facts q3, 2015 - swedbank

Facts Q3, 2015

20 October 2015

ContentsQ3, 2015

page page

General information 2 Asset quality 45

Swedbank in brief 2-3 Asset quality 45-47

Macro economic indicators 4-5 Credit impairments 48

Financial information, Group 6 Impaired loans and provisions 49-50

Income statement, 5-year summary 6 Loans past due 51

Income statement, 9-quarter summary 7 Private Mortgage loans 52

Balance sheet, 5-year summary 8 Concentration risk 53

Balance sheet, 9 quarters, Equity and Goodwill 9 Capital adequacy 54

Statement of changes in equity 10 Credit risks, EAD distribution by business area and by segment 54

Net interest income analysis 11 Capital adequacy parameters for credit risk - business area 55

Income analysis 12 Capital adequacy parameters for credit risk - segment 56-57

Expense analysis 13 Capital adequacy, consolidated situation and leverage ratio 58

Variable pay 14 Change in REA and Outstanding subordinated debt 59

Business areas 15 ICAAP 2015 - Scenario based stress test 60-61

Swedish Banking 15-16 Liquidity & Funding 62

Baltic Banking 17 Liquidity reserve and additional Liquid Assets 62

Baltic Banking 17-18 Survival horizon 63

Estonia 19 Liquidity ratios 64

Latvia 20 Debt securities in issue 65

Lithuania 21 Issued long-term debt, by currency 66

Other 22 Maturity distribution, long-term funding 67

Large Corporates & Institutions 23-29 Outstanding benchmark bonds 68

Group Functions & Other 30-31 Outstanding short-term funding 69

Group Products 32 Maturity distribution, total balance sheet 70-71

Group Treasury 33 Asset encumbrance 72-73

Other 34 Cover pool data 74-76

Eliminations 35 Swedbank Mortgage AB, loan data 77

Product companies 36 Rating 78

Swedbank Robur AB 36-37 Key figures 79-80

Swedbank Insurance 38-39 Market shares 81

Baltic Life Insurance 40 Swedbank Group by geography 82

Baltic P&C Insurance 41 Employees 83

Business volumes 42 Currency distribution and exchange rates 84

Loans 42 Sensitivity analysis and market risk 85

Deposits and amounts owed to credit institutions 43 Shareholders and share data 86

Interest bearing Securities and Exposures towards the GIIPS

countries and Deferred Tax Assets 44 Definitions 87

Contacts and financial calendar 88

0B 0B 0B 0B 0B 0B

General informationSwedbank in briefQ3, 2015

Purpose Financial targets

To promote a sustainable financial situation for the many

households and businesses.

Return on equity: Return on equity of at least 15 per cent.

Cost efficiency: Market-leading cost efficiency

Values Capitalisation: Solid capitalisation

Simple, Open, Caring

Priorities 2015

Long-term strategy Improve customer value

Increase efficiency:

Integrate Sparbanken Öresund:

Swedbank has roots firmly entrenched in Sweden's savings bank history, the cooperative agricultural bank tradition

and Hansabanks's significant role in the Baltic countries. Swedbank has a leading position in its home markets of

Sweden, Estonia, Latvia and Lithuania.

High cost efficiency: External trends increase the importance

of managing capital and expenses efficiently. Capital efficiency

is achieved by employees who understand our customers and

know what affects risk weighted assets and tie-up capital. It is

also attained by developing products collaboratively at Group

level. Our broad customer base gives us the economies of

scale and opportunities to create cost-effective solutions with

the help of new technology. The more cost-effective we are,

the more customer value we can create through greater

investment opportunities.

Accessible full-service bank: We provide households, large

and small businesses, and institutions with everything from

basic transaction services to the most advanced advice. We

offer efficient digital solutions that make it easy for customers

to manage most of their financial needs themselves. More

complex services that require advice are offered through direct

contact with our employees.

Decision-making close to our customers: All decisions are

made as close to our customers as possible. Advisors and

central development units are responsible for creating value

for customers and shareholders. Since decisions are

increasingly made using self-service solutions, business

acumen is required of both our advisors and of those

responsible for developing our offerings. This encourages our

employees to be engaged, take responsibility and capitalise on

opportunities for personal development.

Low risk: Swedbank’s lending are mainly financed through

capital market funding. Low funding costs are the result of

stable profitability in combination with high-quality lending and

solid capitalisation. Maintaining stable earnings over time

requires not only a low risk level, where each borrower’s

solvency, solidity and collateral are the determining factors,

but also the ability to quickly adapt to changing customer

behaviour and other market factors. Our priority is sustainable

growth.

• Continue to invest in accessibility, transparency, service

and quality

• Maintain our attractiveness through a simplified offering and

competitive pricing

• Better integrate sustainability into offerings and services

and quality

• Increase cost and resource efficiency

• Simplify internal processes and increase automation

• Increase competence transfers through increased internal

mobility

• Consolidate our position in an important growth region

• Give Sparbanken Öresund’s customers access to

Swedbank’s systems and products

• Realise cost synergies

2

General information

Swedbank in briefQ3, 2015

1) ATMs are owned and operated by Bankomat AB. More information is available on www.bankomat.se

Group operational structure

Group executive committee

Michael Wolf, President and CEO Annika Hellström, Head of Central Region in Sweden

Mikael Björknert, Head of Strategic Analyses and M&A Cecilia Hernqvist, Head of Group Communications

Birgitte Bonnesen, Head of Swedish Banking Anders Karlsson, Group Chief Risk Officer

Göran Bronner, Chief Financial Officer Lars Ljungälv, Head of Southern Region in Sweden

Ulf Ejelöv, Head of Northern Region in Sweden Helo Meigas, Head of Group Treasury

Björn Elfstrand, Head of Stockholm Region in Sweden Priit Perens, Head of Baltic Banking

Anders Ekedahl, Head of Group IT Lena Smeby-Udesen, Head of Western Region in Sweden

Jonas Erikson, Head of Group Products Christer Trägårdh, Head of Eastern Region in Sweden

Lars Friberg, Head of Group Human Resources Viveka Strangert, Head of Compliance

Magnus Gagner-Geeber, Head of Large Corporates & Institutions

To support the business in Swedbank's four home markets, Swedbank is also established in neighbouring markets such as Norway, Finland and

Denmark as well as certain other countries such as the US, China, South Africa and Luxembourg.

Sweden Population: 9.6m Private customers: 4.1m Corporate customers: 267 000 Organisations: 63 000 Branches: 291 ATMs 1) Cards: 4,0m Employees: 7 911

Latvia Population: 2.0m Private customers: 0.9m Corporate customers: 89 000 Branches: 42 ATMs: 402 Cards: 1.0m Employees: 1 510

Estonia Population: 1.3m Private customers: 0.8m Corporate customers: 133 000 Branches: 37 ATMs: 437 Cards: 1.1m Employees: 2 264

Lithuania Population: 3.0m Private customers: 1.5m Corporate customers: 83 000 Branches: 68 ATMs: 458 Cards: 1.7m Employees: 1 888

The financial reporting is divided in four

segments. The six Swedish regions form

Swedish Banking. Group products, and

other group functions, constitute Group

Functions & Other.

Board of Directors

President and CEO

Internal audit

Group Products

Group Functions & Other

Baltic Banking Large Corporates &

Institutions

Northern Region

Central Region

Stockholm Region

Eastern region

Western region

South Region

Swedish Banking

3

General information

Macro economic indicatorsQ3, 2015

GDP growth Average inflation rate (consumer price growth)

% 2016F 2015F 2014 2013 2012 2011 2010 % 2016F 2015F 2014 2013 2012 2011 2010

Sweden 2.7 2.8 2.4 1.3 0.0 2.7 5.7 Sweden 1.4 0.0 -0,2 0.0 0.9 3.0 1.2

Estonia 2.8 1.9 2.1 1.6 4.7 8.3 2.5 Estonia 1.9 -0.2 -0.1 2.8 3.9 5.0 3.0

Latvia 3.3 2.1 2.4 4.2 4.8 5.0 -2.9 Latvia 2.0 0.5 0.6 0.0 2.3 4.4 -1.1

Lithuania 3.3 1.8 3.0 3.3 3.8 6.1 1.6 Lithuania 2.5 -0.8 0.1 1.1 3.1 4.2 1.3

Current account balance, % of GDP General Government Financial Balance, % of GDP

2016F 2015F 2014 2013 2012 2011 2010 2016F 2015F 2014 2013 2012 2011 2010

Sweden 6.1 6.3 6.2 6.9 6.3 5.9 6.5 Sweden -0.7 -1.6 -1.9 -1.4 -0.9 -0.1 0.0

Estonia 0.1 0.4 0.1 -1.2 -2.6 1.2 1.7 Estonia -0.2 -0.5 0.6 -0.2 -0.2 1.2 0.2

Latvia -3.8 -2.2 -3.1 -1.6 -2.6 -2.0 3.2 Latvia -1.1 -1.6 -1.4 -0.7 -0.8 -3.3 -8.1

Lithuania -4.3 -3.5 0.1 1.6 -1.4 -3.9 -0.3 Lithuania -1.1 -1.4 -0.7 -2.6 -3.1 -8.9 -6.9

General government debt, % of GDP

2016F 2015F 2014 2013 2012 2011 2010

Sweden 39.0 40.1 40.6 38.7 36.6 36.2 36.8 Sweden 46 710 9.7 570.6

Estonia 10.0 10.2 10.6 10.1 9.7 6.0 6.5 Estonia 25 690 1.3 25.9

Latvia 36.1 37.0 40.0 38.2 40.9 42.7 46.8 Latvia 23 150 2.0 31.2

Lithuania 38.2 43.0 40.8 38.8 39.8 37.2 36.2 Lithuania 25 390 2.9 48.2

Household debt, % of disposable income 1) Unemployment

% 2014 2013 2012 2011 2010 % 2016F 2015F 2014 2013 2012 2011 2010

Sweden 171.9 169.3 167.4 168.8 171.0 Sweden 7.6 7.7 7.9 8.0 8.0 7.8 8.6

Estonia 1) N/A 72.2 77.4 82.3 92.9 Estonia 6.7 6.6 7.4 8.6 10.0 12.3 16.7

Latvia 1) N/A 48.8 56.9 68.1 74.6 Latvia 9.2 9.9 10.8 11.9 15.1 16.2 19.5

Lithuania 2) N/A 34.9 37.7 40.1 43.1 Lithuania 8.3 9.3 10.7 11.8 13.4 15.4 17.8

1) Gross debt-to-income ratio of households (ESA 2010)

2) Gross debt-to-income ratio of households (not ESA 2010 adjusted)

Source: Swedbank Reasearch - Macro Research, Eurostat, the World Bank & the Riksbank

Inhabitants

(millions)

GDP (2013,

USDbn)

GDP per capita (PPP)

2013, USD

4B 4B 4B 4B 2B 2B

4

General information

Macro economic indicatorsQ3, 2015

1) House price index per december (2015 as per Sep) (2005=100) for a single family home

Source: © Valueguard Index Sweden AB 2015 (Hox index)

2) Average sales price per sqm for apartments

Source: Land boards of respective country

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EUR/m2

Tallin Riga Vilnius

Real estate price development, Baltics 2)

5B 5B 5B 5B 3B 3B

Interest rates: Sweden & Eurozone, %

Real estate price development, Sweden 1)

Index, 2005=100

100

120

140

160

180

200

220

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Sweden Gothenburg Stockholm Malmoe

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Sep

-09

De

c-0

9

Mar-

10

Jun-1

0

Sep

-10

De

c-1

0

Mar-

11

Jun-1

1

Sep

-11

De

c-1

1

Mar-

12

Jun-1

2

Sep

-12

De

c-1

2

Mar-

13

Jun-1

3

Sep

-13

De

c-1

3

Mar-

14

Jun-1

4

Sep

-14

De

c-1

4

Mar-

15

Jun-1

5

Sep

-15

Repo rate (SWE) ECB Euro rate

90 days Euribor 90 days Stibor (SWE)

5

Financial information, GroupIncome statement, 5-year summaryQ3, 2015

Income statement, Group YTD YTD ∆ FY FY FY FY FY

SEKm 2015 3) 2014 2) % 2014 2) 2013 2012 1) 2011 2010

Net interest income 17 234 16 833 2 22 642 22 029 20 361 19 014 16 228

Net commission income 8 322 8 322 0 11 204 10 132 9 614 9 597 10 116

Net gains and losses on financial items, fair value 406 1 917 -79 1 986 1 484 3 073 1 584 2 400

Net insurance 515 407 27 581 647 595 506 612

Share of the profit or loss of associates 708 887 -20 980 852 798 767 624

Other income 982 1 559 -37 1 911 1 794 1 827 2 577 1 554

Total income 28 167 29 925 -6 39 304 36 938 36 268 34 045 31 534

Staff costs 6 527 7 200 -9 9 452 8 704 8 500 9 522 9 052

Variable staff costs 577 607 -5 807 947 738 395 340

Other expenses 4 475 4 964 -10 6 625 6 258 6 470 7 471 7 790

Depreciation/amortisation 515 538 -4 718 739 852 1 011 950

Total expenses 12 094 13 309 -9 17 602 16 648 16 560 18 399 18 132

Profit before impairments 16 073 16 616 -3 21 702 20 290 19 708 15 646 13 402

Impairment of intangible assets 254 1 1 182 20 1 960 37

Impairment of tangible assets 53 223 -76 256 693 407 174 600

Credit impairments 195 165 18 419 60 -185 -1 911 2 810Non-recurring items

Operating profit 15 571 16 227 -4 21 026 19 355 19 466 15 423 9 955

Tax expense 3 651 3 301 11 4 301 4 099 4 157 3 669 2 472

Profit for the period from continuing operations 11 920 12 926 -8 16 725 15 256 15 309 11 754 7 483

Profit for the period from discontinued operations, after tax 6 -259 -262 -2 340 -997 4

Profit for the period including non-controlling interest 11 926 12 667 -6 16 463 12 916 14 312 11 758 7 483

Profit for the period attributable to:

Shareholders of Swedbank AB 11 914 12 652 -6 16 447 12 901 14 304 11 744 7 444#REF! #REF! #REF!

Non-controlling interests 12 15 -20 16 15 8 14 39

Statement of Comprehensive Income YTD YTD ∆ FY FY FY FY FY

SEKm 2015 3) 2014 2) % 2014 2013 2012 2011 2010

Profit for the period reported via Income statement 11 926 12 667 -6 16 463 12 916 14 312 11 758 7 483

Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans 2 497 -974 463 2 264 -1 653

Share related to associates 60 -41 -9 12 -43

Income tax -562 224 -101 -500 374

Total 1 995 -791 353 1 776 -1 322

Items that may be reclassified to the income statement

Exchange differences on translating foreign operations:

Gains/losses arising during the period -486 997 2 917 1 258 -1 480 -284 -4 218

Net gains and losses on financial items, fair value or profit

for the period from discontinued operation 508 508 1 875

Hedging of net investments in foreign operations:

Gains/losses arising during the period 511 -861 -2 320 -910 1 050 379 2 420

Reclassification adjustments to Income statement, profit for

the period from discontinued operations -365 -365

Cash flow hedges:

Gains/losses arising during the period 161 -7 26 -210 -614 78 149

Reclassification adjustments to Income statement,

Net interest income 7 -14 17 83 193 345 806

Net gains and losses on financial items, fair value

Share of other comprehensive income of associates -93 74 -29 -115 21 -2 -30

Tax

Income tax -148 190 505 248 -74 -210 -890

Reclassification adjustments to Income statement, tax -2 3 -4 -18

Reclassification adjustments to Income statement, profit

for the period from discontinued operations 80 80

Total -50 605 1 335 2 211 -904 306 -1 763

Other comprehensive income for the period, net of tax 1 945 -186 1 688 3 987 -2 226 306 -1 763

Total comprehensive income for the period 13 871 12 481 11 18 151 16 903 12 086 12 064 5 720

Total comprehensive income attributable to:

Shareholders of Swedbank AB 13 858 12 466 11 18 137 16 887 12 078 12 050 5 693

Non-controlling interests 13 15 -13 14 16 8 14 27

1) From 2012, trading related net interest income is reported as net gains and losses on financial items at fair value.

3) One-off tax effects in Q2 2015 increased tax expense with 447 SEKm related to Estonian dividend and US tax

In 2013 Swedbank decided to discontinue its operations in Russia and Ukraine. In Q2 2013 the divestment of the Ukrainan subsidiary was finalised. Income

statements have been restated for 2012 but for balances and full time employees no restatements have been done.

2) Q2 2014 one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, other costs of SEK 222m and a positive

effect on tax expenses of SEK 135m.

0B 0B 0B 0B 0B 0B

6

Financial information, GroupIncome statement, 9-quarter summaryQ3, 2015

Income statement, Group Q3 ∆ Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 SEKm 2015 2) 2015 2014 2014 2014 1) 2014 2013 2013

Net interest income 5 811 107 5 704 5 719 5 809 5 829 5 521 5 483 5 626 5 641

Net commission income 2 736 -106 2 842 2 744 2 882 2 816 2 813 2 693 2 699 2 520

Net gains/losses on financial items, fair value 4 -78 82 320 69 799 773 345 461 170

Net insurance 163 -4 167 185 174 123 134 150 181 129

Share of profit or loss of associates 201 -27 228 279 93 221 410 256 209 240

Other income 319 27 292 371 352 362 804 393 476 525

Total income 9 234 -81 9 315 9 618 9 379 10 150 10 455 9 320 9 652 9 225

Staff costs 2 090 -113 2 203 2 234 2 252 2 267 2 695 2 238 2 297 2 115

Variable staff costs 167 -5 172 238 200 202 206 199 277 213

Other expenses 1 458 -42 1 500 1 517 1 661 1 508 1 846 1 610 1 689 1 488

Depreciation/amortisation 164 -8 172 179 180 187 172 179 221 179

Total expenses 3 879 -168 4 047 4 168 4 293 4 164 4 919 4 226 4 484 3 995

Profit before impairments 5 355 87 5 268 5 450 5 086 5 986 5 536 5 094 5 168 5 230

Impairment of intangible assets 254 254 1 12

Impairment of tangible assets 16 -6 22 15 33 19 69 135 311 95

Credit Impairments 130 124 6 59 254 235 30 -100 -32 -56

Operating profit 4 955 -285 5 240 5 376 4 799 5 732 5 436 5 059 4 877 5 191

Tax expense 1 012 -526 1 538 1 101 1 000 1 164 1 063 1 074 1 212 998

Profit for the period from continuing operations 3 943 241 3 702 4 275 3 799 4 568 4 373 3 985 3 665 4 193

Profit for the period from discontinued operations, after tax -11 21 -32 49 -3 -2 -230 -27 -48 -15

Profit for the period including non-controlling interest 3 932 262 3 670 4 324 3 796 4 566 4 143 3 958 3 617 4 178


Shareholders of Swedbank AB 3 928 262 3 666 4 320 3 795 4 560 4 139 3 953 3 612 4 172

Non-controlling interests 4 4 4 1 6 4 5 5 6

Statement of comprehensive income Q3 ∆ Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 SEKm 2015 2) 2015 2014 2014 2014 1) 2014 2013 2013

Profit for the period reported via Income statement 3 932 262 3 670 4 324 3 796 4 566 4 143 3 958 3 617 4 178

Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans 755 -3 437 4 192 -2 450 1 437 -1 090 337 -221 -318 506

Share related to associates 11 -111 122 -73 32 -28 -6 -7 -10 13

Income tax -168 781 -949 555 -325 246 -72 50 71 -114

Total 598 -2 767 3 365 -1 968 1 144 -872 259 -178 -257 405

Items that may be reclassified to the income statement

Exchange differences on translating foreign operations:

Gains/losses arising during the period 841 1 098 -257 -1 070 1 920 -225 1 065 157 1 185 -669

Reclassification adjustments to income statement,

Net gains/losses on financial items at fair value or profit for the

period from discontinued operation 508

Hedging of net investments in foreign operations:

Gains/losses arising during the period -570 -812 242 839 -1 459 140 -853 -148 -927 576


profit for the period from discontinued operations -365

Cash flow hedges:

Gains/losses arising during the period 13 -23 36 112 33 69 3 -79 -112 -32


Net interest income 7 10 -3 3 31 -23 4 5 12 24

Share of other comprehensive income of associates -93 -69 -24 24 -103 45 1 28 -10 -43

Tax

Income tax relating to components of other comprehensive income 124 187 -64 -208 315 -44 179 55 231 -107

Reclassification adjustments to Income statement, tax -2 -2 1 -1 -7 5 -1 -1 -3 -16

Reclassification adjustments to Income statement, profit for the

period from discontinued operations 80

Total 320 389 -69 -301 730 -33 621 17 376 -267

Other comprehensive income for the period, net of tax 918 -2 378 3 296 -2 269 1 874 -905 880 -161 119 138

Total comprehensive income for the period 4 850 -2 116 6 966 2 055 5 670 3 661 5 023 3 797 3 736 4 316

Shareholders of Swedbank AB 4 846 -2 116 6 962 2 050 5 671 3 655 5 019 3 792 3 730 4 310

2) One-off tax effects in Q2 2015 increased tax expense with 447 SEKm related to Estonian dividend and US tax.

1) Q2 2014 one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, other costs of SEK 222m and a positive effect on tax

expenses of SEK 135m.

2B 2B 2B 2B 2B 2B

7

Financial information, GroupBalance sheet, 5-year summaryQ3, 2015

Balance sheet 30 Sep 30 Sep ∆ 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec

SEKm 2015 2014 % 2014 2013 2012 2011 2010

Assets

Cash and balances with central banks 266 466 158 041 69 113 768 59 382 130 058 164 307 17 109

Loans to credit institutions 108 628 95 818 13 113 820 82 278 85 480 97 195 166 417

Loans to the public 1 441 293 1 340 580 8 1 404 507 1 264 910 1 238 864 1 211 454 1 187 226

Bonds and other interest-bearing securities 190 091 193 665 -2 170 680 182 399 135 807 138 311 131 576

Financial assets for which customers bear the investment risk 147 192 137 138 7 143 319 122 743 104 194 95 747 100 628

Derivatives 99 550 93 697 6 123 202 64 352 102 265 103 726 65 051

Other assets 58 296 59 534 -2 52 001 48 038 50 192 46 325 47 674

Total assets 2 311 516 2 078 473 11 2 121 297 1 824 102 1 846 860 1 857 065 1 715 681

Liabilities and equity

Amounts owed to credit institutions 153 303 142 658 7 171 453 121 621 122 202 139 598 136 766

Deposits and borrowings from the public 755 727 686 426 10 676 679 620 608 579 663 561 696 534 237

Debt securites in issue 950 795 826 826 15 835 012 726 275 767 454 781 458 686 517

Financial liabilities for which customers bear the investment risk 150 340 139 887 7 146 177 125 548 105 104 96 449 100 988

Derivatives 74 317 73 287 1 85 694 55 011 92 141 90 484 65 935

Other liabilites 82 755 79 399 4 69 952 55 175 62 803 69 716 69 016

Subordinated liabilities 25 260 18 395 37 18 957 10 159 14 307 19 531 27 187

Equity 119 019 111 595 7 117 373 109 705 103 186 98 133 95 035

Total liabilities and equity 2 311 516 2 078 473 11 2 121 297 1 824 102 1 846 860 1 857 065 1 715 681

In 2013 Swedbank decided to discontinue its operations in Russia and Ukraine. In Q2 2013 the divestment of the Ukrainan subsidiary was finalised. Income statements have been restated for

2012 but for balances and full time employees no restatements have been done.

1B 1B 1B 1B 1B 1B

8

Financial information, GroupBalance sheet 9 quarters, Equity and GoodwillQ3, 2015

Balance sheet 30 Sep ∆ 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 SEKm 2015 2015 2014 2014 2014 2014 2013 2013

Assets

Cash and balances with central banks 266 466 28 510 237 956 225 474 113 768 158 041 158 671 126 465 59 382 132 001

Loans to credit institutions 108 628 6 015 102 613 93 352 113 820 95 818 97 869 91 121 82 278 75 743

Loans to the public 1 441 293 14 478 1 426 815 1 403 137 1 404 507 1 340 580 1 322 785 1 278 780 1 264 910 1 248 266

Interest-bearing securities 190 091 -20 513 210 604 200 065 170 680 193 665 199 288 172 577 182 399 152 609

Value change of interest hedged item in portfolio hedge 1 526 332 1 194 1 653 1 291 994 788 404 62 -200

Financial assets for which customers bear

the investment risk 147 192 -8 195 155 387 157 389 143 319 137 138 134 553 126 264 122 743 118 694

Shares and participating interests 9 527 -838 10 365 10 946 9 931 10 689 9 993 10 235 7 109 6 782

Investments in associates 5 290 56 5 234 5 008 4 924 4 973 4 853 3 829 3 640 3 376

Derivatives 99 550 3 910 95 640 138 691 123 202 93 697 75 794 67 855 64 352 62 804

Intangible fixed assets 13 900 -86 13 986 14 046 14 319 13 969 13 966 13 669 13 658 13 333

of which goodwill 12 256 180 12 076 12 124 12 344 12 014 12 014 11 807 11 760 11 501

Tangible assets 2 106 -163 2 269 2 439 2 750 3 063 3 490 3 381 3 825 4 755

Current tax assets 2 764 1 320 1 444 1 175 1 304 1 062 1 068 1 066 895 1 322

Deferred tax assets 185 1 184 245 638 623 681 369 417 425

Other assets 15 807 -12 881 28 688 13 313 10 103 16 335 19 999 17 202 9 578 6 586

Prepaid expenses and accrued income 7 048 435 6 613 6 982 6 126 6 720 6 694 7 029 6 992 7 075

Group of assets classified as held for sale 143 -64 207 614 615 1 106 1 251 1 937 1 862 2 000

Total assets 2 311 516 12 317 2 299 199 2 274 529 2 121 297 2 078 473 2 051 743 1 922 183 1 824 102 1 835 571


Liabilities

Amounts owed to credit institutions 153 303 4 618 148 685 142 428 171 453 142 658 149 863 119 118 121 621 119 358

Deposits and borrowings from the public 755 727 -60 528 816 255 762 536 676 679 686 426 697 168 654 674 620 608 623 550

Debt securities in issue 950 795 104 367 846 428 884 746 835 012 826 826 800 419 779 042 726 275 742 632

Financial liabilities for which customers bear

the investment risk 150 340 -8 532 158 872 161 483 146 177 139 887 136 843 130 082 125 548 121 069

Derivatives 74 317 -1 586 75 903 102 172 85 694 73 287 57 129 56 845 55 011 58 488

Current tax liabilities 1 301 731 570 964 1 477 265 641 1 056 1 893 1 148

Deferred tax liabilities 2 456 157 2 299 970 1 684 2 301 2 288 2 369 2 383 2 861

Short positions securities 36 636 2 920 33 716 19 447 27 058 25 183 30 405 14 943 17 519 15 276

Other liabilities 27 113 -33 106 60 219 46 172 20 768 31 749 31 205 25 831 14 269 16 563

Accrued expenses and prepaid income 12 631 -1 088 13 719 13 111 13 071 12 312 13 856 13 734 14 194 14 193

Provisions 2 614 -955 3 569 8 082 5 855 7 467 5 615 4 923 4 698 4 381

Subordinated liabilities 25 260 431 24 829 25 310 18 957 18 395 18 377 16 920 10 159 9 996

Liabilities directly associated with group of assets classified

as held for sale 4 -8 12 50 39 122 134 153 219 225

Total liabilities 2 192 497 7 421 2 185 076 2 167 471 2 003 924 1 966 878 1 943 943 1 819 690 1 714 397 1 729 740

Equity

Non-controlling interests 178 4 174 175 170 175 169 170 165 159

Equity attributable to shareholders of Swedbank AB 118 841 4 892 113 949 106 883 117 203 111 420 107 631 102 323 109 540 105 672

Total equity 119 019 4 896 114 123 107 058 117 373 111 595 107 800 102 493 109 705 105 831

Total liabilities and equity 2 311 516 12 317 2 299 199 2 274 529 2 121 297 2 078 473 2 051 743 1 922 183 1 824 102 1 835 571

Equity attributable to shareholders of Swedbank AB, 30 Sep 2015 Goodwill, 30 Sep 2015

SEKm SEKm

Swedbank AB (Sweden) 72 875 Swedbank Robur 328

Swedbank Mortgage (Sweden) 36 876 Swedbank Försäkring 651

Swedbank Robur (Sweden) 1 833 Ölands Bank AB 9

Swedbank Försäkring (Sweden) 3 263 Swedbank (Estonia) 3 996

Sparbanken Öresund AB (Sweden) 2 577 Swedbank (Latvia) 2 058

Sparia Försäkring (Sweden) 38 Swedbank (Lithuania) 3 495

Sparia Försäkring Group(Sweden) 143 Group total 10 537

Swedbank (Estonia) 14 393 Goodwill within parent company:

Swedbank (Lithuania) 10 025 Swedbank AB (Sweden) 1 719

OOO Leasing (Russia) 10

Ektornet (Sweden) 200 Total goodwill 12 256

Other subsidiaries 12 244

Total legal equity 154 477

Group adjustments and eliminations -35 636

Total equity attributable to shareholders of Swedbank AB 118 841

1B 1B 1B 1B 1B 1B

9

Financial information, GroupStatement of changes in equity Q3, 2015

Statement of changes in equity

Non-

controlling

interest Total equity

SEKm

Share capital

Other

contributed

equity

Exchange

differences,

subsidiaries

and

associates

Hedging of

net

investments

in foreign

operations

Cash flow

hedges

Retained

earnings Total

Opening balance 1 January 2015 24 904 17 275 2 564 -1 801 -105 74 366 117 203 170 117 373

Dividends -12 539 -12 539 -5 -12 544

Share based payments to employees 356 356 356

Aquisition of own shares for trading purposes -22 -22 -22

Acquired non-controlling interests -8 -8 -8

Associated companies' acquisition of minority -7 -7 -7

Total comprehensive income for the period -581 396 134 13 909 13 858 13 13 871

Closing balance 30 September 2015 24 904 17 275 1 983 -1 405 29 76 055 118 841 178 119 019

Specification of Exchange differences, subsidiaries and associates 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1

SEKm 2015 2014 2015 2015 2015 2014 2014 2014 2014

Russian Operations -84 -83 2 -2 -1 -43 -18 525 -103

Estonian Operations 1 177 1 450 339 -111 -501 908 -102 478 108

Latvian Operations 601 699 240 -65 -273 501 -56 263 64

Lithuanian Operations 595 694 250 -67 -282 520 -59 281 63

Norwegian Operations -282 -186 -95 -84 83 -109 51 -4 29

Robur, Ektornet and other -24 -11 11 48 -72 40 4 30 24

Total 1 983 2 563 747 -281 -1 046 1 817 -180 1 573 185

Specification of Hedging of net investment in foreign operations 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1

SEKm 2015 2014 2015 2015 2015 2014 2014 2014 2014

Russian Operations 63 55 8 32 12 -289 68

Estonian Operations -855 -1 045 -207 75 322 -578 66 -304 -71

Latvian Operations -315 -379 -155 40 179 -325 37 -170 -41

Lithuanian Operations -381 -443 -144 38 168 -303 33 -162 -38

Norwegian Operations 178 106 72 19 -19 78 -32 -4 -21

Robur, Ektornet and other -95 -95 -11 14 -3 -40 -6 -29 -7

Total -1 405 -1 801 -445 186 655 -1 136 110 -958 -110

Specification of Cash flow hedges 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1

SEKm 2015 2014 2015 2015 2015 2014 2014 2014 2014

Group Treasury 30 -103 17 26 90 49 37 6 -58

Other -1 -2 1

Total 29 -105 18 26 90 49 37 6 -58

Shareholders' equity

0B 0B 0B 0B 0B 0B

10

Financial information, GroupNet interest income analysis, GroupQ3, 2015

Net interest income analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Interest income

Loans to credit institutions 242 596 -59 62 97 83 62 174 222 200 98 175

Loans to the public 25 312 29 443 -14 8 113 8 386 8 813 9 298 9 758 9 864 9 821 10 344 10 369

Interest-bearing securities 1 030 1 843 -44 251 361 418 431 635 642 566 605 516

Derivatives, income 58 -308 59 -145 144 109 -125 -42 -141 -104 -55

Other 727 544 34 247 224 256 220 197 176 171 162 106

Total interest income 27 369 32 118 -15 8 732 8 923 9 714 10 120 10 639 10 862 10 617 11 105 11 111

of which interest income reported in net gains/

losses on financial items at fair value 489 775 -37 87 104 298 411 296 401 78 186 244

Interest income according to income

statement 26 880 31 343 -14 8 645 8 819 9 416 9 709 10 343 10 461 10 539 10 919 10 867

Interest expense

Amounts owed to credit institutions -229 -400 -43 -81 -83 -65 -79 -93 -177 -130 -122 -181

Deposits and borrowings from the public -1 082 -2 632 -59 -289 -333 -460 -559 -684 -964 -984 -1 225 -1 207

of which deposits guarantee fees -465 -429 8 -155 -155 -155 -175 -147 -138 -144 -144 -129

Debt securities in issue -11 148 -12 919 -14 -3 721 -3 553 -3 874 -3 982 -4 118 -4 321 -4 480 -4 620 -4 438

of which state guarantee fees -31 -12 -19 -20 -21

Subordinated liabilities -771 -547 41 -279 -271 -221 -124 -205 -201 -141 -123 -126

Derivatives, expenses 4 121 1 964 1 752 1 309 1 060 902 664 670 630 693 619

Other -600 -451 33 -208 -204 -188 -244 -164 -144 -143 -127 -147

of which stability fee -548 -405 35 -188 -185 -175 -211 -140 -133 -132 -114 -131

Total interest expense -9 709 -14 985 -35 -2 826 -3 135 -3 748 -4 086 -4 600 -5 137 -5 248 -5 524 -5 480

of which interest expense reported in net

gains/ losses on financial items at fair value -63 -475 -87 8 -20 -51 -186 -86 -197 -192 -231 -254

Interest expense according to income

statement -9 646 -14 510 -34 -2 834 -3 115 -3 697 -3 900 -4 514 -4 940 -5 056 -5 293 -5 226

Net interest income 17 234 16 833 2 5 811 5 704 5 719 5 809 5 829 5 521 5 483 5 626 5 641

Average balances

Loans to credit institutions 108 583 95 399 14 102 892 104 621 112 936 99 729 101 956 97 381 87 409 76 917 78 859

Loans to the public 1 424 937 1 297 957 10 1 446 774 1 416 807 1 406 249 1 362 867 1 329 733 1 296 801 1 268 750 1 257 357 1 250 320

Interest-bearing securities 152 367 165 605 -8 157 754 163 845 148 695 159 912 163 476 169 681 162 485 146 864 127 702

Interest-bearing assets 1 685 887 1 558 961 8 1 707 420 1 685 273 1 667 880 1 622 508 1 595 165 1 563 863 1 518 644 1 481 138 1 456 881

Derivatives 118 733 77 070 54 102 994 116 779 135 643 107 603 86 655 73 436 68 498 65 250 66 274

Other assets 521 489 376 114 39 530 097 530 995 468 335 408 113 392 785 388 632 325 955 318 224 343 584

Total assets 2 326 109 2 012 145 16 2 340 511 2 333 047 2 271 858 2 138 224 2 074 605 2 025 931 1 913 097 1 864 612 1 866 739

Amounts owed to credit institutions 159 230 140 932 13 157 676 148 632 164 544 148 806 144 592 152 998 121 986 127 352 126 568

Deposits and borrowings from the public 840 221 706 981 19 846 784 855 890 792 577 751 753 722 625 708 122 674 668 642 942 653 058

Debt securities in issue 887 607 793 394 12 907 122 876 778 867 910 829 370 820 819 797 928 759 603 756 244 758 305

Subordinated liabilities 23 947 16 712 43 25 250 25 090 22 063 18 639 18 424 18 670 14 509 10 117 10 405

Interest-bearing liabilities 1 911 005 1 658 019 15 1 936 832 1 906 390 1 847 094 1 748 568 1 706 460 1 677 718 1 570 766 1 536 655 1 548 336

Derivatives 88 338 61 622 43 77 900 89 899 97 566 79 839 66 268 58 391 57 890 56 900 58 671

Other liabilities 212 001 184 070 15 209 207 226 967 211 442 195 700 191 964 184 844 175 760 163 195 156 346

Total liabilities 2 211 344 1 903 711 16 2 223 939 2 223 256 2 156 102 2 024 107 1 964 692 1 920 953 1 804 416 1 756 750 1 763 353

Equity 114 765 108 434 6 116 572 109 791 115 756 114 117 109 913 104 978 108 681 107 862 103 386

Total liabilities and equity 2 326 109 2 012 145 16 2 340 511 2 333 047 2 271 858 2 138 224 2 074 605 2 025 931 1 913 097 1 864 612 1 866 739

Net interest income analysis, Group YTD YTD ∆ Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

% 2015 2014 2015 2015 2015 2014 2014 2014 2014 2013 2013

Average interest rates

Loans to credit institutions 0.30 0.83 -0.54 0.24 0.37 0.29 0.25 0.68 0.91 0.92 0.51 0.89

Loans to the public 2.37 3.02 -0.65 2.24 2.37 2.51 2.73 2.94 3.04 3.10 3.29 3.32

Interest-bearing securities 0.90 1.48 -0.59 0.64 0.88 1.12 1.08 1.55 1.51 1.39 1.65 1.62

Interest-bearing assets 2.10 2.73 -0.62 1.97 2.10 2.23 2.41 2.65 2.74 2.79 2.98 3.04

Amounts owed to credit institutions 0.19 0.38 -0.19 0.21 0.22 0.16 0.21 0.26 0.46 0.43 0.38 0.57

Deposits and borrowings from the public 0.17 0.50 -0.32 0.14 0.16 0.23 0.30 0.38 0.54 0.58 0.76 0.74

Debt securities in issue 1.67 2.17 -0.50 1.64 1.62 1.79 1.92 2.01 2.17 2.36 2.44 2.34

Subordinated liabilities 4.29 4.36 -0.07 4.42 4.32 4.01 2.66 4.45 4.31 3.89 4.86 4.84

Interest-bearing liabilities 0.92 1.33 -0.40 0.90 0.89 1.00 1.09 1.20 1.35 1.46 1.59 1.54

Net interest margin before trading interest are deducted1.01 1.14 -0.12 1.01 0.99 1.05 1.13 1.16 1.13 1.12 1.20 1.21

Interest-bearing securities are reported net less sold, not held, securities.Interest income on impaired loans is not accrued.

5B 5B 5B 5B 5B 5B

11

Financial information, GroupIncome analysisQ3, 2015

Income analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Net interest income 17 234 16 833 2 5 811 5 704 5 719 5 809 5 829 5 521 5 483 5 626 5 641

Payment processing 507 571 -11 184 166 157 224 170 214 187 198 184

Card commissions 1 843 1 726 7 677 599 567 609 633 587 506 531 579

Service concepts 366 358 2 117 119 130 119 119 118 121 110 108

Asset management & Custody 3 309 3 347 -1 1 049 1 125 1 135 1 134 1 142 1 133 1 072 1 110 1 031

Life insurance 352 212 66 115 131 106 73 75 67 70 59 73

Brokerage & Other securities 288 294 -2 43 118 127 93 86 95 113 65 67

Corporate Finance 182 306 -41 49 83 50 160 56 124 126 163 54

Lending and Guarantees 884 872 1 286 288 310 239 296 289 287 262 244

Deposits 122 99 23 39 39 44 55 40 12 47 34 33

Real estate brokerage 201 228 -12 59 71 71 73 79 83 66 43 46

Non-Life insurance 55 58 -5 20 18 17 21 20 21 17 27 17

Other commission income 213 251 -15 98 85 30 82 100 70 81 97 84

Net commission income 8 322 8 322 2 736 2 842 2 744 2 882 2 816 2 813 2 693 2 699 2 520

Financial instruments held for trading 1 542 1 940 -21 350 424 768 483 618 804 518 438 404

Financial instruments intended to hold until maturity -1 136 -23 -346 -342 -448 -414 181 -31 -173 23 -234

Net gains and losses on financial

items at fair value 406 1 917 -79 4 82 320 69 799 773 345 461 170

Net insurance 515 407 27 163 167 185 174 123 134 150 181 129

Sparbanken Skåne/Färs & Frosta Sparbank 38 50 -24 4 7 27 -11 14 -17 53 21 18

Swedbank Sjuhärad 96 105 -9 32 32 32 33 38 34 33 32 34

Other jointly owned banks in Sweden 45 50 -10 16 13 16 12 19 14 17 13 17

EnterCard Holding 1) 450 638 -29 117 148 185 53 128 364 146 129 158

Other companies 79 44 80 32 28 19 6 22 15 7 14 13

Share of the profit or loss of associates 708 887 -20 201 228 279 93 221 410 256 209 240

IT/administrative services to savings banks 534 587 -9 196 176 163 183 200 203 184 208 196

Assets taken over 63 271 -77 4 9 50 25 64 55 152 178 172

Other 2) 385 701 -45 119 107 158 144 98 546 57 90 157

Other income 982 1 559 -37 319 292 371 352 362 804 393 476 525

Total income 28 167 29 925 -6 9 234 9 315 9 618 9 379 10 150 10 455 9 320 9 652 9 225

1) Q2 2014 One-off effect of SEK 230m due to terminated partnership Norway.

2) Q2 2014 one-off effect from the acquisition of Sparbanken Öresund, of SEK 461m.

4B 4B 4B 4B 4B 4B

12

Financial information, GroupExpense analysisQ3, 2015

Expense analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Staff costs

Salaries and other remunerations 4 287 4 647 -8 1 368 1 450 1 469 1 485 1 446 1 758 1 443 1 495 1 342

Variable staff costs 1) 577 606 -5 167 172 238 200 202 205 199 277 213

Pension costs 1) 679 801 -15 214 228 237 228 280 272 249 243 273

Social insurance charges 1) 1 318 1 485 -11 430 443 445 443 456 576 453 465 422

Training costs 66 89 -26 18 22 26 38 22 34 33 41 22

Other staff costs 177 179 -1 60 60 57 58 63 56 60 53 56

Total staff costs 2) 3) 7 104 7 807 -9 2 257 2 375 2 472 2 452 2 469 2 901 2 437 2 574 2 328

Other expenses

Premises and rents 2) 815 1 060 -23 264 271 280 296 274 422 364 319 293

IT expenses 1 363 1 347 1 481 433 449 478 445 463 439 491 404

Telecommunications and postage 120 118 2 39 37 44 43 34 42 42 34 32

Advertising, PR and marketing 208 269 -23 56 67 85 91 92 104 73 114 71

Consultants 2) 216 324 -33 72 70 74 85 72 188 64 87 49

Compensation to Savings Banks 585 541 8 192 214 179 194 192 180 169 162 168

Other purchased services 447 471 -5 148 145 154 165 144 159 168 178 157

Security transport and alarm systems 60 62 -3 21 21 18 22 22 19 21 21 45

Supplies 83 84 -1 24 32 27 25 20 26 38 32 29

Travel 128 152 -16 35 52 41 66 42 57 53 67 38

Entertainment 32 35 -9 11 11 10 24 13 11 11 17 11

Repair/maintenance of inventories 76 94 -19 26 26 24 35 32 33 29 40 47

Other expenses 2) 342 407 -16 89 121 132 137 126 142 139 127 144

Total other expenses 4 475 4 964 -10 1 458 1 500 1 517 1 661 1 508 1 846 1 610 1 689 1 488

Depreciation/amortisation 515 538 -4 164 172 179 180 187 172 179 221 179 0

Total expenses 12 094 13 309 -9 3 879 4 047 4 168 4 293 4 164 4 919 4 226 4 484 3 995

IT-related expensesQ3, 2015

IT-related expenses 4) YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Expenses within internal IT-organisation (Group IT)

Staff costs 664 760 -13 203 224 237 243 233 259 267 255 216

IT expenses 875 682 28 335 279 261 260 229 229 224 240 218

of which software incl. licenses 450 353 27 200 124 126 127 123 117 113 111 107

of which IT-consultants 228 135 69 72 89 67 57 42 46 47 47 41

of which other bought IT-services 197 194 2 63 66 68 76 64 66 64 82 70

Leasing and depreciation of IT-equipment 97 103 -6 34 31 32 37 36 33 34 35 32

Other expenses 244 253 -4 79 89 77 110 76 68 110 113 100

Total expenses 1 880 1 798 5 650 623 607 650 574 589 635 643 566

Expenses outside internal IT-organisation (Group IT)

IT expenses bought by business areas 489 665 -27 147 154 188 217 216 235 214 250 185

Activated IT-related expenses 193 80 141 70 61 63 38 43 37 4 10

Total IT-related expenses 2 561 2 543 1 867 837 857 906 833 861 849 897 761

of which development cost 1 003 982 2 321 343 339 362 302 369 311 354 226

1) Social insurance charges and pension costs related to variable pay are presented as variable staff costs.

3) During Q4 2013 SEK 100m was expensed for staff restructurings in Sweden and the Baltic countries.

4) IT-related staff costs outside the internal IT organisation are not included.

2) Q2 2014 one-off effects from the acquisition of Sparbanken Öresund, staff costs of SEK 393m, premises and rents of SEK 80m, consultancy of

SEK 127m and other costs of SEK 15m.

9B 9B 9B 9B 9B 9B

9B 9B 9B 9B 9B 9B

13

Financial information, GroupVariable payQ3, 2015

Income Statement Impact Actual

Year Program 2010 2011 2012 2013 2014 YTD Q3-15 2015-2019

2010 IP 2010 255 -25 33 57 3 323 323

2011 Eken 2011 164 156 198 75 11 11 604 847

IP 2011 164 23 30 24 2 2 243

2012 Eken 2012 182 183 183 127 205 753 1 074

IP 2012 233 32 32 22 24 321

2013 Eken 2013 111 104 77 220 435 793

IP 2013 267 33 25 58 358

2014 Eken 2014 146 89 399 545 815

IP 2014 205 5 65 270

2015 Eken 2015 61 343 343 626

IP 2015 155 283 283

Other variable pay 85 92 111 69 2 3 3 362

Total 340 395 738 947 807 577 1 613 4 840

Notes:

Forecast

∑ programs

2) Duration period for each program is comprised of i) an initial performance year followed by ii) a deferral period prior to iii) the delivery date year after the

deferral period. The share part is recognized in the P/L over the duration period, 50 months, while cash part is recognized over 12 months (performance year)

3) Positive Economic Profit is a prerequisite for Eken and IP. Size of Eken has direct connection to Group ROE

4) Recognized expenses for shares after the performance year take into account forfeited rights and include social charges based on the expected share

price on the delivery date (assumed being equal to the current share price)

1) Variable Pay in Swedbank includes two programs, Eken and Individual Program ("IP"). Eken comprises essentially all employees in the Group and consists

of deferred compensation in the form of shares. IP comprises around 700 employees and consists of cash and deferred compensation in the form of shares

2B 2B 2B 2B

14

Business areas

YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2014 1) Y/Y 2015 2015 2015 2014 2014 2014 1) 2014 2013 2013

Income statement

Net interest income 9 875 10 049 -2 3 404 3 281 3 190 3 301 3 372 3 361 3 316 3 451 3 477

Payment processing 100 36 31 48 21 22 1 7 28 17 20

Card commission 930 820 13 341 316 273 286 293 275 252 256 274

Service concepts 366 358 2 117 119 130 119 120 117 121 110 108

Asset management 2 627 2 699 -3 830 907 890 905 920 916 863 879 838

Life Insurance 321 224 43 106 108 107 80 76 71 77 62 76

Brokerage & Other securities 407 293 39 76 169 162 132 73 134 86 87 60

Lending and guarantees 281 234 20 90 96 95 72 87 86 61 77 74

Deposits 55 34 62 17 19 19 34 20 1 13 11 13

Corporate finance 3 13 -77 3 10 2 11 1

Real estate brokerage 201 228 -12 59 71 71 73 79 83 66 43 46

Non-Life insurance 44 53 -17 15 15 14 18 18 18 17 18 18

Other commissions 79 157 -50 35 45 -1 39 50 58 49 79 37

Net commission income 5 414 5 149 5 1 717 1 916 1 781 1 790 1 739 1 777 1 633 1 640 1 564

Net gains and losses on financial items at fair value 181 150 21 64 63 54 80 47 52 51 31 28

Net insurance 227 193 18 87 88 52 98 62 60 71 98 52

Share of the profit or loss of associates 707 886 -20 201 228 278 94 221 409 256 210 239

Other income 366 743 -51 100 92 174 145 115 549 79 88 82

Total income 16 770 17 170 -2 5 573 5 668 5 529 5 508 5 556 6 208 5 406 5 518 5 442

Staff costs 2 663 3 117 -15 861 883 919 917 928 1 315 874 834 826

Variable staff costs 130 152 -14 42 34 54 59 52 51 49 62 45

Expenses for premises 402 499 -19 121 137 144 168 140 223 136 171 136

IT expenses 425 391 9 140 135 150 161 138 156 97 195 99

Consultants 64 159 -60 29 18 17 14 15 128 16 15 10

Other expenses 3 702 3 747 -1 1 193 1 262 1 247 1 271 1 252 1 263 1 232 1 252 1 197

of which internally sold and bought services 2 674 2 697 -1 879 889 906 869 885 905 907 884 876

Depreciation/amortisation 81 61 33 26 27 28 30 29 16 16 16 15

Total expenses 7 467 8 126 -8 2 412 2 496 2 559 2 620 2 554 3 152 2 420 2 545 2 328

Profit before impairments 9 303 9 044 3 3 161 3 172 2 970 2 888 3 002 3 056 2 986 2 973 3 114

Credit impairments 135 99 36 35 48 52 147 43 25 31 140 107

Operating profit 9 168 8 945 2 3 126 3 124 2 918 2 741 2 959 3 031 2 955 2 833 3 007

Tax expense 1 953 1 827 7 666 676 611 565 629 563 635 608 643

Profit for the period from continuing operations 7 215 7 118 1 2 460 2 448 2 307 2 176 2 330 2 468 2 320 2 225 2 364

Profit for the period including non-controlling interest 7 215 7 118 1 2 460 2 448 2 307 2 176 2 330 2 468 2 320 2 225 2 364


Shareholders of Swedbank AB 7 203 7 104 1 2 456 2 444 2 303 2 176 2 324 2 464 2 316 2 220 2 359

Non-controlling interests 12 14 -14 4 4 4 6 4 4 5 5

Swedish BankingQ3, 2015

1) Q2 2014 one-off effects from the acquisition of Sparbanken Öresund, other income of SEK 461m, staff costs of SEK 393m, premises and rents of SEK 80m,

consultancy of SEK 127m, other costs of SEK 15m and a positive effect on tax expenses of SEK 135m.

15

Business areas


SEKbn 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Balance sheet (Incl intra-Group transactions)

Assets

Cash and balances with central banks

Loans to credit institutions 43 43 0 43 45 22 58 43 42 41 41 38

Loans to the public 1 058 1 003 5 1 058 1 050 1 037 1 023 1 003 985 948 936 924

Bonds and other interest-bearing securities 2

Financial assets for which customers bear inv. risk 146 136 7 146 154 156 142 136 134 125 120 117

Derivatives

Other assets 10 13 -23 10 11 11 12 13 13 12 12 12

Total assets 1 257 1 195 5 1 257 1 260 1 226 1 235 1 195 1 176 1 126 1 109 1 091


Amounts owed to credit institutions 81 77 5 81 83 76 93 77 81 77 81 76

Deposits and borrowings from the public 436 406 7 436 433 405 416 406 405 383 385 379

Debt securities in issue 1 2 -50 1 2 2 2 2 2

Financial liabilities for which customers bear inv. risk 147 137 7 147 156 158 143 137 134 128 124 119

Derivatives

Other liabilities 541 538 1 541 534 533 529 538 518 506 486 485

Subordinated liabilities

Allocated equity 51 35 46 51 52 52 52 35 36 32 33 32

Total liabilities and equity 1 257 1 195 5 1 257 1 260 1 226 1 235 1 195 1 176 1 126 1 109 1 091

Key figures

Key performance indicators

Return on allocated equity, % 18.6 28.3 19.0 18.9 17.9 20.0 26.3 30.0 28.5 27.4 28.8

Cost/Income ratio 0.45 0.47 0.43 0.44 0.46 0.48 0.46 0.51 0.45 0.46 0.43

Credit impairment ratio, % 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Loan/Deposit ratio, % 246 250 246 245 260 249 250 246 250 243 244

Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 2) 1 059 1 004 5 1 059 1 050 1 039 1 024 1 004 986 948 936 925

Deposits from the public excluding repos & SNDO 1) 2) 431 402 7 431 428 400 412 402 401 379 385 378

Mutual funds & insurance 586 560 5 586 630 650 592 560 551 515 504 479

Discretionary asset management

Goodwill

Allocated equity, average, SEKm 51 550 33 415 54 51 712 51 726 51 324 43 573 35 279 32 804 32 450 32 367 32 818

Risk exposure amount 3) 4) 187 180 4 187 186 188 185 180 178 187 201 199

Commitments 132 117 13 132 131 121 120 117 113 109 107 103

Full-time employees 2) 4 571 5 053 -10 4 571 4 651 4 898 5 008 5 053 5 047 4 591 4 530 4 513

Other information (millions)

Number of Internet bank customers (incl. savings banks) 3.8 3.7 4 3.8 3.8 3.8 3.7 3.7 3.6 3.6 3.6 3.5

Number of internet bank payments (incl. savings banks) 120 131 -9 39 40 41 43 41 44 46 21 55

Number of Mobile bank customers (incl. savings banks) 2.3 1.9 24 2.3 2.2 2.1 2.0 1.9 1.8 1.7 1.6 1.5

Number of logins in Internetbank 179 191 -6 56 60 63 63 60 65 66 66 64

Number of logins in Mobile Bank 308 308 0 96 111 101 108 114 105 89 92 89

Number of cards (debit cards) 4.0 3.9 2 4.0 3.9 3.9 3.9 3.9 3.9 3.8 3.8 3.9

Number of card purchases 785 723 9 278 267 240 253 255 248 220 232 239

POS/total card turnover, % 5) 80 77 80 80 79 78 77 77 77 76 75

Number of card acquiring, Nordic Countries 1 435 1 224 17 516 494 426 435 431 422 371 396 390

Total acquired amount, Nordic Countries, SEKm 372 657 320 786 16 134 038 131 162 107 457 115 801 113 570 112 589 94 628 106 652 104 587

1) Excluding intra-Group transactions.

2) Q2 2014 effects from the acquisition of Sparbanken Öresund, Loans SEK 16.5bn, Deposits SEK 12bn, Full-time employees 448.

3) During Q2 2014, implementation of IRB-A decreased REA with SEK 34bn and aquisition of Öresund and investment in Sparbanken Skåne increased REA with SEK 16bn.

4) Risk exposure amount is reported according to Basel 3. Risk exposure amount is reported according to Basel 2 in 2013.

5) Point of Sale (POS).

Swedish BankingQ3, 2015

16

Business areas


SEKm 2015 1) 2014 Y/Y 2015 2015 1) 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 2 596 2 633 -1 900 865 831 863 865 894 874 844 807


Card commission 667 609 10 233 230 204 216 217 218 174 193 185

Service concepts

Asset management 235 222 6 75 81 79 80 80 73 69 65 67

Life Insurance 31 -10 9 24 -2 -2 -3 -4 -3 -3 -3

Brokerage & Other securities -2 -3 -33 -1 -1 -1 -2 -1 -2 -1


Deposits 63 57 11 21 21 21 20 19 19 19 19 18

Non-life insurance 14 19 -26 5 3 6 8 7 6 6 5 3

Other commissions -4 -4 -2 -1 -1 -2 -3 -1 -3 -1

Net commission income 1 504 1 451 4 511 524 469 505 500 522 429 454 446

Net gains and losses on financial items at fair value 143 175 -18 48 45 50 64 60 62 53 84 98

Net insurance 295 216 37 81 81 133 77 61 75 80 83 77

Share of the profit or loss of associates

Other income 63 98 -36 26 21 16 25 26 43 29 47 24

Total income 4 601 4 573 1 1 566 1 536 1 499 1 534 1 512 1 596 1 465 1 512 1 452

Staff costs 623 567 10 204 209 210 216 187 193 187 204 184



IT expenses 140 170 -18 47 44 49 68 59 55 56 70 62

Consultants 3 10 -70 1 1 1 -1 4 3 3 1

Other expenses 778 798 -3 261 264 253 290 267 270 261 262 266

of which internally sold and bought services 580 579 0 189 194 197 190 189 195 195 188 185

Depreciation/amortisation 104 107 -3 32 34 38 37 36 35 36 56 33

Total expenses 1 828 1 844 -1 605 611 612 673 617 620 607 665 607

Profit before impairments 2 773 2 729 2 961 925 887 861 895 976 858 847 845

Impairment of intangible assets 1 1 1

Impairment of tangible assets 5 6 1 -2 10 2 3 -5 16 1

Credit impairments -60 -176 -66 -2 -49 -9 -10 -59 -16 -101 -177 -147

Operating profit 2 828 2 904 -3 957 973 898 861 952 988 964 1 007 991

Tax expense 1 327 437 132 1 064 131 128 142 158 137 182 84

Profit for the period from continuing operations 1 501 2 467 -39 825 -91 767 733 810 830 827 825 907

Profit for the period from discontinued operations, after tax

Profit for the period including non-controlling interest 1 501 2 467 -39 825 -91 767 733 810 830 827 825 907


Shareholders of Swedbank AB 1 501 2 467 -39 825 -91 767 733 810 830 827 825 907

Non-controlling interests

1) One-off tax effect in Q2 2015 increased tax expense with 929 SEKm related to Estonian extra dividend.

Baltic BankingQ3, 2015

17

Business areas


SEKbn 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013


Assets

Cash and balances with central banks 2 2 2 2 2 3 2 2 2 2 2

Loans to credit institutions 1 1

Loans to the public 129 122 6 129 126 125 126 122 122 118 119 117

Bonds and other interest-bearing securities 1 1 1 1 1 1 1 1 1 1 1

Financial assets for which customers bear inv. risk 3 2 50 3 3 3 3 2 2 2 2 2

Derivatives

Other assets 32 23 39 32 29 28 31 23 20 19 20 12

Total assets 167 150 11 167 161 159 164 150 147 142 145 135


Amounts owed to credit institutions


Debt securities in issue 1 1 1 1 1 1 1

Financial liabilities for which customers bear inv. risk 3 3 3 3 3 3 3 3 2 2 2

Derivatives

Other liabilities


Allocated equity 20 21 -5 20 20 20 21 21 21 22 22 22

Total liabilities and equity 167 150 11 167 161 159 164 150 147 142 145 135

Key figures


Return on allocated equity, % 9.7 15.4 16.2 -1.8 15.0 13.9 15.7 15.6 15.2 15.0 16.6


Credit impairment ratio, % -0.06 -0.20 -0.21 -0.16 -0.03 -0.04 -0.19 -0.06 -0.34 -0.59 -0.50


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 129 121 7 129 126 125 126 121 122 118 119 117

Deposits from the public excluding repos & SNDO 1) 144 125 15 144 138 135 138 125 122 117 119 110


Discretionary asset management 2 2 2 2 2 2 2 2 2 1 2

Goodwill 10 9 11 10 9 9 10 9 9 9 9 9

Allocated equity, average, SEKm 20 562 21 295 -3 20 403 20 152 20 449 21 112 20 676 21 300 21 705 21 969 21 918

Risk exposure amount 2) 74 82 -10 74 76 78 81 82 83 81 88 87

Commitments 21 21 21 21 23 24 21 18 17 17 17

Full-time employees 3 786 3 853 -2 3 786 3 841 3 811 3 920 3 853 3 829 3 858 3 940 4 044


Number of Internet bank customers 4) 3.0 3.0 1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

Number of Internet bank payments 120.0 117.2 2 39.4 40.6 40.1 42.3 38.6 39.9 38.8 38.1 34.6

Number of Mobile bank customers 0.99 0.74 34 0.99 0.92 0.86 0.80 0.74 0.68 0.62 0.56 0.49

Number of logins in Internet bank 131.8 130.8 1 41.6 44.5 45.7 44.3 41.0 44.0 45.8 43.5 40.3

Number of logins in Mobile bank 11.0 7.1 54 4.0 3.7 3.2 2.9 2.5 2.4 2.1 1.9 1.8

Number of cards 3.8 3.8 -2 3.8 3.7 3.8 3.8 3.8 3.9 3.9 3.9 3.9

Number of card purchases 286.9 256.4 12 99.9 96.9 90.1 90.0 90.4 86.9 79.1 80.2 78.0

POS/total card turnover, % 3) 42.3 40.5 2 42.5 42.0 42.3 42.5 41.0 40.3 40.2 40.1 38.5

Number of card acquiring 227.4 220.4 3 77.4 76.4 73.6 76.1 77.2 75.3 68.0 70.1 69.6

Total acquired amount, SEKm 34 555 31 819 9 12 318 11 712 10 525 11 744 11 513 10 919 9 387 10 480 10 210

Key figures in Euro

Income statement, EURm

Net interest income 277.2 291.4 -5 95.3 93.2 88.7 92.9 94.3 98.5 98.6 95.6 92.5

Total income 491.3 505.9 -3 165.9 165.3 160.1 165.1 164.8 176.0 165.2 171.3 166.6

Total expenses 195.2 203.8 -4 64.0 65.7 65.5 72.4 67.0 68.5 68.3 75.0 69.5

Profit for the period 5) 159.6 273.4 -42 87.6 -9.8 81.8 79.0 88.5 91.6 93.3 93.6 104.3

Volumes and balance sheet, EURbn

Total assets 15.8 15.3 4 15.8 15.7 15.5 15.4 15.3 15.3 15.2 15.4 15.5

Loans to the public excluding repos & SNDO 1) 13.7 13.3 3 13.7 13.7 13.5 13.3 13.3 13.3 13.2 13.4 13.5

Deposits from the public excluding repos & SNDO 1) 15.3 13.7 11 15.3 14.9 14.6 14.6 13.7 13.4 13.1 13.4 12.7

Allocated equity, average, EURm 2 184 2 336 -7 2 167 2 181 2 202 2 226 2 268 2 326 2 424 2 467 2 528

Risk exposure amount 2) 7.9 9.0 -13 7.9 8.3 8.4 8.5 9.0 9.1 9.1 9.8 10.0


2) From Q1 2014, Risk exposure amount is reported according to Basel 3. 2 Risk exposure amount is reported according to Basel 2 for 2013.


4) Definition of Number of Internet bank customers changed compared to Q1 2015.


Baltic BankingQ3, 2015

18

Business areas


SEKm 2015 1) 2014 Y/Y 2015 2015 1) 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 1 266 1 224 3 441 420 405 413 405 418 401 381 363

Payment processing 84 78 8 30 26 28 28 27 26 25 24 24

Card commission 246 232 6 85 85 76 80 82 84 66 74 74

Service concepts


Life Insurance 14 1 5 9 1 -1 -1

Brokerage & Other securities -2 -1 100 -1 -1 -1 -1 -1


Deposits 17 15 13 5 6 6 5 5 5 5 4 5

Non-life insurance 4 -1 1 1 1 2 1

Other commissions -2 -2 -1 -1 -1 -1 -1 -1

Net commission income 526 480 10 178 183 165 166 169 167 144 149 150


Net insurance 163 143 14 45 53 65 44 47 48 48 51 48


Other income 34 34 11 9 14 13 12 9 13 30 8

Total income 2 028 1 926 5 686 677 665 654 649 658 619 628 605

Staff costs 224 197 14 70 77 77 78 61 69 67 69 61

Variable staff costs 19 19 6 7 6 6 7 6 6 11 8


IT expenses 49 49 16 16 17 17 16 15 18 15 15

Consultants 1 1

Other expenses 330 345 -4 110 110 110 118 117 120 108 123 108

of which internally sold and bought services 261 270 -3 84 87 90 87 87 94 89 97 85

Depreciation/amortisation 25 25 6 8 11 10 9 8 8 25 4

Total expenses 708 698 1 228 239 241 250 232 239 227 264 216


Impairment of intangible assets

Impairment of tangible assets 3

Credit impairments 26 -37 21 -9 14 6 -3 -25 -9 -139 -38

Operating profit 1 294 1 265 2 437 447 410 398 420 444 401 500 427

Tax expense 1 104 185 55 987 62 61 59 73 53 126 -2

Profit for the period from continuing operations 190 1 080 -82 382 -540 348 337 361 371 348 374 429


Profit for the period including non-controlling interest 190 1 080 -82 382 -540 348 337 361 371 348 374 429


Shareholders of Swedbank AB 190 1 080 -82 382 -540 348 337 361 371 348 374 429


Key figures


Return on allocated equity, % 3.1 16.5 18.5 -26.6 17.0 15.8 17.3 17.0 15.6 16.2 18.8


Credit impairment ratio, % 0.06 -0.09 0.01 -0.06 0.10 0.04 -0.02 -0.18 -0.07 -1.02 -0.29


Volumes, SEKbn




Discretionary asset management 2 2 2 2 2 2 2 2 2 1 2

Goodwill 4 4 4 4 4 4 4 4 4 4 4



Commitments 9 8 13 9 9 10 9 8 8 8 8 9






Number of cards 1.1 1.1 1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1










EstoniaQ3, 2015

19

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 751 785 -4 254 255 242 252 254 264 267 260 257


Card commission 197 189 4 69 67 61 66 65 68 56 63 57

Service concepts

Asset management 79 85 -7 23 28 28 32 31 28 26 24 25

Life Insurance 5 -4 2 3 -1 -2 -1 -1

Brokerage & Other securities


Deposits 32 29 10 11 11 10 11 10 9 10 10 10

Non-life insurance 5 9 -44 1 1 3 3 3 3 3 2 1

Other commissions -1 -1 -1


Net gains and losses on financial items at fair value 57 47 21 21 19 17 17 16 16 15 39 36

Net insurance 42 39 8 13 12 17 13 12 14 13 12 11


Other income 37 3 5 -8 4 5 24 8 10 10

Total income 1 314 1 353 -3 447 447 420 445 444 469 440 468 460

Staff costs 168 156 8 57 54 57 55 54 51 51 59 54

Variable staff costs 16 15 7 6 4 6 7 5 5 5 6 3


IT expenses 35 36 -3 12 11 12 12 10 8 18 31 26

Consultants 1 7 -86 1 -1 2 2 3

Other expenses 240 238 1 82 79 79 87 76 79 83 88 97



Total expenses 520 517 1 176 169 175 180 170 166 181 205 200

Profit before impairments 794 836 -5 271 278 245 265 274 303 259 263 260


Impairment of tangible assets -3 1 1 -2 4 2 -5 8 1

Credit impairments -122 -94 30 -17 -95 -10 -12 -42 12 -64 50 -70

Operating profit 916 933 -2 287 372 257 273 316 289 328 205 329

Tax expense 135 138 -2 43 55 37 40 47 43 48 29 48

Profit for the period from continuing operations 781 795 -2 244 317 220 233 269 246 280 176 281


Profit for the period including non-controlling interest 781 795 -2 244 317 220 233 269 246 280 176 281


Shareholders of Swedbank AB 781 795 -2 244 317 220 233 269 246 280 176 281


Key figures




Credit impairment ratio, % -0.56 -0.42 0.13 -1.34 -0.13 -0.17 -0.57 0.17 -0.88 0.68 -0.94


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 29 29 29 29 29 29 29 29 29 29 29




Goodwill 2 2 2 2 2 2 2 2 2 2 2



Commitments 5 4 25 5 5 5 5 4 4 4 4 4






Number of cards 1.0 1.0 1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0



Number of card acquiring 52.6 57.6 -9 16.0 17.1 19.5 20.5 20.3 19.5 17.8 17.0 16.5

Total acquired amount, SEKm 7 771 7 857 -1 2 580 2 549 2 643 2 997 2 857 2 676 2 324 2 474 2 354





LatviaQ3, 2015

20

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement



Card commission 224 188 19 78 79 67 69 70 66 52 56 53

Service concepts


Life Insurance 12 -7 4 10 -2 -1 -2 -3 -2 -2 -2

Brokerage & Other securities -1 -1 1 1 -1 -1


Deposits 14 13 8 4 5 5 5 4 5 4 4 4

Non-life insurance 9 6 50 4 3 2 3 2 2 2 2 2

Other commissions -1 -1 -1 -1 -2 1

Net commission income 514 525 -2 177 184 153 181 173 204 148 159 150


Net insurance 90 34 23 16 51 19 2 13 19 19 19


Other income 26 26 9 7 10 6 9 9 8 7 6

Total income 1 283 1 347 -5 430 420 433 449 436 485 426 435 408

Staff costs 174 164 6 57 58 59 64 56 56 52 59 54



IT expenses 56 83 -33 19 16 21 38 32 31 20 14 15

Consultants 1 2 -50 1 1 2 1

Other expenses 275 274 0 92 97 86 106 92 93 89 79 87



Total expenses 571 593 -4 189 194 188 231 204 206 183 185 181


Impairment of intangible assets 1 1 -1 1

Impairment of tangible assets 5 4 25 5 5 3 1 5

Credit impairments 36 -45 -6 55 -13 -4 -14 -4 -27 -88 -39


Tax expense 88 114 -23 34 23 31 27 36 41 37 26 38







Key figures




Credit impairment ratio, % 0.13 -0.17 -0.22 0.57 -0.14 -0.04 -0.15 -0.05 -0.31 -0.99 -0.44


Volumes, SEKbn





Goodwill 4 3 33 4 3 3 4 3 3 3 3 3



Commitments 7 8 -13 7 7 8 10 8 6 5 5 4



Number of Internet bank customers 4) 1.2 1.2 -2 1.2 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.2

Number of Internet bank payments 29.9 31.2 -4 9.6 10.2 10.1 11.7 10.3 10.8 10.0 9.4 8.3


Number of cards 1.7 1.7 -5 1.7 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8









LithuaniaQ3, 2015

21

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income -27 -54 -50 -1 -9 -17 -16 -17 -18 -19 -19 -20

Payment processing -1 2 -1 1 -1 1

Card commission 1 -1 1 1

Service concepts

Asset management 2 -1 -1 3 1 -1

Life Insurance -2 2 1 -1

Brokerage & Other securities -1 -1 -1 -2 1

Lending and guarantees 1 -1 1 -1 1

Deposits 1 -1 -1 1 -1

Non-life insurance 1 1 -1 1

Other commissions -1 1 -1 1 -1 -3

Net commission income 1 1 -1 -1 1 -1

Net gains and losses on financial items at fair value -1 1 -1 -1 1 -1

Net insurance 1 1 -1


Other income 3 1 3 2 1

Total income -24 -53 -55 3 -8 -19 -14 -17 -16 -20 -19 -21

Staff costs 57 50 14 20 20 17 19 16 17 17 17 15

Variable staff costs 8 8 3 2 3 2 1 2 5 -2 4

Expenses for premises 4 3 33 2 1 1 2 1 1 1 2

IT expenses 2 1 -1 1 1 1 10 6

Consultants 1 1 -1 -1 1

Other expenses -67 -59 14 -23 -22 -22 -21 -18 -22 -19 -28 -26

of which internally sold and bought services -70 -61 15 -25 -25 -20 -22 -17 -22 -22 -28 -29


Total expenses 29 36 -19 12 9 8 12 11 9 16 11 10

Profit before impairments -53 -89 -40 -9 -17 -27 -26 -28 -25 -36 -30 -31

Impairment of intangible assets 1 -1 1

Impairment of tangible assets -1 1 -1

Credit impairments 1 -1

Operating profit -53 -89 -40 -9 -17 -27 -26 -27 -26 -36 -30 -31

Tax expense -1 1 1 -1 1

Profit for the period from continuing operations -53 -89 -40 -9 -16 -28 -26 -27 -27 -35 -31 -31


Profit for the period including non-controlling interest -53 -89 -40 -9 -16 -28 -26 -27 -27 -35 -31 -31


Shareholders of Swedbank AB -53 -89 -40 -9 -16 -28 -26 -27 -27 -35 -31 -31


Key figures


Cost/Income ratio -1.21 -0.68 4.00 -1.13 -0.42 -0.86 -0.65 -0.56 -0.80 -0.58 -0.48

Credit impairment ratio, % 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Loan/Deposit ratio, %

Volumes, SEKbn

Loans to the public excluding repos & SNDO 1)

Deposits from the public excluding repos & SNDO 1)

Mutual funds & insurance


Goodwill

Allocated equity, average, SEKm 2 11 -82 2 1 1 4 7 8 13 15 17

Risk exposure amount 2)

Commitments

Full-time employees 183 136 35 183 169 142 141 136 133 128 135 138

Amortisation plan Baltic Banking Investment 2015 2016 2017 2018 2019 2020

Revalued lending (interest expense) 35

Intangible assets, customer base (amortisation) 35 29 21 14 6 1



Other Baltic BankingQ3, 2015

22

Business areas


SEKm 2015 1) 2014 Y/Y 2015 2015 1) 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 2 589 2 595 -0 865 862 862 890 878 849 868 891 866


Card commission 215 213 1 85 68 62 68 88 64 61 54 91

Service concepts


Life Insurance 1 1 1

Brokerage & Other securities -48 47 -9 -24 -15 -15 24 -21 44 2 22

Lending and guarantees 465 475 -2 148 146 171 134 164 134 177 143 126

Deposits 4 7 -43 1 3 -2 9 2

Corporate finance 179 293 -39 49 80 50 150 54 113 126 162 54

Real estate brokerage

Non-life insurance

Other commissions 106 112 -5 38 44 24 14 48 31 33 21 33

Net commission income 1 496 1 699 -12 509 491 496 534 566 505 628 567 475

Net gains and losses on financial items at fair value 1 478 1 495 -1 315 576 587 434 354 577 564 490 387

Net insurance


Other income 107 101 6 33 39 35 20 36 28 37 48 39

Total income 5 670 5 890 -4 1 722 1 968 1 980 1 878 1 834 1 959 2 097 1 996 1 767

Staff costs 1 050 1 001 5 328 363 359 363 344 331 326 308 276


Expenses for premises 97 95 2 31 34 32 36 34 34 27 36 33

IT expenses 332 395 -16 106 104 122 126 128 131 136 153 105

Consultants 74 80 -8 22 21 31 31 32 27 21 20 11

Other expenses 672 663 1 206 231 235 218 224 204 235 239 233



Total expenses 2 485 2 507 -1 766 842 877 857 848 817 842 891 774

Profit before impairments 3 185 3 383 -6 956 1 126 1 103 1 021 986 1 142 1 255 1 105 993


Impairment of tangible assets

Credit impairments 120 261 -54 97 7 16 120 269 22 -30 5 7

Operating profit 3 065 3 122 -2 859 1 119 1 087 901 717 1 120 1 285 1 100 986

Tax expense 460 663 -31 193 16 251 217 150 223 290 355 209

Profit for the period from continuing operations 2 605 2 459 6 666 1 103 836 684 567 897 995 745 777


Profit for the period including non-controlling interest 2 605 2 459 6 666 1 103 836 684 567 897 995 745 777


Shareholders of Swedbank AB 2 605 2 459 6 666 1 103 836 684 567 897 995 745 777


1) One-off tax effect in Q2 2015 decreased tax expense with 230 SEKm related to US tax.

Large Corporates & InstitutionsQ3, 2015

23

Business areas


SEKbn 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013


Assets

Cash and balances with central banks 3 5 -40 3 5 1 5 5 4 1 3 5


Loans to the public 253 215 18 253 251 240 240 215 215 213 205 202

Bonds and other interest-bearing securities 64 72 -11 64 69 64 60 72 65 57 54 49

Financial assets for which customers bear inv. risk

Derivatives 104 109 -5 104 103 139 123 109 88 88 85 83

Other assets 27 27 27 35 22 19 27 4 22 18 20

Total assets 734 715 3 734 775 775 747 715 655 688 736 670


Amounts owed to credit institutions 222 224 -1 222 229 223 234 224 218 203 199 195

Deposits and borrowings from the public 120 121 -1 120 126 139 118 121 123 126 111 103

Debt securities in issue 17 14 21 17 17 12 15 14 16 16 16 15

Financial liabilities for which customers bear inv. risk

Derivatives 99 105 -6 99 99 134 119 105 84 82 80 79



Allocated equity 20 17 18 20 21 21 20 17 18 15 15 15

Total liabilities and equity 734 715 3 734 775 775 747 715 655 688 736 670

Key figures




Credit impairment ratio, % 0.09 0.16 -0.01 -0.16 -0.03 -0.04 -0.19 -0.06 -0.34 -0.59 -0.50


Volumes, SEKbn


Deposits from the public excluding repos & SNDO 1) 103 104 -1 103 106 117 106 104 98 99 89 71


Discretionary asset management 338 319 6 338 350 360 337 319 296 289 278 264

Goodwill


Risk exposure amount 2) 3) 123 120 3 123 125 133 124 120 118 151 137 128

Commitments 97 83 17 97 88 86 82 83 79 70 68 66

Full-time employees 1 205 1 161 4 1 205 1 201 1 209 1 193 1 161 1 138 1 111 1 086 1 086


2) During Q2 2014, implementation of IRB-A decreased REA with SEK 33bn.

3) From Q1 2014, Risk exposure amount is reported according to Basel 3. Risk exposure amount is reported according to Basel 2 in 2013.

Large Corporates & InstitutionsQ3, 2015

24

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement



Card commission 1 -2

Service concepts

Asset management 245 250 -2 83 77 85 88 84 85 81 108 75

Life Insurance 1 1 1

Brokerage & Other securities -20 -19 5 -7 -6 -7 -2 -5 -8 -6 -4 -5


Deposits 2 5 -60 2 -3 8 1

Corporate finance


Non-life insurance

Other commissions 50 46 9 16 20 14 23 22 9 15 12 12


Net gains and losses on financial items at fair value -4 19 -12 6 2 9 6 13 5 6

Net insurance


Other income 11 6 83 3 7 1 3 2 1 1 2

Total income 2 834 2 806 1 917 941 976 974 984 912 910 940 915

Staff costs 163 155 5 46 60 57 59 48 57 50 52 44



IT expenses 1 3 -67 -1 1 1 1 1 1 1 1 -1

Consultants 5 10 -50 2 1 2 6 4 3 3 2 3

Other expenses 590 599 -2 169 210 211 203 203 205 191 230 192


Depreciation/amortisation 2 2 1 1 1 2

Total expenses 801 806 -1 229 288 284 284 269 278 259 307 255




Credit impairments 125 284 -56 96 15 14 120 297 11 -24 -8 10


Tax expense 451 400 13 140 150 161 134 88 148 164 150 145

Profit for the period from continuing operations 1 457 1 316 11 452 488 517 436 330 475 511 491 505


Profit for the period including non-controlling interest 1 457 1 316 11 452 488 517 436 330 475 511 491 505


Shareholders of Swedbank AB 1 457 1 316 11 452 488 517 436 330 475 511 491 505


Customer organisations handling LC&I´s loans and deposits portfolio

LC&I, Loans and DepositsQ3, 2015

25

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income -1 1 -2 1 1 -3

Payment processing -15 -9 67 -4 -6 -5 -5 -4 -5 -13 -5

Card commission

Service concepts

Asset management 7 -2 -1 -1 9 -1 -1 -1 5

Life Insurance

Brokerage & Other securities -111 -36 -14 -53 -44 -46 1 -61 24 -21 12

Lending and guarantees

Deposits

Corporate finance 6 31 -81 2 4 24 3 24 4 32


Non-life insurance

Other commissions 17 9 89 11 9 -3 -5 5 -11 15 -14 3

Net commission income -96 -7 -6 -47 -43 -33 4 -54 43 -11 10

Net gains and losses on financial items at fair value 1 456 1 461 -0 303 564 589 424 365 537 559 483 386

Net insurance


Other income 4 1 1 2 1 2 3

Total income 1 364 1 453 -6 298 518 548 393 369 481 603 475 396

Staff costs 259 257 1 80 88 91 87 89 88 80 76 67



IT expenses 1 1 1 1 -1 1

Consultants 8 12 -33 -2 10 3 3 4 5 2 1

Other expenses 576 573 1 178 192 206 211 197 184 192 238 182



Total expenses 958 951 1 296 316 346 332 325 310 316 391 301




Credit impairments -5 -25 -80 2 -8 1 1 -29 4

Operating profit 411 527 -22 210 201 60 73 167 287 84 95

Tax expense 80 116 -31 -4 44 40 6 13 36 67 15 -7







Capital markets services including Fixed Income, FX, Structured Products and Equities

LC&I, MarketsQ3, 2015

26

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 441 421 5 147 152 142 138 128 135 158 170 128

Payment processing

Card commission

Service concepts

Asset management

Life Insurance

Brokerage & Other securities 82 100 -18 12 35 35 30 28 47 25 26 16

Lending and guarantees 14 54 -74 5 4 5 7 8 2 44 13 7

Deposits

Corporate finance 170 262 -35 46 75 49 126 49 89 124 125 56


Non-life insurance

Other commissions -1 1 -1 -10 2 13 -14 2


Net gains and losses on financial items at fair value 31 15 16 10 5 6 15 8

Net insurance


Other income 2 2

Total income 739 853 -13 226 275 238 297 215 301 337 334 217

Staff costs 121 114 6 36 41 44 46 46 34 34 38 29



IT expenses 2 1 1 -1 1

Consultants 3 5 -40 2 1 -2 1 2 2 1

Other expenses 144 123 17 40 51 53 40 41 40 42 38 37


Depreciation/amortisation 1 1 1 1

Total expenses 333 319 4 102 109 122 109 106 114 99 118 89




Credit impairments 1 -1 1 -1 -1 1


Tax expense 93 123 -24 29 39 25 45 25 43 55 45 15







Corporate Finance services, Structured Finance, DCM, Origination and syndications

LC&I, Investment BankingQ3, 2015

27

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement



Card commission 215 213 1 85 68 62 69 88 64 61 53 93

Service concepts


Life Insurance

Brokerage & Other securities 2 2 1 1 2 1 1 1


Deposits 2 2 1 1 1 1 1

Corporate finance


Non-life insurance

Other commissions 22 18 22 8 6 8 5 6 9 3 4 6


Net gains and losses on financial items at fair value 2 1 2 -1 -10 2 -1 -1 -2 -5

Net insurance


Other income 89 88 1 29 29 31 25 28 24 36 40 37

Total income 732 716 2 258 242 232 210 256 235 225 208 228

Staff costs 56 51 10 17 20 19 20 17 18 16 15 14

Variable staff costs 4 5 -20 1 1 2 1 1 4 2 1


IT expenses 1 1 1 1 5 1

Consultants 2 3 -33 1 -1 2 2 1 2 1

Other expenses 337 323 4 98 119 120 100 98 99 126 118 95


Depreciation/amortisation 2 1 100 1 1 1 2

Total expenses 407 391 4 119 142 146 126 119 124 148 146 113

Profit before impairments 325 325 139 100 86 84 137 111 77 62 115



Credit impairments -1 2 -1 2

Operating profit 326 323 1 140 100 86 84 137 109 77 62 115

Tax expense 64 64 28 19 17 19 25 23 16 13 22

Profit for the period from continuing operations 262 259 1 112 81 69 65 112 86 61 49 93


Profit for the period including non-controlling interest 262 259 1 112 81 69 65 112 86 61 49 93


Shareholders of Swedbank AB 262 259 1 112 81 69 65 112 86 61 49 93


Transactions services including Trade Finance, Cash Management and Securities Services

LC&I, Global Transaction ServicesQ3, 2015

28

Business areas


SEKm 2015 1) 2014 Y/Y 2015 2015 1) 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income -7 20 8 -7 -8 9 4 7 7 54

Payment processing -8 -4 100 1 -4 -5 -3 -2 -1 -1 -3 -4

Card commission -1

Service concepts

Asset management 1 2 -3 2 8 2 -1 -1 -1

Life Insurance

Brokerage & Other securities -1 -1 1 1

Lending and guarantees 1 1 1 -1 2 -1 3

Deposits -1 1

Corporate finance 3 1 1 1 2 -2 5 2


Non-life insurance

Other commissions 18 38 -53 3 10 5 1 13 11 14 19 30


Net gains and losses on financial items at fair value -7 7 -6 -8 5 -19 13 6 4 -8

Net insurance


Other income 1 7 -86 2 -1 -6 5 2 5 -2

Total income 1 62 -98 23 -8 -14 4 10 30 22 39 73

Staff costs 451 424 6 149 154 148 151 144 134 146 127 356

Variable staff costs 38 42 -10 18 20 13 22 8 12 -7 84


IT expenses 327 390 -16 105 101 121 125 125 130 135 149 313

Consultants 56 50 12 17 23 16 22 23 16 11 15 28

Other expenses -975 -955 2 -279 -341 -355 -336 -315 -324 -316 -385 -712

of which internally sold and bought services -1 036 -1 022 1 -294 -364 -378 -354 -342 -343 -337 -408 -770


Total expenses -14 40 20 -13 -21 6 29 -9 20 -71 149

Profit before impairments 15 22 -32 3 5 7 -2 -19 39 2 110 -76

Impairment of intangible assets 29


Credit impairments 1 -1 1 6 -6 14 88

Operating profit 15 21 -29 3 5 7 -1 -20 33 8 96 -193

Tax expense -228 -40 -236 8 13 -1 -27 -12 132 -21

Profit for the period from continuing operations 243 61 3 241 -1 -14 -19 60 20 -36 -172


Profit for the period including non-controlling interest 243 61 3 241 -1 -14 -19 60 20 -36 -172


Shareholders of Swedbank AB 243 61 3 241 -1 -14 -19 60 20 -36 -172



LC&I, OtherQ3, 2015

29

Business areas


SEKm 2015 1) 2014 Y/Y 2015 2015 1) 2015 2014 2014 2014 2014 2013 2013

Income statement


Payment processing -53 -2 -7 -36 -10 38 -1 2 -3 21 6

Card commission -28 29 -3 -35 10 20 16 11 2 10 10

Service concepts -1 1

Asset management -14 -8 75 -10 -4 -3 -3 -3 -2 1 -3

Life Insurance -1 1 -4 -1


Lending and guarantees -20 -12 67 -7 -5 -8 -4 -9 5 -8 -6 -6

Deposits 1 -1 1 1 1 -6 6 4

Corporate finance


Non-life insurance -3 -14 -79 -3 -5 -5 -3 -6 4 -4

Other commissions 32 15 27 -3 8 10 5 -4 14 -8 15

Net commission income -151 -31 -22 -109 -20 31 -7 -12 -12 4 9

Net gains and losses on financial items at fair value -1 395 97 -423 -600 -372 -510 338 82 -323 -144 -343

Net insurance 7 6 17 2 2 3 3 2 2 2 3 1

Share of the profit or loss of associates 1 1 1 -1 1 -1 1

Other income 580 824 -30 208 186 186 239 251 250 323 386 471

Total income 1 216 2 449 -50 407 175 634 512 1 298 740 411 704 631

Staff costs 2 191 2 515 -13 697 748 746 757 808 856 851 964 829



IT expenses 1 095 897 22 401 358 336 330 297 290 310 266 326

Consultants 75 74 1 20 30 25 40 20 30 24 46 27

Other expenses -3 613 -3 325 9 -1 199 -1 208 -1 206 -1 126 -1 153 -1 085 -1 087 -1 085 -1 075

of which internally sold and bought services -4 279 -4 129 4 -1 410 -1 425 -1 444 -1 369 -1 360 -1 373 -1 396 -1 386 -1 361


Total expenses 404 989 -59 130 130 144 196 195 378 416 461 353

Profit before impairments 812 1 460 -44 277 45 490 316 1 103 362 -5 243 278


Impairment of tangible assets 48 223 -78 10 21 17 23 17 66 140 295 94

Credit impairments -19 -3 -18 -1 -23

Operating profit 510 1 256 13 24 473 296 1 104 297 -145 -63 207

Tax expense -89 374 21 -218 108 90 243 119 12 67 62

Profit for the year from continuing operations 599 882 -32 -8 242 365 206 861 178 -157 -130 145

Profit for the year from discontinued operations, after tax 6 -259 -11 -32 49 -3 -2 -230 -27 -48 -15

Profit for the period including non-controlling interest 605 623 -3 -19 210 414 203 859 -52 -184 -178 130


Shareholders of Swedbank AB605 622 -3 -19 210 414 202 859 -52 -185 -178 129

Non-controlling interests 1 1 1 1


Group Functions & OtherQ3, 2015

30

Business areas


SEKbn 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013


Assets

Cash and balances with central banks 261 151 73 261 231 222 106 151 153 123 54 125


Loans to the public 1 1 1 1 16 1 1 5 5

Bonds and other interest-bearing securities 133 128 4 133 150 139 115 128 138 122 130 109


Derivatives 51 40 28 51 49 70 68 40 35 29 24 22

Other assets 734 698 5 734 723 732 677 698 657 704 766 766

Total assets 1 204 1 136 6 1 204 1 338 1 344 1 144 1 136 1 125 1 083 1 129 1 213






Derivatives 30 22 36 30 33 38 35 22 20 23 20 22

Other liabilities 28 8 28 23 46 10 8 1 6 15 69

Subordinated liabilities 25 18 39 25 25 25 19 18 18 17 10 10



Key figures


Return on allocated equity, % 3.6 2.2 -0.3 4.9 6.9 2.6 9.2 -0.6 -1.9 -1.8 1.6


Credit impairment ratio, % 0.00 -0.57 0.14 0.01 0.02 0.21 0.46 0.04 -0.06 0.01 0.01


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 0 5 5


Mutual funds & insurance


Goodwill



Commitments 3 9 -67 3 16 12 11 9 10 6 6 7




Group Functions & OtherQ3, 2015

31

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement


Payment processing -64 -19 -13 -39 -12 23 6 -9 -16 17 -1

Card commission -28 28 -3 -35 10 22 16 10 2 9 10

Service concepts

Asset management -5 -4 25 -2 -1 -2 -2 -2 -1 -1 -1 -2

Life Insurance -3 1 -1

Brokerage & Other securities

Lending and guarantees -16 -6 -6 -5 -5 -4 -8 1 1 -3 -3

Deposits

Corporate finance


Non-life insurance -4 -14 -71 -1 -3 -5 -4 -4 -6 4 -4

Other commissions 27 8 26 -2 3 2 4 2 2 -14 13

Net commission income -90 -7 1 -82 -9 33 13 -2 -18 12 13

Net gains and losses on financial items at fair value 9 15 -40 -4 13 -10 9 5 1 -2 5

Other income 187 213 -12 48 79 60 73 71 76 66 78 87

Total income 82 188 -56 37 -13 58 78 81 62 45 81 97

Staff costs 872 983 -11 283 285 304 312 309 332 342 449 327

Variable staff costs 72 72 20 22 30 16 24 20 28 41 21


IT expenses 683 673 1 224 226 233 243 212 225 236 229 226

Consultants 19 34 -44 3 7 9 13 13 13 8 19 7

Other expenses -1 600 -1 704 -6 -525 -536 -539 -520 -553 -549 -602 -648 -574

of which internally sold and bought services -1 921 -2 026 -5 -626 -644 -651 -627 -642 -661 -723 -770 -679


Total expenses 225 304 -26 62 62 101 127 87 121 96 186 97

Profit before impairments -143 -116 23 -25 -75 -43 -49 -6 -59 -51 -105



Credit impairments -1

Operating profit -397 -116 -279 -75 -43 -48 -6 -59 -51 -115

Tax expense -128 -51 -93 -22 -13 4 -12 -20 -19 -36 -2

Profit for the year from continuing operations -269 -65 -186 -53 -30 -52 6 -39 -32 -79 2

Profit for the year from discontinued operations, after tax

Profit for the period including non-controlling interest -269 -65 -186 -53 -30 -52 6 -39 -32 -79 2


Shareholders of Swedbank AB -269 -65 -186 -53 -30 -52 6 -39 -32 -79 2

Key figures


Return on allocated equity, % -21.8 -5.0 -45.3 -12.6 -7.4 -12.6 1.4 -8.9 -7.1 -17.1 0.4

Cost/Income ratio 2.74 1.62 1.68 -4.77 1.74 1.63 1.07 1.95 2.13 2.30 1.00

Volumes, SEKbn


Risk exposure amount 1) 4 4 4 4 4 4 4 4 4 4 4

Full-time employees1 519 1 616 -6 1 519 1 502 1 516 1 568 1 616 1 689 1 718 1 731 1 724


Group ProductsQ3, 2015

32

Business areas


SEKm 2015 3) 2014 Y/Y 2015 2015 3) 2015 2014 2014 2014 2014 2013 2013

Income statement


Payment processing -4 -4 -1 -2 -1 -1 -2 -1 -1 -1

Card commission

Service concepts

Asset management 1 1 1

Life Insurance



Deposits 1 1

Corporate finance


Non-life insurance

Other commissions

Net commission income -63 -38 66 -24 -22 -17 -19 -16 -13 -9 -12 -9

Net gains and losses on financial items at fair value -1 403 161 -417 -600 -386 -502 327 81 -247 -139 -321

Share of the profit or loss of associates 1 1 1 -1 1 -1 1

Other income 25 23 9 9 8 8 5 9 7 7 17 4

Total income 787 1 793 -56 230 103 454 268 1 063 532 198 361 203

Staff costs 54 53 2 17 19 18 17 18 17 18 18 18


Expenses for premises 4 4 1 2 1 2 1 2 1 1 1

IT expenses

Consultants 3 1 1 1 6 1

Other expenses -24 -33 -27 -3 -9 -12 -15 -10 -11 -12 -4 1

of which internally sold and bought services -39 -46 -15 -8 -14 -17 -16 -15 -14 -17 -7 -3

Depreciation/amortisation

Total expenses 50 36 39 19 16 15 15 14 12 10 21 23

Profit before impairments 737 1 757 -58 211 87 439 253 1 049 520 188 340 180



Credit impairments

Operating profit 737 1 757 -58 211 87 439 253 1 049 520 188 340 180

Tax expense -47 380 54 -208 107 10 219 123 38 -13 51

Profit for the year from continuing operations 784 1 377 -43 157 295 332 243 830 397 150 353 129


Profit for the period including non-controlling interest 784 1 377 -43 157 295 332 243 830 397 150 353 129


Shareholders of Swedbank AB 784 1 377 -43 157 295 332 243 830 397 150 353 129


Balance sheet (Incl intra-Group transactions), SEKbn

Assets



Loans to the public 1 4 -75 1 1 2 18 4 3 3 7 8

Bonds and other interest-bearing securities 132 127 4 132 148 139 114 127 137 121 129 108


Derivatives 51 46 11 51 49 70 68 46 39 32 28 25

Other assets 726 713 2 726 745 749 688 713 647 707 767 764

Total assets 1 194 1 159 3 1 194 1 358 1 335 1 154 1 159 1 119 1 091 1 136 1 215






Derivatives 31 30 3 31 33 38 34 30 24 27 24 25

Other liabilities 19 23 -17 19 43 37 24 23 -9 10 21 69

Subordinated liabilities 25 18 39 25 25 25 19 18 18 17 10 10



Key figures





Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 0 0 5 5



Risk exposure amount 2) 13 9 44 13 12 16 16 17 17 18 16 16

Commitments 1 9 -89 1 14 10 9 9 10 6 6 7

Full-time employees 60 61 -2 60 61 63 61 61 63 59 61 64




Group TreasuryQ3, 2015

33

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement


Payment processing 15 21 -29 7 5 3 16 -5 12 14 5 7

Card commissions 1 -2 1 1

Service concepts -1 1

Asset management -9 -5 80 -8 -3 2 -1 -1 -3 -1 1 -1

Life insurance -1 1 -1 -1 1 -1

Brokerage & Other securities -2 -1 100 3 -3 -2 -3 5 -6 -7 1

Lending and guarantees -8 -9 -11 -3 -1 -4 -1 -2 3 -10 -5 -4

Deposits -1 1 1 1 -7 6 4

Non-life insurance 1 1 -1 1

Other commissions 5 7 -29 1 -1 5 8 1 -6 12 6 2

Net commission income 2 14 -86 1 -5 6 17 -4 3 15 4 5

Net gains and losses on financial items at fair value -1 -79 -99 -2 1 2 2 -4 -77 -3 -27

Net insurance 7 6 17 2 2 3 3 2 2 2 3 1

Share of the profit or loss of associates -1 1

Other income 368 588 -37 151 99 118 161 171 167 250 291 380

Total income 347 468 -26 140 85 122 166 154 146 168 262 331

Staff costs 1 265 1 479 -14 397 444 424 428 481 507 491 497 484



IT expenses 412 224 84 177 132 103 87 85 65 74 37 100

Consultants 53 40 33 16 22 15 21 7 17 16 26 20

Other expenses -1 989 -1 588 -25 -671 -663 -655 -591 -590 -525 -473 -433 -502

of which internally sold and bought services -2 319 -2 057 -13 -776 -767 -776 -726 -703 -698 -656 -609 -679


Total expenses 129 649 -80 49 52 28 54 94 245 310 254 233

Profit before impairments 218 -181 91 33 94 112 60 -99 -142 8 98


Impairment of tangible assets 48 223 -78 10 21 17 23 17 66 140 295 94

Credit impairments -19 -2 -18 -1 -23

Operating profit 170 -385 81 12 77 91 61 -164 -282 -288 27

Tax expense 86 45 91 60 12 14 76 36 16 -7 116 13

Profit for the period from continuing operations 84 -430 21 63 15 25 -180 -275 -404 14

Profit for the period from discontinued operations, after tax 6 -259 -11 -32 49 -3 -2 -230 -27 -48 -15

Profit for the period including non-controlling interest 90 -689 10 -32 112 12 23 -410 -302 -452 -1


Shareholders of Swedbank AB 90 -690 10 -32 112 11 23 -410 -303 -452 -2

Key figures


Return on allocated equity, % 14.0 -46.3 5.2 -15.7 45.8 3.5 6.1 -89.5 -45.0 -59.7 -0.2


Credit impairment ratio, %

Loan/Deposit ratio, %

Volumes, SEKbn

Allocated equity, average, SEKm 855 1 985 -57 774 813 978 1 264 1 502 1 833 2 693 3 027 3 582


Commitments



Other Group FunctionsQ3, 2015

34

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income 4 5 4 -16 -1

Payment processing 2 -2 -2 1 3 8 7

Card commissions 59 55 7 21 20 18 19 19 19 17 18 19

Service concepts


Life insurance -3 -1 1 -4


Lending and guarantees 29 -15 16 13

Deposits

Corporate finance


Non-life insurance

Other commissions -29 21 -15 -14 8


Net gains and losses on financial items at fair value -1 -2 1 1

Net insurance -14 -8 75 -7 -4 -3 -4 -2 -3 -3 -3 -1


Other income -134 -207 35 -48 -46 -40 -77 -66 -66 -75 -93 -91

Total income -90 -157 43 -34 -32 -24 -53 -50 -48 -59 -78 -67

Staff costs -1 -13

Variable staff costs

Expenses for premises -3 -2 50 -1 -1 -1 -1 -1 -1 -1 -1

IT expenses -629 -506 -24 -213 -208 -208 -208 -177 -169 -160 -193 -188

Consultants 1 1 5 1

Other expenses 542 350 55 180 177 185 152 127 121 102 124 121


Depreciation/amortisation 5

Total expenses -90 -157 43 -34 -32 -24 -53 -50 -48 -59 -78 -67

Key figures

Volumes, SEKbn

Index linked bonds -9 -8 -9 -9 -9 -9 -8 -8 -9 -9 -10

EliminationsQ3, 2015

35

Business areas

Swedbank RoburQ3, 2015


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income -8 -4 100 -3 -3 -2 -2 -3 -1 -1 -2

Net commission income 1 457 1 464 -0 462 496 499 504 505 499 460 497 443

Net gains & losses on financial intems at fair value 7 12 -42 -5 2 10 -3 4 6 2 -3 2Net insurance Other income

Total income 1 456 1 472 -1 454 495 507 499 506 504 462 493 443

Staff costs 212 244 -13 70 69 73 86 76 81 87 83 82



IT expenses 70 72 -3 24 24 22 30 25 24 23 21 23

Consultants 1 3 -67 1 2 1 3 1

Other expenses 101 97 4 32 35 34 26 31 32 34 40 38


Total expenses 465 499 -7 152 152 161 160 162 162 175 185 172

Profit before impairments 991 973 2 302 343 346 339 344 342 287 308 271



Credit impairments


Tax expense 191 211 -9 34 80 77 73 74 75 62 63 58

Profit for the year from continuing operations 658 762 -14 126 263 269 266 270 267 225 235 213









36

Business areas

Swedbank RoburQ3, 2015


SEKbn 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Volumes

Mutual funds & insurance, period end 709 677 5 709 760 786 715 677 666 626 611 581

Average balance mutual funds & insurance 765 645 19 750 789 756 686 675 647 612 597 579

Discretionary asset management, period end 338 319 6 338 350 360 337 319 297 290 278 266

Fund assets under management by country

Sweden 678 649 4 678 729 755 686 649 649 602 589 560

Estonia 12 10 18 12 11 11 10 10 10 9 9 8

Latvia 10 8 21 10 9 9 9 8 8 7 7 6

Lithuania 7 6 15 7 7 7 6 6 6 5 5 5

Norway 3 3 -1 3 4 4 3 3 3 3 2 2

Fund assets under management, per asset type, %

Interest-bearing securities 30 30 0 30 28 28 31 30 31 30 29 30

Swedish equities 22 22 -2 22 22 23 22 22 23 24 24 25

Foreign equities 36 38 -3 36 39 39 38 38 36 37 37 36

Funds in funds 9 8 20 9 9 8 8 8 8 7 7 8

Liqiudity and other 3 3 6 3 3 3 2 3 2 2 2 2

Fund asset under management, per product type, %

Equity 56 55 1 56 57 57 55 55 56 56 56 55

Asia 1 1 -21 1 1 1 1 1 1 1 1 1

Emerging Markets 2 2 -17 2 2 2 2 2 3 1 3 3

Europe 5 5 -2 5 5 4 4 5 5 5 5 5

Global 8 7 12 8 8 7 7 7 7 6 6 6

Northern America 2 2 7 2 2 2 2 2 2 2 2 1

Sector 5 4 19 5 5 5 4 4 4 4 3 3

Sweden 14 14 1 14 14 14 13 14 14 15 14 14

Sweden Global 20 21 -3 20 21 21 21 21 21 21 21 21

Total fixed income 20 23 -13 20 20 21 23 23 23 23 23 24

Long term fixed income 11 12 -11 11 11 11 12 12 12 11 11 12

Short term fixed income 9 11 -15 9 9 10 11 11 11 12 12 12

Balanced 24 21 12 24 23 22 22 21 21 21 21 21

Asset Allocation 8 6 27 8 7 7 6 6 6 7 7 7

Market share Sweden, %

Asset under Management 22 23 -4 22 22 22 23 23 23 24 24 24

Gross sales 16 16 -3 12 17 17 14 15 18 16 16 12

Net sales neg 13 neg neg 4 14 8 20 8 7 neg

Net sales, SEKbn

Mutual funds -11.3 17.9 -9.0 -4.7 2.5 6.5 3.4 11.5 3.0 3.9 -0.9

Sweden -14.1 15.5 -9.9 -5.8 1.6 5.9 2.6 10.7 2.2 3.3 -1.5

of which Equity -15.9 -6.4 -5.2 -9.5 -1.2 -2.3 -2.7 -1.8 -1.8 -0.4 -0.9

of which Fixed income -11.2 16.6 -5.9 -1.7 -3.6 1.5 3.2 10.7 2.8 -0.1 -2.0

of which Balanced 13.0 5.6 1.1 5.5 6.4 6.7 2.1 1.9 1.6 3.8 1.5

of which Hedge -0.3 -0.3 0.0 -0.0

Other countries 2.8 2.4 16 0.9 1.0 0.9 0.6 0.8 0.8 0.8 0.5 0.5

Discretionary asset management 6.7 28.0 -76 -2.7 5.3 4.1 2.9 20.6 -4.9 12.2 -0.3 2.9

37

Business areas


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement

Net interest income -2 19 -0 -1 0 3 3 8 7 8 5


Net gains & losses on financial intems at fair value -1 15 3 -10 7 7 5 6 4 -1 -2Net insurance 227 193 18 87 88 52 98 61 61 71 98 52Other income 0 34 -100 0 0 -0 3 10 12 12 12 12

Total income, net 732 754 -3 256 248 228 277 261 246 247 274 227

Staff costs 79 88 -10 26 25 28 31 27 29 32 33 29



IT expenses 64 70 -9 22 21 21 21 22 21 27 24 23

Consultants 3 1 1 1 3

Other expenses 46 52 -12 14 16 16 18 15 19 18 25 13

Depreciation/amortisation 16 0 6 5 5

Total expenses 216 225 -4 72 70 74 74 69 74 82 86 72



Impairment of tangible assets 0

Credit impairments 0


Tax expense 27 38 -29 12 9 6 7 13 12 13 13 10

Profit for the year from continuing operations 489 491 0 172 169 148 196 179 160 152 175 146


Profit for the period including non-controlling interest 489 491 0 172 169 148 196 179 160 152 175 146





Cost/Income ratio 0.30 0.30 -1 0.28 0.28 0.32 0.27 0.26 0.30 0.33 0.31 0.32

Assets under management, SEKbn 140 131 7 140 148 151 136 131 129 123 118 114

of which Traditional life 17 17 2 17 18 18 17 17 17 16 15 14

Assets under management by product, SEKbn 140 131 7 140 148 151 136 131 129 123 118 114

of which collective occupational pension 60 55 9 60 64 66 58 55 54 51 48 45

of which endowment insurance 55 53 4 55 58 59 54 53 53 51 50 49

of which occupational pension 16 14 14 16 16 16 15 14 14 13 12 12

of which other 9 9 1 9 9 10 9 9 9 9 9 8

Premiums, SEKm 12 723 11 563 10 2 750 4 084 5 888 3 171 2 671 3 173 5 719 2 712 2 281

of which collective occupational pension 3 281 3 317 -1 374 632 2 275 346 251 646 2 420 226 154

of which endowment insurance 6 785 5 556 22 1 497 2 523 2 764 1 922 1 528 1 589 2 438 1 627 1 307

of which occupational pension 1 634 1 649 -1 561 564 509 560 563 570 516 525 504

of which risk insurance 606 558 9 195 212 199 183 178 196 184 161 157

of which other 418 484 -14 123 154 142 159 151 172 161 173 160

Market share, % 1)

New written premium 2) 6 5 n/a 6 6 5 5 5 5 6 6

Premium paid 2)3) 7 7 n/a 7 7 7 7 7 7 7 7

Transfer in 2) 5 7 n/a 5 5 5 7 7 6 5 4

NCCF - Net Client Cash Flow 3 588 4 195 -14 286 737 2 566 -610 654 487 3 053 -693 -37

Solvency ratio 1.6 1.6 1.6 1.4 1.3 1.3 1.6 1.5 1.5 1.4 1.7

Combined ratio, % 2) 82.0 84.0 78.0 76.0 91.5 63.3 86.8 87.6 78.7 68.0 86.1


1) R 12 months

2) Market shares YTD 2015 refers to Q2 2015. From 2015 Q1 market shares are measured as premiums paid (excl transfer of capital from other insurance companies) instead of

Swedbank InsuranceQ3, 2015

3) From 2015 Q1 market shares are measured as premiums paid (excl transfer of capital from other insurance companies) instead of premium income

38

Business areasSwedbank Insurance AB, European Embedded Value (EEV) 2014 1)

Q3, 2015

EEV results 31 Dec 31 Dec ∆ %

SEKm 2014 2013 Y/Y

Free surplus 2) -117 466

Required capital 3) 2 212 1 919 15

Net asset value 4) 2 095 2 385 -12

Certainty equivalent value 5) 6 587 5 815 13

Time value of financial options and guarantees 6) -137 -18

Cost of non-hedgeable risks 7) -1 367 -1 098 25

Frictional costs of required capital 8) -147 -190 -23

Value of in-force business (VIF) 9) 4 936 4 509 9

EEV 7 032 6 894 2

2) Free surplus for covered business is calculated as the net asset value less the required capital. The free surplus is positive when the non-covered business is included.

Analysis of EEV earnings 2014

SEKm Free surplus

Required

capital VIF EEV

Opening EEV 466 1 919 4 509 6 894

Opening adjustments

Adjusted opening EEV 466 1 919 4 509 6 894

Value of new business 1) -189 113 438 362

Expected existing business contribution (reference rate) 2) 4 17 134 154

Expected existing business contribution (in excess of reference rate) 3) 102 102

Transfers from VIF and required capital to free surplus 4) 625 -29 -596

Experience variances 5) 10 30 182 222

Assumption changes 6) 1 -1 -6 -6

Other operating variance 26 26

Operating EEV earnings 451 130 281 862

Economic variances 7) -119 163 151 194

Other non-operating variances -4 -4

Total EEV earnings 332 293 428 1 052

Closing adjustments -914 -914

Closing EEV -117 2 212 4 936 7 032

6) Assumption changes are defined as changes from year-end 2013 to year-end 2014 non-economic assumptions.

Further details of the EEV, the various assumptions underlying EEV and any incompliance to CFO Forum EEV principles can be found in the embedded value report "2014 European Embedded

Value", https://www.swedbank.com/investor-relations/financial-information-and-publications/swedbanks-subsidiaries/swedbank-insurance/index.htm

1) European Embedded Value (EEV) is a measure of the consolidated value of shareholders’ interests in the covered business. Covered business is the business written within and legally

contained in SFAB. The group life, non-life business and business where Swedbank acts as a distributor of third party insurance business are excluded from covered business. EEV comprises the

free surplus, required capital and value of in-force of covered business. An external review of the EEV has been carried out by Towers Watson. It's opinion is part of Swedbank Försäkring AB's

embedded value report "2014 European Embedded Value".

4) Net Asset Value is defined as the market value of assets allocated to the covered business in excess of statutory policy reserves and other liabilities at the valuation date. It is made up of the

required capital and free surplus. The net asset value is adjusted by -553 SEKm and -465 SEKm in 2014 and 2013 respectively for non-covered business.

5) Certainty equivalent value is the certainty equivalent present value of future profits under a single scenario, reflecting future cash flows arising from the existing covered business. Risk- free

rates are used for the investment yield assumptions and the discount rates.

6) Time value of options and guarantees is derived as the difference between the average present value of future profits based on the future cash flows under 3,000 risk-neutral scenarios and the

certainty equivalent value.

7) Cost of non-hedgeable risks allows for non-hedgeable risks not already reflected in the time value of options and guarantees or certainty equivalent value.

8) Frictional cost of holding required capital reflects the taxation on expected return and the frictional investment management costs in relation to the required capital.

9) Value of in-force is defined as the present value of future profits less the time value of options and guarantees less the frictional cost of holding required capital less the cost of non-hedgeable

risks.

1) Value of new business represents the value added from new business sold in the year. VNB is calculated at the valuation date with opening economic assumptions and closing non-economic

assumptions. New business is defined as the sale of new contracts and increases to existing contracts during the reporting period.

2) Expected existing business contribution (reference rate) reflects the unwinding of the discounting on the value of in-force with the opening reference rate. Additionally, the risk-free return on the

components of the net asset value is also included.

3) Expected existing business contribution (in excess of reference rate) reflects the additional return on the opening EEV expected by the management during the reporting period based on real

world investment returns. The excess return also includes the release of the allowance for time value of financial options and guarantees and cost of non-hedgeable risks for 2014.

4) Transfers from value of in-force and required capital to free surplus reflect expected profits that were included in the VIF at the previous year-end and expected to be transferred into the free

surplus over the reporting period. The total impact on the EEV earnings is zero.

5) Experience variances result from deviations between actual and expected profits regarding operational and demographic assumptions such as mortality, lapses and expenses. In addition, this

item includes profits that have occurred during the year from the non-modelled business.

7) Economic variances include the deviations between actual and expected investment return and the effect of changing the economic assumptions from start of the year to the end of the year.

3) Required capital is the portion of assets held in excess of statutory liabilities whose distribution to shareholders is restricted in order to meet insurance obligations. SFAB has set the required

capital to the amount of capital required to maintain a solvency margin ratio of 130%, which exceeds the minimum statutory requirement of 100%.

0B 0B 0B 0B 0B 0B

39

Business areas

Baltic Life insurance


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement


Net commission income 17 -18 6 17 -7 -7 -6 -6 -6 -6 -4Net gains & losses on financial intems at fair value -18 3 -8 -9 -1 -2 2 3 -1 -1 -1Net insurance 154 90 71 35 35 84 28 20 32 38 39 38Other income

Total income, net 1) 187 113 66 44 55 88 31 28 41 43 45 45

Staff costs 10 10 2 3 3 4 3 3 3 3 4 3



IT expenses 6 5 16 2 3 2 2 2 2 2 2 1

Consultants 0 0 0 0 0

Other expenses 13 11 17 4 4 4 4 3 3 4 3 3


Total expenses 31 28 11 10 11 10 10 9 10 10 13 11




Credit impairments


Tax expense -12 -7 81 -4 -5 -3 -7 -4 -3 -3

Profit for the year from continuing operations 144 78 85 31 39 75 14 16 28 33 29 34

Profit for the year from discontinued operations, after tax Profit for the period including non-controlling interest 144 78 31 39 75 14 16 28 33 29 34





Assets under management, SEKm 4 101 3 773 9 4 101 4 209 4 251 4 039 3 773 3 719 3 466 3 433 3 258

of which Traditional life 1 248 1 313 -5 1 248 1 244 1 277 1 329 1 313 1 335 1 317 1 329 1 318

Assets under management by product, SEKm 4 101 3 773 9 4 101 4 209 4 251 4 039 3 773 3 719 3 466 3 433 3 258

of which collective occupational pension


of which occupational pension

of which private pension 1 438 1 262 14 1 438 1 470 1 486 1 388 1 262 1 218 1 120 1 094 1 019

of which other 1 768 1 758 1 1 768 1 810 1 859 1 814 1 758 1 760 1 681 1 682 1 636

Premiums, SEKm 657 547 20 214 243 199 251 178 194 175 202 160

of which collective occupational pension


of which occupational pension

of which private pension 179 145 24 62 60 57 72 49 48 47 56 40

of which risk insurance 128 99 28 46 43 40 38 35 33 31 30 29

of which other 203 194 4 68 68 67 74 66 65 64 69 64

NCCF - Net Client Cash Flow 209 132 59 64 94 51 87 36 66 29 58 37

Solvency ratio 2.7 2.5 8 2.7 2.4 2.1 1.7 2.5 2.3 2.1 1.8 3.4


Q3, 2015

1) Change in the methodology for calculating provisions for guaranteed return products in traditional fund management implemented in Q1 2015.

40

Business areas

Baltic P&C insurance


SEKm 2015 2014 Y/Y 2015 2015 2015 2014 2014 2014 2014 2013 2013

Income statement


Net commission income -24 -14 66 -8 -10 -6 -5 -5 -5 -4 -7 -6

Net gains & losses on financial intems at fair value -1 -2 -32 -1 -1 1 0 -0 -1 -1 -1 -1

Net insurance 154 138 11 50 50 54 52 45 47 46 48 44

Other income 20 13 47 7 7 6 5 4 3 6 5 3

Total income, net 151 141 7 49 47 55 53 45 48 48 49 45

Staff costs 17 17 1 5 5 6 6 5 6 6 6 5



IT expenses 6 4 47 2 2 2 2 1 1 2 2 1

Consultants 0 0 0 0 0 0 0 0 0 0 0

Other expenses 15 14 3 5 6 4 4 4 5 5 4 5


Total expenses 42 40 6 13 15 13 13 12 13 14 13 12




Credit impairments


Tax expense -21 -33 -37 -5 -4 -12 -6 -4 -28 -1 -107 -1

Profit for the year from continuing operations 89 69 29 31 27 30 34 29 6 33 -71 32


Profit for the period including non-controlling interest 89 69 31 27 30 34 29 6 33 -71 32


Shareholders of Swedbank AB 89 69 29 31 27 30 34 29 6 33 -71 32



Premiums, SEKm 406 342 19 143 132 131 131 120 113 108 109 100

of which Loan payment protection 7 3 3 2 2 2 1 1 1 0 0

of which motor own Damage (MOD) 153 140 10 53 48 52 56 49 45 46 49 44

of which motor TPL (MTPL) 39 38 5 13 13 12 12 13 13 12 11 11

of which home 159 122 30 57 52 49 47 44 41 38 36 33

of which apartment, buildings 2 2 14 1 1 1 1 1 1 0 1 1

of which travel 26 20 34 9 8 9 7 7 6 6 6 6

of which payment protection 18 16 11 6 6 6 6 5 5 5 5 5

of which purchase protection 1 2 -39 1 0 0 1 1 1 1 1 1

Combined ratio, % 1) 71.1 58.4 22 71.1 73.6 66.3 66.5 58.4 68.4 67.1 67.6 69.3

Solvency ratio 2.2 2.3 -3 2.2 2.2 2.3 2.0 2.3 2.3 3.7 3.7 10.4


Q3, 2015

1) Combined ratio = Claims ratio + Expense ratio / Premium Income.

41

Business volumes

LoansQ3, 2015

Loans by sector, Group 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKbn 2015 YTD Q/Q Y/Y 2015 2015 2014 2014 2014 1) 2014 2013 2013

Private customers 862 32 10 6 852 840 830 812 801 783 776 767

Private mortgage 725 29 10 6 715 704 696 683 674 661 656 648

Tenant owner associations 101 3 7 101 100 98 95 92 89 87 86

Private other 36 5 36 36 36 34 35 33 33 33

Corporate customers 508 13 2 7 506 502 495 475 465 436 439 428

Agriculture, forestry, fishing 74 1 4 74 73 73 72 71 68 68 68

Manufacturing 44 2 2 9 42 42 42 40 40 39 38 36

Public sector and utilities 27 5 17 27 23 22 23 22 21 21 21

Construction 17 1 2 17 17 16 17 16 14 15 15

Retail 36 5 2 17 34 31 31 30 31 30 29 30

Transportation 13 1 1 -2 12 12 12 13 12 12 12 13

Shipping 28 -2 -2 6 30 30 30 27 24 23 25 24

Hotels and restaurants 9 2 1 33 8 7 7 7 6 6 6 6

Information and communication 6 1 -4 5 5 6 6 6 4 5 3

Finance and insurance 11 1 -13 11 13 10 12 12 12 18 17

Property management 208 3 -1 10 209 208 205 188 186 169 165 158

Residential properties 52 -1 -2 7 54 55 53 49 51 48 46 44

Commercial 90 1 -1 16 91 91 89 77 79 73 72 70

Industrial and Warehouse 42 1 7 42 40 41 39 33 30 30 26

Other 24 2 2 4 22 22 22 23 23 18 17 18

Professional services 17 2 17 17 17 17 15 15 14 14

Other corporate lending 18 -6 -2 -20 20 24 24 23 24 23 23 23

Loans to the public 2) 1 370 45 12 6 1 358 1 342 1 325 1 287 1 266 1 219 1 215 1 195

SNDO 2 -15 -22 2 2 17 2 2 3 2 2

Credit institutions 85 -11 4 9 81 79 96 78 79 77 74 69

Repurchase agreements 93 13 5 35 88 73 80 69 74 71 56 58

of which to the public 3) 69 6 2 36 67 59 63 51 55 57 48 51

of which to credit institutions 24 7 3 32 21 14 17 18 19 14 8 7

Loans 1 550 32 21 8 1 529 1 496 1 518 1 436 1 421 1 370 1 347 1 324

Specification of loans to the public excluding Swedish National Debt Office and repurchase agreements

By business area 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKbn (excl intra-Group transactions) 2015 YTD Q/Q Y/Y 2015 2015 2014 2014 2014 1) 2014 2013 2013

Private 793 31 9 6 784 771 762 747 736 719 712 704

Private mortgage 668 28 9 6 659 648 640 629 620 608 603 596

Private other incl. tenant owner associations 125 3 5 125 123 122 118 116 111 109 108

Corporate 266 4 3 266 268 262 258 251 230 225 221

Total Swedish Banking 1 059 35 9 5 1 050 1 039 1 024 1 005 987 949 937 925

Private 66 1 2 7 64 64 65 62 62 61 61 59

Private mortgage 55 1 6 54 53 55 52 52 51 51 50

Private other incl. tenant owner associations 11 1 1 11 10 11 10 10 10 10 10 9

Corporate 63 2 1 6 62 61 61 59 60 58 58 58

Total Baltic Banking 129 3 3 6 126 125 126 121 122 119 119 117

Private 4 1 12 4 4 3 4 3 3 3 3

Private mortgage 2 -8 2 2 2 3 2 2 2 2

Private other incl. tenant owner associations 2 1 68 2 2 1 1 1 1 1 1

Corporate 178 7 13 178 174 171 157 154 148 151 145

Total Large Corporates & Institutions 182 8 13 182 178 174 161 157 151 154 148

Total Group Functions & Other -1 -74 1 5 5


Specification of loans to the public excluding Swedish National Debt Office and repurchase agreements

By country 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep


Sweden 1 184 43 11 7 1 173 1 160 1 141 1 111 1 093 1 052 1 049 1 033

Estonia 60 1 1 8 59 58 59 56 56 54 55 54

Latvia 29 1 29 29 29 29 29 29 29 29

Lithuania 39 1 8 39 38 38 36 37 36 35 35

Norway 39 -1 -1 4 40 39 40 38 36 34 33 31

USA 2 -2 -46 2 4 4 4 3 3 3 3

Finland 11 1 16 11 10 10 9 9 8 9 8

Denmark 2 10 2 2 2 2 2 1 1 1

Other 4 2 1 46 3 2 2 2 1 2 1 1


1) Q2 2014 effects from the acquisition of Sparbanken Öresund, Loans SEK 16.5bn, of which private SEK 5.0bn and corporate SEK 11.5bn

2) Excluding Swedish National Debt Office and repurchase agreements.

3) Including Swedish National Debt Office.

1B 1B 1B 1B 1B

42

Business volumes

Deposits to the public and amounts owed to credit institutionsQ3, 2015

Deposits from the public 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep


Swedish Banking 431 19 3 7 428 400 412 402 401 379 385 378of which on demand deposits 161 13 -9 16 170 143 148 139 137 125 128 121of which savings account 270 6 12 3 258 257 264 263 264 254 257 257

of which private 308 18 5 8 303 288 290 285 285 270 274 272of which corporate 123 1 -2 6 125 112 122 117 116 109 111 106

Baltic Banking 144 6 6 15 138 135 138 125 122 117 119 110of which on demand deposits 115 11 6 27 109 103 104 91 86 82 83 74of which savings account 29 -5 -17 29 32 34 34 36 35 36 36

of which private 83 1 1 15 82 81 82 73 72 68 67 63of which corporate 61 5 5 16 56 54 56 52 50 49 52 47

Large Corporates & Institutions 103 -3 -3 -2 106 117 106 104 98 99 89 71of which on demand deposits 99 -2 -5 2 104 114 101 96 91 92 81 66of which savings account 4 -1 2 -47 2 3 5 8 7 7 8 5

Group Functions & Other 56 51 -63 60 119 85 5 36 48 30 6 33of which Group Treasury 56 51 -63 60 119 85 5 36 48 30 6 33of which Other

Deposits from the public 2) 734 73 -57 10 791 737 661 667 669 625 599 592

of which private 391 19 6 9 385 369 372 358 357 338 341 335of which corporate 343 54 -63 11 406 368 289 309 312 287 258 257 of which US based money-market funds 55 45 -64 -100 119 88 10 32 43 23 27

Repurchase agreements & deposits, Swedish National Debt Office -3 100 3 8 2Repurchase agreements from the public 22 9 -3 11 25 26 13 19 28 30 14 29

Total deposits and borrowings from the public 756 79 -60 10 816 763 677 686 697 655 621 623

Deposits from the public, currency distribution 30 Sep

SEKbn (excl intra-Group transactions) 2015 SEK EUR USD Other

Private 391 307 79 5 -0

Corporate 343 196 63 76 8

of which insurance 18 16 1 0 0

of which sovereigns, municipalities etc. 38 30 6 2 0

of which US based money-market funds 55 55

of which other 232 150 56 18 8

Deposits from the public 2) 734 503 142 81 8

Amounts owed to credit institutions 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKbn 2015 YTD Q/Q Y/Y 2015 2015 2014 2014 2014 1) 2014 2013 2013

Central banks 13 2 27 13 11 11 10 10 8 8 9Banks 132 -18 3 11 129 127 150 119 123 104 103 98Other credit institutions 3 -1 1 229 2 2 4 1 7 1 3 3Repurchase agreements, banks 3 -1 -1 -70 4 2 4 11 9 6 8 9Repurchase agreements, other credit institutions 1 -1 -34 1 1 2 2 1

Amounts owed to credit institutions 153 -18 4 7 149 142 171 143 150 119 122 119

1) Q2 2014 effects from the acquisition of Sparbanken Öresund, Deposits SEK 12bn, of which Private SEK 8bn and Corporate SEK 4bn.

2) Excluding Swedish National Debt Office and repurchase agreements.

43

Business volumes

Interest bearing securities, GIIPS and Deferred tax assetsQ3, 2015

30 Sep 2015

Country

SEKm

Banks & other

financial

institutions

of which

covered bonds

Government &

municipalities

Other

non-financial

companies Total

Belgium 960 0 960

Bermuda 0 52 52

Denmark 914 487 527 758 2 199

Estonia 6 10 16

Finland 1 969 271 1 989 1 337 5 295

France 111 111

Germany 5 271 496 3 655 9 422

Hungary 1 1

Latvia 0 1 160 19 1 179

Lithuania 0 1 349 0 1 349

Luxembourg 4 666 262 2 4 930

Marshall Islands 0 0 107 107

Netherlands 1 035 0 188 1 223

Norway 3 884 1 012 4 059 3 566 11 509

Spain 121 0 0 121

Sweden 75 131 63 109 67 127 4 684 146 942

Switzerland 0 13 13

United Kingdom 941 625 0 11 952

United States 3 711 0 0 3 711

Total 97 754 65 504 77 936 14 402 190 092

Exposure towards the GIIPS countries

GIIPS exposure

30 Sep 2015

SEKm Greece Ireland Italy Portugal Spain Total

Bonds 121 121

of which sovereign

of which held to maturity

Money market loans and certificates 1 3 4

Derivatives net 1) 11 1 9 86 107

Other 2) 5 2 81 31 119

Total 0 16 4 93 238 351

Deferred tax assets

Deferred tax assets 30 Sep ∆ SEKbn 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar

SEKm 2015 Q/Q 2015 2015 2014 2014 2014 2014

Tax loss carry-forwards 477 -143 620 670 451 292 345 378

Other items 141 -2 143 155 536 646 654 327

Non-recognised deferred tax assets -434 145 -579 -580 -349 -315 -318 -336

Deferred tax assets 185 1 184 245 638 623 681 369

2) Includes loans to the public and trade finance exposures.

Interest bearing securities

1) Derivatives at market value taking into account netting and collateral agreements. The derivatives' potential future exposure, i. e. current

market values plus add-ons for potential future market value changes, is: Ireland SEK 16.8m, Italy SEK 353.8m, Portugal SEK 19.8m and

Spain SEK 289.9m. Total SEK 680.3m.

44

Asset qualityAsset qualityQ3, 2015

Credit risks, Group Loans Provisions Portfolio Loans Past due loans

Sector/industry gross for individually provisions net more than 90

30 Sep 2015 assessed days that are

impaired loans not impaired

Private customers 863 702 845 309 862 548 119

Private mortgage 726 050 626 173 725 251 110

Tenant owner associations 100 999 36 100 963

Private other 36 653 219 100 36 334 9

Corporate customers 509 554 1 257 707 507 590 281

Agriculture, forestry, fishing 74 447 62 55 74 330

Manufacturing 44 474 459 140 43 875 170

Public sector and utilities 26 545 8 28 26 509

Construction 17 567 41 41 17 485 2

Retail 36 205 154 93 35 958 3

Transportation 12 551 12 31 12 508 1

Shipping and offshore 28 335 26 33 28 276

Hotels and restaurants 8 811 25 22 8 764

Information and communication 5 553 3 9 5 541

Finance and insurance 10 559 22 14 10 523

Property management 208 124 200 160 207 764 105

Residential properties 52 395 58 36 52 301

Commercial 90 203 42 65 90 096

Industrial and Warehouse 41 608 13 26 41 569

Other 23 918 87 33 23 798

Professional services 17 400 145 52 17 203

Other corporate lending 18 983 100 29 18 854

Loans to the public excluding

the Swedish National Debt Office

and repurchase agreements 1 373 256 2 102 1 016 1 370 138 400

Swedish National Debt Office 1 810 1 810

Credit institutions 85 330 24 85 306

Repos, credit institutions 23 322 23 322

Repos, public 1) 69 345 69 345

Loans to the public and

credit institutions 1 553 063 2 126 1 016 1 549 921 400


Total loans by collateral type, net, Group

SEKm Swedish Banking Baltic Banking - of which Estonia - of which Latvia

- of which

Lithuania

- of which

Investment

Large Corporates

& Institutions

Group

Functions &

Other Total

RE Residential 806 712 54 173 27 174 11 874 15 125 0 7 303 0 868 188

RE Commercial 129 906 28 397 14 412 6 279 7 706 0 16 573 0 174 876

Guarantees 18 936 4 267 3 449 417 401 0 10 299 0 33 502

Cash 11 927 944 27 625 292 0 701 0 13 572

Other 57 342 24 759 11 263 7 270 6 219 7 65 520 116 147 737

Unsecured 33 849 16 784 4 153 2 876 9 755 0 81 630 0 132 263

Total loans to the public, net 1 058 672 129 324 60 478 29 341 39 498 7 182 026 116 1 370 138

Private loans by collateral type, net, Group


- of which

Lithuania

- of which

Investment

Large Corporates

& Institutions

Group

Functions &

Other Total

RE Residential 754 740 52 259 25 916 11 325 15 018 0 2 345 0 809 344

RE Commercial 3 435 561 140 230 191 0 0 0 3 996

Guarantees 8 777 960 839 115 6 0 421 0 10 158

Cash 41 661 16 381 264 0 0 0 702

Other 5 188 3 414 2 490 354 570 0 0 0 8 602

Unsecured 20 052 8 596 3 236 2 622 2 738 0 1 098 0 29 746

Total loans to the public, net 792 233 66 451 32 637 15 027 18 787 0 3 864 0 862 548

Corporate loans by collateral type, net, Group


- of which

Lithuania

- of which

Investment

Large Corporates

& Institutions

Group

Functions &

Other Total

RE Residential 51 972 1 914 1 258 549 107 0 4 958 0 58 844

RE Commercial 126 471 27 836 14 272 6 049 7 515 0 16 573 0 170 880

Guarantees 10 159 3 307 2 610 302 395 0 9 878 0 23 344

Cash 11 886 283 11 244 28 0 701 0 12 870

Other 52 154 21 345 8 773 6 916 5 649 7 65 520 116 139 135

Unsecured 13 797 8 188 917 254 7 017 0 80 532 0 102 517

Total loans to the public, net 266 439 62 873 27 841 14 314 20 711 7 178 162 116 507 590

SEKm

0B 0B 0B 0B 0B 0B

45

Asset qualityAsset quality Q3, 2015

Loans net, by business area

30 Sep 2015

SEKm Swedish Banking Baltic Banking - of which Estonia - of which Latvia - of which Lithuania

- of which Investment

and Other

Large Corporates &

Institutions

Group Functions &

Other

Elim-

inations Group

Private customers 792 233 66 451 32 637 15 027 18 787 3 864 862 548

Private mortgage 667 624 55 284 26 141 12 940 16 203 2 343 725 251

Tenant owner associations 99 508 1 453 1 453 2 100 963

Private other 25 101 9 714 5 043 2 087 2 584 1 519 36 334

Corporate customers 266 439 62 873 27 841 14 314 20 711 7 178 162 116 507 590

Agriculture, forestry, fishing 70 181 3 797 1 633 1 430 734 352 74 330

Manufacturing 14 092 8 239 3 384 2 080 2 775 21 544 43 875

Public sector and utilities 6 472 12 338 3 805 858 7 675 7 699 26 509

Construction 10 406 1 256 779 203 274 5 823 17 485

Retail 12 014 8 619 3 488 2 290 2 841 15 325 35 958

Transportation 6 950 3 808 882 2 005 921 1 750 12 508

Shipping and offshore 106 722 721 1 27 448 28 276

Hotels and restaurants 4 275 2 668 1 421 544 703 1 821 8 764

Information and communication 1 299 809 410 55 344 3 433 5 541

Finance and insurance 1 932 559 548 4 7 7 916 116 10 523

Property management, including 3) 117 445 15 697 8 084 3 607 4 006 74 622 207 764

Residential properties 43 877 748 205 365 178 7 676 52 301

Commercial 38 073 8 740 4 559 776 3 405 43 283 90 096

Industrial and Warehouse 18 897 2 230 1 481 483 266 20 442 41 569

Other 16 598 3 979 1 839 1 983 157 3 221 23 798

Professional services 7 195 4 130 2 627 1 182 321 5 878 17 203

Other corporate lending 14 072 231 59 55 110 7 4 551 18 854

Loans to the public excluding the

Swedish National Debt Office and

repurchase agreements 1 058 672 129 324 60 478 29 341 39 498 7 182 026 116 1 370 138

SNDO 1 810 1 810

Credit institutions 33 915 63 63 35 997 15 331 85 306

Repos, Credit institutions 23 322 23 322

Repos, public 1) 69 345 69 345

Total loans to credit institutions and

to the public 2) 1 092 587 129 387 60 541 29 341 39 498 7 312 500 15 447 1 549 921



3) The provisions for property management sub-sectors exclude portfolio provisions.

Loans net, by geography

30 Sep 2015

SEKm Sweden Baltic countries -of which Estonia -of which Latvia -of which Lithuania Norway Denmark Finland USA Other Group

Private customers 791 224 66 451 32 637 15 027 18 787 2 940 1 022 911 862 548

Private mortgage 666 714 55 284 26 141 12 940 16 203 2 333 920 725 251

Tenant owner associations 99 510 1 453 1 453 100 963

Private other 25 000 9 714 5 043 2 087 2 584 607 102 911 36 334

Corporate customers 392 764 62 873 27 848 14 314 20 711 36 332 746 11 118 2 070 1 687 507 590

Agriculture, forestry, fishing 70 515 3 797 1 633 1 430 734 18 74 330

Manufacturing 29 468 8 239 3 384 2 080 2 775 2 936 15 1 896 138 1 183 43 875

Public sector and utilities 10 587 12 338 3 805 858 7 675 3 394 190 26 509

Construction 15 511 1 256 779 203 274 18 2 698 17 485

Retail 24 486 8 619 3 488 2 290 2 841 987 49 1 059 758 35 958

Transportation 7 963 3 808 882 2 005 921 737 12 508

Shipping and offshore 12 395 722 721 1 15 159 28 276

Hotels and restaurants 5 654 2 668 1 421 544 703 422 14 6 8 764

Information and communication 2 984 809 410 55 344 582 24 1 142 5 541

Finance and insurance 7 975 559 548 4 7 1 167 822 10 523

Property management, including: 175 936 15 697 8 084 3 607 4 006 9 225 626 6 077 203 207 764

Residential properties 50 778 748 205 365 178 335 375 65 52 301

Commercial 70 362 8 740 4 559 776 3 405 6 156 4 745 93 90 096

Industrial and Warehouse 35 473 2 230 1 481 483 266 2 504 626 729 7 41 569

Other 19 323 3 979 1 839 1 983 157 230 228 38 23 798

Professional services 11 307 4 130 2 627 1 182 321 1 617 149 17 203

Other corporate lending 17 983 231 66 55 110 70 16 50 504 18 854

Loans to the public excluding the

Swedish National Debt Office and

repurchase agreements 1 183 988 129 324 60 485 29 341 39 498 39 272 1 768 11 118 2 070 2 598 1 370 138

1B 1B 1B 1B 1B 1B

46

Asset qualityAsset quality Q3, 2015

Impaired loans, gross, by

business area

30 Sep 2015

SEKm Swedish Banking Baltic Banking - of which Estonia - of which Latvia - of which Lithuania

Large Corporates

& Institutions Group

Impaired loans, private customers 550 1 886 399 937 550 1 2 437

Private mortgage 168 1 785 386 867 532 1 953

Tenant owner associations 39 39

Private other 343 101 13 70 18 1 445

Impaired loans, corporate customers 932 1 673 888 270 515 392 2 997


Manufacturing 92 285 75 28 182 316 693

Public sector and utilities 11 38 38 49

Construction 71 50 30 9 11 121

Retail 80 229 136 61 32 9 318

Transportation 12 19 9 6 4 31

Shipping and offshore 3 73 73 76


Information and communication 6 1 1 7

Finance and insurance 39 2 1 1 41

Property management, including: 156 475 203 127 145 6 637


Commercial 16 71 4 45 22 6 93

Industrial and Warehouse 53 36 23 13 89

Other 49 201 167 31 3 250


Other corporate lending 116 14 3 4 7 61 191

Total 1 482 3 559 1 287 1 207 1 065 393 5 434

Credit institutions 1) 24 24

Total 1 482 3 559 1 287 1 207 1 065 417 5 458

Total provision ratio for impaired loans by

business area

30 Sep 2015

% Swedish Banking Baltic Banking - of which Estonia - of which Latvia - of which Lithuania

Large Corporates


Private customers 57 44 26 56 38 200 47

Private mortgage 43 41 21 54 33 41

Tenant owner associations 74 92

Private other 62 103 131 77 183 200 72

Corporate customers 65 55 52 84 45 113 66


Manufacturing 74 74 87 79 68 102 86

Public sector and utilities 127 47 29 73

Construction 76 52 37 89 64 68

Retail 98 67 69 62 69 167 78

Transportation 142 132 67 200 175 139

Shipping and offshore 33 36 36 78


Information and communication 100 400 100 171

Finance and insurance 79 100 200 88

Property management, including 2) 73 46 50 70 20 450 57


Commercial 306 52 175 56 23 350 115

Industrial and Warehouse 36 44 43 31 44

Other 33 51 47 71 67 48


Other corporate lending 74 93 167 125 43 49 68

Total 62 49 44 62 41 113 57

Credit institutions 1)

Total 62 49 44 62 41 112 58

Share of impaired loans gross by business area

30 Sep 2015

% Swedish Banking Baltic Banking - of which Estonia - of which Latvia - of which Lithuania

Large Corporates


Private customers 0.07 2.80 1.22 6.02 2.90 0.03 0.28

Private mortgage 0.03 3.19 1.47 6.46 3.25 0.27

Tenant owner associations 0.04 0.04

Private other 1.35 1.03 0.26 3.27 0.69 0.07 1.21

Corporate customers 0.35 2.62 3.14 1.86 2.46 0.22 0.59

Agriculture, forestry, fishing 0.40 1.10 0.79 0.41 3.09 0.43

Manufacturing 0.65 3.37 2.17 1.33 6.28 1.45 1.56

Public sector and utilities 0.17 0.31 0.49 0.18

Construction 0.68 3.90 3.80 4.27 3.91 0.69

Retail 0.66 2.61 3.80 2.62 1.12 0.06 0.88

Transportation 0.17 0.50 1.01 0.30 0.43 0.25

Shipping and offshore 2.80 9.76 9.77 0.27

Hotels and restaurants 0.58 2.86 0.07 1.99 9.14 1.16

Information and communication 0.46 0.12 1.79 0.13

Finance and insurance 1.99 0.36 0.18 14.29 0.39

Property management, including 2) 0.13 2.98 2.48 3.44 3.59 0.01 0.31

Residential properties 0.09 20.59 4.29 12.59 54.59 0.39

Commercial 0.04 0.81 0.09 5.62 0.65 0.01 0.10

Industrial and Warehouse 0.28 1.60 1.54 4.81 0.21

Other 0.29 4.92 8.71 1.55 1.89 1.05

Professional services 0.58 8.58 12.47 1.41 2.13 2.36

Other corporate lending 0.82 5.74 4.69 6.67 6.19 1.33 1.01

Loans to the public 0.14 2.72 2.11 4.01 2.67 0.22 0.40

Credit institutions 1) 0.06 0.03

Total 0.14 2.71 2.11 4.01 2.67 0.13 0.35

1) Incl Swedish National Debt Office.

2) The provisions for property management sub-sectors exclude portfolio provisions.

2B 2B 2B 2B 2B 2B

47

Asset qualityCredit impairmentsQ3, 2015

Credit impairments, Group Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2015 2015 2014 2014 2014 2014 2013 2013

Provisions

Individual provisions, gross 1) 154 143 141 -152 394 51 -44 -130 -97

Reversal of previous provisions -36 -77 -84 -85 -88 -68 -103 -124 -73

Portfolio provisions -26 -19 -19 -39 -18 -1 -116 -90

Provisions, net 118 40 38 -256 267 -35 -148 -370 -260

Write-offs

Established losses 189 243 241 847 298 351 312 1 034 550

Utilisation of previous provisions -87 -128 -149 -276 -149 -208 -188 -576 -248

Recoveries -90 -149 -71 -61 -181 -78 -76 -120 -98

Write-offs, net 12 -34 21 510 -32 65 48 338 204

Total 130 6 59 254 235 30 -100 -32 -56

1) Including credit impairments for contingent liabilities and other credit risk exposures, net.

Credit impairments by business area, SEKm

Swedish Banking 35 48 52 147 43 25 31 140 106

Estonia 21 -9 14 6 -3 -25 -9 -139 -38

Latvia -17 -95 -10 -12 -42 12 -64 50 -70

Lithuania -6 55 -13 -4 -14 -4 -27 -88 -39

Other 1 -1

Baltic Banking -2 -49 -9 -10 -59 -16 -101 -177 -147

Large Corporates & Institutions 97 7 16 120 269 22 -30 5 7

Group Functions & Other -3 -18 -1 -22

Group 130 6 59 254 235 30 -100 -32 -56

Credit impairment ratio, %

Swedish Banking 0.01 0.02 0.02 0.06 0.02 0.01 0.01 0.06 0.05

Estonia 0.13 -0.06 0.10 0.04 -0.02 -0.18 -0.07 -1.02 -0.29

Latvia -0.22 -1.34 -0.13 -0.17 -0.57 0.17 -0.88 0.68 -0.94

Lithuania -0.21 0.57 -0.14 -0.04 -0.15 -0.05 -0.31 -0.99 -0.44

Baltic Banking -0.01 -0.16 -0.03 -0.04 -0.19 -0.06 -0.34 -0.59 -0.50

Large Corporates & Institutions 0.14 0.01 0.02 0.21 0.46 0.04 -0.06 0.01 0.01

Group Functions & Other -0.47 0.01 0.00 -1.81 -26.81 0.00 0.00 -1.77

Group 0.04 0.00 0.02 0.07 0.07 0.01 -0.03 -0.01 -0.02

Credit impairments by sector, Group, SEKm

Private customers 14 55 41 -21 17 52 -20 -2 44

Private mortgage 7 25 18 -10 5 45 -35 35 22

Tenant owner associations -2 -2 1 2 1 -2 -2 -2

Private other 9 32 22 -13 11 9 17 -35 22

Corporate customers 116 -47 23 279 218 -21 -80 -30 -98

Agriculture, forestry, fishing 6 -11 -5 20 -1 -5 -15 -65 -4

Manufacturing 99 82 62 137 -33 -26 -7 17 35

Public sector and utilities 4 4 -2 -7 -5 1 4 -9 6

Construction 9 -2 4 -2 -8 3 1 -2 -25

Retail 14 -12 -20 41 357 15 6 10 32

Transportation -5 -7 -4 14 -7 1 -8 -54 -12

Shipping and offshore 1 -26 -6 3 11 -1 -39 24

Hotels and restaurants 3 3 -1 -9 5 -1 -1 5 2

Information and communication -1 3 -2 -1 -1 -1 -16

Finance and insurance -2 6 8 1 2 5 1 -2 1

Property management -21 -78 13 14 -32 -17 -12 35 -90

Professional services 3 -4 -11 -1 -12 1 10 5 7

Other corporate lending 5 -2 -14 65 -57 4 -19 7 -34

Total 130 8 64 258 235 31 -100 -32 -54

Credit institutions -2 -4 -4 -1 -2

Total 130 6 59 254 235 30 -100 -32 -56

4B 4B 4B 4B 4B 4B

48

Asset qualityImpaired loans and provisionsQ3, 2015

Impaired loans by business area 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 2015 2015 2014 2014 2014 2014 2013 2013

Impaired loans, gross

Swedish Banking 1 482 1 548 1 661 1 642 1 523 1 522 1 389 1 547 1 774

Estonia 1 287 1 217 1 241 1 312 1 346 1 297 1 322 1 338 1 652

Latvia 1 207 1 279 1 368 1 465 1 590 1 837 1 929 2 145 3 019

Lithuania 1 065 1 089 1 037 1 214 1 312 1 377 1 449 1 563 1 651

Baltic Banking 3 559 3 585 3 646 3 991 4 248 4 511 4 700 5 046 6 322

Large Corporates & Institutions 417 447 583 648 955 279 159 906 1 116


Group 5 458 5 580 5 890 6 281 6 726 6 312 6 248 7 499 9 212

Individually identified impaired loan provisions

Swedish Banking 483 516 541 552 484 513 595 674 662

Estonia 419 347 348 367 410 408 423 432 570

Latvia 568 594 625 682 770 869 928 1 032 1 419

Lithuania 343 348 296 347 417 434 448 489 627

Baltic Banking 1 330 1 289 1 269 1 396 1 597 1 711 1 799 1 953 2 616

Large Corporates & Institutions 313 236 280 249 468 119 120 191 291


Group 2 126 2 041 2 090 2 197 2 549 2 343 2 514 2 818 3 570

Impaired loans, net

Swedish Banking 999 1 032 1 120 1 090 1 039 1 009 794 873 1 112

Estonia 868 870 893 945 936 889 899 906 1 082

Latvia 639 685 743 783 820 968 1 001 1 113 1 600

Lithuania 722 741 741 867 895 943 1 001 1 074 1 024

Baltic Banking 2 229 2 296 2 377 2 595 2 651 2 800 2 901 3 093 3 706



Group 3 332 3 539 3 800 4 084 4 177 3 969 3 734 4 681 5 642

All provisions for impaired loans

Swedish Banking 923 955 996 999 948 951 1 055 1 133 1 120

Estonia 563 526 529 537 549 548 563 581 753

Latvia 752 780 838 922 1 018 1 128 1 210 1 326 1 727

Lithuania 437 443 415 471 560 596 613 657 815

Baltic Banking 1 752 1 749 1 782 1 930 2 127 2 272 2 386 2 564 3 295


Group Functions & Other -2 1

Group 3 142 3 092 3 197 3 330 3 694 3 554 3 752 4 074 4 895

5B 5B 5B 5B 5B 5B

49

Asset qualityImpaired loans and provisionsQ3, 2015

Provision ratio

for impaired loans, %

(including portfolio provisions)

30 Sep

2015

30 Jun

2015

31 Mar

2015

31 Dec

2014

30 Sep

2014

30 Jun

2014

31 Mar

2014

31 Dec

2013

30 Sep

2013

Swedish Banking 62 62 60 61 62 62 76 73 63

Estonia 44 43 43 41 41 42 43 43 46

Latvia 62 61 61 63 64 61 63 62 57

Lithuania 41 41 40 39 43 43 42 42 49

Baltic Banking 49 49 49 48 50 50 51 51 52



Group 58 55 54 53 55 56 60 54 53

Share of impaired loans, gross, %

Swedish Banking 0.14 0.14 0.15 0.15 0.15 0.15 0.14 0.16 0.18

Estonia 2.11 2.05 2.11 2.21 2.39 2.31 2.43 2.43 3.06

Latvia 4.01 4.34 4.66 4.82 5.29 6.00 6.36 6.98 9.77

Lithuania 2.67 2.77 2.67 3.15 3.52 3.71 4.03 4.37 4.67

Baltic Banking 2.71 2.80 2.87 3.11 3.43 3.63 3.88 4.13 5.23

Large Corporates & Institutions 0.13 0.15 0.20 0.22 0.36 0.11 0.06 0.38 0.48


Group 0.35 0.36 0.39 0.41 0.47 0.44 0.45 0.55 0.69

Change in impaired loans Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEKm 2015 2015 2015 2014 2014 2014 2014 2013 2013

Impaired loans at period beginning 5 580 5 890 6 281 6 726 6 312 6 248 7 499 9 212 10 111

Amortisation -258 -332 -294 -532 -170 -72 -1 087 -380 -512

New inflows 459 469 479 1 011 1 342 823 443 658 811

Write-offs -179 -239 -210 -785 -282 -400 -262 -1 080 -459

Start performing -217 -217 -284 -298 -456 -391 -368 -1 062 -649

FX changes 73 9 -82 159 -20 104 23 151 -90

Move to discontinued operations

Impaired loans at period end 5 458 5 580 5 890 6 281 6 726 6 312 6 248 7 499 9 212

Change in impaired loans

SEKm

Swedish

Banking

Baltic

Banking Estonia Latvia Lithuania

Large

Corporates

&

Institutions

Group

Functions

& Other Total

Impaired loans at Q2 2015 1 548 3 585 1 217 1 279 1 089 447 5 580

Amortisation -67 -187 -66 -85 -36 -3 -258

New inflows 133 326 158 109 59 459

Write-offs -47 -103 -82 -21 -30 -179

Start performing -86 -131 -46 -38 -47 -217

FX changes 1 69 24 24 21 3 73

Impaired loans at Q3 2015 1 482 3 559 1 287 1 207 1 065 417 5 458

Asset taken over and cancelled leases 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

by business area, SEKm 2015 2015 2015 2014 2014 2014 2014 2013 2013

Swedish Banking 1 2 2 9 13 8 12 12

Baltic Banking 114 147 145 138 166 161 168 161 173

Estonia 2 1 2 3 3 4 4 3 8

Latvia 52 50 56 59 66 66 73 76 94

Lithuania 60 96 87 76 96 91 91 82 71

Large Corporates & Institutions 68 73

Group Functions & Other 393 487 641 793 935 1 384 1 554 1 942 2 915

Ektornet 387 476 624 778 916 1 382 1 552 1 856 2 772

Sweden 18 19 21 14 17 17 18 21 67

Estonia 68 73 84 103 112 132 149 160 192

Latvia 248 319 436 545 607 718 787 839 1 230

Lithuania 34 35 49 62 74 95 110 142 178

USA 298 364 451 754

Ukraine 19 30 34 54 106 122 124 243 351

Other 6 11 17 15 19 2 2 86 143

Total 575 708 788 933 1 110 1 558 1 730 2 115 3 100

6B 6B 6B 6B 6B 6B

50

Asset qualityLoans past dueQ3, 2015

Loans past due 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 2015 2015 2014 2014 2014 2014 2013 2013

31 to 60 days

Swedish Banking 399 537 735 563 611 499 536 433 691

Estonia 208 187 168 188 182 203 199 215 213

Latvia 92 145 180 170 224 238 227 381 239

Lithuania 291 246 390 298 294 281 500 245 262

Baltic Banking 591 578 738 656 700 722 926 841 714



Group 1 015 1 133 1 506 1 238 1 315 1 231 1 473 1 321 1 416

61 to 90 days

Swedish Banking 199 185 156 251 262 226 199 229 448

Estonia 49 86 61 60 201 68 65 85 63

Latvia 34 46 59 48 68 75 85 69 92

Lithuania 179 172 95 188 97 172 99 132 125

Baltic Banking 262 304 215 296 366 315 249 286 280



Group 478 555 372 662 640 550 465 534 732

over 90 days

Swedish Banking 1 506 1 493 1 702 1 699 1 625 1 581 1 641 1 814 2 011

Estonia 500 495 496 512 405 417 482 482 629

Latvia 888 999 1 048 1 138 1 246 1 425 1 550 1 626 2 210

Lithuania 763 823 814 920 1 017 1 063 1 124 1 218 1 388

Baltic Banking 2 151 2 317 2 358 2 570 2 668 2 905 3 156 3 326 4 227



Group 3 696 3 866 4 260 4 443 4 381 4 569 4 889 5 192 6 302

Loans past due ratio (over 60 days)

%

Swedish Banking 0.16 0.15 0.17 0.18 0.18 0.18 0.19 0.21 0.26

Estonia 0.90 0.98 0.95 0.96 1.08 0.86 1.00 1.03 1.28

Latvia 3.06 3.54 3.77 3.90 4.37 4.90 5.39 5.52 7.45

Lithuania 2.36 2.53 2.34 2.87 2.99 3.32 3.40 3.77 4.28

Baltic Banking 1.84 2.05 2.03 2.23 2.46 2.60 2.82 2.97 3.75

Large Corporates & Institutions 0.02 0.04 0.07 0.10 0.04 0.04 0.04 0.03 0.03


Group 0.27 0.29 0.31 0.34 0.35 0.36 0.39 0.43 0.54

7B 7B 7B 7B 7B 7B

51

Asset quality

Private mortgage loans 1)Q3, 2015

Average Loan-to-value (LTV), % 2) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

Total portfolio

Sweden 58 59 60 60 60 62 62 62 63

Estonia 50 51 53 54 54 55 58 61 62

Latvia 96 104 97 108 109 119 108 114 123

Lithuania 79 79 82 85 88 85 92 97 92

New lending 3)

Sweden 70 70 70 71 71 71 71 70 70

Estonia 66 64 65 66 47 42 64 65 59

Latvia 73 69 65 67 66 66 64 63 67

Lithuania 73 72 72 70 70 70 70 68 68

Share of portfolio with amortisation plans, %

Total portfolio

Sweden 4) 62 61 61 60 59 59 59 60 60

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 5)

Sweden 76 71 71 71 69 66 65 66 63

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

Share of properties with LTV:s above 70%

Total portfolio

Sweden 16 18 22 22 24 29 28 29 30

Estonia 14 15 19 20 21 22 28 34 36

Latvia 63 68 63 71 71 75 71 74 77

Lithuania 58 57 60 64 67 62 69 72 69

New lending 5) 6)

Sweden 46 45 46 48 51 54 54 54 54

Estonia 48 44 48 39 35 34 38 38 37

Latvia 70 64 25 46 37 42 43 34 34

Lithuania 82 80 77 63 44 62 64 62 63

Share of properties with LTV:s between 50 and 70%

Total portfolio

Sweden 35 34 33 32 31 28 28 28 27

Estonia 36 37 37 37 38 37 36 34 33

Latvia 18 16 18 15 14 12 14 13 11

Lithuania 24 24 22 19 17 20 16 15 16

New lending 5) 7)

Sweden 30 31 30 29 26 23 23 23 23

Estonia 33 36 32 41 44 43 44 42 44

Latvia 22 22 56 41 48 40 30 59 46

Lithuania 12 15 17 29 48 31 27 31 28

1) Based on property level and private individuals loans collateralised by single-family homes, vacation houses and tenant owner rights.

2) LTV calculation method - see cover pool, page 78.

3) New lending LTV is calculated year to date.

4) This includes only households with agreed amortisation plans. In recent years extra amortisation has been around 30% of the volume of amortisations

according to an agreed plan.

5) New Lending - Rolling 3 months data.

6) For the Baltic countries the history prior to 2015 is LTV:s above 75%.

7) For the Baltic countries the history prior to 2015 is LTV:s between 50 and 75%.

2B 2B 2B 2B 2B 2B 2B 2B 2B 2B 2B 2B

52

Asset quality

Private mortgage loans (cont.) 1)Q3, 2015

Share of properties with amortisation plans

on LTVs above 70% 2) 7) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

Total portfolio

Sweden 3) 86 81 73 71 65 59 58 60 58

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 4) 5) 6)

Sweden 95 94 94 92 85 75 75 75 70

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

Share of properties with amortisation plans on LTVs between 50 and 70% 7)

Total portfolio

Sweden 3) 54 52 53 53 54 56 57 58 59

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 4) 5) 7)

Sweden 64 53 50 50 53 59 58 56 57

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

1) Based on property level and private individuals loans collateralised by single-family homes, vacation houses and tenant owner rights.


3) New lending LTV is calculated year to date.

4) This includes only households with agreed amortisation plans. In recent years extra amortisation has been around 30% of the volume of amortisations

according to an agreed plan.

5) New Lending - Rolling 3 months data.

6) For the Baltic countries the history prior to 2015 is LTV:s above 75%.

7) For the Baltic countries the history prior to 2015 is LTV:s between 50 and 75%.

Concentration risk - Top 20 Corporate ClientsQ3, 2015

Top 20 corporate exposures,

SEKm

Top 20 corporate exposures 106 533

in % of Common Equity Tier 1 Capital 115

Out of that municipalities 4 102

Out of that to investment grade 97 899

Collateral value of the top 20 59 463

Top 20 corporate exposures by Industry,

SEKm Total

Investment

grade

Collateral

value

Construction 14 809 14 809 4 808

Manufacturing 20 007 15 474 6 621

Property Management 47 107 47 107 36 572

Public sector and utilities 4 102

Shipping and offshore 16 192 16 192 10 540

Retail 4 317 4 317 921

Total 106 533 97 899 59 463

Excluding exposures on partly owned subsidiaries.

2B 2B 2B 2B 2B 2B

2B 2B 2B 2B 2B 2B

53

Capital adequacy

Credit risks, EAD distribution by business areaand by segmentQ3, 2015

Exposure distribution by business area

30 Sep 2015

SEKm Risk grades PD

Swedish

Banking Baltic Banking

Large

Corporates &

Institutions

Group

Functions &

Other Total

IRB approach

Default Default 100.0 2 444 3 184 561 6 189

High risk 0-5 > 5.7 12 622 9 729 548 3 22 902

Increased risk 6-8 2.0-5.7 41 790 12 613 5 043 19 59 465

Normal risk 9-12 0.5-2.0 130 815 38 619 32 847 66 202 347

Low risk 13-21 <0.5 887 117 64 632 244 111 74 966 1 270 826

Total rated exposures 1 074 788 128 777 283 110 75 054 1 561 729

Total non-rated exposures 3 926 4 934 5 028 45 505 59 393

Total IRB approach 1 078 714 133 711 288 138 120 559 1 621 122

of which companies not included in Swedbank Group

Standardised approach

Total standardised approach 60 267 49 894 46 651 310 325 467 137

of which companies not included in Swedbank Group 9 132

Total IRB- and standardised approach 1 138 981 183 605 334 789 430 884 2 088 259


Exposure distribution by segment

30 Sep 2015

SEKm Risk grades PD Retail Institutions Corporates Other Total

IRB approach

Default Default 100.0 3 537 2 652 6 189

High risk 0-5 > 5.7 15 226 1 7 677 22 904

Increased risk 6-8 2.0-5.7 31 874 205 27 386 59 465

Normal risk 9-12 0.5-2.0 92 227 285 109 834 202 346

Low risk 13-21 <0.5 821 230 118 707 330 888 1 270 825

Total rated exposures 964 094 119 198 478 437 1 561 729

Total non-rated exposures 1 950 57 443 59 393

Total IRB approach 964 094 119 198 480 387 57 443 1 621 122

of which companies not included in Swedbank Group


Central and local government 391 715

Retail 23 537

Institutions 8 066

Corporates 10 587

Exposure secured on residential property 3 470

Other exposure classes 29 762

Total standardised approach 467 137


Total IRB- and standardised approach 964 094 119 198 480 387 57 443 2 088 259


The tables distribute credit risks by Exposure at Default (EAD).

EAD includes items on and off the balance sheet, e.g. guarantees, loans and derivatives.

The amounts also include EAD from institutions in the Swedbank Consolidated situation, but not in the Group, i.e.

EnterCard that is included via partial consolidation. Insurance companies are not included in the Swedbank Consolidated situation.

0B 0B 0B 0B 0B 0B 0B 0B 0B 0B 0B 0B

54

Capital adequacy

30 Sep 2015

SEKm

Swedish

Banking Baltic Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

- of which

Investment

and Other

Large

Corporates &

Institutions

Group

Functions &

Other Total

Retail - mortgages 1)

Exposure 814 627 56 126 26 649 13 164 16 313 61 870 814

Risk exposure amount, pillar 1 34 313 11 702 4 418 3 962 3 322 6 46 021

Exposure weighted average PD (incl defaults), % 0.43 5.24 3.24 9.56 5.01 0.68 0.74

Exposure weighted average PD (excl defaults), % 0.31 2.25 1.88 3.38 2.00 0.68 0.44

Exposure weighted average LGD, % 10.3 15.5 13.2 18.5 16.7 16.9 10.7

Average risk weight, % 4.2 20.8 16.6 30.1 20.4 9.5 5.2

Retail - other

Exposure 77 482 14 936 6 765 3 828 4 343 879 12 93 309

Risk exposure amount, pillar 1 19 134 6 709 2 959 2 135 1 615 226 3 26 073

Exposure weighted average PD (incl defaults), % 2.00 4.48 3.26 6.83 4.31 1.62 4.80 2.39

Exposure weighted average PD (excl defaults), % 1.19 2.86 2.45 3.91 2.59 1.42 2.86 1.45

Exposure weighted average LGD, % 35.7 44.5 44.7 49.5 39.6 45.7 14.6 37.2

Average risk weight, % 24.7 44.9 43.7 55.8 37.2 25.7 25.8 27.5

Corporate - Avanced-IRB

Exposure 170 618 234 331 551 405 500

Risk exposure amount, pillar 1 55 499 66 179 61 121 739

Exposure weighted average PD (incl defaults), % 1.46 0.52 0.03 0.92

Exposure weighted average PD (excl defaults), % 1.00 0.32 0.03 0.61

Exposure weighted average LGD, % 18.9 23.7 27.2 21.6

Average risk weight, % 32.5 28.2 11.1 30.0

Corporate - Foundation-IRB

Exposure 6 014 56 947 25 535 14 043 17 369 9 177 800 72 938

Risk exposure amount, pillar 1 3 084 38 272 14 818 12 140 11 314 5 720 233 47 309





Corporate - specialised lending

Exposure 1 950 1 092 611 247 1 950

Risk exposure amount, pillar 1 2 153 1 161 851 141 2 153

Average risk weight, % 110.4 106.3 139.3 57.3 110.4

Institutions

Exposure 6 075 769 428 134 207 38 663 73 690 119 197

Risk exposure amount, pillar 1 1 451 244 129 48 67 9 094 7 067 17 856





Other IRB exposure classes

Exposure 3 897 2 985 804 1 316 859 6 5 028 45 505 57 415

Risk exposure amount, pillar 1 2 412 722 200 516 6 3 929 590 7 653

Average risk weight, % 61.3 24.2 24.9 39.2 0.0 100.0 78.2 1.3 13.3

Total IRB approach

Exposure 1 078 712 133 712 61 273 33 096 39 338 6 288 139 120 559 1 621 122

Risk exposure amount, pillar 1 115 893 59 802 23 685 19 652 16 459 6 85 154 7 953 268 803






Exposure 60 267 49 894 18 031 12 154 19 414 295 46 651 310 325 467 137

Risk exposure amount, pillar 1 35 280 5 241 1 640 519 2 344 738 7 476 1 716 49 713


Total exposures

Exposure 1 138 978 183 607 79 304 45 250 58 752 301 334 790 430 884 2 088 259

Risk exposure amount, pillar 1 151 173 65 043 25 325 20 171 18 803 744 92 630 9 669 318 516


1) Average risk weights and capital requirements is presented for Pillar 1. Because of the risk weight floor of 25 percent for the Swedish mortgage portfolio, Swedbank has to maintain additional

CET 1 capital within Pillar 2.

The IRB approach tables distribute credit risks by Exposure at Default (EAD).

EAD includes items on and off the balance sheet, e.g. guarantees, loans and derivatives.

The amounts comprise the Swedbank Group with the exception of insurance companies.

The Entercard Group is included as well through the proportionate consolidation method.

The breakdown into exposure classes is made in accordance to the capital adequacy framework in Basel 3.

Capital adequacy parameters for credit risk - business areasQ3, 2015

55

Capital adequacy

Exposures

Basel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 2

31 Dec

Basel 2

30 Sep

SEKm 2015 2015 2015 2014 2014 2014 2) 2014 2013 2013

Retail 964 123 955 268 941 294 931 884 919 369 897 953 885 229 896 994 888 513

of which Retail mortgage 870 814 860 748 847 409 839 420 809 564 796 360 799 626 825 644 816 717

of which Retail other 93 309 94 520 93 885 92 464 109 805 101 593 85 603 71 350 71 796

Corporate 480 387 476 158 474 934 461 567 431 802 418 520 424 748 436 376 418 744

of which Advanced-IRB 2) 405 500 401 365 398 209 385 375 358 586 345 514

of which Foundation-IRB 72 938 72 898 74 750 74 135 71 184 70 913 422 490 434 151 416 068

of which specialised lending 1 950 1 895 1 975 2 057 2 032 2 092 2 258 2 225 2 675

Institutions 119 197 115 223 137 869 136 263 134 868 131 836 133 994 121 698 118 276

Securitisation 483 612 693 763 793 854 891 941 981

Non credit obligation 56 932 56 418 54 137 75 078 56 600 62 310 62 414 11 890 12 658

IRB approach total 1 621 122 1 603 679 1 608 927 1 605 555 1 543 432 1 511 473 1 507 276 1 467 898 1 439 171

Standardised approach 467 137 445 332 413 272 286 227 324 531 351 402 267 597 253 028 311 339

of which central and local government 391 716 389 404 339 705 208 799 255 659 283 264 225 015 162 228 227 227

Total exposures 2 088 259 2 049 011 2 022 199 1 891 782 1 867 963 1 862 875 1 774 874 1 720 926 1 750 510

Risk exposure amount

Retail 72 094 73 911 74 466 76 375 76 038 72 840 70 756 77 823 78 199

of which Retail mortgage 1) 46 021 47 945 48 095 50 009 47 017 46 339 45 908 48 950 49 004

of which Retail other 26 073 25 966 26 371 26 366 29 021 26 501 24 848 28 873 29 195

Corporate 171 201 170 252 175 504 170 197 172 745 171 996 230 233 246 894 239 673

of which Advanced-IRB 2) 121 739 120 147 121 754 117 818 117 348 115 222


of which specialised lending 2 153 2 014 2 120 2 189 2 237 2 245 2 417 2 522 2 727

Institutions 17 856 17 264 19 584 20 823 20 355 19 648 21 259 16 176 15 939

Securitisation 53 65 74 82 86 93 97 103 108

Non credit obligation 7 599 7 693 7 744 7 373 8 098 9 173 9 301 9 517 10 263

IRB approach total 268 803 269 185 277 372 274 850 277 322 273 750 331 647 350 513 344 182

Standardised approach 49 659 48 918 50 844 53 682 46 887 47 500 33 074 24 198 22 689

of which central and local government 318 694 969 1 102 765 928 1 470 1 049 785

Total risk exposure amount 318 462 318 103 328 216 328 532 324 209 321 250 364 721 374 711 366 871

Average risk weight, %

Retail 7.5 7.7 7.9 8.2 8.3 8.1 8.0 8.7 8.8

of which Retail mortgage 1) 5.3 5.6 5.7 6.0 5.8 5.8 5.7 5.9 6.0

of which Retail other 27.9 27.5 28.1 28.5 26.4 26.1 29.0 40.5 40.7

Corporate 35.6 35.8 37.0 36.9 40.0 41.1 54.2 56.6 57.2

of which Advanced-IRB 2) 30.0 29.9 30.6 30.6 32.7 33.3

of which Foundation-IRB 64.9 66.0 69.1 67.7 74.7 76.9 53.9 56.3 56.9

of which specialised lending 110.4 106.3 107.3 106.4 110.1 107.3 107.1 113.3 101.9

Institutions 15.0 15.0 14.2 15.3 15.1 14.9 15.9 13.3 13.5

Securitisation 11.0 10.6 10.7 10.7 10.8 10.9 10.9 10.9 11.0

Non credit obligation 13.3 13.6 14.3 9.8 14.3 14.7 14.9 80.0 81.1

IRB approach total 16.6 16.8 17.2 17.1 18.0 18.1 22.0 23.9 23.9

Standardised approach 10.6 11.0 12.3 18.8 14.4 13.5 12.4 9.6 7.3

of which central and local government 0.1 0.2 0.3 0.5 0.3 0.3 0.7 0.6 0.3

Total risk exposure amount 15.3 15.5 16.2 17.4 17.4 17.2 20.5 21.8 21.0

Average PD, excluding defaulted exposures, %

Retail 0.53 0.56 0.58 0.60 0.60 0.60 0.63 0.63 0.63

of which Retail mortgage 0.44 0.46 0.48 0.50 0.50 0.49 0.51 0.50 0.50


Corporate 0.76 0.76 0.79 0.80 0.78 0.81 0.80 0.85 0.88



Institutions 0.07 0.06 0.06 0.11 0.08 0.07 0.08 0.08 0.08

Total Swedbank Consolidated situation 3) 0.57 0.58 0.60 0.62 0.61 0.65 0.67 0.65 0.66

Average LGD, %

Retail 13.2 13.3 13.3 13.4 13.8 13.6 13.3 12.7 12.8

of which Retail mortgage 10.7 10.7 10.7 10.8 10.8 10.8 10.8 10.1 10.2


Corporate 25.0 25.0 25.4 25.7 26.7 27.0 42.0 41.9 42.5



Institutions 22.7 23.2 22.4 21.7 23.7 24.0 23.8 24.9 25.4

Total Swedbank Consolidated situation 3) 17.6 17.6 17.8 17.9 18.4 18.4 22.7 22.4 22.5

1) Average risk weights and capital requirements is presented for Pillar 1. Because of the risk weight floor of 25 percent for the Swedish mortgage portfolio, Swedbank has to maintain additional

CET 1 capital within Pillar 2.

2) In Q2 2014 Swedbank received approval to use (A-IRB) approach for its corporate exposures in Sweden and Norway.

3) Only exposures calculated by IRB approach.

Capital adequacy parameters for credit risk - segmentQ3, 2015

4B 4B 4B 4B 4B 4B 4B 4B 4B 4B 4B 4B

56

Capital adequacy

ExposuresBasel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 2

31 Dec

Basel 2

30 Sep

SEKm 2015 2015 2015 2014 2014 2014 1) 2014 2013 2013

Expected loss

Retail 2 051 2 146 2 209 2 311 2 376 2 420 2 555 2 743 3 056


of which Retail other 930 969 989 999 1 060 1 023 1 077 1 173 1 248

Corporate 2 405 2 316 2 460 2 502 2 593 2 273 2 802 3 441 3 904

of which Advanced-IRB 1) 1 015 918 946 929 1 057 696


of which specialised lending 262 260 271 310 314 350 381 423 594

Institutions 20 22 22 76 62 56 62 66 62

Total Swedbank Consolidated situation 2) 4 476 4 484 4 691 4 889 5 030 4 748 5 420 6 250 7 022

Expected loss, non defaulted exposures

Retail 983 1 119 1 140 1 176 1 187 1 144 1 207 1 221 1 239

of which Retail mortgage 598 549 560 597 572 566 592 576 579

of which Retail other 385 570 580 579 615 579 615 646 660

Corporate 1 138 1 088 1 164 1 158 1 091 1 108 1 489 1 623 1 635

of which Advanced-IRB 1) 487 510 506 491 516 501

of which Foundation-IRB 618 530 606 612 518 549 1 426 1 553 1 559


Institutions 20 22 22 50 37 31 35 34 31


Expected loss, defaulted exposures

Retail 1 068 1 027 1 069 1 135 1 189 1 276 1 349 1 522 1 817

of which Retail mortgage 523 628 660 715 743 831 886 994 1 230

of which Retail other 545 399 409 420 445 444 462 527 587

Corporate 1 267 1 228 1 296 1 344 1 502 1 165 1 312 1 818 2 269

of which Advanced-IRB 1) 528 408 440 438 541 195

of which Foundation-IRB 510 608 637 652 703 678 994 1 464 1 751


Institutions 26 25 25 28 32 31


Defaulted exposures

Retail 3 537 3 658 3 826 4 135 4 128 4 398 4 527 4 963 5 574


of which Retail other 889 847 905 975 1 018 1 058 1 021 1 109 1 218

Corporate 3 070 2 935 3 226 3 395 3 435 2 783 2 883 4 000 4 974

of which Advanced-IRB 1) 1 268 1 152 1 360 1 428 1 601 678


of which specialised lending 418 424 440 510 257 584 637 707 1 036

Institutions 59 56 55 62 70 69


1) In Q2 2014 Swedbank received approval to use (A-IRB) approach for its corporate exposures in Sweden and Norway.

2) Only exposures calculated by IRB approach.

Capital adequacy parameters for credit risk - segment cont.Q3, 2015

4B 4B 4B 4B 4B 4B 4B 4B 4B 4B 4B 4B

57

Capital adequacyCapital adequacy, Swedbank consolidated situation, leverage ratioQ3, 2015

Capital adequacy 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 2015 2015 2014 2014

Shareholders' equity according to the Group's balance sheet 118 841 113 949 106 883 117 203 111 420

Non-controlling interests 51 51 47 46 41

Anticipated dividend -8 936 -5 989 -3 240 -12 511 -9 656

Deconsolidation of insurance companies -1 191 -949 -716 -692 -2 006

Value changes in own financial liabilities 34 -7 7 74 76Cash flow hedges -29 -11 14 103 153

Additional value adjustments 1) -459 -484 -438

Goodwill -12 344 -12 166 -12 214 -12 434 -12 064

Deferred tax assets -83 -81 -129 -166 -171

Intangible assets -1 413 -1 629 -1 642 -1 698 -1 716

Net provisions for reported IRB credit exposures -1 381 -1 433 -1 556 -1 599 -1 410

Shares deducted from CET1 capital -44 -467 -410

Defined benefit pension fund assets 2) -110

Common Equity Tier 1 capital 92 980 91 207 86 549 87 916 84 667

Additional Tier 1 capital 10 741 10 495 10 834 4 998 5 024

Total Tier 1 capital 103 721 101 702 97 383 92 914 89 691

Tier 2 capital 13 136 12 969 13 156 12 674 12 288

Total capital 116 857 114 671 110 539 105 588 101 979

Minimum capital requirement for credit risks, standardised approach 3 973 3 913 4 067 4 295 3 751

Minimum capital requirement for credit risks, IRB 21 504 21 535 22 190 21 988 22 186

Minimum capital requirement for credit risk, default fund contribution 4 4 6 3 3

Minimum capital requirement for settlement risks 1 0 0 2 5

Minimum capital requirement for market risks 1 165 1 412 1 709 1 525 1 401

Trading book 1 151 1 379 1 685 1 335 1 195

of which VaR and SVaR 576 704 1 065 711 619

of which risks outside VaR and SVaR 575 675 620 624 576

FX risk other operations 14 33 24 190 206

Minimum capital requirement for credit value adjustment 618 605 744 579 680

Minimum capital requirement for operational risks 5 071 5 071 5 071 4 745 4 745

Minimum capital requirement 3) 32 336 32 540 33 787 33 137 32 771

Risk exposure amount credit risks 318 516 318 147 328 284 328 574 324 243

Risk exposure amount settlement risks 5 3 1 30 62

Risk exposure amount market risks 14 565 17 648 21 358 19 059 17 516

Risk exposure amount credit value adjustment 7 721 7 567 9 307 7 241 8 506

Risk exposure amount operational risks 63 389 63 389 63 389 59 310 59 310

Risk exposure amount 404 196 406 754 422 339 414 214 409 637

Common Equity Tier 1 capital ratio, %, 23,0 22,4 20,5 21,2 20,7

Tier 1 capital ratio, %, 25,7 25,0 23,1 22,4 21,9

Total capital ratio, %, 28,9 28,2 26,2 25,5 24,9

Capital buffer requirement 4) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

% 2015 2015 2015 2014 2014

CET1 capital requirement including buffer requirements 10,7 10,1 10,0 7,0 7,0

of which minimum CET1 requirement 4,5 4,5 4,5 4,5 4,5

of which capital conservation buffer 2,5 2,5 2,5 2,5 2,5

of which countercyclical capital buffer 0,7 0,1 0,0

of which systemic risk buffer 3,0 3,0 3,0

CET1 capital available to meet buffer requirement 5) 18,5 17,9 16,0 16,4 15,9

Capital adequacy Basel 1 floor 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 2015 2015 2014 2014

Capital requirement Basel 1 floor 69 561 70 531 70 477 69 557 67 239

Own funds Basel 3 adjusted according to rules for Basel 1 floor 118 238 116 104 112 095 107 187 103 389

Surplus of capital according to Basel 1 floor 48 677 45 573 41 618 37 630 36 150

Leverage ratio 6) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm 2015 2015 2015 2014 2014

Tier 1 Capital 103 721 101 702 97 383 92 914 89 691

Leverage ratio exposure 2 298 934 2 264 851 2 208 990 2 066 385 2 036 912

Leverage ratio, % 4,5 4,5 4,4 4,5 4,4

1) Adjustment due to the implementation of EBA’s technical standards on prudent valuation. The objective of these standards is to determine prudent values of fair valued positions.

2) Net pension assets

3) Total minimum capital requirement under Pillar 1, i.e 8% of total risk exposure amount.

4) Buffer requirement according to Swedish implementation of CRD IV.

5) CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any CET1 items used to meet the Tier 1 and total capital requirements.

6) Calculated according to applicable regulation at each respective reporting date.

Estimated capital requirements 1) Total

% CET1 AT1 T2 capital

Pillar 1

Minimum requirement 4,5 1,5 2,0 8,0

Systemic buffer (P1) 2) 3,0 3,0

Capital conservation buffer (CCoB) 2,5 2,5

Countercyclical buffer (CCyB) 3) 1,0 1,0

11,0 1,5 2,0 14,5

Pillar 2 4)

Mortgage floor 5,7 0,6 0,8 7,1

Systemic buffer (P2) 2,0 2,0

Individual Pillar 2 charge 0,9 0,1 0,0 1,2

of which Interest rate risk in the banking book 0,2 0,0 0,1 0,3

of which Credit-related concentration risk 0,6 0,1 0,0 0,7

of which Pension risk 0,0 0,0 0,0 0,0

of which Other 0,1 0,0 0,0 0,1

8,6 0,7 1,0 10,3

Capital requirements 19,6 2,2 3,0 24,8

Actual capital ratios as of Sep 30, 2015. 23,0 2,7 3,2 28,9

1) Swedbank's estimate based on SFSA's announced capital requirements, including fully implemented buffers and Pillar 2 requirements.

2) Other systemically important institution buffer (O-SII buffer) enters into force on 1 January 2016. The higher of the systemic buffer and the O-SII buffer applies. The O-SII buffer is 2%.

3) The estimate is based on Swedbank's relevant exposures and the calculation takes into account an impending increase in the countercyclical buffer value to 1.5 per cent (June 2016).

4) Mortgage floor and systemic buffer as of 2015-09-30. The other Pillar 2 items as of 2015-12-31 according to SFSA’s SREP report of 30 September 2015.

3B 3B 3B 3B 3B

58

Capital adequacy

Change in Risk exposure amount, Outstanding subordinated debt

Q3, 2015

Change in Risk exposure amount

(REA), Basel 3 Q3 Q2 Q1 Q4 Q3 Q2 Q1

SEKm 2015 2015 2015 2014 2014 2014 2014

REA at beginning of period, Basel 3 406 754 422 339 414 214 409 637 406 674 448 769 440 662

Advanced IRB -72 949

Sparbanken Öresund och Sparbanken Skåne 1) 16 336

Exposure change (EAD) 4 199 -1 808 8 130 18 004 12 037 12 257 1 509

Rating migration (PD) -3 256 -3 701 -939 -7 486 -559 -1 647 -1 574

LGD change -1 925 -2 441 -3 651 -9 825 -5 463 -1 372 -334

Credit risk other 1 351 -1 695 -3 830 3 639 -3 022 5 311 2 363

CVA risk 154 -1 740 2 066 -1 265 924 -253 858

Market risk -3 081 -3 707 2 270 1 510 -954 59 1 428

Operational risk 4 078 163 3 858

REA at period end, Basel 3 404 196 406 754 422 339 414 214 409 637 406 674 448 769

1) Credit risk SEK 13 181m and operational risk SEK 1 433m in Sparbanken Öresund and credit risk SEK 1 722m in equity investment in Sparbanken Skåne.

Change in Risk exposure amount

(REA), Basel 2 and Basel 3 estimatesQ4 Q3

SEKm 2013 2013

REA at beginning of period, Basel 2 441 611 455 238

Exposure change (EAD) 11 087 -2 756

Rating migration (PD) -2 936 -3 672

LGD change -1 773 -590

Credit risk other 1 462 -4 748

Market risk 2 480 -1 861

Operational risk

REA at period end, Basel 2 451 931 441 611

Basel 3 estimates 1) -11 311 4 349

REA estimate at period end, Basel 3 440 620 445 960

1) In Q4 2013 changed consolidation of associated companies reduced the Basel 3 estimate by SEK 15.3bn.

Outstanding subordinated debt - Swedbank AB (parent company)

30 Sep 2015 Nominal Carrying

ISIN Value date Maturity date Coupon Call date

Coupon after

call date Currency

amount, local

currency, m

amount,

SEKm 1) Fitch Moody's S&P

SE0000122111 26-Apr-89 26-Apr-19 11.00% n.a. Fixed 11% until maturity SEK 111 133

XS0861583887 05-Dec-12 05-Dec-22 3.00% 05-Dec-17

Fixed rate equiv. to EUR

MS +215bps EUR 500 4 769 A A-

XS1036494638 26-Feb-14 26-Feb-24 2.38% 26-Feb-19

Fixed rate equiv. to EUR

MS +140bps EUR 750 7 205 A A-

Total Tier 2 12 107

XS0188779028 2) 26-Mar-04 Perpetual 5.75% 17-Mar-16 Float 6mLibor +192bps GBP 200 2 584 Baa3 BBB

XS0321184706 2) 17-Sep-07 Perpetual 6.67% 17-Sep-17 Float 6mStibor +300bps SEK 2 000 2 178

XS0363160127 2) 12-May-08 Perpetual 8.28% 17-Sep-18 Float 6mStibor +450bps SEK 873 1 064

XS1190655776 19-Feb-15 Perpetual 5.50% 17-Mar-20

Fixed rate eq. to USD

MS +377bps USD 750 6 380 BBB- BBB

Total Additional Tier 1 12 206

Total 24 313

1) Excluding intragroup holdings.

2) Grandfathered under CRR.

In addition there is also a small amount of Tier 2 capital coming from the acquisition of Sparbanken Öresund (around SEK 835m). Due to regulations only parts of that volume is part of the Groups capital base.

Tier 2

Additional Tier 1

Rating

59

Capital adequacy

ICAAP 2015 - Scenario and Income statementQ3, 2015

Stresstest ICAAP-scenario - triggers

Dowturn over six to seven quarters depending on a country

A house price shock and high unemployment

Escalation of geopolitical tensions

Recession in the Eurozone

Swedish and Baltic gross domestic products fall sharply due to rapidly falling exports

The Swedish krona depreciates against the euro

All the Baltic countries are part of the Eurozone

Stresstest ICAAP-scenario -

parameters 1)

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

Sweden

Real GDP growth, % yoy 1.6 0.8 -2.4 -3.8 -4.6 -5.4 -4.6 -1.0 0.8 2.0 2.8 2.9 2.2

Unemployment, % 7.9 8.2 8.5 8.9 9.6 10.8 11.5 11.4 11.3 11.2 11.1 10.9 10.7

Inflation, % yoy -0.2 0.7 0.4 0.1 -1.0 -1.8 -2.0 -1.2 0.2 0.9 1.6 2.1 1.7

Real estate prices, % yoy 9.3 6.7 -3.1 -12.0 -18.7 -18.7 -12.6 -6.0 0.0 1.0 2.0 4.1 6.1

Estonia

Real GDP growth, % yoy 2.1 0.0 -5.0 -7.5 -9.0 -10.0 -7.5 -4.0 -1.0 3.0 5.0 5.0 4.0

Unemployment, % 8.2 9.0 9.5 10.0 11.0 12.1 13.7 17.0 16.5 16.5 15.5 14.7 14.5

Inflation, % yoy -0.6 0.9 0.5 -0.3 -0.5 -0.8 -1.0 -0.5 -0.3 0.0 1.0 1.5 2.0


Latvia


Unemployment, % 10.3 10.5 11.0 11.5 12.5 13.5 15.0 18.0 17.5 17.2 16.5 16.0 15.0

Inflation, % yoy 0.5 1.3 1.0 0.5 0.0 -0.1 -0.5 -1.0 -0.5 0.3 1.0 1.5 2.0


Lithuania


Unemployment, % 10.1 10.3 10.8 11.3 12.4 13.3 14.7 17.6 17.3 17.0 16.3 15.8 14.8

Inflation, % yoy 0.0 1.0 1.2 0.7 0.2 -0.1 -0.4 -0.8 -0.3 0.5 1.0 1.7 2.0


Interest Rates

3m Government rate SEK, % 0.1 0.0 -0.1 -0.1 -0.1 -0.1 0.0 0.1 0.1 0.2 0.3 0.5 0.7

3m Government rate EUR, % -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.1 0.0 0.0 0.2 0.3 0.5

FX

USD/SEK 7.24 9.37 10.07 10.57 11.47 11.37 11.17 10.97 10.77 10.57 10.27 10.07 9.77

EUR/SEK 9.18 9.78 10.23 10.68 10.77 10.77 10.59 10.50 10.41 10.41 10.14 10.05 9.78

Income statement under ICAAP-Scenario 2)

SEKbn 2014 2015 2016 2017

Net interest income 24.1 21.8 22.7 24.5

Total income 41.7 35.0 35.8 37.9

Total expenses 18.8 19.1 19.1 19.5

Profit before impairments 23.0 16.0 16.6 18.4

Credit impairments 0.6 5.2 7.9 3.6

Operating profit 22.4 10.8 8.7 14.8

Tax expense 4.9 2.4 1.9 3.3

Profit for the period 17.1 8.3 6.7 11.3

Non-controlling interests 0.4 0.2 0.1 0.2

1) Q4 2014 figures are based on preliminary estimates as final figures were published after the submission of the ICAAP report.

2) ICAAP is based on the Swedbank Consolidated Situation which does not include insurance companies, as well as the

dividend, tax and minority figures present model outcome.

3) The Board of Directors has set the dividend policy to 75 per cent of profit for the year. This policy is applied in the ICAAP scenario.

3B 3B 3B 3B 3B

60

Capital adequacy

ICAAP 2015 - Credit impairments and capitalQ3, 2015

Capital assessment

SEKbn 2014 2015 2016 2017

Total REA, Basel 3 414.2 457.6 437.4 410.7

Common Equity Tier 1 capital, Basel 3 1) 87.1 88.9 89.4 91.7

Common Equity Tier 1 capital ratio %, Basel 3 21.0 19.4 20.4 22.3

Credit Impairments per BA 2)

EAD Acc. Credit

SEKbn impairment ratio

SEKbn 2014 2015 2016 2017 2015-2017, %

Swedish Banking 1 034.3 2.4 4.5 2.0 0.9

Large Corporates & Institutions 269.5 1.3 1.7 0.9 1.5

Estonia 61.2 0.6 0.6 0.2 2.3

Latvia 32.8 0.5 0.7 0.2 4.0

Lithuania 40.3 0.4 0.4 0.2 2.5

Other 3) 91.2

Total 1 529.3 5.2 7.9 3.6 1.1

Credit impairments per segment 4)

EAD Acc. Credit

SEKbn impairment ratio

SEKbn 2014 2015 2016 2017 2015-2017, %

Agriculture, forestry and fishing 69.9 0.3 0.3 0.1 0.9

Manufacturing 78.2 0.9 1.1 0.6 3.4

Public sector and utilities 21.3 0.2 0.3 0.1 2.5

Construction 30.2 0.2 0.2 0.1 1.8

Retail 40.6 0.4 0.5 0.2 2.6

Transportation 12.6 0.2 0.2 0.1 3.5

Shipping and offshore 12.2 0.1 0.3 0.1 5.1

Hotels and restaurants 6.8 0.1 0.1 0.0 3.8

Information and communication 7.1 0.0 0.1 0.0 1.6

Finance and insurance 16.8 0.0 0.1 0.0 0.9

Property management 200.3 1.3 2.0 0.8 2.1

Tenant owner associations 95.6 0.2 0.3 0.2 0.7

Other corporate lending 41.7 0.4 0.7 0.3 3.3

Professional services 21.7 0.2 0.3 0.1 2.9

Bank 141.0 0.0 0.0 0.0 0.1

Private mortgage 639.9 0.4 1.1 0.6 0.3

Private other 93.4 0.2 0.3 0.2 0.7

Total 1 529.3 5.2 7.9 3.6 1.1

1) Adjustment for prudent valuation deducted from Common Equity Tier 1 already from starting values in order to

distinguish between scenario and regulatory effects.

2) ICAAP is based on the Swedbank Consolidated Situation which does not include insurance companies.

3) Other includes Russia, Ukraine and Ektornet.

4) The ICAAP segment breakdown differs somewhat from the other asset quality segment breakdown.

Credit Impairments

Credit Impairments

3B 3B 3B 3B 3B 3B 3B 3B 3B 3B

61

Liquidity and FundingLiquidity reserve and additional liquid assetsQ3, 2015

Liquidity Reserve, Group SEKm 1)

According to the template defined by the Swedish Bankers' Association

Total SEK EUR USD Other

Cash and holdings in central banks 2) 268 746 2 565 88 728 174 967 2 486

Deposits in other banks available overnight 519 519

Securities issued or guaranteed by sovereigns, central banks or multilateral

development banks 74 976 52 409 11 748 10 413 406

Securities issued or guaranteed by municipalities or Public sector entities 3 884 3 884

Covered bonds 45 409 44 696 713

- Issued by other institutions 45 409 44 696 713

- Own issued

Securities issued by non-financial corporates

Securities issued by financial corporates (excl. covered bonds) 754 754

Other

Total 394 288 104 073 101 943 185 380 2 892

1) 95% of the securities in the liquidity reserve per Q3 2015 are rated AAA. The rating requirement is AA-.

2) Including Loans to the Swedish National Debt Office.

Liquidity Reserve Definition by the Swedish Bankers' Association

Assets included in the liquidity reserve should comply with the following:

- assets shall be held by the Treasury function in a bank

- assets can not be encumbered

- market values are used for the assets

Additional liquid assets, Group SEKm 2) 3)

Total SEK EUR USD Other

Cash and holdings in central banks

Deposits in other banks available overnight

Securities issued or guaranteed by sovereigns, central banks or multilateral

development banks 18 701 16 240 1 881 516 64

Securities issued or guaranteed by municipalities or Public sector entities 762 342 420

Covered bonds 54 798 46 896 1 066 6 835

- Issued by other institutions 36 700 29 292 814 6 594

- Own issued 18 098 17 604 252 241

Securities issued by non-financial corporates 1 440 1 437 3

Securities issued by financial corporates (excl. covered bonds) 4 958 3 490 1 400 4 64

Other

Total 80 659 66 968 5 784 520 7 386

3) 89% of the additional assets fulfill the Liquidity Reserve definition by the Swedish Bankers’ Association except for that they are held outside the Treasury department.

4) 85% of the additional assets are rated AAA.

Currency distribution


- only unencumbered securities receiving 0-20% risk weight under the standardised approach to credit risk of the Basel II framework can be included

- securities received in reverse repo transactions shall be included in the liquidity reserve and securities used as collateral for repo transactions shall be excluded

62

Liquidity and Funding

Survival horizonQ3, 2015SEKbn

The survival horizon represents the number of days with positive cumulative net cash flows taking into consideration the Group’s future

contractual cash flows and assuming no access to wholesale funding markets. The survival horizon is hence considered

as a base stress scenario.

The below main principles are used in the calculation:

- Cash flows are assumed to occur according to contractual agreements

- Highly liquid securities (i.e. interest bearing securities that are pledgeable at central banks) are assumed to generate liquidity day 1, and it is

assumed that the liqudity generating capacity of the highly liquid securities is intact

- The corresponding cash equivalent of the highly liquid securities is market value reduced for haircuts set by central banks

- Highly liquid securities are available from the day they are registered on an account with a Swedbank clearer

- Non-pledgeable securities are assumed to generate cash flow at coupon payment days and at maturity

- Holdings of securities issued by entities within Swedbank Group are not part of highly liquid securities, but are considered as non-pledgeable

- Maturing wholesale market debt is not rolled over

- Undrawn committed and non-committed customer credit and/or liqudity facilities are not utilised

- On-demand deposits from private and corporate customers are excluded and no cash outflows occur from these deposits. Cash outflows

from retail (private individuals and SMEs as defined by Swedish LCR regulation FFFS 2012:6) term deposits are excluded

since these are assumed to be rolled over, corporate term deposits mature on contractual basis and imply cash outflows

Exceptions and clarifications - contractual cash flows:

- Revolving loans which give the counterparty an embedded option to extend the loans and to switch currency at maturity, are excluded since

they are assumed to be rolled over

- There is no external support, in the form of credit facilities and other type of intervention, from central banks assumed in the calculation

- Securities issued by Swedbank Mortgage AB and over-collateralisation in Swedbank Mortgage AB’s cover pool may be used as intraday

collateral in the Riksbank and Norges Bank

Exceptions and clarifications - liquid assets:

- The liquidity effect of repo/reversed repo transactions, with highly liquid securities as collateral, is assumed to be zero

- The liquidity effect of repo/reversed repo transactions with non-pledgeable securities occur on the start day and end day of the

repotransaction. The cash flows from the securities in a reversed repo transaction are modeled to generate contractual

cash flows at coupon payment days and at maturity day from the day it is registered on account with a Swedbank clearer

- The liquidity effect of repo/reversed repo transactions with securities issued by Swedbank Group is confined to the cashleg’s cash flows,

since such securities are not part of highly liquid securities.

0

50

100

150

200

250

300

350

400

0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 365

63

Liquidity and FundingLiquidity ratiosQ3, 2015

Liquidity coverage ratios (Swedish regulation FFFS 2012:6) 1) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014

Liquidity coverage ratio (LCR), Total, % 135 136 140 120 132

Liquid Assets, SEKbn 328 286 278 219 208

Liquid assets level 1, SEKbn 258 216 200 140 133

Liquid assets level 2, SEKbn 70 70 78 79 75

Cash outflows, SEKbn 443 418 407 331 328

Customer deposits, SEKbn 135 181 160 98 114

Market borrowing, SEKbn 266 185 203 193 169

Other cash outflows, SEKbn 42 52 44 40 45

Cash inflows, SEKbn 200 208 208 149 171

Inflow from maturing lending to non-financial customers, SEKbn 9 7 10 9 9

Other cash inflow, SEKbn 191 201 198 140 162

Liquidity coverage ratio (LCR), EUR, % 543 243 420 332 227

Liquidity coverage ratio (LCR), USD, % 162 192 185 217 287

Liquidity coverage ratio (LCR), SEK, % 2) 57 50 49 45 39

Liquidity coverage ratio (CRR) 3) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

% 2015 2015 2015 2014 2014

Liquidity coverage ratio (LCR), Total 120 116 124 122

Liquidity and funding ratios 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

% 2015 2015 2015 2014 2014

Net stable funding ratio (NSFR) according to new recommendation 4) 104 101 101 98 102

Available stable funding (ASF), SEKbn 1 325 1 299 1 269 1 217 1 204

Required stable funding (RSF), SEKbn 1 277 1 286 1 256 1 247 1 181

Liquid assets in relation to maturing funding during next 3, 6 and 12 months 5)

liquidity reserve 3 months 148 218 145 102 148



liquidity reserve + additional liquid assets 3 months 178 266 175 136 181



Definitions

1) LCR - calculated in accordance with FFFS 2012:6. LCR = Liquidity reserve / (cash outflows - cash inflows).

2) LCR in SEK is lower in comparison to EUR and USD LCRs due to capped Liquid assets and capped cash inflows denominated in SEK and cash flows in

general as main operations are conducted in SEK. It is also due to foreign currency funding and the corresponding swap agreements used to hedge FX risks.

In constrast to EUR and USD it is also more restrictive to invest in SEK denominated Liquid assets due to the low availability/restrictions of these assets.

There is currently no regulatory requirement to reach 100%.

3) LCR - calculated in accordance with Swedbank's interpretation of the Regulation (EU) 575/2013 (CRR) issued 26 June 2013. The calculation is not

taking into account the Delegated act on Liquidity Coverage Requirement.

4) NSFR according to Swedbank's best understanding of BCBS's consultative document on new NSFR recommendation (BCBS295).

5) Liquidity ratios: liquid assets in relation to maturing wholesale funding during next 3, 6 and 12 months:

- Liquidity reserve according to definition by the Swedish Bankers' Association

- Additional liquid assets: Assets, pledgeable in central banks, held by the group outside of Group Treasury

- Maturing funding during 3, 6 and 12 months: All wholesale funding maturing within 3, 6 and 12 months, including short-term CP/CD's, and net of lending and

borrowing to/from credit institutions (net Interbank)

Additional information on LCR according to FFFS 2012:6

The main drivers of the LCR result are the wholesale cash flows related to issued debt, lending and borrowing from financial institutions and large corporates.

The Liquid asset composition is important, especially for individual currencies. Another important driver for individual currencies is also the derivative cash flows.

Swedbank Group's intra-period (Q2) change of the LCR (Total) ranges from 123% to 162 %

The composition of Liquid assets are shown broken down by Level 1 and Level 2 assets. Further breakdown of liquid assets can be found in this Fact book.

Concentration of funding sources are an important factor for the LCR result. Further information on Swedbank Group's funding sources can be found in this

Fact book.

Swedbank matches its assets and liabilities in currencies to the extent that it is in line with the Board of Directors' and CEO's risk appetite and tolerance.

Swedbank has a currency mismatch in the LCR due to the regulatory approach in LCR e.g. Liquid assets (Level 2 assets) are capped and the cash inflow cap.

The need for foreign currency is deemed higher from a risk perspective and hence the composition of Liquid assets and the currency mismatch in the LCR.

The liquidity management is centralised to the Group Treasury function in Swedbank Group. The centralised approach facilitates an efficient monitoring and

control of Swedbank’s liquidity risks. In order to be able to monitor and manage liquidity risk in the whole Group on all markets, Group Treasury is located in

relevant markets and jurisdictions where Swedbank performs business operations. Swedbank support its entities through effective agreements of liquidity

transfer.

64


Debt securities in issueQ3, 2015

Group 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep Y/Y

SEKm 2015 2015 2015 2014 2014 %

Commercial papers 251 395 156 550 213 436 195 191 209 049 20

Covered bonds 537 225 537 221 525 601 511 666 490 903 9

Senior unsecured bonds 148 176 138 275 131 838 114 840 113 490 31

Structured retail bonds 13 999 14 382 13 871 13 315 13 384 5

Total debt securities in issue 950 795 846 428 884 746 835 012 826 826 15

Q3 Q2 Q1 Q4 Q3

Turnover during the period 2015 2015 2015 2014 2014

Commercial papers

Opening balance 156 549 213 436 195 191 209 049 183 566

Issued 333 574 178 218 212 470 178 777 226 376

Repurchased -200 -22

Repaid -236 090 -235 898 -192 666 -199 423 -209 785

Change in market value 3 11 8 2 1

Changes in exchange rates -2 641 783 -1 367 6 808 8 891

Closing balance 251 395 156 550 213 436 195 191 209 049

Covered bonds

Opening balance 537 222 525 601 511 666 490 903 489 723

Issued 41 891 41 054 46 707 23 273 19 742

Repurchased -11 359 -12 145 -8 200 -13 172 -6 225

Repaid -33 730 -2 047 -27 135 -5 387 -16 220

Change in market value or in hedged item in fair value

hedge accounting 6 054 -12 603 -622 11 600 3 883

Changes in exchange rates -2 853 -2 639 3 186 4 449

Closing balance 537 225 537 221 525 601 511 666 490 903

Senior unsecured bonds

Opening balance 138 276 131 838 114 840 113 490 113 330

Issued 12 237 24 560 16 245 842 412

Business combination

Repurchased -832 -290

Repaid -3 217 -16 298 -1 484 -3 281 -1 869

Change in market value 156 -1 300 2 148 -2 650 1 790

Changes in exchange rates 724 307 89 6 729 -173

Closing balance 148 176 138 275 131 838 114 840 113 490

Structured retail bonds

Opening balance 14 381 13 871 13 315 13 384 13 800

Issued 642 2 868 1 803 1 399 457

Repaid -408 -1 115 -1 295 -1 568 -941

Change in market value -616 -1 242 48 99 68

Changes in exchange rates 0 1

Closing balance 13 999 14 382 13 871 13 315 13 384

Weighted average maturity of wholesale funding Q3 Q2 Q1 Q4 Q3

(months) 2015 2015 2015 2014 2014

Total (incl. short term-debt) 27 30 27 27 27

of which term funding 38 38 37 36 37

of which covered bonds 38 36 36 35 36

of which senior unsecured 32 33 27 26 28

3B 3B 3B 3B 3B

65


Issued long-term debt, by currencyQ3, 2015

Issued long-term debt - distribution by currency Q3 Q2 Q1 Q4 Q3

SEKm 1) 2015 2015 2015 2014 2014

Covered bonds

SEK 28 250 31 200 30 477 23 273 19 650

EUR 12 526 1 614 9 907 92

Other 1 116 8 240 6 323

Senior unsecured

SEK 2 130 4 351 1 170 350 155

EUR 8 925 7 313 3 311 187 83

USD 94 4 210 11 764

Other 1 088 8 686 305 174

Structured retail bonds

SEK 642 2 868 1 803 1 399 457

Total 54 771 68 482 64 755 25 514 20 611

1) FX-rates as per 30 September 2015.

66


Maturity distribution, long-term fundingQ3, 2015

Nominal amount, SEKm 1)

Domestic

covered bonds 2)

International

covered bonds 2)

Senior

unsecured

bonds 2)

Structured

retail bonds 2) Total

Q4 2015 940 1 662 4 341 1 265 8 208

Q1 2016 600 21 890 7 231 911 30 632

Q2 2016 29 503 747 10 721 1 035 42 006

Q3 2016 13 571 5 841 950 20 362

Q4 2016 2 310 12 635 2 567 1 118 18 630

Q1 2017 59 163 12 870 14 744 566 87 343

Q2 2017 13 215 5 074 740 19 029

Q3 2017 611 21 350 397 22 358

Q4 2017 64 403 7 187 140 610 72 340

Q1 2018 9 250 18 169 1 301 28 720

Q2 2018 6 903 3 087 1 872 11 862

Q3 2018 86 200 482 2 599 442 89 723

Q4 2018 595 2 032 624 610 3 861

Q1 2019 175 15 575 736 16 486

Q2 2019 38 150 912 3 829 681 43 572

Q3 2019 1 746 468 2 214

Q4 2019 1 719 4 560 499 6 778

Q1 2020 414 8 975 618 10 007

Q2 2020 36 148 19 201 3 272 888 59 509

Q3 2020 14 358 5 174 88 19 620

Q4 2020 664 188 211 1 063

2021- 50 581 10 770 585 61 936

Total 318 012 192 825 148 831 16 591 676 259

1) FX-rates as per 30 September, closing.

2) Including intra-group holdings.

FX distribution

Nominal amount, SEKm SEK EUR USD CHF Other Total

Q4 2015 4 590 188 3 430 8 208

Q1 2016 7 073 13 746 8 420 1 393 30 632

Q2 2016 31 609 10 229 168 42 006

Q3 2016 4 337 4 067 8 479 3 022 457 20 362

Q4 2016 5 778 11 985 867 18 630

Q1 2017 62 545 24 714 84 87 343

Q2 2017 1 325 1 883 12 630 3 191 19 029

Q3 2017 2 406 10 724 8 420 808 22 358

Q4 2017 66 863 1 036 84 2 245 2 112 72 340

Q1 2018 4 832 3 456 20 292 140 28 720

Q2 2018 3 472 876 253 7 261 11 862

Q3 2018 88 792 847 84 89 723

Q4 2018 2 505 1 356 3 861

Q1 2019 911 7 155 8 420 16 486

Q2 2019 39 131 612 3 829 43 572

Q3 2019 468 1 746 2 214

Q4 2019 849 141 4 210 1 578 6 778

Q1 2020 618 885 8 504 10 007

Q2 2020 40 035 10 639 8 504 331 59 509

Q3 2020 89 19 531 19 620

Q4 2020 781 282 1 063

2021- 1 885 51 067 51 3 022 5 911 61 936

Total 370 894 177 165 88 603 8 289 31 308 676 259

67

Liquidity and FundingOutstanding benchmark bondsQ3, 2015

SEK benchmark covered bonds (tap issuance)

ISIN code Loan Coupon Maturity date

Outstanding, nominal amount, 1) number 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm % 2015 2015 2015 2014 2014

SE0003585793 SPI 184 3.75 2016-06-15 29 420 40 459 49 159 54 659 54 659

SE0003585801 SPI 185 3.75 2017-03-15 59 163 59 163 59 163 59 163 53 263

SE0004270007 SPI 186 3.75 2017-12-20 63 123 63 123 62 823 59 923 54 400

SE0004270015 SPI 187 3.75 2018-09-19 80 150 80 150 65 650 53 300 43 200

SE0007045133 SPI 187 FRN 3mStib. + 113bps 2018-09-19 6 050 5 450

SE0004270023 SPI 188 3.75 2019-06-19 38 150 24 300 20 650 14 250 7 800

SE0002576561 SPI 180 5.70 2020-05-12 36 148 23 548 16 248 10 298 10 298

1) Including intra-group holdings.

Non-SEK benchmark covered bonds

ISIN code Coupon Value date Maturity date Issuance Spread Issued amount

Issued, nominal amount, EURm %

XS0581062675 3.00 2011-01-21 2016-01-21 MS + 44 bps 1 000

XS0455687920 3.625 2009-10-05 2016-10-05 MS + 58 bps 1 250

XS0496542787 3.375 2010-03-22 2017-03-22 MS + 57 bps 1 100

XS0925525510 1.125 2013-05-07 2020-05-07 MS + 13 bps 1 000

XS1296948588 0.375 2015-09-29 2020-09-29 MS + 7 bps 1 250

XS1069674825 1.125 2014-05-21 2021-05-21 MS + 8 bps 1 000

XS1200837836 0.375 2015-03-11 2022-03-11 MS + 45bps 1 000


Issued, nominal amount, USDm %

XS0609192678 (US87020LAA44) 2.95 2011-03-28 2016-03-28 MS + 71 bps 1 000

XS0670236842 (US87020LAC00) 2.125 2011-08-31 2016-08-31 MS + 82 bps 1 000

XS0762447075 (US87020LAD82) 2.375 2012-03-23 2017-04-05 MS + 105 bps 1 500

XS0909788456 (US87020LAF31) 1.375 2013-03-28 2018-03-28 MS + 46 bps 1 000

XS1231116481 2.00 2015-05-12 2020-05-12 MS + 37 bps 1 000


Issued, nominal amount, CHFm %

CH0109730207 2.125 2010-02-26 2016-08-26 MS + 16 bps 350

CH0118532776 1.625 2010-12-08 2017-12-08 MS + 18 bps 260

CH0123069038 2.125 2011-02-08 2021-02-08 MS + 15 bps 100

CH0131220631 2.250 2011-06-21 2021-06-21 MS + 15 bps 100

CH0129918071 2.510 2011-06-03 2022-06-03 MS + 16 bps 150

ISIN code Coupon Value date Maturity date Issuance Spread Outstanding

Issued, nominal amount, GBPm % amount

XS1211586638 3mGBPLibor + 20 bps 2015-04-02 2018-04-02 3mGBPLibor + 20 bps 500

Benchmark senior unsecured bonds


Issued, nominal amount, EURm % amount

XS0768453101 2.375 2012-04-04 2016-04-04 MS + 107 bps 1 000

XS0740788699 3.375 2012-02-02 2017-02-09 MS + 183 bps 1 000

XS1045283766 1.50 2014-03-10 2019-03-19 MS + 52 bps 750

XS1277337678 3mEuribor + 50 bps 2015-08-18 2020-08-18 3mEuribor + 40 bps 500

XS1239401216 1.00 2015-06-01 2022-06-01 MS + 45 bps 750


Issued, nominal amount, GBPm % amount

XS0851754753 3mGBPLibor + 65 bps 2012-11-06 2015-11-06 3mGBPLibor + 65 bps 250

XS1218319538 1.625 2015-04-15 2019-04-15 G + 80 bps 300


Issued, nominal amount, USDm % amount

XS0836360171 (US87020PAA57) 2.125 2012-10-01 2017-09-29 T + 150 bps 1 000

XS0902287902 (US87020PAC14) 1.750 2013-03-12 2018-03-12 T + 107 bps 1 000

XS1039278202 (US87020PAD9) 2.375 2014-02-27 2019-02-27 T + 87 bps 1 000

XS1254905653 3mUSDLibor + 75 bps 2015-07-02 2019-12-20 3mUSDLibor + 75 bps 500

XS1197350769 (US87020PAE79) 2.200 2015-03-04 2020-03-04 T + 77 bps 1 000

Outstanding amount

68

Liquidity and FundingOutstanding short-term fundingQ3, 2015

Outstanding, nominal amount

30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

SEKm Limit 2015 2015 2015 2014 2014 2014 2014 2013 2013

Swedbank AB

Domestic CP SEK 80bn 4 340 4 405 4 965 6 070 4 410 4 380 3 560 3 300 475

European CP/CD EUR 6bn 36 071 22 684 22 788 23 053 16 356 16 533 15 965 13 668 28 821

USCP USD 20bn 68 170 69 318 105 133 97 057 96 221 94 212 77 925 52 539 57 855

Yankee CD USD 20bn 147 236 63 766 83 054 69 965 92 332 69 310 55 712 28 981 33 146

Finnish CD EUR 4bn 181 564 529 546 90 713 1 647

Swedbank Mortgage AB

Domestic CP SEK 50bn 800 1 650 2 100 1 450 1 000 40 2 500

Total, Group 255 817 160 173 216 921 198 359 211 948 186 431 154 252 99 241 124 444

Outstanding volumes

69

Liquidity and FundingMaturity distribution, total balance sheet and distribution in SEK

Q3, 2015

Maturity distribution, Swedbank Group, 30 Sep 2015

SEKm

Payable on

demand <1 m 1-3 m 3-6 m 6-12 m 1-2 y 2-5 y 5-10 y >10 yrs.

Discount

effect/ no

maturity Total

Assets

Cash and balances with central banks 266 466 266 466

Loans to credit institutions 3 877 85 346 6 162 1 103 5 462 3 587 2 553 491 47 108 628

of which repurchase agreemants 23 322 23 322

Loans to the public 80 707 32 317 28 147 87 192 97 717 204 463 105 054 788 778 16 918 1 441 293


Sovereign, municipalities etc. 11 763 332 203 3 057 1 070 4 282 949 2 373 12 24 041

Private 17 804 5 731 7 113 16 059 21 318 54 033 64 788 660 138 16 545 863 529

Corporate 51 140 26 254 20 831 68 076 75 329 146 148 39 317 126 267 361 553 723

Interest bearing securities 43 000 17 365 10 463 38 106 29 336 37 488 5 454 1 788 7 091 190 091

Treasury bills and other bills eligible for refinaciation 40 526 4 154 2 815 5 334 7 312 9 519 3 361 1 398 3 517 77 936

Bonds and other interest-bearing securities 2 474 13 211 7 648 32 772 22 024 27 969 2 093 390 3 574 112 155

Financial assets for which the customers bear the investment risk 32 220 291 788 1 487 2 764 9 691 14 820 53 844 31 287 147 192

Shares and participiating interest 14 817 14 817

Derivatives 4 125 11 884 31 558 48 18 222 21 379 5 340 253 6 741 99 550

Other assets 12 162 9 977 3 801 9 17 530 43 479

Total 270 343 257 560 77 996 75 860 132 295 151 635 275 574 131 159 844 710 94 384 2 311 516

Liabilities

Amounts owed to credit institutions 26 442 104 113 17 545 2 608 1 402 883 278 24 8 153 303


Deposits and borrowings from the public 610 340 95 777 19 959 15 894 10 626 1 722 1 123 207 79 755 727


of which deposits covered by the deposit guarantee 388 666

Sovereign, municipalities etc. 24 099 11 964 403 980 255 35 113 161 62 38 072

Private 342 135 7 617 17 090 13 328 9 147 1 061 824 45 16 391 263

Corporate 244 106 76 196 2 466 1 586 1 224 626 186 1 1 326 392

Financial liabilities for which the customers bear the investment risk 54 665 320 826 1 575 2 953 10 121 15 523 55 398 8 959 150 340

Debt securities in issue 140 004 70 505 76 495 62 833 128 583 369 102 63 406 15 526 24 341 950 795

Commercial papers and CDs 139 770 65 352 45 810 884 -421 251 395

Covered bonds 1 388 23 669 43 820 100 804 278 107 51 487 15 526 22 424 537 225

Other bonds 234 3 765 7 016 18 129 27 779 90 995 11 919 2 338 162 175

Derivatives 3 421 9 693 10 243 40 10 670 14 440 3 870 898 21 042 74 317

Subordinated liabilities 12 826 11 741 693 25 260


Equity 119 019 119 019

Total 636 782 413 735 172 177 114 778 76 476 147 724 395 064 96 724 83 994 174 062 2 311 516

Maturity distribution regarding SEK items, 30 Sep 2015

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets

Cash and balances with central banks 316 316



Loans to the public 62 918 24 397 19 326 65 428 66 425 122 281 76 257 760 476 16 377 1 213 885


Sovereign, municipalities etc. 9 419 92 111 822 190 275 117 1 741 10 12 777

Private 7 448 4 143 5 205 12 340 15 391 40 572 49 740 633 107 16 097 784 043

Corporate 46 051 20 162 14 010 52 266 50 844 81 434 26 400 125 628 270 417 065

Interest bearing securities 41 108 12 948 3 784 31 080 15 794 26 175 4 303 1 376 6 642 143 210

Treasury bills and other bills eligible for refinaciation 40 046 1 768 287 3 192 1 340 4 050 3 095 1 312 3 407 58 497

Bonds and other interest-bearing securities 1 062 11 180 3 497 27 888 14 454 22 125 1 208 64 3 235 84 713

Total 3 105 156 005 39 889 23 534 101 702 83 462 150 619 80 560 761 852 23 019 1 423 747

Liabilities

Amounts owed to credit institutions 20 642 59 339 101 15 2 3 80 102


Deposits and borrowings from the public 469 173 32 047 10 870 9 054 1 902 588 635 524 269


Sovereign, municipalities etc. 18 332 9 836 316 964 208 29 656

Private 282 990 4 562 9 255 7 420 1 621 539 556 306 943

Corporate 167 851 17 649 1 299 670 73 49 79 187 670

Debt securities in issue 624 5 696 6 810 35 467 71 052 247 914 5 366 1 300 15 211 389 440

Commercial papers and CDs 390 3 950 4 340

Covered bonds 1 200 3 590 31 273 63 413 229 951 4 570 1 300 14 166 349 463

Bonds with government guarantee

Other bonds 234 546 3 220 4 194 7 639 17 963 796 1 045 35 637

Subordinated liabilities 1 057 2 873 391 4 321

Total 489 815 92 010 16 667 15 879 37 369 71 642 248 549 6 423 4 173 15 605 998 132

FX-related derivatives net -115 577 -71 548 -45 293 -27 781 -15 159 -10 151 -4 677 -8 758 -298 944

In the Maturity distribution tables in below, principal amounts are distributed according to the contracts' remaining maturity. Loans with amortisation are distributed according to the loan´s agreed amortisation

schedules. Thus, there are no assumptions on client´s behaviour nor the assets inherent market liquidity made in the tables. Since those aspects not are considered, the tables do not reflect the true liquidity

risks in Swedbank. Differences between the distributed cash flows and carrying amounts are reported together with items without an agreed maturity date, where the anticipated realisation date has not been

determined, in the column "Discount effect/ no maturity".

4B 4B 4B 4B 4B

70

Liquidity and FundingMaturity distribution in EUR and USDQ3, 2015

Maturity distribution regarding EUR items, 30 Sep 2015

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets


Loans to credit institutions 540 21 946 2 892 69 49 15 15 29 47 25 602


Loans to the public 7 417 5 456 6 709 17 229 19 145 49 779 20 894 26 794 153 423

Sovereign, municipalities etc. 2 344 230 88 2 216 427 670 798 632 7 405

Private 1 342 1 239 1 836 3 581 5 770 13 055 14 688 25 982 67 493

Corporate 3 731 3 987 4 785 11 432 12 948 36 054 5 408 180 78 525

Interest bearing securities 882 504 2 464 4 891 4 748 6 032 1 107 412 21 040

Treasury bills and other bills eligible for refinaciation 326 118 919 1 006 708 2 129 262 86 5 554

Bonds and other interest-bearing securities 556 386 1 545 3 885 4 040 3 903 845 326 15 486

Total 88 782 30 245 8 852 9 242 22 169 23 908 55 826 22 030 27 253 288 307

Liabilities

Amounts owed to credit institutions 1 460 16 589 12 23 65 35 83 24 10 18 301

Deposits and borrowings from the public 113 763 4 582 8 010 6 186 7 769 1 104 433 204 79 142 130

Sovereign, municipalities etc. 5 680 23 87 16 47 35 113 161 62 6 224

Private 55 591 2 875 7 221 5 428 6 927 493 213 42 16 78 806

Corporate 52 492 1 684 702 742 795 576 107 1 1 57 100

Debt securities in issue 217 207 14 388 14 320 40 831 44 256 49 055 14 226 7 535 185 035

Commercial papers and CDs 217 565 782

Covered bonds 188 10 027 659 24 761 18 262 40 739 14 226 7 914 116 776


Other bonds 19 3 796 13 661 16 070 25 994 8 316 -379 67 477

Subordinated liabilities 11 769 307 12 076

Total 115 223 21 388 8 229 20 597 22 154 41 970 44 772 61 052 14 305 7 852 357 542

FX-related derivatives net 11 311 3 703 16 284 15 393 12 949 6 088 701 8 619 75 048

Maturity distribution regarding USD items, 30 Sep 2015

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets


Loans to credit institutions 548 614 720 602 218 1 669 354 462 5 187

Loans to the public 1 379 1 177 1 021 3 064 6 869 16 679 6 957 648 37 794

Sovereign, municipalities etc.

Private 21 26 10 19 23 70 94 189 452

Corporate 1 358 1 151 1 011 3 045 6 846 16 609 6 863 459 37 342

Interest bearing securities 677 3 200 2 307 218 5 003 3 368 9 14 782

Treasury bills and other bills eligible for refinaciation 3 1 937 703 210 4 708 3 318 1 10 880

Bonds and other interest-bearing securities 674 1 263 1 604 8 295 50 8 3 902

Total 175 612 2 670 5 097 3 930 3 500 13 541 20 401 7 428 648 232 827

Liabilities

Amounts owed to credit institutions 879 12 750 14 591 2 570 1 331 846 195 33 162


Sovereign, municipalities etc. 77 2 105 2 182

Private 3 434 143 523 436 541 28 53 3 5 161

Corporate 16 453 56 811 344 173 354 1 74 136

Debt securities in issue 133 765 49 783 47 705 9 567 12 714 58 865 51 399 312 849

Commercial papers and CDs 133 765 49 775 39 285 884 -48 223 661

Covered bonds 8 420 8 479 12 630 16 924 51 378 46 882


Other bonds 8 204 84 41 941 69 42 306

Subordinated liabilities 6 314 65 6 379

Total 20 843 205 574 65 241 50 884 11 793 13 589 59 113 54 6 314 464 433 869

FX-related derivatives net 102 540 47 366 25 687 24 511 930 3 487 -1 302 -5 203 214

4B 4B 4B 4B 4B

71

Liquidity and FundingAsset encumbranceQ3, 2015

Type of assets (Balance Sheet items)

SEKm Encumbered assets

Unencumbered assets,

additional assets available

for secured funding

Assets of the reporting institution 542 258 1 626 467

Loans on demand 270 261

Equity instruments 9 547

Debt securities 22 090 167 800

Loans and advances other than loans on demand 520 168 1 049 890

of which mortgage loans 500 050 545 157

Other assets 128 969

Type of assets (Off-balance sheet items)

SEKm

Encumbered received

collateral

Unencumbered received

collateral available for

secured funding

Collateral received by the reporting institution 13 451 67 778

Loans on demand

Equity instruments 2 953

Debt securities 13 451 37 090

Loans and advances other than loans on demand 23 852

Other collateral received 3 883

Own debt securities issued other than own

covered bonds or ABSs

Purpose for encumbrance (On- and off-balance sheet items)

SEKm Encumbered assets

Carrying amount of selected financial liabilities 549 098

of which Derivatives 18 190

of which Deposits 30 858

of which Debt securities issued 500 050

Other sources of encumbrance 6 611

Total 555 709

Information on importance of encumbrance

-Outside of mortgage loans, used for Swedbanks main funding source covered bonds, small volumes derives

from derivatives and repos

-Outside of mortgage loans, originated out of the 100% owned subsidiary Swedbank Mortgage AB, the

absolute main part belongs to Swedbank AB (less than 1% from other subsidiaries within the Group)

-Over-collateralisation level including historic levels can be found on page 76

-Unencumbered assets under 'other assets' include assets not eligible for pledging in central banks (e.g. intangible assets)

All amounts according to Swedbank consolidated situation.

72

Liquidity and FundingAsset encumbrance, cont.Q3, 2015

Unencumbered assets - available for pledging in Central Bank 1) 2)

30 Sep 30 Jun 31 Mar 31 Dec

SEKm 2015 2015 2015 2014

Government debt instruments 45 797 32 625 25 905 30 318

Central banks and supranational debt instruments 50 967 54 003 61 428 31 739

Covered bonds 81 798 101 816 96 402 104 977

Debt instruments issued by credit institutions 3 489 4 501 5 980 8 345

Securities issued by corporate and other issuers 1 225 1 239 1 387 1 204

ABS 220 229 247 265

Mortgage loans 303 806 290 094 304 600 298 210

Total 487 301 484 507 495 949 475 058

1) Including repos.

2) Values before haircut.

73


Cover pool dataQ3, 2015

Cover pool 1) - Sweden 100% 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

Total assets in the cover pool, SEKbn 2) 810.4 799.8 790.6 777.9 765.3 750.1 739.5 737.2 728.2

Number of borrowers 1 118 452 1 121 130 1 122 342 1 122 530 1 122 001 1 120 516 1 122 508 1 124 488 1 126 815

Number of properties 745 823 747 700 747 606 747 333 746 066 744 356 744 854 745 448 746 395

Average loan size, SEK 510 811 504 755 500 270 493 731 487 679 480 395 474 269 470 034 464 990

Number of loans outstanding 1 586 446 1 585 221 1 580 336 1 575 561 1 569 194 1 561 410 1 559 150 1 568 380 1 566 074

Over-collateralisation level, percent 61.6 56.9 62.7 61.9 61.4 57.5 48.6 44.0 43.6

Average seasoning 66 months 65 months 65 months 65 months 66 months 66 months 66 months 65 months 64 months

Type of loans in the pool, per cent

Residentials 91.3 91.2 91.0 90.9 90.7 90.9 90.9 91.0 91.0

of which Single-family housing 57.7 57.5 57.3 57.3 57.6 57.8 58.2 59.0 59.4

of which Tenant owner rights 18.5 18.2 17.8 17.5 17.2 17.0 16.8 16.5 16.2

of which Tenant owner associations 10.2 10.4 10.5 10.6 10.5 10.6 10.6 10.3 10.3

of which Multi-family housing 4.9 5.1 5.4 5.5 5.4 5.5 5.3 5.2 5.1

Public 3) 0.9 1.0 1.2 1.2 1.4 1.3 1.3 1.2 1.2

Commercial 0.6 0.5 0.5 0.5 0.6 0.4 0.4 0.4 0.4

Forestry & Agriculture 7.2 7.3 7.3 7.4 7.3 7.4 7.4 7.4 7.4

Supplemental assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Loan-to-value (LTV), per cent

Weighted Average LTV (property level) 53 54 55 55 56 56 56 57 57

Single-family housing 53 55 55 55 55 57 57 58 59

Tenant owner rights 59 59 61 60 62 62 62 61 62


Multi-family housing 53 57 58 58 58 58 58 56 59

Commercial 47 49 50 49 50 46 47 46 47

Forestry & Agriculture 48 50 49 47 48 49 49 48 48

Public 3) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Weighted Average LTV distribution 3), 4) LTV %

00-10 21.2 21.2 21.2 21.3 21.2 20.9 20.9 20.6 20.4

10-20 19.6 19.6 19.6 19.7 19.6 19.3 19.2 19.0 18.8

20-30 17.4 17.4 17.4 17.4 17.3 17.1 17.1 16.8 16.7

30-40 14.9 14.9 14.9 14.9 14.7 14.7 14.6 14.5 14.4

40-50 12.1 12.1 12.1 12.1 12.0 12.0 12.1 12.0 12.1

50-60 8.9 8.9 8.9 8.9 9.0 9.1 9.2 9.5 9.6

60-70 5.0 5.0 5.0 4.9 5.2 5.6 5.7 6.2 6.5

70-75 0.9 0.9 0.9 0.8 1.0 1.3 1.2 1.4 1.5

100 100 100 100 100 100 100 100 100

LTV calculation

1) Type of pool: Dynamic.

2) Loans originated by Swedbank and the independent savings banks under a specific cooperation agreement.

3) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them.

4) As defined by the Association of Swedish Covered Bond Issuers (www.ascb.se).

The calculation of the weighted average loan-to-value (WA LTV) for Swedbank's cover pool follows the method defined by the Association of Swedish Covered

Bond Issuers (ASCB). In Sweden, one property can be financed with more than one mortgage. The ASCB LTV definition accounts for the highest LTV among all

issued mortgages against a specific property.

Public loans are not backed by property collateral, but rather government guarantees, and are hence not part of the LTV calculations.

The presentation of the LTV distribution accounts for the total volume of mortgages within each LTV bracket. E.g. a loan with a LTV of 50% is sliced and accounted

for in equal parts, in all LTV brackets up to 50%.

For more detailed description of the ASCB LTV definition, please visit www.ascb.se.

When calculating eligible loan amounts in the cover pool, the value component of the LTV is adjusted upwards only when a price increase can be statistically verified

and only limited to certain single family properties. Statistically verified property price declines are however always taken into account, on all property types, when

calculating eligible loan amounts in the cover pool.

74


Cover pool data, cont.Q3, 2015

Geographical distribution, Sweden, per cent 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

North 6.3 6.3 6.5 6.5 6.7 6.6 6.6 6.7 6.6

Norrbotten county (BD) 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4

Västerbotten county (AC) 2.4 2.4 2.4 2.4 2.5 2.4 2.4 2.4 2.4

Västernorrland county (Y) 1.4 1.4 1.5 1.5 1.6 1.6 1.6 1.6 1.6

Jämtland county (Z) 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.2

Middle (including Stockholm) 44.8 44.9 44.8 44.7 44.7 44.7 44.5 44.1 44.0

Dalarna county (W) 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.2

Gävleborg county (X) 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.2

Värmland county (S) 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3

Örebro county (T) 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.6

Västmanland county (U) 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.7

Uppsala county ( C) 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

Södermanland county (D) 2.3 2.3 2.3 2.3 2.4 2.5 2.5 2.5 2.6

Stockholm county (including Stockholm) (AB) 27.1 27.2 27.1 26.9 26.8 26.5 26.3 25.8 25.4

South (including Göteborg and Malmö) 48.9 48.8 48.7 48.8 48.6 48.7 48.9 49.2 49.4

Västra götaland county (Including Göteborg) (O) 17.5 17.5 17.4 17.5 17.4 17.5 17.7 17.5 17.5

Östergötland county (E) 4.1 4.0 4.0 4.1 4.1 4.1 4.1 4.1 4.1

Jönköping county (F) 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.7 3.7

Halland county (N) 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8

Kronoberg county (G) 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3

Kalmar county (H) 3.0 3.1 3.1 3.1 3.2 3.2 3.2 3.3 3.3

Skåne county (including Malmö) (M) 12.6 12.5 12.5 12.4 12.1 12.1 12.1 12.3 12.4

Blekinge county (K) 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.7 1.7

Gotland county (I) 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Interest rate fixing, floating/fixed, current, per cent 1)

Floating, reset in < 365 days 70.7 69.6 69.0 68.0 67.0 65.0 62.0 60.0 58.0

Fixed, reset period 1-2Y 11.5 11.5 12.5 13.0 14.0 15.0 16.0 17.0 18.0

Fixed, reset period 2-5Y 16.1 17.3 17.0 18.0 18.0 19.0 20.0 21.0 22.0

Fixed, reset period > 5Y 1.7 1.6 1.5 1.0 1.0 1.0 2.0 2.0 2.0

Repayment structure, property level, per cent

Amortising 56 55 52 52 50 48 47 46 45

Interest only 44 45 48 48 50 52 53 54 55

Seasoning structure, year of origination 2015 2014 2013 2012 2011 2010 2009 2008 2007 <2007

% of total cover pool 13 14 10 9 7 7 6 5 6 22

Collateral ranking 2) as % of total cover pool LTV distributed

Total 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-75%

No prior ranks 96.0 21.7 19.4 16.9 14.2 11.3 8.0 3.9 0.6

Prior ranks 4.0 0.5 1.0 0.9 0.7 0.5 0.3 0.1 0.0

Total 100.0 22.2 20.4 17.8 14.9 11.8 8.3 4.0 0.6

Loans past due < 60 days 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

as % of the total cover pool 3) 2015 2015 2015 2014 2014 2014 2014 2013 2013

Total 0-60 days 0.05 0.05 0.09 0.12 0.07 0.08 0.09 0.08 0.09

of which 0-30 days 0.03 0.03 0.07 0.10 0.05 0.05 0.06 0.06 0.07

of which 31-60 days 0.02 0.02 0.03 0.02 0.02 0.03 0.02 0.02 0.02

1) Distribution by refixing period as percentage of total cover pool.

3) Loans past due > 60 days are not eligible for the cover pool.

2) ”No prior ranks” indicates that the loan will be repaid out of the collateral proceeds in the event of a forced sale, prior to any other claim secured by a contractual

pledge over the same collateral being repaid. ”Prior ranks” indicates that there are other claims secured by a contractual pledge over the same collateral which will be

repaid prior to the loan. Please note that under Swedish law there are restrictions regarding expansion of prior ranks at the expense of claims with subsequent ranks.

75


Cover pool data, cont.Q3, 2015

Covered bonds 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa

501 559 509 727 486 004 480 580 474 105 476 262 497 590 512 094 507 177

Weighted average maturity 38 months 36 months 36 months 35 months 36 months 37 months 36 months 36 months 38 months

FX distribution, percent SEK 66 66 65 67 65 63 63 61 61

EUR 22 22 25 23 24 26 26 27 27

USD 7 8 6 6 6 6 6 7 7

Other 5 4 4 4 5 5 5 5 5

Cover pool sensitivity analysis

Current -5% -10% -15% -20% -25% -30% -35% -40%

Total assets in the cover pool 810.4 807.4 800.3 788.5 771.8 750.1 723.9 693.7 659.8

Total outstanding covered bonds 501.6 501.6 501.6 501.6 501.6 501.6 501.6 501.6 501.6

Over-collateralisation level, percent 61.6 61.0 59.6 57.2 53.9 49.6 44.3 38.3 31.6

1) FX-rate as per trade date; Gross outstanding amount, i.e. including intra-group holdings.

Rating of the covered bond programme

(S&P / Moody's)

Total outstanding amount, nominal SEKm 1)

House price decline, SEKbn

76


Swedbank Mortgage AB, loan dataQ3, 2015

100% Swedish assets 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

Loans to the public net, SEKbn 846 838 828 816 801 786 774 764 754

Number of borrowers 1 125 926 1 128 400 1 129 291 1 130 128 1 129 342 1 127 775 1 129 427 1 132 228 1 134 765

Number of properties 751 540 753 241 752 969 753 043 751 628 749 869 750 160 751 502 752 600

Average loan size 523 669 517 997 512 757 506 150 498 780 491 724 485 186 479 786 474 224

Number of loans outstanding 1 616 210 1 618 455 1 614 047 1 611 633 1 605 679 1 598 283 1 594 413 1 592 950 1 589 763

Type of loans, per cent

Residentials 91.5 91.5 91.2 91.2 91.2 91.3 91.3 91.3 91.5

of which Single-family homes 57.8 57.8 57.6 57.9 58.2 58.5 58.8 59.2 59.6

of which Tenant-owner rights 18.5 18.2 17.8 17.4 17.2 17.0 16.7 16.5 16.3

of which Tenant-owner associations 10.3 10.4 10.5 10.5 10.5 10.5 10.5 10.4 10.4

of which Multi-family housing 4.9 5.1 5.3 5.4 5.4 5.3 5.3 5.2 5.2

Public 0.8 0.9 1.0 1.0 1.2 1.1 1.1 1.1 0.9

Commercial 0.6 0.5 0.6 0.6 0.5 0.4 0.4 0.4 0.4

Forestry & Agriculture 7.1 7.1 7.2 7.2 7.1 7.1 7.2 7.2 7.3

Loan-to-value (LTV) 1), per cent

Weighted average LTV (property level) 55 57 57 57 58 59 59 59 60

Single-family housing 56 58 58 58 59 60 61 61 61

Tenant owner rights 62 62 63 63 64 64 64 63 64


Multi-family housing 54 58 59 59 59 59 59 57 59

Commercial 49 51 53 52 51 49 50 48 49

Forestry & Agriculture 51 53 52 50 50 52 52 50 51

Public 2) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Weighted Average LTV distribution

(property level)

LTV %

00-10 21.3 20.7 20.5 20.6 20.5 20.2 20.1 20.2 19.9

10-20 19.6 19.2 19.0 19.0 18.9 18.6 18.6 18.6 18.4

20-30 17.2 17.0 16.8 16.9 16.7 16.6 16.5 16.5 16.4

30-40 14.5 14.5 14.5 14.5 14.4 14.2 14.2 14.2 14.1

40-50 11.7 11.9 12.0 11.9 11.9 11.8 11.8 11.8 11.8

50-60 8.8 9.1 9.2 9.2 9.3 9.4 9.4 9.3 9.4

60-70 4.9 5.4 5.6 5.7 6.0 6.4 6.4 6.4 6.6

70-80 1.6 1.9 1.9 1.8 2.0 2.3 2.3 2.3 2.5

80-90 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5

90-100 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1

>100 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2

Loans past due, per cent 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

2015 2015 2015 2014 2014 2014 2014 2013 2013

Loans past due as % of total net loans to

the public

Total 0.12 0.12 0.19 0.21 0.18 0.19 0.20 0.19 0.26

of which 0-60 days 0.06 0.06 0.12 0.14 0.10 0.11 0.12 0.11 0.15

of which >60 days 0.06 0.06 0.07 0.07 0.08 0.08 0.08 0.08 0.11

Impairments and provisions Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

2015 2015 2015 2014 2014 2014 2014 2013 2013

Credit impairments net, SEKm 3) 14 12 10 37 43 22 5 31 19

Impaired loans, SEKm 244 279 306 294 162 166 175 213 238

Provisions, SEKm 111 115 120 122 143 136 138 155 173

of which portfolio provisions, private 71 75 76 78 78 78 76 74 79


2) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them.

3) Annually accumulated amount, year on year, net recoveries in Q4 2014.

77


RatingQ3, 2015

Swedbank

Swedbank AB Mortgage AB Covered bonds

Standard & Poor's

Short-term A-1 A-1

Long-term A+ S A+ S AAA S

Moody's

Short-term P-1 P-1

Long-term Aa3 S Aa3 S Aaa n.a.

Fitch

Short-term F1

Long-term A+ P

P=positive outlook, S=stable outlook, N=negative outlook

Rating actions and comments during Q2, 2015

Swedbank AB rating history - long-term credit rating

Fitch Ratings 1) Moody's Investor Service

1) Fitch Ratings: No rating coverage between 1 October 2009 - 6 October 2010

in line with Swedbank AB's request.

Standard & Poor's

There were no rating action in the third quarter 2015

78

Key figures

Key figures, 5-yearsQ3, 2015

Key figures, Group YTD FY FY FY FY FY

2015 2014 2013 2012 2011 2010

Profit

Return on equity, % 13.8 15.0 12.5 14.6 12.2 8.1

Return on equity continuing operations, % 13.8 15.2 14.7 15.6

Return on total assets, % 0.67 0.80 0.68 0.76 0.65 0.40

Cost/Income ratio 0.43 0.45 0.45 0.46 0.54 0.57

Net interest margin, % 1) 1.01 1.13 1.17 1.12 1.07 0.92

Business Volumes SEKbn

Loans to the public excl. repos & SNDO 1 370 1 325 1 215 1 184 1 166 1 146

Deposits to the public excluding repos & SNDO 734 661 599 558 547 517

Loan/Deposit ratio, % 187 201 203 212 213 222

Asset quality

Credit impairment ratio, % 0.02 0.03 0.00 -0.01 -0.14 0.20

Total provision ratio for impaired loans, % 58 53 54 62 62 63

Share of impaired loans gross, % 0.35 0.41 0.55 1.05 1.87 2.53

Capital

Common Equity Tier 1 ratio, %, Basel 3 2) 23.0 21.2 18.3 15.4 14.3

Leverage ratio, %, Basel 3 4.51 4.50 4.63 4.35 4.28

Risk exposure amount, Basel 3 2) 404 196 414 214 440 620 487 105 515 137

Risk exposure amount/total assets, %, Basel 3 2) 17 20 24 26 28

Liquidity & Funding

Liquidity coverage ratio (LCR) 3) 135 120 142 139

Net stable funding ratio (NSFR) 4) 104 98 97

Share of wholesale funding > 1 year, % 71 64 69 64 64 56

Share data

Earnings per share before dilution, SEK 10.79 14.93 11.76 13.03 10.41 6.43

Earnings per share before dilution continuing operations, SEK 10.78 15.17 13.89 13.94

Earnings per share after dilution, SEK 10.69 14.81 11.66 12.98 10.40 6.43

Earnings per share after dilution continuing operations, SEK 10.68 15.05 13.79 13.88

Cash dividend per ordinary share, SEK 5) 11.35 10.10 9.90 5.30 2.10

Cash dividend per preference share, SEK 9.90 5.30 4.80

Equity

Shareholders Equity, average SEKm 114 761 109 953 103 412 97 991 96 450 91 481

1) Net interest margin before trading interest are deducted.

2) 2011-2013 are estimates based on Swedbank's previous calculation according to the new regulations.

3) LCR - calculated in accordance with the new Swedish regulation 2012:6. LCR = Liqudity reserve / (cash outflows - cash inflows).


5) Proposed dividend by the Board of Directors´ to the Annual General Meeting.

In 2013 Swedbank decided to discontinue its operations in Russia and Ukraine. In Q2 2013 the divestment of the Ukrainan subsidiary was finalised. Income

statements have been restated for 2012 but for balances and full time employees no restatements have been done.

1B 1B 1B 1B 1B 1B

79

Key figures

Key figures, 9 quartersQ3, 2015

Key figures, Group Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

2015 2015 2015 2014 2014 2014 2014 2013 2013

Profit

Return on equity, % 13.5 13.4 14.9 13.3 16.6 15.8 14.5 13.4 16.1

Return on equity continuing operations, % 13.5 13.5 14.8 13.3 16.6 16.6 14.6 13.6 16.2

Return on total assets, % 0.68 0.64 0.75 0.72 0.88 0.83 0.82 0.79 0.90

Cost/Income ratio 1) 0.42 0.43 0.43 0.46 0.41 0.47 0.45 0.46 0.43

Net interest margin, % 2) 1.01 0.99 1.05 1.13 1.16 1.13 1.12 1.20 1.21

Business Volumes SEKbn

Loans to the public excl. repos & SNDO 1 370 1 358 1 342 1 325 1 287 1 266 1 219 1 215 1 195

Deposits to the public excluding repos & SNDO 734 791 737 661 667 669 625 599 592

Loan/Deposit ratio, % 187 172 182 201 193 189 195 203 202

Asset quality

Credit impairment ratio, % 0.04 0.00 0.02 0.07 0.07 0.01 -0.03 -0.01 -0.02

Total provision ratio for impaired loans, % 58 55 54 53 55 56 60 54 53

Share of impaired loans gross, % 0.35 0.36 0.39 0.41 0.47 0.44 0.45 0.55 0.69

Capital

Common Equity Tier 1 ratio, %, Basel 3 3) 23.0 22.4 20.5 21.2 20.7 20.9 18.3 18.3 18.0

Leverage ratio, %, Basel 3 4.51 4.49 4.41 4.50 4.40 4.34 4.49 4.63 4.35

Risk exposure amount, Basel 3 3) 404 196 406 754 422 339 414 214 409 637 406 674 448 769 440 620 445 960

Liquidity & Funding

Liquidity coverage ratio (LCR) 4) 135 136 140 120 132 123 144 142 147

Net stable funding ratio (NSFR) 5) 104 101 101 98 102 102 102 97

Share data

Earnings per share before dilution, SEK 3.56 3.32 3.91 3.44 4.14 3.75 3.60 3.30 3.80

Earnings per share before dilution continuing operations, SEK 3.57 3.34 3.87 3.45 4.14 3.96 3.62 3.34 3.82

Earnings per share after dilution, SEK 3.51 3.30 3.88 3.41 4.10 3.73 3.57 3.27 3.77

Earnings per share after dilution continuing operations, SEK 3.52 3.32 3.84 3.42 4.10 3.94 3.59 3.31 3.79

Equity

Shareholders Equity, average SEKm 116 565 109 791 115 756 114 118 109 913 104 978 108 681 107 862 103 386

1) Q2 2014 C/I ratio excluding acquisition of Sparbanken Öresund was 0.43.

2) Net interest margin before trading interest are deducted.

3) 2013 figures are estimates based on Swedbank's previous calculation according to the new regulations.

4) LCR - calculated in accordance with the new Swedish regulation 2012:6. LCR = Liqudity reserve / (cash outflows - cash inflows).


1B 1B 1B 1B 1B 1B

80

Market sharesMarket sharesQ3, 2015

Balance Net growth

31 Aug 31 Dec 31 Dec 31 Dec 31 Dec 31 Aug FY FY FY FY

Market shares, % 2015 2014 2013 2012 2011 2015 2014 2) 2013 2012 2011

Sweden

Loans 1), private 24 24 24 24 25 20 25 13 12 13

of which mortgage loans 25 25 25 26 26 21 24 14 13 13

Deposits, private 21 21 21 22 23 18 23 3 9 15

Life insurance 3), new premiums (Jun 2015) 6 5 6 8 9

Life insurance 3), premium paid (Jun 2015) 7 7 7 8 9

Mutual funds 22 23 24 25 24 neg 13 9 9 neg.

Loans 1), corporate 19 19 17 17 17 34 69 37 22 13

Deposits, corporate 18 19 18 16 16 neg. 39 48 21 neg.

Bank Giro, transactions YTD (Jun 2015) 34 34 34 33 32

Estonia

Loans 1), private 47 46 46 46 47 61 39 56 neg. neg.

of which mortgage loans 46 45 46 46 46 60 26 12 neg. neg.


Pensions, private 41 40 41 42 44 45 38 36 35 neg.

Life insurance, total premium YTD (Jun 2015) 40 37 37 37 37

P&C Insurance, total premium YTD (Jun 2015) 15 15 14 14 15

Loans 1), corporate 34 34 35 35 36 45 4 28 30 neg.

Deposits, corporate 39 36 37 38 41 <100 22 15 9 50

Domestic Payments (Jun 2015) 59 59 59 60 62

International payments (Jun 2015) 29 35 39 51 52

Latvia

Loans 1), private 29 29 29 30 27 neg. neg. neg. neg. neg.

of which mortgage loans (Jun 2015) 31 31 31 29 26 neg. neg. neg. neg. neg.


Pensions, private 42 42 41 40 39 45 46 43 49 18



Loans 1), corporate (Dec 2014) 17 17 17 18 18 neg. neg. neg. neg. neg.

Deposits, corporate 12 12 14 13 10 neg. neg. 32 32 neg.



Lithuania

Loans 1), private (Jun 2015) 27 28 27 27 26 26 >100 >100 neg. neg.

of which mortgage loans (Jun 2015) 26 27 26 25 25 29 >100 >100 neg. neg.

Deposits, private (Jun 2015) 37 37 37 40 36 39 38 11 neg. neg.

Pensions, private (Jun 2015) 35 35 35 36 37 34 36 25 30 31



Loans 1), corporate (Jun 2015) 24 23 21 21 20 neg. 8 86 neg. neg.

Deposits, corporate (Jun 2015) 22 22 25 27 24 neg. 5 neg. 59 neg.



1) Excluding credit institutions, Swedish Nat'l Debt Office and repurchase agreements.

2) Includes volumes from Sparbanken Öresund from May 2014.

3) Rolling 12 months. From 2015 market shares are measured as premiums paid (excl transfer of capital from other insurance companies) instead of premium income.

5B 5B 5B 5B 5B

81

Swedbank by geography

Swedbank Group by geographyQ3, 2015

Jan-Sep 2015, SEKm Sweden Estonia 1) Latvia Lithuania Norway USA 1)

Other and

eliminations Total

Income statement

Total income 21 369 2 413 1 350 1 257 1 318 332 128 28 167

Total expenses 9 478 898 551 584 552 53 -22 12 094

Profit before impairments 11 891 1 515 799 673 766 279 150 16 073

Impairments 509 33 -91 46 -14 19 502

Operating profit 11 382 1 482 890 627 780 279 131 15 571

Tax expense 2 440 1 112 150 91 202 -390 46 3 651

Profit for the year from discontinued operations, after tax 6 6

Profit for the period 8 930 370 740 536 578 669 91 11 914

Non-controlling interests 12 12

Key figures


Return on allocated equity, % 13.9 5.7 17.0 10.2 14.6 119.9 7.9 13.8

Cost/Income ratio 0.44 0.37 0.41 0.46 0.42 0.16 -0.2 0.43

Credit impairment ratio, % 0.03 0.06 -0.56 0.13 -0.03 -0.20 0.10 0.02

Loan/Deposit ratio, % 227 90 79 83 990 4 809 187

Volumes

Loans to the public excluding repos & SNDO, SEKbn 1 184 61 29 40 39 2 16 1 370

Deposits from the public excluding repos & SNDO, SEKbn 521 67 37 48 4 56 2 734

Allocated equity, average SEKm 85 731 8 644 5 824 7 013 5 286 743 1 521 114 762

Full-time employees 7 911 2 264 1 510 1 888 216 21 119 13 929

1) One-off tax effects in Q2 2015, increased tax expense Estonia SEK 929m, decreased tax expense in US SEK 482m.

Jan-Dec 2014, SEKm Sweden Estonia Latvia Lithuania Norway USA

Other and

eliminations Total

Income statement

Total income 29 730 3 088 1 917 1 905 2 197 441 26 39 304

Total expenses 13 968 1 229 793 903 796 121 -208 17 602


Impairments 230 -27 -98 -19 382 160 48 676


Tax expense 3 335 262 184 124 241 76 79 4 301

Profit for the year from discontinued operations, after tax 13 -275 -262

Profit for the period 12 183 1 624 1 038 908 778 84 -168 16 447

Non-controlling interests 14 2 16

Key figures


Return on allocated equity, % 15.1 17.3 16.4 11.5 26.5 11.1 neg. 15.0

Cost/Income ratio 0.47 0.40 0.41 0.47 0.36 0.27 -8.00 0.45

Credit impairment ratio, % 0.02 -0.06 -0.35 -0.14 1.09 0.05 0.07 0.03

Loan/Deposit ratio, % 228 97 82 80 1 032 37 735 200

Volumes

Loans to the public excluding repos & SNDO, SEKbn 1 141 59 29 38 40 4 14 1 325

Deposits from the public excluding repos & SNDO, SEKbn 500 61 36 47 4 10 2 661

Allocated equity, average SEKm 80 925 9 396 6 333 7 875 2 937 741 1 746 109 953

Full-time employees 8 482 2 280 1 521 1 953 218 22 107 14 583

82

Employees

EmployeesQ3, 2015

30 Sep ∆ FTE's 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

Number of full-time employees 2015 Q/Q 2015 2015 2014 2014 2014 1) 2014 2013 2013

Sweden 4 545 -80 4 625 4 867 4 976 5 024 5 015 4 560 4 498 4 484

Baltic countries 5 0 5 8 8 8 9 8 9 6

Denmark 21 0 21 23 24 21 23 23 23 23

Swedish Banking 4 571 -80 4 651 4 898 5 008 5 053 5 047 4 591 4 530 4 513

0

Estonia 1 396 -51 1 447 1 403 1 406 1 399 1 396 1 385 1 387 1 453

Latvia 1 096 0 1 096 1 116 1 132 1 122 1 139 1 182 1 224 1 239

Lithuania 1 292 -4 1 296 1 289 1 377 1 327 1 289 1 286 1 324 1 347

Sweden 2 0 2 3 5 5 5 5 5 5

Baltic Banking 3 786 -55 3 841 3 811 3 920 3 853 3 829 3 858 3 940 4 044

0

Sweden 680 -6 686 708 698 674 666 664 644 646

Baltic countries 234 6 228 215 204 203 194 174 164 159

Norway 184 4 180 178 195 193 186 188 192 190

Other 2) 107 0 107 108 96 91 92 85 86 91

Large Corporate & Institutions 1 205 4 1 201 1 209 1 193 1 161 1 138 1 111 1 086 1 086

0

Sweden 1 067 22 1 045 1 071 1 127 1 163 1 222 1 245 1 256 1 260

Baltic countries 428 -10 438 430 433 438 449 455 458 449

Norway 17 2 15 13 8 13 14 14 14 14

Other 2) 7 3 4 2 0 2 4 4 3 1

Group Products 1 519 17 1 502 1 516 1 568 1 616 1 689 1 718 1 731 1 724

0

Sweden 1 617 18 1 599 1 678 1 676 1 694 1 737 1 769 1 777 1 686

Baltic countries 1 211 0 1 211 1 200 1 194 1 205 1 214 1 192 1 174 1 181

Norway 15 1 14 14 15 12 16 18 18 18

Other 2) 5 0 5 8 9 10 12 13 9 12

Other Group Functions 2 848 19 2 829 2 900 2 894 2 921 2 979 2 992 2 978 2 897

0

Total Group Functions & Other 4 367 36 4 331 4 416 4 462 4 537 4 668 4 710 4 709 4 621

0

Total number of full-time employees 13 929 -95 14 024 14 334 14 583 14 604 14 682 14 270 14 265 14 264

1) Q2 2014 effects from the acquisition of Sparbanken Öresund full-time employees 448.

2) China, Denmark, Finland, Luxembourg, South Africa and USA.

0B 0B 0B 0B

83


Q3, 2015

Currency distribution, 30 Sep 2015

Swedbank Group

SEKm SEK EUR USD GBP DKK NOK Other Total

Assets



Loans to the public 1 213 885 153 423 37 794 2 002 4 424 24 207 5 558 1 441 293

Interest-bearing securities 143 210 21 040 14 782 1 063 9 996 190 091

Assets held for sale 10 114 19 143

Other assets, not distributed 304 895 304 895

Total 1 728 652 288 307 232 941 3 198 7 483 38 361 12 574 2 311 516

Liabilities

Amounts owed to credit institutions 80 102 18 301 33 162 4 406 1 380 13 779 2 173 153 303

Deposits and borrowings from the public 524 269 142 130 81 479 1 639 1 463 4 042 705 755 727

Debt securities in issue, etc. 393 761 197 111 319 228 42 037 10 896 13 022 976 055

Liabilities held for sale 1 3 4

Other liabilities, not distributed 307 408 307 408

Equity 119 019 119 019

Total 1 424 560 357 542 433 872 48 082 2 843 28 717 15 900 2 311 516

Other assets and liabilities,

including positions in derivatives 78 733 200 895 44 884 -4 671 -9 526 3 381

Net position in currency 9 498 -36 0 -31 118 55 9 605

30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep

Exchange rates 2015 2015 2015 2014 2014 2014 2014 2013 2013

SEK/EUR, YTD average rate 9.370 9.328 9.363 9.106 9.035 8.978 8.883 8.665 8.605

SEK/EUR, Quarterly average rate 9.411 9.282 9.363 9.285 9.167 9.067 8.883 8.815 8.727

SEK/EUR, closing day rate 9.415 9.238 9.285 9.485 9.116 9.157 8.954 8.907 8.669

SEK/USD, YTD average rate 8.352 8.298 8.261 6.885 6.690 6.547 6.477 6.522 6.533

SEK/USD, Quarterly average rate 8.422 8.422 8.261 7.459 6.943 6.603 6.477 6.467 6.588

SEK/USD, closing day rate 8.420 8.251 8.646 7.800 7.226 6.702 6.489 6.468 6.409

Q3, 2015

Q3 2015/ Q3 2015/ YTD 2015/

Q3 2014 Q2 2015 YTD 2014

Income 18 7 155

of which Baltic Banking 43 25 159

of which LC&I -26 -18 -7

Expenses 29 7 92


of which LC&I 14 -2 32

Credit impairments -0 -0 2

of which Baltic Banking -0 -0 2

of which LC&I

Net profit -13 -4 25


of which LC&I -38 -20 -39

Sep 2015/

Dec 2014

Loans to the public 0.8

of which Baltic Banking -0.9

of which LC&I 1.7

Deposit from the public -1.8

of which Baltic Banking -1.1

of which LC&I -0.8

Currency distribution and exchange rates

Impact from exchange rate fluctuations

SEKm

SEKbn

2B 2B 2B 2B

9B 9B 9B 9B 9B 9B

84

Sensitivity analysisSensitivity analysis and market riskQ3, 2015

Static Net Interest Income sensitivity analysis

Scenario 1 – Floor of 0 % on all deposits from the public

Sep Jun

2015 2015

Increased interest rates, +100 bps 3 237 3 207

Decreased interest rates, -25 bps -1 372 -1 315



Scenario 2 – Floor of 0 % on deposits from private individualsSep Jun

2015 2015

Increased interest rates, +100 bps 3 237 3 207

Decreased interest rates, -25 bps -758 -679



● The NII sensitivity calculation covers all interest bearing assets and liabilities, on- and off balance, on a contractual level in the banking book

● It is a static analysis with parallel shifts across the interest rate curve that takes place over-night, and illustrates the effect on NII for a 12 month period

● Maturing assets and liabilities during the 12 month period are assumed to be repriced to the existing contractual interest rate +/- the shift.

● The assets that are re-priced are assumed to have the same interest rate throughout the remaining part of the 12-month period

● In the positive shift transaction accounts are assumed to have 0% elasticity (i.e. there is no adjustment made to the paid interest) while all other deposits

have a 100% elasticity to changes in the market rate (i.e. adjustments are made to the interest paid)

● In the negative shift all deposits are assumed to have 100% elasticity to the respective floors.

● In the negative shift scenarios a floor on contractual rates for deposits is applied:

o Scenario 1: For deposits from the public a floor of 0% is applied on the contractual rate. All other balance sheet items are allowed to go

to negative contractual rates.

o Scenario 2: For deposits from the public a floor of 0% is applied on the contractual rate on deposits from private individuals.

All other balance sheet items allow for negative contractual rates.

Value-at-risk by risk category 1) 2) 2015

SEKm 30 Sep Max Min Average

Interest risk 85 103 53 77

Currency rate risk 6 15 3 7

Stock price risk 5 24 4 7

Diversification -14 -13

Total 82 102 56 78

Value-at-risk by risk category 1) 2) 2014

SEKm 30 Sep Max Min Average

Interest risk 87 99 66 81

Currency rate risk 6 16 3 8

Stock price risk 4 12 1 4

Diversification -14 -13

Total 83 94 67 80

1) Value-at-Risk (VaR) is a statistical measure used to quantify market risk. VaR is defined as the expected maximum decrease in value of a portfolio given a particular

probability over a certain time period.

2) In December 2014, Swedbank decided to exclude modelled demand deposits from VaR and interest rate risk (IRR) calculations (both for internal limitation purposes and

for externally reported figures). VaR figures for 2015, reflect this change; while figures for 2014 are the previously disclosed values in the interim report for Q1 2014.

Sensitivity analysis, net interest income, 12 months

Sensitivity analysis, net interest income, 12 months

SEKm

SEKm

Jan-Sep 2014

Jan-Sep 2015

4B 4B 4B 4B 4B

85

Share dataShareholders and share dataQ3, 2015

Shareholders 1), 30 Sep 2015 SWED A % Shareholders, 31 Mar 2015, %

Folksam 104 749 807 9.3

Sparbanks-Gruppen - Members 100 799 578 8.9

ALECTA PENSIONSFÖRSÄKRING 52 058 300 4.6

JPM CHASE NA 44 025 520 3.9

Sparbanksstiftelser - Non-members 43 784 357 3.8

AMF-Försäkring och Fonder 43 127 417 3.8

Swedbank Robur fonder 33 857 617 3.0

Swedbank AB 26 601 972 2.4

CLEARSTREAM BANKING S.A., W8IMY 21 203 653 1.9

SEB Investment Management 17 831 970 1.6

10 largest owners 488 040 191 43.2

Other 643 965 531 56.9

Total 1 132 005 722 100.0

Number of shareholders: 302 406

1) Owner name in lower case letters are grouped owners. Owner name in upper case letters are non-grouped owners.

Source: Euroclear

Data per share Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3

SEK 2015 2015 2015 2014 2014 2014 2014 2013 2013

Earnings per share before dilution 3.56 3.32 3.91 3.44 4.14 3.75 3.60 3.30 3.80

Equity per share 107.54 103.08 96.75 106.35 101.08 97.65 92.97 99.82 96.29

Price, end of period, Swedbank A 184.90 193.30 206.10 195.50 181.70 177.20 173.70 181.00 149.70

Price/Equity, % 172 188 213 184 180 181 187 181 160

Changes in subscribed capital 2) Par value/

Year Transaction share SWED A SWED C SWED PREF

2010 Conversion of

Preference shares to

Ordinary shares -12 369 856 24 351

2011

Conversion of


Ordinary shares -12 866 678 24 351

2011 New issue 1 500 000 1 161 090 177 24 383

2011 Share repurchase -57 168 814 -1 500 000 -3 415 641 1 099 005 722 24 383

2012 Conversion of


Ordinary shares 1 595 660 -1 595 660 1 099 005 722 24 383

2012 Cancellation of

repurchased shares and

bonus issue 22 1 099 005 722 24 904

2012 Conversion of


Ordinary shares 8 532 853 -8 532 853 1 099 005 722 24 904

2013 Conversion of


Ordinary shares 180 855 906 -180 855 906 1 099 005 722 24 904

2014 Share delivery due to

Equity-settled share

based programmes 1 102 255 145 24 904

2014 Acquisition of own

shares for trading

purposes 1 102 088 934 24 904

2015 Share delivery due to

Equity-settled share

based programmes 1 105 237 539 24 904

2015 Acquisition of own

shares for trading

purposes 1 105 108 117 24 904

1) Including total subscribed capital.

2) Associate's acquisition of shares in Swedbank AB has not been taken into account.

12 369 856 1 159 590 177

12 866 678 1 159 590 177

Change in

number of shares

outstanding

No. of

shares Share capital

SEKm

Foreign owners; 41.5

Swedish legal entities; 50.2

Swedish private persons; 8.3

180

190

200

210

220

230

SWEDBANK - share price 1 January 2015 - 30 september 2015

OMX-30 (Indexed to SWED A, NASDAQ OMX) Swedbank A (NasdaqOMX)

SEK

* 27 March - ex dividend day

9B 9B 9B 9B 9B 9B

86

DefinitionsDefinitionsQ3, 2015

Capital base Liquidity Coverage Ratio (LCR)

The sum of Tier 1 (primary) and Tier 2 (supplementary) capital LCR metric, as well as NSFR metric in below, are proposed to be introduced and

according to article 72 in CRR. used to define quantitative regulatory requirements on European banks liquidity

risk through the Capital Requirements Regulation. The LCR metric is in force in

Cash flow per share Sweden since 2012 through national legislation.

Cash flow for the period in relation to the weighted average number of A LCR ratio above 100% implies that the bank has enough of liquid assets to

shares outstanding during the period. cover its liquidity needs over 30 calendar day time horizon under a significantly

severe liquidity stress scenario.

Common Equity Tier 1 capital

Common Equity Tier 1 capital according to article 26 after Loss given default (LGD)

applicable adjustments specified in article 32-35, deductions Loss given default (LGD) measures how large a proportion of the exposure

according to article 36 and the exemptions and alternatives in amount is lost in the event of default. Capital requirements are based on

articles 48, 49 and 79 in CRR. LGD values representative for a severe economic downturn.

Common Equity Tier 1 ratio Maturity

Common Equity Tier 1 capital in relation to the risk exposure amount. The time remaining until an asset or liability’s terms change or its maturity date.

Cost/income ratio Net interest margin

Expenses in relation to income. Net interest income in relation to average total assets.

Credit Impairment Net Stable Funding Ratio (NSFR)

Established losses and provisions for the year less recoveries This metric aims to establish a minimum acceptable amount of stable funding

related to loans as well as the year’s net expenses for guarantees based on the liquidity characteristics of an institution's asset and activities over

and other contingent liabilities. a one year horizon. The NSFR metric is calculated according to the definition in the

Capital Requirements Regulation as well as according to Basel Committee definition

Credit Impairment ratio of the metric.

Credit impairment on loans and other credit risk provisions, net, in relation to the

opening balance of loans to credit institutions and loans to public. Portfolio provisions

An interim step to individual provisions. The provisions are related to

Default a loss event within a group of exposures with similar credit risk

Credit exposures are regarded to be in default if there has been an assessment characteristics. A loss event has taken place but the impact cannot yet be

indicating that the counterpart is unlikely to pay its credit obligations connected to an individual exposure. The impact of the loss

as agreed or if the counterpart is past due more than 90 days. event can be reliably calculated on a group of exposures.

Duration Probability of default (PD)

The average weighted maturity of payment flows calculated at The probability of default (PD) indicates the risk that a counterparty or

present value and expressed in number of years. contract will default within a 12-month period. Swedbank uses a Through-the-Cycle

(TtC) perspective producing PD values that indicates the average 12-month default

Earnings per share after dilution frequancy across all business cycle.

Profit for the period allocated to shareholders in relation to the weighted average

number of shares outstanding during the year, rights issue adjustment Provision ratio for individually identified impaired loans

factor included, adjusted for the dilution effect of potential shares. Provisions for impaired loans assessed individually in relation

to impaired loans, gross.

Earnings per share before dilution

Profit for the period allocated to shareholders, after declared dividend from preference Return on equity

shares, in relation to the weighted average number of shares outstanding during the period, Profit for the period allocated to shareholders in relation

rights issue adjustment factor included. to average shareholders’ equity.

Equity per share Return on total assets

Shareholders’ equity in relation to the number of shares outstanding. Profit for the period in relation to average total assets.

Expected loss (EL) Risk exposure amount

Expected loss shall provide an indication of the mean value of the credit losses Risk weighted exposure amount calculated according to article 92 in CRR.

that Swedbank may reasonably be expected to incur. The expected loss (EL)

is the product of the three risk dimensions PD, LGD and EAD. Share of impaired loans, gross

Carrying amount of impaired loans, gross, in relation to the carrying

Exposure at default (EAD) amount of loans to credit institutions and the public excluding provisions.

Exposure at default (EAD) measures the utilised exposure at default. For off-balance

sheet exposures, EAD is calculated by using a credit conversion factor (CCF) Share of impaired loans, net

estimating the future utilisation level of unutilised amounts. Carrying amount of impaired loans, net, in relation to the carrying

amount of loans to credit institutions and the public.

Impaired loans

Loans where there is, on individual level, objective evidence of a loss event, Tier 1 capital

and where this loss event has an impact on the cash flow of the exposure. The sum of Common Equity Tier 1 capital and additional tier 1

Impaired loans, gross, less specific provisions for loans assessed capital according to article 25 in CRR.

individually constitute impaired loans, net.

Tier 1 capital ratio

Individual provisions Tier 1 capital in relation to risk exposure amount.

Provisions for individual exposures classified as impaired.

Tier 2 capital

Interest fixing period Tier 2 capital according to article 62 after deductions in

Contracted period during which interest on an asset or liability article 66 and after applications of article 79 in CRR.

is fixed.

Total capital ratio

Loan/Deposit ratio The capital base in relation to risk exposure amount.

Lending to the public excluding Swedish National Debt Office and repurchase agreements

in relation to deposits from the public excluding Swedish National Debt Office and Total provision ratio for impaired loans

repurchase agreements. All provisions for loans in relation to impaired loans, gross.

Yield

Dividend per share in relation to the share price at end of period.

Definitioner/ordlista på svenska finns på www.swedbank.se under rubriken Finansiell information och publikationer

10B 10B 10B 10B 10B 10B

87

Contacts and calendar

Contacts and financial calendarQ3, 2015

For further information, please contact:

+46 8 585 906 67

Investor Relations

+46 8 585 930 31

Andreas Frid, Investor Relations +46 8 585 920 56

Sofia Svavar, Investor Relations +46 8 585 922 46

Bogdan Woronowicz, Debt Investor Relations +46 8 585 922 53

Peter Stenborn, Debt Investor Relations +46 8 585 909 30

Mattias Frithiof, Debt Investor Relations - rating +46 8 585 929 94

Equity Investor Relations, e-mail [email protected]

Debt Investor Relations, e-mail [email protected]

Postal address: Visiting address:

Swedbank Landsvägen 40

SE-105 34 Stockholm, Sweden Sundbyberg, Sweden

Investor relations on the Internet:

This publication can be downloaded/accessed from Swedbank’s web-site:

www.swedbank.com/ir

Financial calendar

Q4 2015 2 February 2016

AGM 5 April 2016

Q1 2016 26 April 2016

Q2 2016 18 July 2016

Q3 2016 25 October 2016

Annual report 25 February 2016

Göran Bronner, CFO

Gregori Karamouzis, Head of Investor Relations

11B 11B 11B 11B 11B 11B

88

mailto:[email protected]

mailto:[email protected]

http://www.swedbank.com/ir

facts q3, 2015 - swedbank

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