Download - Facts Q3, 2021
Facts Q3, 2021
ContentsQ3, 2021
page page
General information 2 Capital adequacy 47
Swedbank in brief 2-3 Credit risks, EAD distribution by business segment and by
Macro economic indicators 4-5 customer segments 47
Financial information, Group 6 Capital adequacy parameters for credit risk - business segments 48
Income statement, 5-year summary 6 Capital adequacy parameters for credit risk - customer segment 49-50
Income statement, 9-quarter summary 7 Capital adequacy-consolidated situation 51
Balance sheet, 5-year summary 8 Estimated capital requirements by entity, Change in REA and
Balance sheet, 9 quarters, Equity and Goodwill 9 Outstanding subordinated debt 52
Statement of changes in equity 10 ICAAP 2020 - Scenario based stress test 53-54
Net interest income analysis 11 Liquidity & Funding 55
Income analysis 12 Liquid assets, the Liquidity Coverage Ratio and Liquidity Ratios 55
Expense analysis 13 Debt securities in issue 56
Variable pay 14 Issued long-term debt, by currency 57
Business segments 15 Maturity distribution, long-term funding 58
Swedish Banking 15-16 Outstanding benchmark bonds and short-term funding 59
Baltic Banking 17 Minimum Requirement of Own Funds and Eligible Liabilities 60
Baltic Banking 17-18 Maturity distribution, total balance sheet 61-62
Estonia 19 Asset encumbrance 63
Latvia 20 Cover pool data 64-65
Lithuania 21 Swedbank Mortgage AB, loan data 66
Other 22 Credit and sustainability Ratings 67
Large Corporates & Institutions 23-24 Key figures 68-69
Group Functions & Other 25-26 Sustainable financing 70
Group Treasury 27 Equity and assets, monthly 71
Other 28 Market shares 72
Eliminations 29 Swedbank Group by geography 73
Product companies 30 Employees 74
Swedbank Robur AB 30-31 Currency distribution and exchange rates 75
Swedbank Insurance 32-33 Sensitivity analysis and market risk 76
Baltic Life Insurance 34 Shareholders and share data 77
Baltic P&C Insurance 35 Definitions 78
Business volumes 36 Contacts and financial calendar 79
Loans 36
Deposits and amounts owed to credit institutions 37
Interest-bearing Securities and Deferred Tax Assets 38
Asset quality 39
Asset quality 39-42
Credit impairments 43
Loans by collateral type and Assets taken over 44
Private Mortgage loans 45-46
Concentration risk 46
General informationSwedbank in briefQ3, 2021
Vision Financial targets
A financially sound and sustainable society Return on equity: Return on equity of at least 15 per cent
Purpose Cost efficiency: Market-leading cost efficiency
We empower the many people and businesses to create a better future Capitalisation: Solid capitalisation. Target buffer of 100-300 bps
Values relative to the regulator’s requirement
Open, Simple, Caring
Long-term strategy
We focus on sustainable value creation for our stakeholders and therefore aim for competitive return on invested capital and
market leading cost efficiency with sound risk management and an excellent customer experience, in combination
with a strong commitment to sustainability.
Sound risk management
A strong and sound risk management in our operations is the basis
for building trust and our long-term survival. It allows us to finance our
operations through deposits from the public and funding from the
capital market in order to lend money to households and businesses at
competitive prices, even during difficult economic times. It further
enables us to take informed and sound decisions balancing risks,
return and market shares. With the transition towards digital solutions
we also target high stability, availability and information security in all
our systems to secure long-term customer relationships and trust.
An easier financial life for our customers
Customer value is created by servicing our customers with pro-
active, timely and relevant offerings based on our customers’ needs
in our customers’ preferred channel. We focus on having a stable
infrastructure and solid digital performance to enable accessibility to
products and services when and where needed. Delivering high
value towards our customers is a precondition to sustainable
profitability and our customers’ choice of Swedbank as a trusted
partner for their financial growth.
Strong commitment to sustainability
Swedbank’s strong commitment to sustainability is fundamental
to our business. We support the green transition in society by
minimising our own carbon footprint and through our investments,
financing activities and services to our customers. We maintain a
high engagement in our society and communities and take
responsibility for our structural importance in the financial system by
maintaining a strong financial position, robust asset quality and
strong capitalisation.
Competitive return on invested capital and market leading
cost efficiency
Shareholder value is created through predictable, long-term,
profitable growth and efficiency. We value consistent profitability
over fast growth, since it creates stability and predictability for our
customers and owners as well as society. Therefore, we do not
follow short-term market trends and instead price our products
based on risk and capital requirements. A strong financial performance
is further upheld by a market leading cost efficiency. It allows us to
continuously invest in our products and channels and offer competitive
prices to our customers.
2
General information
Swedbank in briefQ3, 2021
1) ATMs are owned and operated by Bankomat AB. More information is available on www.bankomat.se
Group operational structure
Group executive committee
Jens Henriksson, President and CEO Jon Lidefelt, Head of Baltic Banking
Pål Bergström, Head of LC&I Erik Ljungberg, Head of Group Communications & Sustainability
Mikael Björknert, Head of Swedish Banking Lotta Lovén, CIO and Head of Digital Banking & IT
Lars-Erik Danielsson, Chief Credit Officer Rolf Marquardt, Chief Risk Officer
Anders Ekedahl, Head of Anti-Financial Crime Unit Charlotte Rydin, Chief Legal Officer and Head of Group Legal
Ingrid Harbo, Head of Group Compliance Carina Strand, Head of Group HR & Infrastructure
Tomas Hedberg, Deputy President and Deputy CEO Kerstin Winlöf, Head of Group Financial Products & Advice
Anders Karlsson, Chief Financial Officer
To support the business in Swedbank's four home markets, Swedbank also has a presence in neighbouring Norway, Finland and Denmark as well as the
US, China and South Africa.
SwedenPopulation: 10.4mPrivate customers: 4.0mCorporate customers: 270 000Organisations: 66 000Branches: 153ATMs 1)
Cards: 4.4mEmployees: 9 209
LatviaPopulation: 1.9mPrivate customers: 0.9mCorporate customers: 75 000Branches: 21ATMs: 364Cards: 1.0mEmployees: 1 874
EstoniaPopulation: 1.3mPrivate customers: 0.85mCorporate customers: 130 000Branches: 17ATMs: 373Cards: 1.1mEmployees: 2 510
LithuaniaPopulation: 2.8mPrivate customers: 1.5mCorporate customers: 78 000Branches: 42ATMs: 397Cards: 1.7mEmployees: 2 458
The financial reporting is divided into four segments:
Swedish banking (formed by the six Swedish regions),
Baltic Banking (consisting of the three Baltic banks), Large
Corporate & Institutions and Group Functions & Other.
Group Functions & Other currently includes Group
Treasury, Digital Banking & Group IT, Group Financial
Products & Advice, other group functions.
Board of Directors
President and CEO
Internal audit
Baltic BankingSwedish BankingLarge Corporates &
Institutions
Group Treasury, Digital Banking & Group IT, Group
Financial Products & Advice
Group functions & Other
3
General information
Macro economic indicatorsQ3, 2021
GDP growth Average inflation rate (consumer price growth)
% 2023F 2022F 2021F 2020 2019 2018 2017 % 2023F 2022F 2021F 2020 2019 2018 2017
Sweden 2.0 3.6 4.4 -2.7 2.0 1.9 2.6 Sweden 1.7 1.4 1.7 0.5 1.8 2.0 1.8
Estonia 3.2 4.0 8.0 -3.0 4.1 4.1 5.8 Estonia 2.2 2.6 3.1 -0.4 2.3 3.4 3.4
Latvia 3.5 5.0 4.0 -3.6 2.5 4.0 3.3 Latvia 3.0 3.2 2.3 0.2 2.8 2.5 2.9
Lithuania 3.4 3.5 4.2 -0.1 4.6 4.0 4.3 Lithuania 2.8 3.7 3.7 1.2 2.3 2.7 3.7
Current account balance, % of GDP General Government Financial Balance, % of GDP
2023F 2022F 2021F 2020 2019 2018 2017 2023F 2022F 2021F 2020 2019 2018 2017
Sweden n/a n/a n/a 5.7 5.5 2.7 3.0 Sweden 0.0 -0.4 -1.5 -3.1 0.6 0.8 1.4
Estonia 0.0 0.4 -1.4 -0.3 1.9 0.9 2.3 Estonia -1.9 -2.1 -2.4 -4.9 0.1 -0.6 -0.7
Latvia -2.6 -2.0 -0.7 2.9 -0.6 -0.3 1.2 Latvia -2.1 -3.6 -9.0 -4.5 -0.6 -0.8 -0.8
Lithuania -0.2 1.7 4.1 8.3 3.3 0.2 0.4 Lithuania -1.8 -3.0 -6.5 -7.4 0.5 0.6 0.5
General government debt, % of GDP
2023F 2022F 2021F 2020 2019 2018 2017
Sweden 33.3 34.7 37.3 39.7 34.9 38.9 40.7 Sweden 50 683 10.4 534.4
Estonia 22.6 20.7 18.6 18.2 8.4 8.2 9.1 Estonia 35 638 1.3 31.0
Latvia 48.2 49.7 49.4 43.5 37.0 37.1 39.0 Latvia 29 932 1.9 34.0
Lithuania 49.1 50.4 50.7 47.1 35.9 33.7 39.1 Lithuania 36 732 2.8 54.7
Household debt, % of disposable income 1)
Unemployment, %
2020 2019 2018 2017 2016 2023F 2022F 2021F 2020F 2019 2018
Sweden 2)
199.2 188.5 189.3 187.6 182.8 Sweden 7.1 7.5 8.8 8.3 6.8 6.3
Estonia 1)
n.a. 66.3 68.4 70.0 71.7 Estonia 5.7 5.9 6.4 6.8 4.4 5.4
Latvia 1)
n.a. 32.2 33.0 34.8 36.3 Latvia 6.0 6.7 7.6 8.1 6.3 7.4
Lithuania 1)
n.a. 36.4 36.7 35.9 35.1 Lithuania 6.3 6.7 7.2 8.5 6.3 6.2
1) Gross debt-to-income ratio of households (ESA 2010)
2) The Riksbank's financial stability report
Sources: Swedbank Reasearch - Macro Research, Eurostat, the World Bank & the Riksbank
GDP, 2020
GDP per capita (PPP)
2020, USD
Inhabitants 2020
(millions)
GDP 2020
(USDbn)
4
General information
Macro economic indicatorsQ3, 2021
1) House price index, monthly data (2005=100) for a single family home
Source: © Valueguard Index Sweden AB 2015 (Hox index)
2) Real estate prices as of September 2021
1) Average sales price per sqm for apartments
2) Real estate prices as of June 2021
Source: Land boards of respective country
0
500
1 000
1 500
2 000
2 500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUR
Tallinn Riga Vilnius
Real estate price development, Baltics 1) 2)
Interest rates: Sweden & Eurozone, %
Real estate price development, Sweden 1) 2)
Index, 2005=100
100
120
140
160
180
200
220
240
260
280
300
Stockholm Gothenburg Sweden Malmoe
5
Financial information, GroupIncome statement, 5-year summaryQ3, 2021
Income statement, Group YTD YTD ∆ FY FY FY FY FY
SEKm 2021 2020 % 2020 2019 2018 2017 2016 3)
Net interest income 19 703 20 286 -3 26 853 25 989 25 228 24 595 22 850
Net commission income 1)
10 833 9 394 15 12 770 12 984 12 836 12 206 11 502
Net gains and losses on financial items 1 783 1 745 2 2 655 3 629 2 112 1 934 2 231
Net insurance 1 131 1 110 2 1 518 1 465 1 192 937 754
Share of the profit or loss of associates and joint ventures 2)
723 460 57 582 822 1 028 736 2 263
Other income 1) 968 917 6 1 298 1 071 1 826 1 795 1 017
Total income 35 141 33 912 4 45 676 45 960 44 222 42 203 40 617
Staff costs 9 061 8 480 7 11 511 10 679 9 756 9 485 8 749
Variable staff costs 317 188 69 362 440 528 460 627
Other expenses 4 407 5 133 -14 7 107 7 314 5 865 5 870 5 622
Depreciation/amortisation 1 220 1 173 4 1 580 1 551 686 600 629
Administrative fine 4 000 4 000
Total expenses 15 005 18 974 -21 24 560 19 984 16 835 16 415 15 627
Profit before impairments 20 136 14 938 35 21 116 25 976 27 387 25 788 24 990
Impairment of intangible assets 56 79 306 175 35
Impairment of tangible assets 1 2 8 8 21 31Credit impairments 237 3 811 -94 4 334 1 469 521 1 285 1 367Non-recurring items
Profit before tax 19 843 11 126 78 16 780 24 420 26 552 24 307 23 557
Tax expense 2) 3 806 2 707 41 3 851 4 711 5 374 4 943 4 005
Profit for the period from continuing operations 16 037 8 419 90 12 929 19 709 21 178 19 364 19 552
Profit for the period from discontinued operations, after tax
Profit for the period including non-controlling interest 16 037 8 419 90 12 929 19 709 21 178 19 364 19 552
Profit for the period attributable to:
Shareholders of Swedbank AB 16 036 8 419 90 12 929 19 697 21 162 19 350 19 539
Non-controlling interests 1 0 12 16 14 13
Statement of Comprehensive Income YTD YTD ∆ YTD YTD YTD FY FY
SEKm 2021 2020 % 2020 2019 2018 2017 2016 3)
Profit for the period reported via Income statement 16 037 8 419 90 12 929 19 709 21 178 19 364 19 552
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans 1 413 4 018 -65 5 166 -3 866 -1 806 -1 928 -3 110
Share related to associates, Remeasurements of defined benefit
pension plans 7 76 -91 96 -127 -63 -49 -59
Change in fair value attributable to changes in own credit risk of
financial liabilities designated at fair value 4 6 17 22
Income tax -291 -829 -65 -1 065 793 361 424 684
Total 1 129 3 269 -65 4 203 -3 183 -1 486 -1 553 -2 485
Items that may be reclassified to the income statement
Exchange differences on translating foreign operations:
Gains/losses arising during the period 514 499 3 -1 838 739 1 870 1 077 1 644
Reclassification adjustments to Income statement,
Net gains and losses on financial items or profit
for the period from discontinued operation
Reclassification adjustments to Income statement, net gains and
losses on financial items -2 4 -3
Hedging of net investments in foreign operations:
Gains/losses arising during the period -443 -285 55 1 523 -600 -1 474 -732 -1 337
Reclassification adjustments to Income statement, net gains and
losses on financial items 9 81
Reclassification adjustments to Income statement, profit for
the period from discontinued operations
Cash flow hedges:
Gains/losses arising during the period 90 54 67 -358 159 421 -76 59
Reclassification adjustments to Income statement,
Net interest income 13 16
Net gains and losses on financial items -88 -54 63 349 -154 -403
Foreign currency basis risk:
Gains/losses arising during the period 6 -18 -42 -18 -72
Share of other comprehensive income of associates 82 -90 -84 32 36 -80 126
Income tax 89 66 35 -306 167 297 161 280
Reclassification adjustments to Income statement, tax -3 -4
Reclassification adjustments to Income statement, profit
for the period from discontinued operations
Total 250 172 45 -749 325 675 445 781
Other comprehensive income for the period, net of tax 1 379 3 441 -60 3 454 -2 858 -811 -1 108 -1 704
Total comprehensive income for the period 17 416 11 860 47 16 383 16 851 20 367 18 256 17 848
Total comprehensive income attributable to:
Shareholders of Swedbank AB 17 415 11 860 47 16 383 16 839 20 351 18 242 17 835
Non-controlling interests 1 0 12 16 14 13
2) 2018 (Q1 to Q3) and 2017 results have been restated for changed presentation of tax related to associates. Refer to Note 1 in the Year-end report for further information.
From 1 January 2018, the results reflect that IFRS 9 Financial instruments has been adopted. Prior periods have not been restated.
1) Following a review of the services which are provided to the savings banks, Swedbank has moved a part of the income, which was previously reported under the line item Other Income,
to Commission Income. Historic comparative figures have been restated. For the full year 2017, the change means that SEK 176m has moved from Other Income to Commission Income.
The change has no impact on Swedbank’s Total Income.
3) Includes income in Q2 2016 from Visa Inc’s acquisition of Visa Europe, total effect SEK 2 115m of which Net gains and losses on financial items of SEK 457m, and Share of the profit or
loss of associates of SEK 1 658m.
6
Financial information, GroupIncome statement, 9-quarter summaryQ3, 2021
Income statement, Group Q3 ∆ Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 SEKm 2021 2021 2020 2020 2020 2020 2019 2019
Net interest income 6 590 18 6 572 6 541 6 567 6 714 6 886 6 686 6 408 6 553
Net commission income 3 799 125 3 674 3 360 3 376 3 246 2 925 3 223 3 415 3 297
Net gains/losses on financial items 553 -92 645 585 910 669 1 398 -322 1 218 457
Net insurance 361 -35 396 374 408 424 390 296 399 379
Share of profit or loss of associates 239 -8 247 237 122 231 134 95 252 213
Other income 327 -9 336 305 381 320 343 254 264 327
Total income 11 869 -1 11 870 11 402 11 764 11 604 12 076 10 232 11 956 11 226
Staff costs 3 023 -16 3 039 2 999 3 031 2 856 2 825 2 799 2 764 2 637
Variable staff costs 104 7 97 116 174 74 43 71 51 126
Other expenses 1 513 76 1 437 1 457 1 974 1 435 1 588 2 110 2 342 2 018
Depreciation/amortisation 402 -14 416 402 407 396 387 390 392 383
Administrative fine 4 000
Total expenses 5 042 53 4 989 4 974 5 586 4 761 4 843 9 370 5 549 5 164
Profit before impairments 6 827 -54 6 881 6 428 6 178 6 843 7 233 862 6 407 6 062
Impairment of intangible assets -56 56 13 66
Impairment of tangible assets 1 1 5 1
Credit Impairments 18 45 -27 246 523 425 1 235 2 151 988 154
Profit before tax 6 809 -43 6 852 6 182 5 654 6 417 5 998 -1 289 5 401 5 841
Tax expense 1 310 22 1 288 1 208 1 144 1 155 1 154 398 973 1 176
Profit for the period from continuing operations 5 499 -65 5 564 4 974 4 510 5 262 4 844 -1 687 4 428 4 665
Profit for the period including non-controlling interest 5 499 -65 5 564 4 974 4 510 5 262 4 844 -1 687 4 428 4 665
Profit for the period attributable to:
Shareholders of Swedbank AB 5 498 -65 5 563 4 975 4 510 5 261 4 845 -1 687 4 428 4 663
Non-controlling interests 1 1 -1 1 -1 2
Statement of comprehensive income Q3 ∆ Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 SEKm 2021 2021 2020 2020 2020 2020 2019 2019
Profit for the period reported via Income statement 5 499 -65 5 564 4 974 4 510 5 262 4 844 -1 687 4 428 4 665
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans -467 -763 296 1 584 1 148 949 -1 178 4 247 1 091 -781
Share related to associates, Remeasurements of defined benefit
pension plans -35 -51 16 26 20 -20 -45 141 32 -29
Change in fair value attributable to changes in own credit risk of
financial liabilities designated at fair value 2 1 2 1 4 5
Income tax 96 157 -61 -326 -236 -196 242 -875 -225 160
Total -406 -657 251 1 284 934 734 -979 3 514 902 -645
Items that may be reclassified to the income statement
Exchange differences on translating foreign operations:
Gains/losses arising during the period 251 834 -583 846 -2 337 371 -2 494 2 622 -1 232 639 Reclassification adjustments to income statement,
Net gains/losses on financial items -2
Hedging of net investments in foreign operations:
Gains/losses arising during the period -204 -694 490 -729 1 808 -291 1 928 -1 922 976 -485
Reclassification adjustments to Income statement,
profit for the period from discontinued operations 9
Cash flow hedges:
Gains/losses arising during the period 42 143 -101 149 -412 34 -502 522 -250 133
Reclassification adjustments to Income statement,
Net gains and losses on financial items -41 -139 98 -145 403 -33 489 -510 244 -131
Foreign currency basis risk:
Gains/losses arising during the period 11 13 -2 -3 -24 -14 -12 8 -6 -10
Reclassification adjustments to income statement, Net gains and
losses on financial items
Share of other comprehensive income of associates 13 47 -34 103 6 -4 -9 -77 -40 -4
Income tax relating to components of other comprehensive income 39 142 -103 153 -372 67 -409 408 -184 106
Total 111 346 -235 374 -921 130 -1 009 1 051 -492 248
Other comprehensive income for the period, net of tax -295 -311 16 1 658 13 864 -1 988 4 565 410 -397
Total comprehensive income for the period 5 204 -376 5 580 6 632 4 523 6 126 2 856 2 878 4 838 4 268
Shareholders of Swedbank AB 5 203 -376 5 579 6 633 4 523 6 125 2 857 2 878 4 838 4 266
7
Financial information, GroupBalance sheet, 5-year summaryQ3, 2021
Balance sheet 30 Sep 30 Sep ∆ 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
SEKm 2021 2020 % 2020 2019 2018 2017 2016
Assets
Cash and balances with central banks 651 869 388 491 68 293 811 195 286 163 161 200 371 121 347
Loans to credit institutions 41 442 50 839 -18 47 954 45 452 36 268 30 746 32 197
Loans to the public 1 701 232 1 683 986 1 1 680 987 1 652 296 1 627 368 1 535 198 1 507 247
Bonds and other interest-bearing securities 206 559 203 161 2 197 166 194 461 152 891 145 034 182 072
Financial assets for which customers bear the investment risk 301 258 240 129 25 252 411 224 893 177 868 180 320 160 114
Derivatives 38 223 54 218 -30 52 177 44 424 39 665 55 680 87 811
Other assets 89 574 74 926 20 70 136 51 416 48 871 65 287 63 415
Total assets 3 030 157 2 695 750 12 2 594 642 2 408 228 2 246 092 2 212 636 2 154 203
Liabilities and equity
Amounts owed to credit institutions 156 133 166 237 -6 150 313 69 686 57 218 68 055 71 831
Deposits and borrowings from the public 1 317 921 1 155 921 14 1 148 240 954 013 920 750 855 609 792 924
Debt securites in issue 918 260 814 976 13 732 814 855 754 804 360 844 204 841 673
Financial liabilities for which customers bear the investment risk 302 140 240 970 25 253 229 225 792 178 662 181 124 161 051
Derivatives 24 906 41 050 -39 54 380 40 977 31 316 46 200 85 589
Other liabilites 80 843 90 205 -10 66 680 80 634 81 993 58 364 44 176
Senior non-preferred liabilities 37 182 10 878 10 359 10 805
Subordinated liabilities 28 134 24 924 13 23 434 31 934 34 184 25 508 27 254
Equity 164 638 150 589 9 155 193 138 633 137 609 133 572 129 705
Total liabilities and equity 3 030 157 2 695 750 12 2 594 642 2 408 228 2 246 092 2 212 636 2 154 203
From 1 January 2018, IFRS 9 has been adopted.
From 1 January 2019, IFRS 16 has been adopted.
8
Financial information, Group
Balance sheet 9 quarters, Equity and GoodwillQ3, 2021
Balance sheet 30 Sep ∆ 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm 2021 SEKm 2021 2021 2020 2020 2020 2020 2019 2019
Assets
Cash and balances with central banks 651 869 52 943 598 926 499 858 293 811 388 491 380 083 295 442 195 286 212 168
Loans to credit institutions 41 442 2 372 39 070 46 472 47 954 50 839 60 409 55 628 45 452 39 981
Loans to the public 1 701 232 33 244 1 667 988 1 667 069 1 680 987 1 683 986 1 715 270 1 694 708 1 652 296 1 668 023
Interest-bearing securities 206 559 -16 672 223 231 192 259 197 166 203 161 248 157 265 601 194 461 240 351
Value change of interest hedged item in portfolio hedge -228 -629 401 879 1 774 2 409 2 315 1 176 271 2 908
Financial assets for which customers bear
the investment risk 301 258 6 338 294 920 278 442 252 411 240 129 222 808 197 672 224 893 213 735
Shares and participating interests 25 864 6 557 19 307 27 016 17 215 15 203 4 811 9 904 6 568 5 137
Investments in associates and joint ventures 7 530 227 7 303 7 571 7 287 7 127 6 931 6 834 6 679 6 423
Derivatives 38 223 1 810 36 413 50 153 52 177 54 218 53 949 84 253 44 424 60 828
Intangible fixed assets 19 067 231 18 836 18 794 18 361 18 482 18 277 18 610 17 864 17 927
of which goodwill 13 436 53 13 383 13 508 13 327 13 821 13 742 14 291 13 709 13 990
Tangible assets 5 208 -168 5 376 5 398 5 421 5 576 5 706 5 667 5 572 5 610
Current tax assets 1 826 207 1 619 1 541 1 554 2 535 2 242 2 674 2 408 2 826
Deferred tax assets 155 -1 156 176 124 200 202 180 170 172
Other assets 28 084 5 555 22 529 31 408 16 483 20 733 41 402 34 942 8 859 28 440
Prepaid expenses and accrued income 2 068 -1 233 3 301 2 531 1 917 2 661 2 301 2 178 3 025 1 993
Total assets 3 030 157 90 781 2 939 376 2 829 567 2 594 642 2 695 750 2 764 863 2 675 469 2 408 228 2 506 522
Liabilities and equity
Liabilities
Amounts owed to credit institutions 156 133 10 014 146 119 163 281 150 313 166 237 186 615 174 934 69 686 103 251
Deposits and borrowings from the public 1 317 921 9 941 1 307 980 1 238 655 1 148 240 1 155 921 1 121 606 1 066 052 954 013 974 351
Debt securities in issue 918 260 36 827 881 433 830 062 732 814 814 976 869 229 908 130 855 754 918 601
Financial liabilities for which customers bear
the investment risk 302 140 6 298 295 842 280 727 253 229 240 970 223 516 199 847 225 792 214 562
Derivatives 24 906 -1 980 26 886 35 024 54 380 41 050 54 355 54 107 40 977 39 751
Current tax liabilities 760 61 699 632 424 440 428 816 836 730
Deferred tax liabilities 3 264 45 3 219 3 127 2 784 2 514 2 250 2 481 1 571 1 287
Short positions securities 29 989 15 659 14 330 24 450 23 300 25 460 29 816 19 927 34 345 29 261
Other liabilities 37 492 1 371 36 121 45 766 29 766 49 776 83 519 53 471 28 144 41 151
Accrued expenses and prepaid income 4 627 -121 4 748 5 176 4 038 4 174 3 980 8 682 4 383 4 042
Provisions 4 711 418 4 293 4 682 6 368 7 841 8 873 7 586 11 355 12 524
Senior non-preferred liabilities 37 182 2 568 34 614 20 214 10 359 10 878 10 837 11 153 10 805Subordinated liabilities 28 134 4 435 23 699 24 005 23 434 24 924 25 421 26 727 31 934 33 241
Total liabilities 2 865 519 85 536 2 779 983 2 675 801 2 439 449 2 545 161 2 620 445 2 533 913 2 269 595 2 372 752
Equity
Non-controlling interests 26 1 25 24 25 25 24 25 25 25Equity attributable to shareholders of Swedbank AB 164 612 5 244 159 368 153 742 155 168 150 564 144 394 141 531 138 608 133 745
Total equity 164 638 5 245 159 393 153 766 155 193 150 589 144 418 141 556 138 633 133 770
Total liabilities and equity 3 030 157 90 781 2 939 376 2 829 567 2 594 642 2 695 750 2 764 863 2 675 469 2 408 228 2 506 522
Equity attributable to shareholders of Swedbank AB, 30 Sep 2021 Goodwill, 30 Sep 2021
SEKm SEKm
Swedbank AB (Sweden) 106 334 Swedbank Robur 328
Swedbank Mortgage (Sweden) 46 218 Swedbank Försäkring 651
Swedbank Robur (Sweden) 2 910 Swedbank (Estonia) 4 316
Swedbank Försäkring (Sweden) 3 858 Swedbank (Latvia) 2 222
Sparia Försäkring Group (Sweden) 151 Swedbank (Lithuania) 3 774Swedbank (Estonia) 19 067 PayEx AB 573
Swedbank (Latvia) 9 977 Group total 11 864
Swedbank (Lithuania) 10 424
PayEx AB 953 Goodwill within parent company:
Ektornet (Sweden) 165 Swedbank AB (Sweden) 1 572
Other subsidiaries 1 564 Total goodwill 13 436
Total legal equity 201 621
Group adjustments and eliminations -37 009
Total equity attributable to shareholders of Swedbank AB 164 612
From 1 January 2019, the results reflect that IFRS 16 Financial instruments has been adopted. Prior periods have not been restated.
9
Financial information, GroupStatement of changes in equity Q3, 2021
Statement of changes in equity
Non-
controlling
SEKm interest Total equity
Share capital
Other
contributed
equity
Exchange
differences,
subsidiaries
and
associates
Hedging of
net
investments in
foreign
operations
Cash flow
hedges
Foreign
Currency
Basis Risk
Reserve
Own credit
risk reserve
Retained
earnings Total
Closing balance 31 December 2020 24 904 17 275 4 355 -2 669 1 -62 0 111 364 155 168 25 155 193
Opening balance 1 January 2021 24 904 17 275 4 355 -2 669 1 -62 0 111 364 155 168 25 155 193
Dividends -8 124 -8 124 0 -8 124
Share based payments to employees 153 153 153
Disposal of subsidiary 0 0
Total comprehensive income for the period 596 -352 1 5 0 17 165 17 415 1 17 416
Closing balance 30 September 2021 24 904 17 275 4 951 -3 021 2 -57 0 120 558 164 612 26 164 638
Specification of Exchange differences, subsidiaries and associates 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 2021 2021 2021 2020 2020 2020 2020 2019 2019
Estonian Operations 2 641 2 404 119 -278 396 -1 132 184 -1 214 1 272 -598 307
Latvian Operations 1 215 1 094 59 -139 201 -531 85 -572 601 -285 148
Lithuanian Operations 1 281 1 136 71 -168 242 -645 104 -687 720 -340 176
Norwegian Operations -216 -299 13 -32 102 5 -4 -9 -80 -41 -3
Robur, Ektornet and other 30 20 2 0 8 -30 -2 -21 32 -8 7
Total 4 951 4 355 264 -617 949 -2 333 367 -2 503 2 545 -1 272 635
Specification of Hedging of net investment in foreign operations 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 2021 2021 2021 2020 2020 2020 2020 2019 2019
Estonian Operations -1 748 -1596 -74 175 -253 728 -121 776 -807 380 -195
Latvian Operations -667 -591 -37 88 -127 333 -54 359 -375 178 -92
Lithuanian Operations -701 -617 -41 96 -139 364 -60 384 -397 187 -95
Norwegian Operations 121 154 -7 22 -48 0 6 -4 64 42 3
Robur, Ektornet and other -26 -19 -3 5 -9 9 2 -1 5 2 -2
Total -3 021 -2 669 -162 386 -576 1 434 -227 1 514 -1 510 789 -381
Specification of Cash flow hedges 30 Sep 31 Dec Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 2021 2021 2021 2020 2020 2020 2020 2019 2019
Amendments due to the adoption of IFRS 9
Group Treasury 1 -0 0 -2 3 -8 1 -11 10 -5 3
Other 1 1 -0 -0 0 -0 -1 -0 0 1 -2
Total 2 1 0 -2 3 -8 0 -11 10 -4 1
Shareholders' equity
10
Financial information, GroupNet interest income analysis, GroupQ3, 2021
Net interest income analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Interest income
Cash and balances with central banks -834 -382 -312 -290 -232 -165 -211 -190 19 35 81
Treasury bills and other bills eligible for refinancing with central banks, etc. 49 61 -20 18 17 14 15 15 16 30 45 43
Loans to credit institutions 128 268 -52 44 47 37 46 56 80 132 130 151
Loans to the public 22 967 24 753 -7 7 674 7 634 7 659 7 892 8 101 8 350 8 302 8 201 8 311
Bonds and other interest-bearing securities 136 321 -58 42 47 47 57 176 104 41 57 -5
Derivatives 781 581 34 275 262 244 56 78 209 294 320 358
Other assets 125 144 -13 42 41 42 46 42 49 53 51 55
Total 23 352 25 746 -9 7 783 7 758 7 811 7 947 8 257 8 618 8 871 8 839 8 994
Deduction of trading-related interests reported in Net gains and losses on
financial items 47 59 -20 -4 68 -17 -157 43 -59 75 115 151
Total interest income 23 305 25 687 -9 7 787 7 690 7 828 8 104 8 214 8 677 8 796 8 724 8 843
Interest expense
Amounts owed to credit institutions 125 -214 28 92 5 10 -1 -78 -135 -130 -269
Deposits and borrowings from the public -293 -623 -53 -130 -126 -37 -224 -148 -147 -328 -261 -391
of which deposits guarantee fees -313 -354 -12 -142 -136 -35 -212 -119 -118 -117 -116 -128
Debt securities in issue -3 518 -5 860 -40 -1 102 -1 158 -1 258 -1 422 -1 594 -1 951 -2 315 -2 417 -2 750
Senior non-preferred liabilities -143 -112 28 -67 -48 -28 10 -57 -29 -26 -15
Subordinated liabilities -538 -651 -17 -198 -170 -170 -170 -183 -189 -279 -290 -247
Derivatives 1) 1 641 2 889 -43 568 570 503 561 781 938 1 170 1 131 1 658
Other liabilities -660 -729 -9 -216 -197 -247 -233 -247 -277 -205 -311 -314
of which resolution fee -599 -643 -7 -198 -172 -229 -220 -218 -249 -176 -278 -278
of which lease liabilities -31 -34 -9 -10 -11 -10 -10 -12 -11 -11 -11 -11
Total -3 386 -5 300 -36 -1 117 -1 037 -1 232 -1 468 -1 449 -1 733 -2 118 -2 293 -2 313
deduction of trading related interest reported in Net gains and losses on
financial items 216 101 80 81 55 69 51 58 -8 23 -23
Total interest expense -3 602 -5 401 -33 -1 197 -1 118 -1 287 -1 537 -1 500 -1 791 -2 110 -2 316 -2 290-31 -34 -9 -10 -11 -10 -10 -12 -11 -11 -11 -11
Net interest income 19 703 20 286 -3 6 590 6 572 6 541 6 567 6 714 6 886 6 686 6 408 6 553
Average balances
Cash and balances with central banks 527 278 324 874 62 624 474 523 415 445 003 366 954 377 798 346 657 256 612 224 711 256 661
Treasury bills and other bills eligible for refinancing with central banks, etc. 137 425 149 774 -8 149 043 140 301 123 606 119 742 141 925 151 397 160 884 159 731 150 038
Loans to credit institutions 51 502 57 167 -10 48 063 48 889 53 188 55 714 60 028 56 702 55 198 55 686 50 012
Loans to the public 1 674 713 1 691 822 -1 1 684 193 1 666 365 1 669 989 1 681 487 1 695 463 1 709 322 1 677 266 1 663 680 1 677 031
Bonds and other interest-bearing securities 67 403 87 783 -23 68 141 69 271 65 580 77 891 88 676 102 191 77 256 69 154 65 643
Interest-bearing assets 2 458 321 2 311 420 6 2 573 914 2 448 241 2 357 366 2 301 788 2 363 890 2 366 269 2 227 216 2 172 962 2 199 385
Derivatives 40 130 58 519 -31 37 786 38 968 45 213 51 509 56 527 63 329 60 991 50 327 57 825
Other assets 365 802 302 408 21 386 824 367 124 347 432 320 070 308 460 299 736 294 533 280 532 274 234
Total assets 2 864 253 2 672 347 7 2 998 524 2 854 333 2 750 011 2 673 367 2 728 877 2 729 334 2 582 740 2 503 821 2 531 444
Amounts owed to credit institutions 161 169 154 392 4 155 893 146 350 178 030 165 269 178 382 186 540 111 445 101 080 116 034
Deposits and borrowings from the public 1 260 059 1 091 461 15 1 316 909 1 266 593 1 203 304 1 162 829 1 145 420 1 103 087 1 027 060 997 779 982 990
Debt securities in issue 840 336 873 762 -4 897 541 842 009 789 165 787 334 833 425 884 745 910 576 888 766 922 669
Senior non-preffered liabilities 26 089 10 898 35 929 26 461 16 540 10 610 10 803 10 916 11 022 4 713
Subordinated liabilities 24 594 27 641 -11 26 015 23 683 23 713 24 231 24 823 25 966 31 350 32 617 30 710
Interest-bearing liabilities 2 312 247 2 158 154 7 2 432 287 2 305 096 2 210 752 2 150 273 2 192 853 2 211 254 2 091 453 2 024 955 2 052 403
Derivatives 32 296 48 557 -33 26 521 30 282 39 415 45 639 54 517 51 924 42 067 38 247 39 356
Other liabilities 357 920 318 081 13 373 989 358 746 341 202 321 108 330 555 319 305 304 781 301 231 303 923
Lease Liabilities 3 600 3 722 -3 3 526 3 625 3 650 3 641 3 745 3 734 3 699 3 630 3 729
Total liabilities 2 706 063 2 528 514 7 2 836 323 2 697 749 2 595 019 2 520 661 2 581 670 2 586 217 2 442 000 2 368 063 2 399 411
Equity 158 190 143 833 10 162 201 156 584 154 992 152 706 147 207 143 117 140 740 135 758 132 033
Total liabilities and equity 2 864 253 2 672 347 7 2 998 524 2 854 333 2 750 011 2 673 367 2 728 877 2 729 334 2 582 740 2 503 821 2 531 444
Average interest rates YTD YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
% 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Cash and balances with central banks -0.21 -0.16 -0.05 -0.20 -0.22 -0.21 -0.18 -0.22 -0.22 0.03 0.06 0.13
Treasury bills and other bills eligible for refinancing with central banks, etc. 0.05 0.05 -0.01 0.05 0.05 0.05 0.05 0.04 0.04 0.07 0.11 0.11
Loans to credit institutions 0.33 0.63 -0.29 0.37 0.38 0.28 0.33 0.37 0.56 0.96 0.93 1.21
Loans to the public 1.83 1.95 -0.12 1.82 1.83 1.83 1.88 1.91 1.95 1.98 1.97 1.98
Bonds and other interest-bearing securities 0.27 0.49 -0.22 0.25 0.27 0.29 0.29 0.79 0.41 0.21 0.33 -0.03
Interest-bearing assets 1.21 1.42 -0.21 1.16 1.22 1.28 1.36 1.38 1.41 1.53 1.56 1.56
Amounts owed to credit institutions -0.10 0.18 -0.29 -0.07 -0.25 -0.01 -0.02 0.00 0.17 0.48 0.51 0.93
Deposits and borrowings from the public 0.03 0.08 -0.05 0.04 0.04 0.01 0.08 0.05 0.05 0.13 0.10 0.16
Debt securities in issue 0.56 0.89 -0.34 0.49 0.55 0.64 0.72 0.77 0.88 1.02 1.09 1.19
Senior non-preferred liabilities 0.73 1.37 -0.64 0.75 0.73 0.68 -0.38 2.11 1.06 0.94 1.27
Subordinated liabilities 2.92 3.14 -0.22 3.04 2.87 2.87 2.81 2.95 2.91 3.56 3.56 3.22
Lease liabilities 1.15 1.22 -0.07 1.13 1.21 1.10 1.10 1.28 1.18 1.19 1.21 1.18
Interest-bearing liabilities 0.25 0.46 -0.21 0.24 0.24 0.27 0.33 0.36 0.43 0.59 0.61 0.71
Net investment margin before trading-related interests are deducted 0.93 1.02 -0.08 0.89 0.94 0.96 0.97 1.00 1.01 1.05 1.05 1.06
Interest-bearing securities are reported net less sold, not held, securities.
1) Derivatives are mainly used to hedge FX and interest rate risk. Interest rate risks arises within the banking operations when there is a mismatch between the interest fixing periods of assets and liabilities. The positive interest expense on derivatives is primarily a
function of entered swap agreements, in which Swedbank receives fixed rates to match payments on long-term debt issuance and pays floating rates to match payments received on floating rate loans to the public. Interest income and interest expense on derivatives
which are held for trading financial instruments and related interests within LC&I are excluded from net interest income and reported as net gains and losses on financial items.
11
Financial information, GroupIncome analysisQ3, 2021
Income analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Net interest income 19 703 20 286 -3 6 590 6 572 6 541 6 567 6 714 6 886 6 686 6 408 6 553
Payment processing 588 650 -10 199 195 194 241 222 202 226 240 238
Cards 2 143 2 006 7 827 748 568 526 713 590 703 839 876
Service concepts 828 818 1 279 278 271 266 267 276 275 269 271
Asset management & Custody 5 311 4 117 29 1 884 1 738 1 689 1 604 1 464 1 288 1 365 1 443 1 357
Securities & Corporate Finance 360 256 41 84 164 112 226 63 78 115 165 17
Lending 802 694 16 281 260 261 244 239 223 232 209 239
Insurance 269 320 -16 86 91 92 90 98 102 120 90 109
Other 532 533 -0 159 200 173 179 180 166 187 160 190
Net commission income 10 833 9 394 15 3 799 3 674 3 360 3 376 3 246 2 925 3 223 3 415 3 297
Net gains and losses on financial items 1 783 1 745 2 553 645 585 910 669 1 398 -322 1 218 457
Net insurance 1 131 1 110 2 361 396 374 408 424 390 296 399 379
Sparbanken Skåne/Färs & Frosta Sparbank 127 104 22 44 40 44 38 47 38 19 31 37
Swedbank Sjuhärad 97 95 2 28 34 34 37 42 40 14 31 30
Other jointly owned banks in Sweden 92 55 66 39 25 27 21 20 18 18 13 20
EnterCard 384 200 92 127 138 118 47 112 50 39 203 113
VISA 2 2
Other companies 23 3 1 10 13 -21 10 -13 6 -26 13
Share of the profit or loss of associates 723 460 57 239 247 237 122 231 134 95 252 213
IT/administrative services to savings banks 830 786 6 279 283 268 312 287 292 207 159 207
Assets taken over 9 2 2 4 3 0 0 1 1 1 22
Other 129 129 46 49 34 69 33 50 46 104 98
Other income 968 917 6 327 336 305 381 320 343 254 264 327
Total income 35 141 33 912 4 11 869 11 870 11 402 11 764 11 604 12 076 10 232 11 956 11 226
12
Financial information, GroupExpense analysisQ3, 2021
Expense analysis, Group YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Staff costs
Salaries and other remunerations 6 004 5 505 9 1 997 2 021 1 986 1 987 1 850 1 842 1 813 1 836 1 727
Variable staff costs 1)
317 188 69 104 97 116 174 74 43 71 51 126
Pension costs 1)
1 123 1 164 -4 362 381 380 391 400 390 374 313 325
Social insurance charges 1) 1 659 1 518 9 555 551 553 532 511 506 501 491 478
Training costs 38 49 -22 12 14 12 33 11 13 25 45 24
Other staff costs 237 244 -3 97 72 68 88 84 74 86 79 83
Total staff costs 9 378 8 668 8 3 127 3 136 3 115 3 205 2 930 2 868 2 870 2 815 2 763
Other expenses
Premises and rents 308 296 4 108 95 105 163 112 92 92 125 117
IT expenses 1 747 1 731 1 598 581 568 587 566 596 569 627 529
Telecommunications and postage 87 108 -19 29 27 31 54 31 31 46 30 37
Consultants 623 1 274 -51 192 217 214 271 215 307 752 776 409
Compensation to Savings Banks 171 174 -2 56 58 57 57 58 58 58 59 58
Other purchased services 667 682 -2 242 212 213 372 218 233 231 287 222
Travel 7 57 -88 4 2 1 5 3 4 50 71 44
Entertainment 13 17 -24 6 3 4 9 4 2 11 14 3
Supplies 43 62 -31 13 9 21 33 17 22 23 28 17
Advertising, PR and marketing 153 222 -31 58 56 39 198 62 83 77 138 69
Security transport and alarm systems 52 52 0 18 16 18 16 16 20 16 19 17
Repair/maintenance of inventories 85 75 13 31 30 24 19 21 24 30 26 20
Other administrative expenses 347 337 3 131 102 114 131 103 106 128 119 337Other operating expenses 104 46 126 27 29 48 59 9 10 27 23 139
Total other expenses 4 407 5 133 -14 1 513 1 437 1 457 1 974 1 435 1 588 2 110 2 342 2 018
Depreciation/amortisation 1 220 1173 4 402 416 402 407 396 387 390 392 3830
Administrative fine 4000 4 000
Total expenses 15 005 18 974 -21 5 042 4 989 4 974 5 586 4 761 4 843 9 370 5 549 5 164
1) Social insurance charges and pension costs related to variable pay are presented as variable staff costs.
IT-related expensesQ3, 2021
YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
IT expenses
Software 456 456 179 150 127 202 144 161 151 143 145
IT-consultants 693 648 7 220 239 234 275 183 244 221 259 201
Other externally bought IT-services 598 627 -5 199 192 207 110 239 191 197 225 183
Total IT expenses 1 747 1 731 1 598 581 568 587 566 596 569 627 529
Other IT-related expenses
Staff costs (Swedbank's internal IT-organisation) 2)
1 639 1 444 14 552 537 550 537 506 474 464 443 431
Amortisation of internally developed software 275 244 13 86 99 90 96 82 82 80 73 74
Amortisation/depreciation of other IT-related assets 220 221 -0 74 73 73 74 74 64 83 66 75
Other IT-related expenses 2)
673 500 35 230 233 210 338 124 152 224 258 218
Total other IT-related expenses 2 807 2 409 17 942 942 923 1 045 786 772 851 840 798
IT Expenses 1 747 1 731 1 598 581 568 587 566 596 569 627 529
Other IT-related expenses 2 807 2 409 17 942 942 923 1 045 786 772 851 840 798
Total IT-related expenses 4 554 4 140 10 1 540 1 523 1 491 1 632 1 352 1 368 1 420 1 467 1 327
YTD YTD ∆ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Internally developed software
Opening Balance 4 319 3 350 29 4 744 4 552 4 319 3 931 3 777 3 523 3 350 3 141 2 989
Investments 963 825 17 293 347 323 484 236 336 253 295 226
Amortizations -275 -244 13 -86 -99 -90 -96 -82 -82 -80 -73 -74
Impairments -56 #DIV/0! -56 -13
Closing Balance 4 951 3 931 26 4 951 4 744 4 552 4 319 3 931 3 777 3 523 3 350 3 141
2) Definition of Staff costs, Leasing and depreciation of IT-equipment and Other IT-related expenses has changed compared to Q4 2020
13
Financial information, Group
Variable payQ3, 2021
Income Statement Impact Forecast
Year Program FY 2017 FY 2018 FY 2019 FY 2020 YTD 2021 2021-2025
2013 Eken 2013 14 435 811
IP 2013 5 376
2014 Eken 2014 93 21 521 777
IP 2014 6 5 256
2015 Eken 2015 49 48 11 233 457
IP 2015 13 19 1 224
2016 Eken 2016 65 64 42 14 264 457
IP 2016 20 15 11 4 193
2017 Eken 2017 75 63 47 53 14 14 252 406
IP/IPAM 2017 120 7 13 13 1 1 154
2018 Eken 2018 94 74 72 57 85 325 577
IP/IPAM 2018 182 33 20 13 17 252
2019 Eken 2019 67 58 45 116 241 415
IP/IPAM 2019 132 12 14 30 174
2020 Eken 2020 19 12 49 68 178
IP/IPAM 2020 83 0 27 110
2021 Eken 2021 47 259 259 431
IP/IPAM 2021 105 172 172
Other variable pay 10 9 14 9 9 314
Total 460 528 440 362 317 779 4 823
Actual
∑ 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.
5) Positive Economic Profit is a prerequisite for Eken and IP. Size of Eken has direct connection to Group ROE.
6) 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.
3) 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). IP 2017, IP 2018, IP 2019, IP 2020 and IP 2021 programme excepted.
4) For IP 2017, IP 2018, IP 2019, IP 2021 IP 2021 both the share part and the cash part have a split of duration periods.
The recognition in the P/L follows the duration periods.
14
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 11 411 12 426 -8 3 725 3 765 3 921 3 851 4 064 4 178 4 184 4 093 3 987
Payment processing 23 65 -65 -16 11 28 27 12 18 35 23 17
Card commission 1 017 1 017 399 363 255 325 359 306 352 428 454
Service concepts 568 565 1 190 190 188 184 186 186 193 195 194
Asset management and custody 4 393 3 374 30 1 564 1 446 1 383 1 268 1 197 1 055 1 122 1 149 1 100
Securities & Corporate finance 203 165 23 69 78 56 118 52 48 65 44 55
Lending 29 42 -31 13 9 7 7 10 20 12 26
Insurance 205 256 -20 58 77 70 68 80 84 92 68 92
Other commissions 348 338 3 104 128 116 103 119 112 107 110 103
Net commission income 6 786 5 822 17 2 381 2 302 2 103 2 100 2 015 1 829 1 978 2 017 2 041
Net gains and losses on financial items 442 260 70 105 218 119 91 104 93 63 105 107
Net insurance 618 560 10 223 199 196 206 243 169 148 199 188
Share of the profit or loss of associates 762 492 55 250 263 249 150 239 147 106 278 211
Other income 114 119 -4 40 35 39 66 46 39 34 76 80
Total income 20 133 19 679 2 6 724 6 782 6 627 6 464 6 711 6 455 6 513 6 768 6 614
Staff costs 2 394 2 269 6 793 790 811 781 765 747 757 726 712
Variable staff costs 48 30 60 15 14 19 17 16 11 3 6 21
Expenses for premises 275 269 2 95 94 86 123 96 90 83 134 61
IT expenses 34 35 -3 10 12 12 8 9 16 10 11 7
Consultants 118 102 16 27 43 48 72 28 54 20 52 15
Other expenses 4 972 4 469 11 1 648 1 680 1 644 1 797 1 509 1 524 1 436 1 495 1 361
of which internally sold and bought services 4 535 3 961 14 1 503 1 531 1 501 1 550 1 350 1 349 1 262 1 283 1 193
Depreciation/amortisation 30 41 -27 9 11 10 12 13 14 14 19 58
Total expenses 7 871 7 215 9 2 597 2 644 2 630 2 810 2 436 2 456 2 323 2 443 2 235
Profit before impairments 12 262 12 464 -2 4 127 4 138 3 997 3 654 4 275 3 999 4 190 4 325 4 379
Credit impairments -110 665 -83 -34 7 -1 -140 432 373 10 27
Profit before tax 12 372 11 799 5 4 210 4 172 3 990 3 655 4 415 3 567 3 817 4 315 4 352
Tax expense 2 300 2 344 -2 777 774 749 664 862 722 760 800 838
Profit for the period from continuing operations 10 072 9 455 7 3 433 3 398 3 241 2 991 3 553 2 845 3 057 3 515 3 514
Profit for the period including non-controlling interest 10 072 9 455 7 3 433 3 398 3 241 2 991 3 553 2 845 3 057 3 515 3 514
Profit for the period attributable to:
Shareholders of Swedbank AB 10 071 9 455 7 3 432 3 397 3 242 2 991 3 552 2 846 3 057 3 515 3 512
Non-controlling interests 1 1 1 -1 1 -1 2
Swedish BankingQ3, 2021
15
Business segments
30 Sep 30 Sep Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKbn 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Balance sheet (Incl intra-Group transactions)
Assets
Cash and balances with central banks 2 1 100 2 2 1 1 1 1 1 1 1
Loans to credit institutions 7 7 0 7 7 7 7 7 6 8 6 6
Loans to the public 5) 1 243 1 211 3 1 243 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200
Bonds and other interest-bearing securities
Financial assets for which customers bear inv. risk 294 234 26 294 288 271 246 234 218 193 219 209
Derivatives
Other assets 11 10 10 11 10 14 11 10 11 11 11 9
Total assets 1 557 1 463 6 1 557 1 535 1 508 1 476 1 463 1 440 1 413 1 433 1 425
Liabilities and equity
Amounts owed to credit institutions 26 30 -13 26 28 28 27 30 29 29 26 25
Deposits and borrowings from the public 691 627 10 691 683 650 646 627 614 585 571 567
Debt securities in issue
Financial liabilities for which customers bear inv. risk 295 235 26 295 289 274 247 235 218 195 220 209
Derivatives
Other liabilities 481 503 -4 481 471 492 489 503 511 537 551 559
Senior non-preferred liabilities
Subordinated liabilities
Allocated equity 64 68 -6 64 64 64 67 68 68 67 65 65
Total liabilities and equity 1 557 1 463 6 1 557 1 535 1 508 1 476 1 463 1 440 1 413 1 433 1 425
Key figures
Key performance indicators
Return on allocated equity, % 20.7 18.8 21.3 21.1 19.8 17.7 20.8 16.9 18.7 21.7 21.6
Cost/Income ratio 0.39 0.37 0.39 0.39 0.40 0.43 0.36 0.38 0.36 0.36 0.34
Credit impairment ratio, % -0.01 0.07 -0.03 -0.01 0.00 0.00 -0.05 0.14 0.12 0.00 0.01
Loan/Deposit ratio, % 180 193 180 180 187 187 193 196 205 209 212
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 1 243 1 211 3 1 243 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200
Deposits from the public excluding repos & SNDO 1) 691 627 10 691 682 650 646 627 613 585 571 567
Mutual funds & insurance 1 071 876 22 1 071 1 058 1 005 923 876 811 718 831 785
Allocated equity, average, SEKm 64 963 66 983 -3 64 511 64 496 65 472 67 475 68 324 67 442 65 449 64 731 65 067
Risk exposure amount 2) 404 400 1 404 399 400 391 400 399 395 391 387
Commitments 172 162 6 172 176 160 154 162 154 136 133 139
Full-time employees 3 984 3 908 2 3 984 3 926 3 950 3 962 3 908 3 794 3 662 3 592 3 610
Other information (millions)
Number of digitally active customers (incl. Savings banks) 3) 3.3 3.2 4.3 3.3 3.3 3.2 3.2 3.2 3.2 3.1 3.1 3.1
of which Savings banks 1.1 1.0 4.9 1.1 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Share of sales in digital channels (Swedbank), % 73.9 69.6 4.2 72.7 71.2 76.7 69.0 71.5 70.5 66.8 56.0 56.8
Number of cards (debit cards) 4.4 4.4 0.6 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.3 4.3
Number of card purchases 972 963 1 361 330 281 308 342 306 315 342 366
POS/total card turnover, % 4) 90 89 1 90 90 89 89 89 89 88 87 87
Number of card acquiring, Nordic Countries 2 080 2 036 2 769 716 595 672 727 656 652 716 735
Total acquired amount, Nordic Countries, SEKm 577 093 545 800 6 211 499 201 015 164 579 188 671 194 576 182 220 169 003 192 817 193 399
1) Excluding intra-Group transactions.
2) Risk exposure amount is reported according to Basel 3.
3) Number of customers that have made at least 3 logins including shake balance in digital channel during last month.
4) Point of Sale (POS).
5) A decline in Swedish Banking in Q3 2019 was due to Ölands deconsolidation (which had net effect of SEK -4bn).
Swedish BankingQ3, 2021
Large corporate clients have been moved from Swedish Banking to Large Corporates & Institutions during Q4-2020. Business volumes (Loans to the public of SEK 2bn) have been
moved between the business segments. No restatement of historical comparative figures have been made.
16
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 3 917 4 088 -4 1 296 1 383 1 238 1 266 1 309 1 409 1 370 1 358 1 345
Payment processing 333 352 -5 106 109 118 100 109 118 125 117 119
Card commission 898 797 13 336 309 253 277 282 241 274 320 307
Service concepts 124 111 12 43 41 40 40 39 38 34 31 31
Asset management and custody 226 220 3 81 75 70 76 74 69 77 82 88
Securities & Corporate Finance 26 27 -4 6 11 9 11 11 11 5 8 9
Lending 118 127 -7 42 40 36 39 42 44 41 44 43
Insurance 62 57 9 22 21 19 19 19 18 20 20 17
Other commissions 141 133 6 46 45 50 44 44 42 47 49 50
Net commission income 1 928 1 824 6 682 651 595 606 620 581 623 671 664
Net gains and losses on financial items 272 237 15 88 93 91 100 91 99 47 93 101
Net insurance 504 609 -17 135 183 186 213 201 239 169 220 209
Other income 67 61 10 25 20 22 29 15 22 24 41 25
Total income 6 688 6 819 -2 2 226 2 330 2 132 2 214 2 236 2 350 2 233 2 383 2 344
Staff costs 1 047 1 017 3 365 352 330 364 349 342 326 337 339
Variable staff costs 43 29 48 13 13 17 21 10 9 10 11 18
Expenses for premises 68 65 5 25 23 20 32 22 23 20 28 28
IT expenses 18 2 6 6 6 1 1 1 7 8
Consultants 8 14 -43 2 5 1 10 3 5 6 20 6
Other expenses 1 544 1 335 16 566 509 469 559 466 427 442 527 440
of which internally sold and bought services 1 170 1 032 13 358 424 388 399 365 332 335 372 339
Depreciation/amortisation 128 133 -4 43 42 43 42 44 44 45 46 45
Total expenses 2 856 2 595 10 1 020 950 886 1 029 895 850 850 976 884
Profit before impairments 3 832 4 224 -9 1 206 1 380 1 246 1 185 1 341 1 500 1 383 1 407 1 460
Impairment of tangible assets 1 1 1 5 2
Credit impairments 177 245 -28 -20 -23 220 -8 43 56 146 -3 10
Profit before tax 3 655 3 978 -8 1 226 1 403 1 026 1 192 1 297 1 444 1 237 1 405 1 448
Tax expense 613 667 -8 207 234 172 197 214 237 216 200 207
Profit for the period from continuing operations 3 042 3 311 -8 1 019 1 169 854 995 1 083 1 207 1 021 1 205 1 241
Profit for the period including non-controlling interest 3 042 3 311 -8 1 019 1 169 854 995 1 083 1 207 1 021 1 205 1 241
Profit for the period attributable to:
Shareholders of Swedbank AB 3 042 3 311 -8 1 019 1 169 854 995 1 083 1 207 1 021 1 205 1 241
Baltic BankingQ3, 2021
17
Business segments
30 Sep 30 Sep Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKbn 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Balance sheet (Incl intra-Group transactions)
Assets
Cash and balances with central banks 3 3 3 3 3 3 3 3 3 3 3
Loans to credit institutions
Loans to the public 192 190 1 192 187 188 182 190 187 198 186 187
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 7 6 17 7 7 7 6 6 5 5 6 5
Derivatives
Other assets 131 105 25 131 129 133 122 105 96 84 77 70
Total assets 334 305 10 334 327 332 314 305 292 291 273 266
Liabilities and equity
Amounts owed to credit institutions
Deposits and borrowings from the public 301 272 11 301 295 300 284 272 259 257 241 232
Debt securities in issue 1 1 1 1 1 1 1 2 1 2
Financial liabilities for which customers bear inv. risk 7 6 17 7 7 7 6 6 6 5 6 6
Derivatives
Other liabilities
Senior non-preferred liabilities
Subordinated liabilities
Allocated equity 25 26 -4 25 24 24 24 26 26 27 25 26
Total liabilities and equity 334 305 10 334 327 332 314 305 292 291 273 266
Key figures
Key performance indicators
Return on allocated equity, % 16.7 17.1 16.6 19.4 14.1 16.1 16.7 18.8 15.1 19.1 19.2
Cost/Income ratio 0.43 0.38 0.46 0.41 0.42 0.46 0.40 0.36 0.38 0.41 0.38
Credit impairment ratio, % 0.13 0.17 -0.04 -0.05 0.48 -0.02 0.09 0.11 0.30 -0.01 0.02
Loan/Deposit ratio, % 64 70 64 63 63 64 70 72 77 77 81
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 192 190 1 192 187 188 182 190 187 198 186 188
Deposits from the public excluding repos & SNDO 1) 301 272 11 301 295 300 284 272 259 257 241 232
Mutual funds & insurance 69 64 8 69 73 70 71 64 59 63 66 64
Discretionary asset management 1 1 1 3 1 2 1 1 2 2 3
Goodwill 10 10 10 10 10 10 10 10 10 10 10
Allocated equity, average, SEKm 24 326 25 889 -6 24 598 24 082 24 312 24 699 25 940 25 718 27 024 25 291 25 872
Risk exposure amount 103 95 8 103 99 97 92 95 95 100 94 96
Commitments 25 22 14 25 21 18 19 22 25 26 25 27
Full-time employees 4 251 4 237 0 4 251 4 281 4 279 4 265 4 237 4 234 4 181 4 178 4 144
Other information (millions)
Number of digitally active customers 2) 2.1 1.9 11 2.1 2.1 2.1 2.0 1.9 1.9 1.9 1.9 1.9
Share of sales in digital channels, % 78.3 78.1 0.1 76.0 78.0 80.6 77.8 78.6 76.6 77.7 69.5 67.9
Number of cards 3.8 3.8 -0 3.8 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8
Number of card purchases 524.1 485.9 8 200.1 179.4 144.6 165.5 182.5 148.5 154.9 167.4 163.4
POS/total card turnover, % 3) 58.3 54.7 4 59.1 58.2 57.2 56.1 55.1 55.4 53.7 52.9 51.7
Number of card acquiring 363 341 7 138.9 122.3 102.2 117.7 128.3 103.8 109.1 118.4 120.3
Total acquired amount, SEKm 63 931 58 168 10 24 707 21 482 17 742 21 196 21 635 18 462 18 071 20 462 20 997
Key figures in Euro
Income statement, EURm
Net interest income 385.8 386.8 -0 127.4 136.2 122.2 123.1 126.2 132.4 128.2 128.0 125.5
Total income 658.8 645.5 2 219.0 229.4 210.4 215.3 215.6 220.9 209.0 224.6 218.9
Total expenses 281.4 245.6 15 100.3 93.6 87.5 100.3 86.3 80.0 79.4 92.1 82.5
Profit for the period 299.7 313.9 -5 100.3 114.9 84.4 96.6 104.5 113.5 95.9 113.5 115.8
Volumes and balance sheet, EURbn
Total assets 21.3 20.2 5 21.3 20.9 20.7 20.4 20.2 20.1 20.2 20.1 19.7
Loans to the public excluding repos & SNDO 1) 18.9 18.0 5 18.9 18.5 18.4 18.1 18.0 17.9 18.0 17.8 17.5
Deposits from the public excluding repos & SNDO 1) 29.6 25.8 15 29.6 29.2 29.3 28.3 25.8 24.8 23.3 23.1 21.7
Allocated equity, average, EURm 2 393 2 455 -3 2 420 2 381 2 375 2 456 2 460 2 457 2 455 2 424 2 416
Risk exposure amount 10.2 9.1 12 10.2 9.8 9.5 9.0 9.1 9.1 9.1 9.0 8.9
1) Excluding intra-Group transactions.
2) Number of customers that have made at least 3 logins including shake balance in digital channel during last month.
3) Point of Sale (POS).
Baltic BankingQ3, 2021
18
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 1 783 1 821 -2 576 650 557 574 587 622 612 606 600
Payment processing 107 115 -7 33 38 36 36 35 40 40 43 42
Card commission 266 228 17 99 90 77 84 79 67 82 97 96
Service concepts 23 12 92 8 8 7 6 6 5 1
Asset management and custody 94 95 -1 32 32 30 30 31 29 35 37 42
Securities & Corporate Finance 15 17 -12 3 7 5 6 7 6 4 6 5
Lending 36 37 -3 13 12 11 12 11 13 13 14 14
Insurance 18 17 6 6 6 6 5 6 5 6 6 5
Other commissions 43 33 30 15 12 16 11 12 11 10 10 11
Net commission income 602 554 9 209 205 188 190 187 176 191 213 215
Net gains and losses on financial items 87 58 50 28 28 31 38 28 39 -9 27 29
Net insurance 262 309 -15 75 93 94 108 108 123 78 111 108
Other income 27 27 10 8 9 13 7 10 10 19 9
Total income 2 761 2 769 -0 898 984 879 923 917 970 882 976 961
Staff costs 354 352 1 119 123 112 129 117 121 114 118 120
Variable staff costs 15 10 50 4 6 5 7 4 3 3 3 6
Expenses for premises 7 7 3 3 1 5 2 4 1 5 6
IT expenses 5 2 2 1 1 2 3
Consultants 4 12 -67 1 2 1 8 2 5 5 12 6
Other expenses 652 554 18 243 217 192 222 192 178 184 188 176
of which internally sold and bought services 518 458 13 160 189 169 171 160 148 150 139 143
Depreciation/amortisation 55 59 -7 18 19 18 18 20 20 19 19 20
Total expenses 1 092 994 10 390 372 330 390 337 331 326 347 337
Profit before impairments 1 669 1 775 -6 508 612 549 533 580 639 556 629 624
Credit impairments 97 145 -33 -11 3 105 -10 35 51 59 16 -9
Profit before tax 1 572 1 630 -4 519 609 444 543 545 588 497 613 633
Tax expense 220 225 -2 73 85 62 74 74 78 73 84 89
Profit for the period from continuing operations 1 352 1 405 -4 446 524 382 469 471 510 424 529 544
Profit for the period including non-controlling interest 1 352 1 405 -4 446 524 382 469 471 510 424 529 544
Profit for the period attributable to:
Shareholders of Swedbank AB 1 352 1 405 -4 446 524 382 469 471 510 424 529 544
Key figures
Key performance indicators
Return on allocated equity, % 18.6 18.3 18.2 21.9 15.9 19.2 18.4 20.0 15.7 21.1 21.1
Cost/Income ratio 0.40 0.36 0.43 0.38 0.38 0.42 0.37 0.34 0.37 0.36 0.35
Credit impairment ratio, % 0.15 0.22 -0.05 0.01 0.49 -0.05 0.16 0.22 0.26 0.08 -0.04
Loan/Deposit ratio, % 78 83 78 81 80 81 83 84 92 92 92
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 90 89 1 90 88 88 85 89 86 92 87 88
Deposits from the public excluding repos & SNDO 1) 114 107 7 114 107 109 105 107 103 99 94 94
Mutual funds & insurance 20 23 -13 20 26 25 28 23 22 25 27 25
Discretionary asset management 1 1 1 3 1 2 1 1 2 2 3
Goodwill 4 4 4 4 4 4 4 4 4 4 4
Allocated equity, average, SEKm 9 681 10 257 -6 9 814 9 574 9 619 9 748 10 239 10 184 10 773 10 023 10 298
Risk exposure amount 43 38 13 43 42 41 36 38 37 39 37 37
Commitments 11 9 22 11 9 8 7 9 9 10 9 9
Full-time employees 1 371 1 384 -1 1 371 1 369 1 395 1 391 1 384 1 391 1 354 1 366 1 370
Other information (millions)
Number of digitally active customers 2) 0.5 0.5 6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Share of sales in digital channels, % 80.9 82.5 -1.6 80.9 80.0 81.7 80.8 82.6 80.6 83.1 70.8 68.4
Number of cards 1.1 1.1 -2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1
Number of card purchases 172.6 164.9 5 65.9 58.1 48.7 57.0 61.3 49.3 54.2 59.5 60.3
POS/total card turnover, % 3) 67.1 65.3 2 67.2 67.1 67.2 66.6 66.0 65.5 64.5 64.5 63.2
Number of card acquiring 164.2 154.7 6 63.5 55.2 45.5 53.2 57.7 46.5 50.4 55.3 56.6
Total acquired amount, SEKm 29 023 27 768 5 11 434 9 629 7 960 9 688 10 194 8 726 8 848 9 998 10 429
1) Excluding intra-Group transactions.
2) Number of customers that have made at least 3 logins including shake balance in a digital channel during last month.
3) Point of Sale (POS).
EstoniaQ3, 2021
19
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 891 944 -6 286 322 283 288 301 325 318 321 324
Payment processing 123 122 1 42 37 44 35 39 38 45 37 42
Card commission 284 265 7 104 97 83 92 93 81 91 102 98
Asset management and custody 73 61 20 26 24 23 23 20 21 20 22 21
Securities & Corporate Finance 5 5 1 2 2 2 2 2 1 1 2
Lending 32 35 -9 11 11 10 11 12 12 11 11 12
Insurance 11 11 4 3 4 4 4 3 4 5 3
Other commissions 51 47 9 18 17 16 15 15 14 18 17 17
Net commission income 579 546 6 206 191 182 182 185 171 190 195 195
Net gains and losses on financial items 71 71 24 25 22 22 22 23 26 29 30
Net insurance 93 116 -20 23 35 35 44 43 45 28 43 47
Other income 19 15 27 6 6 7 9 6 4 5 6 5
Total income 1 653 1 692 -2 545 579 529 545 557 568 567 594 601
Staff costs 274 266 3 99 90 85 90 94 89 83 85 89
Variable staff costs 11 7 57 3 4 4 6 3 3 1 4 4
Expenses for premises 32 29 10 13 10 9 12 10 10 9 10 8
IT expenses 5 2 1 2 1 2 2
Consultants 1 3 1
Other expenses 463 404 15 164 157 142 169 142 128 134 175 136
of which internally sold and bought services 339 303 12 105 122 112 116 108 96 99 125 104
Depreciation/amortisation 29 31 -6 10 9 10 10 10 11 10 10 11
Total expenses 814 737 10 291 271 252 289 259 241 237 289 251
Profit before impairments 839 955 -12 254 308 277 256 298 327 330 305 350
Impairment of tangible assets 4
Credit impairments 54 48 13 -11 -16 81 5 10 -3 41 -13 5
Profit before tax 785 907 -13 265 324 196 251 288 330 289 314 345
Tax expense 157 180 -13 53 64 40 51 55 65 60 47 52
Profit for the period from continuing operations 628 727 -14 212 260 156 200 233 265 229 267 293
Profit for the period from discontinued operations, after tax
Profit for the period including non-controlling interest 628 727 -14 212 260 156 200 233 265 229 267 293
Profit for the period attributable to:
Shareholders of Swedbank AB 628 727 -14 212 260 156 200 233 265 229 267 293
Key figures
Key performance indicators
Return on allocated equity, % 13.9 15.2 14.0 17.3 10.3 13.0 14.4 16.7 13.9 17.4 18.5
Cost/Income ratio 0.49 0.44 0.53 0.47 0.48 0.53 0.46 0.42 0.42 0.49 0.42
Credit impairment ratio, % 0.20 0.16 -0.12 -0.17 0.89 0.06 0.10 -0.03 0.42 -0.14 0.05
Loan/Deposit ratio, % 60 68 60 58 61 63 68 72 74 75 78
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 37 38 -3 37 36 38 36 38 38 40 37 38
Deposits from the public excluding repos & SNDO 1) 62 56 11 62 63 62 57 56 53 55 49 49
Mutual funds & insurance 27 23 17 27 26 25 23 23 22 21 21 21
Goodwill 2 2 2 2 2 2 2 2 2 2 2
Allocated equity, average, SEKm 6 032 6 389 -6 6 052 5 997 6 048 6 134 6 460 6 361 6 582 6 152 6 339
Risk exposure amount 26 25 4 26 25 25 24 25 25 27 25 26
Commitments 6 6 6 5 4 6 6 7 7 6 7
Full-time employees 1 202 1 179 2 1 202 1 219 1 205 1 199 1 179 1 183 1 176 1 171 1 143
Other information (millions)
Number of digitally active customers 2) 0.6 0.6 8 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6
Share of sales in digital channels, % 75.2 74.8 0 72.4 75.1 77.2 74.3 75.7 73.8 73.0 67.2 61.6
Number of cards 1.0 1.0 0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Number of card purchases 154.5 150.1 3 59.0 52.8 42.7 49.8 55.5 46.5 48.1 51.3 49.4
POS/total card turnover, % 3) 59.6 55.8 4 60.7 59.8 57.9 57.3 56.4 56.3 54.6 53.9 52.5
Number of card acquiring 75.9 90.4 -16 28.1 24.2 23.6 28.9 33.8 27.7 29.0 31.2 31.0
Total acquired amount, SEKm 12 007 13 380 -10 4 583 3 849 3 575 4 531 4 992 4 196 4 192 4 835 4 945
1) Excluding intra-Group transactions.
2) Number of customers that have made at least 3 logins including shake balance in digital channel during last month.
3) Point of Sale (POS).
LatviaQ3, 2021
20
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 1 243 1 323 -6 433 412 398 403 421 462 440 431 421
Payment processing 103 115 -10 31 34 38 29 35 41 39 38 35
Card commission 348 303 15 132 123 93 102 109 92 102 120 114
Service concepts 101 99 2 34 34 33 34 33 33 33 31 31
Asset management and custody 59 64 -8 23 19 17 22 23 20 21 24 23
Securities & Corporate Finance 5 6 -17 1 2 2 3 3 2 1 2 1
Lending 50 54 -7 18 17 15 17 18 19 17 19 18
Insurance 32 29 10 11 11 10 10 9 10 10 10 9
Other commissions 49 54 -9 17 14 18 17 18 17 19 19 24
Net commission income 747 724 3 267 254 226 234 248 234 242 263 255
Net gains and losses on financial items 115 108 6 37 40 38 41 41 37 30 36 43
Net insurance 149 184 -19 37 55 57 60 50 72 62 65 54
Other income 24 19 26 9 7 8 8 5 6 8 15 8
Total income 2 278 2 358 -3 783 768 727 746 765 811 782 810 781
Staff costs 294 282 4 104 96 94 102 101 93 88 89 95
Variable staff costs 12 9 33 4 3 5 6 3 2 4 5 5
Expenses for premises 25 26 -4 8 8 9 12 9 9 8 12 12
IT expenses 5 1 1 2 2 1 3 2
Consultants 1 1 1 3
Other expenses 574 494 16 207 189 178 212 175 158 161 203 162
of which internally sold and bought services 448 389 15 137 164 147 153 138 125 126 147 129
Depreciation/amortisation 42 40 5 14 14 14 14 14 13 13 13 13
Total expenses 953 852 12 338 313 302 347 303 275 274 328 289
Profit before impairments 1 325 1 506 -12 445 455 425 399 462 536 508 482 492
Impairment of tangible assets 1 1 1 1 2
Credit impairments 26 52 -50 2 -10 34 -3 -2 8 46 -6 14
Profit before tax 1 299 1 453 -11 443 465 391 401 463 528 462 487 476
Tax expense 236 263 -10 81 85 70 74 84 95 84 69 67
Profit for the period from continuing operations 1 063 1 190 -11 362 380 321 327 379 433 378 418 409
Profit for the period from discontinued operations, after tax
Profit for the period including non-controlling interest 1 063 1 190 -11 362 380 321 327 379 433 378 418 409
Profit for the period attributable to:
Shareholders of Swedbank AB 1 063 1 190 -11 362 380 321 327 379 433 378 418 409
Key figures
Key performance indicators
Return on allocated equity, % 16.5 17.2 16.6 17.9 14.9 14.8 16.4 18.9 15.6 18.3 17.7
Cost/Income ratio 0.42 0.36 0.43 0.41 0.42 0.47 0.40 0.34 0.35 0.40 0.37
Credit impairment ratio, % 0.06 0.11 0.02 -0.06 0.22 -0.02 -0.01 0.05 0.28 -0.04 0.10
Loan/Deposit ratio, % 52 58 52 51 48 50 58 61 65 64 70
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 65 63 3 65 63 62 61 63 63 66 62 62
Deposits from the public excluding repos & SNDO 1) 125 109 15 125 125 129 122 109 103 103 98 89
Mutual funds & insurance 22 18 22 22 21 20 20 18 15 17 18 18
Discretionary asset management
Goodwill 4 4 4 4 4 4 4 4 4 4 4
Allocated equity, average, SEKm 8 613 9 243 -7 8 732 8 511 8 645 8 817 9 241 9 173 9 669 9 116 9 235
Risk exposure amount 34 32 6 34 32 31 31 32 33 34 32 33
Commitments 8 7 14 8 7 6 6 7 9 9 10 11
Full-time employees 1 386 1 408 -2 1 386 1 405 1 405 1 403 1 408 1 396 1 395 1 389 1 377
Other information (millions)
Number of digitally active customers 2) 1.0 0.8 16 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.8
Share of sales in digital channels, % 77.8 75.8 2 74.0 77.9 81.4 76.9 76.9 74.6 73.8 69.6 71.1
Number of cards 1.7 1.7 1 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7
Number of card purchases 196.9 170.9 15 75.3 68.5 53.2 58.7 65.7 52.6 52.6 56.6 53.7
POS/total card turnover, % 3) 68.7 46.8 22 52.8 51.8 50.3 48.4 47.3 48.0 45.2 43.9 42.4
Number of card acquiring 123.3 96.1 28 47.4 42.9 33.1 35.5 36.8 29.6 29.7 31.9 31.6
Total acquired amount, SEKm 22 901 17 020 35 8 689 8 004 6 208 6 978 6 449 5 540 5 031 5 629 5 623
1) Excluding intra-Group transactions.
2) Number of customers that have made at least 3 logins including shake balance in digital channel during last month.
3) Point of Sale (POS).
LithuaniaQ3, 2021
21
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 1 -1 1
Payment processing -1 1 -1
Card commission 1 1 -1 -1 1 1 -1 1 -1
Service concepts 1 -1
Asset management 1 -1 1 -1 2
Securities & Corporate Finance 1 -1 1 -1 1 -1 -1 1
Lending 1 -1 1 -1
Insurance 1 1 1 -1 -1
Other commissions -2 -1 100 -4 2 1 -1 3 -2
Net commission income 1 -1 -1
Net gains and losses on financial items -1 -1 -1 1 -1
Net insurance 1 -1 1 1
Other income -3 -1 -2 -1 -3 2 1 1 3
Total income -4 -1 -3 -3 1 2 3 1
Staff costs 125 117 7 43 43 39 43 37 39 41 45 35
Variable staff costs 5 3 67 2 3 2 1 2 -1 3
Expenses for premises 4 3 33 1 2 1 3 1 2 1 2
IT expenses 3 1 1 1 1 -1 1 1
Consultants 3 2 50 1 2 1 1 2 -1
Other expenses -145 -117 24 -48 -54 -43 -44 -43 -37 -37 -39 -34
of which internally sold and bought services -135 -118 14 -44 -51 -40 -41 -41 -37 -40 -39 -37
Depreciation/amortisation 2 3 -33 1 1 3 4 1
Total expenses -3 12 1 -6 2 3 -4 3 13 12 7
Profit before impairments -1 -12 -92 -1 5 -5 -3 1 -2 -11 -9 -6
Credit impairments
Profit before tax -1 -12 -92 -1 5 -5 -3 1 -2 -11 -9 -6
Tax expense -1 -2 1 -1 -1 -1
Profit for the period from continuing operations -1 -11 -91 -1 5 -5 -1 -1 -10 -9 -5
Profit for the period from discontinued operations, after tax
Profit for the period including non-controlling interest -1 -11 -91 -1 5 -5 -1 -1 -10 -9 -5
Profit for the period attributable to:
Shareholders of Swedbank AB -1 -11 -91 -1 5 -5 -1 -1 -10 -9 -5
Key figures
Key performance indicators
Cost/Income ratio 0.75 6.00 -0.67 1.33 3.00 6.50 4.00 7.00
Full-time employees 292 266 10 292 288 274 272 266 264 256 252 254
Amortisation plan Baltic Banking Investment 2021
Intangible assets, customer base (amortisation) 2
1) Excluding intra-Group transactions.
Other Baltic BankingQ3, 2021
22
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 2 735 2 892 -5 922 909 904 942 925 1 007 960 931 941
Payment processing 259 242 7 110 74 75 107 88 74 80 86 88
Card commission 215 121 78 87 81 47 -96 47 22 52 63 90
Service concepts 134 139 -4 46 45 43 40 41 48 50 42 45
Asset management and custody 706 524 35 242 226 238 259 192 162 170 182 169
Securities & Corporate finance 187 118 58 34 96 57 103 18 38 62 137 -28
Lending 618 471 31 218 196 204 180 168 147 156 137 146
Other commissions 148 172 -14 29 63 56 56 56 50 66 71 50
Net commission income 2 267 1 787 27 766 781 720 649 610 541 636 718 560
Net gains and losses on financial items 933 1 220 -24 300 284 349 677 503 1 032 -315 551 312
Share of the profit or loss of associates -23 -16 44 -7 -9 -7 -16 -4 -6 -6 -18
Other income 116 107 8 46 37 33 41 33 45 29 18 61
Total income 6 028 5 990 1 2 027 2 002 1 999 2 293 2 067 2 619 1 304 2 200 1 874
Staff costs 1 826 1 675 9 575 623 628 652 533 552 590 598 510
Variable staff costs 126 40 28 33 65 54 14 26 10 47
Expenses for premises 108 89 21 35 36 37 35 32 29 28 38 40
IT expenses 585 562 4 198 201 186 226 190 180 192 224 183
Consultants 108 142 -24 33 43 32 62 23 76 43 41 23
Other expenses 206 299 -31 76 77 53 19 116 66 117 59 115
of which internally sold and bought services -93 -116 -20 -20 -24 -49 -100 -28 -64 -24 -77 11
Depreciation/amortisation 199 183 9 61 73 65 65 61 62 60 61 58
Total expenses 3 158 2 990 6 1 006 1 086 1 066 1 113 969 965 1 056 1 031 976
Profit before impairments 2 870 3 000 -4 1 021 916 933 1 180 1 098 1 654 248 1 169 898
Impairment of intangible assets 13 13 13 66
Credit impairments 174 2 888 -94 124 31 19 537 521 740 1 627 981 117
Profit before tax 2 683 112 897 872 914 643 577 914 -1 379 175 715
Tax expense 530 -418 173 177 180 147 -42 176 -552 46 152
Profit for the period from continuing operations 2 153 530 724 695 734 496 619 738 -827 129 563
Profit for the period including non-controlling interest 2 153 530 724 695 734 496 619 738 -827 129 563
Profit for the period attributable to:
Shareholders of Swedbank AB 2 153 530 724 695 734 496 619 738 -827 129 563
Large Corporates & InstitutionsQ3, 2021
23
Business segments
30 Sep 30 Jun Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKbn 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Balance sheet (Incl intra-Group transactions)
Assets
Cash and balances with central banks 175 123 42 175 156 166 131 123 115 51 42 3
Loans to credit institutions 332 97 332 275 180 109 97 80 95 81 83
Loans to the public 266 282 -6 266 253 264 263 282 324 297 270 278
Bonds and other interest-bearing securities 55 82 -33 55 81 79 52 82 88 109 45 76
Financial assets for which customers bear inv. risk
Derivatives 46 62 -26 46 50 55 65 62 66 92 53 67
Other assets 54 33 64 54 36 51 27 33 38 38 12 24
Total assets 928 679 37 928 851 795 647 679 711 682 503 531
Liabilities and equity
Amounts owed to credit institutions 428 210 428 381 326 263 210 198 241 177 199
Deposits and borrowings from the public 257 206 25 257 259 257 226 206 196 198 149 158
Debt securities in issue 5 7 -29 5 6 7 7 7 7 8 10 11
Financial liabilities for which customers bear inv. risk
Derivatives 43 65 -34 43 48 57 67 65 74 91 55 68
Other liabilities 165 157 5 165 125 115 51 157 202 113 83 67
Senior non-preferred liabilities
Subordinated liabilities 1 1
Allocated equity 30 34 -12 30 32 33 33 34 34 30 28 28
Total liabilities and equity 928 679 37 928 851 795 647 679 711 682 503 531
Key figures
Key performance indicators
Return on allocated equity, % 8.8 2.2 9.2 8.3 9.0 6.0 7.3 8.9 -11.6 1.9 8.1
Cost/Income ratio 0.52 0.50 0.50 0.54 0.53 0.49 0.47 0.37 0.81 0.47 0.52
Credit impairment ratio, % 0.08 1.30 0.18 0.04 0.03 0.68 0.57 0.89 2.20 1.32 0.15
Loan/Deposit ratio, % 95 126 95 98 98 111 126 133 140 159 168
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 218 221 -1 218 222 218 223 221 234 234 223 225
Deposits from the public excluding repos & SNDO 1) 231 176 31 231 226 224 200 176 176 168 142 134
Mutual funds & insurance 268 220 22 268 267 260 240 220 197 179 194 185
Discretionary asset management 484 453 7 484 471 464 457 453 434 421 446 452
Allocated equity, average, SEKm 32 452 31 680 2 31 455 33 303 32 797 33 189 33 688 33 041 28 545 27 463 27 711
Risk exposure amount 168 170 -1 168 162 171 168 170 172 172 144 150
Commitments 153 142 8 153 147 153 153 142 135 122 129 123
Full-time employees 2 458 2 342 5 2 458 2 444 2 404 2 374 2 342 2 334 2 296 2 260 2 250
1) Excluding intra-Group transactions.
ESG bonds arranged by Swedbank
ESG bonds arranged by Swedbank 1) Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Transactions arranged during the period (number) 23 36 25 18 24 14 7 17 11
Total volume arranged during the period (SEKbn) 12.1 15.1 12.3 7.8 15.7 8.5 4.7 7.0 3.3
Share in relation to total volume arranged during the period (%) 26 31 20 23 42 19 11 19 8
Total volume arranged since inception (SEKbn) 130.6 118.6 103.5 91.2 83.4 67.7 59.3 54.6 47.6
1) Green, Social, Sustainability bonds and Sustainability-linked bonds (Sustainability-linked bonds as of 2021).
Large Corporates & InstitutionsQ3, 2021
Large corporate clients have been moved from Swedish Banking to Large Corporates & Institutions during Q4-2020. Business volumes (Loans to the public of SEK 2bn) have been
moved between the business segments. No restatement of historical comparative figures have been made.
24
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 1 652 899 84 651 519 482 517 421 300 178 28 280
Payment processing -18 1 2 4 -24 -28 17 -5 -11 16 13
Card commission 3 3 1 2 -3 5 -3 1 3 -1
Service concepts -1 -1 1 -1 2 -2
Asset management and custody -10 2 -2 -7 -1 2 2 4 -4 30
Securities & Corporate finance -60 -51 18 -26 -22 -12 -14 -17 -16 -18 -25 -21
Lending 42 59 -29 10 16 16 21 20 15 24 29 24
Insurance -2 3 5 -9 2 2 -2 -2 7 -1
Other commissions -105 -110 -5 -21 -35 -49 -24 -39 -38 -33 -66 -14
Net commission income -151 -93 62 -32 -50 -69 -44 -14 -43 -36 -13
Net gains and losses on financial items 135 28 59 50 26 43 -29 174 -117 469 -63
Net insurance 13 11 18 5 4 4 4 3 5 3 2 5
Share of profit or loss of associates and joint ventures -16 -16 -4 -7 -5 -12 -4 -7 -5 -8 2
Other income 891 734 21 339 293 259 329 256 263 215 200 201
Total income 2 524 1 563 61 1 018 809 697 837 633 692 238 678 425
Staff costs 3 805 3 529 8 1 294 1 278 1 233 1 238 1 212 1 188 1 129 1 103 1 077
Variable staff costs 100 89 12 48 37 15 82 34 23 32 24 40
Expenses for premises -130 -117 11 -41 -54 -35 -23 -35 -44 -38 -67 -8
IT expenses 1 779 1 132 57 606 590 583 204 354 388 390 439 410
Consultants 389 1 016 -62 130 126 133 127 161 172 683 680 365
Other expenses -5 454 -4 152 31 -1 781 -1 905 -1 768 -1 238 -1 500 -1 382 -1 270 -1 273 -1 006
of which internally sold and bought services -6 217 -4 840 28 -2 044 -2 137 -2 036 -1 686 -1 667 -1 598 -1 575 -1 607 -1 620
Depreciation/amortisation 863 816 6 289 290 284 288 278 267 271 266 222
Administrative fine 4 000 4 000
Total expenses 1 352 6 313 -79 545 362 445 678 504 612 5 197 1 172 1 100
Profit before impairments 1 172 -4 750 473 447 252 159 129 80 -4 959 -494 -675
Impairment of intangible assets 43 43
Impairment of tangible assets -1
Credit impairments -4 13 -3 -1 -5 1 7 5
Profit before tax 1 133 -4 763 476 405 252 164 128 73 -4 964 -494 -674
Tax expense 363 114 153 103 107 136 121 19 -26 -73 -21
Profit for the period from continuing operations 770 -4 877 323 302 145 28 7 54 -4 938 -421 -653
Profit for the period including non-controlling interest 770 -4 877 323 302 145 28 7 54 -4 938 -421 -653
Profit for the period attributable to:
Shareholders of Swedbank AB 770 -4 877 323 302 145 28 7 54 -4 938 -421 -653
Group Functions & OtherQ3, 2021
25
Business segments
30 Sep 30 Sep Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKbn 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Balance sheet (Incl intra-Group transactions)
Assets
Cash and balances with central banks 474 262 81 474 439 330 160 262 262 240 150 206
Loans to credit institutions 374 192 95 374 356 268 264 192 205 209 176 179
Loans to the public 2 25 2 2 2 2 3
Bonds and other interest-bearing securities 152 123 24 152 144 113 147 123 161 161 151 166
Derivatives 26 45 -42 26 27 39 33 45 41 60 29 49
Other assets 432 476 -9 432 409 400 364 476 499 488 498 493
Total assets 1 458 1 100 33 1 458 1 375 1 150 993 1 100 1 170 1 160 1 006 1 096
Liabilities and equity
Amounts owed to credit institutions 356 161 356 324 203 179 161 182 147 72 95
Deposits and borrowings from the public 79 59 34 79 79 43 2 59 61 39 2 25
Debt securities in issue 914 811 13 914 878 824 730 811 863 905 848 911
Derivatives 16 28 -43 16 20 22 33 28 34 31 24 26
Other liabilities -18 -18 -18 -24 -19 -15 -18 -22 -18 -4 -9
Senior non-preferred liabilities 37 11 37 35 20 10 11 11 11 11
Subordinated liabilities 28 25 12 28 24 24 23 25 25 27 32 33
Allocated equity 46 23 100 46 39 33 31 23 16 18 21 15
Total liabilities and equity 1 458 1 100 33 1 458 1 375 1 150 993 1 100 1 170 1 160 1 006 1 096
Key figures
Key performance indicators
Return on allocated equity, % 2.8 -33.7 3.1 3.5 1.8 0.4 0.1 1.3 -100.2 -9.1 -19.5
Cost/Income ratio 0.54 4.04 0.54 0.45 0.64 0.81 0.80 0.88 21.84 1.73 2.59
Credit impairment ratio, % -0.01 0.09 -0.07 -0.04 -0.10 0.02 0.16 0.09
Loan/Deposit ratio, % 0 0 0 0 1 46 0 0 1 233 1
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 0 1
Deposits from the public excluding repos & SNDO 1) 77 57 35 77 79 42 1 57 60 36 24
Allocated equity, average, SEKm 36 449 19 280 89 41 637 34 679 32 411 27 343 19 255 16 917 19 719 18 483 13 376
Risk exposure amount 28 27 4 28 29 27 39 27 26 24 20 24
Commitments 2 1 1
Full-time employees 5 745 5 520 4 5 745 5 705 5 673 5 612 5 520 5 410 5 253 5 188 5 065
1) Excluding intra-Group transactions.
Group Functions & OtherQ3, 2021
26
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 1 771 1 022 73 690 557 524 551 465 338 219 68 324
Payment processing 3 1 1 1 1 1 1
Asset management and custody -1 -1 -1 -1 -1
Securities & Corporate finance -29 -34 -15 -10 -10 -9 -8 -11 -9 -14 -18 -12
Lending 1 2 -50 2 -1 1 1 1 1 1
Deposits 1 1
Other commissions -4 -1 -1 -2 -3
Net commission income -26 -36 -28 -9 -8 -9 -7 -11 -10 -15 -18 -13
Net gains and losses on financial items 132 -14 56 33 43 17 -44 146 -116 466 -72
Share of the profit or loss of associates 3 4 -25 1 1 1 -2 1 3
Other income 31 18 72 10 11 10 6 5 6 7 7 6
Total income 1 911 994 92 748 594 569 565 416 483 95 523 245
Staff costs 64 61 5 21 21 22 21 21 20 20 21 22
Variable staff costs 9 5 80 3 3 3 5 1 1 3 2 2
Consultants 2 3 -33 1 1 1 1 1 1 2 3
Other expenses -9 -22 -59 3 -7 -5 -7 -10 -7 -5 -7 -1
of which internally sold and bought services -23 -30 -23 -2 -12 -9 -11 -11 -11 -8 -8 -5
Depreciation/amortisation 1
Total expenses 66 47 40 28 17 21 20 13 15 19 19 26
Profit before impairments 1 845 947 95 720 577 548 545 403 468 76 504 219
Impairment of intangible assets -1
Credit impairments -5 13 1 -4 -2 1 -4 2 7 4
Profit before tax 1 850 934 98 724 579 547 549 401 461 72 504 220
Tax expense 491 359 37 189 157 145 149 164 99 96 95 133
Profit for the year from continuing operations 1 359 575 535 422 402 400 237 362 -24 409 87
Profit for the year from discontinued operations, after tax 1
Profit for the period including non-controlling interest 1 359 575 535 422 402 400 237 362 -24 409 87
Profit for the period attributable to:
Shareholders of Swedbank AB 1 359 575 535 422 402 400 237 362 -24 409 87
Balance sheet (Incl intra-Group transactions), SEKbn
Assets
Cash and balances with central banks 474 263 80 474 440 331 161 263 263 242 151 206
Loans to credit institutions 370 189 96 370 354 264 261 189 202 204 172 175
Loans to the public 2 25 2 2 2 3 3
Bonds and other interest-bearing securities 152 123 24 152 144 113 147 123 161 161 151 166
Derivatives 26 44 -41 26 27 39 33 44 41 60 29 49
Other assets 426 467 -9 426 402 390 349 467 489 475 477 477
Total assets 1 448 1 088 33 1 448 1 367 1 137 976 1 088 1 158 1 144 983 1 076
Liabilities and equity
Amounts owed to credit institutions 320 126 320 288 167 141 126 144 112 35 59
Deposits and borrowings from the public 80 59 36 80 79 43 2 59 61 39 3 25
Debt securities in issue 914 811 13 914 879 825 729 811 863 905 848 911
Derivatives 16 27 -41 16 19 22 33 27 35 31 24 26
Other liabilities 11 9 22 11 7 6 10 9 6 5 12 9
Senior non-preferred liabilities 37 11 37 35 20 10 11 11 11 11
Subordinated liabilities 28 25 12 28 24 24 23 25 25 27 32 33
Allocated equity 42 20 42 36 30 28 20 13 14 18 13
Total liabilities and equity 1 448 1 088 33 1 448 1 367 1 137 976 1 088 1 158 1 144 983 1 076
Key figures
Key performance indicators
Return on allocated equity, % 5.4 4.6 5.5 5.3 5.5 6.5 5.8 10.2 -0.6 10.3 3.3
Cost/Income ratio 0.03 0.05 0.04 0.03 0.04 0.04 0.03 0.03 0.20 0.04 0.11
Loan/Deposit ratio, % 0 0 0 0 1 48 0 0 1 234 1
Volumes, SEKbn
Loans to the public excluding repos & SNDO 1) 1
Deposits from the public excluding repos & SNDO 1) 78 57 37 78 79 42 1 57 60 36 24
Allocated equity, average, SEKm 33 619 16 503 38 888 31 906 29 499 24 499 16 328 14 132 17 036 15 825 10 661
Risk exposure amount 14 13 8 14 14 12 22 13 13 12 10 11
Commitments 2 1
Full-time employees 62 69 -10 62 65 69 70 69 67 63 65 67
1) Excluding intra-Group transactions.
Group TreasuryQ3, 2021
27
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income -119 -123 -3 -39 -38 -42 -34 -44 -38 -41 -40 -44
Payment processing -21 1 3 -25 -28 16 -5 -11 16 12
Card commissions 3 3 1 2 -3 5 -3 1 3 -1
Service concepts -1 -1 1 -1 2 -2
Asset management and custody -9 3 -2 -6 -1 2 3 4 -4 31
Securities & Corporate finance -31 -17 82 -16 -12 -3 -6 -6 -7 -4 -7 -9
Lending 41 57 -28 10 14 17 20 19 15 23 28 23
Insurance -2 3 5 -9 2 2 -2 -2 7 -1
Other commissions -105 -106 -1 -21 -35 -49 -24 -38 -37 -31 -66 -12
Net commission income -125 -57 -23 -42 -60 -37 -3 -33 -21 5 13
Net gains and losses on financial items 3 42 -93 3 17 -17 26 15 28 -1 3 9
Net insurance 13 11 18 5 4 4 4 3 5 3 2 5
Share of profit or loss of associates and joint ventures -19 -20 -5 -5 -8 -6 -10 -5 -10 -5 -8 2
Other income 860 716 20 329 282 249 323 251 257 208 193 195
Total income 613 569 8 270 215 128 272 217 209 143 155 180
Staff costs 3 741 3 468 8 1 273 1 257 1 211 1 217 1 191 1 168 1 109 1 082 1 055
Variable staff costs 91 84 8 45 34 12 77 33 22 29 22 38
Expenses for premises -130 -117 11 -41 -54 -35 -23 -35 -44 -38 -67 -8
IT expenses 1 779 1 132 57 606 590 583 204 354 388 390 439 410
Consultants 387 1 013 -62 129 126 132 126 160 171 682 678 362
Other expenses -5 445 -4 130 32 -1 784 -1 898 -1 763 -1 231 -1 490 -1 375 -1 265 -1 266 -1 005
of which internally sold and bought services -6 194 -4 810 29 -2 042 -2 125 -2 027 -1 675 -1 656 -1 587 -1 567 -1 599 -1 615
Depreciation/amortisation 863 816 6 289 290 284 288 278 267 271 265 222
Administrative fine 4 000 4 000
Total expenses 1 286 6 266 -79 517 345 424 658 491 597 5 178 1 153 1 074
Profit before impairments -673 -5 697 -88 -247 -130 -296 -386 -274 -388 -5 035 -998 -894
Impairment of intangible assets 43 43 1
Impairment of tangible assets -1
Credit impairments 1 1 1 -1 -1 -1 1
Profit before tax -717 -5 697 -87 -248 -174 -295 -385 -273 -388 -5 036 -998 -894
Tax expense -128 -245 -48 -36 -54 -38 -13 -43 -80 -122 -168 -154
Profit for the period from continuing operations -589 -5 452 -89 -212 -120 -257 -372 -230 -308 -4 914 -830 -740
Profit for the period including non-controlling interest -589 -5 452 -89 -212 -120 -257 -372 -230 -308 -4 914 -830 -740
Profit for the period attributable to:
Shareholders of Swedbank AB -589 -5 452 -89 -212 -120 -257 -372 -230 -308 -4 914 -830 -740
Key figures
Key performance indicators
Return on allocated equity, % -27.8 -261.8 -30.8 -17.3 -35.3 -52.3 -31.4 -44.2 -732.6 -124.9 -109.0
Cost/Income ratio 2.10 11.01 1.91 1.60 3.31 2.42 2.26 2.86 36.21 7.44 5.97
Volumes, SEKbn
Allocated equity, average, SEKm 2 830 2 777 2 2 749 2 773 2 912 2 844 2 927 2 785 2 683 2 658 2 715
Risk exposure amount 14 14 14 15 15 17 14 13 12 10 13
Commitments 1
Full-time employees 5 683 5 451 4 5 683 5 640 5 604 5 542 5 451 5 343 5 190 5 123 4 998
Other Group FunctionsQ3, 2021
28
Business segments
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income -12 -19 -37 -4 -4 -4 -9 -5 -8 -6 -2
Payment processing -9 -10 -10 -3 -3 -3 35 -4 -3 -3 -4 -3
Card commissions 10 68 -85 4 -7 13 23 20 24 24 25 26
Service concepts 3 3 1 1 1 2 1 2 1 1
Asset management and custody -4 -3 33 -1 -2 -1 -1 -1 -2
Securities & Corporate finance 4 -3 1 1 2 8 -1 -3 1 1 2
Lending -5 -5 -1 -2 -2 -3 -1 -3 -1 -1 1
Insurance 4 4 1 2 1 1 1 2 1 2 1
Other commissions -2 4
Net commission income 3 54 -94 2 -10 11 65 15 17 22 22 32
Net gains and losses on financial items 1 1 -1
Net insurance -4 -70 -94 -2 10 -12 -15 -23 -23 -24 -22 -23
Other income -220 -104 -123 -49 -48 -84 -30 -26 -48 -71 -40
Total income -232 -139 67 -126 -53 -53 -44 -43 -40 -56 -73 -31
Staff costs -11 -10 10 -4 -4 -3 -4 -3 -4 -3 -1
Expenses for premises -13 -10 30 -6 -4 -3 -4 -3 -6 -1 -8 -4
IT expenses -669 -222 -228 -219 148 12 12 -24 -54 -81
Consultants -17
Other expenses 461 -119 106 183 172 -184 -49 -42 -28 6 55
of which internally sold and bought services 605 -37 203 206 196 -163 -20 -19 2 29 77
Total expenses -232 -139 67 -126 -53 -53 -44 -43 -40 -56 -73 -31
Key figures
Volumes, SEKbn
Mutual funds & insurance -9 -9 -10 -9 -7 -5 -3 -2 -1 -1
Index linked bonds -3 -4 -3 -3 -3 -4 -4 -5 -5 -5 -7
EliminationsQ3, 2021
29
Product companies
Swedbank Robur
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income -9 -9 -3 -3 -3 -3 -3 -3 -3 -3 -4
Net commission income 2 546 1 948 31 903 823 820 810 698 607 643 693 629
Net gains & losses on financial intems 16 -4 1 6 9 1 6 13 -23 4 1
Other income 3
Total income 2 553 1 935 32 901 826 826 808 701 617 617 697 626
Staff costs 292 264 11 97 97 98 91 92 87 85 84 81
Variable staff costs 37 14 10 9 18 16 6 6 2 8 9
Expenses for premises 13 12 8 4 5 4 4 4 4 4 4 4
IT expenses 68 88 -23 25 22 21 30 26 30 32 30 27
Consultants 0 1 1
Other expenses 102 94 9 34 33 35 47 28 32 34 51 40
Depreciation/amortisation 31 30 3 10 11 10 10 10 10 10 9 10
Total expenses 543 502 8 180 177 186 199 166 169 167 187 171
Profit before impairments 2 010 1 433 40 721 649 640 609 535 448 450 510 455
Profit before tax 2 010 1 433 40 721 649 640 609 535 448 450 510 455
Tax expense 412 300 37 147 133 132 128 109 93 98 110 97
Profit for the period from continuing operations 1 598 1 133 41 574 516 508 481 426 355 352 400 358
Profit for the period including non-controlling interest 1 598 1 133 41 574 516 508 481 426 355 352 400 358
Profit for the period 1 598 1 133 41 574 516 508 481 426 355 352 400 358
Key performance indicators
Cost/Income ratio 0.21 0.26 -18 0.20 0.21 0.23 0.25 0.24 0.27 0.27 0.27 0.27
Full-time employees 275 273 1 275 266 272 272 273 265 265 254 255
Q3, 2021
30
Product companies
Swedbank Robur
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKbn 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Volumes
Mutual funds, period end 1 398 1 153 21 1 398 1 386 1 324 1 220 1 153 1 064 951 1 083 1 027
of which eliminations Swedbank Baltic funds -9 -5 -9 -10 -9 -7 -5 -3 -2 -1 -1
Average balance mutual funds 1 360 1 071 27 1 433 1 359 1 287 1 187 1 119 1 033 1 060 1 075 1 024
Discretionary asset management, period end 485 454 7 485 472 465 458 454 435 422 446 454
Fund assets under management by country
Sweden 1 340 1 096 22 1 340 1 325 1 265 1 163 1 096 1 008 897 1 026 970
Estonia 20 24 -17 20 25 25 24 24 23 22 23 22
Latvia 27 23 17 27 26 25 23 23 22 21 21 21
Lithuania 21 16 29 21 20 18 17 16 15 14 15 14
Fund assets under management, per product type, %
Equity 67 64 5 67 67 66 65 64 62 60 62 61
Asia 1 2 -2 1 2 2 2 2 2 2 2 2
Emerging Markets 2 2 28 2 2 2 2 2 2 2 2 2
Europe 5 4 8 5 5 4 4 4 4 4 4 4
Global 15 13 16 15 14 13 13 13 12 13 13 13
Northern America 2 2 18 2 2 2 2 2 2 2 2 2
Sector 11 11 4 11 11 11 11 11 10 8 8 8
Sweden 14 14 3 14 14 14 14 14 13 12 14 13
Sweden Global 17 17 -2 17 17 17 17 17 17 17 18 18
Total fixed income 10 13 -19 10 10 11 12 13 14 15 12 13
Long term fixed income 6 7 -16 6 6 6 7 7 7 8 7 8
Short term fixed income 4 6 -23 4 4 5 5 6 6 7 5 5
Multi asset 23 23 -4 23 23 23 23 23 24 25 26 26
Market share Sweden, %
Asset under Management 21 21 -1 21 21 21 21 21 21 21 20 20
Net sales 4 pos neg 4 14 14 20 2 neg 5 3
Net sales, SEKbn
Mutual funds 1.0 8.1 -88.0 -7.7 2.9 5.7 13.3 8.6 3.9 -4.4 5.0 1.4
Sweden 6.3 7.4 -13.9 -3.2 2.3 7.3 14.0 8.5 3.9 -5.0 3.9 0.2
of which Equity 0.8 -5.4 -8.2 -0.2 9.1 9.3 7.9 1.5 -14.7 1.8 -3.9
of which Fixed income -2.3 15.4 2.7 -1.3 -3.8 1.5 -0.5 0.7 15.3 -3.4 3.0
of which Multi asset 7.9 -2.7 2.2 3.7 2.0 3.2 1.2 1.7 -5.6 5.6 1.1
Other countries -4.0 3.8 -5.2 0.9 0.3 1.2 1.1 1.4 1.4 1.5 1.2
Elimination LAMCs -1.4 -3.1 -56 0.7 -0.2 -1.9 -1.8 -1.0 -1.3 -0.8 -0.4 0.0
Discretionary asset management -7.5 -4.1 81 4.2 -0.7 -11.0 -2.7 -1.5 -0.7 -1.9 -6.1 1.0
ESG-data, Assets under management Swedish Funds
Investments with sustainable strategies, % 1) 100 100 100
Investments with Science Based Targets, equity holdings, % 2) 27 27 23
Investments SFDR classified as light or dark green, % 100 100 100
Investments in fossil fuels extractors, % 3)
Investments in sustainable bonds, SEKbn 38 38 35
1) Applies Swedbank Robur Policy on Sustainable Investment and its strategies for exclusion, inclusion & engagement.
2) Share of AUM in equity holdings with targets set in accordance with Science Based Targets initiative.
3) Cut off on >5 percent of revenue from fossil fuel extraction.
Q3, 2021
31
Product companies
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income -5 -7 -36 -1 -1 -2 -2 -3 -2 -2 -3 -3
Net commission income 823 679 21 283 281 260 225 238 219 222 217 218
Net gains & losses on financial intems -4 4 -1 1 -4 -0 2 -5 6 -8 3
Net insurance 618 560 10 222 200 196 205 243 170 148 199 189
Other income 0 0 0 -0 0
Total income, net 1 432 1 236 16 503 480 449 428 480 382 374 405 406
Staff costs 151 133 14 51 50 50 51 45 45 43 42 38
Variable staff costs 4 3 33 1 2 1 1 1 2 1 1
Expenses for premises 10 11 -9 3 4 3 3 4 3 4 4 6
IT expenses 83 66 26 25 29 29 25 20 23 23 30 23
Consultants 5 9 -44 1 2 2 5 2 4 3 3 1
Other expenses 26 34 -24 9 7 10 9 10 12 12 12 11
Depreciation/amortisation 2 2 1 1 1 1 1
Total expenses 281 258 9 91 94 96 94 83 87 88 93 80
Profit before impairments 1 151 978 18 412 386 353 334 397 295 286 312 326
Profit before tax 1 151 978 18 412 386 353 334 397 295 286 312 326
Tax expense 101 96 5 35 34 32 14 45 28 23 15 32
Profit for the period from continuing operations 1 050 882 19 377 352 321 320 352 267 263 297 294
Profit for the period including non-controlling interest 1 050 882 19 377 352 321 320 352 267 263 297 294
Profit for the period 1 050 882 19 377 352 321 320 352 267 263 297 294
Key performance indicators
Cost/Income ratio 0.20 0.21 -6 0.18 0.20 0.21 0.22 0.17 0.23 0.24 0.23 0.20
Assets under management, SEKbn 295 235 26 295 289 274 247 235 218 194 220 209
of which Traditional life 19 18 5 19 19 19 19 18 18 17 19 18
Assets under management by product, SEKbn 295 235 26 295 289 274 247 235 218 194 220 209
of which collective occupational pension 152 119 27 152 148 140 125 119 110 98 109 103
of which endowment insurance 95 75 27 95 93 88 80 75 69 61 72 68
of which occupational pension 36 30 20 36 36 35 32 30 29 26 29 28
of which other 11 10 10 11 11 11 10 10 10 9 10 10
Premiums, SEKm 24 904 16 246 53 7 251 7 477 10 176 5 106 3 838 4 598 7 810 4 722 4 236
of which collective occupational pension 7 625 6 042 26 1 830 2 256 3 539 921 1 009 1 563 3 469 1 137 1 220
of which endowment insurance 13 703 7 127 92 4 173 4 013 5 516 2 999 1 803 1 995 3 329 2 494 2 003
of which occupational pension 2 324 1 938 20 823 801 699 779 649 655 634 711 653
of which risk insurance 972 900 8 324 319 329 307 300 307 293 281 275
of which other 280 240 17 100 89 92 100 77 78 84 100 84
Market share, % 1)
New written premium 6 6 n.a. 6 6 5 6 6 5 5 5
Premium paid 7 6 n.a. 7 7 6 6 6 6 6 6
Transfer in 9 8 n.a. 9 8 8 8 9 10 10 10
NCCF - Net Client Cash Flow 12 086 5 268 2 961 2 911 6 213 755 850 1 363 3 055 543 1 007
Solvency ratio 2) n.a. 1.7 n.a. 1.4 1.4 1.4 1.7 1.6 1.7 1.3 1.5
Combined ratio, % 60 61 -2 60 62 62 61 61 70 73 58 59
Full-time employees 198 184 8 198 194 185 188 184 180 175 168 159
1) Rolling 12 months. Market shares for Q3 2021 are not yet availabe.
Swedbank InsuranceQ3, 2021
2) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not yet available for Q3
2021.
32
Product companies
Swedbank Insurance AB, European Embedded Value (EEV) 2020 1)
EEV results 31 Dec 31 Dec ∆ %
SEKm 2020 2019 Y/Y
Free surplus 2)
600 427 41
Required capital 3)
2 586 1 932 34
Net asset value 4) 3 186 2 359 35
Certainty equivalent value 5)
15 993 14 636 9
Time value of financial options and guarantees 6)
-101 -102 -1
Cost of non-hedgeable risks 7)
-3 590 -3 233 11
Frictional costs of required capital 8)
-118 -105 12
Value of in-force business (VIF) 9) 12 184 11 196 9
EEV 15 370 13 555 13
2) Free surplus for covered business is calculated as the net asset value less the required capital.
Analysis of EEV earnings 2020 Q4
SEKm Free surplus
Required
capital VIF EEV
Opening EEV 427 1 932 11 196 13 555
Opening adjustments
Adjusted opening EEV 427 1 932 11 196 13 555
Value of new business 1)
-153 123 937 908
Expected existing business contribution (reference rate) 2)
0 4 299 303
Expected existing business contribution (in excess of reference rate) 3)
217 217
Transfers from VIF and required capital to free surplus 4)
1 152 41 -1 193
Experience variances 5)
-37 158 68 189
Assumption changes 6)
-11 11 -332 -332
Other operating variance -6 6 174 174
Operating EEV earnings 946 342 172 1 460
Economic variances 7)
-212 183 778 749
Other non-operating variances -128 128 38 38
Total EEV earnings 606 654 988 2 248
Closing adjustments -433 -433
Closing EEV 600 2 586 12 184 15 370
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.
Q3, 2021
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.
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 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.
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 -240 SEKm and -204 SEKm in 2020 and 2019 respectively for non-covered business. It should be noted that the net asset value
included in the EEV is reported before planned dividend expected to be paid in 2021 to the mother company.
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.
1) Value of new business represents the value added from new business sold in the year. VNB is calculated at the date of issue 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.
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. With the introduction of
Solvency II, Swedbank Insurance AB has aligned the required capital to the overall solvency need as determined in the ORSA in agreement with the amended guidance issued by the CFO Forum
in May 2016.
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.
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 "2020 European Embedded
Value", https://www.swedbank.com/svenska/investor-relations/finansiell-information-och-publikationer/swedbanks-dotterbolag/swedbank-forsakring/index.htm
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 2020.
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.
6) Assumption changes reflect non-economic assumption changes from year-end 2019 to year-end 2020.
33
Product companies
Baltic Life insurance
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 9 12 -22 2 3 4 4 3 4 5 5 6
Net commission income 29 29 -1 10 10 9 10 10 9 9 11 9
Net gains & losses on financial intems 3 -14 1 -1 2 7 5 5 -23 -0 2
Net insurance 182 213 -15 51 60 71 60 62 84 68 80 70
Other income 0 1 -58 0 0 0 1 0 1 1
Total income, net 223 242 -8 65 72 86 82 81 102 59 95 86
Staff costs 21 21 1 7 7 7 8 7 7 7 7 6
Variable staff costs 1 1 48 0 0 0 0 0 0 0 0 0
IT expenses 2 2 -7 1 1 1 0 0 0 1 1 1
Consultants 0 0 -39 0 0 0 0 0 0 0
Other expenses 20 21 -6 6 7 7 14 8 6 7 12 6
Depreciation/amortisation 0
Total expenses 44 45 -2 14 15 14 22 16 14 15 20 14
Profit before impairments 179 197 -9 51 57 71 59 65 88 44 75 73
Credit impairments 0 0 0 0 0
Profit before tax 179 197 -9 51 57 71 59 65 88 44 75 73
Tax expense 17 17 5 5 7 8 6 8 3 7 6
Profit for the period from continuing operations 162 180 -10 46 52 64 52 59 79 42 68 67
Profit for the period including non-controlling interest 162 180 -10 46 52 64 52 59 79 42 68 67
Profit for the period 162 180 -10 46 52 64 52 59 79 42 68 67
Key performance indicators
Cost/Income ratio 0.20 0.18 6 0.22 0.21 0.17 0.27 0.20 0.14 0.25 0.21 0.16
Assets under management, SEKm 7 930 6 724 18 7 930 7 719 7 499 6 940 6 724 6 452 6 188 6 572 6 442
of which Traditional life 713 834 -14 713 733 762 770 834 844 908 865 920
Assets under management by product, SEKm 7 930 6 724 18 7 930 7 719 7 499 6 940 6 724 6 452 6 188 6 572 6 442
of which endowment insurance 1 739 1 510 15 1 739 1 705 1 649 1 561 1 510 1 467 1 408 1 584 1 526
of which private pension 3 653 2 979 23 3 653 3 534 3 417 3 113 2 979 2 820 2 672 2 801 2 719
of which other 2 538 2 235 14 2 538 2 480 2 433 2 266 2 235 2 166 2 108 2 187 2 196
Premiums, SEKm 1 067 1 046 2 363 359 346 380 337 356 354 417 335
of which endowment insurance 163 122 33 56 56 52 75 34 45 43 99 37
of which private pension 364 357 2 122 121 120 132 116 119 122 130 114
of which risk insurance 254 297 -14 87 86 81 80 98 102 97 95 95
of which other 286 270 6 97 96 93 93 89 90 91 92 89
NCCF - Net Client Cash Flow 306 185 66 100 108 100 142 75 112 -3 145 80
Solvency ratio 1) n.a. 1.5 n.a. 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5
Full-time employees 70 69 1 70 69 69 69 69 70 69 61 61
Q3, 2021
1) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not
yet available for Q3 2021.
34
Product companies
Baltic P&C insurance
YTD YTD Δ % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2020 Y/Y 2021 2021 2021 2020 2020 2020 2020 2019 2019
Income statement
Net interest income 3 6 -45 1 1 1 2 2 2 2 2 2
Net commission income -59 -57 4 -20 -20 -18 -21 -21 -16 -19 -19 -19
Net gains & losses on financial intems -5 -5 -11 -1 -1 -3 0 -0 3 -9 -3 -2
Net insurance 323 396 -18 84 123 116 154 139 156 101 141 139
Other income 0 1 -13 0 0 0 0 0 0 0 0 0
Total income, net 263 341 -23 64 103 96 135 120 145 76 122 120
Staff costs 37 37 0 12 13 12 13 12 13 12 12 12
Variable staff costs 1 1 -9 0 0 0 1 0 0 0 0 1
IT expenses 4 4 -11 1 1 1 2 2 1 1 1 1
Consultants 0 0 -69 0 0 0 0
Other expenses 25 30 -17 8 8 9 13 11 9 10 11 10
Total expenses 67 73 -8 22 22 23 29 26 24 23 24 24
Profit before impairments 196 268 -27 42 81 73 107 94 122 52 97 96
Profit before tax 196 268 -27 42 81 73 107 94 122 52 97 96
Tax expense 33 43 24 7 14 12 17 15 20 8 14 14
Profit for the period from continuing operations 163 225 -27 35 67 61 90 78 102 44 83 82
Profit for the period including non-controlling interest 163 225 -27 35 67 61 90 78 102 44 83 82
Profit for the period 163 225 -27 35 67 61 90 78 102 44 83 82
Key performance indicators
Cost/Income ratio 0.26 0.21 20 0.35 0.21 0.24 0.21 0.22 0.16 0.31 0.20 0.20
Premiums, SEKm 938 1 035 -9 319 309 310 325 335 342 359 361 356
of which Loan payment protection 64 61 6 22 21 21 21 20 20 20 19 19
of which motor own Damage (MOD) 279 309 -10 95 90 94 103 102 100 108 113 107
of which motor TPL (MTPL) 134 169 -21 44 45 45 47 50 57 61 62 65
of which home 390 382 2 132 130 128 128 126 128 127 125 122
of which apartment, buildings 4 4 4 2 2 1 1 1 1 1 1 1
of which travel 38 75 -49 15 12 11 15 23 23 28 28 29
of which payment protection 27 33 -20 9 9 9 10 11 11 12 12 13
of which purchase protection 2 2 -9 1 1 1 1 1 1 1 1 1
of which senior card insurance 0 0 -38 0 0 0 0 0 0 0 0 0
Combined ratio, % 1) 76 71 -0 89 71 73 69 69 62 81 68 69
Solvency ratio 2) n.a. 1.5 n.a. 1.6 1.7 1.6 1.5 1.5 1.4 1.4 1.5
Full-time employees 129 128 1 129 131 133 133 128 129 129 134 140
Q3, 2021
2) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not yet
available for Q3 2021.
1) Combined ratio = Claims ratio + Expense ratio / Premium Income.
35
Business volumes
LoansQ3, 2021
Loans carrying amount, by sector/ industry, Group 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) 2021 YTD Q/Q Y/Y 2021 2021 2020 2020 2020 2020 2019 2019
Loans to the public at amortised cost
Private customers 1 116 36 14 3 1 102 1 086 1 080 1 079 1 069 1 063 1 053 1 052
Private mortgage 975 36 15 5 960 947 939 933 923 916 905 901
Tenant owner associations 91 -2 -6 91 91 93 96 97 98 100 103
Private other 50 2 -1 3 51 48 48 50 49 49 48 48
Corporate customers 537 1 2 -1 535 535 536 543 556 569 553 561
Agriculture, forestry, fishing 64 -1 -3 64 64 65 66 66 66 65 66
Manufacturing 35 -4 -13 35 39 39 41 43 45 42 43
Public sector and utilities 27 1 1 8 26 28 26 25 23 25 23 22
Construction 22 3 10 22 22 19 20 20 20 19 20
Retail and wholesale 31 2 1 4 30 28 29 30 30 35 32 32
Transportation 13 -10 13 14 13 14 16 16 15 15
Shipping and offshore 11 -2 -1 -22 12 12 13 14 17 19 18 20
Hotels and restaurants 8 -1 -23 8 9 9 10 10 10 10 9
Information and communication 15 2 1 25 14 13 13 12 13 13 13 14
Finance and insurance 21 15 21 20 21 18 19 20 17 15
Property management 249 2 -2 -0 251 247 247 249 255 253 254 257
Residential properties 78 4 1 8 77 76 74 73 77 77 79 78
Commercial 107 7 -4 5 111 106 100 101 102 101 99 103
Industrial and Warehouse 40 -5 -1 -13 41 42 45 46 46 44 47 47
Other 24 -4 2 -18 22 23 28 29 30 31 29 29
Professional services 22 1 1 -8 21 22 21 24 24 26 25 27
Other corporate lending 19 -2 1 -7 18 17 21 20 20 21 20 21
Loans to the public at fair value through profit or loss
Loans to the public1)
1 653 37 16 2 1 637 1 621 1 616 1 622 1 625 1 632 1 606 1 613
of which cash collaterals posted 2 -8 -67 2 3 10 6 8 6 6 5
of which customer lending 1 651 45 16 2 1 635 1 618 1 606 1 616 1 617 1 626 1 600 1 608
Swedish National Debt Office -25 25 2
Repurchase agreements2)
48 8 17 -22 31 46 40 62 90 62 46 53
Loans to the public 1 701 20 33 1 1 668 1 667 1 681 1 684 1 715 1 694 1 652 1 668
Banks and other credit institutions 38 -8 -10 38 37 46 42 51 49 45 33
Repurchase agreements2)
4 2 3 -60 1 9 2 9 10 7 7
Loans to credit institutions 42 -6 3 -18 39 46 48 51 61 56 45 40
Loans to the public and credit institutions 1 743 14 36 0 1 707 1 713 1 729 1 735 1 776 1 750 1 697 1 708
Specification of loans to the public
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) 2021 YTD Q/Q Y/Y 2021 2021 2020 2020 2020 2020 2019 2019
Private 1 002 30 12 4 990 976 972 968 961 951 948 947
Private mortgage 880 31 13 5 867 854 849 841 833 823 818 814
Private other incl. tenant owner associations 122 -1 -1 -4 123 122 123 127 128 128 130 133
Corporate 241 2 3 -1 238 239 239 243 243 249 248 253
Total Swedish Banking 1 243 32 15 3 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200
Private 112 6 2 3 110 109 106 110 107 111 104 104
Private mortgage 95 5 2 3 93 93 90 92 90 93 87 87
Private other incl. tenant owner associations 17 1 0 17 16 16 18 17 18 17 17
Corporate 80 4 3 -1 77 79 76 80 81 87 82 84
Total Baltic Banking 192 10 5 1 187 188 182 190 188 198 186 188
Private 2 21 2 1 2 1 1 1 1 1
Private mortgage
Private other incl. tenant owner associations 2 21 2 1 2 1 1 1 1 1
Corporate 216 -5 -4 -2 220 217 221 220 232 233 222 224
Total Large Corporates & Institutions 218 -5 -4 -1 222 218 223 221 233 234 223 225
Total Group Functions & Other 1
Loans to the public1)
1 653 37 16 2 1 637 1 621 1 616 1 622 1 625 1 632 1 606 1 613
Specification of loans to the public
By business area/ country 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) 2021 YTD Q/Q Y/Y 2021 2021 2020 2020 2020 2020 2019 2019
Swedish Banking 1 243 32 15 3 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200
Baltic Banking 192 10 5 1 187 188 182 190 188 198 186 188
Estonia 90 5 2 1 88 88 85 89 87 92 86 87
Latvia 37 1 1 -2 36 38 36 38 38 40 37 38
Lithuania 65 4 2 3 63 62 61 63 63 66 63 63
Large Corporates & Institutions 218 -5 -4 -1 222 218 223 221 233 234 223 225
Sweden 160 -4 -3 -1 163 157 164 163 170 167 159 159
Norway 38 -1 -2 38 41 39 39 41 42 45 48
Group Functions & Other 1
Loans to the public1)
1 653 37 16 2 1 637 1 621 1 616 1 622 1 625 1 632 1 606 1 613
1) Excluding the Swedish National Debt Office and repurchase agreements.
2) At fair value through profit or loss
36
Business volumes
Deposits from the public and amounts owed to credit institutionsQ3, 2021
Deposits from the public 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) 2021 YTD Q/Q Y/Y 2021 2021 2020 2020 2020 2020 2019 2019
Swedish Banking 2)
690 44 8 10 682 650 646 627 613 585 571 567
Private 454 30 9 8 445 430 424 419 416 403 388 387
On demand deposits 124 13 3 13 121 114 111 109 108 100 98 98
Savings account 330 17 6 7 324 316 313 310 308 303 290 289
Corporate 236 14 -1 14 237 220 222 208 197 182 183 180
On demand deposits 198 12 -1 15 199 186 186 173 162 148 149 146
Savings account 38 2 8 38 34 36 35 35 34 34 34
Baltic Banking 301 17 6 11 295 300 284 272 259 257 242 232
Private 186 22 7 17 179 174 164 158 152 153 143 140
On demand deposits 159 21 7 20 152 147 138 132 126 126 117 114
Savings account 27 1 4 27 27 26 26 26 27 26 26
Corporate 115 -5 -1 1 116 126 120 114 107 104 99 92
On demand deposits 114 -4 2 114 124 118 112 105 102 97 89
Savings account 1 -1 -1 -29 2 2 2 2 2 2 2 3
Large Corporates & Institutions 231 31 5 31 226 224 200 176 177 167 141 134
Corporate 231 31 5 23 226 224 200 176 177 167 141 134
On demand deposits 225 32 7 25 218 217 193 168 169 161 135 125
Savings account 6 -1 -2 -17 8 7 7 8 8 6 6 9
Group Functions & Other 78 77 -1 15 79 42 1 57 59 37 0 24
of which Group Treasury 78 77 -1 15 79 42 1 57 59 37 0 24
Deposits from the public 1)
1 300 169 18 16 1 282 1 216 1 131 1 132 1 108 1 046 954 957
of which private 640 52 16 11 624 604 588 577 568 556 531 527
of which corporate 660 117 2 19 658 612 543 555 540 490 423 430
of which US based money-market funds 73 #DIV/0! 77 42 0 54 55 33 0 21
Swedish National Debt Office 0 110.5577 0 0 0 0 0 0 0 0
Repurchase agreements & deposits, Swedish National Debt Office 0 -100 0 0 0 0 0 0 0 0
Repurchase agreements from the public 18 1 -8 -27.1584 26 23 17 24 14 20 0 17
Total deposits and borrowings from the public 1 318 170 10 14 1 308 1 239 1 148 1 156 1 122 1 066 954 974
Deposits from the public, currency distribution 30 Sep
SEKbn (excl. intra-Group transactions) 2021 SEK EUR USD Other
Private 640 446 187 5 2
Corporate 660 387 156 105 12
of which insurance 26 22 2 2 0
of which sovereigns, municipalities etc. 77 44 30 3 0
of which US based money-market funds 73 73
of which other 484 321 124 27 12
Deposits from the public 1 300 833 343 110 14
Amounts owed to credit institutions, Group 30 Sep ∆ SEKbn ∆ SEKbn ∆ % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKbn 2021 YTD Q/Q Y/Y 2021 2021 2020 2020 2020 2020 2019 2019
Central banks 54 -26 3 -37 51 55 80 85 90 74 6 16
Banks 89 29 9 41 80 72 60 63 82 83 58 76
Other credit institutions 8 1 3 48 5 6 7 5 5 12 6 5
Repurchase agreements 5 2 -5 48 10 30 3 13 10 6 0 6
Amounts owed to credit institutions 156 6 10 -6 146 163 150 166 187 175 70 103
1) Excluding Swedish National Debt Office and repurchase agreements.
37
Business volumes
Interest-bearing securities and Deferred tax assetsQ3, 2021
30 September 2021
Country
SEKm
Banks & other
financial
institutions
of which
covered bonds
Government &
municipalities
Other
non-financial
companies Total
Belgium 519 519
Bermuda 12 12
Cayman Islands 35 35
Denmark 2 192 1 595 153 2 345
Estonia 2 488 2 488
Finland 3 313 390 3 869 7 182
France 1 009 1 009
Germany 15 12 27
Iceland 193 193
Ivory Coast 1 765 1 765
Latvia 1 097 41 1 138
Lithuania 94 3 619 3 713
Luxembourg 532 24 556
Netherlands 21 303 324
Norway 7 403 6 799 2 340 2 030 11 773
Sweden 37 866 25 940 129 543 3 622 171 031
United States 2 424 25 2 449
Total 56 839 34 724 139 606 10 114 206 559
Deferred tax assets
Deferred tax assets 30 Sep ∆ SEKbn 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm 2021 Q/Q 2021 2021 2020 2020 2020 2020 2019 2019
Tax loss carry-forwards 124 -2 126 117 82 158 153 133 112 133
Other items 35 1 34 63 46 47 54 52 62 47
Non-recognised deferred tax assets -4 -4 -4 -4 -5 -5 -5 -4 -8
Deferred tax assets 155 -1 156 176 124 200 202 180 170 172
Interest-bearing securities
38
Asset quality
Asset quality Q3, 2021
Total loans
Loans carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other Group
Loans to the public at amortised cost
Private customers 1 002 359 112 232 46 078 20 713 45 441 1 709 1 709 1 116 300
Private mortgage 879 858 95 149 38 720 17 144 39 285 3 3 975 010
Tenant owner associations 90 073 581 581 90 654
Private other 32 428 17 083 7 358 3 569 6 156 1 125 1 125 50 636
Corporate customers 240 453 79 560 42 946 16 685 19 929 216 537 158 659 37 965 271 536 821
Agriculture, forestry, fishing 58 280 5 550 2 888 2 162 500 266 266 64 096
Manufacturing 8 963 10 967 4 584 2 621 3 762 15 443 10 558 2 516 35 373
Public sector and utilities 5 291 9 797 6 053 1 791 1 953 11 637 3 184 5 210 26 725
Construction 13 423 1 786 1 219 216 351 7 122 6 420 2 22 331
Retail and wholesale 8 977 9 024 3 218 1 698 4 108 12 912 10 817 426 30 913
Transportation 4 571 6 370 3 550 1 247 1 573 2 124 1 533 591 13 065
Shipping and offshore 53 835 835 10 569 4 299 6 270 11 457
Hotels and restaurants 3 377 3 451 1 580 1 090 781 681 681 7 509
Information and communication 1 405 1 174 299 421 454 12 215 7 357 3 765 14 794
Finance and insurance 5 080 547 527 6 14 14 588 12 096 2 450 271 20 486
Property management, including 114 272 22 313 12 096 4 294 5 923 112 767 89 238 14 772 249 352
Residential properties 52 277 127 68 53 6 25 904 21 996 78 308
Commercial 31 397 16 520 7 917 3 433 5 170 59 053 43 672 12 185 106 970
Industrial and Warehouse 18 521 3 003 1 855 733 415 18 789 16 824 873 40 313
Other 12 077 2 663 2 256 75 332 9 021 6 746 1 714 23 761
Professional services 9 395 3 975 2 673 811 491 8 505 7 440 297 21 875
Other corporate lending 7 366 3 771 3 424 328 19 7 708 4 770 1 666 18 845
Loans to the public at fair value through profit or loss 165 8 173
Loans to the public excluding the Swedish National Debt
Office and repurchase agreements1 242 977 191 792 89 024 37 398 65 370 218 246 160 368 37 965 279 1 653 294
Swedish National Debt Office 3 3 3
Repurchase agreements1)
47 935 32 430 15 505 47 935
Loans to the public 1 242 977 191 792 89 024 37 398 65 370 266 184 192 801 53 470 279 1 701 232
Banks and other credit institutions 676 36 31 3 2 18 841 16 966 22 18 365 37 918
Repurchase agreements1)
3 524 3 524 3 524
Loans to credit institutions 676 36 31 3 2 22 365 20 490 22 18 365 41 442
Loans to the public and credit institutions2) 1 243 653 191 828 89 055 37 401 65 372 288 549 213 291 53 492 18 644 1 742 674
Credit impairment provisions, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Loans to the public at amortised costPrivate customers 557 306 53 127 126 19 19 882
Private mortgage 208 239 31 108 100 447
Tenant owner associations 6 6
Private other 343 67 22 19 26 19 19 429
Corporate customers 874 573 317 121 135 3 584 499 2 884 5 031
Agriculture, forestry, fishing 74 16 13 3 90
Manufacturing 41 151 87 10 54 160 101 23 352
Public sector and utilities 17 1 1 11 4 4 29
Construction 81 8 3 1 4 21 16 110
Retail and wholesale 139 57 19 25 13 140 109 2 336
Transportation 18 29 17 12 14 14 61
Shipping and offshore 43 43 2 876 77 2 799 2 919
Hotels and restaurants 206 148 70 41 37 96 96 450
Information and communication 4 23 19 3 27
Finance and insurance 6 8 5 3 14
Property management, including 188 90 49 16 25 203 52 24 481
Residential properties 81 1 1 16 13 98
Commercial 41 38 6 13 19 176 34 20 255
Industrial and Warehouse 16 3 1 2 6 3 2 25
Other 50 48 42 2 4 5 2 2 103
Professional services 44 10 7 1 2 8 6 2 62
Other corporate lending 56 20 8 12 24 24 100
Loans to the public at fair value through profit or loss
Loans to the public excluding the Swedish National Debt
Office and repurchase agreements1 431 879 370 248 261 3 603 518 2 884 5 913
Swedish National Debt Office
Repurchase agreements1)
Loans to the public 1 431 879 370 248 261 3 603 518 2 884 5 913
Banks and other credit institutions 2 2 6 8
Repurchase agreements1)
Loans to credit institutions 2 2 6 8
Loans to the public and credit institutions2) 1 431 879 370 248 261 3 605 520 2 884 6 5 921
Loans gross carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Loans to the public at amortised costPrivate customers 1 002 916 112 538 46 131 20 840 45 567 1 728 1 728 1 117 182
Private mortgage 880 066 95 388 38 751 17 252 39 385 3 3 975 457
Tenant owner associations 90 079 581 581 90 660Private other 32 771 17 150 7 380 3 588 6 182 1 144 1 144 51 065
Corporate customers 241 327 80 133 43 263 16 806 20 064 220 121 159 158 40 849 271 541 852
Agriculture, forestry, fishing 58 354 5 566 2 901 2 165 500 266 266 64 186
Manufacturing 9 004 11 118 4 671 2 631 3 816 15 603 10 659 2 539 35 725
Public sector and utilities 5 308 9 798 6 054 1 791 1 953 11 648 3 188 5 214 26 754
Construction 13 504 1 794 1 222 217 355 7 143 6 436 2 22 441
Retail and wholesale 9 116 9 081 3 237 1 723 4 121 13 052 10 926 428 31 249
Transportation 4 589 6 399 3 567 1 259 1 573 2 138 1 547 591 13 126
Shipping and offshore 53 878 878 13 445 4 376 9 069 14 376
Hotels and restaurants 3 583 3 599 1 650 1 131 818 777 777 7 959
Information and communication 1 409 1 174 299 421 454 12 238 7 376 3 768 14 821
Finance and insurance 5 086 547 527 6 14 14 596 12 101 2 453 271 20 500
Property management, including 114 460 22 403 12 145 4 310 5 948 112 970 89 290 14 796 249 833
Residential properties 52 358 128 68 54 6 25 920 22 009 78 406
Commercial 31 438 16 558 7 923 3 446 5 189 59 229 43 706 12 205 107 225
Industrial and Warehouse 18 537 3 006 1 856 733 417 18 795 16 827 875 40 338
Other 12 127 2 711 2 298 77 336 9 026 6 748 1 716 23 864
Professional services 9 439 3 985 2 680 812 493 8 513 7 446 299 21 937
Other corporate lending 7 422 3 791 3 432 340 19 7 732 4 770 1 690 18 945
Loans to the public at fair value through profit or loss 165 8 173
Loans to the public excluding the Swedish National Debt
Office and repurchase agreements1 244 408 192 671 89 394 37 646 65 631 221 849 160 886 40 849 279 1 659 207
Swedish National Debt Office 3 3 3
Repurchase agreements1)
47 935 32 430 15 505 47 935
Loans to the public 1 244 408 192 671 89 394 37 646 65 631 269 787 193 319 56 354 279 1 707 145
Banks and other credit institutions 676 36 31 3 2 18 843 16 968 22 18 371 37 926
Repurchase agreements1)
3 524 3 524 3 524
Loans to credit institutions 676 36 31 3 2 22 367 20 492 22 18 371 41 450
Loans to the public and credit institutions2) 1 245 084 192 707 89 425 37 649 65 633 292 154 213 811 56 376 18 650 1 748 595
1) At fair value through profit or loss
2) Excluding intra-Group transactions.
39
Asset quality
Asset quality Q3, 2021
Loans at amortised cost, Stage 1
Loans carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other Group
Private customers 976 415 95 720 40 737 16 705 38 278 1 701 1 701 1 073 836
Private mortgage 857 466 81 872 34 869 13 773 33 230 3 3 939 341
Tenant owner associations 88 906 581 581 89 487
Private other 30 043 13 848 5 868 2 932 5 048 1 117 1 117 45 008
Corporate customers 206 752 71 208 38 661 14 123 18 424 200 082 149 942 31 976 271 478 313
Agriculture, forestry, fishing 51 958 5 095 2 678 1 996 421 227 227 57 280
Manufacturing 7 408 9 971 3 918 2 527 3 526 13 926 10 018 1 541 31 305
Public sector and utilities 4 704 9 599 5 916 1 741 1 942 10 602 3 162 5 210 24 905
Construction 10 901 1 568 1 053 205 310 5 634 5 125 2 18 103
Retail and wholesale 7 117 8 020 3 109 1 383 3 528 11 603 9 754 426 26 740
Transportation 3 692 5 808 3 425 902 1 481 1 520 929 591 11 020
Shipping and offshore 37 7 607 3 998 3 609 7 644
Hotels and restaurants 2 002 1 373 700 53 620 214 214 3 589
Information and communication 1 160 1 153 288 420 445 12 013 7 158 3 765 14 326
Finance and insurance 4 586 542 526 5 11 14 411 11 919 2 450 271 19 810
Property management, including 99 578 21 123 11 567 3 870 5 686 108 261 85 492 14 303 228 962
Residential properties 46 550 102 64 32 6 24 675 20 767 71 327
Commercial 26 576 15 849 7 804 3 057 4 988 56 556 41 935 11 716 98 981
Industrial and Warehouse 16 757 2 968 1 834 733 401 18 137 16 172 873 37 862
Other 9 695 2 204 1 865 48 291 8 893 6 618 1 714 20 792
Professional services 7 500 3 346 2 155 754 437 8 031 7 185 79 18 877
Other corporate lending 6 109 3 610 3 326 267 17 6 033 4 761 15 752
Loans to the public1) 1 183 167 166 928 79 398 30 828 56 702 201 783 151 643 31 976 271 1 552 149
Swedish National Debt Office 3 3 3
Loans to the public2) 1 183 167 166 928 79 398 30 828 56 702 201 786 151 646 31 976 271 1 552 152
Credit impairment provisions, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 56 48 11 22 15 10 10 114
Private mortgage 11 37 8 19 10 48
Tenant owner associations 3 3Private other 42 11 3 3 5 10 10 63
Corporate customers 139 83 45 17 21 368 158 161 590
Agriculture, forestry, fishing 7 2 1 1 9
Manufacturing 7 23 10 2 11 85 32 17 115
Public sector and utilities 2 1 1 9 4 4 12
Construction 10 3 3 13
Retail and wholesale 28 7 5 2 37 33 2 72
Transportation 3 14 12 2 17
Shipping and offshore 142 32 110 142
Hotels and restaurants 32 17 12 1 4 16 16 65
Information and communication 1 13 9 3 14
Finance and insurance 1 7 4 3 8
Property management, including 37 9 4 2 3 52 21 22 98
Residential properties 16 8 5 24
Commercial 11 5 2 2 1 33 11 18 49
Industrial and Warehouse 5 1 1 6 3 2 12
Other 5 3 2 1 5 2 2 13
Professional services 5 2 1 1 4 4 11
Other corporate lending 6 8 5 3 14
Loans to the public1) 195 131 56 39 36 378 168 161 704
Swedish National Debt Office
Loans to the public2) 195 131 56 39 36 378 168 161 704
Loans gross carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 976 471 95 768 40 748 16 727 38 293 1 711 1 711 1 073 950
Private mortgage 857 477 81 909 34 877 13 792 33 240 3 3 939 389
Tenant owner associations 88 909 581 581 89 490Private other 30 085 13 859 5 871 2 935 5 053 1 127 1 127 45 071
Corporate customers 206 891 71 291 38 706 14 140 18 445 200 450 150 100 32 137 271 478 903
Agriculture, forestry, fishing 51 965 5 097 2 679 1 997 421 227 227 57 289
Manufacturing 7 415 9 994 3 928 2 529 3 537 14 011 10 050 1 558 31 420
Public sector and utilities 4 706 9 600 5 917 1 741 1 942 10 611 3 166 5 214 24 917
Construction 10 911 1 568 1 053 205 310 5 637 5 128 2 18 116
Retail and wholesale 7 145 8 027 3 109 1 388 3 530 11 640 9 787 428 26 812
Transportation 3 695 5 822 3 437 904 1 481 1 520 929 591 11 037
Shipping and offshore 37 7 749 4 030 3 719 7 786
Hotels and restaurants 2 034 1 390 712 54 624 230 230 3 654
Information and communication 1 161 1 153 288 420 445 12 026 7 167 3 768 14 340
Finance and insurance 4 587 542 526 5 11 14 418 11 923 2 453 271 19 818
Property management, including 99 615 21 132 11 571 3 872 5 689 108 313 85 513 14 325 229 060
Residential properties 46 566 102 64 32 6 24 683 20 772 71 351
Commercial 26 587 15 854 7 806 3 059 4 989 56 589 41 946 11 734 99 030
Industrial and Warehouse 16 762 2 969 1 834 733 402 18 143 16 175 875 37 874
Other 9 700 2 207 1 867 48 292 8 898 6 620 1 716 20 805
Professional services 7 505 3 348 2 155 755 438 8 035 7 189 79 18 888Other corporate lending 6 115 3 618 3 331 270 17 6 033 4 761 15 766
Loans to the public1) 1 183 362 167 059 79 454 30 867 56 738 202 161 151 811 32 137 271 1 552 853
Swedish National Debt Office 3 3 3
Loans to the public2) 1 183 362 167 059 79 454 30 867 56 738 202 164 151 814 32 137 271 1 552 856
1) Excluding the Swedish National Debt Office and repurchase agreements.
2) Excluding intra-Group transactions.
40
Asset quality
Asset quality Q3, 2021
Loans at amortised cost, Stage 2
Loans carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other Group
Private customers 25 152 15 940 5 249 3 859 6 832 2 2 41 094
Private mortgage 21 868 12 752 3 770 3 236 5 746 34 620
Tenant owner associations 1 167 1 167
Private other 2 117 3 188 1 479 623 1 086 2 2 5 307
Corporate customers 33 229 7 796 4 035 2 300 1 461 15 026 8 717 4 560 56 051
Agriculture, forestry, fishing 6 234 435 194 162 79 39 39 6 708
Manufacturing 1 520 949 626 92 231 1 517 540 975 3 986
Public sector and utilities 573 198 137 50 11 1 035 22 1 806
Construction 2 448 205 161 8 36 1 488 1 295 4 141
Retail and wholesale 1 831 971 87 305 579 1 309 1 063 4 111
Transportation 871 555 121 342 92 604 604 2 030
Shipping and offshore 16 835 835 1 533 301 1 232 2 384
Hotels and restaurants 1 340 1 717 754 805 158 467 467 3 524
Information and communication 243 18 8 1 9 202 199 463
Finance and insurance 483 5 1 1 3 177 177 665
Property management, including 14 634 1 126 499 416 211 4 506 3 746 469 20 266
Residential properties 5 712 25 4 21 1 229 1 229 6 966
Commercial 4 792 637 113 368 156 2 497 1 737 469 7 926
Industrial and Warehouse 1 749 35 21 14 652 652 2 436
Other 2 381 429 361 27 41 128 128 2 938
Professional services 1 834 622 515 57 50 474 255 218 2 930
Other corporate lending 1 202 160 97 61 2 1 675 9 1 666 3 037
Loans to the public1) 58 381 23 736 9 284 6 159 8 293 15 028 8 719 4 560 97 145
Swedish National Debt Office
Loans to the public2) 58 381 23 736 9 284 6 159 8 293 15 028 8 719 4 560 97 145
Credit impairment provisions, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 140 133 24 50 59 1 1 274
Private mortgage 51 101 12 43 46 152
Tenant owner associations 3 3
Private other 86 32 12 7 13 1 1 119
Corporate customers 589 293 165 79 49 1 040 341 646 1 922
Agriculture, forestry, fishing 50 4 3 1 54
Manufacturing 23 57 45 7 5 75 69 6 155
Public sector and utilities 13 2 15
Construction 47 2 1 1 18 13 67
Retail and wholesale 95 27 1 16 10 103 76 225
Transportation 12 14 4 10 14 14 40
Shipping and offshore 43 43 657 45 612 700
Hotels and restaurants 167 68 23 24 21 80 80 315
Information and communication 2 10 10 12
Finance and insurance 2 1 1 3
Property management, including 132 60 36 12 12 52 31 2 244
Residential properties 56 1 1 8 8 65
Commercial 26 21 4 9 8 44 23 2 91
Industrial and Warehouse 6 2 1 1 8
Other 44 36 31 2 3 80
Professional services 20 6 6 4 2 2 30
Other corporate lending 26 12 3 9 24 24 62
Loans to the public1) 729 426 189 129 108 1 041 342 646 2 196
Swedish National Debt Office
Loans to the public2) 729 426 189 129 108 1 041 342 646 2 196
Loans gross carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 25 292 16 073 5 273 3 909 6 891 3 3 41 368
Private mortgage 21 919 12 853 3 782 3 279 5 792 34 772
Tenant owner associations 1 170 1 170
Private other 2 203 3 220 1 491 630 1 099 3 3 5 426
Corporate customers 33 818 8 089 4 200 2 379 1 510 16 066 9 058 5 206 57 973
Agriculture, forestry, fishing 6 284 439 197 163 79 39 39 6 762
Manufacturing 1 543 1 006 671 99 236 1 592 609 981 4 141
Public sector and utilities 586 198 137 50 11 1 037 22 1 821
Construction 2 495 207 162 8 37 1 506 1 308 4 208
Retail and wholesale 1 926 998 88 321 589 1 412 1 139 4 336
Transportation 883 569 125 352 92 618 618 2 070
Shipping and offshore 16 878 878 2 190 346 1 844 3 084
Hotels and restaurants 1 507 1 785 777 829 179 547 547 3 839
Information and communication 245 18 8 1 9 212 209 475
Finance and insurance 485 5 1 1 3 178 178 668
Property management, including 14 766 1 186 535 428 223 4 558 3 777 471 20 510
Residential properties 5 768 26 4 22 1 237 1 237 7 031
Commercial 4 818 658 117 377 164 2 541 1 760 471 8 017
Industrial and Warehouse 1 755 37 22 15 652 652 2 444
Other 2 425 465 392 29 44 128 128 3 018
Professional services 1 854 628 521 57 50 478 257 220 2 960
Other corporate lending 1 228 172 100 70 2 1 699 9 1 690 3 099
Loans to the public1) 59 110 24 162 9 473 6 288 8 401 16 069 9 061 5 206 99 341
Swedish National Debt Office
Loans to the public2) 59 110 24 162 9 473 6 288 8 401 16 069 9 061 5 206 99 341
1) Excluding the Swedish National Debt Office and repurchase agreements.
2) Excluding intra-Group transactions.
41
Asset quality
Asset quality Q3, 2021
Loans at amortised cost, Stage 3
Loans carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other Group
Private customers 792 572 92 149 331 6 6 1 370
Private mortgage 524 525 81 135 309 1 049
Tenant owner associations
Private other 268 47 11 14 22 6 6 321
Corporate customers 472 556 250 262 44 1 429 1 429 2 457
Agriculture, forestry, fishing 88 20 16 4 108
Manufacturing 35 47 40 2 5 82
Public sector and utilities 14 14
Construction 74 13 5 3 5 87
Retail and wholesale 29 33 22 10 1 62
Transportation 8 7 4 3 15
Shipping and offshore 1 429 1 429 1 429
Hotels and restaurants 35 361 126 232 3 396
Information and communication 2 3 3 5
Finance and insurance 11 11
Property management, including 60 64 30 8 26 124
Residential properties 15 15
Commercial 29 34 8 26 63
Industrial and Warehouse 15 15
Other 1 30 30 31
Professional services 61 7 3 4 68
Other corporate lending 55 1 1 56
Loans to the public1) 1 264 1 128 342 411 375 1 435 6 1 429 3 827
Swedish National Debt Office
Loans to the public2) 1 264 1 128 342 411 375 1 435 6 1 429 3 827
Credit impairment provisions, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 361 125 18 55 52 8 8 494
Private mortgage 146 101 11 46 44 247
Tenant owner associations Private other 215 24 7 9 8 8 8 247
Corporate customers 146 197 107 25 65 2 176 2 077 2 519
Agriculture, forestry, fishing 17 10 9 1 27
Manufacturing 11 71 32 1 38 82
Public sector and utilities 2 2
Construction 24 6 2 1 3 30
Retail and wholesale 16 23 18 4 1 39
Transportation 3 1 1 4
Shipping and offshore 2 077 2 077 2 077
Hotels and restaurants 7 63 35 16 12 70
Information and communication 1 1
Finance and insurance 3 3
Property management, including 19 21 9 2 10 99 139
Residential properties 9 9
Commercial 4 12 2 10 99 115
Industrial and Warehouse 5 5
Other 1 9 9 10
Professional services 19 2 1 1 21
Other corporate lending 24 24
Loans to the public1) 507 322 125 80 117 2 184 8 2 077 3 013
Swedish National Debt Office
Loans to the public2) 507 322 125 80 117 2 184 8 2 077 3 013
Loans gross carrying amount, by business area/ country
30 Sep 2021
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions &
Other
Group
Private customers 1 153 697 110 204 383 14 14 1 864
Private mortgage 670 626 92 181 353 1 296
Tenant owner associations Private other 483 71 18 23 30 14 14 568
Corporate customers 618 753 357 287 109 3 605 3 506 4 976
Agriculture, forestry, fishing 105 30 25 5 135
Manufacturing 46 118 72 3 43 164
Public sector and utilities 16 16
Construction 98 19 7 4 8 117
Retail and wholesale 45 56 40 14 2 101
Transportation 11 8 5 3 19
Shipping and offshore 3 506 3 506 3 506
Hotels and restaurants 42 424 161 248 15 466
Information and communication 3 3 3 6
Finance and insurance 14 14
Property management, including 79 85 39 10 36 99 263
Residential properties 24 24
Commercial 33 46 10 36 99 178
Industrial and Warehouse 20 20
Other 2 39 39 41
Professional services 80 9 4 5 89Other corporate lending 79 1 1 80
Loans to the public1) 1 771 1 450 467 491 492 3 619 14 3 506 6 840
Swedish National Debt Office
Loans to the public2) 1 771 1 450 467 491 492 3 619 14 3 506 6 840
1) Excluding the Swedish National Debt Office and repurchase agreements.
2) Excluding intra-Group transactions.
42
Asset qualityCredit impairmentsQ3, 2021
Credit impairments by business area/ country,1)
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Swedish Banking -83 -34 7 -1 -140 432 373 10 27
Baltic Banking -20 -23 220 -8 43 56 146 -3 10
Estonia -11 3 105 -10 35 51 59 16 -9
Latvia -11 -16 81 5 10 -3 41 -13 5
Lithuania 2 -10 34 -3 -2 8 46 -6 14
Large Corporates & Institutions 124 31 19 537 521 740 1 627 981 117
Sweden -93 -62 -263 -60 -97 467 311 184 -69
Norway 218 140 346 603 675 268 1 255 601 241
Group Functions & Other -3 -1 -5 1 7 5
Group 18 -27 246 523 425 1 235 2 151 988 154
Opening balance of loans to the public and credit institutions, 1 July 1 April 1 January 1 October 1 July 1 April 1 January 1 October 1 July
SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Swedish Banking 1 229 650 1 214 976 1 211 620 1 211 044 1 204 797 1 199 491 1 196 596 1 200 649 1 201 379
Baltic Banking 186 825 188 006 182 044 189 912 187 218 198 159 185 593 187 310 181 898
Estonia 87 203 87 941 85 551 88 516 86 662 91 531 86 130 86 867 85 255
Latvia 36 431 37 942 35 911 38 154 37 882 40 226 37 176 37 963 37 098
Lithuania 63 191 62 123 60 582 63 242 62 674 66 402 62 287 62 480 59 545
Large Corporates & Institutions 271 604 291 112 291 578 314 255 364 043 333 251 295 037 297 503 310 079
Sweden 196 808 209 854 216 303 242 634 289 601 257 313 224 027 225 319 235 779
Norway 53 248 59 507 52 037 49 060 52 159 50 395 50 482 52 447 52 808
Group Functions & Other 18 979 19 447 43 699 19 614 19 621 19 435 20 522 22 542 24 932
Group 1 707 058 1 713 541 1 728 941 1 734 825 1 775 679 1 750 336 1 697 748 1 708 004 1 718 288
Credit impairment ratio, Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
% 2021 2021 2021 2020 2020 2020 2020 2019 2019
Swedish Banking -0.03 -0.01 0.00 0.00 -0.05 0.14 0.12 0.00 0.01
Baltic Banking -0.04 -0.05 0.48 -0.02 0.09 0.11 0.30 -0.01 0.02
Estonia -0.05 0.01 0.49 -0.05 0.16 0.22 0.26 0.08 -0.04
Latvia -0.12 -0.17 0.89 0.06 0.10 -0.03 0.42 -0.14 0.05
Lithuania 0.02 -0.06 0.22 -0.02 -0.01 0.05 0.28 -0.04 0.10
Large Corporates & Institutions 0.18 0.04 0.03 0.68 0.57 0.89 2.20 1.32 0.15
Sweden -0.19 -0.12 -0.49 -0.10 -0.13 0.73 0.55 0.33 -0.12
Norway 1.63 0.97 2.56 4.90 5.14 2.12 10.65 4.72 1.84
Group Functions & Other -0.07 -0.04 -0.10 0.02 0.16 0.09
Group 0.00 -0.01 0.06 0.12 0.10 0.28 0.51 0.23 0.04
Credit impairments by sector/ industry,1)
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Private customers 26 -30 30 -54 78 74 115 13 -5
Private mortgage -13 -36 -24 -13 4 14 41 -7 -19
Tenant owner associations -3 -12 -10 -8 11 9 -4 -4
Private other 42 18 54 -31 82 49 65 24 18
Corporate customers -1 4 230 596 359 1 117 2 026 976 164
Agriculture, forestry, fishing -2 -3 -6 -37 -19 4 19 9 -10
Manufacturing -28 -92 37 -74 -102 43 368 168 111
Public sector and utilities -6 -6 2 -33 -26 69 17 5 -6
Construction -67 -19 -39 -21 -149 133 65 143 12
Retail and wholesale -28 -55 -53 -75 16 150 139 96 45
Transportation -18 -23 60 -19 1 12 25 1
Shipping and offshore 330 197 461 757 778 206 1 041 493 39
Hotels and restaurants -14 49 44 307 -2 8 69 -1 20
Information and communication -6 -1 -17 -24 -14 13 1 29 -44
Finance and insurance -6 -10 -58 -89 -24 138 45 6 -5
Property management -118 -6 -162 -38 -77 279 80 53 -20
Professional services -31 -58 -12 -71 -18 89 85 -18 24
Other corporate lending -7 31 -27 13 -5 -27 72 -7 -3
Loans to private and corporate customers 25 -26 260 542 437 1 191 2 141 989 159
Loans to credit institutions -7 -1 -14 -19 -12 44 10 -1 -5
Group 18 -27 246 523 425 1 235 2 151 988 154
1) Represents total credit impairment amount.
43
Asset qualityLoans by collateral type and Assets taken overQ3, 2021
Total loans by collateral type
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions
& Other Group
Real Estate Residential 993 955 95 707 39 968 16 569 39 170 55 316 52 813 1 629 1 144 978
Real Estate Commercial 147 791 36 165 17 996 8 722 9 447 37 299 29 047 8 250 221 255
Guarantees 13 268 5 573 3 327 579 1 667 18 582 13 741 37 423
Cash 5 999 942 7 253 682 6 941
Other 49 968 24 692 8 041 6 625 10 026 10 890 6 914 3 978 271 85 821
Unsecured 31 996 28 713 19 685 4 650 4 378 96 159 57 853 24 108 8 156 876
Total loans to the public, carrying amount 1 242 977 191 792 89 024 37 398 65 370 218 246 160 368 37 965 279 1 653 294
Loans to the public at amortised cost
Private loans by collateral type
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions
& Other
Group
Real Estate Residential 946 831 94 198 38 709 16 380 39 109 295 295 1 041 324
Real Estate Commercial 21 097 828 125 49 654 21 925
Guarantees 5 324 541 290 193 58 288 288 6 153
Cash 1 162 766 2 83 681 1 928
Other 8 199 3 495 5 1 424 2 066 30 30 11 724
Unsecured 19 746 12 404 6 947 2 584 2 873 1 096 1 096 33 246
Total private loans to the public, carrying amount 1 002 359 112 232 46 078 20 713 45 441 1 709 1 709 1 116 300
Corporate loans by collateral type
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions
& Other
Group
Real Estate Residential 47 124 1 509 1 259 189 61 55 021 52 518 1 629 103 654
Real Estate Commercial 126 694 35 337 17 871 8 673 8 793 37 299 29 047 8 250 199 330
Guarantees 7 944 5 032 3 037 386 1 609 18 294 13 453 31 270
Cash 4 837 176 5 170 1 5 013
Other 41 604 21 197 8 036 5 201 7 960 10 860 6 884 3 978 271 73 932
Unsecured 12 250 16 309 12 738 2 066 1 505 95 063 56 757 24 108 123 622
Total corporate loans to the public, carrying amount 240 453 79 560 42 946 16 685 19 929 216 537 158 659 37 965 271 536 821
Loans to the public at fair value through profit or loss
SEKm
Swedish
Banking
Baltic
Banking
- of which
Estonia
- of which
Latvia
- of which
Lithuania
Large
Corporates &
Institutions
- of which
Sweden
- of which
Norway
Group
Functions
& Other
Group
Real Estate Residential
Real Estate Commercial
Guarantees
Cash
Other 165 165
Unsecured 8 8
Total corporate loans to the public, carrying amount 165 8 173
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 2021 2021 2021 2020 2020 2020 2020 2019 2019
Baltic Banking 36 39 50 59 81 93 110 99 100
Estonia 0 1 1 2 2 7 9 3 4
Latvia 16 17 29 30 39 35 32 29 25
Lithuania 20 21 20 27 40 51 69 67 70
Large Corporates & Institutions 40 52 53 58 27 27 27 27 28
Group Functions & Other 1 1 2
Total 76 91 103 117 108 121 138 127 127
44
Asset quality
Private mortgage loans1)
Q3, 2021
Average Loan-to-value (LTV), %2)
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
2021 2021 2021 2020 2020 2020 2020 2019 2019
Total portfolio
Sweden 50 51 53 53 54 56 56 55 55
Estonia 45 46 47 48 49 46 46 47 47
Latvia 70 72 73 76 77 73 71 75 71
Lithuania 54 54 54 57 56 56 57 60 60
New lending3)
Sweden 66 68 69 67 68 69 69 70 68
Estonia 72 71 73 72 71 69 72 71 70
Latvia 76 76 76 76 76 76 77 76 76
Lithuania 75 76 76 76 76 76 77 76 76
Share of portfolio which amortises, %
Total portfolio
Sweden4) 72 69 68 68 68 69 72 72 72
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 lending5)
Sweden 88 88 87 87 87 87 88 88 89
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 > 70%6)
Total portfolio
Sweden 9 11 13 14 15 17 16 15 16
Estonia 6 7 7 9 10 6 6 7 7
Latvia 20 22 23 26 27 24 22 26 23
Lithuania 13 12 11 17 16 15 18 23 23
New lending5)
Sweden 45 44 46 46 48 47 46 47 47
Estonia 57 52 61 61 56 49 56 55 49
Latvia 79 78 78 73 74 72 75 74 74
Lithuania 78 81 82 80 82 81 85 85 83
Share of properties with LTV > 50% - 70%6)
Total portfolio
Sweden 25 25 24 24 24 24 24 24 24
Estonia 17 16 17 16 16 16 16 17 16
Latvia 22 21 21 21 21 21 21 21 22
Lithuania 27 27 28 26 26 27 25 24 24
New lending5)
Sweden 28 29 28 27 27 27 27 26 27
Estonia 25 26 22 24 27 31 28 28 32
Latvia 15 15 15 19 17 19 17 18 19
Lithuania 15 13 12 13 12 12 11 10 12
Share of properties with LTV 0% - 50%6)
Total portfolio
Sweden 66 64 63 62 61 59 60 61 60
Estonia 77 77 76 75 74 78 78 76 77
Latvia 58 57 56 53 52 55 57 53 55
Lithuania 60 61 61 57 58 58 57 53 53
New lending5)
Sweden 27 27 26 27 25 26 27 27 26
Estonia 18 22 17 15 17 20 16 17 19
Latvia 6 7 7 8 9 9 8 8 7
Lithuania 7 6 6 7 6 7 4 5 5
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 65.
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) Share of contracts for Baltic countries.
45
Asset qualityPrivate mortgage loans (cont.)1)
Q3, 2021
Share of properties with LTV > 70% which 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
amortises2)
2021 2021 2021 2020 2020 2020 2020 2019 2019
Total portfolio
Sweden3)
95 87 84 84 84 87 98 98 98
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 lending4)
Sweden 99 98 97 98 97 97 99 99 99
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 > 50% - 70% which
amortises
Total portfolio
Sweden3)
93 86 84 84 83 83 89 89 87
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 lending4)
Sweden 99 98 97 97 97 97 98 98 99
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 0% - 50% which
amortises
Total portfolio
Sweden3)
62 59 58 58 58 58 59 59 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 lending4)
Sweden 59 61 58 58 59 58 58 57 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
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 65.
3) 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.
4) New Lending - Rolling 3 months data.
Concentration risk - Top 20 Corporate ClientsQ3, 2021
Top 20 corporate exposures1)
SEKm
Top 20 corporate exposures 124 161
in % of Common Equity Tier 1 Capital 96
Out of that municipalities 9 423
Out of that to investment grade 119 470
Collateral value of the top 20 63 684
Top 20 corporate exposures1)
by Industry SEKm Total
Investment
grade
Collateral
value
Manufacturing 23 779 23 779 169
Public sector and utilities 9 423 4 732 53
Construction 5 476 5 476 989
Retail and wholesale 4 892 4 892 72
Shipping and offshore 9 025 9 025 7 494
Property management 71 566 71 566 54 907
Total 124 161 119 470 63 684
Excluding exposures in partly owned subsidiaries.
1) Loans and off-balance exposures.
46
Capital adequacy
Credit risks, EAD distribution by business segmentand by customer segmentQ3, 2021
Exposure distribution by business segment
30 Sep 2021
SEKm Risk grades PD
Swedish
Banking
Baltic
Banking
Large
Corporates &
Institutions
Group
Functions &
Other Total
IRB approach
Default Default 100.0 1 611 1 281 3 878 6 770
High risk 0-5 > 5.7 9 433 11 363 1 595 16 22 407
Increased risk 6-8 2.0-5.7 28 894 23 252 5 626 20 57 792
Normal risk 9-12 0.5-2.0 129 732 68 054 47 884 5 245 675
Low risk 13-21 <0.5 1 149 494 94 870 294 378 796 849 2 335 591
Total rated exposures 1 319 164 198 820 353 361 796 890 2 668 235
Total non-rated exposures 1 472 6 340 680 6 000 14 492
Total IRB approach 1 320 636 205 160 354 041 802 890 2 682 727
of which companies not included in Swedbank Group
Standardised approach
Total standardised approach 30 547 12 595 15 425 6 627 65 194
of which companies not included in Swedbank Group 16 841
Total IRB- and standardised approach 1 351 183 217 755 369 466 809 517 2 747 921
of which companies not included in Swedbank Group 16 841
Exposure distribution by customer segment
30 Sep 2021
SEKm Risk grades PD Retail Institutions Sovereign Corporates Other Total
IRB approach
Default Default 100.0 1 941 4 829 6 770
High risk 0-5 > 5.7 13 391 9 016 22 407
Increased risk 6-8 2.0-5.7 33 893 3 641 23 255 57 792
Normal risk 9-12 0.5-2.0 110 970 203 134 502 245 675
Low risk 13-21 <0.5 1 094 193 54 540 805 108 381 750 2 335 591
Total rated exposures 1 254 388 54 746 805 749 553 352 2 668 235
Total non-rated exposures 321 14 171 14 492
Total IRB approach 1 254 388 54 746 805 749 553 673 14 171 2 682 727
of which companies not included in Swedbank Group
Standardised approach
Central and local government 3 133
Retail 20 360
Institutions 8 295
Corporates 5 694
Exposure secured on residential property 5 595
Other exposure classes 22 117
Total standardised approach 65 194
of which companies not included in Swedbank Group 16 841
Total IRB- and standardised approach 1 254 388 54 746 805 749 553 673 14 171 2 747 921
of which companies not included in Swedbank Group 16 841
The amounts also include EAD from institutions in the Swedbank Consolidated situation, but not in the Group, i.e. the Entercard Group that is
included through the proportionate consolidation method. As of 31 December 2020 insurance companies are recognized in Swedbank consolidated
situation according to the equity method.
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.
47
Capital adequacy
30 Sep 2021
Consolidated situation, 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 1 065 052 95 823 40 652 16 950 38 221 81 1 160 956
Risk exposure amount, pillar 1 29 814 21 655 7 041 7 007 7 607 3 51 472
Exposure weighted average PD (incl. defaults), % 0.24 2.12 1.68 3.37 2.04 0.19 0.39
Exposure weighted average PD (excl. defaults), % 0.17 1.64 1.46 2.61 1.41 0.19 0.29
Exposure weighted average LGD, % 10.1 16.2 13.5 23.7 15.8 14.3 10.6
Average risk weight, % 2.8 22.6 17.3 41.3 19.9 4.1 4.4
Retail - other
Exposure 62 705 29 505 12 381 7 879 9 245 1 210 12 93 432
Risk exposure amount, pillar 1 15 867 11 010 3 378 4 162 3 470 354 4 27 235
Exposure weighted average PD (incl. defaults), % 2.12 3.75 3.14 5.26 3.30 1.17 1.79 2.63
Exposure weighted average PD (excl. defaults), % 1.11 3.22 2.64 4.53 2.90 1.16 1.79 1.79
Exposure weighted average LGD, % 38.4 34.4 28.4 42.4 35.8 46.4 41.1 37.3
Average risk weight, % 25.3 37.3 27.3 52.8 37.5 29.3 37.4 29.1
Corporate - Advanced-IRB
Exposure 164 944 299 977 464 921
Risk exposure amount, pillar 1 41 444 88 238 129 682
Exposure weighted average PD (incl. defaults), % 1.25 1.70 1.54
Exposure weighted average PD (excl. defaults), % 1.08 0.45 0.67
Exposure weighted average LGD, % 16.8 25.7 22.5
Average risk weight, % 25.1 29.4 27.9
Corporate - Foundation-IRB
Exposure 2 220 69 025 34 514 14 662 19 849 16 321 865 88 431
Risk exposure amount, pillar 1 1 280 44 175 21 033 10 289 12 853 7 559 336 53 350
Exposure weighted average PD (incl. defaults), % 2.03 2.51 2.69 3.14 1.74 0.90 0.59 2.18
Exposure weighted average PD (excl. defaults), % 1.16 1.59 1.83 1.48 1.24 0.29 0.59 1.33
Exposure weighted average LGD, % 40.8 44.5 44.6 44.7 44.1 44.3 45.0 44.4
Average risk weight, % 57.7 64.0 60.9 70.2 64.8 46.3 38.9 60.3
Corporate - specialized lending
Exposure 321 239 39 43 321
Risk exposure amount, pillar 1 390 294 66 30 390
Average risk weight, % 121.6 123.1 167.7 69.8 121.6
Sovereigns - Foundation-IRB
Exposure 17 406 3 764 1 559 466 1 739 13 609 770 970 805 749
Risk exposure amount, pillar 1 660 199 56 68 75 459 7 689 9 007
Exposure weighted average PD (incl. defaults), % 0.00 0.01 0.01 0.03 0.01 0.15 0.00 0.00
Exposure weighted average PD (excl. defaults), % 0.00 0.01 0.01 0.03 0.01 0.15 0.00 0.00
Exposure weighted average LGD, % 45.0 44.9 45.0 44.4 45.0 44.9 45.0 45.0
Average risk weight, % 3.8 5.3 3.6 14.7 4.3 3.4 1.0 1.1
Institutions
Exposure 6 837 703 227 255 221 22 163 25 043 54 746
Risk exposure amount, pillar 1 1 644 189 61 67 61 5 617 2 162 9 612
Exposure weighted average PD (incl. defaults), % 0.07 0.06 0.06 0.06 0.07 0.06 0.04 0.05
Exposure weighted average PD (excl. defaults), % 0.07 0.06 0.06 0.06 0.07 0.06 0.04 0.05
Exposure weighted average LGD, % 44.7 45.0 45.0 45.0 45.0 43.2 16.9 31.4
Average risk weight, % 24.1 26.9 26.7 26.2 28.0 25.3 8.6 17.6
Other IRB exposure classes
Exposure 1 472 6 019 2 396 1 376 2 247 680 6 000 14 171
Risk exposure amount, pillar 1 1 387 2 008 719 589 700 680 5 647 9 722
Average risk weight, % 94.2 33.4 30.0 42.8 31.2 100.0 94.1 68.6
Total IRB approach
Exposure 1 320 636 205 160 91 968 41 627 71 565 354 041 802 890 2 682 727
Risk exposure amount, pillar 1 92 096 79 626 32 582 22 248 24 796 102 910 15 838 290 470
Exposure weighted average PD (incl. defaults), % 0.45 2.46 2.24 3.60 2.07 1.50 0.00 0.61
Exposure weighted average PD (excl. defaults), % 0.33 1.82 1.74 2.53 1.53 0.41 0.00 0.35
Exposure weighted average LGD, % 13.0 29.4 28.2 35.4 27.5 28.5 44.1 25.6
Average risk weight, % 7.0 38.8 35.4 53.4 34.6 29.1 2.0 10.8
Standardised approach
Exposure 30 547 12 595 7 004 920 3 508 1 163 15 425 6 627 65 194
Risk exposure amount, pillar 1 35 178 7 792 2 377 326 2 182 2 907 5 235 1 966 50 171
Average risk weight, % 115.2 61.9 33.9 35.4 62.2 250.0 33.9 29.7 77.0
Total exposures
Exposure 1 351 183 217 755 98 972 42 547 75 073 1 163 369 466 809 517 2 747 921
Risk exposure amount, pillar 1 127 275 87 418 34 959 22 574 26 978 2 907 108 145 17 804 340 641
Average risk weight, % 9.4 40.1 35.3 53.1 35.9 250.0 29.3 2.2 12.4
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. As of 31 December 2020 insurance companies are recognized in Swedbank consolidated situation according to the equity method.
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 segmentsQ3, 2021
1) Average risk weights and capital requirements is presented for Pillar 1. The risk weight floor of 25 percent for the Swedish mortgage portfolio has been moved from Pillar 2 to Pillar 1. The figures
above is presented without the risk weight floor of 25 per cent.
48
Capital adequacyCapital adequacy parameters for credit risk - customer segments
Consolidated situation, SEKm 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 3
31 Dec
Basel 3
30 Sep
Exposures 2021 2021 2021 2020 2020 2020 2020 2019 2019
Retail 1 254 388 1 242 829 1 223 095 1 211 927 1 216 642 1 206 856 1 198 714 1 184 439 1 193 093
of which Retail mortgage 1 160 956 1 149 239 1 131 376 1 119 419 1 121 609 1 111 871 1 101 787 1 070 279 1 072 306
of which Retail other 93 432 93 590 91 719 92 508 95 033 94 985 96 927 114 160 120 787
Corporate 553 673 548 737 543 540 535 990 542 874 551 587 560 915 544 080 549 589
of which Advanced-IRB 464 921 462 841 455 570 457 328 460 294 468 938 470 472 457 383 460 316
of which Foundation-IRB 88 431 85 564 87 659 78 326 82 021 82 018 89 671 86 088 88 632
of which specialised lending 321 332 311 336 559 631 772 609 641
Sovereigns 805 749 747 427 616 229 475 296 521 322 556 156 416 049 362 380 390 529
Institutions 54 746 53 819 54 882 57 900 60 638 58 902 68 774 53 466 54 776
Non credit obligation 14 171 13 791 17 030 16 217 13 458 14 902 15 053 12 581 13 381
IRB approach total 2 682 727 2 606 603 2 454 776 2 297 330 2 354 934 2 388 403 2 259 505 2 156 946 2 201 368
Standardised approach 65 194 67 079 116 726 107 232 105 724 99 072 93 050 79 511 75 585
of which central and local government 10 634 10 858 9 929 7 581 8 675 8 787 9 318 6 107 6 272
Total exposures 2 747 921 2 673 682 2 571 502 2 404 562 2 460 658 2 487 475 2 352 555 2 236 457 2 276 953
Risk exposure amount
Retail 78 707 75 975 76 895 75 784 76 902 76 541 78 742 77 162 78 628
of which Retail mortgage 1) 51 472 48 912 50 201 49 260 49 607 49 355 50 562 49 094 49 536
of which Retail other 27 235 27 063 26 694 26 524 27 295 27 186 28 180 28 068 29 092
Corporate 183 422 182 896 195 043 193 156 196 398 177 563 175 774 169 325 170 120
of which Advanced-IRB 129 682 129 499 141 715 143 536 144 125 125 778 121 033 117 268 116 601
of which Foundation-IRB 53 350 53 001 52 923 49 211 51 654 51 100 53 865 51 337 52 748
of which specialised lending 390 396 405 409 619 685 876 720 771
Sovereigns 9 007 8 773 7 253 6 740 6 446 6 907 5 407 5 021 5 252
Institutions 9 612 9 480 9 759 11 484 11 526 11 557 13 963 9 855 10 158
Non credit obligation 9 722 9 791 10 484 12 488 9 504 10 762 10 997 8 122 9 533
IRB approach total 290 470 286 915 299 434 299 652 300 776 283 330 284 883 269 485 273 691
Standardised approach 50 171 49 017 47 976 48 309 48 244 48 077 47 038 45 174 45 512
of which central and local government 672 607 620 617 597 592 560 535 487
Total risk exposure amount 340 641 335 932 347 410 347 961 349 020 331 407 331 921 314 659 319 203
Average risk weight, %
Retail 6.3 6.1 6.3 6.3 6.3 6.3 6.6 6.5 6.6
of which Retail mortgage 1) 4.4 4.3 4.4 4.4 4.4 4.4 4.6 4.6 4.6
of which Retail other 29.1 28.9 29.1 28.7 28.7 28.6 29.1 24.6 24.1
Corporate 33.1 33.3 35.9 36.0 36.2 32.2 31.3 31.1 31.0
of which Advanced-IRB 27.9 28.0 31.1 31.4 31.3 26.8 25.7 25.6 25.3
of which Foundation-IRB 60.3 61.9 60.4 62.8 63.0 62.3 60.1 59.6 59.5
of which specialised lending 121.6 119.3 130.2 121.7 110.7 108.6 113.5 118.2 120.3
Sovereigns 1.1 1.2 1.2 1.4 1.2 1.2 1.3 1.4 1.3
Institutions 17.6 17.6 17.8 19.8 19.0 19.6 20.3 18.4 18.5
Non credit obligation 68.6 71.0 61.6 77.0 70.6 72.2 73.1 64.6 71.2
IRB approach total 10.8 11.0 12.2 13.0 12.8 11.9 12.6 12.5 12.4
Standardised approach 77.0 73.1 41.1 45.1 45.6 48.5 50.6 56.8 60.2
of which central and local government 6.3 5.6 6.2 8.1 6.9 6.7 6.0 8.8 7.8
Total average risk weight, % 2)
12.4 12.6 13.5 14.5 14.2 13.3 14.1 14.1 14.0
Average PD, excluding defaulted exposures, %
Retail 0.40 0.41 0.42 0.41 0.43 0.43 0.46 0.45 0.46
of which Retail mortgage 0.29 0.29 0.30 0.30 0.31 0.31 0.34 0.34 0.34
of which Retail other 1.79 1.79 1.83 1.75 1.80 1.77 1.86 1.54 1.52
Corporate 0.78 0.81 0.84 0.87 0.90 0.89 0.76 0.76 0.71
of which Advanced-IRB 0.67 0.69 0.77 0.79 0.82 0.80 0.68 0.69 0.64
of which Foundation-IRB 1.33 1.45 1.24 1.37 1.37 1.42 1.17 1.13 1.06
Sovereigns 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Institutions 0.05 0.05 0.06 0.06 0.06 0.05 0.06 0.05 0.05
Total average PD, excluding defaulted exposures, % 2) 0.35 0.37 0.40 0.43 0.43 0.42 0.44 0.44 0.43
Average LGD, %
Retail 12.6 12.6 12.6 12.6 12.7 12.7 12.7 12.8 12.8
of which Retail mortgage 10.6 10.6 10.6 10.6 10.6 10.6 10.6 10.7 10.6
of which Retail other 37.3 37.2 37.3 37.2 37.2 37.1 37.0 32.4 31.9
Corporate 26.0 25.7 25.8 25.7 25.7 22.7 23.1 23.0 23.0
of which Advanced-IRB 22.5 22.3 22.2 22.5 22.4 18.9 19.1 19.0 18.9
of which Foundation-IRB 44.4 44.3 44.3 44.3 44.4 44.4 44.4 44.4 44.3
Sovereigns 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0
Institutions 31.4 31.0 30.7 32.3 32.6 33.1 32.7 31.3 31.6
Total average LGD, % 2)
25.6 25.1 24.1 22.9 23.4 23.1 21.9 21.3 21.6
2) Only exposures calculated by IRB approach.
Q3, 2021
1) Average risk weights and capital requirements is presented for Pillar 1. The risk weight floor of 25 percent for the Swedish mortgage portfolio has been moved from Pillar 2 to Pillar 1. The figures above is presented
without the risk weight floor of 25 per cent.
49
Capital adequacy
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 3
31 Dec
Basel 3
30 Sep
Consolidated situation, SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Expected loss
Retail 1 646 1 630 1 668 1 652 1 717 1 684 1 746 1 682 1 734
of which Retail mortgage 754 745 767 776 792 793 827 793 812
of which Retail other 892 885 901 876 925 891 919 889 922
Corporate 3 920 3 767 3 643 6 038 6 895 7 059 6 796 5 425 5 074
of which Advanced-IRB 3 051 2 863 2 822 5 202 5 977 6 161 5 952 4 656 4 332
of which Foundation-IRB 860 895 812 827 905 875 816 745 716
of which specialised lending 9 9 9 9 13 23 28 24 26
Sovereigns 8 10 7 6 6 6 5 4 4
Institutions 11 11 13 14 13 12 17 10 11
Total expected loss 1)
5 585 5 418 5 331 7 710 8 631 8 761 8 564 7 121 6 823
Expected loss, non defaulted exposures
Retail 1 107 1 081 1 092 1 065 1 100 1 094 1 164 1 122 1 160
of which Retail mortgage 504 477 484 476 485 487 517 500 513
of which Retail other 603 604 608 589 615 607 647 622 647
Corporate 1 213 1 247 1 270 1 287 1 358 1 249 1 092 1 051 996
of which Advanced-IRB 688 694 784 810 854 725 616 610 566
of which Foundation-IRB 516 544 477 468 491 510 458 426 414
of which specialised lending 9 9 9 9 13 14 18 15 16
Sovereigns 8 10 7 6 6 6 5 4 4
Institutions 11 11 13 14 13 12 17 10 11
Total expected loss, non defaulted exposures 1)
2 339 2 349 2 382 2 372 2 477 2 361 2 278 2 187 2 171
Expected loss, defaulted exposures
Retail 539 549 576 587 617 590 582 560 574
of which Retail mortgage 250 268 283 300 307 306 310 293 299
of which Retail other 289 281 293 287 310 284 272 267 275
Corporate 2 707 2 520 2 373 4 751 5 537 5 810 5 704 4 374 4 078
of which Advanced-IRB 2 363 2 169 2 038 4 392 5 123 5 436 5 336 4 046 3 766
of which Foundation-IRB 344 351 335 359 414 365 358 319 302
of which specialised lending 9 10 9 10
Sovereigns
Institutions
Total expected loss, defaulted exposures 1)
3 246 3 069 2 949 5 338 6 154 6 400 6 286 4 934 4 652
Defaulted exposures
Retail 1 942 1 976 2 152 2 222 2 314 2 368 2 268 2 285 2 431
of which Retail mortgage 1 143 1 185 1 323 1 394 1 467 1 536 1 471 1 466 1 591
of which Retail other 799 791 829 828 847 832 797 819 840
Corporate 4 831 4 964 5 534 8 355 10 935 11 773 11 837 11 558 10 528
of which Advanced-IRB 4 061 4 178 4 777 7 548 9 942 10 920 10 992 10 793 9 794
of which Foundation-IRB 768 783 754 803 924 819 805 717 680
of which specialised lending 2 3 3 4 69 34 40 48 54
Sovereigns
Institutions
Total defaulted exposures 1)
6 773 6 940 7 686 10 577 13 249 14 141 14 105 13 843 12 959
1) Only exposures calculated by IRB approach.
Change in Risk exposure amount (REA), Basel 3Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Consolidated situation, SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
REA at beginning of period, Basel 3 688 517 694 625 689 594 691 535 692 352 691 107 649 237 656 530 658 097
Exposure change (EAD) 10 875 6 475 2 177 -1 818 -742 -3 919 19 859 -2 868 3 240
Rating migration (PD) -2 791 -2 722 -599 -2 073 1 002 6 709 55 2 185 1 090
LGD change -376 -3 208 112 5 19 472 -699 -2 050 -1 439 -2 366
Credit risk other -3 410 -11 934 -2 224 2 702 -2 075 -2 723 -431 -2 839 -4 612
CVA risk 244 -1 143 3 -1 082 463 -2 118 2 405 -113 470
Market risk -1 064 -1 333 3 565 -3 009 812 1 025 2 136 33 1 669
Operational risk 2 067 2 940
Additional REA, Article 3 CRR 5 377 2 135 -243 960 -22 016 -716 10 937 -2 485 -2 443
Additional REA, Article 458 CRR 5 848 5 622 2 240 307 2 267 3 686 6 019 233 1 385
REA at period end, Basel 3 703 220 688 517 694 625 689 594 691 535 692 352 691 107 649 237 656 530
Capital adequacy parameters for credit risk - customer segments cont.Q3, 2021
50
Capital adequacy
Capital adequacy, consolidated situationQ3, 2021
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Consolidated situation, SEKm 2021 2021 2021 2020 2020
Available own funds (amounts)
Common Equity Tier 1 (CET1) capital 129 867 127 551 124 725 120 496 116 418
Tier 1 capital 142 960 136 146 133 548 128 848 125 636
Total capital 158 682 151 840 149 711 144 737 142 350
Risk-weighted exposure amounts
Total risk exposure amount 703 220 688 517 694 625 689 594 691 535
Capital ratios (as a percentage of risk-weighted exposure amount)
Common Equity Tier 1 ratio (%) 18.5 18.5 18.0 17.5 16.8
Tier 1 ratio (%) 20.3 19.8 19.2 18.7 18.2
Total capital ratio (%) 22.6 22.1 21.6 21.0 20.6
Additional own funds requirements to address risks other than the risk of excessive leverage (as a percentage of risk-weighted exposure amount)
Additional own funds requirements to address risks other than the risk of excessive leverage (%) 1.7 2.0 2.0 2.0 3.3
of which: to be made up of CET1 capital (percentage points) 1.2 1.4 1.4 1.4 3.0
of which: to be made up of Tier 1 capital (percentage points) 1.3 1.7 1.7 1.7 3.1
Total SREP own funds requirements (%) 9.7 10.0 10.0 10.0 11.3
Combined buffer and overall capital requirement (as a percentage of risk-weighted exposure amount)
Capital conservation buffer (%) 2.5 2.5 2.5 2.5 2.5
Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member
State (%)
n/a n/a n/a n/a n/a
Institution specific countercyclical capital buffer (%) 0.0 0.0 0.0 0.0 0.0
Systemic risk buffer (%) 3.0 3.0 3.0 3.0 3.0
Global Systemically Important Institution buffer (%) n/a n/a n/a n/a n/a
Other Systemically Important Institution buffer (%) 1.0 1.0 1.0 1.0 0.0
Combined buffer requirement (%) 6.5 6.5 6.5 6.5 5.5
Overall capital requirements (%) 16.2 16.5 16.5 16.5 16.9
CET1 available after meeting the total SREP own funds requirements (%) 8.8 8.5 8.0 7.5 5.5
Leverage ratio
Total exposure measure 2 927 123 2 838 534 2 779 915 2 526 721 2 636 884
Leverage ratio (%) 4.9 4.8 4.8 5.1 4.8
Additional own funds requirements to address the risk of excessive leverage (as a percentage of total exposure measure)
Additional own funds requirements to address the risk of excessive leverage (%) 0.0 0.0 n/a n/a n/a
of which: to be made up of CET1 capital (percentage points) 0.0 0.0 n/a n/a n/a
Total SREP leverage ratio requirements (%) 3.0 3.0 n/a n/a n/a
Leverage ratio buffer and overall leverage ratio requirement (as a percentage of total exposure measure)
Leverage ratio buffer requirement (%) 3.0 3.0 n/a n/a n/a
Overall leverage ratio requirement (%) 3.0 3.0 n/a n/a n/a
Liquidity Coverage Ratio 1)
Total high-quality liquid assets (HQLA) (Weighted value -average) 671 760 609 652 574 930 537 572 502 144
Cash outflows - Total weighted value 489 426 453 480 433 130 413 139 398 318
Cash inflows - Total weighted value 53 679 58 464 69 439 77 124 82 229
Total net cash outflows (adjusted value) 435 747 395 016 363 691 336 015 316 089
Liquidity coverage ratio (%) 155 155 159 161 160
Net Stable Funding Ratio
Total available stable funding 1 642 641 1 605 176 1 616 476 1 652 303 1 642 142
Total required stable funding 1 328 311 1 308 168 1 316 805 1 316 918 1 325 509
NSFR ratio (%) 124 123 123 125 124
1) LCR based on the twelve-month average as in the Pillar 3 disclosure.
Common Equity Tier 1 capital
Consolidated situation, SEKm 30 Sep
2021
30 Jun
2021
31 Mar
2021
31 Dec
2020
30 Sep
2020
Shareholders' equity according to the Group's balance sheet 164 612 159 368 153 742 155 168 150 564
Anticipated dividend -16 215 -13 466 -10 685 -16 320 -14 065
Deconsolidation of insurance companies -1 472
Value changes in own financial liabilities -75 -73 -78 -77 -84
Cash flow hedges 1 2 -1 2 -5
Additional value adjustments -683 -785 -737 -478 -605
Goodwill -13 524 -13 471 -13 597 -13 414 -13 907
Deferred tax assets -120 -121 -113 -78 -154
Intangible assets -3 975 -3 755 -3 627 -4 116 -3 822
Insufficient coverage for non-performing exposures -1
Deductions of CET1 capital due to Article 3 CRR -113 -112 -144 -158Shares deducted from CET1 capital -40 -36 -35 -33 -32
Total Common Equity Tier 1 capital 129 867 127 551 124 725 120 496 116 418
Risk exposure amount
Consolidated situation, SEKm30 Sep
2021
30 Jun
2021
31 Mar
2021
31 Dec
2020
30 Sep
2020
Risk exposure amount credit risks, standardised approach 50 171 49 017 47 976 48 309 48 244
Risk exposure amount credit risks, IRB 290 470 286 913 299 434 299 652 300 776
Risk exposure amount default fund contribution 252 664 574 556 681
Risk exposure amount settlement risks 0 0 0 0 1
Risk exposure amount market risks 18 481 19 546 20 879 17 314 20 322
Risk exposure amount credit value adjustment 3 503 3 258 4 401 4 398 5 480
Risk exposure amount operational risks 73 521 73 521 73 521 73 521 71 454
Additional risk exposure amount, Article 3 CRR 27 069 21 692 19 556 19 800 18 840
Additional risk exposure amount, Article 458 CRR 239 753 233 906 228 284 226 044 225 737
Total risk exposure amount 703 220 688 517 694 625 689 594 691 535
51
Capital adequacy
Capital requirements by entity and Outstanding subordinated debt
Q3, 2021
Capital requirements 1)
% CET1 AT1 T2
Total
capital
Pillar 1
Minimum requirement 4.5 1.5 2.0 8.0
Systemic risk buffer 3.0 3.0
Capital conservation buffer (CCoB) 2.5 2.5
Other systemically important institution buffer (O-SII) 1.0 1.0
Countercyclical capital buffer (CCyB) 2)
0.0 0.0
Total Pillar 1 11.0 1.5 2.0 14.5
Pillar 2
Individual pillar 2 charge 3)
of which Interest rate risk in the banking book 0.2 0.1 0.1 0.4
of which Credit-related concentration risk 0.3 0.1 0.1 0.5
of which Adjustment to estimates of probability of default 0.2 0.0 0.0 0.2
of which Commercial real estate add-on 0.5 0.0 0.1 0.6
Individual pillar 2 guidance (P2G) 4)
1.5 1.5
Total Pillar 2 2.7 0.2 0.4 3.2
Capital requirements 13.7 1.7 2.4 17.8
Actual capital ratios as of 30 Sep 2021 18.5 1.9 2.2 22.6
Capital requirements 1)
% CET1 AT1 T2
Total
capital
Pillar 1
Minimum requirement 4.5 1.5 2.0 8.0
Systemic risk buffer
Other systemically important institution buffer (O-SII)
Capital conservation buffer (CCoB) 2.5 2.5
Countercyclical capital buffer (CCyB) 2)
0.1 0.1
Total Pillar 1 7.1 1.5 2.0 10.6
Pillar 2 3)
Individual pillar 2 charge 1.1 0.1 0.3 1.5
Total Pillar 2 1.1 0.1 0.3 1.5
Capital requirements 8.1 1.6 2.3 12.1
Capital ratios as of 30 Sep 2021 27.2 3.7 4.5 35.4
Capital requirements 1)
% CET1 AT1 T2
Total
capital CET1 AT1 T2
Total
capital CET1 AT1 T2
Total
capital
Pillar 1
Minimum requirement 4.5 1.5 2.0 8.0 4.5 1.5 2.0 8.0 4.5 1.5 2.0 8.0
Systemic risk buffer
Other systemically important institution buffer (O-SII) 2.0 2.0 2.0 2.0 2.0 2.0
Capital conservation buffer (CCoB) 2.5 2.5 2.5 2.5 2.5 2.5
Countercyclical capital buffer (CCyB) 2) 0.0 0.0 0.0 0.0 0.0 0.0
Total Pillar 1 9.0 1.5 2.0 12.5 9.0 1.5 2.0 12.5 9.0 1.5 2.0 12.5
Pillar 2 3)
Individual pillar 2 charge 1.1 0.4 0.5 2.0 1.0 0.3 0.4 1.7 1.0 0.3 0.5 1.8
Individual pillar 2 guidance 1.0 1.0 1.0 1.0 1.0 1.0
Total Pillar 2 2.1 0.4 0.5 3.0 2.0 0.3 0.4 2.7 2.0 0.3 0.5 2.8
Capital requirements 11.1 1.9 2.5 15.5 11.0 1.8 2.4 15.2 11.0 1.8 2.5 15.3
Capital ratios as of 30 Sep 2021 37.9 37.9 33.7 33.7 26.7 26.7
1) Swedbank's calculation based on announced capital requirements, including implemented buffers, Pillar 2 requirements and Pillar 2 guidance (P2G).
3) Individual Pillar 2 requirement according to decision from SFSA SREP 2021.
4) Swedbank Group is subject to P2G from Q3 2021. Failure to comply is not in itself a breach of own funds requirements. P2G also does not stipulate any limitation on the Maximum Distributable Amount.
Note: There might be a case when values in columns and rows don’t sum up exactly due to rounding.
ISIN Value date Maturity date Coupon Call date Currency Fitch
Rating
Moody's S&P
Tier 2
XS1617859464 22-May-2017 22-Nov-2027 1.00% 22-Nov-2022 EUR A- Baa2 BBB+
XS1796813589 28-Mar-2018 28-Mar-2033 0.90% 28-Mar-2028 JPY
XS1807179277 12-Apr-2018 12-Apr-2028 0.75% 12-Apr-2023 JPY
XS1816641937 8-May-2018 8-May-2028 1.59% 8-May-2023 SEK A- Baa2 BBB+
XS1848755358 29-Jun-2018 29-Jun-2028 0.95% 29-Jun-2023 JPY Baa2 BBB+
XS1880928459 18-Sep-2018 18-Sep-2028 1.50% 18-Sep-2023 EUR A- Baa2 BBB+
Total Tier 2
Additional Tier 1
XS1535953134 16-Dec-2016 Perpetual 6.00% 17-Mar-2022 Fixed rate eq. to USD MS+411bps USD BBB Ba1 BBB-
XS2046625765 29-Aug-2019 Perpetual 5.63% 17-Sep-2024 Fixed rate eq. to USD MS +413bps USD BBB Ba1 BBB-
XS2377291963 25-Aug-2021 Perpetual 4.00% 17-Sep-2029 USD BBB Ba1 BBB-
Total Additional Tier 1
Total
1) Excluding intragroup holdings.
Swedbank Lithuania
2) The CCyB is according to the latest announcements by the authorities.
Nominal amount,
local currency, m
Carrying amount,
SEKm 1)
Fixed rate equiv. to EUR MS +82bps 650 6 647
1 209
Fixed rate equiv. to JPY MS +85.125bps 11 000 864
5 000 398
Fixed rate equiv. to JPY MS +64.625bps 8 000 629
5 140
14 887
500 4 418
Fixed rate eq, to USD MS +286bps 500
28 030
Swedbank Consolidated situation
1.59%
Fixed rate equiv. to JPY MS +64.25bps
Coupon after call date
Outstanding subordinated debt - Swedbank AB (parent company)
30 September 2021
Swedbank AB
Swedbank Estonia Swedbank Latvia
500
1 200
4 459
4 266
13 143
Fixed rate equiv. to EUR MS +32bps 500
52
Capital adequacyICAAP 2021 - Scenario and Income statementQ3, 2021
Stresstest ICAAP-scenario - triggers 1)
The COVID-19 vaccine proves to be ineffective. The virus spreads and restrictions become more stringent
Combination of demand & supply shocks
The supply shock is “overtaken” by the size of the demand shock
Central banks act on their mandate
Economic sentiment fades
Industrial recovery is put on hold
Financial markets stressed
The downturn is combated using inefficient green governmental investments
Stresstest ICAAP-scenario - parameters 2)
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Sweden
Real GDP growth, % YoY -5.2 -5.7 -6.3 -6.0 -7.0 -6.1 -6.7 -5.3 -2.1 -0.2 1.5 2.2 2.1
Unemployment, % 8.9 11.6 13.3 14.0 14.0 13.5 13.2 12.8 12.5 12.2 11.9 11.7 11.5
Inflation, % YoY 0.6 0.1 -0.5 -0.5 -0.5 -0.5 -0.5 -0.2 0.1 0.1 0.2 0.3 0.3
Real estate prices, index 100.0 99.1 91.2 83.2 75.9 67.5 66.4 65.4 64.6 64.4 64.5 64.7 65.0
Estonia
Real GDP growth, % YoY -4.3 -5.5 -4.3 -4.5 -5.2 -5.4 -5.6 -4.1 -2.4 -1.3 -0.8 -0.8 -0.4
Unemployment, % 8.1 11.3 13.6 15.5 16.0 15.9 15.5 14.8 14.2 13.6 13.0 12.4 11.9
Inflation, % YoY 0.0 -0.2 -0.5 -0.5 -0.6 -0.5 -0.4 -0.2 -0.1 0.0 0.0 0.1 0.2
Real estate prices, index 100.0 79.7 70.4 65.4 68.7 71.4 73.5 74.3 75.0 75.8 76.5 77.3 78.1
Latvia
Real GDP growth, % YoY -5.0 -5.6 -3.6 -4.0 -5.1 -5.6 -6.2 -4.4 -2.3 -1.0 -0.6 -0.6 -0.3
Unemployment, % 8.3 9.9 12.3 15.1 16.5 16.7 16.3 16.0 15.3 14.6 14.0 13.4 13.1
Inflation, % YoY 0.7 0.1 -0.4 -0.5 -0.6 -0.6 -0.4 -0.2 0.0 0.0 0.1 0.1 0.2
Real estate prices, index 100.0 100.0 75.6 70.9 64.1 68.6 72.4 73.1 73.3 73.7 74.4 75.3 76.2
Lithuania
Real GDP growth, % YoY -2.0 -3.9 -3.6 -4.4 -5.6 -5.6 -5.6 -3.8 -2.0 -0.9 -0.5 -0.6 -0.3
Unemployment, % 7.5 9.1 12.8 15.9 16.3 16.3 15.9 15.2 14.5 13.9 13.3 12.7 12.5
Inflation, % YoY 1.2 -0.1 -0.5 -0.6 -0.6 -0.5 -0.4 -0.2 0.0 0.0 0.1 0.1 0.2
Real estate prices, index 100.0 100.0 76.4 72.2 67.9 67.6 72.6 74.8 76.3 77.1 77.8 78.6 79.4
Interest Rates
STIBOR 3m ,% 0.04 0.04 -0.21 -0.46 -0.66 -0.86 -0.96 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06
EURIBOR 6m, % -0.45 -0.56 -0.66 -0.76 -0.86 -0.96 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06
FX
USD/SEK 8.24 8.45 8.65 8.86 9.06 8.98 8.90 8.81 8.73 8.65 8.56 8.48 8.39
EUR/SEK 10.05 10.30 10.55 10.80 11.06 10.95 10.85 10.75 10.65 10.54 10.44 10.34 10.24
Income statement under ICAAP-Scenario 3) 4)
SEKbn 2020 2021 2022 2023
Net interest income 28.4 27.7 25.3 24.4
Total income 46.5 37.1 35.6 36.5
Total expenses 24.8 20.7 20.0 20.0
Profit before impairments 21.7 16.4 15.7 16.5
Credit impairments 5.0 15.7 8.9 5.4
Profit before tax 16.6 0.7 6.8 11.1
Tax expense 3.7 0.1 1.3 2.2
Profit for the period 12.9 0.6 5.5 8.9
1) The scenario used has a targeted severity of once-in-25-years and was developed in autumn 2020, at the time when the second wave of the pandemic was spreading in the society.
2) Q4 2020 figures are based on preliminary estimates as final figures were published after the submission of the ICAAP report.
3) ICAAP is based on the Swedbank Consolidated Situation, which in some cases differs from Swedbank Group.
4) The Board of Directors has set the dividend policy to 50 per cent of profit for the year. This policy is applied in the ICAAP scenario.
53
Capital adequacyICAAP 2021 - Credit impairments and capitalQ3, 2021
Capital assessment
SEKbn 2020 2021 2022 2023
Total REA, Basel 3 689.6 851.8 833.4 877.3
Common Equity Tier 1 capital, Basel 3 120.5 117.2 117.5 120.4
Common Equity Tier 1 capital ratio %, Basel 3 17.5 13.8 14.1 13.7
Credit Impairments per BA
EAD1)
Acc. Credit
SEKbn impairment ratio
SEKbn 2020 2021 2022 2023 2021-2023, %
Large Corporates & Institutions 293.7 9.0 3.9 1.8 5.0
Swedish Banking 1 233.7 3.9 3.9 2.8 0.9
Estonia 89.3 1.0 0.4 0.4 2.1
Latvia 64.4 0.9 0.4 0.3 2.4
Lithuania 39.3 0.8 0.2 0.1 3.1
Total 1 720.4 15.6 8.9 5.4 1.7
Credit impairments per segment
EAD Acc. Credit
SEKbn impairment ratio
SEKbn 2020 2021 2022 2023 2021-2023, %
Shipping and offshore 19.5 1.7 0.5 0.5 14.0
Hotels and restaurants 8.9 0.6 0.5 0.1 13.6
Finance and insurance 26.9 1.2 0.5 0.2 6.8
Retail 39.9 1.7 0.7 0.4 6.8
Manufacturing 60.1 1.8 1.2 0.6 5.9
Professional services 24.5 0.6 0.4 0.2 4.9
Other corporate lending 17.3 0.3 0.3 0.2 4.6
Construction 28.0 0.8 0.4 0.1 4.4
Transportation 16.1 0.4 0.1 0.1 3.6
Private other 51.1 0.7 0.5 0.2 2.7
Property management 264.3 3.6 1.9 1.3 2.6
Information and communication 18.7 0.3 0.1 0.1 2.5
Public sector and utilities 45.8 0.4 0.2 0.2 1.7
Agriculture, forestry, fishing 66.0 0.4 0.2 0.2 1.1
Tenant owner associations 94.1 0.1 0.1 0.1 0.4
Private mortgage 939.4 1.1 1.2 1.1 0.4
Total 1 720.4 15.6 8.9 5.4 1.7
1) EAD without credit institutions
Credit Impairments
Credit Impairments
54
Liquidity and Funding
Liquid assets, the Liquidity Coverage Ratio and Liquidity RatiosQ3, 2021
Group Liquidity Reserve
SEKm Total SEK EUR USD Other
Level 1 assets 825 599 322 629 356 493 128 997 17 480
Cash and balances with central banks 1)
646 315 171 834 346 058 126 365 2 057
Securities issued or guaranteed by sovereigns, central banks, MDBs and intl. org. 136 102 124 227 7 338 2 632 1 905
Securities issued by municipalities and PSEs 3 695 3 159 2 535
Extremely high quality covered bonds 39 487 23 409 3 095 12 983
Level 2 assets 14 889 9 089 4 493 0 1 307
Level 2A assets 4 660 3 206 147 1 307
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs
High quality covered bonds 4 633 3 206 120 1 307
Corporate debt securities (lowest rating AA-) 27 27
Level 2B assets 10 229 5 883 4 346
Asset-backed securities
High quality covered bonds
Corporate debt securities (rated A+ to BBB-) 703 66 637
Shares (major stock index) 9 526 5 817 3 709
Total liquid assets (unadjusted market value) 840 488 331 718 360 986 128 997 18 787
LCR adjustments (haircuts) according to LCR DR2)
8 578
High Quality Liquid Assets 831 910
1) Minimum reserve requirements held in Central Banks of Estonia, Latvia, Lithuania and Bank of Finland are excluded from Liquid Assets.
2) Adjusted value according to Article 9 of Commission Delegated Regulation (EU 2015/61).
Liquidity Coverage Ratio (LCR) 3)
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm 2021 2021 2021 2020 2020
HQLA, Level 1 822 834 767 953 626 377 482 025 541 092
HQLA, Level 2 9 076 8 162 11 706 8 536 14 215
High Quality Liquid Assets 831 910 776 115 638 083 490 561 555 306
Retail deposits and deposits from small business customers 52 090 50 415 48 648 47 852 46 750
Unsecured wholesale funding 461 891 441 120 315 992 200 763 294 059
Secured wholesale funding 5 388 4 713 6 987 8 632 6 243
Additional requirements 66 232 66 456 64 802 69 477 56 567
Other cash outflows 19 398 19 850 24 706 3 310 17 046
Total Cash Outflows 605 000 582 554 461 135 330 034 420 664
Secured lending 2 453 2 437 2 964 4 361 8 033
Inflows from fully performing exposures 22 301 18 876 19 386 18 932 22 823
Other cash inflows 22 798 19 330 25 544 24 987 26 368
Total Cash Inflows 47 552 40 643 47 894 48 280 57 223
LCR, % 149 143 154 174 153
LCR, EUR, % 228 198 268 263 241
LCR, USD, % 165 153 159 145 164
LCR, SEK, % 112 115 112 134 121
3) LCR calculated in accordance with Commission Delegated Regulation (EU) 2018/1620.
Liquidity ratiosQ3, 2021
Net Stable Funding Ratio (NSFR) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
2021 2021 2021 2020 2020
NSFR, %1)
124 123 123 125 124
Available Stable Funding, SEKm 1 642 641 1 605 176 1 616 476 1 652 303 1 642 142
Required Stable Funding, SEKm 1 328 311 1 308 168 1 316 805 1 316 918 1 325 509
Liquidity reserve ratio, % 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
2021 2021 2021 2020 2020
Liquidity reserve in relation to maturing funding 2)
liquidity reserve 3 months 211 243 244 356 255
liquidity reserve 6 months 175 163 168 241 198
liquidity reserve 12 months 131 125 138 167 152
Currency distribution
1) NSFR calculated in accordance with Regulation (EU) 2019/876.
2) Issued debt and net of lending and borrowing to/from credit institutions (net Interbank) within 3, 6 and 12 months.
55
Liquidity and Funding
Q3, 2021
Group 30 Sep 30 Jun 31 Mar 31 Dec 30 SepSEKm 2021 2021 2021 2020 2020
Commercial papers and certificates of deposits 387 450 317 880 244 709 127 209 158 302
Covered bonds 413 766 445 690 459 764 471 491 514 109
Senior unsecured bonds 112 672 113 186 120 161 128 437 136 129
Structured retail bonds 4 372 4 677 5 428 5 677 6 436
Total debt securities in issue 918 260 881 433 830 062 732 814 814 976
Senior non-preferred liabilities 37 182 34 614 20 214 10 359 10 878
Subordinated liabilities 28 134 23 699 24 005 23 434 24 924
of which undated subordinated loans, Additional Tier 1 capital (AT1) 13 181 8 787 8 891 8 535 9 270
of which subordinated loans, Tier 2 capital (T2) 14 953 14 912 15 114 14 899 15 654
Total debt securities in issue, senior non-preferred liabilities and subordinated
liabilities 983 576 939 746 874 281 766 607 850 778
Q3 Q2 Q1 Q4 Q3
Turnover during the period 2021 2021 2021 2020 2020
Commercial papers and certificates of deposits
Opening balance 317 880 244 709 127 209 158 302 185 191
Issued 113 847 163 269 165 315 91 368 111 327
Repaid -47 724 -85 687 -57 138 -116 501 -135 191
Changes in exchange rates 3 446 -4 412 9 317 -5 945 -2 845
Interest 1 1 6 -15 -180
Closing balance 387 450 317 880 244 709 127 209 158 302
Covered bonds
Opening balance 445 690 459 764 471 491 514 109 541 144
Issued 13 224 7 652 15 491 3 188 2 907
Repurchased -2 987 -6 163 -9 426 -4 988 -14 182
Repaid -42 814 -13 285 -19 937 -32 287 -17 389
Change in market values or in hedged item in hedge accounting at fair value
-943 -993 -2 367 -966 -330
Changes in exchange rates 858 -2 072 3 685 -8 484 990
Interest 738 786 827 919 969
Closing balance 413 766 445 690 459 764 471 491 514 109
Senior unsecured bonds
Opening balance 113 186 120 161 128 437 136 129 136 140
Issued 2 881 264 6 380 9 655
Repaid -4 982 -5 193 -19 921 136 -12 013
Change in market values or in hedged item in hedge accounting at fair value 52 540 115 -585 186
Changes in exchange rates 1 559 -2 612 4 916 -7 628 1 780
Interest -24 26 234 385 381
Closing balance 112 672 113 186 120 161 128 437 136 129
Structured retail bonds
Opening balance 4 677 5 428 5 677 6 436 6 754
Issued
Repaid -224 -616 -503 -909 -182
Change in market values or in hedged item in hedge accounting at fair value -81 -135 254 150 -136
Interest
Closing balance 4 372 4 677 5 428 5 677 6 436
Senior non-preferred liabilities
Opening balance 34 614 20 214 10 359 10 878 10 837
Issued 2 581 14 449 9 958
Repaid 4 -3 -2 -64 -31
Change in market values or in hedged item in hedge accounting at fair value 83 126 -239 12 180
Changes in exchange rates -36 -125 164 -488 -102
Interest -64 -47 -26 21 -6
Closing balance 37 182 34 614 20 214 10 359 10 878
Additional Tier 1 capital (AT1)
Opening balance 8 787 8 891 8 535 9 270 9 787
Issued 4 326
Repaid -245 -6 -246 -256
Change in market values or in hedged item in hedge accounting at fair value 122 21 76 -53 -59
Changes in exchange rates 211 -119 405 -1 342 -396
Interest -20 0 121 916 -62
Closing balance 13 181 8 787 8 891 8 535 9 270
Tier 2 capital (T2)
Opening balance 14 912 15 114 14 899 15 654 15 634
Issued
Repaid -106 -144 -17
Change in market values or in hedged item in hedge accounting at fair value 27 32 29 1 139 -1 138
Changes in exchange rates -35 -85 232 -944 36
Interest 154 -148 -47 -806 1 139
Closing balance 14 953 14 912 15 114 14 899 15 654
Weighted average maturity of wholesale funding Q3 Q2 Q1 Q4 Q3
(months) 2021 2021 2021 2020 2020
Total (incl. commercial papers and certificates of deposits) 20 21 23 25 25
of which long-term funding 33 32 33 33 34
of which covered bonds 34 33 34 35 35
of which senior unsecured 19 22 24 22 25
of which senior non-preferred 62 65 62 47 50
of which additional tier 11) 46 24 27 30 33
of which tier 21) 20 23 26 29 32
1) Maturity date according to call date
Debt securities in issue, senior non-preferred liabilities
and subordinated liabilities
56
Liquidity and Funding
Issued long-term debt, by currencyQ3, 2021
Issued long-term debt - distribution by currency Q3 Q2 Q1 Q4 Q3
Nominal amount, SEKm 2021 2021 2021 2020 2020
Covered bonds
SEK 13 224 7 652 15 491 3 188 3 176
EUR
Other
Senior unsecured
SEK 2 000 500
EUR 539 253
USD 6 380 9 155
Other 382
Senior non-preferred
SEK 500
EUR 224 10 720 7 678
Other 1 554 4 126 2 280
Additional tier 1
USD 4 359
Total 22 782 22 751 31 829 3 188 12 831
57
Liquidity and FundingMaturity distribution, long-term fundingQ3, 2021
Nominal amount, SEKm
Domestic
covered bonds 1)
International
covered bonds 1)
Senior
unsecured
bonds 1)
Senior non-
preferred 1)2)
Structured
retail bonds 1)
Additional
tier 12)3)
Tier 22)3)
Total
Q4 2021 9 050 5 914 401 15 365
Q1 2022 12 241 30 282 203 504 4 387 47 617
Q2 2022 85 534 2 879 790 358 89 561
Q3 2022 10 166 7 624 164 17 954
Q4 2022 5 767 10 068 278 6 608 22 721
Q1 2023 55 577 657 2 000 235 58 469
Q2 2023 1 118 14 198 352 2 691 18 359
Q3 2023 10 267 14 666 230 5 083 30 246
Q4 2023 22 300 409 22 709
Q1 2024 6 353 7 089 464 13 906
Q2 2024 10 775 1 192 560 12 527
Q3 2024 55 400 712 143 4 387 60 642
Q4 2024 407 603 10 383 349 11 742
Q1 2025 1 088 84 1 172
Q2 2025 34 750 13 947 11 319 47 60 063
Q3 2025 915 2 791 3 706
Q3 2025 2 348 2 3482026 - 22 302 37 984 1 599 27 008 4 387 392 93 672Grand Total 275 863 126 674 110 135 37 594 4 578 13 161 14 774 582 779
1) Including intra-group holdings.
2) Not included in debt securities in issue, in the balance sheet.
3) Maturity date according to call date.
FX distribution
Nominal amount, SEKm SEK EUR USD GBP Other Total
Q4 2021 1 001 1 779 12 585 15 365
Q1 2022 2 254 20 209 17 768 7 386 47 617
Q2 2022 86 642 1 230 1 689 89 561
Q3 2022 164 17 790 17 954
Q4 2022 778 11 944 4 731 5 268 22 721
Q1 2023 58 062 407 58 469
Q2 2023 4 052 2 236 8 774 3 297 18 359
Q3 2023 230 20 433 8 774 809 30 246
Q4 2023 22 709 22 709
Q1 2024 6 613 712 6 581 13 906
Q2 2024 560 11 030 937 12 527
Q3 2024 55 543 712 4 387 60 642
Q4 2024 349 8 031 3 362 11 742
Q1 2025 84 1 088 1 172
Q2 2025 34 797 25 266 60 063
Q3 2025 1 750 915 1 041 3 706
Q3 2025 2 348 2 3482026 - 24 302 56 356 4 440 4 140 4 434 93 672Grand Total 299 890 182 486 50 724 21 456 28 223 582 779
58
Liquidity and FundingOutstanding benchmark bonds, commercial papers and certificates of depositsQ3, 2021
SEK benchmark covered bonds (tap issuance)
ISIN code
Outstanding, nominal amount, 1)
Loan 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm number Coupon, % Maturity date 2021 2021 2021 2020 2020
SE0007525654 SPI 191 1.00 2022-06-15 85 534 85 734 87 400 96 400 96 400
SE0010133207 SPI 192 1.00 2023-03-15 48 652 48 652 48 652 48 652 48 652
SE0011167782 SPI 192 FRN 3mStib. + 95bps 2023-03-15 6 925 6 925 6 925 6 925 6 925
SE0011089622 SPI 193 1.00 2023-12-20 22 300 22 300 22 300 21 900 21 900
SE0012142206 SPI 194 1.00 2024-09-18 53 800 49 800 49 800 49 800 49 800
SE0013050630 SPI 194 FRN 3mStib. +90bps 2024-09-18 1 600 1 600 1 600 1 600 1 600
SE0013546066 SPI 195 1.00 2025-06-18 34 750 31 950 31 450 26 450 23 400
SE0015244991 SPI 196 1.00 2026-03-18 22 300 16 300 9 400
SE0016828529 SPI 197 1.00 2027-03-17 2
1) Including intra-group holdings.
Non-SEK benchmark covered bonds
ISIN code
Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Issued amount
XS1200837836 EUR 0.375 2015-03-04 2022-03-11 MS + 45 bps 1 000
XS1550140674 EUR 0.125 2017-01-09 2022-07-18 MS - 3 bps 1 000
XS1778322351 EUR 0.45 2018-02-15 2023-08-23 MS - 10 bps 1 000
XS1606633912 EUR 0.4 2017-04-26 2024-05-08 MS - 6 bps 1 000
XS2002504194 EUR 0.05 2019-05-20 2025-05-28 MS + 54.5 bps 1 250
XS1946788194 EUR 0.5 2019-01-29 2026-02-05 MS + 66.1 bps 1 000
XS1530835336 GBP 1.125 2016-11-30 2021-12-07 G + 65 bps 550
Benchmark senior unsecured bonds
ISIN code
Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Outstanding amount
XS1239401216 EUR 1.000 2015-05-21 2022-06-01 MS + 45 bps 750
XS1573958409 EUR 0.300 2017-02-24 2022-09-06 MS + 18 bps 750
XS1711933033 EUR 0.250 2017-10-30 2022-11-07 MS + 7 bps 500
XS1870225338 EUR 0.400 2018-08-20 2023-08-29 MS + 18 bps 500
XS2167002521 EUR 0.750 2020-04-24 2025-05-05 MS + 98 bps 1 000
XS1689549217 GBP 1.250 2017-09-19 2021-12-29 G + 76 bps 500
XS1844104437 GBP 1.625 2018-06-18 2022-12-28 G + 80 bps 400
XS1577360784 (US87020PAH01) USD 2.800 2017-03-06 2022-03-14 T + 80 bps 1 000
XS1577762583 (US87020PAJ66) USD 3mUSDLibor + 70 bps 2017-03-06 2022-03-14 3mUSDLibor + 70 bps 500
XS2182121405 (US87020PAK30) USD 1.300 2020-05-26 2023-06-02 T + 112.5 bps 1 000
XS2237318485 (US87020PAL13) USD 0.600 2020-09-17 2023-09-25 T + 45 bps 1 000
XS2317119969 (US87020PAM95) USD 0.850 2021-03-18 2024-03-18 T + 55 bps 750
XS2198236734 JPY 0.369 2020-06-26 2023-07-06 YOS + 35 bps 10 300
XS2198237039 JPY 0.423 2020-06-26 2025-07-04 YOS + 40 bps 10 700
AU3FN0034229 AUD 3mBBSW + 118 bps 2017-02-08 2022-02-17 3mBBSW + 118 bps 350
Benchmark senior non-preferred bonds
ISIN code
Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Outstanding amount
XS2063261155 EUR 0.250 2019-10-02 2024-10-09 MS + 70 bps 750
XS2282210231 EUR 0.20 2021-01-12 2028-01-12 MS + 63 bps 750
XS2343563214 EUR 0.3 2021-05-20 2027-05-20 MS + 63 Bps 1 000
XS2350031048 GBP 1.375 2021-06-08 2027-12-08 G + 100 Bps 350
Outstanding commercial papers and certificates of deposits
Outstanding, nominal amount
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm Limit 2021 2021 2021 2020 2020
Swedbank AB
European CP/CD EUR 10bn 114 448 89 708 59 530 55 159 15 876
USCP/Yankee CD USD 20bn/USD 20bn 273 005 228 175 185 183 72 050 142 426
of which initial maturity > 1 year 6 142 5 153 1 090 1 229 2 721
Domestic CP SEK 80bn
Total, Group 387 453 317 883 244 713 127 209 158 302
Outstanding amount
Outstanding volumes
59
Liquidity and Funding
Minimum Requirement of Own Funds and
Eligible Liabilities (MREL)Q3, 2021
Recapitalisation Amount (RCA) SEKm
RCA Requirement 1)
68 423
Total Eligible Liabilities to meet RCA 108 082
RCA Buffer 39 659
MREL1)
% of Total Liabilities and Own Funds2)
MREL1)
6.2%
Total Own Funds and Eligible Liabilities to meet MREL 9.9%
MREL buffer 3.7%
Breakdown of Eligible Liabilities to meet RCA SEKm % of REA
Senior non-preferred 37 684 5.4%
Senior preferred 70 324 10.0%
Deposits 74 0.0%
Total Eligible Liabilities to meet RCA 108 082 15.4%
Breakdown of Own Funds and Eligible Liabilities to meet MREL SEKm % of TLOF
Eligible Liabilities 108 082 4.0%
Own Funds 158 682 5.9%
of which CET1 capital 129 867 4.8%
of which AT1 capital 13 094 0.5%
of which T2 capital 15 721 0.6%
Total Own Funds and Eligible Liabilities to meet MREL 266 765 9.9%
1) As set by the Swedish National Debt Office, effective as of 23 Dec 2020.
2) Based on preliminary closing TLOF figures.
60
Liquidity and FundingMaturity distribution, total balance sheet and distribution in SEK
Q3, 2021
Maturity distribution, Swedbank Group, 30 Sep 2021
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 651 869 651 869
Loans to credit institutions 3 421 18 144 2 240 2 685 3 012 4 813 5 554 174 1 399 41 442
of which repurchase agreements 3 524 3 524
Loans to the public 291 53 409 44 410 37 256 95 386 136 405 240 042 147 175 948 711 -1 853 1 701 232
of which repurchase agreements 47 935 47 935
Sovereign, municipalities etc. 4 039 164 161 576 4 462 2 300 1 006 489 -6 13 191
Private 5 352 9 458 11 580 23 118 37 221 86 274 116 266 826 454 577 1 116 300
Corporate 291 44 018 34 788 25 515 71 692 94 722 151 468 29 903 121 768 -2 424 571 741
Interest bearing securities 115 951 871 13 969 10 059 9 610 38 651 15 480 1 517 451 206 559
Treasury bills and other bills eligible for refinancing 113 533 25 8 470 1 515 2 149 6 463 6 445 845 161 139 606
Bonds and other interest-bearing securities 2 418 846 5 499 8 544 7 461 32 188 9 035 672 290 66 953
Financial assets for which the customers bear the investment risk 7 101 96 199 709 1 558 2 865 5 104 20 902 42 927 123 893 301 258
Shares and participating interest 33 394 33 394
Derivatives 5 913 9 149 3 082 5 022 8 580 42 899 63 604 17 322 -117 348 38 223
Other assets 24 091 6 054 1 981 24 054 56 180
Total 662 682 313 707 63 433 60 531 116 344 164 512 348 048 269 360 1 092 842 -61 302 3 030 157
Liabilities
Amounts owed to credit institutions 33 194 83 848 4 736 30 83 24 065 10 177 156 133
of which repurchase agreements 5 336 5 336
Deposits and borrowings from the public 1 167 550 120 419 11 827 8 187 8 730 568 593 43 4 1 317 921
of which repurchase agreements 17 412 17 412
of which deposits covered by the deposit guarantee 617 982
Sovereign, municipalities etc. 60 627 14 031 3 871 519 587 84 94 42 4 79 859
Private 611 580 5 026 7 402 7 369 7 934 423 453 1 640 188
Corporate 495 343 101 362 554 299 209 61 46 597 874
Financial liabilities for which the customers bear the investment risk 3 433 94 137 752 1 627 3 075 5 468 21 802 44 975 126 871 302 140
Debt securities in issue 136 934 164 604 85 454 163 684 113 888 224 193 15 168 17 311 -2 976 918 260
Commercial papers and CDs 136 559 154 993 47 993 43 474 4 431 387 450
Covered bonds 306 9 273 14 436 99 836 76 398 188 161 13 569 16 626 -4 839 413 766
Other bonds 69 338 23 025 20 374 33 059 36 032 1 599 685 1 863 117 044
Senior non-preferred liabilities 11 077 26 406 201 -502 37 182
Derivatives 3 780 6 719 2 442 3 410 7 602 41 400 63 699 15 669 -119 815 24 906
Subordinated liabilities 14 382 13 552 200 28 134
Other liabilities 44 297 24 508 829 1 162 4 685 1 193 2 178 2 170 -179 80 843
Equity 164 638 164 638
Total 1 204 177 483 415 213 146 98 569 180 144 156 276 310 435 166 851 175 778 41 366 3 030 157
Maturity distribution regarding SEK items, 30 Sep 2021
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 171 834 171 834
Loans to credit institutions 245 3 703 1 058 1 530 2 224 3 349 3 942 16 051
of which repurchase agreements 3 061 3 061
Loans to the public 28 038 32 178 27 428 67 123 81 904 148 441 116 446 899 706 -3 850 1 397 414
of which repurchase agreements 32 430 32 430
Sovereign, municipalities etc. 3 842 41 61 291 133 95 21 323 -6 4 801
Private 3 499 7 521 8 848 17 690 27 317 62 930 90 638 778 057 -1 420 995 080
Corporate 20 697 24 616 18 519 49 142 54 454 85 416 25 787 121 326 -2 424 397 533
Interest bearing securities 114 296 243 7 402 8 010 5 335 27 805 11 523 1 164 342 176 120
Treasury bills and other bills eligible for refinancing 113 514 4 212 1 204 396 3 319 5 778 770 157 129 350
Bonds and other interest-bearing securities 782 243 3 190 6 806 4 939 24 486 5 745 394 185 46 770
Total 172 079 146 037 33 479 36 360 77 357 90 588 180 188 127 969 900 870 -3 508 1 761 419
Liabilities
Amounts owed to credit institutions 27 793 17 909 45 702
of which repurchase agreements 5 336 5 336
Deposits and borrowings from the public 821 845 22 614 2 913 2 114 693 290 314 850 783
of which repurchase agreements 17 412 17 412
Sovereign, municipalities etc. 44 804 1 945 46 749
Private 438 797 1 415 2 850 2 056 680 286 306 446 390
Corporate 338 244 19 254 63 58 13 4 8 357 644
Debt securities in issue 85 1 084 2 428 89 026 63 682 146 916 720 1 156 -2 006 303 092
Covered bonds 16 848 2 059 88 603 58 284 142 784 720 1 156 -2 801 291 670
Other bonds 69 236 369 423 5 398 4 132 795 11 422
Senior non-preferred liabilities 506 506
Subordinated liabilities 1 200 17 1 217
Total 849 638 40 608 3 997 4 542 89 719 63 972 147 736 1 920 1 156 -1 989 1 201 300
FX-related derivatives net -79 454 -174 450 -65 619 -43 437 -15 324 -6 378 -6 756 220 -391 199
In the summary of maturities, undiscounted contractual cash flows are distributed on the basis of remaining maturities until the agreed time of maturity. For lending to the public, amortising loans are distributed based on
amortisation schedules. Liabilities whose contracts contain a prepayment option have been distributed based on the earliest date on which repayment can be demanded. The difference between the nominal amount and
carrying amount, the discount effect, is presented in the column “No maturity date/discount effect”. This column also includes items without an agreed maturity date and where the anticipated repayment date has not been
determined.
61
Liquidity and Funding
Maturity distribution in EUR and USDQ3, 2021
Maturity distribution regarding EUR items, 30 Sep 2021
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 350 904 350 904
Loans to credit institutions 1 051 10 158 214 94 64 88 126 91 11 887
of which repurchase agreements 463 463
Loans to the public 6 854 9 584 8 247 24 069 36 292 67 291 30 140 48 926 231 404
Sovereign, municipalities etc. 188 119 87 261 396 1 202 985 166 3 403
Private 1 366 1 904 2 676 5 278 9 492 22 885 25 587 48 325 117 514
Corporate 5 300 7 562 5 484 18 530 26 404 43 204 3 568 435 110 487
Interest bearing securities 1 157 573 4 213 1 011 2 453 4 202 3 269 306 0 17 185
Treasury bills and other bills eligible for refinancing 19 15 3 618 291 1 406 1 554 554 74 7 532
Bonds and other interest-bearing securities 1 139 558 595 719 1 047 2 649 2 715 231 0 9 653
Total 351 955 18 168 10 371 12 555 25 144 38 833 71 620 33 501 49 232 0 611 379
Liabilities
Amounts owed to credit institutions 3 011 17 794 2 30 20 24 036 10 177 55 072
Deposits and borrowings from the public 304 016 18 123 7 254 5 698 7 665 260 268 43 4 343 331
Sovereign, municipalities etc. 15 464 10 770 2 555 519 587 84 94 42 4 30 119
Private 167 484 3 450 4 331 5 043 6 932 119 136 1 0 187 496
Corporate 121 068 3 903 369 136 146 57 38 0 0 125 716
Debt securities in issue 26 193 33 181 25 258 32 875 24 395 57 941 13 937 15 719 -1 154 228 344
Commercial papers and CDs 26 075 31 233 13 825 5 144 87 76 364
Covered bonds 118 1 846 10 924 11 202 12 854 45 371 12 840 15 414 -1 951 108 618
Other bonds 102 508 16 529 11 541 12 569 1 098 305 710 43 362
Senior non-preferred liabilities 7 819 18 725 -569 25 974
Subordinated liabilities 11 690 156 11 846
Total 307 027 62 109 40 437 30 986 40 560 48 691 76 205 44 395 15 723 -1 567 664 567
FX-related derivatives net -43 441 22 957 32 358 14 859 9 938 5 982 4 740 178 47 570
Maturity distribution regarding USD items, 30 Sep 2021
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 126 368 126 368
Loans to credit institutions 858 278 68 58 72 209 106 82 1 349 3 080
Loans to the public 386 860 1 488 2 746 4 386 13 237 584 62 23 750
Sovereign, municipalities etc.
Private 2 7 3 9 12 31 39 62 165
Corporate 384 854 1 485 2 737 4 374 13 206 545 23 585
Interest bearing securities 439 1 776 219 270 7 18 1 2 731
Treasury bills and other bills eligible for refinancing 548 263 2 0 813
Bonds and other interest-bearing securities 439 1 228 219 6 6 18 1 1 918
Total 127 226 1 103 929 3 323 3 037 4 864 13 350 666 1 429 1 155 929
Liabilities
Amounts owed to credit institutions 654 29 900 1 777 36 28 32 395
Deposits and borrowings from the public 27 817 79 651 1 589 349 329 15 10 109 760
Sovereign, municipalities etc. 325 1 316 1 316 2 957
Private 3 797 136 192 245 281 15 10 4 677
Corporate 23 696 78 199 81 103 48 0 102 126
Debt securities in issue 103 896 107 046 46 722 35 491 13 208 15 360 9 56 -62 321 726
Commercial papers and CDs 103 896 107 046 33 340 35 491 4 431 -62 284 142
Covered bonds 2 2 5 9 56 -18 55
Other bonds 13 381 8 774 15 355 19 37 529
Subordinated liabilities 13 160 18 13 177
Total 28 471 213 446 110 412 47 071 35 857 13 251 15 371 9 13 216 -45 477 059
FX-related derivatives net 141 094 120 007 33 016 24 222 7 092 93 -281 230 325 474
62
Asset encumbranceQ3, 2021
Assets, Carrying amount (balance sheet items)
SEKm Encumbered Unencumbered Total
Loans on demand 652 033 652 033
Equity instruments 25 464 25 464
Debt securities 26 915 179 235 206 150
of which high-quality liquid assets 26 915 157 946 184 861
Loans and advances other than loans on demand 478 099 1 288 973 1 767 072
of which mortgage loans 464 322 857 268 1 321 590
Other assets 1)
78 920 78 920
Total assets 505 014 2 224 625 2 729 639
Collateral received, Fair value (Off-balance sheet items) Available for
SEKm Encumbered encumbrance
Loans on demand
Equity instruments 3 301 3 301
Debt securities 39 283 25 358 64 641
of which high-quality liquid assets 39 283 21 956 61 239
Loans and advances other than loans on demand 13 935 13 935Other collateral received 728 728
Total collateral received 39 283 43 322 82 605
Purpose for encumbrance (On- and off-balance sheet items) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Assets and collateral received, SEKm 2021 2021 2021 2020 2020
Carrying amount of selected financial liabilities 516 434 557 319 599 670 629 073 665 286
of which Derivatives 16 501 17 543 19 574 31 615 25 208
of which Deposits 95 232 101 788 126 547 134 940 144 834
of which Debt securities issued 404 701 437 988 453 549 462 518 495 244
Other sources of encumbrance 26 364 25 032 24 724 21 638 23 558
Total 542 798 582 351 624 394 650 711 688 844
Purpose for encumbrance (On- and off-balance sheet items) 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Matching liabilities, contingent liabilities or securities lent, SEKm 2021 2021 2021 2020 2020
Carrying amount of selected financial liabilities 512 847 554 489 597 981 625 733 664 058
of which Derivatives 15 502 16 326 18 654 30 490 24 389
of which Deposits 92 643 100 175 125 778 132 725 144 426
of which Debt securities issued 404 701 437 988 453 549 462 518 495 244
Other sources of encumbrance 5 835 4 764 4 672 1 677 3 724
Total 518 682 559 253 602 653 627 410 667 782
Unencumbered assets - available for pledging at Central Bank 2) 3)
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
SEKm 2021 2021 2021 2020 2020
Government debt instruments 15 403 22 040 14 614 13 627 18 937
Central banks and supranational debt instruments 117 879 112 598 81 600 119 001 95 569
Covered bonds 45 443 48 534 47 470 48 731 55 684
Debt instruments issued by credit institutions 508 428 227 433 907
Securities issued by corporate and other issuers 960 964 1 158 392 846
ABS
Mortgage loans 582 685 536 539 500 670 456 805 417 669
Total 762 878 721 103 645 739 638 989 589 612
1) Assets not eligible for pledging in central banks (e.g. intangible assets) and cash on hand.
2) Including repos.
3) Market values before haircut.
Total
63
Liquidity and Funding
Cover pool dataQ3, 2021
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Cover pool 1)
- Sweden 100% 2021 2021 2021 2020 2020 2020 2020 2019 2019
Total assets in the cover pool, SEKm 2)
1 047 006 1 033 629 1 022 617 1 018 014 1 011 513 1 005 695 994 349 989 843 990 325
Number of borrowers 1 072 186 1 073 744 1 075 543 1 079 813 1 084 492 1 087 251 1 088 272 1 092 884 1 101 420
Number of properties 726 178 727 293 728 239 730 917 733 642 735 512 735 984 738 893 744 054
Average loan size, SEK 643 765 638 394 634 696 632 096 628 632 625 731 621 053 617 316 615 425
Number of loans outstanding 1 626 381 1 619 109 1 611 192 1 610 538 1 609 072 1 607 233 1 601 070 1 603 462 1 609 172
Over-collateralisation level, percent 135.9 116.9 103.8 88.1 76.2 69.1 77.7 76.9 77.4
Average seasoning 73 months 73 months 73 months 72 months 72 months 71 months 71 months 70 months 69 months
Type of loans in the pool, per cent
Residentials 93.0 92.9 92.7 92.7 92.5 92.5 92.5 92.3 92.2
of which Single-family housing 58.5 58.3 58.1 57.8 57.5 57.2 57.1 57.0 56.8
of which Tenant owner rights 22.5 22.4 22.2 22.2 22.1 22.1 22.0 21.9 21.7
of which Tenant owner associations 7.5 7.7 7.8 8.0 8.2 8.4 8.6 8.7 8.9
of which Multi-family housing 4.5 4.5 4.6 4.7 4.7 4.8 4.8 4.7 4.8
Public 3)
0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6
Commercial 1.1 1.1 1.2 1.2 1.2 1.1 1.1 1.2 1.2
Forestry & Agriculture 5.5 5.6 5.7 5.7 5.8 5.9 5.9 6.0 6.0
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) 47 48 49 49 50 51 51 50 51
Single-family housing 46 49 49 49 50 52 51 51 51
Tenant owner rights 55 55 56 56 58 59 58 58 59
Tenant owner associations 30 31 31 32 32 33 33 34 35
Multi-family housing 49 50 50 51 51 51 50 52 52
Commercial 48 48 49 50 50 50 49 50 51
Forestry & Agriculture 43 44 48 44 43 45 44 44 44
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 26.0 25.1 24.6 24.7 24.3 23.8 23.8 24.0 23.8
10-20 22.7 22.1 21.7 21.7 21.4 21.2 21.3 21.4 21.2
20-30 18.8 18.5 18.3 18.3 18.2 18.0 18.1 18.2 18.1
30-40 14.3 14.5 14.6 14.6 14.6 14.6 14.6 14.7 14.6
40-50 9.6 10.1 10.3 10.4 10.5 10.7 10.7 10.6 10.8
50-60 5.8 6.3 6.6 6.6 6.7 6.9 6.8 6.7 6.8
60-70 2.5 3.0 3.4 3.3 3.6 3.9 3.8 3.7 3.8
70-75 0.3 0.4 0.5 0.4 0.7 0.9 0.9 0.7 0.9
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.
64
Liquidity and Funding
Cover pool data. cont.Q3, 2021
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Geographical distribution. Sweden. per cent 2021 2021 2021 2020 2020 2020 2020 2019 2019
North 7.0 7.0 6.9 6.9 6.9 6.9 6.8 6.8 6.8
Norrbotten county (BD) 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4
Västerbotten county (AC) 2.5 2.5 2.4 2.4 2.4 2.4 2.4 2.4 2.4
Västernorrland county (Y) 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
Jämtland county (Z) 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.2
Middle (including Stockholm) 43.8 43.7 43.7 43.8 43.8 43.9 44.0 44.0 43.8
Dalarna county (W) 2.1 2.1 2.0 2.1 2.1 2.1 2.0 2.0 2.0
Gävleborg county (X) 2.2 2.2 2.2 2.1 2.1 2.1 2.1 2.1 2.1
Värmland county (S) 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Örebro county (T) 2.5 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5
Västmanland county (U) 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3
Uppsala county ( C) 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1
Södermanland county (D) 1.8 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0
Stockholm county (including Stockholm) (AB) 26.8 26.8 26.8 26.9 26.7 26.8 27.0 27.0 26.8
South (including Göteborg and Malmö) 49.2 49.3 49.4 49.3 49.3 49.2 49.2 49.2 49.4
Västra götaland county (Including Göteborg) (O) 17.8 17.9 18.0 18.0 18.0 17.9 18.0 18.0 18.0
Östergötland county (E) 4.5 4.5 4.5 4.5 4.5 4.5 4.4 4.4 4.4
Jönköping county (F) 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.5 3.5
Halland county (N) 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.2
Kronoberg county (G) 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2
Kalmar county (H) 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9
Skåne county (including Malmö) (M) 12.0 12.0 12.0 11.9 11.9 11.9 11.9 12.0 12.1
Blekinge county (K) 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4
Gotland county (I) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Interest rate fixing. per cent
Fixed interest rate period <= 90 days 43 45 47 49 52 52 55 55 58
Fixed interest rate period >1Y with reset <=1Y 17 16 15 13 11 12 11 12 9
Fixed interest rate period >1Y with reset >1Y 40 39 38 38 37 36 34 33 33
Repayment structure. property level. per cent
Amortising 76 69 68 68 68 68 74 73 73
Interest only 24 31 32 32 32 32 26 27 27
Seasoning structure. year of origination 1) 2021 2020 2019 2018 2017 2016 2015 2014 <2013
% of total cover pool 11 12 11 10 9 8 6 5 28
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 97.7 25.8 21.9 18.2 14.0 9.4 5.7 2.4 0.3
Prior ranks 2.3 0.5 0.7 0.5 0.3 0.2 0.1 0.0 0.0
Total 100.0 26.3 22.6 18.7 14.3 9.6 5.8 2.4 0.3
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) 2021 2021 2021 2020 2020 2020 2020 2019 2019
Total 0-60 days 0.01 0.02 0.13 0.15 0.02 0.02 0.16 0.18 0.02
of which 0-30 days 0.00 0.00 0.11 0.13 0.00 0.00 0.14 0.16 0.00
of which 31-60 days 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Covered bonds 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep2021 2021 2021 2020 2020 2020 2020 2019 2019
AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
443 792 476 482 501 895 541 248 574 010 594 564 559 538 559 454 558 125
Weighted average maturity 32 months 31 months 33 months 33 months 34 months 36 months 36 months 37 months 39 months
FX distribution. percent SEK 66 68 70 69 71 69 69 69 68
EUR 31 29 27 28 26 28 26 26 27
USD 0 0 0 0 0 0 1 1 1
Other 3 3 3 3 3 3 4 4 4
Cover pool sensitivity analysis
Current -5% -10% -15% -20% -25% -30% -35% -40%
Total assets in the cover pool 1 047 006 1 044 411 1 039 586 1 030 409 1 016 314 997 246 973 192 944 003 909 318
Total outstanding covered bonds 443 792 443 792 443 792 443 792 443 792 443 792 443 792 443 792 443 792
Over-collateralisation level. percent 135.9 135.3 134.3 132.2 129.0 124.7 119.3 112.7 104.9
1) Percentage refers to number of loans paid out each year.
3) Loans past due > 60 days are not eligible for the cover pool.
4) 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 4)
House price decline. SEKm
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
65
Liquidity and Funding
Swedbank Mortgage AB, loan dataQ3, 2021
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
100% Swedish assets 2021 2021 2021 2020 2020 2020 2020 2019 2019
Loans to the public net, SEKm 1)
1 079 608 1 067 458 1 056 478 1 053 488 1 047 658 1 041 025 1 030 575 1 028 382 1 029 093
Number of borrowers 1 076 687 1 078 099 1 079 818 1 084 663 1 089 146 1 091 967 1 093 038 1 098 172 1 106 587
Number of properties 729 822 730 813 731 773 734 764 737 383 739 331 739 816 743 082 748 173
Average loan size 657 485 652 620 648 928 646 918 643 711 640 461 636 028 633 631 631 754
Number of loans outstanding 1 642 026 1 635 652 1 628 036 1 628 473 1 627 529 1 625 432 1 620 330 1 622 998 1 628 947
Type of loans, per cent
Residentials 93.4 93.3 93.2 93.1 93.1 92.9 92.9 92.8 92.7
of which Single-family homes 58.4 58.2 58.1 57.7 57.7 57.2 57.2 57.1 56.9
of which Tenant-owner rights 22.7 22.6 22.4 22.4 22.3 22.3 22.2 22.0 21.8
of which Tenant-owner associations 7.9 8.0 8.1 8.3 8.5 8.7 8.8 9.0 9.2
of which Multi-family housing 4.4 4.5 4.6 4.7 4.6 4.7 4.7 4.7 4.8
Public 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5
Commercial 1.1 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1
Forestry & Agriculture 5.2 5.3 5.4 5.4 5.5 5.6 5.6 5.7 5.7
Loan-to-value (LTV) 2)
, per cent
Weighted average LTV (property level) 49 50 51 51 52 53 53 52 53
Single-family housing 48 50 51 51 52 54 54 53 53
Tenant owner rights 58 58 59 59 61 61 61 61 62
Tenant owner associations 31 32 32 33 33 33 33 35 35
Multi-family housing 50 51 51 51 51 51 51 52 53
Commercial 49 49 49 50 50 50 50 51 52
Forestry & Agriculture 44 45 49 45 43 46 45 45 45
Public 3)
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 25.4 24.5 24.0 23.7 23.6 23.1 23.2 23.3 23.1
10-20 22.2 21.6 21.3 21.2 20.9 20.7 20.7 20.9 20.7
20-30 18.5 18.2 18.0 18.0 17.8 17.7 17.7 17.8 17.7
30-40 14.2 14.4 14.4 14.5 14.4 14.4 14.4 14.5 14.4
40-50 9.6 10.0 10.3 10.4 10.5 10.7 10.7 10.7 10.8
50-60 5.9 6.4 6.7 6.8 6.9 7.0 7.0 6.9 7.0
60-70 3.0 3.5 3.7 3.8 4.0 4.2 4.1 4.0 4.1
70-80 1.0 1.2 1.4 1.4 1.7 1.9 1.9 1.7 1.9
80-90 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3
90-100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
>100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Loans past due, per cent 2021 2021 2021 2020 2020 2020 2020 2019 2019
Loans past due as % of total net loans to the public
Total 0.05 0.05 0.16 0.18 0.05 0.06 0.19 0.22 0.06
of which 0-60 days 0.02 0.03 0.14 0.15 0.02 0.03 0.16 0.18 0.02
of which >60 days 0.03 0.02 0.02 0.03 0.03 0.03 0.03 0.04 0.04
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Impairments and provisions, SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Credit impairments net -60 -67 -26 -32 29 79 32 -24 -42
Stage 3 loans -20 -12 -8 13 6 5 9 -15 -14
Credit impairment provisions 438 430 468 493 556 603 557 527 517
of which credit impairment provisions Stage 1 39 46 51 56 83 95 66 44 51
of which credit impairment provisions Stage 2 247 225 254 268 312 349 328 330 312
of which credit impairment provisions Stage 3 152 159 163 170 161 159 163 153 155
1) Nominal amount
2) LTV calculation method - see cover pool, page 64
3) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them.
66
Liquidity and FundingCredit and Sustainability RatingsQ3, 2021
Moody's S&P Fitch
Covered bonds Aaa AAA -
Senior preferred Aa3 A+ AA-
Senior non-preferred Baa1 A- A+
Tier 2 Baa2 BBB+ A-
Additional Tier 1 Ba1 BBB- BBB
Short-term P-1 A-1 F1+
Outlook S S P
P=positive, S=stable, N=negative and WN= Watch Negative
Rating actions and comments during Q3 2021
Swedbank AB rating history - long-term credit rating
Sustainability ratings
Rating
Dow Jones Sustainability Index1)
81
ISS ESG C (Prime)
MSCI ESG AA
Sustainalytics ESG Risk Rating 24.8
S&P Assigned ESG Evaluation score 75
1) Swedbank is included in DJSI World since 2020.
Fitch revised the outlook on Swedbank to Positive
67
Key figures
Key figures, 5-yearsQ3, 2021
YTD FY FY FY FY FY
Key figures, Group 2021 2020 2019 2018 2017 2016
Profit
Return on equity, % 13.5 8.9 14.7 16.1 15.1 15.8
Return on total assets, % 0.75 0.48 0.79 0.84 0.79 0.82
Cost/Income ratio 0.43 0.54 0.43 0.38 0.39 0.38
Net interest margin, % 1)
0.93 1.01 1.06 1.02 1.03 1.01
Business Volumes SEKbn
Loans to the public excl. repos & SNDO 1 653 1 616 1 606 1 578 1 502 1 453
Deposits to the public excluding repos & SNDO 1 300 1131 954 920 847 782
Loan/Deposit ratio, % 127 143 168 172 177 186
Asset quality
Credit impairment ratio, % 0.02 0.26 0.09 0.03 0.08 0.09
Total credit impairment provision ratio, % 0.35 0.48 0.40 0.37
Share of Stage 3 loans, gross, % 0.40 0.62 0.82 0.69
Share of impaired loans gross, % 0.55 0.52
Capital
Common Equity Tier 1 ratio, %, Basel 3 18.5 17.5 17.0 16.3 24.6 25.0
Leverage ratio, %, Basel 3 4.88 5.10 5.36 5.10 5.20 5.40
Risk exposure amount, SEKm, Basel 3 703 220 689 594 649 237 637 882 408 351 394 135
Risk exposure amount/total assets, %, Basel 3 23 27 27 28 18 18
Liquidity & Funding
Liquidity coverage ratio (LCR) 2)
149 174 182 144 171 155
Net stable funding ratio (NSFR) 3)
124 125 120 111 110 108
Share of issued debt > 1 year, % 42 66 66 76 71 69
Share data
Earnings per share before dilution, SEK 14.30 11.55 17.62 18.96 17.38 17.60
Earnings per share after dilution, SEK 14.26 11.51 17.56 18.89 17.30 17.50
Cash dividend per ordinary share, SEK 4)
2.90 4.35 14.20 13.00 13.20
Equity
Shareholders Equity, average SEKm 158 190 146 045 133 999 131 445 127 756 123 302
1) Net interest margin before trading interest are deducted.
2) LCR - calculated in accordance with Commission Delegated Regulation (EU) 2018/1620 amending Delegated Regulation (EU) 2015/61
to supplement Regulation (EU) 575/2013.
3) NSFR calculated in accordance with Regulation (EU) 2019/876.
4) Cash dividends are in the table above reported under the profit year and not the year the dividend was determined and paid out.
The Board of Directors proposal FY 2019 was updated from 8,80 to 4,35 2021-01-18 with the pay out date 2021-02-22.
From 1 January 2018, the results reflect that IFRS 9 Financial instruments has been adopted. Prior periods have not been restated.
68
Key figures
Key figures, 9 quartersQ3, 2021
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Key figures, Group 2021 2021 2021 2020 2020 2020 2020 2019 2019
Profit
Return on equity, % 13.6 14.2 12.8 11.8 14.3 13.5 -4.8 13.0 14.1
Return on total assets, % 0.74 0.77 0.72 0.68 0.77 0.71 -0.26 0.72 0.75
Cost/Income ratio 0.42 0.42 0.44 0.47 0.41 0.40 0.92 0.46 0.46
Net interest margin, % 1)
0.89 0.94 0.96 0.97 1.00 1.01 1.05 1.05 1.06
Business Volumes SEKbn
Loans to the public excl. repos & SNDO 1 653 1 637 1 621 1 616 1 622 1 625 1 632 1 606 1 613
Deposits to the public excluding repos & SNDO 1 300 1 282 1 216 1 131 1 132 1 108 1 046 954 957
Loan/Deposit ratio, % 127 128 133 143 143 147 156 168 168
Asset quality
Credit impairment ratio, % 0.00 -0.01 0.06 0.12 0.10 0.28 0.51 0.23 0.04
Total credit impairment provision ratio, % 0.35 0.34 0.36 0.48 0.53 0.56 0.52 0.40 0.38
Share of Stage 3 loans, gross, % 0.40 0.42 0.47 0.62 0.75 0.81 0.79 0.82 0.77
Capital
Common Equity Tier 1 ratio, %, Basel 3 18.5 18.5 18.0 17.5 16.8 16.4 16.1 17.0 16.3
Leverage ratio, %, Basel 3 4.88 4.80 4.80 5.10 4.76 4.48 4.70 5.36 5.12
Risk exposure amount, Basel 3 703 220 688 517 694 625 689 594 691 535 692 352 691 107 649 237 656 530
Liquidity & Funding
Liquidity coverage ratio (LCR) 2)
149 143 154 174 153 164 162 182 151
Net stable funding ratio (NSFR) 3)
124 123 123 125 124 125 116 120 112
Share of issued debt > 1 year, % 42 40 57 66 62 65 62 66 68
Share data
Earnings per share before dilution, SEK 4.90 4.96 4.44 4.03 4.70 4.33 -1.51 3.96 4.17
Earnings per share after dilution, SEK 4.89 4.95 4.43 4.01 4.68 4.31 -1.50 3.95 4.16
Equity
Shareholders Equity, average SEKm 162 201 156 560 154 992 152 706 147 207 143 118 140 737 135 968 132 026
1) Net interest margin before trading interest are deducted.
2) LCR - calculated in accordance with Commission Delegated Regulation (EU) 2018/1620 amending Delegated Regulation (EU) 2015/61 to supplement Regulation (EU) 575/2013.
3) NSFR calculated in accordance with Regulation (EU) 2019/876.
69
Sustainable financing
Sustainable financing
Q3, 2021
Green asset register
Green asset register 1)
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEKm 2021 2021 2021 2020 2020 2020 2020 2019 2019
Energy efficiency-Green buildings 2)
35 715 34 142 15 372 13 632 13 633 13 407 11 199 11 541 12 846
Renewable energy 2 223 2 265 2 594 2 730 2 409 2 266 2 444 2 417 1 967
Sustainable forestry 580 644 613 563
Waste management 1 166 1 160 1 174 1 154 1 096 991 813 Clean transportation 257 265 266 265 282 285 306
Total, Green asset register 39 941 38 476 20 019 18 344 17 420 16 949 14 762 13 958 14 813
1) Qualified green loans according to Swedbank’s green bond framework.
2) Existing green mortgages amounting to 18 036 SEKm were included in the register from Q2 2021.
Environmental impact 20202020 2019 2018
Environment impact indicator
Avoided emissions (tCO2e) 589 547 434 678 481 863
Green buildings - energy savings (GWh) 19 13 9
Renewable energy - energy production (GWh) 1 831 1 725 1 495
Waste management - processed waste (tonnes) 150 000
Sustainable forestry - FSC/PEFC certified forest area (ha) 26 740
Clean transportation - public transit million passenger km 94
70
Equity and Assets
Equity & Assets, monthlyQ3, 2021
2021
Jan Feb Mar Apr May Jun Jul Aug Sep
Equity attributable to shareholders
of the parent company 157 083 153 974 153 742 155 655 157 474 159 369 161 410 163 413 164 612
Allocated Equity
Swedish Banking 67 107 64 032 63 933 64 733 64 894 64 423 64 709 64 642 64 270
Baltic Banking 24 034 24 771 24 136 24 086 23 686 24 420 24 503 24 708 24 761
LC&I 32 409 32 506 33 332 33 703 33 801 32 375 31 618 31 408 30 418
Group Functions 33 532 32 666 32 342 33 133 35 092 38 149 40 581 42 654 45 163
Total Assets 2 778 737 2 797 098 2 829 566 2 790 044 2 858 345 2 939 377 2 968 314 3 056 264 3 030 158
2020
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 140 747 142 062 141 530 142 478 144 069 144 394 145 865 148 005 150 564 151 743 153 349 155 168
Allocated Equity
Swedish Banking 63 830 66 263 67 069 67 223 67 257 68 219 68 639 68 860 67 578 67 799 67 707 66 816
Baltic Banking 25 994 29 219 27 408 25 991 23 874 25 599 25 360 26 673 26 129 25 522 22 838 24 307
LC&I 26 155 30 178 30 086 34 269 33 616 34 193 33 706 33 125 33 728 32 998 33 088 32 941
Group Functions 24 768 16 404 16 967 14 995 19 322 16 384 18 161 19 346 23 129 25 423 29 716 31 104
Total Assets 2 571 665 2 675 584 2 675 469 2 709 468 2 767 538 2 764 863 2 729 187 2 725 708 2 695 751 2 709 376 2 693 699 2 594 643
2019
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 139 427 141 205 126 384 128 749 130 592 129 403 131 448 133 508 133 745 135 424 136 095 138 608
Allocated Equity
Swedish Banking 63 175 65 670 65 420 64 746 64 826 65 205 65 588 64 525 64 950 64 643 64 701 64 630
Baltic Banking 24 386 25 464 25 219 25 939 25 677 25 654 25 713 26 352 25 770 26 017 23 902 25 476
LC&I 25 434 26 324 27 333 27 477 28 229 28 673 27 108 27 407 27 656 26 995 27 440 27 761
Group Functions 26 432 23 748 8 413 10 587 11 860 9 872 13 040 15 224 15 368 17 769 20 054 20 741
Total Assets 2 582 156 2 581 629 2 462 361 2 520 124 2 537 398 2 480 054 2 525 268 2 613 892 2 506 522 2 571 458 2 529 052 2 408 228
2018
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 133 254 135 225 122 545 124 790 126 084 128 069 129 561 132 221 133 681 135 569 137 055 137 396
Allocated Equity
Swedish Banking 57 671 61 401 61 740 61 173 61 562 62 020 62 337 62 532 62 762 63 072 63 307 63 116
Baltic Banking 20 955 25 750 22 876 23 113 23 317 23 310 23 084 23 063 23 311 23 390 23 191 23 404
LC&I 23 010 24 663 24 523 24 265 25 892 26 092 27 194 27 132 27 446 26 085 26 199 25 054
Group Functions 31 617 23 410 13 405 16 240 15 313 16 646 16 946 19 494 20 161 23 021 24 358 25 823
Total Assets 2 501 186 2 501 695 2 469 126 2 658 949 2 526 129 2 646 033 2 765 798 2 654 134 2 461 664 2 502 054 2 447 421 2 246 092
2017
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 131 787 133 408 119 434 121 080 123 177 123 986 125 658 127 200 128 864 130 708 132 664 133 372
Total Assets 2 435 674 2 526 637 2 488 685 2 506 082 2 529 654 2 426 121 2 398 970 2 466 011 2 459 875 2 629 575 2 520 785 2 212 636
2016
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 124 961 126 318 125 850 115 400 116 743 119 291 121 222 123 092 123 999 125 977 127 389 129 515
Total Assets 2 311 245 2 449 707 2 403 789 2 431 126 2 482 495 2 476 014 2 500 883 2 497 773 2 393 743 2 419 025 2 414 740 2 154 203
2015
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 118 664 120 278 106 883 108 368 109 961 113 949 115 907 117 562 118 842 120 172 121 151 123 163
Total Assets 2 381 759 2 408 041 2 274 529 2 411 009 2 446 041 2 299 199 2 410 610 2 474 981 2 311 516 2 441 493 2 409 077 2 148 855
2013 2014
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Equity attributable to shareholders
of the parent company 109 540 110 773 112 096 102 323 104 213 105 749 107 631 109 556 111 046 111 420 113 334 114 515 117 203
Total Assets 1 824 102 1 951 889 2 005 283 1 922 183 2 064 470 2 146 350 2 051 743 2 113 722 2 163 903 2 078 473 2 243 049 2 203 079 2 121 297
71
Market sharesMarket sharesQ3, 2021
Balance Net growth
30 Sep 31 Dec 31 Dec 31 Dec 31 Dec YTD FY FY FY FY
Market shares, % 2021 2020 2019 2018 2017 2021 2020 2019 2018 2017
Sweden
Loans, private 1)
(Aug 2021) 21 21 22 23 23 13 12 8 17 18
of which mortgage loans (Aug 2021) 23 23 24 24 24 16 15 12 22 20
Deposits, private 3)
(Aug 2021) 19 19 19 20 20 19 16 4 18 16
Life insurance, new premiums 2)
(Jun 2021) 6 6 5 5 5
Life insurance, premium paid 2)
(Jun 2021) 7 6 6 6 6
Mutual funds 21 21 20 20 21 4 18 7 16 neg.
Loans, corporate 1) 3)
(Aug 2021) 16 16 17 18 18 6 neg. 3 12 neg.
Deposits, corporate 3)
(Aug 2021) 16 16 16 18 17 9 16 3 25 13
Bank Giro, transactions (Jun 2021) 35 34 35 36 36
Estonia
Loans, private 1) 5)
(Aug 2021) 43 43 44 47 46 44 36 42 46 43
of which mortgage loans (Aug 2021) 44 45 45 46 46 31 37 50 48 45
Deposits, private 5)
(Aug 2021) 51 51 50 55 55 51 56 14 54 56
Pensions, private 5)
(Aug 2021) 40 41 41 42 42 36 36 39 43 44
Life insurance, total premium YTD (Jun 2021) 47 46 41 40 41
P&C Insurance, total premium YTD 6)
(Jun 2021) 17 19 19 19 16
Loans, corporate 1)
5)
(Aug 2021) 37 37 38 37 37 29 21 >100 65 >100
Deposits, corporate 5)
(Aug 2021) 43 44 45 45 43 neg. 40 43 >100 >100
Domestic Payments (Jun 2021) 57 58 58 59 59
International payments (Jun 2021) 11 10 14 19 19
Latvia
Loans, private 1)
(Jun 2021) 35 35 34 33 31 51 >100 67 neg. 34
of which mortgage loans (Jun 2021) 40 40 38 37 34 34 neg. >100 neg. 29
Deposits, private (Jun 2021) 36 34 32 34 32 62 59 7 >100 50
Pensions, private 41 41 41 42 42 42 44 37 44 42
Life insurance, total premium YTD (Jun 2021) 26 17 20 24 23
P&C Insurance, total premium YTD (Jun 2021) 6 7 7 6 5
Loans, corporate 1)
(Jun 2021) 19 22 21 20 17 neg. 12 neg. neg. 6
Deposits, corporate (Jun 2021) 28 28 24 25 15 39 79 >100 neg. 6
Domestic Payments 4)
(Jun 2021) 55 55 54 55 51
International payments 4)
(Jun 2021) 34 34 33 34 24
Lithuania
Loans, private 1)
(Jun 2021) 40 40 39 35 34 41 51 >100 56 35
of which mortgage loans (Jun 2021) 39 39 38 35 33 38 41 >100 60 38
Deposits, private (Jun 2021) 44 44 43 43 40 47 49 47 62 46
Pensions, private (Jul 2021) 37 37 37 37 37 39 36 36 38 35
Life insurance, total premium YTD (Jun 2021) 25 23 23 24 23
P&C Insurance, total premium YTD (Jun 2021) 4 5 4 4 4
Loans, corporate 1)
(Jun 2021) 22 22 23 20 18 12 24 neg. 45 90
Deposits, corporate (Jun 2021) 31 31 30 29 25 77 64 83 72 31
Domestic Payments (Jun 2021) 51 50 51 50 49
International payments 7)
(Jun 2021) 3 5 22 24 26
1) Excluding credit institutions, Swedish National Debt Office and repurchase agreements.
2) Rolling 12 months. Market shares are measured as premiums paid (excluding transfer of capital from other insurance companies).
3) Swedbank has updated the definitions of corporate lending and deposits in Sweden from Q2 2018. Corporate lending includes lending to non-financial corporations.
Corporate deposits includes deposits from non-financial corporations. Previous periods have been restated.
From 1 January 2018, the results reflect that IFRS 9 Financial instruments has been adopted. Prior periods have not been restated.
4) Changes in the definition of domestic and international payments were made in Q4 2018. Previous periods have been restated.
5) Definitions has been changed since 2019. Prior periods have not been restated.
6) Market shares are measured as gross written premiums (sum of all insurance payments during the lifespan of the policy).
7) From 2020 Swedbank market share is affected by Lithuania Central Bank giving the bank licences to other companies.
72
Swedbank by geographySwedbank Group by geographyQ3, 2021
Jan-Sep 2021, SEKm Sweden Estonia Latvia Lithuania
Nordic
countries
other 1)USA
Other and
eliminations 2)Total
Income statement
Total income 27 525 3 157 1 514 1 999 1 887 107 -1 048 35 141
Total expenses 11 959 1 280 925 1 092 775 25 -1 051 15 005
Profit before impairments 15 566 1 877 589 907 1 112 82 3 20 136
Impairments -467 97 54 26 521 70 -8 293
Profit before tax 16 033 1 780 535 881 591 12 11 19 843
Tax expense 3 214 246 106 159 73 4 4 3 806
Profit for the period 12 818 1 534 429 722 518 8 7 16 036
Non-controlling interests 1 1
Key figures
Key performance indicators
Return on allocated equity, % 13.9 20.4 9.4 11.1 7.5 1.4 3.6 13.5
Cost/Income ratio 0.43 0.41 0.61 0.55 0.41 0.23 1.00 0.43
Loan/Deposit ratio, % 154 78 59 51 558 3 268 127
Volumes
Loans to the public excluding repos & SNDO, SEKbn 1 400 90 37 65 57 2 2 1 653
Deposits from the public excluding repos & SNDO, SEKbn 910 115 63 128 10 74 0 1 300
Allocated equity, average SEKm 123 141 10 012 6 077 8 696 9 222 780 262 158 190
Full-time employees 9 209 2 510 1 874 2 458 355 13 19 16 438
1) Includes Denmark, Finland and Norway.
2) Includes China, Luxembourg, South Africa and Spain.
Jan-Dec 2020, SEKm Sweden Estonia Latvia Lithuania
Nordic
countries
other 1)USA
Other and
eliminations 2)Total
Income statement
Total income 35 432 4 238 2 022 2 841 2 291 109 -1 257 45 676
Total expenses 16 395 4 946 1 996 1 414 1 031 51 -1 273 24 560
Profit before impairments 19 037 -708 26 1 427 1 260 58 16 21 116
Impairments 1 294 135 53 52 2 804 -15 13 4 336
Profit before tax 17 743 -843 -27 1 375 -1 544 73 3 16 780
Tax expense 3 949 318 146 224 -582 -203 -1 3 851
Profit for the period 13 794 -1 161 -173 1 151 -962 276 4 12 929
Non-controlling interests 0 0
Key figures
Key performance indicators
Return on allocated equity, % 12.4 -11.4 -2.8 13.1 -10.8 28.9 1.8 8.9
Cost/Income ratio 0.46 1.17 0.99 0.50 0.45 0.47 1.01 0.54
Loan/Deposit ratio, % 165 80 61 49 566 1 188 96 143
Volumes
Loans to the public excluding repos & SNDO, SEKbn 1 372 86 36 61 58 2 2 1 616
Deposits from the public excluding repos & SNDO, SEKbn 831 107 59 123 10 0 1 1 131
Allocated equity, average SEKm 110 946 10 151 6 089 8 780 8 904 955 220 146 045
Full-time employees 8 978 2 528 1 826 2 480 367 15 19 16 213
1) Includes Denmark, Finland and Norway.
2) Includes China, Luxembourg, South Africa, Spain and Russia.
73
EmployeesEmployeesQ3, 2021
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 2021 Q/Q 2021 2021 2020 2020 2020 2020 2019 2019
Sweden 3 952 56 3 896 3 919 3 928 3 875 3 758 3 625 3 554 3 575
Norway 1 1 1 1 1 1 3 4 4
Denmark 18 2 16 17 18 17 20 19 19 19
Other 1)
13 13 13 14 15 15 15 15 12
Swedish Banking 3 984 58 3 926 3 950 3 962 3 908 3 794 3 662 3 592 3 610
Estonia 1 465 5 1 461 1 485 1 482 1 468 1 480 1 441 1 452 1 456
Latvia 1 306 -14 1 320 1 297 1 286 1 264 1 264 1 252 1 247 1 218
Lithuania 1 477 -21 1 498 1 494 1 494 1 501 1 486 1 485 1 475 1 466
Sweden 3 1 2 3 3 4 4 3 4 4
Baltic Banking 4 251 -30 4 281 4 279 4 265 4 237 4 234 4 181 4 178 4 144
Sweden 1 565 11 1 554 1 515 1 488 1 462 1 459 1 412 1 377 1 367
Baltic countries 547 11 536 534 528 530 527 508 508 506
Norway 248 -5 253 254 257 249 245 253 255 252
Other 1)
98 -3 101 101 101 101 103 123 120 125
Large Corporate & Institutions 2 458 14 2 444 2 404 2 374 2 342 2 334 2 296 2 260 2 250
Sweden 3 689 34 3 655 3 630 3 559 3 461 3 355 3 241 3 196 3 114
Baltic countries 2 037 6 2 031 2 025 2 033 2 037 2 034 1 992 1 971 1 941
Norway 15 -1 16 17 18 19 19 17 18 16
Other 1)
4 1 3 3 3 3 3 3 3 3
Group Functions & Other 5 745 41 5 705 5 674 5 613 5 520 5 411 5 253 5 188 5 074
Total number of full-time employees 16 438 82 16 356 16 306 16 213 16 007 15 773 15 392 15 218 15 078
1) China, Denmark, Finland, Luxembourg, USA, and South Africa.
74
Currency distribution
Q3, 2021
Currency distribution, 30 Sep 2021
Swedbank Group
SEKm EUR USD GBP DKK NOK Other
Total
foreign
currency SEK Total
Assets
Cash and balances with central banks 350 904 126 368 626 2 056 81 480 035 171 834 651 869
Treasury bills and other bills eligible for refinancing with central banks 7 542 813 1 901 10 256 129 350 139 606
Loans to credit institutions 11 887 3 080 3 765 162 3 464 3 033 25 391 16 051 41 442
Loans to the public 231 404 23 750 2 704 5 105 38 755 2 100 303 818 1 397 414 1 701 232
Bonds and other interest–bearing securities 9 653 1 918 346 8 266 20 183 46 770 66 953
Other assets, not distributed 429 055 429 055
Total 611 390 155 929 6 469 6 239 54 442 5 214 839 683 2 190 474 3 030 157
Liabilities
Amounts owed to credit institutions 55 072 32 395 1 413 1 317 19 103 1 131 110 431 45 702 156 133
Deposits and borrowings from the public 343 331 109 760 2 752 1 874 6 084 3 337 467 138 850 783 1 317 921
Debt securities in issue 228 344 321 726 44 492 7 770 12 836 615 168 303 092 918 260
Senior Non-preferred liabilities 25 974 4 149 5 222 1 331 36 676 506 37 182
Subordinated liabilities 11 846 13 177 1 894 26 917 1 217 28 134
Other liabilities, not distributed 407 889 407 889Equity 164 638 164 638
Total 664 567 477 058 52 806 3 191 38 179 20 529 1 256 330 1 773 827 3 030 157
Other assets and liabilities,
including positions in derivatives 64 487 321 099 46 303 -3 040 -16 063 15 311 428 097
Net position in currency 11 310 -30 -34 8 200 -4 11 450
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep
Exchange rates 2021 2021 2021 2020 2020 2020 2020 2019 2019
SEK/EUR, YTD average rate 10.147 10.135 10.137 10.476 10.558 10.634 10.697 10.558 10.557
SEK/EUR, Quarterly average rate 10.160 10.159 10.137 10.287 10.403 10.663 10.697 10.599 10.694
SEK/EUR, closing day rate 10.166 10.113 10.238 10.057 10.543 10.466 11.008 10.432 10.708
SEK/USD, YTD average rate 8.478 8.404 8.402 9.171 9.366 9.620 9.689 9.423 9.398
SEK/USD, Quarterly average rate 8.619 8.485 8.402 8.641 8.912 9.657 9.689 9.584 9.623
SEK/USD, closing day rate 8.774 8.517 8.724 8.190 9.000 9.326 10.044 9.320 9.817
Q3, 2021
Q3 2021/ Q3 2021/ YTD 2021/
Q3 2020 Q2 2021 YTD 2020
Income -31 1 -287
of which Baltic Banking -44 3 -271
of which LC&I 14 -1 -16
Expenses -18 1 -128
of which Baltic Banking -20 1 -116
of which LC&I 4 -1 -7
Profit before Credit impairments -13 -0 -159
of which Baltic Banking -24 1 -155
of which LC&I 10 -1 -9
Sep 2021/ Sep 2021/
Jun 2021 Sep 2020
Loans to the public 2.1 -7.7
of which Baltic Banking 1.0 -7.1
of which LC&I 1.1 -0.5
Deposit from the public 2.4 -11.0
of which Baltic Banking 1.6 -11.2
of which LC&I 0.9 0.2
Currency distribution and exchange rates
Impact from exchange rate fluctuations
SEKm
SEKbn
75
Sensitivity analysisSensitivity analysis and market riskQ3, 2021
Static Net Interest Income sensitivity analysis
Sep Jun Mar
2021 2021 2021
Increase interest rates, +100 bps 5 907 6 177 6 273
Decrease interest rates, -100 bps -4 391 -4 633 -4 825
Value-at-risk by risk category 1)
2021
SEKm 30 Sep Max Min Average
Interest risk 32 100 31 59
Currency rate risk 6 19 2 9
Stock price risk 7 10 2 4Diversification -12 -14
Total 33 98 46 58
Value-at-risk by risk category 1)
2020
SEKm 30 Sep Max Min Average
Interest risk 78 113 48 72
Currency rate risk 16 21 8 14
Stock price risk 10 11 3 6Diversification -27 -18
Total 77 112 54 74
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.
Swedbank has made changes to the NII sensitivity calculation methodology. Starting from Q2 2020 money-market deposits are separated
from other deposits and assumed to have 100 elasticity to changes in market rates. Customer margins are taken into account while factoring
in reference rate floors on contract level.
Sensitivity analysis, net interest income, net annual effect
SEKm
Jan-Sep 2020
Jan-Sep 2021
The NII sensitivity calculation illustrates the annual effect on NII when market rates increase/decrease by 100 bps and all existing interest
fixings have rolled over. Contractual reference rate floors on floating loan contracts are taken into account in the sensitivity calculation, while
all other loans are assumed to have a 100 per cent elasticity to changes in the market rates, i.e. adjustments are made to the interest
received. Transaction accounts, except for money-market deposits, are assumed to have 0 per cent elasticity, i.e. there is no adjustment
made to the paid interest. All other deposits (including money-market deposits) are assumed to have a 100 per cent elasticity to changes in
the market rates.
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Share dataShareholders and share dataQ3, 2021
Shareholders, 30 September 2021 SWED A % Shareholders, 30 September 2021, %
Sparbanksgruppen 127 506 478 11.3%
Folksam 78 049 094 6.9%
Alecta Pension Insurance 48 265 268 4.3%
Norges Bank 45 985 975 4.1%
Swedbank Robur Funds 40 769 981 3.6%
AMF Pension & Funds 40 683 803 3.6%
Sparbanksstiftelser – Ej Sparbanksgruppen 39 835 227 3.5%
BlackRock 36 686 723 3.2%
Vanguard 31 545 644 2.8%
T. Rowe Price 24 855 480 2.2%
10 largest owners 514 183 673 45.4
Other 617 822 049 54.6
Total 1 132 005 722 100.0
Number of shareholders: 344 149
Source: Modular Finance AB/Euroclear
Data per share Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
SEK 2021 2021 2021 2020 2020 2020 2020 2019 2019
Earnings per share before dilution 4.90 4.96 4.44 4.03 4.70 4.33 -1.51 3.96 4.17
Equity per share 146.79 142.11 137.11 138.54 134.43 128.92 126.40 123.94 119.60
Price, end of period, Swedbank A 177.30 159.24 153.90 144.12 140.74 119.40 110.85 139.45 141.70
Price/Equity, % 121 112 112 104 105 93 88 113 118
Changes in subscribed capital 1)
Par value/
Year Transaction share SWED A SWED C SWED PREF
2011 Share repurchase -57 168 814 -1 500 000 -3 415 641 -62 084 455 24 383
2012 Conversion of
Preference shares to
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
Preference shares to
Ordinary shares
8 532 853 -8 532 853 1 099 005 722 24 904
2013 Conversion of
Preference shares to
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 Disposal of own shares
for trading purposes
1 105 403 750 24 904
2016 Share delivery due to
Equity-settled share
based programmes
1 110 731 820 24 904
2017 Share delivery due to
Equity-settled share
based programmes
1 113 629 621 24 904
2018 Share delivery due to
Equity-settled share
based programmes
1 116 674 361 24 904
2019 Share delivery due to
Equity-settled share
based programmes
1 118 304 389 24 904
2020 Share delivery due to
Equity-settled share
based programmes
1 119 991 775 24 904
2021 Share delivery due to
Equity-settled share
based programmes
1 121 434 389 24 904
1) Associate's acquisition of shares in Swedbank AB has not been taken into account.
Change in
number of shares
outstanding SEKm
No. of
shares Share capital
Foreign owners39.8%
Swedish legal entities 48.1%
Swedish private persons 12.1%
100
120
140
160
180
200
SWEDBANK - share price 1 January 2021 - 30 September 2021
OMX-30 (Indexed to SWED A, NASDAQ OMX) Swedbank A (NasdaqOMX)
SEK
77
DefinitionsDefinitionsQ3, 2021
Capital Requirement Regulations, CRR, stated in EU Regulation No 575/2013. Others
Additional Tier 1 capital Allocated equity
Capital instruments and related share premium accounts that fulfill certain regulatory conditions after considering Allocated equity is the operating segment’s equity measure and is not a measure that is directly required by IFRS. The Group’s
regulatory adjustments. equity attributable to shareholders is allocated to each operating segment based on capital adequacy rules and estimated
capital requirements based on the bank’s internal Capital Adequacy Assessment Process (ICAAP).
Average risk weight
Total risk exposure amount divided by the total exposure value for a number of exposures. Cost/income ratio
Total expenses in relation to total income.
Common Equity Tier 1 capital
Capital consisting of capital instruments, related share premium accounts, retained earnings and other comprehensive income Credit Impairment
after considering regulatory adjustments. Established losses and provisions for the year less recoveries related to loans as well as the year’s net expenses
for guarantees and other contingent liabilities.
Common Equity Tier 1 capital ratio
Common Equity Tier 1 capital in relation to the total risk exposure amount. Credit impairment provision ratio Stage 1 loans
Credit impairment provisions Stage 1 in relation to the gross carrying amount Stage 1 loans
Default
Credit exposures are regarded to be in default if there has been an assessment indicating that the counterpart Credit impairment provision ratio Stage 2 loans
is unlikely to pay its credit obligations as agreed or if the counterpart is past due more than 90 days. Credit impairment provisions Stage 2 in relation to the gross carrying amount Stage 2 loans
Expected loss (EL) Credit impairment provision ratio Stage 3 loans
Expected loss shall provide an indication of the mean value of the credit losses that Swedbank may reasonably be expected Credit impairment provisions Stage 3 in relation to the gross carrying amount Stage 3 loans
to incur. The expected loss (EL) is the product of the parameters PD, LGD and exposure value.
Credit Impairment ratio
Exposure at default (EAD) Credit impairment on loans and other credit risk provisions (annualised), net, in relation to the opening balance of
Exposure at default (EAD) measures the utilised exposure at default. For off-balance sheet exposures, EAD is loans to credit institutions and loans to public after provisions. More information see page 43.
calculated by using a credit conversion factor (CCF) estimating the future utilisation level of unutilised amounts.
Earnings per share after dilution
Exposure value IRB Profit for the period allocated to shareholders in relation to the weighted average number of shares outstanding
The exposure after taking into account credit risk mitigation with substitution effects during the period, rights issue adjustment factor included, adjusted for the dilution effect of potential shares.
and credit conversion factors, the exposure value is the value to which the risk weight is applied when calculating the
risk exposure amount. Earnings per share before dilution
Profit for the period allocated to shareholders in relation to the weighted average number of shares outstanding
Leverage ratio during the period, rights issue adjustment factor included.
Tier 1 capital in relation to the total exposure measure, where the exposure measure includes both on- and off-balance sheet items.
Equity per share
Liquidity Coverage Ratio (LCR) Shareholders’ equity in relation to the number of shares outstanding.
The LCR is used to define a quantitative regulatory requirement on European banks' liquidity risk.
A LCR ratio above 100 per cent implies that the bank has enough of liquid assets to cover its net liquidity Loan/Deposit ratio
outflows over a 30 calendar day time horizon under a significantly severe liquidity stress scenario. 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 repurchase agreements.
Loss given default (LGD)
Loss given default (LGD) measures how large a proportion of the exposure amount that is expected to be lost in the event of default. Interest fixing period
Contracted period during which interest on an asset or liability is fixed.
Minimum capital requirement
The minimum capital a bank must hold for its credit, market, credit value adjustment, settlement and operational risks according Maturity
to Pillar I, i.e. 8 per cent of total risk exposure amount. The time remaining until an asset or liability’s terms change or its maturity date.
Net Stable Funding Ratio (NSFR) Net investment margin before trading interest is deducted
The Net Stable Funding Ratio measures an institution's amount of available stable funding to its amount of required Net interest income before trading-related interest is deducted, in relation to average total assets.
stable funding over a one-year horizon. The objective is to require institutions to hold a sufficiently large proportion The average is calculated using month-end figures, including the prior year end.
of long-term stable funding in relation to long-term stable assets.
Return on allocated equity
Own funds Profit for the period (annualised) attributable to the shareholders for the operating segment,
The sum of Tier 1 and Tier 2 capital. in relation to average allocated equity for the operating segment.
The average is calculated using month-end figures, including the prior year end.
Probability of default (PD)
The probability of default (PD) indicates the risk that a counterparty or contract will default within a 12-month period. Return on equity
Profit for the period (annualised) attributable to shareholders, in relation to average equity attributable to
Risk exposure amount shareholders’ of the parent company. The average is calculated using month-end figures, including the prior year end.
Risk weighted exposure value i.e. the exposure value after considering the risk inherent in the asset.
Return on total assets
Tier 1 capital Profit for the period (annualised) in relation to average total assets. The average is calculated using
The sum of Common Equity Tier 1 capital and Additional Tier 1 capital according to article 25 in CRR. month-end figures, including the prior year end.
Tier 1 capital ratio Share of Stage 1 loans, gross
Tier 1 capital in relation to the total risk exposure amount. Carrying amount of Stage 1 loans, gross, in relation to the carrying amount of loans to credit institutions and the public
excluding provisions.
Tier 2 capital
Capital instruments and subordinated loans and related share premium accounts that fulfill certain regulatory conditions Share of Stage 2 loans, gross
after considering regulatory adjustments. Carrying amount of Stage 2 loans, gross, in relation to the carrying amount of loans to credit institutions and the public
excluding provisions.
Total capital ratio
Own funds in relation to the total risk exposure amount. Share of Stage 3 loans, gross
Carrying amount of Stage 3 loans, gross, in relation to the carrying amount of loans to credit institutions and the public
excluding provisions.
Total credit impairment provision ratio
Credit impairment provisions in relation to the gross carrying amount loans
Definitioner/ordlista på svenska finns på www.swedbank.se, under rubriken Finansiell information och publikationer
78
Contacts and calendar
Contacts and financial calendarQ3, 2021
For further information, please contact:
+46 8 585 938 77
Investor Relations
+46 8 585 922 69
Henrik Asplund, Equity Investor Relations +46 704 33 66 40
Markus Sandgren, Equity Investor Relations +46 727 31 62 84
Peter Stenborn, Debt Investor Relations +46 8 585 909 30
Magnus Alvesson, Debt Investor Relations and Rating +46 8 585 933 41
Aikaterini Ploska, Investor Relations +46 8 585 943 19
Karolina Skog, Investor Relations, ESG +46 702 25 05 89
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/investor-relations/financial-information-and-publications/
Financial calendar
Extraordinary General Meeting 28 October 2021
Q4 2021 Interim report 2 February 2022
Annual report 23 February 2022
Annual General Meeting 30 March 2022
Q1 2022 Interim report 28 April 2022
Q2 2022 Interim report 19 July 2022
Anders Karlsson, CFO
Annie Ho, Head of Investor Relations
79