Escolar Documentos
Profissional Documentos
Cultura Documentos
Q3 2015
Interim report for the third quarter 2015
Efficiency
improvements are
progressing faster
than expected and
are now allowing
us to invest more to
enhance customer
value
Stronger capitalisation
Financial information
Michael Wolf,
President and CEO
SEKm
Q3
2015
Q2
2015
Total income
9 234
5 811
Total expenses
Profit before impairments
Jan-Sep
2015
Jan-Sep
2014
9 315
-1
28 167
29 925
-6
5 704
17 234
16 833
3 879
4 047
-4
12 094
13 309
-9
-3
5 355
5 268
16 073
16 616
254
254
Credit impairments
130
195
165
18
1)
Tax expense
1 012
1 538 -34
3 928
3 666
3.51
13.5
C/I-ratio
3 651
3 301
11
11 914
12 652
-6
3.30
10.69
11.40
13.4
13.8
15.6
0.42
0.43
0.43
0.44
23.0
22.4
23.0
20.7
0.04
0.00
0.02
0.02
1)
Page 1 of 57
CEO Comment
Increased concerns about global economy
Growth prospects in Chinas economy were called into
question in the third quarter, which led to revised global
growth projections, falling commodity prices and
uncertainty in the securities markets. Concern
surrounding the political situation in Greece continued
as well.
The refugee crisis affects us deeply. All of us can help.
We at Swedbank are currently working with colleagues
in the industry and the authorities to find solutions that
will make it easier for newly arrived persons to gain
access to banking services. Among the challenges are
language difficulties and a lack of personal identification,
as well as laws that require us to know our customers.
The Riksbanks repo rate cut of an additional 10 basis
points could exacerbate the imbalances in the economy.
House prices continue to rise and the housing shortage
is growing not least due to population growth. To take
advantage of the economic opportunities that a growing
population offers, more resources should be devoted to
resolving the acute housing shortage. We need new
infrastructure at the same time that laws and regulations
need to be re-evaluated to simplify new construction. It
is positive, however, to see that new construction has
increased this year.
At Swedbank we are ready to help finance these
initiatives. At the same time we remain focused on our
customers financial security and are making sure that
they have sufficient buffers in their personal finances to
handle unforeseen events.
We welcome new customers
Market volatility and greater uncertainty led to slightly
lower customer activity during the quarter, which was
marked by a sense of hesitancy.
Lending growth remained stable in the Swedish
business. In the Baltic countries the positive trend
continued and we saw another quarter of lending
growth. Through the agreement to acquire Danske
Banks retail banking business, we are strengthening
our position mainly in Lithuania, and in Latvia, and gain
a total of 127 000 new customers.
The integration of Sparbanken resund took a big step
forward in October when around 100 000 customers
were transferred to Swedbanks system. Our new
customers now have access to a broader product range
and a better mobile bank and internet bank. The
transition has been an important priority this year, and I
am proud of the outcome, which has been made
Page 2 of 57
Michael Wolf
President and CEO
Table of contents
Page
Financial summary
Overview
Market
Result
Result
Volume trend
Operational risks
Ratings
Other events
Business segments
Swedish Banking
10
Baltic Banking
12
14
16
Eliminations
17
Product areas
18
Financial information
Group
Income statement, condensed
24
25
Key ratios
25
26
27
28
Notes
29
Parent company
51
56
Review report
56
Contact information
57
More detailed information can be found in Swedbanks fact book, www.swedbank.com/ir, under
Financial information and publications.
Swedbank Interim report January-September 2015
Page 3 of 57
Financial summary
Income statement
SEKm
Q3
2015
Q2
2015
Q3
2014
Jan-Sep
2015
Jan-Sep
2014
5 811
2 736
4
683
9 234
5 704
2 842
82
687
9 315
2
-4
-95
-1
-1
5 829
2 816
799
706
10 150
0
-3
-99
-3
-9
17 234
8 322
406
2 205
28 167
16 833
8 322
1 917
2 853
29 925
2
0
-79
-23
-6
Staff costs
Other expenses
Total expenses
Profit before impairments
2 257
1 622
3 879
5 355
2 375
1 672
4 047
5 268
-5
-3
-4
2
2 469
1 695
4 164
5 986
-9
-4
-7
-11
7 104
4 990
12 094
16 073
7 807
5 502
13 309
16 616
-9
-9
-9
-3
254
16
130
4 955
0
22
6
5 240
-5
0
19
235
5 732
-16
-45
-14
254
53
195
15 571
1
223
165
16 227
-76
18
-4
Tax expense
1 012
1 538
-34
1 164
-13
3 651
3 301
11
-14
11 920
12 926
-8
-259
-27
3 943
3 702
4 568
-11
-32
-66
-2
3 932
3 670
4 566
-14
11 926
12 667
-6
3 928
3 666
4 560
-14
11 914
12 652
-6
Q3
2015
Q2
2015
Q3
2014
13.5
13.5
13.5
13.4
16.6
16.6
13.8
13.8
15.9
15.6
3.57
3.34
4.14
10.78
11.72
3.52
3.32
4.10
10.68
11.63
0.42
0.43
0.41
0.43
0.44
107.5
103.1
101.1
107.5
101.1
Loan/deposit ratio, %
187
172
193
187
193
23.0
25.7
22.4
25.0
20.7
21.9
23.0
25.7
20.7
21.9
28.9
0.04
0.35
58
135
28.2
0.00
0.36
55
136
24.9
0.07
0.47
55
132
28.9
0.02
0.35
58
135
24.9
0.02
0.47
55
132
104
101
102
104
102
30 Sep
2015
31 Dec
2014
30 Sep
2014
1 370
1 325
1 287
734
119
2 312
661
117
2 121
11
1
9
667
111
2 078
10
7
11
404
414
-2
410
-1
1)
Jan-Sep Jan-Sep
2015
2014
The number of shares and calculation of earnings per share are specified on page 50.
NSFR according to Swedbanks best understanding of the Basel Committees new recommendation (BCBS295).
The key ratios are based on profit and shareholders equity attributable to shareholders of Swedbank.
Key ratios and text comments regarding lending and deposits relate to volumes excluding Swedish National Debt Office and repos.
Page 4 of 57
Overview
Market
The US economy continued to strengthen, mainly driven
by a stronger labour market, lower energy prices and
low interest rates. However, the Federal Reserve
decided not to raise its benchmark rate in September
due to growing uncertainty about the global economy,
led by China. Commodity prices fell during the summer
and early autumn, which dampened global inflation. The
European economy continued to improve, not least due
to the ECBs expansionary monetary policy.
The Swedish economy grew by 3.3 per cent in the
second quarter, driven by consumption and housing
investment. The Riksbanks expansionary monetary
policy and low interest rates with rising house prices, as
well as a housing shortage, helped to further accelerate
lending towards households in the third quarter. Retail
sales slowed during the summer. Households became
more pessimistic about the Swedish economy, while
businesses became more optimistic about economic
prospects. In July the Riksbank cut the repo rate by 10
basis points to -0.35 per cent, but kept it unchanged in
September at the same time that the underlying inflation
rate rose. The ECBs expansionary monetary policy and
Norges Banks rate cut raised the pressure on the
Riksbank, however, to take additional monetary action
to reach its inflation target of two per cent.
The Baltic countries continued to grow in the second
quarter at an annualised rate of 1.4 per cent in
Lithuania, 2 per cent in Estonia and 2.7 per cent in
Latvia. Growth was mainly the result of household
consumption, supported by 5-7 per cent wage
increases. Baltic exports to Russia have fallen by 20-40
per cent during the year at the same time that exports to
other markets have risen by more or less a similar
amount. The pace of investment has to increase in
order to contribute to higher productivity and higher
competitiveness as wages rise. Falling global
commodity prices contributed to lower or marginal
inflation. The inflation impact from the labour market
was still limited despite higher wage increases and
declining unemployment.
The Stockholm stock exchange (OMXSPI) gained
0.4 per cent during the first nine months, but fell by
6 per cent in the third quarter. The Tallinn stock
exchange (OMXTGI) rose by 14 per cent, the Riga stock
exchange (OMXRGI) by 40 per cent and the Vilnius
stock exchange (OMXVGI) by 6 per cent during the
year. During the third quarter the Tallinn stock exchange
(OMXTGI) rose by 2 per cent, the Riga stock exchange
(OMXRGI) by 30 per cent, and the Vilnius stock
exchange (OMXVGI) by 8 per cent.
Q3
2015
Q2
2015
Q3
2014
3 161
961
3 172
940
3 002
922
956
277
5 355
1 110
46
5 268
0
5 268
947
1 104
5 975
11
5 986
5 355
Result
The quarterly result increased by 7 per cent to
SEK 3 928m (3 666). A one-off tax expense negatively
affected profit in the second quarter. Income and
expenses both decreased, while credit impairments
were higher. Profit before impairments improved to
SEK 5 355m (5 268). Profit increased in Baltic Banking
as well as in Group Functions & Other, mainly due to a
Swedbank Interim report January-September 2015
Page 5 of 57
January-September 2015
Compared with January-September 2014
Result
The result for the period decreased by 6 per cent to
SEK 11 914m (12 652), mainly due to a one-off tax
expense in the second quarter 2015 and intangible
assets impairment in the third quarter 2015. Income and
expenses both decreased. Changes in exchange rates,
primarily the depreciation of the Swedish krona against
the euro, raised profit by SEK 25m. The return on equity
fell to 13.8 per cent (15.6), affected equally by a lower
result and a larger capital base. The cost/income ratio
improved to 0.43 (0.44).
Profit before impairments decreased by 3 per cent to
SEK 16 073m (16 616). Profit rose in Swedish Banking
but was stable in Baltic Banking. Profit in LC&I and
Group Treasury within Group Functions & Other fell.
Profit before
impairments
by business segment
excl FX effects
SEKm
Swedish Banking
Baltic Banking
Large Corporates &
Institutions
Group Functions & Other
Total excl FX effects
FX effects
Total
Jan-Sep
2015
Jan-Sep
2014
SEKm
9 303
2 773
9 045
2 826
258
-53
3 185
812
16 073
3 345
1 463
16 679
-63
16 616
-160
-651
-606
63
-543
16 073
Page 6 of 57
Volume trend
Lending to mortgage customers in Sweden increased by
SEK 28bn during the period to SEK 667bn, of which
SEK 8bn in the third quarter. Swedbanks market share
of net growth was 21 per cent during the first eight
months of the year, compared with a total market share
of 25 per cent (25 per cent as of 31 December).
Mortgage volumes in Baltic Banking increased by 2 per
cent in local currency to SEK 55bn. In Estonia and
Lithuania the portfolios grew by 4 and 5 per cent,
respectively, while it decreased by 2 per cent in Latvia.
Household lending other than mortgages grew by
SEK 3bn during the nine-month period to SEK 137bn.
The largest increase was in lending to tenant-owner
associations, which rose by SEK 3bn to SEK 101bn.
Baltic Bankings volumes grew by 8 per cent in local
currency to SEK 11bn. Estonia and Lithuania saw
growth, while volumes in Latvia decreased slightly.
Corporate lending within Swedish Banking and LC&I
rose by SEK 11bn during the period to SEK 445bn.
During the third quarter the growth rate slowed and
volumes increased by SEK 1bn. Swedbanks market
share of net growth in Sweden was 34 per cent during
the first eight months of the year and the total market
share increased to 19.0 per cent (18.7) as of 31 August.
Corporate lending in Baltic Banking increased by 3 per
cent in local currency to SEK 63bn. The lending portfolio
grew by 4 per cent in Lithuania, 3 per cent in Estonia
and 1 per cent in Latvia.
Swedbanks deposits increased by SEK 73bn from the
beginning of the year to a total of SEK 734bn. The
increase was mainly due to Group Treasury and related
to higher deposits from US money market funds.
Swedish Bankings volumes grew by SEK 19bn, of
which SEK 18bn was from private individuals. In LC&I
deposits decreased by SEK 3bn during the year. In
Baltic Banking deposits rose by 5 per cent in local
currency, with increases in all three countries. Market
shares in Sweden declined somewhat as of 31 August
to 20.9 per cent (21.1) for household deposits and
17.9 per cent (18.7) for corporate deposits.
Fund assets under management decreased by SEK 6bn
from the beginning of the year to SEK 709bn, of which
SEK 678bn relates to the Swedish operations.
Discretionary assets under management amounted to
SEK 338bn (337). During the year Swedbank Robur had
a net outflow of SEK 14bn in the Swedish market, where
the outflow was SEK 10bn in the third quarter. The
previous trend with outflows from fixed income funds
and inflows to mixed funds continued. Equity funds also
reported outflows. The net outflow from Swedbank
Roburs equity funds was SEK 16bn, of which SEK 5bn
Swedbank Interim report January-September 2015
Page 7 of 57
Q3
2015
Q2
2015
Q3
2014
35
-2
21
-17
-6
48
-49
-9
-95
55
43
-59
-3
-42
-14
Ratings
97
0
130
7
0
6
269
-18
235
Operational risks
Rapid digitisation has led to very high functionality and
security demands. Operational risks are therefore a top
priority. The direct losses attributable to operational
risks remained low during the third quarter. The trend
from the previous year is continuing and the number of
IT incidents is on the decline.
SEKbn
100
3.7
95
0.5
91.2
90
0.5
93.0
-2.9
87.9
85
80
75
70
65
Page 8 of 57
60
55
50
Incr ease
Decrease
1.0
406.8
-3.3
0.2
404.2
-1.9
-3.1
400
390
380
370
Other events
360
Q4 201 4 Q2 201 5 Exposure Rating
LGD
Other CVA risk Market Q3 201 5
change migration change s credit r isk
risk
(PD)
Incr ease
Decrease
Page 9 of 57
Swedish Banking
Improved net interest income due to higher lending volumes and margins
Income statement
SEKm
Q3
2015
Q2
2015
Q3
2014
3 404
1 717
64
201
187
5 573
3 281
1 916
63
228
180
5 668
4
-10
2
-12
4
-2
3 372
1 739
47
221
177
5 556
1
-1
36
-9
6
0
9 875
5 414
181
707
593
16 770
10 049
5 149
150
886
936
17 170
-2
5
21
-20
-37
-2
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before impairments
861
42
1 483
26
2 412
3 161
883
34
1 552
27
2 496
3 172
-2
24
-4
-4
-3
0
928
52
1 545
29
2 554
3 002
-7
-19
-4
-10
-6
5
2 663
130
4 593
81
7 467
9 303
3 117
152
4 796
61
8 126
9 044
-15
-14
-4
33
-8
3
Credit impairments
Operating profit
35
3 126
48
3 124
-27
0
43
2 959
-19
6
135
9 168
99
8 945
36
2
Tax expense
Profit for the period
Profit for the period attributable to the shareholders of
Swedbank AB
666
2 460
676
2 448
-1
0
629
2 330
6
6
1 953
7 215
1 827
7 118
7
1
2 456
2 444
2 324
7 203
7 104
-33
12
14
-14
19.0
246
0.01
0.43
1 059
431
4 571
18.9
245
0.02
0.44
1 050
428
4 651
1
1
-2
26.3
250
0.02
0.46
1 004
402
5 053
5
7
-10
18.6
246
0.02
0.45
1 059
431
4 571
28.3
250
0.01
0.47
1 004
402
5 053
5
7
-10
Non-controlling interests
Return on allocated equity, %
Loan/deposit ratio, %
Credit impairment ratio, %
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
Page 10 of 57
Jan-Sep Jan-Sep
2015
2014
Sweden is Swedbanks largest market, with around 4 million private customers and more than 250 000 corporate
customers. This makes it Swedens largest bank by number of customers. Through our digital channels (Telephone Bank,
Internet Bank, Mobile Bank and iPad Bank) and branches, and with the cooperation of savings banks and franchisees, we
are always available. Swedbank is part of the local community. The banks branch managers have a strong mandate to
act in their local communities. The banks presence and engagement are expressed in various ways. A project called
Young Jobs, which has created several thousand trainee positions for young people, has played an important part in
recent years. Swedbank has 291 branches in Sweden. The various product areas are described beginning on page 18.
Swedbank Interim report January-September 2015
Page 11 of 57
Baltic Banking
Income statement
SEKm
Q3
2015
Q2
2015
Q3
2014
900
511
48
107
1 566
865
524
45
102
1 536
4
-2
7
5
2
865
500
60
87
1 512
4
2
-20
23
4
2 596
1 504
143
358
4 601
2 633
1 451
175
314
4 573
-1
4
-18
14
1
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before impairments
204
20
349
32
605
961
209
18
350
34
611
925
-2
11
0
-6
-1
4
187
19
375
36
617
895
9
5
-7
-11
-2
7
623
57
1 044
104
1 828
2 773
567
58
1 112
107
1 844
2 729
10
-2
-6
-3
-1
2
0
6
-2
957
0
1
-49
973
-96
-2
0
2
-59
952
-97
1
0
5
-60
2 828
1
0
-176
2 904
-66
-3
Tax expense
Profit for the period
Profit for the period attributable to the shareholders of
Swedbank AB
132
825
1 064
-91
142
810
-7
2
1 327
1 501
437
2 467
-39
825
-91
810
1 501
2 467
-39
16.2
90
-0.01
0.39
129
144
3 786
-1.8
92
-0.16
0.40
126
138
3 841
15.7
97
-0.19
0.41
121
125
3 853
7
15
-2
9.7
90
-0.06
0.40
129
144
3 786
15.4
97
-0.20
0.40
121
125
3 853
7
15
-2
Page 12 of 57
-88
2
4
-1
Jan-Sep Jan-Sep
2015
2014
Swedbank is the largest bank by number of customers in Estonia, Latvia and Lithuania, with more than 3 million private
customers and more than 300 000 corporate customers. According to surveys, Swedbank is also the most respected
company in the financial sector. Through its digital channels (Telephone Bank, Internet Bank and Mobile Bank) and
branches, the bank is always available. Swedbank is part of the local community. Its local social engagement is
expressed in many ways, with initiatives to promote education, entrepreneurship and social welfare. Swedbank has 37
branches in Estonia, 42 in Latvia and 68 in Lithuania. The various product areas are described on page 18.
Swedbank Interim report January-September 2015
Page 13 of 57
Income statement
SEKm
Q3
2015
Q2
2015
Q3
2014
865
509
315
33
1 722
862
491
576
39
1 968
0
4
-45
-15
-13
878
566
354
36
1 834
-1
-10
-11
-8
-6
2 589
1 496
1 478
107
5 670
2 595
1 699
1 495
101
5 890
0
-12
-1
6
-4
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before impairments
328
57
365
16
766
956
363
72
390
17
842
1 126
-10
-21
-6
-6
-9
-15
344
72
418
14
848
986
-5
-21
-13
14
-10
-3
1 050
211
1 175
49
2 485
3 185
1 001
221
1 233
52
2 507
3 383
5
-5
-5
-6
-1
-6
Credit impairments
Operating profit
97
859
7
1 119
-23
269
717
-64
20
120
3 065
261
3 122
-54
-2
Tax expense
Profit for the period
Profit for the period attributable to the shareholders of
Swedbank AB
193
666
16
1 103
-40
150
567
29
17
460
2 605
663
2 459
-31
6
666
1 103
-40
567
17
2 605
2 459
13.3
177
0.14
0.44
182
103
1 205
21.2
172
0.01
0.43
182
106
1 201
0
-3
0
13.6
155
0.46
0.46
162
104
1 161
12
-1
4
17.2
177
0.09
0.44
182
103
1 205
20.9
155
0.16
0.43
162
104
1 161
12
-1
4
Page 14 of 57
Jan-Sep Jan-Sep
2015
2014
Large Corporates & Institutions is responsible for Swedbanks offering to customers with revenues above SEK 2 billion
and those whose needs are considered complex due to multinational operations or a need for sophisticated financing
solutions. They are also responsible for developing corporate and capital market products for other parts of the bank and
the Swedish savings banks. LC&I works closely with customers, who receive advice on decisions that create sustainable
profits and growth. LC&I is represented in Sweden, Norway, Estonia, Latvia, Lithuania, Finland, Luxembourg, China, the
US and South Africa.
Swedbank Interim report January-September 2015
Page 15 of 57
Q3
2015
Q2
2015
642
-22
-423
0
210
407
696
-109
-600
0
188
175
-8
-80
-30
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before impairments
697
48
-705
90
130
277
748
48
-760
94
130
45
-7
0
-7
-4
0
254
10
0
13
0
21
0
24
21
-8
-218
242
-11
-19
-32
210
-19
0
4 367
Q3
2014
-17
-69
1 552
-31
97
1
830
2 449
0
-29
-50
-14
-19
-10
-17
-33
-75
2 191
179
-2 247
281
404
812
2 515
176
-2 020
318
989
1 460
-13
2
-11
-12
-59
-44
254
48
0
510
0
223
-19
1 256
-89
599
374
882
-32
-2
859
6
605
-259
623
-3
210
859
605
622
-3
0
4 331
0
4 537
0
4 367
1
4 537
-4
-52
-46
-10
808
59
-780
108
195
1 103
2 174
-151
-1 395
1
587
1 216
12
714
-7
338
0
253
1 298
Jan-Sep Jan-Sep
2015
2014
0
17
-18
1 104
243
861
-66
-41
-99
-91
-4
40
-78
-59
Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings
banks. Expenses mainly relate to Group Products and Group staffs and are allocated to a large extent. The product areas are described in more detail
starting on page 18.
Group Functions & Other consists of centralised business support units and the product organisation Group Products.
The centralised units serve as strategic and administrative support and comprise Accounting & Finance, Communication,
Risk, IT, Compliance, Public Affairs, HR and Legal. Group Products purpose is to improve efficiency in the development
and maintenance of Swedbanks products. Group Treasury is responsible for the banks funding, liquidity and capital
planning. Group Treasury sets the prices on all internal deposit and loan flows in the Group through internal interest rates,
where the most important parameters are maturity, interest fixing period, currency and need for liquidity reserves.
Swedbank Interim report January-September 2015
Page 16 of 57
Eliminations
Income statement
Q3
2015
Q2
2015
0
21
0
-55
-34
0
20
-2
-50
-32
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
0
0
-34
0
-34
0
0
-32
0
-32
SEKm
%
5
-10
-6
-6
-6
Q3
2014
0
18
0
-68
-50
0
0
-50
0
-50
%
17
19
-32
-32
-32
Jan-Sep Jan-Sep
2015
2014
0
59
-1
-148
-90
4
54
0
-215
-157
0
0
-90
0
-90
0
0
-157
0
-157
Group eliminations mainly consist of eliminations of internal transactions between Group Functions
and the other business segments.
Page 17 of 57
%
9
31
43
43
43
Product areas
Responsibility for the product areas rests with Group Products (GP) within Group Functions & Other. GPs role is to
increase efficiency in the development and maintenance of Swedbanks products and to ensure that the customer offering
is relevant, is competitive and is of high quality. This puts a priority on harmonising, improving efficiencies and digitising
the processes for every product. The number of products will be reduced to make it easier for the banks customers while
also increasing cost efficiencies. The number of funds is being reduced and efficiencies are being achieved in the
mortgage lending process at the same time that digital availability is being improved. In mobile e-commerce new card
payment solutions are being introduced to meet increased demand for e-commerce solutions. The product areas results
are reported in several legal units and in the three business segments. For more information, see below and in the three
business segment descriptions.
Swedbank is a leader in a number of product areas,
including asset management, cards and payments,
mortgage lending and deposits. Most customers want
more digital solutions and the greater availability they
provide. Digitisation is therefore an important area for
Swedbank. The number of customers connected to the
banks digital channels and their usage continue to rise.
Number of customers
million
Internet Bank
of which Sweden
of which Baltic countries
Mobile Bank
of which Sweden
of which Baltic countries
Mobile Bank ID, Sweden
Teller transactions in branches
of which Sweden
of which Baltic countries
Jan-Sep
2015
Jan-Sep
2014
6.8
3.8
3.0
3.3
2.3
1.0
1.9
3.0
2.3
0.7
6.7
3.7
3.0
2.6
1.9
0.7
1.2
3.8
2.7
1.0
3
4
1
27
24
34
57
-20
-16
-30
Page 18 of 57
30 Sep
2015
31 Dec
2014
30 Sep
2014
725
667
55
696
639
54
683
628
52
137
125
11
508
393
63
36
1 370
134
122
10
495
381
61
37
1 325
129
118
10
475
366
59
35
1 287
Page 19 of 57
30 Sep
2015
31 Dec
2014
30 Sep
2014
391
307
83
343
214
69
60
734
372
289
82
289
211
62
16
661
358
285
73
309
212
57
40
667
Total
2015
17
59
-41
10
13
48
Of which
Robur
Total
2015 Q3 2015
-11
13
-16
0
0
-14
6
6
-18
1
3
-3
Of which
Robur
Q3 2015
-6
1
-5
0
0
-10
Jan-Sep Jan-Sep
2015
2014
3 309
709
678
28
3
338
3 348
677
649
24
3
319
%
-1
5
4
13
-1
6
Page 20 of 57
Insurance development
Premium income
SEKm
Sweden
of which collective occupational
pensions
of which endowment insurance
of which occupational pensions
of which risk insurance
of which other
Baltic countries
of which life insurance
of which non-life insurance
Jan-Sep Jan-Sep
2015
2014
12 723
11 563
10
3 281
6 785
1 634
606
418
3 317
5 556
1 649
558
484
-1
22
-1
9
-14
1 063
657
406
888
547
342
20
20
19
30 Sep
2015
31 Dec 30 Sep
2014
2014
140
136
131
60
55
16
9
4
58
54
15
9
4
55
53
14
9
4
Jan-Sep Jan-Sep
2015
2014
1 477
1 097
1 057
40
380
209
171
1 382
1 095
1 056
39
287
130
157
%
7
0
0
4
32
60
9
Pay
Market factors
The payment and card areas are undergoing change
through both increased regulation and deregulation,
which have altered customer behaviour. Many sectors
are seeing more of their sales shift to online and mobile
solutions. At the same time the differences between
brick-and-mortar payments and online and mobile
payments are being erased as more payments are
made in stores using mobile devices. This trend is
reinforced by the growth of mobile identification (Mobile
BankID) in Sweden. The number of mobile
identifications increased by 122 per cent to 50 million in
the third quarter. Shared bank services are also
developing strongly. Due to digitisation, globalisation
and deregulation, the payment area in Swedbanks
home markets is being challenged by new international
players. A new regulation, for example, requires banks,
at a customers request, to make their accounts
available to new payment providers, which is placing
new demands on the banks infrastructure. Regulations
in the payment market are also increasing demands on
banks in terms of fees, stability, security and availability.
The purpose of the regulations is to speed up the
transition to digital payments, increase competition and
not least empower customers. This puts increasing
demands on cost efficiency and product development
and has created a wave of consolidation in card
acquiring in Europe.
Operations and market position
Swedbank is a leader in payment and cash
management products in its four home markets. In
Sweden it has a market share of 34 per cent for bank
giro payments. In the Baltic countries its market shares
for domestic payments range between 41 and 59 per
cent and for international payments between 26 and
29 per cent, with the highest share in Estonia.
Page 21 of 57
Jan-Sep Jan-Sep
2015
2014
8.6
3.7
4.9
7.8
3.5
4.3
10
6
14
671.1
498.0
173.1
650.3
481.8
168.5
3
3
3
53.7
35.2
18.5
33.7
17.0
16.7
59
11
451.8
438.0
13.8
222.5
211.2
11.3
22
1)
Jan-Sep Jan-Sep
2015
2014
646
303
343
707
293
414
%
-9
3
-17
Cards development
Key ratios, cards
Acquired transactions, million
of which Nordic countries
of which Baltic countries
Jan-Sep Jan-Sep
2015
2014
1 662
1 435
227
1 445
1 224
220
15
17
3
407
373
35
353
321
32
15
16
9
7.7
4.0
3.8
7.7
3.9
3.8
0
2
-2
1 072
785
287
979
723
256
9
9
12
Page 22 of 57
Jan-Sep Jan-Sep
2015
2014
2 513
1 396
667
2 578
1 332
609
-3
5
9
450
638
-29
Page
24
25
Key ratios
25
26
27
28
Notes
Note 1 Accounting policies
29
29
29
30
32
33
34
35
35
Note 10 Loans
36
37
Note 12 Assets taken over for protection of claims and cancelled leases
37
37
38
39
39
39
Note 18 Derivatives
40
40
43
43
44
47
47
48
49
50
50
Parent company
Income statement, condensed
51
51
52
53
53
Capital adequacy
54
More detailed information can be found in Swedbanks fact book, www.swedbank.com/ir, under Financial information and
publications.
Swedbank Interim report January-September 2015
Page 23 of 57
Q3
2015
Q2
2015
Q3
2014
Interest income
Interest expenses
Net interest income (note 5)
8 645
-2 834
5 811
8 819
-3 115
5 704
-2
-9
2
10 343
-4 514
5 829
-16
-37
0
26 880
-9 646
17 234
31 343
-14 510
16 833
-14
-34
2
Commission income
Commission expenses
Net commission income (note 6)
4 111
-1 375
2 736
4 240
-1 398
2 842
-3
-2
-4
4 150
-1 334
2 816
-1
3
-3
12 385
-4 063
8 322
12 084
-3 762
8 322
2
8
0
82
-95
799
-99
406
1 917
-79
464
-301
163
504
-337
167
-8
-11
-2
422
-299
123
10
1
33
1 495
-980
515
1 386
-979
407
8
0
27
201
319
9 234
228
292
9 315
-12
9
-1
221
362
10 150
-9
-12
-9
708
982
28 167
887
1 559
29 925
-20
-37
-6
Staff costs
Other expenses (note 8)
Depreciation/amortisation
Total expenses
Profit before impairments
Impairment of intangible assets (note 14)
Impairment of tangible assets
Credit impairments (note 9)
Operating profit
2 257
1 458
164
3 879
5 355
2 375
1 500
172
4 047
5 268
-5
-3
-5
-4
2
2 469
1 508
187
4 164
5 986
-9
-3
-12
-7
-11
7 104
4 475
515
12 094
16 073
7 807
4 964
538
13 309
16 616
-9
-10
-4
-9
-3
254
16
130
4 955
0
22
6
5 240
-5
0
19
235
5 732
-16
-45
-14
254
53
195
15 571
1
223
165
16 227
-76
18
-4
Tax expense
1 012
1 538
-34
1 164
-13
3 651
3 301
11
3 943
3 702
4 568
-14
11 920
12 926
-8
-27
Jan-Sep Jan-Sep
2015
2014
-11
-32
-66
-2
-259
3 932
3 670
4 566
-14
11 926
12 667
-6
3 928
3 939
-11
3 666
3 698
-32
7
7
-66
4 560
4 562
-2
-14
-14
11 914
11 908
6
12 652
12 911
-259
-6
-8
Non-controlling interests
of which profit for the period from continuing operations
of which profit for the period from discontinued operations
4
4
0
4
4
0
0
0
6
6
0
-33
-33
12
12
0
15
15
0
-20
-20
3.57
3.34
4.14
10.78
11.72
3.52
3.32
4.10
10.68
11.63
-0.01
-0.02
0.00
0.01
-0.23
-0.01
-0.02
0.00
0.01
-0.23
3.56
3.32
4.14
10.79
11.49
3.51
3.30
4.10
10.69
11.40
SEK
Earnings per share, continuing operations, SEK
after dilution
Earnings per share, discontinued operations, SEK
after dilution
Earnings per share, total operations, SEK
after dilution
Page 24 of 57
Q3
2015
Q2
2015
Q3
2014
3 932
3 670
4 566
-14
755
11
-168
598
4 192
122
-949
3 365
-82
-91
-82
-82
841
11 926
12 667
-1 090
-28
246
-872
2 497
60
-562
1 995
-974
-41
224
-791
-257
-225
-486
997
0
0
-570
0
0
242
0
0
140
0
0
511
508
0
-861
0
0
13
0
0
36
0
0
69
0
0
161
-365
0
-7
7
-93
-3
-24
-23
45
7
-93
-14
74
124
-64
-44
-148
190
-2
-2
-64
320
918
-69
3 296
-72
-33
-905
4 850
6 966
-30
3 661
4 846
6 962
-30
Total
Other comprehensive income for the period, net of tax
Non-controlling interests
Jan-Sep Jan-Sep
2015
2014
-81
%
-6
80
-50
1 945
605
-186
32
13 871
12 481
3 655
33
13 858
12 466
11
-33
13
15
-13
11
For 2015 income of SEK 1 995m (-791) has been recognised in other comprehensive income after tax, including
remeasurements of defined benefit pension plans in associates. The 2015 income arose primarily because market
interest rates rose from the beginning of the year. For the period as a whole interest rates were volatile and reached
very low levels soon after the first quarter ended. As of 30 September, however, the discount rate, which is used to
calculate the closing pension obligation, was raised to 3.08% from 2.29%. The markets future inflation expectations
also rose and the inflation assumption was raised to 1.43% from 1.28%. The changes in both of these assumptions
were the main reason why the defined benefit pension obligation decreased. The market value of the assets under
management exceeded the obligation by SEK 134m.
For 2015 an exchange difference of SEK -486m (997) was recognised for the Group's foreign net investments in
subsidiaries. In addition, an exchange rate difference of SEK -94m for the Group's foreign net investments in
associates is included in Share related to associates. The losses related to subsidiaries mainly arose because the
Swedish krona appreciated against the euro. The total loss of SEK 580m is not taxable. Since the large part of the
Group's foreign net assets is hedged against currency risk, a gain of SEK 511m (-861) before tax arose related to
the hedging instruments.
The revaluation of defined benefit pension plans and translation of net investments in foreign operations can be
volatile in certain periods due to movements in the discount rate, inflation and exchange rates.
Key ratios
Group
Equity per share, SEK
Return on equity, continuing operations, %
Return on equity, total operations, %
Credit impairment ratio, %
Q3
Q2
2015
2015
107.54
13.5
13.5
0.04
103.08
13.5
13.4
0.00
Page 25 of 57
Q3
%
2014
101.08
16.6
16.6
0.07
Jan-Sep Jan-Sep
%
2015
2014
107.54
13.8
13.8
0.02
101.08
15.9
15.6
0.02
30 Sep
2015
31 Dec
2014
SEKm
266 466
108 628
1 441 293
1 526
190 091
147 192
9 527
5 290
99 550
13 900
70
2 036
2 764
185
15 807
7 048
143
2 311 516
113 768
113 820
1 404 507
1 291
170 680
143 319
9 931
4 924
123 202
14 319
97
2 653
1 304
638
10 103
6 126
615
2 121 297
152 698
-5 192
36 786
235
19 411
3 873
-404
366
-23 652
-419
-27
-617
1 460
-453
5 704
922
-472
190 219
153 303
755 727
950 795
150 340
74 317
1 301
2 456
36 636
27 113
12 631
2 614
25 260
171 453
676 679
835 012
146 177
85 694
1 477
1 684
27 058
20 768
13 071
5 855
18 957
4
119 019
178
118 841
2 311 516
39
117 373
170
117 203
2 121 297
30 Sep
2014
%
69
13
8
54
-2
7
-11
6
6
0
-56
-30
-71
56
15
-77
9
158 041
95 818
1 340 580
994
193 665
137 138
10 689
4 973
93 697
13 969
159
2 904
1 062
623
16 335
6 720
1 106
2 078 473
-18 150
79 048
115 783
4 163
-11 377
-176
772
9 578
6 345
-440
-3 241
6 303
-11
12
14
3
-13
-12
46
35
31
-3
-55
33
142 658
686 426
826 826
139 887
73 287
265
2 301
25 183
31 749
12 312
7 467
18 395
7
10
15
7
1
7
45
-15
3
-65
37
-35
1 646
8
1 638
190 219
-90
1
5
1
9
122
111 595
175
111 420
2 078 473
-97
7
2
7
11
-5
3
18
11
3
-4
7
-19
-3
-28
-23
-70
-3
5
-87
11
Page 26 of 57
Shareholders'
equity
Share
capital
Non-controlling
interests
Other
contributed
Cash
flow
hedges
Retained
earnings
Total
Total
equity
January-September 2014
Opening balance 1 January 2014
24 904
17 275
-833
293
-139
68 040
109 540
165
109 705
Dividends
-11 133
-11 133
-5
-11 138
347
347
347
-8
-8
-8
42
42
42
166
166
166
1 577
-958
-15
11 862
12 466
15
12 481
12 652
12 652
15
12 667
1 577
-958
-15
-790
-186
-186
24 904
17 275
744
-665
-154
69 316
111 420
175
111 595
January-December 2014
Opening balance 1 January 2014
24 904
17 275
-833
293
-139
68 040
109 540
165
109 705
Dividends
-11 133
-11 133
-9
-11 142
459
459
459
16
16
16
50
50
50
-32
-32
-32
166
166
166
3 397
-2 094
34
16 800
18 137
14
18 151
16 447
16 447
16
16 463
3 397
-2 094
34
353
1 690
-2
1 688
24 904
17 275
2 564
-1 801
-105
74 366
117 203
170
117 373
January-September 2015
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
342
342
342
-49
-49
-49
63
63
63
-22
-22
-22
-8
-8
-8
-7
-7
-7
-581
396
134
13 909
13 858
13
13 871
11 914
11 914
12
11 926
-581
396
134
1 995
1 944
1 945
24 904
17 275
1 983
-1 405
29
76 055
118 841
178
119 019
Page 27 of 57
Jan-Sep
2015
Full-year
2013
Jan-Sep
2014
15 571
6
-3 771
-4 017
5 087
-37 356
-19 989
80 170
-17 582
18 829
-6 604
30 344
21 026
-262
-555
-5 494
-26 662
-115 813
12 925
34 957
45 468
-41 353
84 693
8 930
16 227
-259
-1 004
-5 172
-8 942
-65 492
-11 610
49 965
18 412
-26 261
69 375
35 239
0
245
-10
-368
863
730
-2 918
-590
-814
-1 111
362
-5 071
-2 918
-744
-814
-1 125
830
-4 771
188 008
-119 265
730 557
-664 854
-12 545
0
0
0
0
121 901
114 936
-139 976
730 879
-646 040
-11 138
0
0
0
0
48 661
96 259
-116 277
545 265
-446 595
-11 138
0
0
0
0
67 514
152 975
52 520
97 982
113 768
152 975
-277
0
266 466
59 382
52 520
1 866
0
113 768
59 382
97 982
677
0
158 041
Operating activities
Operating profit
Profit for the period from discontinued operations
Adjustments for non-cash items in operating activities
Taxes paid
Increase/decrease in loans to credit institutions
Increase/decrease in loans to the public
Increase/decrease in holdings of securities for trading
Increase/decrease in deposits and borrowings from the public including retail bonds
Increase/decrease in amounts owed to credit institutions
Increase/decrease in other assets
Increase/decrease in other liabilities
Cash flow from operating activities
Investing activities
Business combinations
Business disposals
Acquisitions of and contributions to associates
Acquisitions of other fixed assets and strategic financial assets
Disposals/maturity of other fixed assets and strategic financial assets
Cash flow from investing activities
Financing activities
Issuance of interest-bearing securities
Redemption of interest-bearing securities
Issuance of commercial paper etc.
Redemption of commercial paper etc.
Dividends paid
Changes in ownership interest in subsidiary
Contribution
New share issue
Repurchased shares
Cash flow from financing activities
During the first half-year 2014 Sparbanken resund AB was acquired for SEK 2 938m. Acquired cash and cash
equivalents amounted to SEK 20m. In connection with the acquisition a number of bank branches were sold to
Sparbanken Skne AB. The proceeds, together with payment of the net debt assumed by the acquirer,
amounted to a cash disbursement of SEK 913m.
Page 28 of 57
Page 29 of 57
Tax
For the parent companys Estonian subgroup,
Swedbank AS, income taxation is triggered only if
dividends are paid. The parent company determines the
dividend payment and has established a specific
dividend policy that a portion of the profit will be
distributed; therefore a deferred tax liability is
recognised based on this dividend policy. During the
second quarter 2015 the decision was taken by the
parent company to take an extra dividend of SEK
3 695m, which generated a tax expense of SEK 929m.
Further dividends are not expected to the paid in the
foreseeable future and the Group continues not to
recognise a deferred tax liability on undistributed profits.
If the largest possible dividend were to be distributed,
the Group would face an estimated tax charge of
SEK 2 386m.
Swedish
Banking
Baltic
Banking
Large
Corporates &
Institutions
Group
Functions
& Other
Eliminations
Group
9 875
5 414
181
707
593
16 770
129
2 596
1 504
143
0
358
4 601
0
2 589
1 496
1 478
0
107
5 670
89
2 174
-151
-1 395
1
587
1 216
-415
0
59
-1
0
-148
-90
197
17 234
8 322
406
708
1 497
28 167
0
Depreciation/amortisation
Total expenses
Profit before impairments
2 663
130
4 593
81
7 467
9 303
623
57
1 044
104
1 828
2 773
1 050
211
1 175
49
2 485
3 185
2 191
179
-2 247
281
404
812
0
0
-90
0
-90
0
6 527
577
4 475
515
12 094
16 073
0
0
135
9 168
0
5
-60
2 828
0
0
120
3 065
254
48
0
510
0
0
0
0
254
53
195
15 571
Tax expense
Profit for the period from continuing operations
1 953
1 327
460
-89
3 651
7 215
1 501
2 605
599
11 920
Income statement
Net interest income
Net commission income
Net gains and losses on financial items at fair value
Share of profit or loss of associates
Other income
Total income
of which internal income
Staff costs
Variable staff costs
Other expenses
7 215
1 501
2 605
605
11 926
7 203
1 501
2 605
605
11 914
12
12
0
43
1 058
0
146
3
0
2
5
1 257
2
0
129
1
3
0
0
11
21
167
3
283
253
64
0
0
104
0
27
734
261
24
1
133
0
2
51
3
729
1 204
0
-241
0
-8
-2
0
-55
0
-744
-1 050
266
109
1 441
190
147
5
100
16
38
2 312
81
436
1
147
0
541
0
1 206
51
1 257
0
144
0
3
0
0
0
147
20
167
222
120
17
0
99
256
0
714
20
734
85
62
946
0
30
28
25
1 176
28
1 204
-235
-6
-13
0
-55
-741
0
-1 050
0
-1 050
153
756
951
150
74
84
25
2 193
119
2 312
18.6
18.6
0.45
0.02
246
1 059
431
187
4 571
9.7
9.7
0.40
-0.06
90
129
144
74
3 786
17.2
17.2
0.44
0.09
177
182
103
123
1 205
3.5
3.6
0.33
0.00
0
0
56
20
4 367
0.0
0.0
0.00
0.00
0
0
0
0
0
13.8
13.8
0.43
0.02
187
1 370
734
404
13 929
Key figures
Return on allocated equity, continuing operations, %
Return on allocated equity, total operations, %
Cost/income ratio
Credit impairment ratio, %
Loan/deposit ratio, %
Loans, SEKbn
Deposits, SEKbn
Risk exposure amount, Basel 3, SEKbn
Full-time employees
Page 30 of 57
Jan-Sep
2014
SEKm
Swedish
Banking
Baltic
Banking
Large
Corporates &
Institutions
Group
Functions
& Other
Eliminations
Group
10 049
5 149
150
886
936
17 170
130
2 633
1 451
175
0
314
4 573
0
2 595
1 699
1 495
0
101
5 890
-2
1 552
-31
97
1
830
2 449
-325
4
54
0
0
-215
-157
197
16 833
8 322
1 917
887
1 966
29 925
Depreciation/amortisation
Total expenses
Profit before impairments
3 117
152
4 796
61
8 126
9 044
567
58
1 112
107
1 844
2 729
1 001
221
1 233
52
2 507
3 383
2 515
176
-2 020
318
989
1 460
0
0
-157
0
-157
0
7 200
607
4 964
538
13 309
16 616
0
0
99
8 945
1
0
-176
2 904
0
0
261
3 122
0
223
-19
1 256
0
0
0
0
1
223
165
16 227
Tax expense
Profit for the period from continuing operations
1 827
437
663
374
3 301
7 118
2 467
2 459
882
12 926
Income statement
Net interest income
Net commission income
Net gains and losses on financial items at fair value
Share of profit or loss of associates
Other income
Total income
of which internal income
Staff costs
Variable staff costs
Other expenses
-259
-259
7 118
2 467
2 459
623
12 667
7 104
2 467
2 459
622
12 652
14
15
0
43
1 003
0
136
3
0
3
7
1 195
2
0
122
1
2
0
0
11
12
150
5
287
215
72
0
0
109
0
27
715
151
118
1
128
0
2
40
3
693
1 136
0
-352
0
-7
-1
0
-55
0
-703
-1 118
158
96
1 341
194
137
5
94
17
36
2 078
77
406
2
137
0
538
0
1 160
35
1 195
0
125
1
3
0
0
0
129
21
150
224
121
14
0
105
234
0
698
17
715
188
40
822
0
22
8
18
1 098
38
1 136
-346
-6
-12
0
-54
-700
0
-1 118
0
-1 118
143
686
827
140
73
80
18
1 967
111
2 078
28.3
28.3
0.47
0.01
250
1 004
402
180
5 053
15.4
15.4
0.40
-0.20
97
121
125
82
3 853
20.9
20.9
0.43
0.16
155
162
104
120
1 161
3.1
2.2
0.40
-0.57
1
0
36
28
4 537
0.0
0.0
0.00
0.00
0
0
0
0
0
15.9
15.6
0.44
0.02
193
1 287
667
410
14 604
Key figures
Return on allocated equity, continuing operations, %
Return on allocated equity, total operations, %
Cost/income ratio
Credit impairment ratio, %
Loan/deposit ratio, %
Loans, SEKbn
Deposits, SEKbn
Risk exposure amount, Basel 3, SEKbn
Full-time employees
Page 31 of 57
Q3
2015
Q2
2015
62
8 113
251
59
247
8 732
97
8 386
361
-145
224
8 923
-36
-3
-30
87
8 645
Q3
2014
-59
-14
-44
25
-18
596
29 443
1 843
-308
544
32 118
296
10 343
-71
-16
489
26 880
775
31 343
-37
-14
-2
-13
0
5
-93
-684
-147
-4 118
-13
-58
5
-10
-229
-1 082
-465
-11 148
-400
-2 632
-429
-12 919
-43
-59
8
-14
0
-271
1 309
-204
-185
-3 135
3
34
2
2
-10
0
-205
664
-164
-140
-4 600
27
34
-39
0
-771
4 121
-600
-548
-9 709
-31
-547
1 964
-451
-405
-14 985
33
35
-35
8
-2 834
-20
-3 115
-9
-86
-4 514
-37
-63
-9 646
-475
-14 510
-87
-34
5 811
5 704
5 829
17 234
16 833
1.01
0.99
1.01
1.14
104
8 819
-16
-2
-81
-289
-155
-3 721
-83
-333
-155
-3 553
0
-279
1 752
-208
-188
-2 826
242
25 312
1 030
58
727
27 369
Interest expenses
Amounts owed to credit institutions
Deposits and borrowings from the public
of which deposit guarantee fees
Debt securities in issue
of which commissions for government
guaranteed funding
Subordinated liabilities
Derivatives
Other
of which government stabilisation fund fee
Total interest expenses
of which interest income reported in net gains and losses on
financial items at fair value
Interest expense according to income statement
-64
-17
-60
10
-2
174
9 758
635
-125
197
10 639
Jan-Sep Jan-Sep
2015
2014
Page 32 of 57
1.16
36
34
-15
41
Q3
2015
Q2
2015
Q3
2014
Commission income
Payment processing
Card commissions
Service concepts
Asset management and custody fees
Life insurance
Brokerage and other securities
Corporate finance
Lending
Guarantees
Deposits
Real estate brokerage
Non-life insurance
Other commission income
Total commission income
426
1 321
121
1 362
163
112
49
251
53
39
59
20
135
4 111
420
1 215
123
1 462
182
197
83
250
57
39
71
18
123
4 240
1
9
-2
-7
-10
-43
-41
0
-7
0
-17
11
10
-3
439
1 203
123
1 462
131
144
56
259
56
40
79
20
138
4 150
-3
10
-2
-7
24
-22
-13
-3
-5
-3
-25
0
-2
-1
1 263
3 596
378
4 285
500
507
182
770
170
122
201
55
356
12 385
1 317
3 294
370
4 240
383
512
306
756
160
99
228
58
361
12 084
-4
9
2
1
31
-1
-41
2
6
23
-12
-5
-1
2
Commission expenses
Payment processing
Card commissions
Service concepts
Asset management and custody fees
Life insurance
Brokerage and other securities
Lending and guarantees
Other commission expenses
Total commission expenses
-242
-644
-4
-313
-48
-69
-18
-37
-1 375
-254
-616
-4
-337
-51
-79
-19
-38
-1 398
-5
5
0
-7
-6
-13
-5
-3
-2
-269
-570
-4
-320
-56
-58
-19
-38
-1 334
-10
13
0
-2
-14
19
-5
-3
3
-756
-1 753
-12
-976
-148
-219
-56
-143
-4 063
-746
-1 568
-12
-893
-171
-218
-44
-110
-3 762
1
12
0
9
-13
0
27
30
8
2 736
2 842
-4
2 816
-3
8 322
8 322
Page 33 of 57
Jan-Sep Jan-Sep
2015
2014
Q3
2015
Q2
2015
210
5
-75
-489
689
123
458
287
226
155
-1 137
233
3
-459
-65
1 147
-1 212
21
-4 991
5 012
-7
-72
-6
15
74
34
113
-676
-21
-66
88
8
96
104
-20
84
-15
124
429
Hedge accounting
Ineffective part in hedge accounting at fair value
of which hedging instruments
of which hedged items
Ineffective part in hedging of net investments in
foreign operations
Total hedge accounting
Loan receivables at amortised cost
Financial liabilities valued at amortised cost
Trading related interest
Interest income
Interest expense
Total trading related interest
Change in exchange rates
Total net gains and losses on financial items
at fair value
%
-27
-98
-57
Q3
2014
55
6
-268
377
-71
-2
91
38
1 584
-1 546
17
-17
-72
-28
-22
0
38
-35
Jan-Sep Jan-Sep
2015
2014
424
315
298
-1 777
749
132
-174
204
302
-281
1 519
-500
-4
938
-66
-2 399
2 333
-5
5 910
-5 915
0
-66
10
5
154
113
-697
-2
775
-476
299
-37
-87
43
36
-70
14
295
-87
208
-54
490
-63
427
-71
415
-70
762
564
35
82
-95
799
-99
406
1 917
-79
350
424
-17
618
-43
1 542
1 940
-21
-346
-342
181
82
-95
799
Page 34 of 57
-99
-1 136
-23
406
1 917
-79
Q3
2015
Q2
2015
Q3
2014
Jan-Sep Jan-Sep
2015
2014
264
481
39
56
72
192
148
21
24
35
11
26
89
1 458
271
433
37
67
70
214
145
21
32
52
11
26
121
1 500
-3
11
5
-16
3
-10
2
0
-25
-33
0
0
-26
-3
274
445
34
92
72
192
144
22
20
42
13
32
126
1 508
-4
8
15
-39
0
0
3
-5
20
-17
-15
-19
-29
-3
Q3
2015
Q2
2015
Q3
2014
174
-36
144
-77
21
-53
556
-88
-69
-59
469
-197
767
-259
-39
-24
-15
123
1
68
81
-144
324
-90
-62
-24
248
-335
173
-93
43
-26
-45
-58
-22
189
-87
-90
12
243
-128
-149
-34
-5
130
0.04
815
1 363
120
208
216
585
447
60
83
128
32
76
342
4 475
1 060
1 347
118
269
324
541
471
62
84
152
35
94
407
4 964
-23
1
2
-23
-33
8
-5
-3
-1
-16
-9
-19
-16
-10
Jan-Sep Jan-Sep
2015
2014
Page 35 of 57
-39
298
-149
-181
-32
-37
-42
-50
673
-364
-310
-1
961
-545
-335
81
-30
-33
-7
-2
6
-18
235
-72
-45
-7
195
-31
165
-77
18
0.00
0.07
0.02
0.02
-22
-32
-40
Note 10 Loans
30 Sep 2015
Group
SEKm
31 Dec 2014
Loans after
provisions
Carrying
amount
30 Sep 2014
Loans after
provisions
Carrying
amount
%
9
17
12
60
13
6
6
7
5
7
4
9
17
2
17
-2
6
33
-4
-13
10
7
16
7
4
2
-20
Loans before
provisions
Provisions
Loans after
provisions
Carrying
amount
75 876
13 116
9 454
10 206
108 652
24
0
0
0
24
75 852
13 116
9 454
10 206
108 628
87 302
12 473
9 049
4 996
113 820
-13
5
4
-5
69 746
11 234
8 453
6 385
95 818
863 702
726 050
100 999
36 653
509 554
74 447
44 474
26 545
17 567
36 205
12 551
28 335
8 811
5 553
10 559
208 124
52 395
90 203
41 608
23 918
17 400
18 983
1 154
799
36
319
1 964
117
599
36
82
247
43
59
47
12
36
360
94
107
39
120
197
129
862 548
725 251
100 963
36 334
507 590
74 330
43 875
26 509
17 485
35 958
12 508
28 276
8 764
5 541
10 523
207 764
52 301
90 096
41 569
23 798
17 203
18 854
830 158
696 398
98 258
35 502
495 181
72 623
42 335
21 951
16 325
30 759
11 926
30 302
6 739
5 562
10 264
205 295
53 003
89 144
40 919
22 229
16 867
24 233
4
4
3
2
3
2
4
21
7
17
5
-7
30
0
3
1
-1
1
2
7
2
-22
812 574
683 211
94 788
34 575
474 857
71 648
40 163
22 753
17 141
30 614
12 742
26 761
6 588
5 800
12 064
188 366
49 040
77 437
39 031
22 858
16 785
23 432
1 373 256
3 118
1 370 138
1 325 339
1 287 431
1 810
1 810
16 556
-89
2 332
-22
469
68 876
1 444 411
0
0
3 118
469
68 876
1 441 293
3 449
59 163
1 404 507
-86
16
3
0
50 817
1 340 580
36
8
1 553 063
3 142
1 549 921
1 518 327
1 436 398
Page 36 of 57
30 Sep
2015
31 Dec
2014
30 Sep
2014
5 458
1 478
648
6 281
1 306
891
-13
13
-27
6 726
1 550
999
-19
-5
-35
3 332
1 592
1 740
1 016
0.35
0.22
39
4 084
1 833
2 251
1 133
0.41
0.27
35
-18
-13
-23
-10
-15
-19
11
4 177
1 835
2 342
1 145
0.47
0.29
38
-20
-13
-26
-11
-26
-24
3
58
53
55
4 051
2 482
865
304
400
4 362
2 409
1 100
n.a
853
-7
3
-21
3 883
2 490
1 141
n.a
252
4
0
-24
Total provision i.e. all provisions for claims in relation to impaired loans, gross.
New interval from Q1 2015. Prior to this it was reported under of which past due more than 60 days.
The split between the new intervals for previous periods are not available. For periods prior to 31 March 2015, the
row of which past due more than 90 days also includes the interval 61-90 days.
Note 12 Assets taken over for protection of claims and cancelled leases
Group
SEKm
Buildings and land
Shares and participating interests
Other property taken over
Total assets taken over for protection of claims
Cancelled leases
Total assets taken over for protection of claims
and cancelled leases
of which acquired by Ektornet
30 Sep
2015
31 Dec
2014
30 Sep
2014
515
18
8
541
34
874
13
13
900
33
-41
38
-38
-40
3
1 035
17
14
1 066
44
-50
6
-43
-49
-23
575
933
-38
1 110
-48
387
778
-50
916
-58
30 Sep
2015
31 Dec
2014
30 Sep
2014
158 041
11
193 665
-5
95 818
3 1 340 580
-19
93 697
36
21 516
10 1 903 317
69
-2
13
8
6
-7
12
266 466
113 768
190 091
170 680
108 628
113 820
1 441 293 1 404 507
99 550
123 202
20 024
14 712
2 126 052 1 940 689
28 719
252 755
281 474
27 259
237 007
264 266
Page 37 of 57
5
7
7
26 998
229 716
256 714
6
10
10
9 2 160 031
11
30 Sep
2015
31 Dec
2014
30 Sep
2014
12 256
12 256
12 344
12 344
-1
-1
11 972
11 972
2
2
642
857
-25
876
-27
561
441
1 644
536
582
1 975
5
-24
-17
520
601
1 997
8
-27
-18
13 900
14 319
-3
13 969
Jan-Sep
Full year
2015
2014
2014
14 668
13 701
13 701
-388
14 280
967
14 668
-3
445
14 146
-2 324
-1 941
20
-1 941
20
300
-2 024
-383
-2 324
-13
-233
-2 174
-7
12 256
12 344
-1
11 972
Goodwill
Cost
Opening balance
Exchange rate differences
Closing balance
Accumulated amortisation and impairments
Opening balance
Exchange rate differences
Closing balance
Carrying amount
Jan-Sep
Page 38 of 57
30 Sep
2015
31 Dec
2014
30 Sep
2014
12 971
132 314
3 479
3 155
1 384
153 303
11 159
150 435
4 112
3 839
1 908
171 453
16
-12
-15
-18
-27
-11
10 242
118 670
1 058
10 586
2 102
142 658
-70
-34
7
30 Sep
2015
31 Dec
2014
30 Sep
2014
391 263
342 969
371 877
289 034
5
19
358 308
308 741
9
11
734 232
660 911
11
667 049
10
2
0
21 493
755 727
1
2 965
12 802
676 679
68
12
1
0
19 376
686 426
11
10
30 Sep
2015
31 Dec
2014
30 Sep
2014
Commercial paper
Covered bonds
Senior unsecured bonds
Structured retail bonds
Total debt securities in issue
251 395
537 225
148 176
13 999
950 795
195 191
511 666
114 840
13 315
835 012
29
5
29
5
14
209 049
490 903
113 490
13 384
826 826
20
9
31
5
15
Jan-Sep
2015
Full year
2014
Jan-Sep
2014
Opening balance
Issued
Business combination
Repurchased
Repaid
Change in market value or in hedged item in fair value hedge accounting
Changes in exchange rates
Closing balance
835 012
912 269
0
-32 736
-751 383
-7 955
-4 412
950 795
726 275
838 981
2 028
-44 924
-741 088
22 224
31 516
835 012
%
27
11
Page 39 of 57
15
9
-27
1
14
726 275
634 690
2 028
-31 440
-531 429
13 173
13 529
826 826
15
44
4
41
15
Note 18 Derivatives
The Group trades derivatives in the normal course of business and to hedge certain positions with regard
to the value of equities, interest rates and currencies.
Nominal amount 30 Sep 2015
Remaining contractual maturity
Group
SEKm
Derivatives in fair value hedges
Derivatives in portfolio fair value
hedges
Derivatives in cash flow hedges
Derivatives in hedges of net
investment in foreign operations
Other derivatives
Gross amount
Offset amount
Total
Nominal amount
2015
2014
30 Sep
31 Dec
< 1 yr.
1-5 yrs.
> 5 yrs.
64 435
362 664
57 852
484 951
418 889
19 750
23 235
247
340
38 000
0
69 350
13 773
9 175
8 466
116 525
22 239
73 700
22 697
15
0
1
10
1 965
1 758
1 752
1 793
0
6 026 230
6 128 665
-2 379 230
3 749 435
0
3 552 438
3 998 225
-1 315 208
2 683 017
0
721 812
797 305
-285 293
512 012
0
10 300 480
10 924 195
-3 979 731
6 944 464
153
11 833 956
12 349 395
0
12 349 395
0
94 363
114 128
-14 578
99 550
0
110 915
134 161
-10 959
123 202
0
86 302
90 272
-15 955
74 317
9
94 097
97 991
-12 297
85 694
The amounts offset for derivative assets and derivative liabilities include cash collateral offsets of SEK 2 067m
and SEK 689m, respectively.
Fair
value
Carrying
amount
266 466
77 944
108 628
1 448 594
1 526
112 155
147 192
9 527
99 550
20 024
2 291 606
Total
31 Dec 2014
Difference
Fair
value
Carrying
amount
Difference
266 466
77 936
108 628
1 441 293
1 526
112 155
0
8
0
7 301
0
0
113 768
45 904
113 820
1 412 718
1 291
121 189
113 768
46 225
113 820
1 404 507
1 291
124 455
0
-321
0
8 211
0
-3 266
147 192
9 527
99 550
20 024
2 284 297
5 290
21 929
0
0
0
0
7 309
143 319
9 931
123 202
14 712
2 099 854
143 319
9 931
123 202
14 712
2 095 230
4 924
21 143
0
0
0
0
4 624
2 311 516
Liabilities
Financial liabilities covered by IAS 39
Amounts owed to credit institutions
Deposits and borrowings from the public
Debt securities in issue
Financial liabilities for which the customers bear the investment risk
Subordinated liabilities
Derivatives
Short positions securities
Other financial liabilities
Total
Non-financial liabilities
152 956
755 725
957 249
153 303
755 727
950 795
-347
-2
6 454
171 457
676 662
842 238
171 453
676 679
835 012
4
-17
7 226
150 340
25 802
74 317
36 636
35 745
2 188 770
150 340
25 260
74 317
36 636
35 745
2 182 123
10 374
0
542
0
0
0
6 647
146 177
18 932
85 694
27 058
30 096
1 998 314
146 177
18 957
85 694
27 058
30 096
1 991 126
12 798
0
-25
0
0
0
7 188
Total
2 192 497
2 121 297
Page 40 of 57
2 003 924
Group
30 Sep 2015
SEKm
Assets
Treasury bills etc.
Loans to credit institutions
Loans to the public
Bonds and other interest-bearing securities
Financial assets for which the customers bear
the investment risk
Shares and participating interests
Derivatives
Total
Liabilities
Amounts owed to credit institutions
Deposits and borrowings from the public
Debt securities in issue
Financial liabilities for which the customers bear
the investment risk
Derivatives
Short positions, securities
Total
Instruments with
quoted market
prices in active
markets
(Level 1)
Valuation
techniques
using
observable
market data
(Level 2)
Valuation
techniques
using nonobservable
market data
(Level 3)
Total
29 139
0
0
74 909
48 305
23 322
283 135
36 201
0
0
0
0
77 444
23 322
283 135
111 110
147 192
9 403
205
260 848
0
40
99 216
490 219
0
84
129
213
147 192
9 527
99 550
751 280
0
0
9 148
4 539
21 702
13 984
0
0
0
4 539
21 702
23 132
160
36 636
45 944
150 340
74 157
0
264 722
0
0
150 340
74 317
36 636
310 666
The table above contains financial instruments measured at fair value by valuation level. The Group uses various methods
to determine the fair value for financial instruments depending on the degree of observable market data in the valuation and
activity in the market. Activity is continuously evaluated by analysing factors such as trading volumes and differences in bid
and ask prices.
The methods are divided into three different levels:
Level 1: Unadjusted, quoted price on an active market
Level 2: Adjusted, quoted price or valuation model with valuation parameters derived from an active market
Level 3: Valuation model where a majority of valuation parameters are non-observable and based on internal assumptions.
When financial assets and financial liabilities in active markets have market risks that offset each other, an average of bid
and ask prices is used as a basis to determine the fair values of the risk positions that offset each other. For any open net
positions, bid rates are applied for long positions and ask rates for short positions.
The Group has a continuous process whereby financial instruments that indicate a high level of internal estimates or low
level of observable market data are captured. The process determines the way to calculate and how the internal
assumptions are expected to affect the valuation. In cases where internal assumptions have a material impact on fair value,
the financial instrument is reported in level 3. The process also includes an analysis and evaluation based on the quality of
the valuation data as well as whether a type of financial instrument is to be transferred between levels. There were no
transfers of financial instruments between valuation levels 1 and 2 during the quarter.
Group
31 Dec 2014
SEKm
Assets
Treasury bills etc.
Loans to credit institutions
Loans to the public
Bonds and other interest-bearing securities
Financial assets for which the customers bear
the investment risk
Shares and participating interests
Derivatives
Total
Liabilities
Amounts owed to credit institutions
Deposits and borrowings from the public
Debt securities in issue
Financial liabilities for which the customers bear
the investment risk
Derivatives
Short positions, securities
Total
Instruments with
quoted market
prices in an
active market
(Level 1)
Valuation
techniques
using
observable
market data
(Level 2)
Valuation
techniques
using nonobservable
market data
(Level 3)
Total
32 587
0
0
75 188
13 137
17 469
340 771
47 982
0
0
0
0
45 724
17 469
340 771
123 170
143 319
9 681
5 399
266 174
0
173
117 722
537 254
0
77
81
158
143 319
9 931
123 202
803 586
0
0
17 768
5 746
16 149
31 763
0
0
0
5 746
16 149
49 531
0
6 925
27 024
51 717
146 177
78 769
34
278 638
0
0
0
0
146 177
85 694
27 058
330 355
Page 41 of 57
Changes in level 3
Assets
Group
SEKm
January-September 2015
Opening balance 1 January 2015
Purchases
Sale of assets
Maturities
Issues
Transferred from Level 2 to Level 3
Transferred from Level 3 to Level 1
Transferred from Level 3 to Level 2
Gains or losses
of which in the income statement, net gains and losses on financial
items at fair value
of which changes in unrealised gains or losses
for items held at closing day
Closing balance 30 september 2015
Liabilities
Equity
instruments
Derivatives
Total
Derivatives
77
26
-14
0
0
0
-2
0
-3
81
0
0
-19
3
162
0
-68
-30
158
26
-14
-19
3
162
-2
-68
-33
0
0
0
0
0
0
0
0
0
-30
-30
0
84
-3
129
-3
213
0
0
Level 3 primarily contains unlisted equity instruments and illiquid options. The options hedge changes in the market
value of hybrid debt instruments, so-called structured products. The structured products consist of a corresponding
option element as well as a host contract, which in principle is an ordinary interest-bearing bond. When the Group
determines the level on which the financial instruments will be reported, they are measured in their entirety on an
individual basis. Since the bond part of the structured products is essentially the financial instruments fair value, the
internal assumptions normally used to value the illiquid option element do not have a material impact on the
valuation. The financial instrument is thus reported on level 2. Internal assumptions are of greater importance to
individual options that hedge structured products, because of which several are reported as derivatives on level 3.
In general, the Group always hedges market risks that arise in structured products, because of which differences
between the carrying amount of assets and liabilities on level 3 do not reflect differences in the use of internal
assumptions in valuations.
Given historical movements in the underlying prices for options on level 3, it is unlikely that future price movements
will affect the market value by more than SEK +/- 31m. The corresponding pair of value changes arises for financial
instruments reported in level 2.
Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have
changed in significance to the valuation.
Changes in level 3
Assets
Group
SEKm
January-September 2014
Opening balance 1 January 2014
Purchases
Transferred from Level 2 to Level 3
Transferred from Level 3 to Level 2
Gains or losses
of which in the income statement, net gains and losses on financial
items at fair value
of which changes in unrealised gains or losses
for items held at closing day
Closing balance 30 September 2014
Page 42 of 57
Liabilities
Equity
instruments
Derivatives
Total
Derivatives
57
21
3
0
-1
133
0
16
-104
35
190
21
19
-104
34
19
0
0
-25
6
-1
35
34
-1
78
16
80
15
158
0
0
30 Sep
2015
31 Dec
2014
30 Sep
2014
812 183
140 590
53 494
1 006 267
780 213
136 529
53 415
970 157
4
3
0
4
767 835
131 227
68 396
967 458
6
7
-22
4
30 Sep
2015
31 Dec
2014
Financial assets and liabilities, which have been offset or are subject to netting or
similar agreements
Gross amount
Offset amount
Net amounts presented in the balance sheet
219 030
-30 135
188 895
213 414
-14 735
198 679
75 322
70 886
23 595
169 803
19 092
Net amount
Liabilities
30 Sep
31 Dec
2015
2014
-5
133 573
-31 512
102 061
120 623
-16 073
104 550
11
96
-2
78 707
66 997
29 717
175 421
-4
6
-21
-3
75 322
11 571
13 665
100 558
78 707
10 844
11 907
101 458
-4
7
15
-1
23 258
-18
1 503
3 092
-51
The amounts offset for financial assets and financial liabilities include cash collateral offsets of SEK 2 067m and
SEK 689m, respectively.
Page 43 of 57
30 Sep
2015
31 Dec
2014
30 Sep
2014
118 842
51
-8 936
-1 192
34
-29
-459
-12 344
-83
-1 413
-1 381
0
-110
92 980
10 741
103 721
13 136
116 857
3 973
21 504
4
1
1 165
1 151
117 203
46
-12 511
-692
74
103
0
-12 434
-166
-1 698
-1 599
-410
0
87 916
4 998
92 914
12 674
105 588
4 295
21 988
3
2
1 525
1 335
111 420
41
-9 656
-2 006
76
153
0
-12 064
-171
-1 716
-1 410
0
0
84 667
5 024
89 691
12 288
101 979
3 751
22 186
3
5
1 401
1 195
576
711
619
575
14
618
5 071
32 336
318 516
624
190
579
4 745
33 137
328 574
576
206
680
4 745
32 771
324 243
30
62
14 565
7 721
63 389
404 196
19 059
7 241
59 310
414 214
17 516
8 506
59 310
409 637
23.0
21.2
20.7
25.7
28.9
22.4
25.5
21.9
24.9
30 Sep
2015
31 Dec
2014
30 Sep
2014
10.7
4.5
2.5
0.7
3.0
18.5
7.0
4.5
2.5
0.0
0.0
16.4
7.0
4.5
2.5
0.0
0.0
15.9
30 Sep
2015
31 Dec
2014
30 Sep
2014
69 561
118 238
48 677
69 557
107 187
37 630
67 239
103 389
36 150
30 Sep
2015
31 Dec
2014
30 Sep
2014
2)
3)
4)
5)
6)
103 721
92 914
89 691
2 298 934
4.5
2 066 385
4.5
2 036 912
4.4
Adjustment due to the implementation of EBAs technical standards on prudent valuation. The objective of these
standards is to determine prudent values of fair valued positions.
Net pension assets
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Buffer requirement according to Swedish implementation of CRD IV.
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.
Calculated according to applicable regulation at each respective reporting date.
Page 44 of 57
Swedbank
Consolidated situation
Credit risk, IRB
SEKm
Institutional exposures
Corporate exposures
Retail exposures
of which mortgage
of which other
Securitisation
Non credit obligation
Total credit risks, IRB
1)
Exposure
value
30 Sep
31 Dec
2015
2014
119 197
480 387
964 123
870 814
93 309
483
56 932
1 621 122
136 263
461 567
931 884
839 420
92 464
763
75 078
1 605 555
Total minimum capital requirement under Pillar 1, i.e 8% of total risk exposure amount.
Page 45 of 57
Average
risk weighting, %
30 Sep
31 Dec
2015
2014
15
36
7
5
28
10
13
17
15
37
8
6
29
11
10
17
Minimun capital
requirement1)
30 Sep
31 Dec
2015
2014
1 428
13 696
5 768
3 682
2 086
4
608
21 504
1 666
13 616
6 110
4 001
2 109
7
589
21 988
Risk exposure
amount
49 659
261
283
57
1
0
1 103
10 029
17 108
1 235
501
6
4
0
0
0
14 846
4 225
268 803
17 856
171 201
22
447
639
1 046
0
72 094
46 021
26 073
53
7 599
54
5
14 565
14 393
7 202
7 191
171
7 721
63 389
1 527
61 862
404 196
Minimum capital
requirement
3 973
21
23
5
0
0
88
802
1 369
99
40
0
0
0
0
0
1 188
338
21 504
1 428
13 696
2
36
51
84
0
5 768
3 682
2 086
4
608
4
1
1 165
1 151
576
575
14
618
5 071
122
4 949
32 336
Credit risks
Market risks
Page 46 of 57
Operational risk
Basel 1 floor
The transition rules state that the minimum capital
requirement must not fall below 80 per cent of the
requirement according to the Basel 1 rules.
Page 47 of 57
Effect on value of assets and liabilities in SEK and foreign currency, including derivatives
if interest rates increase by 100bp, 30 Sep 2015
Group
SEKm
< 5 years
5-10 years
>10 years
Total
Swedbank,
the Group
-1 370
-167
94
-1 443
of which SEK
of which UVAL
-1 239
-131
-202
36
92
2
-1 349
-94
-544
124
-46
-467
of which SEK
of which UVAL
-406
-139
56
68
-71
25
-421
-46
Group
acquisition date
SEKm
20 May 2014
20
4 461
16 331
1 973
33
60
26
205
113
219
134
10 503
34 078
2 841
11 596
2 028
49
176
1 626
947
11 417
30 679
3 398
2 938
461
Page 48 of 57
Carrying amount
in the Group at
Group
acquisition date
SEKm
20 May 2014
Cash flow
Cash and cash equivalents in the acquired company
Acquistion cost, cash
Net
20
-2 938
-2 918
16 331
16 654
258
Jan-Sep 2015
Jan-Sep 2014
Russia
Total
-5
17
-23
-71
-93
99
-5
17
-23
-71
-93
99
83
59
24
-60
-36
-8
192
184
8
0
8
0
275
243
32
-60
-28
-8
-44
-36
Disposal result
-223
-223
-508
-508
365
365
-80
-80
-267
-259
Russia Lithuania
30 Sep 2015
Group of assets classified as held for sale
Loans to the public
of which impaired loans, gross
of which individual provisions
of which impaired loans, net
of which portfolio provisions
Non-current tangible assets
Other assets
Total assets
Liabilities directly associated with group of assets
classified as held for sale
Amounts owed to credit institutions
Other liabilities
Total liabilities
30 Sep 2014
Russia
99
307
-208
99
0
0
44
143
Total
99
307
-208
99
0
0
44
143
0
4
4
0
4
4
Page 49 of 57
Total
Russia Lithuania
826
0
241
0
-141
0
100
0
-51
0
0
97
73
110
899
207
0
48
48
0
74
74
Total
826
241
-141
100
-51
97
183
1 106
0
122
122
31 Dec
2014
184.90
195.50
1 105 108 117 1 102 088 934
204 334
215 458
30 Sep
2015
31 Dec
2014
30 Sep
2014
-5
181.70
0 1 102 255 145
-5
200 280
2
0
2
30 Sep
2014
-295 633
-166 211
Within Swedbank's share-based compensation programme, Swedbank AB has during 2015 transferred 3 148 605 shares
at no cost to employees.
Earnings per share
Average number of shares
Average number of shares before dilution
Weighted average number of shares for potential ordinary shares that
incur a dilutive effect due to share-based compensation programme
Average number of shares after dilution
Q3
2015
Q2
2015
Q3
2014
8 852 559
8 470 089
8 495 543
Jan-Sep
2015
Jan-Sep
2014
9 484 114
9 043 905
Profit, SEKm
Profit for the period attributable to shareholders of Swedbank
3 928
3 666
4 560
11 914
12 652
3 928
3 666
4 560
11 914
12 652
3.56
3.32
4.14
10.79
11.49
3.51
3.30
4.10
10.69
11.40
Page 50 of 57
Swedbank AB
Income statement, condensed
Parent company
SEKm
Q3
2015
Q2
2015
Interest income
Interest expenses
Net interest income
Dividends received
Commission income
Commission expenses
Net commission income
Net gains and losses on financial items at fair value
Other income
Total income
Staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before impairments
3 750
-771
2 979
1 259
2 352
-870
1 482
80
314
6 114
1 867
1 115
1 071
4 053
2 061
3 785
-927
2 858
5 057
2 418
-893
1 525
-73
295
9 662
1 954
1 053
1 016
4 023
5 639
0
112
21
106
1 822
65
0
4
43
5 527
-16
441
-17
-42
Appropriations
Tax expense
%
-1
-17
4
-75
-3
-3
-3
Q3
2014
6
-37
-4
6
5
1
-63
4 084
-1 600
2 484
1 066
1 689
-394
1 295
76
315
5 236
1 944
955
135
3 034
2 202
-67
90
0
0
261
1 851
-59
-2
102
112
42
187
9 650
-15
463
7
-5
-49
613
-6
-8
-52
20
18
39
Jan-Sep Jan-Sep
2015
2014
12 914
-5 529
7 385
8 764
5 180
-1 185
3 995
870
969
21 983
5 843
3 128
400
9 371
12 612
-7
-48
23
-9
36
34
-6
12 002
-2 893
9 109
7 968
7 035
-2 560
4 475
-59
863
22 356
5 840
3 259
3 164
12 263
10 093
313
0
0
298
12 001
-67
-46
1 590
7
-61
14
5
0
17
-4
17
12
-11
2
0
4
31
-20
-37
-20
Q3
2015
Q2
2015
Q3
2014
1 397
5 586
-75
1 403
8
-1
-1
0
-1
Jan-Sep Jan-Sep
2015
2014
9 086
10 457
3
0
8
-1
0
1
-1
-4
-13
-3
13
-69
-2
-2
-4
-75
-50
10
1 400
5 592
-75
1 406
9 096
10 458
Page 51 of 57
-13
-13
30 Sep
2015
31 Dec
2014
30 Sep
2014
Assets
Cash and balance with central banks
Loans to credit institutions
Loans to the public
Interest-bearing securities
Shares and participating interests
Derivatives
Other assets
Total assets
229 706
73 802
418 056
435 979
441 859
432 879
188 255
160 021
69 776
69 970
110 960
133 703
36 565
40 150
1 495 177 1 346 504
149 157
-4
434 017
2
366 329
18
182 705
0
69 394
-17
106 447
-9
22 264
11 1 330 313
54
-4
21
3
1
4
64
12
202 153
222 569
601 670
532 118
411 435
318 041
107 991
118 696
64 746
51 045
24 313
18 010
9 994
10 043
72 875
75 982
1 495 177 1 346 504
-9
205 836
13
549 574
29
331 131
-9
98 464
27
57 518
35
17 448
0
6 259
-4
64 083
11 1 330 313
-2
9
24
10
13
39
60
14
12
Pledged collateral
Other assets pledged
Contingent liabilities
Commitments
51 802
9 788
575 328
219 982
Page 52 of 57
49 462
7 053
515 934
201 188
5
39
12
9
69 626
5 485
518 688
205 903
-26
78
11
7
Share capital
Share
premium
reserve
Statutory
reserve
Cash flow
hedges
Retained
earnings
Total
January-September 2014
Opening balance 1 January 2014
24 904
13 206
5 968
-7
20 312
64 383
Dividend
-11 133
-11 133
347
347
-14
-14
42
42
10 458
10 458
24 904
13 206
5 968
-7
20 012
64 083
24 904
13 206
5 968
-7
20 312
64 383
Dividend
-11 133
-11 133
-33
-33
459
459
12
12
42
42
22 248
22 252
24 904
13 206
5 968
-3
31 907
75 982
24 904
13 206
5 968
-3
31 907
75 982
Dividend
-12 539
-12 539
-22
-22
342
342
-40
-40
56
56
9 093
9 096
24 904
13 206
5 968
28 797
72 875
Jan-Sep
2015
Full-year
2014
Jan-Sep
2014
59 663
6 831
89 410
-50 145
-399
91 907
5 608
3 199
107 911
155 904
41 363
116 718
73 802
155 904
32 439
41 363
32 439
116 718
229 706
73 802
149 157
Page 53 of 57
Capital adequacy
Capital adequacy, Parent company
SEKm
30 Sep
2015
31 Dec
2014
30 Sep
2014
66 334
10 732
77 066
12 956
90 022
65 453
4 989
70 442
12 402
82 844
57 562
5 017
62 579
11 915
74 494
25 215
25 593
23 758
315 192
319 908
296 977
21.0
24.5
28.6
20.5
22.0
25.9
19.4
21.1
25.1
30 Sep
2015
31 Dec
2014
7.9
4.5
2.5
0.9
16.6
7.0
4.5
2.5
0.0
16.0
7.0
4.5
2.5
0.0
19.4
30 Sep
2015
31 Dec
2014
30 Sep
2014
26 989
90 530
63 541
28 135
83 414
55 279
25 699
75 032
49 333
Leverage ratio 5)
%
30 Sep
2015
31 Dec
2014
30 Sep
2014
77 067
2 181 969
3.5
1 310 919
5.9
70 442
1 960 610
3.6
1 130 434
6.2
62 579
1 932 468
3.2
1 098 587
5.7
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Buffer requirement according to Swedish implementation of CRD IV.
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.
4)
Basel 1 floor based on the higher of the Basel 3 capital requirement and 80% of Basel 1 capital requirement. In the
latter case the own funds is adjusted according to CRR article 500.4.
5)
Calculated according to applicable regulation at each respective reporting date.
6)
Taking into account potential exemption according to CRR article 429.7 excluding certain intragroup exposures.
2)
3)
Page 54 of 57
Page 55 of 57
Risk exposure
amount
87 374
103
61
46
1
0
1 915
8 278
3 722
686
23
0
0
0
0
0
71 749
790
169 223
19 390
121 659
0
21 936
2 882
19 054
53
6 185
55
5
13 917
13 646
7 226
6 420
271
7 679
36 939
36 939
315 192
Minimum capital
requirement
6 990
8
5
4
0
0
153
662
298
55
2
0
0
0
0
0
5 740
63
13 539
1 551
9 733
0
1 755
231
1 524
4
496
4
0
1 113
1 091
578
513
22
614
2 955
2 955
25 215
Anders Sundstrm
Chair
Lars Idermark
Deputy Chair
Ulrika Francke
Board Member
Gran Hedman
Board Member
Anders Igel
Board Member
Pia Rudengren
Board Member
Karl-Henrik Sundstrm
Board Member
Siv Svensson
Board Member
Maj-Charlotte Wallin
Board Member
Camilla Linder
Board Member
Employee Representative
Roger Ljung
Board Member
Employee Representative
Michael Wolf
President
Review report
Introduction
We have reviewed the year-end report for Swedbank AB (publ) for the period 1 January-30 September 2015. The Board
of Directors and the President are responsible for the preparation and presentation of this interim report in accordance
with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express
a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 Review of
Interim Financial Information performed by the companys auditors. A review consists of making inquiries, primarily with
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing
practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us
aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review
does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report for the Group is
not, in all material aspects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities
Companies and as regards the parent company in accordance the Annual Accounts Act for Credit Institutions and
Securities Companies.
Svante Forsberg
Authorised Public Accountant
Swedbank Interim report January-September 2015
Page 56 of 57
2 February 2016
Annual report
25 February 2016
5 April 2016
26 April 2016
18 July 2016
25 October 2016
Gran Bronner
CFO
Telephone +46 8 585 906 67
Cecilia Hernqvist
Head of Communications
Telephone +46 8 585 907 41
Claes Warrn
Press Officer
Telephone +46 8 585 926 11
+46 70 375 00 54
Gregori Karamouzis
Head of Investor Relations
Telephone +46 8 585 930 31
+46 72 740 63 38
Swedbank AB (publ)
Registration no. 502017-7753
Landsvgen 40
SE-105 34 Stockholm, Sweden
Telephone +46 8 585 900 00
www.swedbank.com
info@swedbank.se
Swedbank Interim report January-September 2015
Page 57 of 57