Income statement, 5-year summary
Q1, 2013
Income statement, Group FY FY FY FY FY
SEKm 2012 2) 2011 2010 1) 2009 2008
Net interest income 1) 20 361 19 014 16 228 20 765 21 702
Net commission income 1) 9 614 9 597 10 116 7 825 8 830
Net gains and losses on financial items, fair value 3 073 1 584 2 400 2 770 2 351
Net insurance 595 506 612 647 452
Share of the profit or loss of associates 798 767 624 866 512
Other income 1 827 2 577 1 554 1 909 2 616
Total income 36 268 34 045 31 534 34 782 36 463
Staff costs 8 500 9 522 9 052 9 184 9 142
Variable staff costs 738 395 340 17 950
Other expenses 1) 6 470 7 471 7 790 7 758 6 994
Depreciation/amortisation 852 1 011 950 889 972
Total expenses 16 560 18 399 18 132 17 848 18 058
Profit before impairments 19 708 15 646 13 402 16 934 18 405
Impairment of intangible assets 20 1 960 37 1 305 1 403
Impairment on tangible assets 407 174 600 449 27
Credit impairments -185 -1 911 2 810 24 641 3 156
Non-recurring items
Operating profit 19 466 15 423 9 955 -9 461 13 819
Tax expense 4 157 3 669 2 472 981 2 880
Profit for the period from continuing operations 15 309 11 754 7 483 -10 442 10 939 Profit for the period from discontinued operations, after tax -997 4
Profit for the period including non-controlling interest 14 312 11 758 7 483 -10 442 10 939 Profit for the period attributable to:
Shareholders of Swedbank AB 14 304 11 744 7 444 -10 511 10 887
Non-controlling interests 8 14 39 69 52
Statement of Comprehensive Income FY FY FY FY FY
SEKm 2012 2011 2010 2009 2008
Profit for the period reported via Income statement 14 312 11 758 7 483 -10 442 10 939
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans -1 653
Share related to associates -43
Income tax 374
Total -1 322
Exchange differences on translating foreign operations:
Gains/losses arising during the period -1 480 -284 -4 218 -1 852 3 468
Reclassification adjustments to Income statement, Net gains and losses on financial items, fair value Hedging of net investments in foreign operations:
Gains/losses arising during the period 1 050 379 2 420 1 312 -3 419
Cash flow hedges:
Gains/losses arising during the period -614 78 149 -574 -1 423
Reclassification adjustments to Income statement,
Net interest income 193 345 806 817 198
Net gains and losses on financial items, fair value 37
Share of other comprehensive income of associates 21 -2 -30 42 -45
Income tax relating to components of other
comprehensive income -74 -210 -890 -397 1 211
Other comprehensive income for the period, net of tax -2 226 306 -1 763 -615 -10 Total comprehensive income for the period 12 086 12 064 5 720 -11 057 10 929 Total comprehensive income attributable to:
Shareholders of Swedbank AB 12 078 12 049 5 693 -11 138 10 885
Non-controlling interests 8 15 27 81 44
1) As from 2010, compensation to Savings Banks is reported as interest expense (the part for handling a new mortgage loan) and as other expenses. For 2010 SEK 101m is reported as interest expense and SEK 490m as other expenses, and for 2011 SEK 104m is reported as interest expense and SEK 530m as other expenses.
For the period 2008-2009, all compensation is reported as commission expense.
2) From 2012, trading related net interest income is reported as net gains and losses on financial items at fair value. For 2012, SEK 523m has been moved from net interest income to net gains and losses on financial items at fair value.
As of 2012, the changes in reporting of benefit pension plans according according to IAS 19 have affected staff costs. For 2012, staff costs have increased by SEK 51m and tax expense by SEK 83m.
Also from 2012, the Russian and Ukrainian operations are reported as discontinued operations. No restatements for above have been done for the years 2008-2011.
Income statement, 9-quarter summary
Q1, 2013
Income statement, Group
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
SEKm
2012
2012
2012
2012
2011
2011
2011
2011
Net interest income
5 346
5 085
5 035
4 895
4 967
4 832
4 714
4 501
Net commission income
2 502
2 375
2 339
2 398
2 291
2 438
2 412
2 456
Net gains/losses on financial items, fair value
830
687
577
979
559
259
511
255
Net insurance
127
147
163
158
134
97
161
114
Share of profit or loss of associates
154
225
210
209
155
217
224
171
Other income
478
452
464
433
550
468
475
1 084
Total income
9 437
8 971
8 788
9 072
8 656
8 311
8 497
8 581
Staff costs
2 107
2 045
2 147
2 201
2 604
2 336
2 261
2 321
Variable staff costs
157
184
189
208
47
73
129
146
Other expenses
1 669
1 490
1 616
1 695
2 019
1 755
1 875
1 822
Depreciation/amortisation
209
201
219
223
277
288
222
224
Total expenses
4 142
3 920
4 171
4 327
4 947
4 452
4 487
4 513
Profit before impairments
5 295
5 051
4 617
4 745
3 709
3 859
4 010
4 068
Impairment of intangible assets
17
-1
4
1 960
Impairment of tangible assets
141
102
124
40
170
-13
15
2
Credit Impairments
-76
36
-49
-96
-174
-441
-324
-972
Operating profit
5 213
4 914
4 538
4 801
1 753
4 313
4 319
5 038
Tax expense
786
1 216
1 047
1 108
790
834
863
1 182
Profit for the period from continuing operations
4 427
3 698
3 491
3 693
963
3 479
3 456
3 856
Profit for the period from discontinued operations, after tax
-174
-203
-341
-279
4
Profit for the period including non-controlling interest
4 253
3 495
3 150
3 414
967
3 479
3 456
3 856
Profit for the period attributable to:
Shareholders of Swedbank AB
4 252
3 495
3 147
3 410
965
3 475
3 452
3 852
Non-controlling interests
1
3
4
2
4
4
4
Statement of comprehensive income
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
SEKm
2012
2012
2012
2012
2011
2011
2011
2011
Profit for the period reported via Income statement
4 253
3 495
3 150
3 414
967
3 479
3 456
3 856
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans
-209
-984
-831
371
Share related to associates
-9
-21
-21
8
Income tax
-15
265
224
-100
Total
-233
-740
-628
279
Exchange differences on translating foreign operations:
Gains/losses arising during the period
837
-1 700
-344
-273
-1 310
528
692
-194
Reclassification adjustments to income statement,
Net gains/losses on financial items at fair value
1
-1
Hedging of net investments in foreign operations:
Gains/losses arising during the period
Cash flow hedges:
-668
1 265
313
140
1 138
-351
-479
71
Gains/losses arising during the period
Reclassification adjustments to Income statement,
-116
-37
-32
-429
304
64
-26
-264
Net interest income
29
43
48
73
77
79
88
101
Share of other comprehensive income of associates
22
-18
-1
18
-18
-6
25
-3
Income tax relating to components of other comprehensive income
296
-339
-88
57
-396
54
108
24
Other comprehensive income for the period, net of tax
168
-1 526
-732
-136
-205
368
408
-265
Total comprehensive income for the period
4 421
1 969
2 418
3 278
762
3 847
3 864
3 591
Total comprehensive income attributable to:
Shareholders of Swedbank AB
4 420
1 969
2 415
3 274
759
3 844
3 859
3 587
Non-controlling interests
1
3
4
3
3
5
4
Income analysis
Q1, 2013
Income analysis, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Net interest income 1) 5 346 5 085 5 035 4 895 4 967 4 832 4 714 4 501
Payment processing 782 825 770 725 799 877 825 725 Service concepts 86 85 77 73 55 50 43 38 Asset management 968 913 909 925 899 916 988 1 005 Life insurance 72 80 79 84 87 73 78 75 Brokerage & other securities 63 55 25 96 48 88 89 140 Corporate Finance 124 26 78 111 -14 42 77 49 Lending and Guarantees 212 201 212 205 217 198 136 252
Deposits 5 19 18 19 6 25 16 20
Real estate brokerage 44 38 43 33 35 42 48 35 Non-Life insurance 15 15 15 17 25 21 6 7 Other commission income 131 118 113 110 134 106 106 110
Net commission income 2 502 2 375 2 339 2 398 2 291 2 438 2 412 2 456
Financial instruments held for trading 605 383 668 724 235 255 247 495 Financial instruments intended to hold until maturity 225 304 -91 255 324 4 264 -240
Net gains and losses on financial
items at fair value 830 687 577 979 559 259 511 255
Net insurance 127 147 163 158 134 97 161 114
Färs & Frosta Sparbank 19 23 21 18 20 20 18 14 Swedbank Sjuhärad 29 36 30 31 26 31 35 29 Other jointly owned banks in Sweden 15 11 10 15 12 13 13 11 BGC-Holding 3 2 -1 2 -6 -8 25 5 EnterCard Holding 89 141 142 128 84 135 106 112
UC 2 2 3 2 2 -1 -2
Other companies -3 10 5 13 17 26 28 2
Share of the profit or loss of associates 154 225 210 209 155 217 224 171
Real estate income 0 1 1 1 9 9 6 6 IT/administrative services to savings banks 180 205 194 180 193 204 208 180 Assets taken over 159 154 165 162 199 143 172 71 Other 2) 139 92 103 90 149 112 89 827
Other income 478 452 464 433 550 468 475 1 084
Total income 9 437 8 971 8 788 9 072 8 656 8 311 8 497 8 581
1) In Q4 2011, One-off revenue of SEK 206m related to commercial real estate loans taken over in relation to the bankruptcy estate of Lehman Brothers. 2) In Q1 2011, One-off revenue of SEK 716m from a settlement with the bankruptcy estate of Lehman Brothers.
Expense analysis
Q1, 2013
Expense analysis, Group
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
SEKm
2012
2012
2012
2012
2011
2011
2011
2011
Staff costs
Salaries and other remunerations
1 339
1 314
1 391
1 422
1 756
1 523
1 493
1 519
Variable staff costs 1)
157
184
189
208
47
73
129
146
Pension costs 1)
275
260
243
259
212
281
248
260
Social insurance charges 1)
403
405
427
434
520
445
429
447
Training costs
39
14
33
28
41
21
30
28
Other staff costs
51
52
53
58
75
66
61
67
Total staff costs
2 264
2 229
2 336
2 409
2 651
2 409
2 390
2 467
Other expenses
Premises and rents
318
299
300
315
350
313
335
339
IT expenses
415
359
371
429
517
377
402
399
Telecommunications and postage
56
55
51
62
52
71
52
76
Advertising, PR and marketing
120
57
87
69
139
84
106
72
Consultants
62
51
64
73
112
101
166
151
Compensation to Savings Banks
165
147
159
152
138
121
142
129
Other purchased services
150
146
166
140
214
220
204
183
Security transport and alarm systems
93
95
101
99
107
108
113
108
Supplies
34
26
33
39
49
50
47
55
Travel
51
29
46
45
67
49
64
59
Entertainment
14
10
14
11
25
18
23
21
Repair/maintenance of inventories
29
34
37
40
37
28
57
47
Other expenses
162
182
187
221
212
215
164
183
Total other expenses
1 669
1 490
1 616
1 695
2 019
1 755
1 875
1 822
Depreciation/amortisation
209
201
219
223
277
288
222
224
Total expenses
4 142
3 920
4 171
4 327
4 947
4 452
4 487
4 513
1) Social insurance charges and pension costs related to variable pay are presented as variable staff costs.
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 3 353 3 405 3 362 3 371 3 202 3 105 2 981 2 884 Payment processing 331 354 330 331 338 380 332 345 Service concepts 86 85 77 73 55 50 43 38 Asset management 802 785 794 793 753 795 851 853 Life insurance 74 79 79 87 86 88 100 92 Brokerage 60 48 69 75 49 79 87 104 Other securities 7 6 -2 4 3 -2 Lending and guarantees 52 60 41 46 59 55 59 58 Deposits 12 12 12 12 11 12 12 12 Corporate finance 1 1 1 Real estate brokerage 44 38 43 33 35 42 48 35 Non-Life insurance 17 16 16 16 14 13 6 15 Other commissions 69 48 72 71 95 55 49 54 Net commission income 1 554 1 532 1 531 1 538 1 499 1 569 1 591 1 604 Net gains and losses on financial items at fair value 37 39 41 44 49 42 44 29 Net insurance 65 82 80 80 41 16 74 52 Share of the profit or loss of associates 153 223 209 203 158 217 223 170 Other income 93 132 129 110 128 121 112 104
Total income 5 255 5 413 5 352 5 346 5 077 5 070 5 025 4 843
Staff costs 844 830 852 873 925 874 882 910 Variable staff costs 20 43 42 34 16 26 33 21 Expenses for premises 148 128 117 121 124 115 128 120 IT expenses 114 81 77 117 127 93 97 92 Consultants 8 15 15 14 18 20 22 18 Other expenses 1 309 1 351 1 276 1 238 1 380 1 185 1 378 1 285 of which internally sold and bought services 915 1 006 881 875 992 838 970 937 Depreciation/amortisation 31 29 32 32 33 33 33 32
Total expenses 2 474 2 477 2 411 2 429 2 623 2 346 2 573 2 478
Profit before impairments 2 781 2 936 2 941 2 917 2 454 2 724 2 452 2 365
Impairment of intangible assets Impairment of tangible assets Credit impairments 91 72 102 21 220 69 41 21
Operating profit 2 690 2 864 2 839 2 896 2 234 2 655 2 411 2 344
Tax expense 458 759 733 744 504 712 539 613
Profit for the period from continuing operations 2 232 2 105 2 106 2 152 1 730 1 943 1 872 1 731
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 2 232 2 105 2 106 2 152 1 730 1 943 1 872 1 731
Profit for the period attributable to:
Shareholders of Swedbank AB 2 232 2 102 2 103 2 148 1 728 1 939 1 868 1 727
Non-controlling interests 3 3 4 2 4 4 4
Retail
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKbn 2012 2012 2012 2012 2011 2011 2011 2011
Balance sheet (Incl intra-Group transactions)
AssetsCash and balances with central banks 1 1 2 1 1 1 1 2 Loans to credit institutions 33 29 29 33 32 31 31 29 Loans to the public 912 909 902 896 888 881 873 869 Bonds and other interest-bearing securities Financial assets for which customers bear inv. risk 102 102 99 101 94 90 102 100 Derivatives Other assets 14 14 15 13 14 13 13 13
Total assets 1 062 1 055 1 047 1 044 1 029 1 016 1 020 1 013
Liabilities and equity
Amounts owed to credit institutions 73 69 71 69 75 74 75 68 Deposits and borrowings from the public 377 371 367 359 365 352 347 337 Debt securities in issue Financial liabilities for which customers bear inv. risk 103 103 100 103 94 91 102 101 Derivatives Other liabilities 478 480 476 482 460 465 462 476 Subordinated liabilities 10 9 9 9 Allocated equity 31 32 33 31 25 25 25 22
Total liabilities and equity 1 062 1 055 1 047 1 044 1 029 1 016 1 020 1 013
Key figures
Key performance indicators
Return on allocated equity, % 28.0 25.5 26.3 28.4 27.4 30.7 32.3 31.4 Cost/Income ratio 0.47 0.46 0.45 0.45 0.52 0.46 0.51 0.51 Credit impairment ratio, % 0.04 0.03 0.04 0.01 0.10 0.03 0.02 0.01 Loan/Deposit ratio, % 242 245 246 250 243 250 252 258
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 912 909 902 896 889 882 874 870 Deposits from the public excluding repos & SNDO 1) 377 371 367 359 365 352 347 338 Mutual funds & insurance 431 412 402 412 390 365 415 417 Index linked bonds 14 16 16 16 16 16 17 17 Discretionary asset management Goodwill
Allocated equity, average, SEKm 31 868 32 927 31 937 30 298 25 272 25 250 23 118 22 033 Common Equity Tier 1 capital, period end
Risk-weighted assets, Basel 2 202 212 214 221 213 215 216 220 Commitments 101 107 107 103 106 107 114 116 Full-time employees 4 922 4 896 4 971 5 068 5 160 5 170 5 312 5 339
1) Excluding intra-Group transactions
Retail
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 795 768 750 728 1 104 791 915 857 Payment processing 119 141 106 105 98 94 139 100 Service concepts Asset management 140 96 84 96 116 94 100 112 Life insurance 2 2 2 1 2 2 2 Brokerage -8 -2 -37 13 -13 14 -5 7 Other securities 9 5 3 3 11 -6 6 14 Lending and guarantees 119 99 126 122 113 99 34 155
Deposits -7 7 6 7 1 11 1 7
Corporate finance 124 25 78 110 -14 42 76 49 Real estate brokerage Non-life insurance Other commissions 40 43 28 27 26 24 26 24 Net commission income 536 416 396 485 339 374 379 470 Net gains and losses on financial items at fair value 492 471 443 847 227 99 23 368 Net insurance Share of the profit or loss of associates 6 -4 1 1 Other income 34 12 5 -4 19 9 727
Total income 1 857 1 655 1 601 2 071 1 662 1 283 1 327 2 423
Staff costs 278 252 290 305 438 340 311 332 Variable staff costs 75 65 120 105 13 6 50 83 Expenses for premises 31 31 38 36 52 39 49 34 IT expenses 123 99 108 94 88 98 92 95 Consultants 28 15 18 20 33 28 27 44 Other expenses 195 253 175 195 235 176 229 190 of which internally sold and bought services 132 190 113 115 134 84 126 109 Depreciation/amortisation 13 12 11 11 19 11 10 9
Total expenses 743 727 760 766 878 698 768 787
Profit before impairments 1 114 928 841 1 305 784 585 559 1 636
Impairment of intangible assets 4 17 Impairment of tangible assets Credit impairments 162 -38 53 17 -30 -54 -121
Operating profit 952 966 784 1 288 767 615 613 1 757
Tax expense 84 225 262 439 272 126 160 631
Profit for the period from continuing operations 868 741 522 849 495 489 453 1 126
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 868 741 522 849 495 489 453 1 126
Profit for the period attributable to:
Shareholders of Swedbank AB 868 741 522 849 495 489 453 1 126
Non-controlling interests
Large Corporates & Institutions
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKbn 2012 2012 2012 2012 2011 2011 2011 2011
Balance sheet (Incl intra-Group transactions)
AssetsCash and balances with central banks 7 7 6 6 6 6 1 1 Loans to credit institutions 262 297 269 286 297 317 309 310 Loans to the public 200 219 196 185 189 165 162 162 Bonds and other interest-bearing securities 57 61 59 78 63 65 70 76 Financial assets for which customers bear inv. risk Derivatives 125 133 113 105 117 120 74 77 Other assets 16 15 16 24 13 13 11 15
Total assets 667 732 659 684 685 686 627 641
Liabilities and equity
Amounts owed to credit institutions 206 220 209 223 231 243 243 254 Deposits and borrowings from the public 94 102 83 102 79 75 67 90 Debt securities in issue 16 17 19 18 17 17 20 18 Financial liabilities for which customers bear inv. risk Derivatives 120 131 112 103 115 116 70 76 Other liabilities 212 243 215 218 223 213 203 180 Subordinated liabilities 6 6 7 7 Allocated equity 19 19 21 20 14 16 17 16
Total liabilities and equity 667 732 659 684 685 686 627 641
Key figures
Key performance indicators
Return on allocated equity, % 18.3 14.6 10.3 18.9 13.4 11.7 11.2 27.0 Cost/Income ratio 0.40 0.44 0.47 0.37 0.53 0.54 0.58 0.32 Credit impairment ratio, % 0.23 -0.06 0.09 0.03 -0.05 -0.08 -0.25 Loan/Deposit ratio, % 209 192 224 187 225 220 235 190
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 149 154 150 144 145 136 134 129 Deposits from the public excluding repos & SNDO 1) 71 80 67 77 65 62 56 67 Mutual funds & insurance 79 46 45 46 41 41 44 45 Index linked bonds 18 21 22 22 22 22 23 23 Discretionary asset management 251 282 274 273 270 255 262 254 Goodwill
Allocated equity, average, SEKm 19 018 20 316 20 238 17 951 14 724 16 668 16 204 16 709 Risk-weighted assets, Basel 2 134 135 135 135 136 138 151 153 Commitments 60 59 50 51 55 52 52 50 Full-time employees 1 043 1 049 1 049 1 073 1 094 1 097 1 103 1 158
1) Excluding intra-Group transactions
Other information, SEKm
Net interest income, Large Corporates 771 729 703 697 588 549 499 465
Large Corporates & Institutions
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 760 753 868 910 900 993 1 016 995 Payment processing 261 273 286 275 296 298 277 225 Service concepts Asset management 49 48 47 47 43 54 46 52 Life insurance -2 -1 -2 -2 7 -7 1 Brokerage Other securities -2 -2 -2 -1 -1 -3 -1 -1 Lending and guarantees 45 44 46 43 41 43 42 37 Deposits Corporate finance Real estate brokerage Non-life insurance 2 2 4 7 5 12 1 2 Other commissions 13 12 15 17 2 10 15 17 Net commission income 366 376 394 386 393 407 381 332 Net gains and losses on financial items at fair value 80 74 75 66 85 76 61 55 Net insurance 61 63 80 76 89 77 81 57 Share of the profit or loss of associates Other income 22 21 31 30 67 45 42 45
Total income 1 289 1 287 1 448 1 468 1 534 1 598 1 581 1 484
Staff costs 193 171 187 192 225 183 204 207 Variable staff costs 16 12 15 20 5 11 13 5 Expenses for premises 45 46 46 53 58 51 49 54 IT expenses 40 37 40 45 71 58 58 53
Consultants 2 1 2 1 4 1 2 1
Other expenses 307 259 276 282 333 299 291 306 of which internally sold and bought services 217 195 204 200 229 211 206 200 Depreciation/amortisation 30 30 28 36 36 40 34 36
Total expenses 633 556 594 629 732 643 651 662
Profit before impairments 656 731 854 839 802 955 930 822
Impairment of intangible assets 1 913 Impairment of tangible assets 8 5 4 -2 21 -12 20 5 Credit impairments -329 -18 -204 -134 -117 -361 -142 -382
Operating profit 977 744 1 054 975 -1 015 1 328 1 052 1 199
Tax expense 155 59 96 77 69 126 126 127
Profit for the period from continuing operations 822 685 958 898 -1 084 1 202 926 1 072
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 822 685 958 898 -1 084 1 202 926 1 072
Profit for the period attributable to:
Shareholders of Swedbank AB 822 685 958 898 -1 084 1 202 926 1 072
Non-controlling interests
Baltic Banking
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKbn 2012 2012 2012 2012 2011 2011 2011 2011
Balance sheet (Incl intra-Group transactions)
AssetsCash and balances with central banks 3 2 2 2 3 2 2 2 Loans to credit institutions Loans to the public 115 111 115 116 119 125 125 127 Bonds and other interest-bearing securities 2 1 2 2 2 3 2 2 Financial assets for which customers bear inv. risk 2 2 2 2 2 2 2 2 Derivatives Other assets 13 12 12 12 12 14 14 14
Total assets 135 128 133 134 138 146 145 147
Liabilities and equity
Amounts owed to credit institutions Deposits and borrowings from the public 107 99 100 96 98 99 95 89 Debt securities in issue 1 1 1 1 1 1 1 1 Financial liabilities for which customers bear inv. risk 2 2 2 2 2 2 2 2 Derivatives Other liabilities 1 5 9 12 16 18 19 Subordinated liabilities 4 4 4 7 Allocated equity 25 25 25 26 21 24 25 29
Total liabilities and equity 135 128 133 134 138 146 145 147
Key figures
Key performance indicators
Return on allocated equity, % 13.3 11.2 15.0 14.6 -18.8 19.6 13.7 13.9 Cost/Income ratio 0.49 0.43 0.41 0.43 0.48 0.40 0.41 0.45 Credit impairment ratio, % -1.15 -0.07 -0.69 -0.45 -0.37 -1.15 -0.44 -1.17 Loan/Deposit ratio, % 108 113 115 120 122 126 133 142
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 115 111 115 116 119 125 125 126 Deposits from the public excluding repos & SNDO 1) 107 99 100 96 97 99 95 89 Mutual funds & insurance 20 19 19 19 18 18 19 18 Index linked bonds Discretionary asset management 2 1 1 1 1 1 1 1
Goodwill 9 9 9 9 9 11 11 11
Allocated equity, average, SEKm 24 767 24 546 25 535 24 592 23 010 24 551 27 072 30 858 Risk-weighted assets, Basel 2 95 93 98 99 102 104 108 120 Commitments 18 17 16 16 16 16 14 13 Full-time employees 4 155 4 148 4 123 4 143 4 289 4 496 4 554 4 505
1) Excluding intra-Group transactions
Baltic Banking
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 337 329 377 403 418 463 452 450 Payment processing 96 91 97 89 102 104 100 92 Service concepts Asset management 11 13 12 13 15 17 13 18 Life insurance 1 1 2 -3 1 Brokerage Other securities 3 -1 -1 -1 Lending and guarantees 22 21 22 19 22 21 20 19 Deposits Corporate finance Real estate brokerage Non-life insurance 3 4 4 4 11 1 Other commissions 3 4 2 -14 5 4 4 Net commission income 135 130 139 128 141 143 138 132 Net gains and losses on financial items at fair value 16 19 23 15 22 22 15 13 Net insurance 2 -1 -1 Share of the profit or loss of associates
Other income 7 9 6 4 3 8 12
Total income 495 487 539 552 585 633 612 606
Staff costs 73 59 70 72 81 56 70 72 Variable staff costs 5 7 4 8 2 4 4 Expenses for premises 21 21 21 22 29 21 21 23 IT expenses 13 12 14 14 6 38 21 26 Consultants 1 -1 1 Other expenses 110 102 104 103 121 126 103 130 of which internally sold and bought services 83 74 73 73 81 100 81 74 Depreciation/amortisation 3 3 1 6 6 9 4 4
Total expenses 225 204 215 225 244 255 223 255
Profit before impairments 270 283 324 327 341 378 389 351
Impairment of intangible assets Impairment of tangible assets 2 13 Credit impairments -242 2 -25 -78 -55 -125 136 -9
Operating profit 512 281 349 405 394 503 240 360
Tax expense -2 -2 -1 -1 -1 -1 -1
Profit for the period from continuing operations 514 283 349 406 395 504 241 361
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 514 283 349 406 395 504 241 361
Profit for the period attributable to:
Shareholders of Swedbank AB 514 283 349 406 395 504 241 361
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % 39.6 21.8 25.6 31.5 36.4 42.5 17.4 20.5 Cost/Income ratio 0.45 0.42 0.40 0.41 0.42 0.40 0.36 0.42 Credit impairment ratio, % -1.89 0.01 -0.19 -0.59 -0.41 -0.91 0.98 -0.06 Loan/Deposit ratio, % 113 112 112 118 117 121 126 137
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 52 50 52 52 53 54 54 56 Deposits from the public excluding repos & SNDO 1) 46 45 47 44 45 45 43 41 Mutual funds & insurance 9 8 8 8 8 8 9 7 Index linked bonds
Discretionary asset management 2 1 1 1 1 1 1 1 Goodwill
Allocated equity, average, SEKm 5 194 5 197 5 444 5 159 4 341 4 742 5 534 7 037 Risk-weighted assets, Basel 2 38 37 39 39 41 42 42 45
Commitments 10 9 9 9 9 9 7 6
Full-time employees 1 487 1 487 1 494 1 505 1 565 1 485 1 541 1 481 1) Excluding intra-Group transactions
Estonia
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 235 225 243 258 229 264 282 284 Payment processing 89 80 78 86 90 90 79 46 Service concepts Asset management 12 12 11 10 10 11 10 11 Life insurance Brokerage Other securities Lending and guarantees 11 12 13 10 11 13 13 11 Deposits Corporate finance Real estate brokerage Non-life insurance 1 1 1 2 2 6 Other commissions 7 5 7 8 5 5 7 5 Net commission income 120 110 110 116 118 125 109 73 Net gains and losses on financial items at fair value 30 27 28 27 31 31 26 27 Net insurance -2 1 1 Share of the profit or loss of associates
Other income 6 5 13 5 10 10 10 7
Total income 391 367 394 406 388 428 428 392
Staff costs 51 47 48 52 57 50 50 49 Variable staff costs 5 6 3 6 2 3 4 2 Expenses for premises 13 10 12 13 14 13 12 13 IT expenses 10 10 11 11 27 5 18 13
Consultants 1 1 1 2 1
Other expenses 91 82 81 84 106 78 98 96 of which internally sold and bought services 61 53 57 59 75 39 67 73 Depreciation/amortisation 7 7 7 8 8 8 8 8
Total expenses 178 163 163 174 216 157 191 181
Profit before impairments 213 204 231 232 172 271 237 211
Impairment of intangible assets Impairment of tangible assets 6 4 1 16 4 3 7 Credit impairments 86 8 -197 -21 158 -191 -164 -135
Operating profit 121 192 427 253 -2 458 398 339
Tax expense 16 28 64 38 -5 67 67 52
Profit for the period from continuing operations 105 164 363 215 3 391 331 287
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 105 164 363 215 3 391 331 287
Profit for the period attributable to:
Shareholders of Swedbank AB 105 164 363 215 3 391 331 287
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % 8.3 12.7 26.9 16.9 0.3 34.3 21.8 16.8 Cost/Income ratio 0.46 0.44 0.41 0.43 0.56 0.37 0.45 0.46 Credit impairment ratio, % 1.12 0.11 -2.52 -0.26 1.83 -2.19 -1.83 -1.47 Loan/Deposit ratio, % 120 142 153 167 172 178 183 196
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 31 30 30 31 32 35 35 36 Deposits from the public excluding repos & SNDO 1) 26 21 19 18 19 20 19 18 Mutual funds & insurance 5 5 5 5 5 4 5 4 Index linked bonds Discretionary asset management
Goodwill
Allocated equity, average, SEKm 5 087 5 175 5 391 5 079 4 237 4 561 6 066 6 835 Risk-weighted assets, Basel 2 31 31 33 33 33 35 36 45
Commitments 4 4 3 4 4 4 3 4
Full-time employees 1 178 1 185 1 160 1 166 1 203 1 214 1 196 1 202 1) Excluding intra-Group transactions
Latvia
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 185 203 235 243 259 272 289 268 Payment processing 75 101 111 100 107 102 97 88 Service concepts Asset management 7 7 6 7 4 12 8 8 Life insurance 5 -5 Brokerage Other securities -1 -1 1 -1 -1 Lending and guarantees 9 9 10 10 8 9 9 7 Deposits Corporate finance Real estate brokerage Non-life insurance 2 1 2 1 2 6 2 1 Other commissions 8 6 7 10 6 8 10 11 Net commission income 100 124 135 128 133 131 125 115 Net gains and losses on financial items at fair value 34 26 27 22 29 28 23 21 Net insurance Share of the profit or loss of associates Other income 6 11 14 12 45 35 14 18
Total income 325 364 411 405 466 466 451 422
Staff costs 55 52 54 53 71 61 61 59 Variable staff costs 4 -1 5 6 1 4 4 2 Expenses for premises 11 14 11 17 17 14 15 15 IT expenses 13 11 9 14 34 14 20 14 Consultants 1 1 Other expenses 99 81 91 87 108 98 92 87 of which internally sold and bought services 66 62 69 67 74 73 70 68 Depreciation/amortisation 8 7 8 8 8 8 8 8
Total expenses 190 164 179 185 239 199 201 185
Profit before impairments 135 200 232 220 227 267 250 237
Impairment of intangible assets Impairment of tangible assets 2 1 3 -2 4 -16 4 -2 Credit impairments -173 -28 18 -35 -232 -71 -114 -238
Operating profit 306 227 211 257 455 354 360 477
Tax expense 99 34 32 39 65 58 58 74
Profit for the period from continuing operations 207 193 179 218 390 296 302 403
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest 207 193 179 218 390 296 302 403
Profit for the period attributable to:
Shareholders of Swedbank AB 207 193 179 218 390 296 302 403
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % 20.6 19.5 17.6 22.0 45.9 31.6 28.4 32.0 Cost/Income ratio 0.58 0.45 0.44 0.46 0.51 0.43 0.45 0.44 Credit impairment ratio, % -2.18 -0.35 0.22 -0.42 -2.97 -0.52 -1.31 -2.70 Loan/Deposit ratio, % 92 95 95 97 100 104 109 114
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 32 31 33 33 34 36 35 34 Deposits from the public excluding repos & SNDO 1) 35 33 34 34 33 34 33 30 Mutual funds & insurance 6 6 6 6 6 6 6 6 Index linked bonds
Discretionary asset management Goodwill
Allocated equity, average, SEKm 4 017 3 950 4 069 3 962 3 397 3 750 4 250 5 043 Risk-weighted assets, Basel 2 26 25 26 27 28 27 30 30
Commitments 4 4 4 3 3 3 4 3
Full-time employees 1 368 1 357 1 351 1 354 1 374 1 536 1 550 1 517 1) Excluding intra-Group transactions
Lithuania
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 3 -4 13 6 -6 -6 -7 -7 Payment processing 1 1 -3 2 1 -1 Service concepts Asset management 19 16 18 17 14 14 15 15 Life insurance -2 -2 -2 -3 1 Brokerage Other securities -1 -2 -1 -1 -5 -1 1 Lending and guarantees 3 2 1 4 Deposits Corporate finance Real estate brokerage Non-life insurance -4 -4 -3 -10 -2 1 Other commissions -5 1 -3 -3 5 -8 -6 -3 Net commission income 11 12 10 14 1 8 9 12 Net gains and losses on financial items at fair value 2 -3 2 3 -5 -3 -6 Net insurance 61 63 80 76 89 77 81 57 Share of the profit or loss of associates
Other income 3 -4 4 7 8 -3 10 8
Total income 78 69 104 105 95 71 90 64
Staff costs 14 13 15 15 16 16 23 27 Variable staff costs 2 3 1 1 Expenses for premises 1 2 1 -2 3 1 3
IT expenses 4 4 6 6 4 1 -1
Consultants 1 -1 1 3 1 Other expenses 7 -6 8 -2 -3 -2 -7 of which internally sold and bought services 7 6 5 1 -1 -1 -12 -15 Depreciation/amortisation 12 13 12 14 14 15 14 16
Total expenses 40 25 37 45 33 32 36 41
Profit before impairments 38 44 67 60 62 39 54 23
Impairment of intangible assets 1 913 Impairment of tangible assets -1 Credit impairments 12 26
Operating profit 38 44 67 60 -1 862 13 54 23
Tax expense 42 -1 1 10 2 2 2
Profit for the period from continuing operations -4 45 67 59 -1 872 11 52 21
Profit for the period from discontinued operations, after tax Profit for the period including non-controlling interest -4 45 67 59 -1 872 11 52 21
Profit for the period attributable to:
Shareholders of Swedbank AB -4 45 67 59 -1 872 11 52 21
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % -0.2 1.8 2.5 2.3 -67.9 0.4 1.9 0.7 Cost/Income ratio 0.51 0.36 0.36 0.43 0.35 0.45 0.40 0.64 Credit impairment ratio, % 0.00 0.00 0.00 0.00 17.07 30.08 0.00 0.00
Loan/Deposit ratio, %
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 1 Deposits from the public excluding repos & SNDO 1) Mutual funds & insurance Index linked bonds Discretionary asset management
Goodwill 9 9 9 9 9 9 11 11
Allocated equity, average, SEKm 10 469 10 224 10 631 10 392 11 035 11 498 11 222 11 943 Risk-weighted assets, Basel 2 Commitments Full-time employees 122 119 118 118 147 261 267 305 1) Excluding intra-Group transactions
Other Baltic Banking
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 452 162 56 -113 -230 -54 -206 -223 Payment processing 55 39 32 -2 51 90 63 43 Service concepts Asset management -5 -6 -8 -2 -7 -3 -6 Life insurance -4 -7 -8 -2 Brokerage -4 -1 -5 -6 -2 -1 2 Other securities -9 -9 -11 3 -9 -3 -9 4 Lending and guarantees -6 -4 -4 -8 -6 -3 Deposits Corporate finance Real estate brokerage Non-life insurance -4 -3 -5 -6 7 -5 -1 -10 Other commissions 15 -3 -4 2 10 7 8 Net commission income 27 31 -4 -23 43 71 46 39 Net gains and losses on financial items at fair value 221 103 18 22 198 42 383 -197
Net insurance 4 5 1 8 4 5 6 5
Share of the profit or loss of associates 1 2 1 1 Other income 400 343 347 342 415 343 381 248
Total income 1 105 646 419 236 431 407 610 -128
Staff costs 805 792 818 831 1 025 939 864 872 Variable staff costs 46 64 12 49 13 30 33 37 Expenses for premises 95 94 99 106 117 108 110 131 IT expenses 341 292 318 339 435 355 380 383 Consultants 31 21 33 37 60 53 115 88 Other expenses -1 092 -1 203 -990 -954 -1 077 -877 -1 106 -1 031 of which internally sold and bought services 1) -1 437 -1 517 -1 330 -1 354 -1 553 -1 332 -1 499 -1 447 Depreciation/amortisation 135 130 148 144 189 204 145 147
Total expenses 361 190 438 552 762 812 541 627
Profit before impairments 744 456 -19 -316 -331 -405 69 -755
Impairment of intangible assets 17 -1 30 Impairment of tangible assets 133 97 120 42 149 -1 -5 -3 Credit impairments 20 -277 -119 -169 -490
Operating profit 594 340 -139 -358 -233 -285 243 -262
Tax expense 89 173 -44 -152 -55 -130 38 -189
Profit for the year from continuing operations 505 167 -95 -206 -178 -155 205 -73
Profit for the year from discontinued operations, after tax 2) -174 -203 -341 -279 4 Profit for the period including non-controlling interest 331 -36 -436 -485 -174 -155 205 -73
Profit for the period attributable to:
Shareholders of Swedbank AB 330 -33 -436 -485 -174 -155 205 -73
Non-controlling interests 1 -3
1) As of Q3 2012 Group Treasury allocates its administrative expenses to the business areas. The accumulated expense of SEK 167m was allocated in Q3 2012 2) As from 2012, the Russian and Ukrainian operations are reported as discontinued operations.
Group Functions & Other
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKbn 2012 2012 2012 2012 2011 2011 2011 2011
Balance sheet (Incl intra-Group transactions)
AssetsCash and balances with central banks 119 203 122 161 154 84 8 6 Loans to credit institutions 193 243 195 204 207 426 333 319 Loans to the public 12 12 15 16 15 15 15 16 Bonds and other interest-bearing securities 83 83 81 83 83 91 89 88 Financial assets for which customers bear inv. risk Derivatives 41 38 33 31 36 39 16 14 Other assets 660 695 658 679 655 655 661 655
Total assets 1 108 1 274 1 104 1 174 1 150 1 310 1 122 1 098
Liabilities and equity
Amounts owed to credit institutions 240 312 243 258 270 381 286 252 Deposits and borrowings from the public 8 63 14 53 23 33 24 13 Debt securities in issue 762 818 780 779 776 816 757 739 Financial liabilities for which customers bear inv. risk Derivatives 35 34 26 24 25 27 20 24 Other liabilities 21 11 7 24 18 19 5 41 Subordinated liabilities 14 13 17 19 2 1 Allocated equity 28 23 17 17 38 32 29 29
Total liabilities and equity 1 108 1 274 1 104 1 174 1 150 1 310 1 122 1 098
Key figures
Key performance indicators
Return on allocated equity, % 5.2 -0.7 -9.8 -8.2 -2.0 -2.1 2.8 -1.1 Cost/Income ratio 0.33 0.29 1.05 2.34 1.77 2.00 0.89 -4.90 Credit impairment ratio, % 1.46 2.71 5.26 4.56 -0.90 -0.45 -0.77 -12.96 Loan/Deposit ratio, % 261 17 110 27 68 47 69 220
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 8 10 12 13 13 14 14 16 Deposits from the public excluding repos & SNDO 1) 3 59 11 48 20 30 21 8 Mutual funds & insurance
Index linked bonds
Discretionary asset management Goodwill
Allocated equity, average, SEKm 25 277 19 809 17 881 23 749 34 973 30 078 29 356 26 119 Risk-weighted assets, Basel 2 33 36 38 40 41 40 34 26
Commitments 9 9 9 9 9 10 10 3
Full-time employees 4 741 5 202 5 545 5 766 5 744 6 050 6 039 6 144
1) Excluding intra-Group transactions
Group Functions & Other
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income -2 -3 -5 -6 -1 -5 -3 -4 Payment processing 58 30 38 -1 40 80 54 33 Service concepts Asset management 8 -6 -7 -1 -4 -1 -5 Life insurance -1 -1 -1 -1 -1 -1 Brokerage 2 3 3 4 3 5 4 6 Other securities -2 -1 -1 -1 -1 -1 Lending and guarantees -3 -3 -5 -2 -4 -3 -4 -3 Deposits Corporate finance Real estate brokerage Non-life insurance -4 -4 -5 -6 7 -5 -2 -10 Other commissions -6 9 -1 -6 1 -1 1 Net commission income 52 28 24 -8 37 72 49 20 Net gains and losses on financial items at fair value 7 11 8 8 7 11 10 7 Net insurance Share of the profit or loss of associates Other income 131 116 101 94 128 122 126 99
Total income 188 152 128 88 171 200 182 122
Staff costs 280 304 312 327 397 311 313 304 Variable staff costs 21 23 15 19 12 13 19 17 Expenses for premises 36 33 36 35 33 33 34 33 IT expenses 255 244 260 268 344 279 296 289
Consultants 9 5 7 9 20 9 35 29
Other expenses -586 -606 -635 -625 -630 -569 -638 -581 of which internally sold and bought services -739 -728 -756 -760 -848 -745 -808 -749 Depreciation/amortisation 74 70 73 72 66 63 62 60
Total expenses 89 73 68 105 242 139 121 151
Profit before impairments 99 79 60 -17 -71 61 61 -29
Impairment of intangible assets 17 30 Impairment of tangible assets Credit impairments
Operating profit 82 79 60 -17 -101 61 61 -29
Tax expense 35 20 24 -11 -12 10 17 -9
Profit for the year from continuing operations 47 59 36 -6 -89 51 44 -20
Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 47 59 36 -6 -89 51 44 -20
Profit for the period attributable to:
Shareholders of Swedbank AB 47 59 36 -6 -89 51 44 -20
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % 10.5 13.3 8.0 -1.3 -20.7 11.9 9.1 -3.7 Cost/Income ratio 0.47 0.48 0.53 1.19 1.42 0.70 0.66 1.24
Volumes, SEKbn
Allocated equity, average, SEKm 1 795 1 779 1 797 1 789 1 717 1 717 1 935 2 166 Risk-weighted assets, Basel 2 4 3 3 3 4 3 4 4 Commitments Full-time employees 1 814 1 777 1 782 1 761 1 717 1 690 1 646 1 619
Group Products
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 467 193 96 -78 -313 -146 -287 -399
Payment processing 1 1 -1 1 Service concepts Asset management 1 2 -1 Life insurance 1 1 1 1 1 Brokerage -5 -6 -3 -5 -5 -4 -3 -2 Other securities -6 -4 -12 1 -5 -6 -5 2
Lending and guarantees 2 -2 5 -12 1
Deposits
Corporate finance
Real estate brokerage
Non-life insurance
Other commissions -1 2
Net commission income -11 -9 -11 -3 -3 -21 -8 2
Net gains and losses on financial items at fair value 204 96 9 7 128 8 327 -276
Net insurance
Share of the profit or loss of associates 1
Other income 3 3 3 1 7 2 4 3
Total income 663 284 97 -73 -181 -157 36 -670
Staff costs 17 16 18 20 19 20 21 20
Variable staff costs 3 3 1 3 3 2 3 2
Expenses for premises 2 2 2 2 1 2 2 1
IT expenses 1
Consultants 1 1 3 4 7 6
Other expenses -13 -132 35 37 40 31 50 48
of which internally sold and bought services 2) -18 -137 32 32 36 26 43 43
Depreciation/amortisation 4 4 3 4 4 4 3 4
Total expenses 14 -107 61 69 67 63 86 81 Profit before impairments 649 391 36 -142 -248 -220 -50 -751
Impairment of intangible assets -1
Impairment of tangible assets
Credit impairments
Operating profit 649 392 36 -142 -248 -220 -50 -751
Tax expense 132 117 1 -27 -87 -95 -196
Profit for the year from continuing operations 517 275 35 -115 -161 -125 -50 -555
Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 517 275 35 -115 -161 -125 -50 -555
Profit for the period attributable to:
Shareholders of Swedbank AB 517 275 35 -115 -161 -125 -50 -555
Non-controlling interests
Balance sheet (Incl intra-Group transactions), SEKbn
Assets
Cash and balances with central banks 117 201 121 159 152 82 5 5
Loans to credit institutions 196 246 198 209 213 431 338 326
Loans to the public 13 12 15 14 11 11 10 10
Bonds and other interest-bearing securities 82 81 80 81 82 91 89 86 Financial assets for which customers bear inv. risk
Derivatives 41 38 33 31 36 39 17 14
Other assets 651 692 656 676 648 653 653 649
Total assets 1 100 1 270 1 103 1 170 1 142 1 307 1 112 1 090 Liabilities and equity
Amounts owed to credit institutions 239 311 244 258 268 381 285 251
Deposits and borrowings from the public 9 63 15 53 23 33 24 13
Debt securities in issue 762 818 780 779 776 816 758 738
Financial liabilities for which customers bear inv. risk
Derivatives 35 34 26 25 25 27 20 23
Other liabilities 19 16 12 27 20 25 4 50
Subordinated liabilities 15 13 17 19 1 -6
Allocated equity 21 15 9 9 30 24 21 21
Total liabilities and equity 1 100 1 270 1 103 1 170 1 142 1 307 1 112 1 090
Key figures
Key performance indicators
Return on allocated equity, % 11.5 9.1 1.5 -3.1 -2.4 -2.3 -0.9 -12.0
Cost/Income ratio 0.02 -0.38 0.63 -0.95 -0.37 -0.40 2.39 -0.12
Loan/Deposit ratio, % 167 8 49 10 24 17 24 115
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 3 5 5 4 3 4 4 5 Deposits from the public excluding repos & SNDO 1) 2 58 10 46 18 28 19 Allocated equity, average, SEKm 17 968 12 050 9 443 15 003 26 603 21 651 21 665 18 546
Risk-weighted assets, Basel 2 15 16 16 15 15 14 9 2
Commitments 9 9 8 8 8 9 9 2
Full-time employees 58 57 56 62 59 64 63 60
1) Excluding intra-Group transactions
2) As of Q3 2012 Group Treasury allocates its administrative expenses to the business areas. The accumulated expense of SEK 223m was allocated in 2012
Group Treasury
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income -21 -23 -25 -29 -25 -11 -13 -13 Net commission income Net gains and losses on financial items at fair value 9 -6 -3 4 56 21 24 62 Net insurance Share of the profit or loss of associates 1 1 1 Other income 156 146 152 154 166 126 154 59
Total income 145 118 124 129 198 136 165 108
Staff costs 30 38 42 35 27 26 29 20 Variable staff costs 2 1 1 1 4 Expenses for premises 2 2 1 2 2 1 2
IT expenses 1 1 1 1 1 1
Consultants 5 6 6 6 11 9 4 9
Other expenses 75 73 86 89 102 97 41 42 of which internally sold and bought services Depreciation/amortisation 26 24 25 28 42 32 25 23
Total expenses 141 145 162 162 188 166 100 96
Profit before impairments 4 -27 -38 -33 10 -30 65 12
Impairment of intangible assets Impairment of tangible assets 133 97 120 42 140 -6 -7 -1 Credit impairments
Operating profit -129 -124 -159 -74 -130 -24 72 13
Tax expense -54 -9 -22 -5 -3 -3 37 21
Profit for the year from continuing operations -75 -115 -137 -69 -127 -21 35 -8
Profit for the year from discontinued operations, after tax 4 -17 4 Profit for the period including non-controlling interest -71 -132 -137 -69 -123 -21 35 -8
Profit for the period attributable to:
Shareholders of Swedbank AB -71 -129 -137 -69 -124 -21 35 -8
Non-controlling interests 1 -3
Key figures
Key performance indicators
Return on allocated equity, % -15.5 -26.0 -25.0 -12.1 -21.7 -4.0 8.3 -2.0 Cost/Income ratio 0.97 1.23 1.31 1.26 0.95 1.22 0.61 0.89
Volumes, SEKbn
Allocated equity, average, SEKm 1 831 1 982 2 193 2 281 2 282 2 104 1 684 1 564 Risk-weighted assets, Basel 2 6 6 7 7 7 6 5 4 Full-time employees 204 464 508 397 216 206 197 175
Ektornet
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income 8 -5 -10 109 108 97 193 Payment processing -3 9 -6 -1 10 9 10 9 Service concepts Asset management -13 -1 -1 -2 -1 -2 -2 -1 Life insurance 1 -1 -4 -7 -7 -2 Brokerage -1 2 -5 -5 -2 -1 -2 Other securities -1 -4 1 3 -3 4 -4 3 Lending and guarantees -3 -1 -1 -4 -1 9 3 Deposits Corporate finance Real estate brokerage Non-life insurance 1 1 Other commissions 6 7 -5 -3 8 9 8 7 Net commission income -14 12 -17 -12 9 20 5 17 Net gains and losses on financial items at fair value 1 2 4 3 7 2 22 10
Net insurance 4 5 1 8 4 5 6 5
Share of the profit or loss of associates 1 Other income 110 78 91 93 114 93 97 87
Total income 109 92 70 92 243 228 227 312
Staff costs 478 434 446 449 582 582 501 528 Variable staff costs 20 37 -5 26 -6 15 11 18 Expenses for premises 55 57 60 67 81 72 74 95 IT expenses 85 47 56 70 91 75 83 94 Consultants 16 10 19 19 29 31 69 44 Other expenses -568 -538 -476 -455 -589 -436 -559 -540 of which internally sold and bought services -680 -652 -606 -626 -741 -613 -734 -741 Depreciation/amortisation 31 32 47 40 77 105 55 60
Total expenses 117 79 147 216 265 444 234 299
Profit before impairments -8 13 -77 -124 -22 -216 -7 13
Impairment of intangible assets Impairment of tangible assets 9 5 2 -2 Credit impairments 20 -277 -119 -169 -490
Operating profit -8 -7 -76 -125 246 -102 160 505
Tax expense -24 45 -47 -109 47 -42 -16 -5
Profit for the period from continuing operations 16 -52 -29 -16 199 -60 176 510
Profit for the period from discontinued operations, after tax -178 -186 -341 -279 Profit for the period including non-controlling interest -162 -238 -370 -295 199 -60 176 510
Profit for the period attributable to:
Shareholders of Swedbank AB -163 -238 -370 -295 200 -60 176 510
Non-controlling interests
Key figures
Key performance indicators
Return on allocated equity, % -17.7 -23.8 -33.3 -25.2 18.3 -5.2 17.3 53.1 Cost/Income ratio 1.07 0.86 2.10 2.35 1.09 1.95 1.03 0.96 Credit impairment ratio, %
Loan/Deposit ratio, %
Volumes, SEKbn
Allocated equity, average, SEKm 3 683 3 998 4 448 4 676 4 371 4 606 4 072 3 843 Risk-weighted assets, Basel 2 8 11 12 15 15 17 16 16
Commitments 1 1 1 1 1 1
Full-time employees 2 665 2 904 3 199 3 546 3 752 4 090 4 133 4 290
1) Excluding intra-Group transactions
Other Group Functions
Q1, 2013
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
SEKm 2012 2012 2012 2012 2011 2011 2011 2011
Income statement
Net interest income -14 -3 -1 -1 -9 -3 8 -12 Payment processing 16 18 16 16 16 15 14 12 Service concepts Asset management -18 -10 -8 -11 -11 -20 -6 -6 Life insurance -3 8 -5 -4 Brokerage Other securities 10 10 10 9 9 9 9 8 Lending and guarantees 2 2 3 2 4 7 4 2 Deposits Corporate finance Real estate brokerage Non-life insurance Other commissions 9 1 -1 -1 -2 -1 -1 Net commission income 19 20 22 12 17 17 15 11 Net gains and losses on financial items at fair value Net insurance -3 -3 2 -6 -1 Share of the profit or loss of associates Other income -71 -44 -55 -54 -56 -60 -69 -40
Total income -69 -30 -32 -49 -48 -47 -46 -41
Staff costs -13 -9 Variable staff costs Expenses for premises -1 -1 -1 -1 -1 IT expenses -202 -149 -173 -166 -203 -227 -226 -223 Consultants -8 -4 -3 -1 Other expenses 155 120 145 118 168 181 181 182 of which internally sold and bought services 173 126 132 164 198 199 197 201 Depreciation/amortisation
Total expenses -69 -30 -32 -49 -48 -47 -46 -41
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
Key figures
Volumes, SEKbnIndex linked bonds -12 -14 -15 -15 -15 -15 -15 -15
Eliminations
Q1, 2013
Key figures, 5-years
Q1, 2013
Key figures, Group FY FY FY FY FY
2012 2011 2010 2009 2008
Profit
Return on equity, % 14.6 12.2 8.1 -12.5 15.2 Return on equity continuing operations, % 15.6
Return on total assets, % 0.76 0.65 0.40 -0.58 0.64 Cost/Income ratio 0.46 0.54 0.57 0.51 0.50 Net interest margin, % 3) 1.12 1.07 0.92 1.17 1.33
Business Volumes SEKbn
Loans to the public excl. repos & SNDO 1 184 1 166 1 146 1 192 1 251 Deposits to the public excluding repos & SNDO 558 547 517 479 478 Loan/Deposit ratio, % 212 213 222 240 262
Asset quality
Credit impairment ratio, % -0.01 -0.14 0.20 1.74 0.24 Total provision ratio for impaired loans, % 62 62 63 65 60 Share of impaired loans gross, % 1.05 1.87 2.53 2.85 0.74
Capital Adequacy
Common Equity Tier 1 ratio, %, Basel 3 1) 15.4 14.3
Common Equity Tier 1 ratio, %, Basel 2 16.7 15.7 13.9 12.0 9.3 Risk weighted assets, Basel 3 1) 487 105 515 137
Risk weighted assets, Basel 2 464 339 492 337 541 327 603 431 696 505 Risk weighted assets, transition rules 769 117 756 762 750 440 784 469 916 112 Risk weighted assets, Basel 1 990 705 969 344 954 708 990 225 1 051 140 Risk weighted assets/total assets, %, Basel 3 1) 26 28
Risk weighted assets/total assets, %, Basel 2 25 27 32 34 38
Liquidity & Funding
Liquidity coverage ratio (LCR) 130 139 Net stable funding ratio (NSFR) 91 94
Share of wholesale funding > 1 year, % 64 64 56 51 37
Share data
Earnings per share before dilution, SEK 2) 12.12 9.53 6.43 -10.66 16.51 Earnings per share before dilution continuing operations, SEK 13.03
Earnings per share after dilution, SEK 2) 12.07 9.52 6.43 -10.66 16.51 Earnings per share after dilution continuing operations, SEK 12.97
Cash dividend per ordinary share, SEK 9.90 5.30 2.10 Cash dividend per preference share, SEK 9.90 5.30 4.80
Equity
Shareholders Equity, average SEKm 97 992 95 563 91 480 84 172 71 610
1) Estimates based on Swedbank's current understanding of future regulations.
2) When calculating earnings per share the preference share dividend is deducted from profit in the period the dividend is declared. 3) Net interest margin before trading interest are deducted
Key figures, 9 quarters
Q1, 2013
Key figures, Group Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
2012 2012 2012 2012 2011 2011 2011 2011 Profit
Return on equity, % 16.9 14.3 13.2 14.1 3.9 14.4 14.4 16.1
Return on equity continuing operations, % 17.5 15.2 14.6 15.3
Return on total assets, % 0.76 0.71 0.70 0.73 0.21 0.76 0.79 0.89
Cost/Income ratio 0.44 0.44 0.47 0.48 0.57 0.54 0.53 0.53
Net interest margin, % 3) 1.15 1.11 1.14 1.12 1.07 1.08 1.08 1.05
Business Volumes SEKbn
Loans to the public excl. repos & SNDO 1 184 1 184 1 179 1 169 1 166 1 157 1 147 1 141 Deposits to the public excluding repos & SNDO 558 609 545 580 547 543 519 502
Loan/Deposit ratio, % 212 194 216 202 213 213 221 227
Asset quality
Credit impairment ratio, % -0.02 0.01 -0.01 -0.03 -0.05 -0.13 -0.09 -0.29
Total provision ratio for impaired loans, % 62 65 64 65 62 60 60 61
Share of impaired loans gross, % 1.05 1.32 1.53 1.67 1.87 2.05 2.20 2.28
Capital Adequacy
Common Equity Tier 1 ratio, %, Basel 3 1) 15.4 15.4 15.1 14.5 14.3
Common Equity Tier 1 ratio, %, Basel 2 16.7 16.7 16.2 15.6 15.7 15.1 14.8 14.9 Risk weighted assets, Basel 3 1) 487 105 497 763 508 300 515 325 515 137
Risk weighted assets, Basel 2 464 339 475 524 485 387 494 634 492 337 497 067 509 326 519 070 Risk weighted assets, transition rules 769 117 775 325 771 062 759 447 756 762 760 455 744 861 747 125 Risk weighted assets, Basel 1 990 705 993 036 986 446 977 353 969 344 967 804 954 630 952 739
Liquidity & Funding
Liquidity coverage ratio (LCR) 130 144 152 116 139
Net stable funding ratio (NSFR) 91 94 91 96 94
Share data
Earnings per share before dilution, SEK 2) 3.88 3.18 2.87 2.19 0.88 3.12 3.02 2.47 Earnings per share before dilution continuing operations, SEK 4.03 3.37 3.19 2.44
Earnings per share after dilution, SEK 2) 3.86 3.17 2.86 2.19 0.88 3.11 3.01 2.47 Earnings per share after dilution continuing operations, SEK 4.01 3.36 3.16 2.44
Equity
Shareholders Equity, average SEKm 100 930 97 598 95 591 96 590 97 979 96 548 95 750 95 718 1) Estimates based on Swedbank's current understanding of future regulations.
