Q1 2015 50 963 1 632 956 983 54 534 Q2 2015 12 591 2 345 447 15 383 Q3 2015 32 489 14 330 100 149 47 068 Q4 2015 900 1 108 610 2 618 Q1 2016 700 17 863 594 19 157 Q2 2016 30 142 178 137 541 30 998 Q3 2016 9 846 436 10 282 Q4 2016 1 560 11 341 1 009 430 14 340 2017-42 674 40 057 45 149 82 925 Total 317 162 193 800 40 104 73 917 20 184 645 167 1) Including intra-group holdings. FX distribution Nominal amount, SEKm SEK EUR USD CHF Other Total Q1 2012 6 850 13 720 12 364 1 390 34 323 Q2 2012 26 346 1 960 6 869 89 35 264 Q3 2012 6 673 1 604 260 8 536 Q4 2012 5 032 2 495 687 0 8 214 Q1 2013 4 734 21 319 10 304 1 281 459 38 097 Q2 2013 65 479 267 2 745 178 68 669 Q3 2013 2 352 891 310 3 553 Q4 2013 5 233 223 2 196 551 8 204 Q1 2014 2 135 9 087 6 869 1 098 42 19 232 Q2 2014 88 963 24 500 137 732 667 114 998 Q3 2014 1 623 13 631 69 1 281 1 010 17 614 Q4 2014 6 889 891 158 805 2 414 11 158 Q1 2015 52 521 980 1 033 54 534 Q2 2015 2 947 10 240 2 196 0 15 383 Q3 2015 32 738 14 076 76 178 47 068 Q4 2015 2 245 178 195 2 618 Q1 2016 1 294 9 488 6 869 1 506 19 157 Q2 2016 30 683 178 137 0 30 998 Q3 2016 436 6 917 2 562 367 10 282 Q4 2016 1 990 11 341 1 009 14 340 2017-44 693 30 105 0 4 466 3 661 82 925 Total 391 855 167 172 51 456 19 364 15 320 645 167 60
Outstanding benchmark bonds SEK benchmark covered bonds (tap issuance) ISIN code Loan Coupon Maturity date Outstanding amount Outstanding, nominal amount, SEKm 1) number % 31 Dec 2011 30 Sept 2011 30 Jun 2011 31 Mar 2011 31 Dec 2010 SE0001956194 SPI 176 4.25 2012-06-20 20 713 39 822 51 872 64 372 60 372 SE0002373696 SPI 177 4.75 2013-06-19 61 373 61 873 62 373 62 273 52 543 SE0000426371 SPI 166 6.75 2014-05-05 70 257 68 257 63 007 44 577 42 077 SE0003041045 SPI 182 3.75 2015-03-18 50 963 50 713 47 513 47 513 46 163 SE0003585785 SPI 183 3.75 2015-09-16 32 489 30 239 29 239 24 179 14 229 SE0003585793 SPI 184 3.75 2016-06-15 30 059 22 009 15 159 6 359 609 SE0003585801 SPI 185 3.75 2017-03-15 33 163 21 813 9 063 5 513 3 500 SE0002576561 SPI 180 5.70 2020-05-12 9 511 8 231 8 000 5 102 4 066 1) Including intra-group holdings. Non-SEK benchmark covered bonds ISIN code Coupon Value date Maturity date Issuance Spread Issued amount Issued, nominal amount, EURm % EURm XS0479630013 2.50 2010-01-21 2013-01-21 MS + 39 bps 1 000 XS0554369081 2.00 2010-11-02 2014-01-31 MS + 26 bps 1 000 XS0432619087 4.125 2009-06-09 2014-06-09 MS + 130 bps 1 250 XS0603232165 2.75 2011-03-10 2014-09-10 MS + 30 bps 1 500 XS0517421920 2.50 2010-06-15 2015-06-15 MS + 52 bps 1 100 XS0673599097 2.25 2011-09-07 2015-09-07 MS + 46 bps 1 500 XS0581062675 3.00 2011-01-21 2016-01-21 MS + 44 bps 1 000 XS0455687920 3.625 2009-10-05 2016-10-05 MS + 58 bps 1 250 XS0496542787 3.375 2010-03-22 2017-03-22 MS + 57 bps 1 000 ISIN code Coupon Value date Maturity date Issuance Spread Issued amount Issued, nominal amount, USDm % USDm XS0609425011 (US87020LAB27) 3mUSDLibor+0.45 2011-03-28 2014-03-28 3mUSDLibor + 45 bps 1 000 XS0609192678 (US87020LAA44) 2.95 2011-03-28 2016-03-28 MS + 71 bps 1 000 XS0670236842 (US87020LAC00) 2.125 2011-08-31 2016-08-31 MS + 82 bps 1 000 ISIN code Coupon Value date Maturity date Issuance Spread Issued amount Issued, nominal amount, CHFm % CHFm CH0123031269 3mCHFLibor+0.22 2011-02-08 2013-02-08 3mCHFLibor + 22 bps 175 CH110741102 1.260 2010-04-22 2013-04-22 MS + 14 bps 375 CH0117529856 3mCHFLibor+0.30 2010-10-05 2013-10-04 3mCHFLibor + 30 bps 150 CH0124339422 1.125 2011-02-08 2014-02-28 MS + 20 bps 150 CH0128250492 3mCHFLibor+0.27 2011-05-16 2014-05-16 3mCHFLibor + 27 bps 100 CH0132525293 3mCHFLibor+0.32 2011-07-15 2014-07-15 3mCHFLibor + 32 bps 175 CH0110878490 1.635 2010-03-29 2015-05-29 MS + 20 bps 300 CH0109730207 2.135 2010-02-26 2016-08-26 MS + 16 bps 350 CH0118532776 1.625 2010-12-08 2017-12-08 MS + 18 bps 260 CH0123069038 2.125 2011-02-08 2021-02-08 MS + 15 bps 100 CH0131220631 2.250 2011-06-21 2021-06-21 MS + 15 bps 100 CH0129918071 2.500 2011-06-03 2022-06-03 MS + 16 bps 150 Benchmark senior unsecured bonds ISIN code Coupon Value date Maturity date Issuance Spread Outstanding Issued, nominal amount, EURm % amount XS0491438429 3.125 2010-03-04 2013-03-04 MS + 133 bps 1 148 61
Outstanding short-term funding Programme Outstanding volumes Outstanding, nominal SEKm Limit 31 Dec 2011 30 Sept 2011 30 Jun 2011 31 Mar 2011 31 Dec 2010 Swedbank AB Domestic CP SEK 80bn 451 1 075 1 775 1 850 2 175 European CP/CD EUR 6bn 42 660 34 673 18 260 21 696 14 962 USCP USD 15bn 46 952 55 693 54 763 37 136 37 477 Yankee CD USD 10bn 30 391 23 504 17 002 26 453 11 532 French CD EUR 4bn 2 441 Finnish CD EUR 4bn 624 785 Swedbank Mortgage AB Domestic CP SEK 50bn 2 910 2 321 775 1 350 1 533 Total, Group 126 429 118 051 92 575 88 485 67 679 62
Cover pool data Cover pool 1) 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 2011 2011 2011 2011 2010 Total assets in the cover pool, SEKbn 2) 669.8 660.9 652.6 642.9 637.6 Number of borrowers 1 146 976 1 148 388 1 145 690 1 147 391 1 148 460 Number of properties 750 742 750 429 748 235 748 513 748 277 Average loan size, SEK 426 544 425 807 423 406 418 774 417 013 Number of loans outstanding 1 570 199 1 565 019 1 542 161 1 535 061 1 528 948 Over-collateralisation level 28.7% 24.5% 29.0% 27.0% 41.6% Average seasoning 60 months 59 months 58 months 57 months 57 months Type of loans in the pool Residentials 90.9% 91.2% 91.1% 90.9% 90.9% of which Single-family housing 61.7% 62.2% 61.8% 62.1% 62.0% of which Tenant owner rights 15.9% 15.8% 15.9% 15.9% 15.8% of which Tenant owner associations 9.4% 9.3% 9.5% 9.0% 9.2% of which Multi-family housing 3.9% 3.9% 3.9% 3.9% 3.9% Public 3) 1.8% 1.8% 1.9% 2.1% 2.2% Commercial 0.1% 0.1% 0.1% 0.1% 0.1% Forestry & Agriculture 7.2% 6.9% 6.9% 6.9% 6.8% Supplemental assets 0.0% 0.0% 0.0% 0.0% 0.0% Loan-to-value (LTV) Weighted Average LTV (property level) 57% 57% 57% 56% 56% Single-family housing 58% 57% 57% 57% 57% Tenant owner rights 63% 64% 63% 64% 63% Tenant owner associations 49% 49% 49% 49% 49% Multi-family housing 58% 58% 58% 58% 59% Commercial 47% 46% 47% 47% 44% Forestry & Agriculture 48% 48% 47% 46% 45% Public 3) n.a. n.a. n.a. n.a. n.a. Weighted Average LTV distribution (property level) 3), 4) LTV % 00-10 20.4% 20.5% 20.6% 20.7% 20.8% 10-20 18.9% 19.0% 19.0% 19.1% 19.2% 20-30 16.8% 16.8% 16.9% 16.9% 17.0% 30-40 14.4% 14.4% 14.4% 14.4% 14.4% 40-50 12.0% 12.0% 11.9% 11.9% 11.9% 50-60 9.5% 9.5% 9.4% 9.4% 9.3% 60-70 6.4% 6.4% 6.3% 6.2% 6.1% 70-75 1.6% 1.4% 1.4% 1.4% 1.3% 100.0% 100.0% 100.0% 100.0% 100.0% LTV calculation The calculation of the weighted average loan-to-value (WA LTV) for Swedbank's cover pool follows the method defined by the Association of Swedish Covered Bond Issuers (ASCB). In Sweden, one property can be financed with more than one mortgage. The ASCB LTV definition accounts for the highest LTV among all issued mortgages against a specific property. Public loans are not backed by property collateral, but rather government guarantees, and are hence not part of the LTV calculations. The presentation of the LTV distribution accounts for the total volume of mortgages within each LTV bracket. E.g. a loan with a LTV of 50% is sliced and accounted for in equal parts, in all LTV brackets up to 50%. For more detailed description of the ASCB LTV definition, please visit www.ascb.se. When calculating eligible loan amounts in the cover pool, the value component of the LTV is adjusted upwards only when a price increase can be statistically verified and only limited to certain single family properties. Statistically verified property price declines are however always taken into account, on all property types, when calculating eligible loan amounts in the cover pool. 1) Type of pool: Dynamic. 2) Loans originated by Swedbank and the independent savings banks under a specific cooperation agreement. 3) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them. 4) As defined by the Association of Swedish Covered Bond Issuers (www.ascb.se). 63
Cover pool data, cont. Geographical distribution - Sweden 100% 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 2011 2011 2011 2011 2010 North 6.8% 6.8% 6.8% 6.8% 6.8% Norrbotten county (BD) 1.6% 1.6% 1.6% 1.6% 1.6% Västerbotten county (AC) 2.4% 2.4% 2.4% 2.5% 2.4% Västernorrland county (Y) 1.6% 1.6% 1.6% 1.5% 1.5% Jämtland county (Z) 1.2% 1.2% 1.2% 1.2% 1.2% Middle (including Stockholm) 44.7% 44.9% 45.1% 45.2% 45.4% Dalarna county (W) 2.4% 2.4% 2.4% 2.4% 2.4% Gävleborg county (X) 2.3% 2.3% 2.3% 2.3% 2.3% Värmland county (S) 2.3% 2.3% 2.3% 2.3% 2.3% Örebro county (T) 2.6% 2.6% 2.6% 2.6% 2.6% Västmanland county (U) 2.7% 2.7% 2.8% 2.8% 2.9% Uppsala county ( C) 4.1% 4.1% 4.1% 4.1% 4.1% Södermanland county (D) 2.7% 2.7% 2.7% 2.7% 2.7% Stockholm county (including Stockholm) (AB) 25.6% 25.7% 26.0% 25.9% 26.0% South (including Göteborg and Malmö) 48.5% 48.4% 48.1% 48.0% 47.9% Västra götaland county (Including Göteborg) (O) 16.9% 16.8% 16.7% 16.6% 16.6% Östergötland county (E) 4.1% 4.1% 4.0% 4.1% 4.0% Jönköping county (F) 3.7% 3.7% 3.7% 3.7% 3.7% Halland county (N) 3.5% 3.5% 3.4% 3.4% 3.4% Kronoberg county (G) 2.3% 2.3% 2.3% 2.3% 2.3% Kalmar county (H) 3.3% 3.3% 3.3% 3.3% 3.3% Skåne county (including Malmö) (M) 12.4% 12.4% 12.4% 12.4% 12.3% Blekinge county (K) 1.8% 1.8% 1.7% 1.7% 1.7% Gotland county (I) 0.6% 0.6% 0.6% 0.6% 0.6% 100.0% 100.0% 100.0% 100.0% 100.0% Interest rate fixing, floating/ fixed, current 1) Floating, reset in < 365 days 60% 62% 64% 64% 65% Fixed, reset period 1-2Y 17% 16% 16% 15% 14% Fixed, reset period 2-5Y 20% 19% 18% 18% 18% Fixed, reset period > 5Y 3% 3% 3% 3% 3% Repayment structure, on property level Amortising 46% 46% 47% 47% 48% Interest only 54% 54% 53% 53% 52% Seasoning structure 2011 2010 2009 2008 2007 2006 2005 <2005 Year of loan origination 14% 14% 13% 10% 11% 8% 8% 22% Collateral ranking 2) as % of total cover pool LTV distribution Total 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-75% No prior ranks 96% 20.0% 18.1% 16.0% 13.7% 11.4% 9.1% 6.2% 1.6% Prior ranks 4% 0.4% 0.8% 0.8% 0.7% 0.6% 0.4% 0.2% 0.0% Total 100% 20.4% 18.9% 16.8% 14.4% 12.0% 9.5% 6.4% 1.6% Loans past due < 60 days Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 as % of the total cover pool 3) 2011 2011 2011 2011 2010 2010 2010 2010 2009 Total 0-60 days 0.13% 0.12% 0.14% 0.13% 0.11% 0.09% 0.14% 0.13% 0.12% of which 0-30 days 0.09% 0.09% 0.10% 0.13% 0.09% 0.08% 0.13% 0.13% 0.11% of which 31-60 days 0.04% 0.03% 0.03% 0.00% 0.02% 0.01% 0.01% 0.00% 0.01% 1) Distribution by refixing period as percentage of total cover pool. 2) No prior ranks indicates that the loan will be repaid out of the collateral proceeds in the event of a forced sale, prior to any other claim secured by a contractual pledge over the same collateral being repaid. Prior ranks indicates that there are other claims secured by a contractual pledge over the same collateral which will be repaid prior to the loan. Please note that under Swedish law there are restrictions regarding expansion of prior ranks at the expense of claims with subsequent ranks. 3) Loans past due > 60 days are not eligible for the cover pool. 64