Facts 27 April 21
27 April 21 Contents page General information 2 Geographic reach 2 Macro economic indicators 3-4 Business volumes 5 Business volumes 5 Lending 6-7 Savings and investments 8 Other products 9 Market shares 1 Income statement and key figures 11 Income statement, 5-year summary 11 Key figures and Balance sheet data, 5-year summary 12 Income statement 9-quarter summary 13 Non-recurring items 9-quarter 14 Key figures 9-quarter 15 Income analysis 16 Net interest income analysis 17-18 Margin analysis 19 Expense analysis 2 Employees 21 Customer satisfaction index 22 FX-positions, Exchange rates and Impact from exchange rate fluctuations 23 Impact from exchange rate fluctuations 24 Currency distribution 25 Business areas 26 Profit before impairments and non-recurring items by business area 27-28 Retail 29 Swedbank Insurance 3 Large Corporates & Institutions 31 Large Corporates 32 International branches 32 First Securities 33 Baltic 34 Baltic Operations 35 Estonia 36 Latvia 37 Lithuania 38 Other and Investment 39 Russia & Ukraine 4 Russian 41 Ukrainian Operations 42 Ukrainian Investment 43 Asset Management 44 Ektornet 45 Shared Services and Group Staffs, Eliminations 46 Asset quality 47 Balance sheet, Equity and Goodwill 47 Derivatives 48 Outstanding subordinated loans 49 Capital adequacy analysis 5 Sensitivity analysis and maturity distribution 51 Credit risks 52-53 Asset quality 54-56 Credit quality 57 Credit impairments 58 Impaired loans 59-6 Loans past due 61 Interest bearing securities 62 Organisation, Group Executive Committee and Rating 63 Shareholders and share data 64 Definitions 65 Contacts and financial calendar 66
Geographic reach Swedbank Group, distribution 1% 8% 6% 4% 2% % 8 6 1 12 26 56 66 Profit before impairments and nonrecurring items 82 Loans 43 Private customers 18 31 51 Branches Sweden Baltic Region International 1 Market position, home markets Mortgage lending, private; Sweden, Estonia and Latvia Bank lending, private; Estonia, Latvia and Lithuania Deposits, private; Sweden, Estonia, Latvia and Lithuania Bank lending, corporate; Estonia and Latvia Deposits, corporate; Estonia Leasing, corporate; Estonia and Latvia Mutual funds; Sweden Individual pension savings; Sweden Pension II reform; Estonia, Latvia and Lithuania Card clearance transactions; Sweden Real estate brokerage; Sweden Strong positions in Mortgage lending, private; Lithuania Bank lending, private; Sweden Bank lending, corporate; Lithuania and Sweden Deposits, corporate; Sweden, Latvia and Lithuania Leasing corporate; Sweden and Lithuania Unit-linked insurance; Sweden Index linked bonds; Sweden Sweden Population 9.2m Employees 8 413 Private customers 4.1m of which Internet customers 2,8m Corporate customers 282 of which internet customers 262 Organisations 113 Branches 377 ATMs 776 Cards 3.7m Estonia Population 1.3m Employees 2 562 Private customers 1.2m of which Internet customers.9m Corporate customers 1 Branches 67 ATMs 559 Cards 1.1m Lithuania Population 3.4m Employees 2 362 Private customers 3.2m of which Internet customers 1.2m Corporate customers 91 Branches 98 ATMs 448 Cards 1.7m Latvia Population 2.3m Employees 1 821 Private customers 1.m of which Internet customers.8m Corporate customers 61 Branches 59 ATMs 372 Cards.9m Home markets Sweden Estonia Latvia Lithuania Other markets Ukraine Russia - In Moscow, Kaliningrad, S:t Petersburg and a representative office in Krasnodar Denmark - 2 branches Finland - Branch Norway - Branch, investment banking through First Securities (51% owned), EnterCard (5% owned) USA - Merchant/investment banking and corporate banking in New York Luxemburg - Private China - Branch in Shanghai Japan - Representative office in Tokyo Spain - Representative office in Marbella 2
Macro economic indicators 12 1 8 6 4-2 2-4 -1-8 -6-12 -14-16 -18-2 GDP growth, % 25 26 27 28 29 21F 211F GDP growth Average inflation rate (consumer price growth) % 211F 21F 29 28 27 26 25 24 % 211F 21F 29 28 27 26 25 24 Sweden 2.4 2.1-4.9 -.2 2.7 4.1 3.3 4.1 Sweden 2.2 1.4 -.3 3.5 2.2 1.4.5.4 Estonia 4.5 1.5-14.1-3.6 7.2 1. 9.4 7.2 Estonia 1.8.5 -.1 1.4 6.7 4.4 4.1 3. Latvia 4. -2.5-18. -4.6 1. 12.2 1.6 8.7 Latvia. -3. 3.3 15.3 1.1 6.6 6.9 6.2 Lithuania 3. 2. -15. 2.8 9.8 7.8 7.8 7.4 Lithuania 1. 1. 4.5 1.9 5.8 3.8 2.7 1.2 Russia 4.5 4.3-7.9 5.9 8.1 7.6 6.3 7.2 Russia 8. 9. 11.7 14.1 9. 9.7 12.7 1.9 Ukraine 4.5 2.5-15. 2.1 7.9 7.3 2.7 12.1 Ukraine 8. 1. 15.9 25.2 12.8 9.1 13.5 9. Denmark 1.7 1.5-4.9 -.9 1.7 3.4 2.4 2.3 Denmark 1.8 1.8 1.1 3.6 1.7.9 2. 2.4 Finland 2. 1.7-7.8 1.2 4.9 4.4 2.9 4.1 Finland 1.9 1.5 1.6 3.9 1.6 1.3.8.1 Norway 2.2 2. -1.5 1.8 2.7 2.3 2.7 3.9 Norway 2.1 2.5 2.3 3.4.7 2.5 1.5.6 EU27 2. 1.4-4.2.7 2.9 3.2 2. 2.5 EU27 1.7 1.5 1. 3.7 2.4 2.3 2.3 2.3 Current account balance, % of GDP General Government Financial Balance, % of GDP 211F 21F 29 28 27 26 25 24 211F 21F 29 28 27 26 25 24 Sweden 6.5 6.2 7.2 9.6 8.3 7.3 7. 6.7 Sweden -1.7-1.9 -.8 2.5 3.8 2.4 2..8 Estonia 8. 8.5 7.4-8.4-15.8-15.3-9.4-1.6 Estonia -1. -1.4-1.7-2.7 2.6 2.9 1.5 1.6 Latvia 6.5 9. 9.4-13. -22.3-22.5-12.5-12.8 Latvia -6. -8.5-9. -4.1.1 -.2 -.4-1. Lithuania. 1.2 3.8-11.9-14.5-1.6-7.1-7.7 Lithuania -6. -8. -9.1-3.2-1.2 -.4 -.5-1.5 Russia 2. 3. 3.9 6.1 6. 9.5 11. 1.1 Russia -2. -3. -6. 4.1 5.4 7.4 7.5 4.2 Ukraine -1.5 -.5-1.6-7.2-4.2-1.5 2.9 1.6 Ukraine -3. -6. -9. -1.5-1.1 -.7-1.9-3. Denmark 1. 1.5 3.8 2.2.7 2.9 4.3 2.4 Denmark -4.5-5.5-3. 3.4 4.5 5.2 5.2 1.9 Finland 2.4 2. 3. 2.6 4. 4.9 3.9 6.5 Finland -2.2-3.2-2.5 4.5 5.2 4. 2.8 2.4 Norway 19.8 18.5 13.5 18.2 15.9 17.3 16.1 12.7 Norway 1.2 9.3 7.8 18.8 17.7 18.5 15.2 11.1 EU27-1.3-1.5-1.7-2. -.6 -.8 -.2 1.2 EU27-6.5-7.3-6.9-2.3 -.8-1.4-2.4-2.9 General government debt, % of GDP 211F 21F 29 28 27 26 25 24 GDP per capita (PPP) 29F, USD Inhabitants (millions) GDP (29F, USDbn) Sweden 42.8 42.8 42.3 38.3 4.9 45.9 51. 51.2 Sweden 37 333 9.2 478. Estonia 12.5 1. 7.2 4.6 3.4 4.2 4.5 5.1 Estonia 18 5 1.3 18. Latvia 66. 59. 36.1 19.5 9. 1.7 12.4 14.9 Latvia 14 34 2.3 24.2 Lithuania 42. 38. 29.5 15.6 17. 18. 18.4 19.4 Lithuania 15 83 3.4 35. Russia 8.3 8. 7.5 6.5 7.5 9.1 14.2 23.1 Russia 15 39 141.4 1 254.7 Ukraine 35. 36. 33. 19.9 12.5 14.8 17.7 24.7 Ukraine 6 46 45.8 115.7 Denmark 46. 4.8 38. 33.5 26.3 31.3 37.1 43.8 Denmark 36 724 5.5 38.3 Finland 46.8 45. 41.8 34.1 35.1 39.2 41.4 44.1 Finland 34 461 5.3 242.3 Norway 56.8 54.6 53.7 49.8 52.3 55.3 44.5 46.5 Norway 53 268 4.7 369. EU27 83.5 79.2 73. 61.5 58.7 61.3 62.7 62. Source: Swedbank Economic Research Department 3
Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Mar-6 Jun-6 Sep-6 Dec-6 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Mar-6 Jun-6 Sep-6 Dec-6 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Macro economic indicators % 6, 5,5 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1,,5, Interest rates: Sweden, Eurozone % 24 22 2 18 16 14 12 1 8 6 4 2 Interest rates: Baltics, Eurozone 1-year Swap (SWE) 9 days Euribor 9 days Stibor (SWE) Repo rate (SWE) 9 days Rigibor (Latvia) 9 days Talibor (Estonia) 9 days Euribor 9 days Vilibor (Lithuania) Turnover 7 6 5 4 3 2 1 General index and turnover, equities, Nordic Exchange Stockholm Index 45 4 35 3 25 2 15 1 Sthlm, turnover month OMX Stockholm PI (rs) Real estate price development, Sweden 1) SEK 3 25 3 2 75 2 5 2 25 2 1 75 1 5 1 25 1 75 5 25 23 24 25 26 27 28 29 Sweden Stockholm Gothenburg Malmö 1) Median price for a single family home Source: Swedbank's Boindex (real estate price index) 1 8 1 6 1 4 1 2 1 8 6 4 2 Real estate price development, Baltics 2) EUR/m2 26 27 28 29 Q1-1 Tallin Vilnius Riga 2) Average sales price per sqm for apartments Source: Land boards of respective country 4
BBBBB Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Business volumes Lending and deposits Assets under management SEKbn % SEKbn 1 4 4 1 4 1 2 1 8 6 4 2 35 3 25 2 15 1 5 1 2 1 8 6 4 2 Lending Deposits Loan/Deposit ratio Discretionary Unit-linked insurance Funds Lending Deposits SEKbn 1 SEKbn 1 8 8 6 6 4 4 2 2 Retail Large Corp. & Inst Estonian Latvian Lithuanian Ukrainian Russian Retail Large Corp. & Inst Estonian Latvian Lithuanian Ukrainian Russian Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 5
B1B1B1B1B1 Mar-7 Mar-7 Jun-7 Jun-7 Sep-7 Sep-7 Dec-7 Dec-7 Mar-8 Mar-8 Jun-8 Jun-8 Sep-8 Sep-8 Dec-8 Dec-8 Mar-9 Mar-9 Jun-9 Jun-9 Sep-9 Sep-9 Dec-9 Dec-9 Feb-1 Feb-1 Mar-7 Mar-7 Jun-7 Jun-7 Sep-7 Sep-7 Dec-7 Dec-7 Mar-8 Mar-8 Jun-8 Jun-8 Sep-8 Sep-8 Dec-8 Dec-8 Mar-9 Mar-9 Jun-9 Jun-9 Sep-9 Sep-9 Dec-9 Dec-9 Feb-1 Feb-1 Lending The Swedish lending market The Estonian lending market SEKbn 6 5 4 3 2 1 % 18 16 14 12 1 8 6 4 2-2 EURbn 3 25 2 15 1 5 % 1 8 6 4 2-2 Total lending Mortgage lending Total lending growth 12m Mortgage growth 12m The Latvian lending market EURbn % 3 1 Total lending Mortgage lending Total lending growth 12m Mortgage growth 12m The Lithuanian lending market EURbn % 3 1 25 8 25 8 2 6 2 6 15 4 15 4 1 2 1 2 5 5-2 -2 Total lending Mortgage lending Total lending Mortgage lending Total lending growth 12m Mortgage growth 12m Total lending growth 12m Mortgage growth 12m Lending by sector, Group Mar Ch. % Ch. % Dec Sep Jun Mar Dec Sep Jun Mar SEKbn 21 Q/Q Y/Y 29 29 29 29 28 28 28 28 Private customers 644 645 Private mortgage 594 593 Private other 5-4 52 Corporate customers 524-4 547 Agriculture, forestry, fishing 58 58 Manufacturing 34 34 Public sector and utilities 16 16 Construction 14 14 Retail 26-7 28 Transportation 15-6 16 Shipping 13 13 Hotels and restaurants 7-13 8 Information and communication 2 2 Finance and insurance 17 7 1 Property management 16-4 166 Housing cooperatives 69-3 71 Professional services 35-8 38 Other corporate lending 58-22 74 Lending 1 168-2 -7 1 192 1 212 1 241 1 254 1 251 1 218 1 169 1 131 Credit institutions, incl Swedish Nat'l Debt Office 126-5 12 132 95 18 113 92 6 78 95 Repurchase agreements (Repos) 73 24 28 59 86 5 57 73 95 147 149 of which to the public 25 25-11 2 22 21 28 14 3 2 36 of which to credit institutions 48 23 66 39 64 29 29 59 65 127 113 Loans 1 367-1 -4 1 383 1 393 1 399 1 424 1 416 1 373 1 394 1 375 6
B2B2B2B2B2 Lending 2) Lending, Swedbank Group 2) Lending, Swedbank Mortgage AB 2) 31 March 21 (31 December 29) 31 March 21 (31 December 29) SEK 1 168bn (1 192) SEK 676bn (672) Corporate excl. Real estate mgmt 25% (26) Private individuals, other 11% (11) Real estate mgmt 2% (2) Swedbank Mortgage, private individuals 44% (43) Single-family homes 6% (6) Business properties 1% (1) Multi-family housing 15% (16) Agriculture 6% (6) Municipal loans and guarantees 3% (3) Individual condominiums 15% (14) Lending, by country 2) Mar Ch. % Ch. % Dec Sep Jun Mar Dec Sep Jun Mar SEKbn 21 Q/Q Y/Y 29 29 29 29 28 28 28 28 Bank loans - private 41-2 -5 42 42 43 43 44 46 46 44 Bank loans - corporate 26-4 -16 214 227 233 245 247 28 272 258 Mortgage loans - private 515 1 6 51 54 496 484 472 451 442 436 Mortgage loans - corporate 161-1 2 162 163 162 158 151 13 131 133 Leasing - private 3-25 3 3 3 4 5 4 4 4 Leasing and Factoring - corporate 26-7 -4 28 28 28 27 29 27 27 26 Sweden 952-1 -1 959 967 965 961 948 938 922 91 Bank loans - private 3 4-13 3 3 3 3 4 3 3 3 Bank loans - corporate 29-6 31 32 34 35 35 33 31 3 Mortgage loans - private 28-1 -4 3 3 33 33 33 3 29 27 Leasing and Factoring 8-5 -26 9 1 11 12 13 13 12 12 Other -1 123-4 69-1 -1-1 1 1 1 1 Estonia 67-2 -11 72 74 8 83 86 8 76 73 Bank loans - private 2-7 -27 2 2 2 3 3 2 2 2 Bank loans - corporate 25-2 -9 27 27 3 31 32 29 26 24 Mortgage loans - private 2-1 -5 21 22 24 24 24 21 21 2 Leasing and Factoring 6-16 -37 7 8 9 1 11 11 1 1 Other -6 15 18-6 -6-4 -3 1 1 1 Latvia 47-6 -2 51 53 61 65 7 64 6 57 Bank loans - private 2-5 -19 3 3 3 3 4 3 3 3 Bank loans - corporate 17-4 -15 19 2 22 22 22 2 19 18 Mortgage loans - private 17-1 -3 18 18 2 2 2 18 17 16 Leasing and Factoring 9-1 -32 11 12 14 15 17 16 16 15 Other -5 7 237-5 -3-3 -1-1 -1-1 Lithuania 4-5 -22 46 5 56 59 62 56 54 52 Bank loans - private 9 Bank loans - corporate 9-8 -26 9 1 11 12 12 1 9 9 Mortgage loans - private 1-5 -19 1 1 1 1 1 1 Leasing and Factoring 1-8 -33 1 1 1 1 1 1 1 1 Other -1 7-1 -1 Russia 1-9 -3 1 11 13 14 14 12 1 1 Bank loans - private 4-4 -14 4 4 4 5 5 5 4 3 Bank loans - corporate 9-3 -14 9 9 1 11 12 11 1 7 Mortgage loans - private 2-3 -9 2 2 3 3 3 3 2 1 Leasing and Factoring -4-12 Other -6 3-6 -6-4 -2-1 -1-1 Ukraine 9-8 -47 9 9 13 17 19 18 15 11 Bank loans - private 6-14 -45 7 8 1 11 11 11 1 1 Bank loans - corporate 37-3 -16 38 4 43 44 41 39 22 17 Other 1) 43-4 -22 45 48 53 55 52 5 32 27 Lending 2) 1 168-2 -7 1 192 1 212 1 241 1 254 1 251 1 218 1 169 1 131 The percentage change is calculated in local currency. 1) Mainly Norway, Denmark, Finland, Luxemburg and USA 2) Lending to the public excluding Swedish Nat'l Debt Office and repurchase agreements 7
B3B3B3B3B3 Market shares, fund assets, Sweden 31 December 29 (31 December 28) Others 29.1% (24.8) Länsförsäkringar 4.2% (4.3) SHB 9.% (12.) Nordea 13.5% (12.3) Swedbank Robur 26.9% (27.) SEB 17.3% (19.6) Deposits from the public Mar Ch. % Ch. % Dec Sep Jun Mar Dec Sep Jun Mar Balance, SEKbn 21 Q/Q Y/Y 29 29 29 29 28 28 28 28 Sweden - private 226 2 4 222 22 219 217 215 218 222 212 Sweden - corporate 158 21 158 143 13 131 142 121 127 127 Estonia - private 2 4 5 21 2 21 22 22 21 21 19 Estonia - corporate 26 9 27 25 27 27 27 27 27 27 Latvia - private 11-6 11 11 12 12 13 13 13 13 Latvia - corporate 9 1-2 1 9 11 11 11 1 1 1 Lithuania - private 23-1 24 22 25 25 25 24 24 23 Lithuania - corporate 11 14 27 1 1 1 1 9 11 1 1 Russia - private 1 6 1 1 1 Russia - corporate 3 6 3 1 1 1 2 1 1 Ukraine - private 2-4 11 2 2 2 2 2 2 2 2 Ukraine - corporate 1-35 -72 1 1 1 3 3 3 3 3 Luxemburg - private 2-21 -3 3 2 2 2 3 3 3 3 International branches - private International branches - corporate 3-25 5 4 4 2 2 3 3 3 3 Deposits from the public, excl repos 496 7 497 471 464 465 477 457 466 452 of which Sweden - current accounts 154-3 17 158 139 138 132 139 129 138 139 Sweden - savings accounts 21 4 8 194 187 184 186 184 183 18 17 Estonia - current accounts 24 1 1 23 22 25 24 24 27 28 28 Estonia - savings accounts 22-7 2 25 23 23 25 25 21 2 18 Latvia - current accounts 11 6 6 11 11 13 12 13 13 13 14 Latvia - savings accounts 9-6 -14 1 9 1 11 11 1 1 9 Lithuania - current accounts 16-1 17 16 17 18 18 21 2 2 Lithuania - savings accounts 18 6 15 18 16 18 17 16 14 14 13 Russia - current accounts -11-38 1 1 1 1 1 Russia - time deposits 3 1 3 1 1 1 1 1 1 Ukraine - current accounts 2-18 -46 2 2 2 4 4 4 4 4 Ukraine - time deposits 1-1 -16 1 1 1 1 1 1 1 1 Luxemburg - time deposits 2-21 -3 3 2 2 2 2 3 3 3 Credit institutions, incl Swedish Nat'l Debt Office 228 7-35 213 276 299 352 318 22 12 148 Repurchase agreements (Repos) 47 8 26 33 11 14 3 56 46 61 Deposits from the public and credit institutions 771 5-7 736 78 774 831 825 715 632 661 Funds assets under management Mar Ch. % Ch. % Dec Sep Jun Mar Dec Sep Jun Mar Balance, SEKbn 21 Q/Q Y/Y 29 29 29 29 28 28 28 28 Sweden 448 4 34 431 43 374 334 326 351 374 385 Estonia 9 1 11 9 8 8 8 9 1 11 11 Latvia 4 9 35 4 4 4 4 3 3 3 2 Lithuania 6 6 29 6 6 6 5 5 4 4 4 Luxemburg 1 1 2 2 1 1 1 2 2 Eliminations -1-1 -1-1 -1-1 -1-1 -1 Funds assets under management 468 4 33 45 422 393 351 343 368 393 43 Net inflow of fund management, SEKbn 2-9 21 12 9 2 8-1 -1-6 Other investments, Sweden Mar Ch. % Ch. % Dec Sep Jun Mar Dec Sep Jun Mar Balance, SEKbn 21 Q/Q Y/Y 29 29 29 29 28 28 28 28 Retail bonds and other bonds 29-7 -13 31 32 32 33 33 35 36 34 Discretionary asset management 231 4-3 222 222 224 239 219 22 22 224 Unit-linked insurance 88 1 66 8 74 66 53 52 58 63 62 Eliminations -77 7 52-72 -68-61 -51-5 -56-61 -6 Total savings and investments 1 59 4 4 1 447 1 462 1 428 1 456 1 422 1 34 1 283 1 324 of which Sweden 1 271 4 6 1 222 1 221 1 194 1 198 1 145 998 1 42 1 51 Estonia, Latvia and Lithuania 119 2 7 122 115 124 124 124 123 123 119 Russia and Ukraine 7 2 6 7 5 5 6 7 6 6 5 The percentage change is calculated in local currency. Savings and Investments Savings and investments, Swedbank Group 31 March 21 SEKbn 7 6 5 4 3 2 1 8 699 Asset mgmt 496 Deposits from the public, excl repos 29 Retail bonds and other bonds
B4B4B4B4B4 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Other products Products per private customer, Products per corporate customer, Sweden Average number of Sweden Average number of Number of customers, thousand 1 2 1 8 products/customer Number of products/customer Q4 8-4.5 customers, Q4 8-7.29 Q1 9-4.53 thousand Q1 9-7.32 Q2 9-4.54 3 Q2 9-7.33 Q3 9-4.55 Q3 9-7.34 Q4 9-4.86 25 Q4 9-7.82 Q1 1-4.88 Q1 1-7.77 2 6 15 4 1 2 5 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 >15 Q4,29 Q1,21 Number of products 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 >15 Q4,29 Q1,21 Number products Internet bank Including savings banks and partly owned banks Number of customers, thousand 3 25 3 2 75 2 5 2 25 2 1 75 1 5 1 25 1 75 5 25 Number of payments, million 7 6 5 4 3 2 1 Cards Number of cards, purchases and aquiring Including savings banks and partly owned banks Number of cards, thousand 4 3 5 3 2 5 2 1 5 1 5 Quarterly transactions, million 35 3 25 2 15 1 5 Number of Internet customers in Sweden Number of Internet customers in Baltic Region Payments in Sweden and Baltic Region Sweden Baltic Region Ukraine Purchases in Sweden, Baltic Region and Ukraine, million Acquiring in Sweden, Baltic Region and Ukraine, million 9
B5B5B5B5B5 Market shares, Sweden Balance 28 Feb 21 % 3 25 2 15 1 5 Market shares % 6 5 4 3 2 1 Market shares, Estonia, Latvia, Lithuania Balance 28 Feb 21 Market shares, % Lending Mortgage Deposits Private Corporate Estonia Latvia Lithuania Balance Net growth Feb Dec Dec Dec Dec Feb FY FY FY FY 21 29 28 27 26 21 29 28 27 26 Sweden Lending, private 26 27 27 26 26 16 2 34 29 25 of which mortgage lending 28 29 29 3 3 14 22 27 3 3 Deposits, private 24 24 24 26 26 51 28* 4* 25 3 Pensions, private (Dec. 29) 15 15 13 12 14 Mutual funds (Mar. 21) 25 27 27 25 26 5 16 neg. neg. 2 Lending, corporate 19 19 19 21 22 neg. neg. neg. 18 34 of which mortgage lending 25 25 27 26 26 19 14 17 27 neg. Deposits, corporate 17 16 14 16 15 >1 61 2 28 12 Pensions, corporate (Dec. 29) 5 5 5 5 6 Index linked bonds (Mar. 21) 19 22 24 27 3 neg. 2 neg. 21 31 Stock trading, turnover (Mar. 21) 5 5 4 4 4 Estonia Lending, private 48 48 49 49 5 neg. neg. 4 48 49 of which mortgage lending 47 47 48 49 49 neg. neg. 39 48 49 Deposits, private 55 55 56 62 62 51 19 4 57 6 Pensions, private 48 51 52 52 52 neg. 48 35 53 53 Lending, corporate 4 41 42 44 46 neg. neg. 17 36 48 Deposits, corporate 43 43 43 48 47 66 36 neg. 53 46 Latvia Lending, private 27 27 28 27 27 neg. neg. 32 28 31 of which mortgage lending 27 27 27 28 3 neg. neg. 18 24 32 Deposits, private 23 23 24 28 29 neg. neg. neg. 18 31 Pensions, private 39 39 38 44 43 59 4 31 44 49 Lending, corporate 24 24 26 26 29 neg. neg. 23 19 36 Deposits, corporate 1 11 11 11 14 neg. neg. neg. 3 12 Lithuania Lending, private 26 26 26 29 3 neg. neg. 16 26 31 of which mortgage lending 25 25 25 28 3 neg. neg. 15 25 3 Deposits, private 32 32 32 36 37 29 neg. neg. 32 32 Pensions, private 39 39 41 41 41 14 36 41 4 42 Lending, corporate 22 22 23 25 25 neg. neg. 6 26 23 Deposits, corporate 22 21 21 21 21 65 26 neg. 2 3 Ukraine Lending, private 3 3 3 2 neg. neg. 3 3 of which mortgage lending 3 3 3 2 neg. neg. 5 1 Deposits, private 1 1 1 1 neg. neg. Lending, corporate 2 2 2 2 neg. neg. 3 3 Deposits, corporate 1 1 2 2 neg. neg. 1 3 * Market share for Sweden deposits private adjusted for sold branches. Lending, corporate Mortgage, private Deposits, private 1
BBBBBB Income statement and key figures, 5-year summary Income statement, Group FY Ch. FY FY FY FY 29 % 28 27 26 25 Net interest income 2 765-4 21 72 19 157 15 977 15 679 Net commission income 8 453-4 8 83 9 88 8 869 7 17 Net gains and losses on financial items, fair value 2 731 21 2 25 1 581 2 481 2 37 Net insurance 647 43 452 548 264 154 Share of the profit or loss of associates 544 6 512 424 222 31 Other income 1 518 14 1 335 1 184 1 127 1 118 Non-recurring items 1) 124-91 1 382 15 257 2 731 Total income 34 782-5 36 463 32 924 29 197 29 46 Staff costs 9 184 9 142 8 134 7 253 6 837 Variable staff costs 627-45 1 135 1 658 1 37 1 354 Other expenses 7 758 1 7 77 6 222 5 92 5 362 Depreciation/amortisation 889 2 871 75 659 63 Non-recurring items 2) -198-167 Total expenses 18 26 1 18 58 16 719 15 139 14 156 Profit before impairments 16 522-1 18 45 16 25 14 58 15 34 Impairment of intangible assets 1 35-7 1 43 Impairment on tangible assets 449 27 Credit impairments 24 641 3 156 619-25 294 Operating profit -9 873 13 819 15 586 14 263 15 1 Tax expense 964-67 2 98 3 45 3 211 2 781 Tax on non-recurring items 2) 17-28 Profit for the period -1 854 1 939 12 136 11 52 12 229 Profit for the period attributable to: Shareholders of Swedbank AB -1 511 1 887 11 996 1 88 11 879 Non-controlling interests 69 33 52 14 172 35 Statement of Comprehensive Income Jan - Dec Ch. FY 29 % 28 Profit for the period reported via Income statement -1 854 1 939 Exchange differences on translating foreign operations -1 852 3 468 Hedging of net investments in foreign operations: -Gains/losses arising during the period 1 312-3 419 Cash flow hedges: -Gains/losses arising during the period -574-6 -1 423 -Reclassification adjustments to Income statement, Net interest income 817 198 -Reclassification adjustments to Income statement, Net gains and losses on financial items, fair value 37 Share of other comprehensive income of associates 42-45 Income tax relating to components of other comprehensive income -397 1 211 Other comprehensive income for the period, net of tax -615-1 Total comprehensive income for the period -11 57 1 929 Total comprehensive income attributable to: Shareholders of Swedbank AB -11 138 1 885 Non-controlling interests 81 84 44 1) Non-recurring items 28-29, see page 14 for details 27, Capital gains; CEK AB 4, Sparebanken 1 and Norwegian PCC shares 21 26, Capital gains; Sparebanken 1 and Norwegian PCC shares 257 25, Capital gains; Sparebanken 1 and Norwegian PCC shares 51, Entercard 8 and Kundinkasso 1421 2) See page 14 for details 11
B1B1B1B1B1B1 Income statement and key figures, 5-year summary Key figures, Group FY FY FY FY FY 29 28 27 26 25 Return on equity, % -12.5 15.2 18.9 19.3 24.6 Return on total assets,% -.58.64.79.84 1.5 Return on RWA, % transition rules -1.3 1.3 1.3 1.6 2.1 Credit impairment ratio, % 1.74.24.6 -.2.3 Total provision ratio for impaired loans, % 65 6 12 195 171 Capital adequacy ratio, % 1) 13.5 11.2 9.3 9.8 9.7 Capital adequacy ratio, %, Basel 2, 2) 17.5 14.8 12.7 Core Tier 1 capital ratio, % transition rules 1) 9.2 7. 5.3 Core Tier 1 capital ratio, % Basel 2, 2) 12. 9.3 7.3 Tier 1 capital ratio, %, transition rules 1) 1.4 8.1 6.2 6.5 6.5 Tier 1 capital ratio %, Basel 2, 2) 13.5 1.6 8.5 Cost/Income ratio.52.5.51.52.48 Loan/Deposit ratio, % 24 262 245 244 245 Share of wholesale funding > 1 year, % 51 37 32 34 37 Net interest margin,% 1.17 1.33 1.25 1.23 1.38 Risk weighted assets/total assets, % transition rules 44 51 51 54 51 Earnings per share, SEK -1.66 16.51 21.78 19.75 21.56 Cash dividend per ordinary share, SEK.. 9. 8.25 7.5 Cash dividend per preference share, SEK.. Balance sheet data Dec 31 Ch. Dec 31 Dec 31 Dec 31 Dec 31 29 % 28 27 26 25 Loans to the public 3) 1 382 798-2 1 415 96 1 39 31 1 17 416 974 773 Deposits from the public 4) 54 424-1 58 456 458 375 4 35 338 894 Equity 89 974 4 86 462 68 323 6 277 53 869 Non-controlling interests 34 31 232 315 33 232 Shareholders' equity 89 67 4 86 23 68 8 59 974 53 637 Risk weighted assets, Basel 2 63 431-13 696 55 6 238 Risk weighted assets, transition rules 784 469-14 916 112 822 363 Risk weighted assets, Basel 1 99 225-6 1 51 14 891 595 726 712 616 52 1) 25-26 Basel 1, 27-29 Transition rules. Including total subscribed capital 28 Capital Adequacy ratio was 11.6, Core Tier 1 capital ratio 7.4 and Tier 1 capital ratio 8.4 2) Including total subscribed capital 28, Captial adequacy ratio was 15.2, Core Tier 1 capital ratio 9.7 and Tier 1 capital ratio 11.1 3) Excluding Swedish Nat l Debt Office and repurchase agreements (repos), SEK 1 192m as per 29-12-31 4) Excluding repurchase agreements (repos), SEK 497m as per 29-12-31 12
B2B2B2B2B2B2 Income statement, 9-quarter summary Source of income Split of commission income % % 7 6 5 4 3 2 1-1 Q1 8 Q2 8 Q3 8 Q4 8 Q1 9 Q2 9 Q3 9 Q4 9 Q1 1 Net interest income Net financial items Net commission income Other Income statement, Group Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Net interest income 4 23-14 4 72 5 17 5 243 5 83 5 742 5 424 5 295 5 241 Net commission income 2 282-3 2 361 2 28 2 3 1 854 2 11 2 265 2 374 2 18 Net gains/losses on financial items, fair value 647 223 87 71 1 711 1 244-19 1 4 75 Net insurance 12-34 182 16 175 13 139 15 11 17 Share of profit of associates 146 19 123 183 141 97 136 138 122 116 Other income 449 1 446 464 299 39 394 32 334 287 Non-recurring items 1) -55 23 636-48 68 95 167 44 Total income 7 667-4 7 982 8 142 9 234 9 424 1 346 8 238 9 433 8 446 Staff costs 2 296-1 2 319 2 241 2 289 2 335 2 34 2 223 2 268 2 311 Variable staff costs 79 23 27 191 26 262 235 37 268 Other expenses 1 88-17 2 168 1 857 1 895 1 838 2 4 1 679 1 74 1 654 Depreciation/amortisation 28 3 22 221 226 24 231 221 212 27 Non-recurring items 1) 2) -412-198 38-45 -16 Total expenses 4 391 2 4 3 4 526 4 43 4 619 4 875 4 313 4 43 4 44 Profit before impairments 3 276-11 3 682 3 616 4 831 4 85 5 471 3 925 5 3 4 6 Impairment of intangible assets 14 1 35 1 43 Impairment of tangible assets 36 352 77 8 12 27 Credit Impairments 2 21-56 5 3 6 121 6 672 6 845 1 633 812 423 288 Operating profit 1 16-1 673-2 582-1 849-3 357 2 48 3 113 4 58 3 718 Tax expense 469 7 728 34 121 614 64 926 728 Tax on non-recurring items 1) 2) 18 6 111-134 -114 9 77 Profit for the period 547-1 788-3 316-1 994-3 344 1 98 2 473 3 645 2 913 Profit for the period attributable to: Shareholders of Swedbank AB 536-1 84-3 337-2 12-3 358 1 915 2 468 3 64 2 9 Non-controlling interests 11-31 16 21 18 14-7 5 41 13 5 45 4 35 3 25 2 15 1 5 Q1 8 Q2 8 Q3 8 Q4 8 Q1 9 Q2 9 Q3 9 Q4 9 Q1 1 Asset management Payments Brokerage Lending Other Statement of Comprehensive Income Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Profit for the period reported via Income statement 547-1 788-3 316-1 994-3 344 1 98 2 473 3 645 2 913 Exchange differences on translating foreign operations -1 633 27-2 6-123 7 2 35 1 258 97-732 Hedging of net investments in foreign operations: -Gains/losses arising during the period 1 17-156 1 283 176 9-2 637-714 -245 177 Cash flow hedges: -Gains/losses arising during the period -161 69-12 -8-515 -1 154-233 -35-1 -Reclassification adjustments to Income statement, Net interest income 189-5 199 22 212 24 29-39 14 14 -Reclassification adjustments to Income statement, Net gains/losses on financial items, fair value -75 31 81 Share of other comprehensive income of associates -6 13 16-29 42-47 3 6-7 Income tax relating to components of other comprehensive income -275-6 -367-111 87 911 281 69-5 Other comprehensive income for the period, net of tax -869 251-961 198-13 -683 556 716-599 Total comprehensive income for the period -322-79 -1 537-4 277-1 796-3 447 1 225 3 29 4 361 2 314 Total comprehensive income attributable to: Shareholders of Swedbank AB -33-79 -1 556-4 298-1 812-3 472 1 236 3 26 4 318 2 35 Non-controlling interests 8-58 19 21 16 25-11 3 43 9 1) See page 14 for details 2) The dissolvement of bonus reserves in Q4 29 should only be seen as a non-recurring when looking at Q4 isolated and not when looking at full year figures. 13
B3B3B3B3B3B3 Non-recurring items, 9-quarter Non-recurring items Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 29 29 29 29 28 28 28 28 Retail Capital gain Master Card 11 Capital gains branch offices 23 374 44 Share of profit/loss of associates VISA Sweden 322 Baltic Capital gain Estonian stock exchange 15 Capital gain PKK 66 Russia & Ukraine Capital loss EADR (Ukraine) -6 Asset Management Repayed fund management fees -6-48 Private Debt Fund compensation -88 Shared Services & Group Staffs Capital gain Aktia 24 Capital gain NCSD Holding AB 68 Capital gain SPS Reinsurance Luxemburg 95 Total income -55 23 636-48 68 95 167 44 Retail Dissolvement of bonus reserve 1) -89 Large Corporates & Institutions Dissolvement of bonus reserve 1) -295 Baltic Dissolvement of bonus reserve 1) -198-185 Write-down Hansabank brand 38 38 25 Russia & Ukraine Refund VAT provision in Russia -83 Asset Management Dissolvement of bonus reserve 1) -26 Shared Services & Group Staffs Dissolvement of bonus reserve 1) -2 Total expenses -412-198 38-45 -16 Large corporates & Institutions Impairment of goodwill ZAO 5 Russia & Ukraine Impairment of goodwill Ukraine 1 3 1 43 Impairment of goodwill Russia 14 Total impairments 14 1 35 1 43 Retail Tax capital gains branch offices 6 99 123 Tax dissolvement of bonus reserve 1) 23 Large Corporates & Institutions Tax dissolvement of bonus reserve 1) 78 Baltic Tax dissolvement of bonus reserve 28 9 Asset Management Tax repayed fund mgm fees -16-134 Tax dissolvement of bonus reserve 1) 7 Shared Services & Group Staffs Withholding tax -114-46 Tax dissolvement of bonus reserve 1) 1 Total taxes 18 6 111-134 -114 9 77 Profit for the period -14 249 17 723-1 651-647 14 318 363 1) The dissolvement of bonus reserves in Q4 should only be seen as a non-recurring when looking at Q4 isolated and not when looking at full year figures. 14
B3B3B3B3B3B3 Lending Retail Deposits Large Corporates & Institutions Treasury, Trading and Capital Markets Asset Management Baltic Payment, Cards Russia&Ukraine Insurance Share of P&L of associates Asset Management Other Shared Services and Group Staffs Non-recurring items Key figures, 9-quarter Key figures, Group Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 29 29 29 29 28 28 28 28 Return on equity, % 2.4-8.3-16.9-9.9-15.6 1.1 13.8 2.6 16.8 Return on total assets,%.12 -.4 -.74 -.44 -.74.44.59.86.7 Return on RWA, % 1).3 -.9-1.7-1. -1.6.9 1.2 1.8 1.4 Credit impairment ratio, %.64 1.44 1.75 1.87 1.93.48.23.12.1 Total provision ratio for impaired loans, % 66 65 63 63 64 6 73 91 14 Capital adequacy ratio, %, transition rules 2) 13.4 13.5 12.1 12.6 12.9 11.6 9.9 9.7 9.3 Capital adequacy ratio, % Basel 2, 2) 17.5 17.5 15.7 15.4 15. 15.2 12.5 12.6 11.7 Core Tier 1 capital ratio, % transition rules 2) 9.4 9.2 7.7 8. 8. 7.4 5.8 5.7 5.6 Core Tier 1 capital ratio, % Basel 2, 2) 12.3 12. 9.9 9.8 9.4 9.7 7.4 7.5 7. Tier 1 capital ratio, %, transition rules 2) 1.3 1.4 8.8 9.2 9.3 8.4 6.8 6.7 6.5 Tier 1 capital ratio % Basel 2, 2) 13.5 13.5 11.4 11.3 1.8 11.1 8.7 8.8 8.2 Cost/Income ratio.57.54.56.48.49.47.52.47.53 Loan/Deposit ratio, % 236 24 257 267 27 262 267 251 25 Earnings per share, SEK.46-1.83-3.57-2.16-3.59 2.9 3.81 5.56 4.48 1) RWA according to transition rules 2) Including total subscribed capital Q4 28 Income Profit before impairments 11 5 9 5 7 5 5 5 3 5 1 5-5 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 Group Income ex non-recurring items Non-recurring items 5 5 4 5 3 5 2 5 1 5 5-5 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 Profit before impairments and non-recurring items Non-recurring items Income SEKbn 4 3 5 3 2 5 2 1 5 1 5-5 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 Profit before impairments and non-recurring items by business area SEKbn 3 2 5 2 1 5 1 5-5 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 15
B4B4B4B4B4B4 Income analysis Income analysis, Group Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Net interest income; 1) Net interest income, lending 2 591-9 2 852 3 71 3 187 3 443 3 496 3 41 2 9 2 856 Net interest income, deposits 1 21 1 1 94 1 93 1 227 1 391 1 83 1 762 1 678 1 752 Net interest income, other 231-69 756 853 829 969 443 621 717 633 Net interest income, total 4 23-14 4 72 5 17 5 243 5 83 5 742 5 424 5 295 5 241 Commission income; Payment processing 1 312-8 1 422 1 4 1 363 1 289 1 41 1 384 1 35 1 259 Asset management 1 3 4 968 884 798 692 727 864 933 962 Brokerage 185-14 215 152 151 134 144 171 21 218 Lending 134-3 138 143 152 13 129 194 199 136 Corporate Finance 61-36 95 52 55 19 58 22 177 19 Insurance 131 13 116 111 11 94 16 18 115 112 Other securities 38 27 3 37 26 5 31 53 2 28 Other commissions receivable 298 6 282 36 36 314 328 292 281 264 Commission income, total 3 162-3 3 266 3 85 2 952 2 722 2 924 3 88 3 231 2 998 Commission expenses; Payment processing -533-7 -572-51 -548-455.7-512 -485-466 -466 Securities -15 28-82 -69-53 -144-123 -17.3-13 -117 Brokerage -2-6 -5-7 -6-6 -3-5 -13-5 Insurance -39-3 -4-49 -36-27 -47-39 -44-44 Other commissions payable -21-2 -26-242 -279-235 -228-187 -24-186 Commission expenses, total -88-3 -95-877 -922-868 -913-823 -857-818 Net commission income, total 2 282-3 2 361 2 28 2 3 1 854 2 11 2 265 2 374 2 18 Financial instruments for trading 63 115 369 712 1 691 55 151 855 17 of which stock related 41 4 396 198 461 14 82-99 76-44 of which interest rate related -157-69 -514-19 126 1 193 272-437 287-233 of which fx related 392 51 26 262 23 231 177 688 461 311 of which other -15-44 -27 18-15 127 19-1 31 73 Financial instruments intended to hold until maturity 17-84 18-282 -2 2 694-26 185-32 Of which change in value open interest rate exposure Swedbank Mortgage 1 67 6-327 2 26 763-172 29-22 Net gains and losses on financial items at fair value, total 647 223 87 71 1 711 1 244-19 1 4 75 Net insurance 12-34 182 16 175 13 139 15 11 17 Share of profit/loss of associates; Färs & Frosta Sparbank 8-5 8 12 27 18 23 3 17 7 Swedbank Sjuhärad 14-19 18 24 32 2 1 37 21 25 Other jointly owned banks in Sweden 1-85 7 14 3 16 13 18 1 12 BGC-Holding 8 2 2-2 1 4 4 2 1 EnterCard Holding 11 39 79 124 75 51 79 53 43 4 NCSD Holding 16 23 25 Other companies 5-46 1 7 6 9 7 7 6 6 Profit/loss of associates, total 146 18 123 183 141 97 136 138 122 116 Other income; Real estate income 6 51 4 3 4 3 4 3 3 3 IT/administrative services to savings banks 23-7 218 217 21 185 197 189 218 172 Other 24 7 224 244 94 121 193 128 113 112 Other income, total 449 1 446 464 299 39 394 32 334 287 Non-recurring items -55 23 636-48 68 95 167 44 Total income 7 667-4 7 982 8 142 9 234 9 424 1 346 8 238 9 433 8 446 of which Baltic 1 477-9 1 631 1 795 1 822 2 125 2 182 2 265 2 216 2 111 of which Russia & Ukraine 257-44 46 214 542 621 787 455 517 363 1) NII Lending is defined as customer interest income minus internal funds transfer price. NII deposits is defined as internal funds transfer price minus customer interest expense and deposits guarantee fees. Methods for calculating internal transfer prices are based on matched funding principles but have been changed over time, primarily on floating rate products, making historic time series not fully comparable. 16
B5B5B5B5B5B5 Net Interest Income Analysis, Group Net interest income Analysis, Group Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 % 29 29 29 29 28 28 28 28 Interest income Loans to credit institutions 162 1 161 1 87 336 965 1 564 1 742 1 588 Loans to the public 9 53-7 9 729 1 653 11 96 14 655 18 778 17 537 16 452 17 31 Innterest-bearing securities 348-42 598 544 63 72 576 27 636 84 Other 58 29 45 45 33 35 15 12 12 1 Total Interest income 9 621-9 1 533 11 342 12 629 15 728 2 334 19 383 18 842 19 424 Interest expenses Amounts owed to credit institutions -263-27 -358-361 -749-1 739-2 847-1 538-1 882-1 797 Deposits and borrowings from the public -1 11-7 -1 195-1 259-1 541-2 346-3 641-4 335-3 991-3 676 of which deposits guarantee fees -15-1 -16-16 -11-14 -94-89 -127-13 Debt securities in issue -5 444 3-5 285-5 392-4 61-6 478-6 683-7 322-6 923-8 134 of which state guarantee fees -437-13 -55-534 -465-298 -56 Subordinated liabilities -45-7 -436-444 -531-559 -611-563 -51-535 Other -76-34 -27-22 -3-22 -14-12 -2 of which stability fee -57 97-29 -195 Total interest expenses -7 298-7 38-7 663-7 444-11 125-13 84-13 772-13 39-14 144 Derivatives, income 2 33 31 1 758 1 773 1 282 1 354 555 523 453 49 Derivatives, expenses -63-281 -435-1 224-154 -1 343-71 -691-88 Derivatives, net interest income 1 7 1 477 1 338 58 1 2-788 -187-238 -39 Net interest income 4 23 4 72 5 17 5 243 5 83 5 742 5 424 5 295 5 241 Average balances Loans to credit institutions 129 443-4 135 56 123 768 156 782 139 648 117 457 168 63 188 76 188 513 Loans to the public 1 243 618-1 1 253 91 1 254 765 1 274 393 1 297 596 1 279 14 1 226 128 1 189 937 1 156 724 Interest-bearing securities 173 54 2 144 151 14 7 115 887 116 583 66 369 18 924 43 995 54 73 Interest-bearing assets 1 546 115 1 1 533 18 1 518 54 1 547 62 1 553 827 1 462 93 1 413 682 1 422 8 1 399 967 Derivatives 74 37-7 79 94 87 871 11 43 138 297 113 58 57 612 47 279 43 221 Other assets 165 926-16 198 461 174 166 13 745 136 835 191 67 141 283 145 68 145 81 Total assets 1 786 78-1 1 811 59 1 78 577 1 778 85 1 828 959 1 767 595 1 612 577 1 614 355 1 588 998 Amounts owed to credit institutions 238 971-9 263 734 288 335 335 67 354 11 293 855 177 613 177 946 179 667 Deposits and borrowings from the public 515 787 5 491 46 47 84 471 145 496 878 514 263 488 187 472 522 466 375 Debt securities in issue 77 691 3 689 588 663 828 641 18 616 36 588 676 67 428 687 97 665 85 Subordinated liabilities 36 588-5 38 639 41 256 44 565 46 754 43 114 39 765 37 55 38 263 Interest-bearing liabilities 1 499 37 1 1 483 367 1 464 223 1 492 56 1 514 93 1 439 98 1 375 993 1 374 62 1 35 11 Derivatives 71 938-11 8 868 9 33 95 64 119 465 95 38 49 77 51 367 48 342 Other liabilities 125 58-22 16 144 147 565 19 761 19 15 156 749 115 373 118 56 121 311 Total liabilities 1 696 483-2 1 724 379 1 71 821 1 697 385 1 742 663 1 691 695 1 541 136 1 544 493 1 519 763 Equity 89 595 3 87 13 78 756 81 465 86 296 75 9 71 441 69 862 69 235 Total liabilities and equity 1 786 78-1 1 811 59 1 78 577 1 778 85 1 828 959 1 767 595 1 612 577 1 614 355 1 588 998 Average interest rates, % Loans to credit institutions.5 5.48.32.22.96 3.29 3.71 3.7 3.37 Loans to the public 2.91-6 3.1 3.4 3.74 4.52 5.87 5.72 5.53 5.89 Interest-bearing securities.8-52 1.66 1.55 2.8 2.41 3.47 5.71 5.78 5.88 Interest-bearing assets 2.47-1 2.74 2.98 3.26 4.4 5.56 5.48 5.3 5.55 Amounts owed to credit institutions.44-19.54.5.89 1.96 3.88 3.46 4.23 4. Deposits and borrowings from the public.86-12.97 1.7 1.31 1.89 2.83 3.55 3.38 3.15 Debt securities in issue 3.8 3.7 3.25 2.87 4.2 4.54 4.37 4.3 4.89 Subordinated liabilities 4.43-2 4.51 4.3 4.77 4.78 5.67 5.66 5.41 5.59 Interest-bearing liabilities 1.93-2 1.96 2.4 1.99 2.94 3.83 4. 3.87 4.19 Net interest margin.9-13 1.4 1.13 1.18 1.27 1.3 1.35 1.31 1.32 Interest-bearing securities are reported net less sold, not held, securities. Interest income on impaired loans is not accrued. 17
B5B5B5B5B5B5 Net Interest Income Analysis, Group Net interest income, quarterly Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Lending 1) 2 591-9 2 852 3 71 3 187 3 443 3 496 3 41 2 9 2 856 Deposits 1) 1 21 1 1 94 1 93 1 227 1 391 1 83 1 762 1 678 1 752 Other 231-69 756 853 829 969 443 621 717 633 Net interest income, total 4 23-14 4 72 5 17 5 243 5 83 5 742 5 424 5 295 5 241 Net interest income analysis, quarterly Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Change from previous quarter: Lending volumes -44-4 -38-34 43 96 1 13 127 Lending margins -164-175 -117-262 -16 364 2-68 -74 Depreciation of surplus 5-4 5 4-2 -5 5 9-1 Difference in number of days/quarter lending -58 34 36-78 34-32 Deposit volumes 38 43 12-37 88-65 13 56 55 Deposit margins 96-42 -158-14 -469 16 52-13 -71 Difference in number of days/quarter deposit -27 12 13-31 19-19 Other changes -525-97 24-14 526-178 -96 84-3 Total change in net interest income -679-315 -226-56 61 318 129 54-18 Quarterly isolated margins, % Lending.9.96 1.1 1.5 1.14 1.15 1.3 1.3 1.5 Deposits.98.9.93 1.7 1.19 1.59 1.5 1.45 1.57 Quarterly isolated average volumes, SEKbn Lending 1 186-2 1 24 1 219 1 234 1 246 1 23 1 194 1 154 1 115 Deposits 499 3 482 464 46 472 451 468 464 45 Net interest income, accumulated Mar Ch. % Dec Sep Jun Mar Dec Sep Jun Mar 21 Y/Y 29 29 29 29 28 28 28 28 Lending 1) 2 591-25 12 554 9 71 6 631 3 443 12 293 8 797 5 756 2 856 Deposits 1) 1 21-14 4 85 3 711 2 618 1 391 6 995 5 192 3 43 1 752 Other 231-76 3 46 2 651 1 797 969 2 414 1 971 1 35 633 Net interest income, total 4 23-31 2 765 16 63 11 46 5 83 21 72 15 96 1 536 5 241 Net interest income analysis, accumulated Mar Ch. % Dec Sep Jun Mar Dec Sep Jun Mar 21 Y/Y 29 29 29 29 28 28 28 28 Change from equivalent period last year: Lending volumes -166 211 445 526 342 1 939 1 47 941 488 Lending margins -695 71 484 377 277-539 -722-432 -22 Depreciation of surplus 1 14 11 9 7 49 41 28 14 Difference in number of days/quarter lending -35-36 -37-39 34 33 32 32 Deposit volumes 78 251 85 46 88 629 532 393 192 Deposit margins -268-2 428-1 552-844 -434 214 295 278 273 Difference in number of days/quarter deposit -13-14 -14-15 19 19 19 19 Other changes -738 992 68 447 336 2 394 185-58 Total change in net interest income -1 78-937 13 51 562 2 545 2 62 1 444 74 Accumulated margins, % Lending.9 1.5 1.7 1.1 1.14 1.5 1.2 1.4 1.5 Deposits.98 1.1 1.6 1.14 1.19 1.53 1.51 1.51 1.57 Accumulated average volumes, SEKbn Lending 1 186-5 1 214 1 225 1 238 1 246 1 194 1 167 1 136 1 115 Deposits 499 6 474 468 464 472 458 46 458 45 1) NII lending is defined as customer interest income minus internal funds transfer price. NII deposits is defined as Interna funds transfer price minus customer interest expense and deposits guarantee fees. Methods for calculating internal transfer prices are based on matched funding principles but have been changed over time, primarily on floating rate products, making historic time series not fully comparable. 18
B8B8B8B8B8B8 Margins Deposit margins Lending margins 5, % 5, % 4,5 4,5 4, 4, 3,5 3,5 3, 3, 2,5 2,5 2, 2, 1,5 1,5 1, 1,,5,5,, Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Q4-9 Q1-1 Latvia Estonia Lithuania Sweden Estonia Lithuania Latvia Sweden Net interest margins 1) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 % 21 29 29 29 29 28 28 28 28 Lending margins Sweden.78.82.9.91.93.88.78.77.77 Estonia 1.63 1.57 1.34 1.53 1.78 2.8 2.16 2.23 2.31 Latvia 1.37 1.43 1.11 1.24 1.31 1.91 1.89 1.91 2.21 Lithuania 1.51 1.17 1..95 1.46 1.56 1.64 1.68 1.75 Group.9.96 1.1 1.5 1.14 1.15 1.3 1.3 1.5 Deposit margins Sweden.68.7.58.72.85 1.23 1.33 1.39 1.44 Estonia 2.5 2.16 2.16 2.31 2.31 2.84 2.35 1.94 2.15 Latvia 2.91 2.3 3.33 4.2 3.5 4.27 2.7 1.81 2.51 Lithuania 1.7 1.17 2.1 1.3 2.2 2.84 2.36 2.16 2.31 Group.98.9.93 1.7 1.19 1.59 1.5 1.45 1.57 1) NII lending is defined as customer interest income minus internal funds transfer price. NII deposits is defined as Interna funds transfer price minus customer interest expense and deposits guarantee fees. Methods for calculating internal transfer prices are based on matched funding principles but have been changed over time, primarily on floating rate products, making historic time series not fully comparable. 19
B9B9B9B9B9B9 Expense analysis Expense development Quarterly expenses excl non-recurring items 6 5 6 5 5 5 4 5 4 3 5 3 2 5 2 1 5 1 5 Q1-8 Q2-8 Baltic Q3- Q4-8 8 Total expenses Q1-9 Large Corp. & Inst Expense analysis, Group Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Staff costs Salaries and other remunerations 1 545 1 537 1 631 1 656 1 75 1 649 1 61 1 731 1 629 Pension costs 257 18 218 261 247 259 233 247 246 269 Social Insurance charges 489-3 56 486 487 484 468 496 522 539 Allocation to profit-sharing fund 2 133 46 46 64 Training costs 17-39 28 19 27 26 43 28 45 34 Other staff costs 67 29 52 51 61 67 76 4 48 44 Staff costs, total 2 375 1 2 342 2 448 2 48 2 541 2 62 2 458 2 638 2 579 of which variable staff costs 2) 79 23 27 191 26 262 235 37 268 of which redundancy cost 41-22 52 26 19 9 17 7 16 5 Other expenses Expenses for premises 361-12 48 364 392 47 393 357 337 346 IT expenses 396-19 489 445 448 436 442 414 396 371 Consulting and outside services 411-23 536 392 47 319 366 261 293 264 Telecommunications and postage 75 3 73 81 79 87 11 88 69 89 Marketing 74-46 136 82 129 85 142 94 134 16 Security transports, alarm systems 18-1 12 11 117 133 114 123 143 11 Expenses repossessed assets 3-5 31 37 Other 2) 353-6 375 347 323 371 446 342 368 377 Depreciation/amortisation 2) 28 3 22 22 226 24 231 221 212 27 Total other expenses 2 16-15 2 37 2 78 2 121 2 78 2 235 1 9 1 952 1 861 Non-recurring items 1) -412-198 38-45 -16 Total expenses 4 391 2 4 3 4 526 4 43 4 619 4 875 4 313 4 43 4 44 of which Baltic 729-17 876 893 619 947 1 43 1 16 841 935 of which Russia & Ukraine 23-25 38 274 39 321 412 224 3 251 1) See page 14 for details. 2) Excluding non-recurring items, specified on page 14 Q2- Q3-9 9 Retail Q4-9 Russia & Ukraine Q1-1 5 5 4 5 3 5 2 5 1 5 5-5 Q1-8 Q2-8 Q3-8 Q4-8 Q1-9 Q2-9 Q3-9 Other expenses Staff costs excl. variable staff costs Variable staff costs Q4-9 Q1-1 2
BBB Employees Number of employees Number of employees by business area 25 9 8 2 7 6 15 5 1 5 4 3 2 1 Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Q3/9 Q4/9 Q1/1 Retail Large Corp. & Baltic Inst. Russia & Ukraine Asset Management Ektornet Shared Services & Group Staffs Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Q3/9 Q4/9 Q1/1 Number of employees Q1 Ch. % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 21 Q/Q 29 29 29 29 28 28 28 28 Retail 5 833-1 5 894 5 957 5 991 6 7 6 162 6 269 6 216 6 276 Sweden 664 661 654 652 649 644 616 611 68 Baltic region 14-1 142 135 139 127 128 133 14 131 Norway 262 262 269 267 267 258 266 273 25 Other 1) 92 12 82 8 77 81 85 89 77 75 Large Corporate & Institutions 1 158 1 1 147 1 138 1 135 1 124 1 115 1 14 1 11 1 64 Estonia 2 61-2 2 19 2 211 2 33 2 367 2 434 2 527 2 781 2 685 Latvia 1 648-2 1 684 1 856 2 25 2 113 2 173 2 391 2 472 2 469 Lithuania 2 189-5 2 312 2 429 2 637 2 76 2 85 2 931 3 22 3 16 Baltic 5 898-3 6 15 6 496 6 965 7 24 7 457 7 849 8 275 8 26 Russia 564-1 567 575 639 644 631 576 474 49 Ukraine 2 77-28 2 88 3 498 3 623 3 659 3 87 3 548 3 481 3 417 Other 17-32 25 29 3 35 32 24 18 17 Russia & Ukraine 2 658-23 3 472 4 12 4 292 4 338 4 533 4 148 3 973 3 843 Sweden 263-2 269 258 268 261 234 23 231 226 Baltic region 21-5 22 23 28 36 45 52 56 49 Asset Management 284-2 291 281 296 297 279 282 287 275 Ektornet 13 164 39 Sweden 1 689 1 1 677 1 641 1 641 1 613 1 64 1 579 1 591 1 591 Baltic region 64-2 652 657 666 673 698 759 772 767 Shared Services and Group Staffs 2 329 2 329 2 298 2 37 2 286 2 32 2 338 2 363 2 358 Total number of employees 18 263-5 19 277 2 272 2 986 21 355 21 848 21 99 22 215 22 76 1) Mainly Denmark, Finland, USA and China Employee turnover, % Mar Dec Sep Jun Mar Dec Sep 21 29 29 29 29 28 28 Retail 5.5 6.7 7.8 8.2 6.6 8.2 9.6 Large Corporate & Institutions 3.1 8.2 7.3 7. 6.8 15.8 9.5 Baltic 12.6 16. 18.2 13.5 15.3 18.7 15.3 Russia & Ukraine 54.8 26. 15.8 11.2 1.2 28.6 3.4 Asset Management 6.7 3.4 6. 3.2 1.1 11.1 11.7 Ektornet Shared Services and Group Staffs 6.1 4.5 5.1 6.2 4.4 5. 6.1 Total employee turnover, % 17. 13.9 13.2 1.6 1.5 16.1 15.3 Number of permanent employees that left the company during period divided by permanent employees at start of year. YTD number of permanent employees that left the company is recalculated to yearly figures. 21
B1B1B1B1 Customer satisfaction index Customer satisfaction index, private 9 8 7 6 5 4 3 2 1 Sweden Estonia Latvia Lithuania 24 25 26 27 28 29 Customer satisfaction index 1) 29 28 27 26 25 24 Sweden Share of satisfied private customers 7 71 7 71 69 67 Share of satisfied corporate customers 65 71 71 68 67 67 Estonia Index private customers 5.6 8.2 8.2 8.5 8.5 8.3 Index corporate customers 6. 8.2 8.4 8.1 8.1 8.2 Latvia Index private customers 5.2 7.7 7.8 6.6 6.6 6.6 Index corporate customers 4.9 9. 9. 6.5 6.3 6.3 Lithuania Index private customers 5 8 84 83 82 83 Index corporate customers 51 87 89 89 82 8 1) Sweden and Lithuania have a customer satisfaction scale of 1 to 1. Estonia and Latvia have a scale of 1 to 1. Customer satisfaction index 29 is based on TRIM index in the Baltic countries and on SKI in Sweden. 22
B2B2B2B2 Exchange rates and impact from exchange rate fluctuations Exchange rates Mar Dec Sep Jun Mar Dec Sep Jun Mar 21 29 29 29 29 28 28 28 28 SEK/EUR, average rate 9.989 1.615 1.686 1.876 1.968 9.627 9.44 9.43 9.429 SEK/EUR, closing day rate 9.745 1.283 1.225 1.863 1.945 1.935 9.782 9.478 9.39 SEK/EEK, average rate.638.678.683.695.71.615.63.61.63 SEK/EEK, closing day rate.623.657.654.694.7.699.625.66.6 SEK/UAH, average rate.9.953.976 1.22 1.37 1.255 1.275 1.244 1.238 SEK/UAH, closing day rate.94.893.848.998 1.22 1.6 1.359 1.315 1.185 SEK/RUB, average rate.241.241.241.247.247.264.258.256.259 SEK/RUB, closing day rate.245.237.233.248.243.263.27.256.253 SEK/USD, average rate 7.222 7.627 7.798 8.84 8.32 6.572 6.185 6.123 6.247 SEK/USD, closing day rate 7.26 7.191 7.3 7.747 8.225 7.72 6.898 6.6 5.918 UAH/USD, closing day rate 7.97 8.5 8.26 7.765 8. 7.8 5.7 4.533 4.99 RUB/USD, closing day rate 29.44 3.35 3.64 31.165 33.954 3.525 25.632 23.444 23.486 Volumes, SEKbn Retail Large Corp. & Inst. Baltic Russian Ukrainian Asset Manage. Other Group Lending Balance, 2912 828 176 169 1 9 1 192 Ordinary change.4-7.2-6.9 -.9 -.1. -14.7 Exchange rate fluctuations -1.2-8.5.4. -9.2 Market valuation -.4 -.4 Balance, 213 828 168 154 9 9 1 168 Deposits from the public, excl repos Balance, 2912 312 75 13 4 3 497 Ordinary change -3.8 9.3-1.2.3 -.4. 4.2 Exchange rate fluctuations. -5.3.1. -5.2 Balance, 213 39 84 97 4 2 496 Risk weighted assets, Basel 2 Balance, 2912 224 184 165 11 12 2 4 63 Ordinary change -3.3 1.1 3.7 -.1 -.8 1. -.3 1.3 Exchange rate fluctuations. -.8-8.7.3.2. -9. Balance, 213 22 185 16 12 12 3 4 596 Impaired loans, gross Balance, 2912 2. 1.1 26.6 2.2 8.2.. 4.1 Ordinary change -.4. 1.6.1.1.. 1.5 Exchange rate fluctuations.. -1.5.1.1. -1.3 Balance, 213 1.6 1.2 26.7 2.4 8.4.. 4.3 23
B3B3B3B3 Impact from exchange rate fluctuations, Income statement Income statement, Retail Large Corp. & Inst. Baltic Russian Ukrainian Asset Manage. Other Group Income Mar 29, YTD 4 154 2 84 2 125 248 373-222 -94 9 424 Mar 21, YTD 3 912 1 63 1 477 111 146 45-14 7 667 Total change -242-1 21-648 -137-227 627 8-1 757 of which due to exchange rate fluctuations -31-145 -3-23 -1-15 -218 29, Q4 4 14 1 48 1 631 25 254 258 122 7 982 21, Q1 3 912 1 63 1 477 111 146 45-14 7 667 Total change -192 222-154 -94-18 147-136 -315 of which due to exchange rate fluctuations -3-54 1 6 1-2 -52 Expenses Mar 29, YTD 2 22 779 947 117 159 189 226 4 619 Mar 21, YTD 2 25 733 729 13 16 197 273 4 391 Total change 48-46 -218-14 -53 8 47-228 of which due to exchange rate fluctuations -2-67 -3-17 -17-16 29, Q4 2 325 413 876 115 131 185 255 4 3 21, Q1 2 25 733 729 13 16 197 273 4 391 Total change -75 32-147 -12-25 12 18 91 of which due to exchange rate fluctuations 1-25 1 4-2 -21 Credit impairments, net Mar 29, YTD 572 8 4 241 84 1 872-4 6 845 Mar 21, YTD 58 86 2 13-15 -26 4 2 21 Total change -514 6-2 138-99 -1 898 8-4 635 of which due to exchange rate fluctuations -242-2 -245 29, Q4-75 499 3 355 993 244-13 5 3 21, Q1 58 86 2 13-15 -26 4 2 21 Total change 133-413 -1 252-1 8-27 17-2 793 of which due to exchange rate fluctuations -89-1 1-88 Profit for the period Mar 29, YTD 1 29 1 446-2 796 37-2 538-33 -233-3 358 Mar 21, YTD 1 19 615-1 222-16 6 158-249 536 Total change 161-831 1 574-53 2 598 461-16 3 894 of which due to exchange rate fluctuations -29 144 1-8 -1 2 19 29, Q4 1 37 337-2 421-91 -249 33 27-1 84 21, Q1 1 19 615-1 222-16 6 158-249 536 Total change -18 278 1 199 885 39 125-276 2 34 of which due to exchange rate fluctuations -2 54 3 1 56 24