Q2, 2010 July 22, 2010 - Swedbank · 2018-11-06 · Profit before impairments and non-recurring...

FactsQ2, 2010July 22, 2010

Q2, 201022 July 2010

Contents page

General information 2

Geographic reach 2

Macro economic indicators 3-4

Business volumes 5

Business volumes 5

Lending 6-7

Savings and investments 8

Other products 9

Market shares 10

Income statement and key figures 11

Income statement, 5-year summary 11

Key figures and Balance sheet data, 5-year summary 12

Income statement 9-quarter summary 13

Non-recurring items 9-quarter 14

Key figures 9-quarter 15

Income analysis 16

Net interest income analysis 17

Expense analysis 18

Employees 19

Customer satisfaction index 20

FX-positions, Exchange rates and Impact from exchange

rate fluctuations 21

Impact from exchange rate fluctuations 22

Currency distribution 23

Business areas 24

Profit before impairments and non-recurring items by business area 25-26

Retail 27

Swedbank Insurance 28

Large Corporates & Institutions 29

First Securities 30

Baltic Banking 31

Baltic Banking Operations 32

Estonia 33

Latvia 34

Lithuania 35

Other and Investment 36

Russia & Ukraine 37

Russian Banking 38

Ukrainian Banking Operations 39

Ukrainian Banking Investment 40

Russia & Ukraine, other 41

Asset Management 42

Ektornet 43

Shared Services and Group Staffs, Eliminations 44

Asset quality 45

Balance sheet, Equity and Goodwill 45

Derivatives 46

Outstanding subordinated loans 47

Capital adequacy analysis 48

Sensitivity analysis and maturity distribution 49

Credit risks 50-51

Asset quality 52-54

Credit quality 55

Credit impairments 56

Impaired loans 57-58

Loans past due 59

Interest bearing securities 60

Organisation, Group Executive Committee and Rating 61

Shareholders and share data 62

Definitions 63

Contacts and financial calendar 64

Swedbank Group, distribution Market position, home markets

Home markets Other marketsSweden Ukraine

Estonia Russia - In Moscow,

Latvia Kaliningrad, S:t Petersburg and a representative

Lithuania office in Krasnodar

Denmark - 2 branches

Finland - Branch

Norway - Branch, investment banking

through First Securities (51% owned), EnterCard (50% owned)

USA - Merchant/investment banking and corporate banking in

New York

Luxemburg - Private Banking

China - Branch in Shanghai

Japan - Representative office in Tokyo

Spain - Representative office in Marbella

Geographic reachQ2, 2010

SwedenPopulation 9.2mEmployees 8 328Private customers 4.1mof which Internet customers 2,8mCorporate customers 283 000of which internet customers 266 000Organisations 112 000Branches 362ATMs 772Cards 3.7m

EstoniaPopulation 1.3mEmployees 2 562Private customers 1.2mof which Internet customers 0.8mCorporate customers 100 000Branches 65ATMs 548Cards 1.1m

LatviaPopulation 2.3mEmployees 1 769Private customers 1.0mof which Internet customers 0.8mCorporate customers 62 000Branches 59ATMs 373Cards 0.9m

LithuaniaPopulation 3.4mEmployees 2 307Private customers 3.2mof which Internet customers 1.2mCorporate customers 93 000Branches 98ATMs 451Cards 1.7m

Mortgage lending, private; Sweden, Estonia and LatviaBank lending, private; Estonia, Latvia and LithuaniaDeposits, private; Sweden, Estonia, Latvia and LithuaniaBank lending, corporate; Estonia and LatviaDeposits, corporate; EstoniaLeasing, corporate; Estonia and Latvia Mutual funds; SwedenIndividual pension savings; Sweden Pension II reform; Estonia, Latvia and LithuaniaCard clearance transactions; SwedenReal estate brokerage; Sweden

Mortgage lending, private; LithuaniaBank lending, private; SwedenBank lending, corporate; Lithuania and SwedenDeposits, corporate; Sweden, Latvia and LithuaniaLeasing corporate; Sweden andLithuaniaUnit-linked insurance; Sweden Index linked bonds; Sweden

Strongpositionsin1

6679

4252

26 10

57 32

8 111

16

0%

20%

40%

60%

80%

100%

Profit before impairments

and non-recurring

items

Loans Private customers

Branches

Sweden Baltic Region International

2

GDP growth Average inflation rate (consumer price growth)

% 2011F 2010F 2009 2008 2007 2006 2005 2004 % 2011F 2010F 2009 2008 2007 2006 2005 2004

Sweden 2.8 2.5 -5.1 -0.4 3.3 4.3 3.2 4.2 Sweden 2.2 1.4 -0.3 3.5 2.2 1.4 0.5 0.4

Estonia 4.5 1.5 -14.1 -3.6 7.2 10.0 9.4 7.2 Estonia 2.5 1.5 -0.1 10.4 6.7 4.4 4.1 3.0

Latvia 4.0 -2.5 -18.0 -4.6 10.0 12.2 10.6 8.7 Latvia 0.0 -2.0 3.5 15.3 10.1 6.6 6.9 6.2

Lithuania 3.0 -2.0 -15.0 2.8 9.8 7.8 7.8 7.4 Lithuania 1.0 1.0 4.5 10.9 5.8 3.8 2.7 1.2

Russia 4.5 4.3 -7.9 5.9 8.1 7.6 6.3 7.2 Russia 8.0 9.0 11.7 14.1 9.0 9.7 12.7 10.9

Ukraine 4.5 3.5 -15.0 2.1 7.9 7.3 2.7 12.1 Ukraine -9.0 18.0 15.9 25.2 12.8 9.1 13.5 9.0

Denmark 1.6 1.3 -4.9 -0.9 1.7 3.4 2.4 2.3 Denmark 1.7 2.0 1.1 3.6 1.7 1.9 1.7 0.9

Finland 2.1 1.1 -7.8 1.2 4.9 4.4 2.9 4.1 Finland 2.5 1.5 1.6 3.9 1.6 1.3 0.8 0.1

Norway 2.7 2.1 -1.5 1.8 2.7 2.3 2.7 3.9 Norway 2.1 2.5 2.3 3.4 0.7 2.5 1.5 0.6

EU27 1.7 1.0 -4.2 0.7 2.9 3.2 2.0 2.5 EU27 1.7 1.8 1.0 3.7 2.4 2.3 2.3 2.3

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

2011F 2010F 2009 2008 2007 2006 2005 2004 2011F 2010F 2009 2008 2007 2006 2005 2004

Sweden 6.5 6.2 7.2 9.6 8.3 7.3 7.0 6.7 Sweden -1.7 -1.9 -0.8 2.5 3.8 2.5 2.3 0.8

Estonia 8.0 8.5 4.9 -8.4 -15.8 -15.3 -9.4 -10.6 Estonia -1.0 -1.4 -1.7 -2.7 2.6 2.5 1.6 1.6

Latvia 6.5 9.0 9.4 -13.0 -22.3 -22.5 -12.5 -12.8 Latvia -6.0 -8.5 -9.0 -4.1 -0.3 -0.5 -0.4 -1.0

Lithuania 0.0 1.2 3.8 -11.9 -14.5 -10.6 -7.1 -7.7 Lithuania -6.0 -8.0 -9.1 -3.3 -1.0 -0.4 -0.5 -1.5

Russia 2.0 3.0 3.9 6.1 6.0 9.5 11.0 10.1 Russia -2.0 -3.0 -6.0 4.1 5.4 7.4 7.5 4.2

Ukraine -1.6 -0.5 -1.5 -7.2 -4.2 -1.5 2.9 10.6 Ukraine -3.0 -6.0 -9.0 -1.5 -1.1 -0.7 -1.9 -3.0

Denmark 2.4 2.4 4.1 2.2 0.7 2.9 4.3 2.4 Denmark -4.4 -5.5 -2.8 3.4 4.8 5.2 5.2 2.1

Finland 1.7 1.9 1.5 2.6 4.0 4.9 3.9 6.5 Finland -2.3 -4.2 -2.4 4.2 5.2 4.0 2.7 2.3

Norway 12.0 15.2 13.8 18.2 15.9 17.3 16.1 12.7 Norway 10.8 10.2 9.6 19.1 17.7 18.5 15.2 11.1

EU27 -1.3 -1.4 -1.4 -2.0 -1.1 -1.2 -0.2 1.2 EU27 -6.5 -7.2 -6.8 -2.3 -0.8 -1.4 -2.5 -2.9

General government debt, % of GDP

2011F 2010F 2009 2008 2007 2006 2005 2004

Sweden 42.8 42.8 42.3 38.3 40.9 45.7 50.8 51.2 Sweden 35 965 9.2 405.4

Estonia 12.5 10.0 7.2 4.6 3.4 4.2 4.5 5.1 Estonia 17 908 1.3 19.1

Latvia 66.0 59.0 36.1 19.5 9.0 10.7 12.4 14.9 Latvia 14 254 2.3 26.2

Lithuania 42.0 38.0 29.5 15.6 17.0 18.0 18.4 19.4 Lithuania 16 542 3.4 37.3

Russia 8.3 8.0 7.5 6.5 7.5 9.1 14.2 23.1 Russia 14 920 142.0 1 229.2

Ukraine 35.0 36.0 33.0 19.9 12.5 14.8 17.7 24.7 Ukraine 6 339 46.3 116.2

Denmark 49.5 46.0 41.6 34.2 27.4 32.1 37.8 45.1 Denmark 36 300 5.5 309.3

Finland 54.9 50.5 44.0 34.1 35.2 39.7 41.7 44.4 Finland 33 555 5.3 238.1

Norway 53.3 54.6 43.7 49.8 52.3 55.3 44.5 45.6 Norway 52 561 4.8 383.0

EU27 83.8 79.6 73.6 61.6 58.7 61.3 62.7 62.0

Source: Swedbank Economic Research Department

Macro economic indicators

Q2, 2010

Inhabitants

(millions)

GDP (2009F,

USDbn)

GDP per capita (PPP)

2009F, USD

-20-18-16-14-12-10-8-6-4-202468

1012

200520062007200820092010F2011F

GDP growth, %

3

2) Average sales price per sqm for apartments

1) Median price for a single family home

Source: Swedbank's Boindex (real estate price index) Source: Land boards of respective country

General index and turnover, equities, Nordic Exchange Stockholm

Macro economic indicatorsQ2, 2010

Interest rates: Sweden, Eurozone Interest rates: Baltics, Eurozone

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0

5,5

6,0

Ju

n-0

6

Se

p-0

6

Dec-0

6

Ma

r-0

7

Ju

n-0

7

Se

p-0

7

Dec-0

7

Ma

r-0

8

Ju

n-0

8

Se

p-0

8

De

c-0

8

Ma

r-0

9

Ju

n-0

9

Se

p-0

9

De

c-0

9

Ma

r-1

0

Ju

n-1

010-year Swap (SWE) 90 days Euribor

90 days Stibor (SWE) Repo rate (SWE)

%

0

2

4

6

8

10

12

14

16

18

20

22

24

Ju

n-0

6

Se

p-0

6

De

c-0

6

Ma

r-0

7

Ju

n-0

7

Se

p-0

7

Dec-0

7

Ma

r-0

8

Ju

n-0

8

Se

p-0

8

Dec-0

8

Ma

r-0

9

Ju

n-0

9

Se

p-0

9

De

c-0

9

Ma

r-1

0

Ju

n-1

0

90 days Rigibor (Latvia) 90 days Talibor (Estonia)

90 days Euribor 90 days Vilibor (Lithuania)

%

0

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

2 500

2 750

3 000

3 250

2003 2004 2005 2006 2007 2008 2009 Q1-10

Real estate price development, Sweden 1)

Sweden Stockholm

Gothenburg Malmö

SEK 000

100

150

200

250

300

350

400

450

0

100 000

200 000

300 000

400 000

500 000

600 000

700 000

Jun-0

7

Sep-0

7

Dec-0

7

Mar-

08

Jun-0

8

Sep-0

8

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

Jun-1

0

Sthlm, SEKm turnover month OMX Stockholm PI (rs)

Turnover Index

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2006 2007 2008 2009 H1-10

EUR/m2

Real estate price development, Baltics 2)

Tallin Vilnius Riga

4

Loans to and deposits from the public 1) Assets under management

Loans to the public 1) Deposits from the public 1)

1) Excluding Swedish Nat'l Debt Office and repurchase agreements

Business volumes Q2, 2010

0

50

100

150

200

250

300

350

400

0

200

400

600

800

1 000

1 200

1 400

Jun-0

8

Sep-0

8

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

Jun-1

0

%SEKbn

Loans Deposits Loan/Deposit ratio

0

200

400

600

800

1 000

1 200

1 400

Jun-0

8

Sep-0

8

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

Jun-1

0

SEKbn

Discretionary Unit-linked insurance Funds

0

200

400

600

800

1 000

Retail Large Corp.& Inst

Estonian Banking

Latvian Banking

Lithuanian Banking

Ukrainian Banking

Russian Banking

SEKbn

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09

Sep-09 Dec-09 Mar-10 Jun-10

0

200

400

600

800

1 000

Retail Large Corp.& Inst

Estonian Banking

Latvian Banking

Lithuanian Banking

Ukrainian Banking

Russian Banking

SEKbn

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09

Sep-09 Dec-09 Mar-10 Jun-10

0B0B0B0B0B

5

Sweden Estonia

Latvia Lithuania

Loans by sector, Group Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun

SEKbn 2010 Q/Q Y/Y 2010 2009 2009 2009 2009 2008 2008 2008

Private customers 649 1 644 645

Private mortgage 600 1 594 593

Private other 49 -2 50 52

Corporate customers 510 -3 524 547

Agriculture, forestry, fishing 58 0 58 58

Manufacturing 33 -3 34 34

Public sector and utilities 15 -6 16 16

Construction 14 0 14 14

Retail 25 -4 26 28

Transportation 15 0 15 16

Shipping 16 23 13 13

Hotels and restaurants 7 0 7 7

Information and communication 1 -50 2 2

Finance and insurance 17 0 17 10

Property management 156 -3 160 166

Housing cooperatives 67 -3 69 71

Professional services 35 0 35 38

Other corporate lending 51 -12 58 74

Loans to the public 1) 1 159 -1 -7 1 168 1 192 1 212 1 241 1 254 1 251 1 218 1 169

Credit institutions, incl Swedish Nat'l Debt Office 142 13 31 126 132 95 108 113 92 60 78

Repurchase agreements (Repos) 142 95 73 59 86 50 57 73 95 147

of which to the public 57 25 20 22 21 28 14 30 20

of which to credit institutions 2) 85 77 48 39 64 29 29 59 65 127

Loans 1 443 6 3 1 367 1 383 1 393 1 399 1 424 1 416 1 373 1 394


2) Including repurchase agreements for Swedish Nat'l Debt Office

Q2, 2010

Loans to the public 1)

-2

0

2

4

6

8

10

12

14

16

18

0

1 000

2 000

3 000

4 000

5 000

6 000

Jun-0

7

Sep-0

7

Dec-0

7

Mar-

08

Jun-0

8

Sep

-08

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

May-1

0

%SEKbn

Total loans 1) Mortgage loans

Total loans growth 12m Mortgage growth 12m

-20

0

20

40

60

80

100

0

5

10

15

20

25

30

Jun

-07

Sep

-07

Dec-0

7

Mar-

08

Jun-0

8

Sep

-08

Dec-0

8

Mar-

09

Jun

-09

Sep

-09

Dec-0

9

Mar-

10

May-1

0

%EURbn



-20

0

20

40

60

80

100

0

5

10

15

20

25

30

Jun

-07

Sep-0

7

Dec-0

7

Mar-

08

Jun

-08

Sep

-08

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

May-1

0

%EURbn



-20

0

20

40

60

80

100

0

5

10

15

20

25

30

Jun-0

7

Sep

-07

Dec-0

7

Mar-

08

Jun

-08

Sep

-08

Dec-0

8

Mar-

09

Jun-0

9

Sep

-09

Dec-0

9

Mar-

10

May-1

0

%EURbn



1B1B1B1B1B

6

Loans to the public, Swedbank Group 2) Loans to the public, Swedbank Mortgage AB 2)

30 June 2010 (31 December 2009)

SEK 1 159bn (1 192) SEK 681bn (672)

Loans to the public, by country 2) Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun

SEKbn 2010 Q/Q Y/Y 2010 2009 2009 2009 2009 2008 2008 2008

Bank loans - private 41 0 -5 41 42 42 43 43 44 46 46

Bank loans - corporate 202 -2 -13 206 214 227 233 245 247 280 272

Mortgage loans - private 522 1 5 515 510 504 496 484 472 451 442

Mortgage loans - corporate 159 -1 -2 161 162 163 162 158 151 130 131

Leasing - private 3 0 0 3 3 3 3 4 5 4 4

Leasing and Factoring - corporate 28 8 0 26 28 28 28 27 29 27 27

Sweden 955 0 -1 952 959 967 965 961 948 938 922

Bank loans - private 3 -3 -12 3 3 3 3 3 4 3 3


Mortgage loans - private 27 -1 -4 28 30 30 33 33 33 30 29

Leasing and Factoring 8 -2 -21 8 9 10 11 12 13 13 12

Other -2 24 328 -1 -1 -1 -1 0 1 1 1

Estonia 64 -2 -10 67 72 74 80 83 86 80 76





Other -7 4 67 -6 -6 -6 -4 -3 0 1 1

Latvia 43 -4 -19 47 51 53 61 65 70 64 60





Other -4 3 103 -5 -5 -3 -3 -1 -1 -1 -1

Lithuania 39 -3 -21 40 46 50 56 59 62 56 54

Bank loans - private 0 9 0 0 0 0 0 0 0 0




Other -1 7 -1 -1 -1 0 0 0 0 0

Russia 8 -9 -30 10 10 11 13 14 14 12 10




Leasing and Factoring 0 -1 0 0 0 0 0 0 0 0 0

Other -6 -2 -6 -6 -6 -4 -2 -1 -1 -1

Ukraine 9 -6 -34 9 9 9 13 17 19 18 15



Other 1) 41 -5 -23 43 45 48 53 55 52 50 32

Loans to the public 2) 1 159 -1 -7 1 168 1 192 1 212 1 241 1 254 1 251 1 218 1 169

The percentage change is calculated in local currency.

1) Mainly Norway, Denmark, Finland, Luxemburg and USA


30 June 2010 (31 December 2009)

Loans to the public 2)

Q2, 2010

Multi-family housing

15% (16)

Agriculture6% (6)

Municipal loans and

guarantees2% (3)

Individual condominiums

15% (14)

Business properties

1% (1)

Single-family homes

61% (60)

Swedbank Mortgage,

private individuals45% (43)

Private individuals,

other11% (11)

Corporate excl.

Property mgmt and Housing

cooperatives 25% (26)

Property mgmt and Housing

cooperatives 19% (20)

2B2B2B2B2B

7

Market shares, fund assets, Sweden30 June 2010 (31 March 2010)

Deposits Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun

Balance, SEKbn 2010 Q/Q Y/Y 2010 2009 2009 2009 2009 2008 2008 2008

Sweden - private 235 4 7 226 222 220 219 217 215 218 222

Sweden - corporate 159 1 22 158 158 143 130 131 142 121 127

Estonia - private 20 2 5 20 21 20 21 22 22 21 21

Estonia - corporate 25 2 10 26 27 25 27 27 27 27 27

Latvia - private 11 2 -2 11 11 11 12 12 13 13 13

Latvia - corporate 9 0 1 9 10 9 11 11 11 10 10

Lithuania - private 23 1 5 23 24 22 25 25 25 24 24

Lithuania - corporate 11 9 30 11 10 10 10 10 9 11 10

Russia - private 1 6 1 1 1 1 0 0 0 0

Russia - corporate 3 6 3 3 1 1 1 2 1 1

Ukraine - private 2 3 9 2 2 2 2 2 2 2 2

Ukraine - corporate 1 -1 -54 1 1 1 1 3 3 3 3

Luxemburg - private 2 -21 -30 2 3 2 2 2 3 3 3

International branches - corporate 3 0 50 3 4 4 2 2 3 3 3

Deposits from the public 1) 505 2 9 496 497 471 464 465 477 457 466

of which Sweden - current accounts 154 0 12 154 158 139 138 132 139 129 138

Sweden - savings accounts 205 2 11 201 194 187 184 186 184 183 180

Estonia - current accounts 24 5 11 24 23 22 25 24 24 27 28

Estonia - savings accounts 21 -3 3 22 25 23 23 25 25 21 20

Latvia - current accounts 12 4 5 11 11 11 13 12 13 13 13

Latvia - savings accounts 8 -3 -7 9 10 9 10 11 11 10 10

Lithuania - current accounts 18 21 24 16 16 16 17 18 18 21 20

Lithuania - savings accounts 16 -10 1 18 18 16 18 17 16 14 14

Russia - current accounts 1 -11 -38 0 1 1 1 1 1 0 0

Russia - time deposits 3 10 3 3 1 1 1 1 1 1

Ukraine - current accounts 1 14 -31 1 1 1 1 1 1 1 1

Ukraine - time deposits 2 -3 -16 2 2 2 2 4 4 4 4

Luxemburg - time deposits 2 -21 -30 2 3 2 2 2 2 3 3

Credit institutions, incl Swedish Nat'l Debt Office 218 -4 -27 228 213 276 299 352 318 202 120

Repurchase agreements (Repos) 50 7 47 26 33 11 14 30 56 46

Deposits from the public and credit

institutions 773 0 0 771 736 780 774 831 825 715 632

Funds assets under management Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun


Sweden 436 -3 17 448 431 403 374 334 326 351 374

Estonia 11 21 34 9 9 8 8 8 9 10 11

Latvia 4 1 17 4 4 4 4 4 3 3 3

Lithuania 6 0 10 6 6 6 6 5 5 4 4

Luxemburg 1 0 -50 1 1 2 2 1 1 1 2

Eliminations -1 0 0 -1 -1 -1 -1 -1 -1 -1 -1

Funds assets under management 457 -2 16 468 450 422 393 351 343 368 393

Net inflow of fund management, SEKbn 1 -50 -86 2 9 3 7 2 8 -1 -1

Other investments, Sweden Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun


Retail bonds and other bonds 29 0 -9 29 31 32 32 33 33 35 36

Discretionary asset management 231 0 12 231 222 220 207 212 202 210 210

Unit-linked insurance 89 1 35 88 80 74 66 53 52 58 63

Eliminations -78 1 28 -77 -72 -68 -61 -51 -50 -56 -61

Total savings and investments 1 501 -1 6 1 509 1 447 1 460 1 411 1 429 1 405 1 330 1 273

Depot volumes, SEKbn Jun Ch. % Ch. % Mar Dec Sep Jun Mar Dec Sep Jun

2010 Q/Q Y/Y 2010 2009 2009 2009 2009 2008 2008 2008

Private/Corporate 383 0 25 383 366 349 307 242 121 149 162

Institutional (Custody) 1 014 1 17 1 001 965 930 864 794 828 865 915

Eliminations -417 1 22 -412 -397 -367 -342 -285 -289 -313 -343

Total depot volumes 980 1 18 972 934 912 829 751 660 701 734


30 June 2010

Savings and InvestmentsQ2, 2010

Savings and investments, Swedbank Group

Swedbank Robur24.4%(25.1)

SEB15.7%(15.7)

Nordea12.5% (12.3)

SHB8.6%(8.5)

Länsför-säkringar

3.7% (3.9)

Others35.1%(34.5)

700

505

29

0

100

200

300

400

500

600

700

Assetmgmt

Deposits from the public 1)

Retail bonds and other bonds

SEKbn

3B3B3B3B3B

8

Products per private customer, Products per corporate customer,

Sweden Average number of Sweden Average number of

products/customer products/customer

Q4 08 - 4.50 Q4 08 - 7.29

Q1 09 - 4.53 Q1 09 - 7.32

Q2 09 - 4.54 Q2 09 - 7.33

Q3 09 - 4.55 Q3 09 - 7.34

Q4 09 - 4.86 Q4 09 - 7.82

Q1 10 - 4.88 Q1 10 - 7.77

Q2 10 - 5.01 Q2 10 - 7.88

Internet bank CardsIncluding savings banks and partly owned banks Number of cards, purchases and aquiring

Including savings banks and partly owned banks

Other productsQ2, 2010

0

50

100

150

200

250

300

350

400

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Jun-0

7

Sep-0

7

Dec-0

7

Mar-

08

Jun-0

8

Sep-0

8

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

Jun-1

0

Quarterly transactions,

million

Number of cards,

thousand

Sweden

Baltic Region

Ukraine

Purchases in Sweden, Baltic Region and Ukraine, million

Acquiring in Sweden, Baltic Region and Ukraine, million

0

10

20

30

40

50

60

70

0

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

2 500

2 750

3 000

3 250

Jun-0

7

Sep-0

7

Dec-0

7

Mar-

08

Jun-0

8

Sep-0

8

Dec-0

8

Mar-

09

Jun-0

9

Sep-0

9

Dec-0

9

Mar-

10

Jun-1

0

Number of payments,

million

Number of customers, thousand

Number of Internet customers in Sweden

Number of Internet customers in Baltic Region

Payments in Sweden and Baltic Region

0

200

400

600

800

1 000

1 200

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 >15


Q1,2010 Q2,2010

Number of products

0

5

10

15

20

25

30

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 >15


Q1,2010 Q2,2010

Number of products

4B4B4B4B4B

9

Market shares, Sweden Market shares, Estonia, Latvia, Lithuania

Balance Balance31 May 2010

Market shares, %

May Dec Dec Dec Dec May FY FY FY FY

2010 2009 2008 2007 2006 2010 2009 2008 2007 2006

Sweden

Loans *, private 26 27 27 26 26 13 20 34 29 25

of which mortgage loans 28 29 29 30 30 14 22 27 30 30

Deposits, private 24 24 24 26 26 >100 28** 4** 25 30

Pensions, private (Mar. 2010) 9 15 13 12 14

Mutual funds (Jun. 2010) *** 24 27 27 25 26 4 16 neg. neg. 2

Loans *, corporate 18 19 19 21 22 neg. neg. neg. 18 34

of which mortgage loans 24 25 27 26 26 neg. 14 17 27 neg.

Deposits, corporate 16 16 14 16 15 neg. 61 2 28 12

Pensions, corporate (Mar. 2010) 4 5 5 5 6

Index linked bonds (Jun. 2010) 17 22 24 27 30 neg. 2 neg. 21 31

Stock trading, turnover (Jun. 2010) 5 5 4 4 4

Estonia

Loans *, private 48 48 49 49 50 neg. neg. 40 48 49

of which mortgage loans 47 47 48 49 49 neg. neg. 39 48 49

Deposits, private 55 55 56 62 62 44 19 4 57 60

Pensions, private 48 51 52 52 52 neg. 48 35 53 53

Loans *, corporate 40 41 42 44 46 neg. neg. 17 36 48

Deposits, corporate 43 43 43 48 47 42 36 neg. 53 46

Latvia



Deposits, private 23 23 24 28 29 neg. neg. neg. 18 31

Pensions, private 40 39 38 44 43 57 40 31 44 49


Deposits, corporate 9 11 11 11 14 neg. neg. neg. 3 12

Lithuania



Deposits, private 32 32 32 36 37 neg. neg. neg. 32 32

Pensions, private 39 39 41 41 41 29 36 41 40 42


Deposits, corporate 23 21 21 21 21 53 26 neg. 20 30

Ukraine

Loans *, private 3 3 3 2 neg. neg. 3 3

of which mortgage loans 3 3 3 2 neg. neg. 5 1

Deposits, private 1 1 1 1 0 neg. 0 0

Loans *, corporate 2 2 2 2 neg. neg. 3 3

Deposits, corporate 1 1 2 2 neg. neg. 1 3

* Excluding credit institutions, Swedish Nat'l Debt Office and repurchase agreements

** Market share for Sweden deposits private adjusted for sold branches.

*** In 2010 the source has been changed to MoneyMate in order to get the data on a monthly basis. In 2006-2009 the source is still Svensk Fondmarknad

Balance Net growth

31 May 2010

Market sharesQ2, 2010

0

10

20

30

40

50

60

Loans *,corporate

Mortgage,private

Deposits,private

%

Estonia Latvia Lithuania

0

5

10

15

20

25

30

Loans * Mortgage Deposits

%

Private Corporate

5B5B5B5B5B

10

Income statement, Group Jan - Jun Jan - Jun Ch. FY FY FY FY FY

SEKm 2010 2009 % 2009 2008 2007 2006 2005

Net interest income 7 822 11 046 -29 20 765 21 702 19 157 15 977 15 679

Net commission income 4 677 3 884 20 8 453 8 830 9 880 8 869 7 170

Net gains and losses on financial items, fair value 1 456 2 421 -40 2 731 2 250 1 581 2 481 2 307

Net insurance 293 305 -4 647 452 548 264 154

Share of the profit or loss of associates 306 238 29 544 512 424 222 301

Other income 869 608 43 1 518 1 335 1 184 1 127 1 118

Non-recurring items 1) 16 156 -90 124 1 382 150 257 2 731

Total income 15 439 18 658 -17 34 782 36 463 32 924 29 197 29 460

Staff costs 4 578 4 624 -1 9 184 9 142 8 134 7 253 6 837

Variable staff costs 220 397 -45 627 1 135 1 658 1 307 1 354

Other expenses 3 589 3 733 -4 7 758 7 077 6 222 5 920 5 362

Depreciation/amortisation 427 466 -8 889 871 705 659 603

Non-recurring items 2) 0 -198 -198 -167

Total expenses 8 814 9 022 -2 18 260 18 058 16 719 15 139 14 156

Profit before impairments 6 625 9 636 -31 16 522 18 405 16 205 14 058 15 304

Impairment of intangible assets 14 1 305 -99 1 305 1 403

Impairment on tangible assets 164 20 449 27

Credit impairments 3 173 13 517 -77 24 641 3 156 619 -205 294

Operating profit 3 274 -5 206 -9 873 13 819 15 586 14 263 15 010

Tax expense 1 138 155 964 2 908 3 450 3 211 2 781

Tax on non-recurring items 2) 3 -23 17 -28

Profit for the period 2 133 -5 338 -10 854 10 939 12 136 11 052 12 229

Profit for the period attributable to:

Shareholders of Swedbank AB 2 103 -5 370 -10 511 10 887 11 996 10 880 11 8790 0

Non-controlling interests 30 32 -6 69 52 140 172 350

Statement of Comprehensive Income Jan - Jun Jan-Jun Ch. FY FY

SEKm 2010 2009 % 2009 2008

Profit for the period reported via Income statement 2 133 -5 338 -10 854 10 939

Exchange differences on translating foreign operations -2 228 -53 -1 852 3 468

Hedging of net investments in foreign operations:

-Gains/losses arising during the period 1 416 185 1 312 -3 419

Cash flow hedges:

-Gains/losses arising during the period 176 -523 -574 -1 423

-Reclassification adjustments to Income statement,

Net interest income 403 416 -3 817 198


Net gains and losses on financial items, fair value 81 37

Share of other comprehensive income of associates -13 13 42 -45

Income tax relating to components of other

comprehensive income -525 -24 -397 1 211

Other comprehensive income for the period, net of tax -771 95 -615 -10

Total comprehensive income for the period 1 362 -5 243 -11 057 10 929

Total comprehensive income attributable to:

Shareholders of Swedbank AB 1 337 -5 284 -11 138 10 885

Non-controlling interests 25 41 -39 81 44

1) Non-recurring items

2008 Q2-2010, see page 14 for details

2008 Q1, Capital Gains branch offices SEK 440m

2007, Capital gains; CEK AB SEK 40m, Sparebanken 1 and Norwegian PCC shares SEK 21m

2006, Capital gains; Sparebanken 1 and Norwegian PCC shares SEK 257m

2005, Capital gains; Sparebanken 1 and Norwegian PCC shares SEK 510m, Entercard SEK 800m and Kundinkasso SEK 1 421m

2) See page 14 for details

Income statement, 5-year summaryQ2, 2010

0B0B0B0B0B0B

11

Key figures, Group Jan - Jun Jan - Jun FY FY FY FY FY

2010 2009 2009 2008 2007 2006 2005

Return on equity, % 4.7 -12.8 -12.5 15.2 18.9 19.3 24.6

Return on total assets, % 0.23 -0.58 -0.58 0.64 0.79 0.84 1.05

Return on RWA, % transition rules 0.5 -1.3 -1.3 1.3 1.3 1.6 2.1

Credit impairment ratio, % 0.46 1.91 1.74 0.24 0.06 -0.02 0.03

Total provision ratio for impaired loans, % 64 63 65 60 120 195 171

Capital adequacy ratio, % 1) 13.4 12.6 13.5 11.2 9.3 9.8 9.7

Capital adequacy ratio, %, Basel 2, 2) 17.9 15.4 17.5 14.8 12.7

Core Tier 1 capital ratio, % transition rules 1) 9.5 8.0 9.2 7.0 5.3

Core Tier 1 capital ratio, % Basel 2, 2) 12.7 9.8 12.0 9.3 7.3

Tier 1 capital ratio, %, transition rules 1) 10.5 9.2 10.4 8.1 6.2 6.5 6.5

Tier 1 capital ratio %, Basel 2, 2) 14.0 11.3 13.5 10.6 8.5

Cost/Income ratio 0.57 0.48 0.52 0.50 0.51 0.52 0.48

Loan/Deposit ratio, % 229 267 240 262 245 244 245

Share of wholesale funding > 1 year, % 52 46 51 37 32 34 37

Net interest margin, % 0.87 1.22 1.17 1.33 1.25 1.23 1.38

Risk weighted assets/total assets, % transition rules 41 44 44 51 51 54 51

Earnings per share, SEK 1.82 -5.75 -10.66 16.51 21.78 19.75 21.56

Cash dividend per ordinary share, SEK 0.00 0.00 9.00 8.25 7.50

Cash dividend per preference share, SEK 0.00 0.00

Balance sheet data Jun 30 Jun 30 Ch. Dec 31 Dec 31 Dec 31 Dec 31 Dec 31

SEKm 2010 2009 % 2009 2008 2007 2006 2005

Loans 3) 1 443 431 1 398 601 3 1 382 798 1 415 960 1 309 301 1 107 416 974 773

Deposits from the public 4) 529 048 469 336 13 504 424 508 456 458 375 400 035 338 894

Equity 91 267 81 177 12 89 974 86 462 68 323 60 277 53 869

Non-controlling interests 260 231 13 304 232 315 303 232

Shareholders' equity 91 007 80 946 12 89 670 86 230 68 008 59 974 53 637

Risk weighted assets, Basel 2 579 391 650 793 -11 603 431 696 505 600 238

Risk weighted assets, transition rules 772 164 797 643 -3 784 469 916 112 822 363

Risk weighted assets, Basel 1 968 726 1 029 726 -6 990 225 1 051 140 891 595 726 712 616 052

1) 2005-2006 Basel 1, 2007-2010 Transition rules. Including total subscribed capital 2008 Capital Adequacy ratio was 11.6,

Core Tier 1 capital ratio 7.4 and Tier 1 capital ratio 8.4

2) Including total subscribed capital 2008, Captial adequacy ratio was 15.2, Core Tier 1 capital ratio 9.7 and Tier 1 capital ratio 11.1

3) Loans to the public excluding Swedish Nat’l Debt Office and repurchase agreements (repos), SEK 1 159m as per 2010-06-30

4) Excluding repurchase agreements (repos), SEK 505m as per 2010-06-30

Key figures and Balance sheet data, 5-year summaryQ2, 2010

1B1B1B1B1B1B

12

Source of income Split of commission income

Income statement, Group Q2 Ch. % Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 Q/Q 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 3 799 -6 4 023 4 702 5 017 5 243 5 803 5 742 5 424 5 295

Net commission income 2 395 5 2 282 2 361 2 208 2 030 1 854 2 011 2 265 2 374

Net gains/losses on financial items, fair value 809 25 647 223 87 710 1 711 1 244 -109 1 040

Net insurance 173 44 120 182 160 175 130 139 105 101

Share of profit of associates 160 10 146 123 183 141 97 136 138 122

Other income 420 -6 449 446 464 299 309 394 320 334

Non-recurring items 1) 16 0 -55 23 636 -480 680 95 167

Total income 7 772 1 7 667 7 982 8 142 9 234 9 424 10 346 8 238 9 433

Staff costs 2 282 -1 2 296 2 319 2 241 2 289 2 335 2 340 2 223 2 268

Variable staff costs 141 78 79 23 207 191 206 262 235 370

Other expenses 1 781 -1 1 808 2 168 1 857 1 895 1 838 2 004 1 679 1 740

Depreciation/amortisation 219 5 208 202 221 226 240 231 221 212

Non-recurring items 1) 2) 0 0 -412 0 -198 0 38 -45 -160

Total expenses 4 423 1 4 391 4 300 4 526 4 403 4 619 4 875 4 313 4 430

Profit before impairments 3 349 2 3 276 3 682 3 616 4 831 4 805 5 471 3 925 5 003

Impairment of intangible assets 14 1 305 1 403

Impairment of tangible assets 128 36 352 77 8 12 27

Credit Impairments 963 -56 2 210 5 003 6 121 6 672 6 845 1 633 812 423

Operating profit 2 258 1 016 -1 673 -2 582 -1 849 -3 357 2 408 3 113 4 580

Tax expense 669 43 469 7 728 34 121 614 640 926

Tax on non-recurring items 1) 2) 3 0 108 6 111 -134 -114 0 9

Profit for the period 1 586 547 -1 788 -3 316 -1 994 -3 344 1 908 2 473 3 645


Shareholders of Swedbank AB 1 567 536 -1 804 -3 337 -2 012 -3 358 1 915 2 468 3 604

Non-controlling interests 19 73 11 16 21 18 14 -7 5 41

Statement of Comprehensive Income Q2 Ch. % Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 Q/Q 2010 2009 2009 2009 2009 2008 2008 2008

Profit for the period reported via Income statement 1 586 547 -1 788 -3 316 -1 994 -3 344 1 908 2 473 3 645

Exchange differences on translating foreign operations -595 -64 -1 633 207 -2 006 -123 70 2 035 1 258 907


-Gains/losses arising during the period 399 -61 1 017 -156 1 283 176 9 -2 637 -714 -245

Cash flow hedges:

-Gains/losses arising during the period 337 -161 69 -120 -8 -515 -1 154 -233 -35


Net interest income 214 13 189 199 202 212 204 209 -39 14


Net gains/losses on financial items, fair value 0 0 -75 31 81

Share of other comprehensive income of associates -7 17 -6 13 16 -29 42 -47 3 6


comprehensive income -250 -9 -275 -6 -367 -111 87 911 281 69

Other comprehensive income for the period, net of tax 98 -869 251 -961 198 -103 -683 556 716

Total comprehensive income for the period 1 684 -322 -1 537 -4 277 -1 796 -3 447 1 225 3 029 4 361


Shareholders of Swedbank AB 1 667 -330 -1 556 -4 298 -1 812 -3 472 1 236 3 026 4 318

Non-controlling interests 17 8 19 21 16 25 -11 3 43


2) The dissolvement of bonus reserves in Q4 2009 should only be seen as a non-recurring when looking at Q4 isolated and not when looking at full year figures.

Income statement, 9-quarter summaryQ2, 2010

-10

0

10

20

30

40

50

60

70

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

Net interest income

Net commission income

Net gains/losses on financial items

0

5

10

15

20

25

30

35

40

45

50

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

Asset management Payments Brokerage Lending Other

% %

2B2B2B2B2B2B

13

Non-recurring items Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Retail

Capital gain MasterCard 0 0 0 0 0 0 0 0 101

Capital gains branch offices 6 0 23 374 0 0 0 0

Share of profit/loss of associates VISA Sweden 0 0 0 0 322 0 0 0 0

Capital Loss Bergslagen Sparbank -3

Baltic Banking

Capital gain Estonian stock exchange 0 15 0 0 0 0 0 0

Capital gain PKK 0 0 0 0 0 0 0 0 66

Capital gain MasterCard 13

Russia & Ukraine

Capital loss EADR (Ukraine) 0 -6 0 0 0 0 0 0

Asset Management

Repayed fund management fees 0 0 0 0 -60 -480 0 0 0

Private Debt Fund compensation 0 -88 0 0 0 0 0 0

Shared Services & Group Staffs

Capital gain Aktia 0 24 0 0 0 0 0 0

Capital gain NCSD Holding AB 0 0 0 0 0 0 680 0 0

Capital gain SPS Reinsurance Luxemburg 0 0 0 0 0 0 0 95 0

Total income 16 0 -55 23 636 -480 680 95 167

Retail

Dissolvement of bonus reserve 1) -89

Large Corporates & Institutions


Baltic Banking

Dissolvement of bonus reserve 1) 0 0 0 -198 0 -185

Write-down Hansabank brand 0 0 0 0 0 38 38 25

Russia & Ukraine

Refund VAT provision in Russia 0 0 0 0 0 0 -83 0

Asset Management




Total expenses 0 0 -412 0 -198 0 38 -45 -160

Large corporates & Institutions

Impairment of goodwill ZAO 0 0 0 0 0 5 0 0 0

Russia & Ukraine

Impairment of goodwill Ukraine 0 0 0 0 0 1 300 1 403 0 0

Impairment of goodwill Russia 14

Total impairments 0 14 0 0 0 1 305 1 403 0 0

Retail

Tax capital gains branch offices 2 6 99 0 0 0 0

Tax dissolvement of bonus reserve 1) 23

Tax capital loss Bergslagens Sparbank -1



Baltic Banking

Tax dissolvement of bonus reserve 0 0 28 0 0 0 9

Tax on capital gain MasterCard 2

Asset Management

Tax repayed fund mgm fees 0 0 -16 -134 0 0 0



Withholding tax 0 0 0 0 -114 0 0


Total taxes 3 0 109 6 111 -134 -114 0 9

Profit for the period 13 -14 248 17 723 -1 651 -647 140 318

1) The dissolvement of bonus reserves in Q4 2009 should only be seen as a non-recurring when looking at Q4 isolated and not when looking at full year figures.

Non-recurring items, 9-quarterQ2, 2010

3B3B3B3B3B3B

14

Key figures, Group Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Return on equity, % 7.0 2.4 -8.3 -16.9 -9.9 -15.6 10.1 13.8 20.6

Return on total assets, % 0.33 0.12 -0.40 -0.74 -0.44 -0.74 0.44 0.59 0.86

Return on RWA, % 1) 0.8 0.3 -0.9 -1.7 -1.0 -1.6 0.9 1.2 1.8

Credit impairment ratio, % 0.28 0.64 1.44 1.75 1.87 1.93 0.48 0.23 0.12

Total provision ratio for impaired loans, % 64 66 65 63 63 64 60 73 91

Capital adequacy ratio, %, transition rules 2) 13.4 13.4 13.5 12.1 12.6 12.9 11.6 9.9 9.7

Capital adequacy ratio, % Basel 2, 2) 17.9 17.5 17.5 15.7 15.4 15.0 15.2 12.5 12.6

Core Tier 1 capital ratio, % transition rules 2) 9.5 9.4 9.2 7.7 8.0 8.0 7.4 5.8 5.7

Core Tier 1 capital ratio, % Basel 2, 2) 12.7 12.3 12.0 9.9 9.8 9.4 9.7 7.4 7.5

Tier 1 capital ratio, %, transition rules 2) 10.5 10.3 10.4 8.8 9.2 9.3 8.4 6.8 6.7

Tier 1 capital ratio, % Basel 2, 2) 14.0 13.5 13.5 11.4 11.3 10.8 11.1 8.7 8.8

Cost/Income ratio 0.57 0.57 0.54 0.56 0.48 0.49 0.47 0.52 0.47

Loan/Deposit ratio, % 229 236 240 257 267 270 262 267 251

Earnings per share, SEK 1.36 0.46 -1.83 -3.57 -2.16 -3.59 2.90 3.81 5.56

1) RWA according to transition rules

2) Including total subscribed capital Q4 2008

Income Profit before impairments

Income

Profit before impairments and non-recurring items by business area

Q2, 2010Key figures, 9-quarter

-500

1 500

3 500

5 500

7 500

9 500

11 500

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Group Income ex non-recurring items

Non-recurring items

-500

500

1 500

2 500

3 500

4 500

5 500

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Profit before impairments and non-recurring items

Non-recurring items

-500

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Lendin

g

Deposits

Tre

asury

, T

radin

g a

nd

Capital M

ark

ets

Asset M

anagem

en

t

Paym

ent, C

ard

s

Insura

nce

Share

of

P&

L o

f associa

tes

Oth

er

Non-r

ecurr

ing i

tem

s

SEKbn

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

-500

0

500

1 000

1 500

2 000

2 500

3 000

Reta

il

Larg

e C

orp

ora

tes &

In

stitu

tions

Baltic

Bankin

g

Russia

&U

kra

ine

Asset M

anagem

en

t

Share

d S

erv

ices a

nd

Gro

up S

taffs

SEKbn

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

3B3B3B3B3B3B

15

Income analysis, Group Q2 Ch. % Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 Q/Q 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income; 1)

Net interest income, lending 2 495 -4 2 591 2 852 3 071 3 187 3 443 3 496 3 041 2 900

Net interest income, deposits 1 167 -3 1 201 1 094 1 093 1 227 1 391 1 803 1 762 1 678

Net interest income, other 137 -41 231 756 853 829 969 443 621 717


Commission income;

Payment processing 1 377 5 1 312 1 422 1 400 1 363 1 289 1 401 1 384 1 305

Asset management 1 020 2 1 003 968 884 798 692 727 864 933

Brokerage 180 -3 185 215 152 151 134 144 171 201

Lending 153 14 134 138 143 152 130 129 194 199

Corporate Finance 111 82 61 95 52 55 19 58 22 177

Insurance 129 -2 131 116 111 101 94 106 108 115

Other securities 61 61 38 30 37 26 50 31 53 20

Other commissions receivable 298 0 298 282 306 306 314 328 292 281

Commission income, total 3 329 5 3 162 3 266 3 085 2 952 2 722 2 924 3 088 3 231

Commission expenses;

Payment processing -547 3 -533 -572 -510 -548 -456 -512 -485 -466

Securities -124 18 -105 -82 -69 -53 -144 -123 -107 -130

Brokerage -2 0 -2 -5 -7 -6 -6 -3 -5 -13

Insurance -66 38 -48 -40 -49 -36 -27 -47 -39 -44

Other commissions payable -195 2 -192 -206 -242 -279 -235 -228 -187 -204

Commission expenses, total -934 6 -880 -905 -877 -922 -868 -913 -823 -857

Net commission income, total 2 395 5 2 282 2 361 2 208 2 030 1 854 2 011 2 265 2 374

Financial instruments for trading 742 18 630 115 369 712 1 691 550 151 855

of which stock related 317 -23 410 396 198 461 140 82 -99 76

of which interest rate related 69 -157 -514 -109 126 1 193 272 -437 287

of which fx related 357 -9 392 260 262 230 231 177 688 461

of which other -1 -93 -15 -27 18 -105 127 19 -1 31

Financial instruments intended to

hold until maturity 67 17 108 -282 -2 20 694 -260 185

Of which change in value open interest rate

exposure Swedbank Mortgage -5 10 6 -327 2 28 763 -172 29

Net gains and losses on financial

items at fair value, total 809 25 647 223 87 710 1 711 1 244 -109 1 040

Net insurance 173 44 120 182 160 175 130 139 105 101

Share of profit/loss of associates;

Färs & Frosta Sparbank 8 6 8 8 12 27 18 23 3 17

Swedbank Sjuhärad 25 75 14 18 24 32 2 10 37 21

Other jointly owned banks in Sweden 13 1 7 14 3 16 13 18 10

BGC-Holding 3 -58 8 2 2 -2 1 4 4 2

EnterCard Holding 105 -4 110 79 124 75 51 79 53 43

NCSD Holding 16 23

Other companies 4 -14 5 10 7 6 9 7 7 6

Profit/loss of associates, total 160 10 146 123 183 141 97 136 138 122

Other income;

Real estate income 6 -2 6 4 3 4 3 4 3 3

IT/administrative services to savings banks 216 7 203 218 217 201 185 197 189 218

Other 198 -18 240 224 244 94 121 193 128 113

Other income, total 420 -6 449 446 464 299 309 394 320 334

Non-recurring items 16 0 -55 23 636 -480 680 95 167

Total income 7 772 1 7 667 7 982 8 142 9 234 9 424 10 346 8 238 9 433

of which Baltic Banking 1 517 3 1 477 1 631 1 795 1 822 2 125 2 182 2 265 2 216

of which Russia & Ukraine 181 -30 257 460 214 542 621 787 455 517

1) NII Lending is defined as customer interest income minus internal funds transfer price. NII deposits is defined as internal funds transfer price minus

customer interest expense and deposits guarantee fees. Methods for calculating internal transfer prices are based on matched funding principles but have

been changed over time, primarily on floating rate products, making historic time series not fully comparable.

Income analysisQ2, 2010

4B4B4B4B4B4B

16

Net interest income Analysis, Group Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 % 2010 2009 2009 2009 2009 2008 2008 2008

Interest income

Loans to credit institutions 189 17 162 161 100 87 336 965 1 564 1 742

Loans to the public 8 894 -2 9 053 9 729 10 653 11 906 14 655 18 778 17 537 16 452

Interest-bearing securities 199 -43 348 598 544 603 702 576 270 636

Other 34 -41 58 45 45 33 35 15 12 12

Total Interest income 9 316 -3 9 621 10 533 11 342 12 629 15 728 20 334 19 383 18 842

Interest expenses

Amounts owed to credit institutions -343 30 -263 -358 -361 -749 -1 739 -2 847 -1 538 -1 882

Deposits and borrowings from the public -934 -16 -1 110 -1 195 -1 259 -1 541 -2 346 -3 641 -4 335 -3 991

of which deposits guarantee fees -101 -4 -105 -106 -106 -101 -104 -94 -89 -127

Debt securities in issue -5 286 -3 -5 444 -5 285 -5 392 -4 601 -6 478 -6 683 -7 322 -6 923

of which state guarantee fees -400 -8 -437 -505 -534 -465 -298 -56 0 0

Subordinated liabilities -330 -19 -405 -436 -444 -531 -559 -611 -563 -501

Other -74 -3 -76 -34 -207 -22 -3 -22 -14 -12

of which stability fee -58 2 -57 -29 -195 0 0 0 0 0

Total interest expenses -6 967 -5 -7 298 -7 308 -7 663 -7 444 -11 125 -13 804 -13 772 -13 309

Derivatives, income 1 381 -40 2 303 1 758 1 773 1 282 1 354 555 523 453

Derivatives, expenses 69 -603 -281 -435 -1 224 -154 -1 343 -710 -691

Derivatives, net interest income 1 450 -15 1 700 1 477 1 338 58 1 200 -788 -187 -238


Average balances

Loans to credit institutions 192 185 48 129 443 135 056 123 768 156 782 139 648 117 457 168 630 188 076

Loans to the public 1 224 639 -2 1 243 618 1 253 901 1 254 765 1 274 393 1 297 596 1 279 104 1 226 128 1 189 937

Interest-bearing securities 161 419 -7 173 054 144 151 140 007 115 887 116 583 66 369 18 924 43 995

Interest-bearing assets 1 578 243 2 1 546 115 1 533 108 1 518 540 1 547 062 1 553 827 1 462 930 1 413 682 1 422 008

Derivatives 86 288 17 74 037 79 940 87 871 101 043 138 297 113 058 57 612 47 279

Other assets 160 212 -3 165 926 198 461 174 166 130 745 136 835 191 607 141 283 145 068

Total assets 1 824 743 2 1 786 078 1 811 509 1 780 577 1 778 850 1 828 959 1 767 595 1 612 577 1 614 355

Amounts owed to credit institutions 258 362 8 238 971 263 734 288 335 335 670 354 101 293 855 177 613 177 946

Deposits and borrowings from the public 518 905 1 515 787 491 406 470 804 471 145 496 878 514 263 488 187 472 522

Debt securities in issue 711 193 0 707 691 689 588 663 828 641 180 616 360 588 676 670 428 687 097

Subordinated liabilities 32 956 -10 36 588 38 639 41 256 44 565 46 754 43 114 39 765 37 055

Interest-bearing liabilities 1 521 416 1 1 499 037 1 483 367 1 464 223 1 492 560 1 514 093 1 439 908 1 375 993 1 374 620

Derivatives 78 286 9 71 938 80 868 90 033 95 064 119 465 95 038 49 770 51 367

Other liabilities 134 995 8 125 508 160 144 147 565 109 761 109 105 156 749 115 373 118 506

Total liabilities 1 734 697 2 1 696 483 1 724 379 1 701 821 1 697 385 1 742 663 1 691 695 1 541 136 1 544 493

Equity 90 046 1 89 595 87 130 78 756 81 465 86 296 75 900 71 441 69 862

Total liabilities and equity 1 824 743 2 1 786 078 1 811 509 1 780 577 1 778 850 1 828 959 1 767 595 1 612 577 1 614 355

Average interest rates, %

Loans to credit institutions 0.39 -21 0.50 0.48 0.32 0.22 0.96 3.29 3.71 3.70

Loans to the public 2.91 0 2.91 3.10 3.40 3.74 4.52 5.87 5.72 5.53

Interest-bearing securities 0.49 -39 0.80 1.66 1.55 2.08 2.41 3.47 5.71 5.78

Interest-bearing assets 2.35 -5 2.47 2.74 2.98 3.26 4.04 5.56 5.48 5.30

Amounts owed to credit institutions 0.53 21 0.44 0.54 0.50 0.89 1.96 3.88 3.46 4.23

Deposits and borrowings from the public 0.72 -16 0.86 0.97 1.07 1.31 1.89 2.83 3.55 3.38

Debt securities in issue 2.97 -3 3.08 3.07 3.25 2.87 4.20 4.54 4.37 4.03

Subordinated liabilities 4.01 -10 4.43 4.51 4.30 4.77 4.78 5.67 5.66 5.41

Interest-bearing liabilities 1.81 -6 1.93 1.96 2.04 1.99 2.94 3.83 4.00 3.87

Net interest margin 0.83 -8 0.90 1.04 1.13 1.18 1.27 1.30 1.35 1.31

Interest-bearing securities are reported net less sold, not held, securities.

Interest income on impaired loans is not accrued.

Net Interest Income Analysis, GroupQ2, 2010

5B5B5B5B5B5B

17

Expense development Quarterly expenses excl non-recurring items

Expense analysis, Group Q2 Ch. % Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 Q/Q 2010 2009 2009 2009 2009 2008 2008 2008

Staff costs

Salaries and other remunerations 1 600 4 1 545 1 537 1 631 1 656 1 705 1 649 1 601 1 731

Pension costs 267 4 257 218 261 247 259 233 247 246

Social Insurance charges 469 -4 489 506 486 487 484 468 496 522

Allocation to profit-sharing fund 0 0 0 0 2 0 133 46 46

Training costs 23 35 17 28 19 27 26 43 28 45

Other staff costs 64 -4 67 52 51 61 67 76 40 48

Staff costs, total 2 423 2 2 375 2 342 2 448 2 480 2 541 2 602 2 458 2 638

of which variable staff costs 2) 141 78 79 23 207 191 206 262 235 370

of which redundancy cost 73 79 41 52 26 19 9 17 7 16

Other expenses

Expenses for premises 347 -4 361 408 364 392 407 393 357 337

IT expenses 410 4 396 489 445 448 436 442 414 396

Consulting and outside services 435 6 411 536 392 407 319 366 261 293

Telecommunications and postage 63 -16 75 73 81 79 87 101 88 69

Marketing 88 19 74 136 82 129 85 142 94 134

Security transports, alarm systems 73 -32 108 120 110 117 133 114 123 143

Expenses repossessed assets 59 99 30 31 37

Other 2) 306 -13 353 375 347 323 371 446 342 368

Depreciation/amortisation 2) 219 5 208 202 220 226 240 231 221 212

Total other expenses 2 000 -1 2 016 2 370 2 078 2 121 2 078 2 235 1 900 1 952

Non-recurring items 1) 0 0 -412 0 -198 0 38 -45 -160

Total expenses 4 423 1 4 391 4 300 4 526 4 403 4 619 4 875 4 313 4 430

of which Baltic Banking 678 -7 729 876 893 619 947 1 043 1 016 841

of which Russia & Ukraine 228 -1 230 308 274 309 321 412 224 300

1) See page 14 for details.

2) Excluding non-recurring items, specified on page 14

Expense analysisQ2, 2010

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000

6 500

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

SEKm

Total expenses Retail

Baltic Banking Russia & Ukraine

Large Corp. & Inst

-500

500

1 500

2 500

3 500

4 500

5 500

Q2-08

Q3-08

Q4-08

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

SEKm

Other expenses

Staff costs excl. variable staff costs

Variable staff costs

9B9B9B9B9B9B

18

Number of employees Number of employees by business area

Number of employees Q2 Ch. % Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

2010 Q/Q 2010 2009 2009 2009 2009 2008 2008 2008

Retail 5 724 -2 5 833 5 894 5 957 5 991 6 070 6 162 6 269 6 216

Sweden 672 1 664 661 654 652 649 644 616 611

Baltic Region 139 -1 140 142 135 139 127 128 133 140

Norway 268 2 262 262 269 267 267 258 266 273

Other 1) 97 5 92 82 80 77 81 85 89 77

Large Corporate & Institutions 1 176 2 1 158 1 147 1 138 1 135 1 124 1 115 1 104 1 101

Estonia 2 063 0 2 061 2 109 2 211 2 303 2 367 2 434 2 527 2 781

Latvia 1 607 -2 1 648 1 684 1 856 2 025 2 113 2 173 2 391 2 472

Lithuania 2 131 -3 2 189 2 312 2 429 2 637 2 760 2 850 2 931 3 022

Baltic Banking 5 801 -2 5 898 6 105 6 496 6 965 7 240 7 457 7 849 8 275

Russia 422 -25 564 567 575 639 644 631 576 474

Ukraine 1 652 -20 2 077 2 880 3 498 3 623 3 659 3 870 3 548 3 481

Other 11 -35 17 25 29 30 35 32 24 18

Russia & Ukraine 2 085 -22 2 658 3 472 4 102 4 292 4 338 4 533 4 148 3 973

Sweden 266 1 263 269 258 268 261 234 230 231

Baltic Region 23 10 21 22 23 28 36 45 52 56

Asset Management 289 2 284 291 281 296 297 279 282 287

Ektornet 123 19 103 39

Sweden 1 700 1 1 689 1 677 1 641 1 641 1 613 1 604 1 579 1 591

Baltic Region 631 -1 640 652 657 666 673 698 759 772

Shared Services and Group Staffs 2 331 0 2 329 2 329 2 298 2 307 2 286 2 302 2 338 2 363

Total number of employees 17 529 -4 18 263 19 277 20 272 20 986 21 355 21 848 21 990 22 215

1) Mainly Denmark, Finland, USA and China

Employee turnover, % Jun Mar Dec Sep Jun Mar Dec Sep

2010 2010 2009 2009 2009 2009 2008 2008

Retail 7.6 5.5 6.7 7.8 8.2 6.6 8.2 9.6

Large Corporate & Institutions 3.8 3.1 8.2 7.3 7.0 6.8 15.8 9.5

Baltic Banking 8.3 12.6 16.0 18.2 13.5 15.3 18.7 15.3

Russia & Ukraine 9.4 54.8 26.0 15.8 11.2 10.2 28.6 30.4

Asset Management 5.0 6.7 3.4 6.0 3.2 1.1 11.1 11.7

Ektornet 0.0

Shared Services and Group Staffs 6.9 6.1 4.5 5.1 6.2 4.4 5.0 6.1

Total employee turnover, % 7.9 17.0 13.9 13.2 10.6 10.5 16.1 15.3

Number of permanent employees that left the company during period divided by permanent employees at start of year.

YTD number of permanent employees that left the company is recalculated to yearly figures.

EmployeesQ2, 2010

0

5 000

10 000

15 000

20 000

25 000

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

0B

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

Retail Large Corp. & Inst.


Asset Management

Ektornet Shared Services &

Group Staffs

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

0B0B0B

19

Customer satisfaction index, private

Customer satisfaction index 1) 2009 2008 2007 2006 2005 2004

Sweden

Share of satisfied private customers 70 71 70 71 69 67

Share of satisfied corporate customers 65 71 71 68 67 67

Estonia

Index private customers 5.6 8.2 8.2 8.5 8.5 8.3

Index corporate customers 6.0 8.2 8.4 8.1 8.1 8.2

Latvia

Index private customers 5.2 7.7 7.8 6.6 6.6 6.6

Index corporate customers 4.9 9.0 9.0 6.5 6.3 6.3

Lithuania

Index private customers 50 80 84 83 82 83

Index corporate customers 51 87 89 89 82 80

1) Sweden and Lithuania have a customer satisfaction scale of 1 to 100. Estonia and Latvia have a scale of 1 to 10.

Customer satisfaction index 2009 is based on TRIM index in the Baltic countries and on SKI in Sweden.

Customer satisfaction indexQ2, 2010

0

10

20

30

40

50

60

70

80

90

Sweden Estonia Latvia Lithuania

2004 2005 2006 2007 2008 2009

1B1B1B1B

20

Exchange rates Jun Mar Dec Sep Jun Mar Dec Sep Jun

2010 2010 2009 2009 2009 2009 2008 2008 2008

SEK/EUR, average rate 9.815 9.989 10.615 10.686 10.876 10.968 9.627 9.440 9.403

SEK/EUR, closing day rate 9.524 9.745 10.283 10.225 10.863 10.945 10.935 9.782 9.478

SEK/EEK, average rate 0.627 0.638 0.678 0.683 0.695 0.701 0.615 0.603 0.601

SEK/EEK, closing day rate 0.609 0.623 0.657 0.654 0.694 0.700 0.699 0.625 0.606

SEK/UAH, average rate 0.924 0.900 0.953 0.976 1.022 1.037 1.255 1.275 1.244

SEK/UAH, closing day rate 0.974 0.904 0.893 0.848 0.998 1.022 1.006 1.359 1.315

SEK/RUB, average rate 0.245 0.241 0.241 0.241 0.247 0.247 0.264 0.258 0.256

SEK/RUB, closing day rate 0.248 0.245 0.237 0.233 0.248 0.243 0.263 0.270 0.256

SEK/USD, average rate 7.382 7.222 7.627 7.798 8.084 8.302 6.572 6.185 6.123

SEK/USD, closing day rate 7.751 7.206 7.191 7.003 7.747 8.225 7.720 6.898 6.006

UAH/USD, closing day rate 7.954 7.970 8.050 8.260 7.765 8.000 7.800 5.070 4.533

RUB/USD, closing day rate 31.210 29.440 30.305 30.064 31.165 33.954 30.525 25.632 23.444

Volumes, SEKbn Retail

Large

Corp. &

Inst.

Baltic

Banking

Russian

Banking

Ukrainian

Banking

Asset

Manage. Other Group

Loans to the public excluding Swedish Nat'l Debt Office and repurchase agreements

Balance, 200912 828 176 169 10 9 0 0 1 192

Ordinary change 7.8 -13.9 -12.1 -0.1 -0.8 0.0 -19.0

Exchange rate fluctuations -0.2 -11.6 -1.4 0.6 -12.6

Market valuation -0.8 -0.8

Balance, 201006 835 162 145 8 9 0 0 1 159

Balance, 201003 828 168 154 9 9 0 0 1 168

Ordinary change 7.0 -6.8 -4.9 0.6 -0.8 0.0 -4.9

Exchange rate fluctuations 0.0 1.0 -3.4 -1.6 0.6 0.0 -3.3

Market valuation -0.4 -0.4

Balance, 201006 835 162 145 8 9 0 0 1 159

Deposits from the public excluding Swedish Nat'l Debt Office and repurchase agreements

Balance, 200912 312 75 103 4 3 0 0 497

Ordinary change 7.9 7.4 0.8 0.4 -0.5 0.0 16.0

Exchange rate fluctuations 0.0 -7.7 -0.3 0.3 -7.7

Balance, 201006 320 82 96 4 3 0 0 505

Balance, 201003 309 84 97 4 2 0 0 496

Ordinary change 11.7 -1.9 1.8 0.0 0.0 0.0 11.6

Exchange rate fluctuations 0.0 0.0 -2.2 -0.3 0.2 0.0 -2.3

Balance, 201006 320 82 96 4 3 0 0 505

Risk weighted assets, Basel 2

Balance, 200912 224 184 165 11 12 2 4 603

Ordinary change -5.8 -5.5 -1.9 -0.8 -1.4 0.8 1.1 -13.6

Exchange rate fluctuations 0.0 -0.5 -11.6 0.5 1.1 0.0 -10.5

Balance, 201006 218 178 152 11 12 3 5 579

Balance, 201003 220 185 160 12 12 3 4 596

Ordinary change -2.6 -6.5 -5.1 -0.6 -0.6 -0.1 1.4 -14.2

Exchange rate fluctuations 0.0 0.2 -3.4 0.2 0.9 0.0 -2.1

Balance, 201006 218 178 152 11 12 3 5 579

Impaired loans, gross

Balance, 200912 2.0 1.1 26.6 2.2 8.2 0.0 0.0 40.1

Ordinary change -0.2 0.0 3.0 0.2 0.8 0.0 0.0 3.8

Exchange rate fluctuations 0.0 0.0 -2.2 0.1 0.8 0.0 -1.2

Balance, 201006 1.9 1.2 27.3 2.6 9.8 0.0 0.0 42.7

Balance, 201003 1.6 1.2 26.7 2.4 8.4 0.0 0.0 40.3

Ordinary change 0.2 0.0 1.2 0.1 0.7 0.0 0.0 2.3

Exchange rate fluctuations 0.0 0.0 -0.6 0.0 0.7 0.0 0.1

Balance, 201006 1.9 1.2 27.3 2.6 9.8 0.0 0.0 42.7

Exchange rates and impact from exchange rate fluctuationsQ2, 2010

2B2B2B2B

21

Income statement, SEKm Retail

Large Corp.

& Inst.

Baltic

Banking

Russian

Banking

Ukrainian

Banking

Asset

Manage. Other Group

Income

Jun 2009, YTD 9 056 4 986 3 947 473 691 66 -561 18 658

Jun 2010, YTD 7 917 3 205 2 994 167 272 794 90 15 439

Total change -1 139 -1 781 -953 -306 -419 728 651 -3 219

of which due to exchange rate fluctuations -28 -333 -3 -30 -4 -36 -434

2010, Q1 3 912 1 630 1 477 111 146 405 -14 7 667

2010, Q2 4 005 1 575 1 517 56 126 389 104 7 772

Total change 93 -55 40 -55 -20 -16 118 105

of which due to exchange rate fluctuations -7 -63 1 7 -1 -10 -73

Expenses

Jun 2009, YTD 4 530 1 541 1 566 248 281 388 468 9 022

Jun 2010, YTD 4 554 1 513 1 407 202 202 409 527 8 814

Total change 24 -28 -159 -46 -79 21 59 -208

of which due to exchange rate fluctuations -10 -149 -2 -23 -2 -33 -219

2010, Q1 2 250 733 729 103 106 197 273 4 391

2010, Q2 2 304 780 678 99 96 212 254 4 423

Total change 54 47 -51 -4 -10 15 -19 32

of which due to exchange rate fluctuations -3 -28 3 4 0 -4 -27

Credit impairments, net

Jun 2009, YTD 804 405 8 202 187 3 915 0 4 13 517

Jun 2010, YTD 136 -8 3 199 -44 -136 0 26 3 173

Total change -668 -413 -5 003 -231 -4 051 0 22 -10 344

of which due to exchange rate fluctuations 0 -355 0 -1 -356

2010, Q1 58 86 2 103 -15 -26 0 4 2 210

2010, Q2 78 -94 1 096 -29 -110 0 22 963

Total change 20 -180 -1 007 -14 -84 0 18 -1 247

of which due to exchange rate fluctuations 0 -34 0 -13 -47

Profit for the period

Jun 2009, YTD 2 862 2 200 -5 010 29 -4 447 -231 -773 -5 370

Jun 2010, YTD 2 313 1 260 -1 530 -19 199 297 -417 2 103

Total change -549 -940 3 480 -48 4 646 528 356 7 473

of which due to exchange rate fluctuations -18 158 -1 -5 -2 -3 129

2010, Q1 1 190 615 -1 222 -16 60 158 -249 536

2010, Q2 1 123 645 -308 -3 139 139 -168 1 567

Total change -67 30 914 13 79 -19 81 1 031

of which due to exchange rate fluctuations -4 5 -2 17 -1 -6 9

Q2, 2010

Impact from exchange rate fluctuations, Income statement3B3B3B3B

22

Currency distribution, 30 June 2010

Swedbank AS, Baltic Group SEK EUR USD EEK LVL LTL UAH RUB Other Total

SEKm

Assets

Cash and balances with central banks 10 378 114 7 010 4 454 2 191 13 66 14 236

Loans to credit institutions 170 8 335 2 553 540 194 135 151 689 12 767

Loans to the public 22 126 304 3 236 5 683 3 287 6 607 46 145 185

Treasury bills and bonds 13 073 60 158 111 276 13 678

Other assets 37 2 073 428 1 369 1 921 2 311 3 53 8 195

Total 239 150 163 6 391 14 760 9 967 11 520 0 167 854 194 061

Liabilities

Amounts owed to credit institutions 7 64 734 389 332 298 47 7 65 814

Deposits and borrowing from the public 178 24 855 7 515 30 620 10 108 25 557 149 644 99 626

Debt securities in issue and

subordinated liabilities 4 805 6 486 5 297

Other liabilities 39 3 277 796 1 525 688 1 213 20 82 7 640

Equity (legal) 15 684 15 684

Total 224 97 671 8 700 48 167 11 094 27 303 0 169 733 194 061

Exchange rate SEK/EEK 0.6087

JSC Swedbank, Ukraine SEK EUR USD EEK LVL LTL UAH RUB Other Total

SEKm

Assets

Cash and balances with central banks 19 44 460 1 524

Loans to credit institutions 8 19 1 3 1 32

Loans to the public 334 6 632 1 578 8 544

Treasury bills and bonds 248 248

Other assets 102 1 030 1 132

Total 0 361 6 797 0 0 0 3 317 4 1 10 480

Liabilities

Amounts owed to credit institutions 228 6 240 6 468

Deposits and borrowing from the public 328 1 074 1 242 3 2 647


subordinated liabilities 1 177 1 177

Other liabilities 66 75 83 1 225

Equity (legal) -37 -37

Total 0 622 8 566 0 0 0 1 288 4 0 10 480

Exchange rate SEK/UAH 0.9744

OAO Swedbank, OOO Leasing, Russia SEK EUR USD EEK LVL LTL UAH RUB Other Total

SEKm

Assets

Cash and balances with central banks 1 15 12 1 226 1 254

Loans to credit institutions 684 516 2 493 3 3 696

Loans to the public 1 179 6 336 556 8 071

Treasury bills and bonds 0

Other assets 16 24 260 300

Total 1 1 894 6 888 0 0 0 0 4 535 3 13 321

Liabilities

Amounts owed to credit institutions 839 5 859 435 7 133

Deposits and borrowing from the public 1 048 297 2 618 1 3 964


subordinated liabilities 814 814

Other liabilities 30 63 133 226

Equity (legal) 1 184 1 184

Total 0 1 917 7 033 0 0 0 0 4 370 1 13 321

Exchange rate SEK/RUB 0.2484

Currency distributionQ2, 2010

4B4B4B4B

23

Business Area accounting policies

Business area structure

Business Area reportQ2, 2010

The Group´s equity allocated to shareholders is distributed to each business area based on capital adequacy rules and estimated capital

requirements. The Basel 2 rules are used. Based on pillar 2 requirements, equity/RWA ratios have been adjusted 2010 for all business

areas.

Return on equity for the business areas is based on operating profit less estimated tax and non-controlling interests in relation to average

allocated equity.

The business area report is based on Swedbank’s management accounting principles and organisation.

Market-based compensation is applied between business areas, while all expenses for IT, other shared service and Group Staffs are

transferred at full cost-based internal prices to the business areas. Executive management expenses are not distributed. Cross border

transfer pricing is applied according to OECD transfer pricing guidelines.

0B0B0B0B0B

Swedbank

RetailLarge Corporates

& Institutions

Russia &

Ukraine

Asset

Management

Baltic

Banking

Shared Services &

Group Staffs

OtherUkrainian

Banking

Russian

Banking

Ukrainian

BankingOperations

Baltic

BankingOperations

Baltic

BankingInvestment

Estonian

Banking

Latvian

Banking

Lithuanian

BankingOther

Ukrainian

BankingInvestment

Ektornet

24

Profit before impairments and non-recurring items Cost/income ratio

Q2, 2010

Profit before impairments and non-recurring items by business area1B1B1B1B1B

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Baltic Banking

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Estonian Banking

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Latvian Banking

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Lithuanian Banking

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Retail

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

500

1 000

1 500

2 000

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm


2 061

25

Profit before impairments and non-recurring items Cost/income ratio

Q2, 2010

Profit before impairments and non-recurring items by business area2B2B2B2B2B

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

100

200

300

400

500

600

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Asset Management

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

-200

-100

0

100

200

300

400

500

600

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Ukrainian Banking

4.80

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

100

200

300

400

500

600

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Russian Banking

1.77

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

0

100

200

300

400

500

600

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Russia & Ukraine

1.28 1.26

-700

-500

-300

-100

100

300

500

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm


0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1,0

-700

-500

-300

-100

100

300

500

700

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKm

Ektornet

26

Retail YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 4 694 5 742 -18 2 330 2 364 2 527 2 609 2 828 2 914 2 928 2 846 2 748


Payment processing 962 950 1 504 458 506 513 490 460 463 501 461

Lending 90 84 7 47 43 58 74 52 32 47 27 53

Asset management 1 002 759 32 509 493 475 444 397 362 408 445 488

Insurance 119 103 16 52 67 58 50 51 52 44 56 62

Securities 103 81 27 60 43 38 81 67 14 14 -9 49

Corporate Finance 1 1 0 1 0 0 0 1 0 0 0 1

Other commissions 7 -137 15 -8 -7 -118 -101 -36 -31 23 -27

Net commission income, total 2 284 1 841 24 1 188 1 096 1 128 1 044 957 884 945 1 043 1 087

Net gains and losses on financial items at fair value 72 72 0 40 32 45 40 29 43 57 49 44

Net insurance 147 127 16 92 55 75 65 73 54 66 38 30

Share of the profit or loss of associates 305 237 29 159 146 123 182 140 97 133 122 98

Other income 412 341 21 193 219 206 161 179 162 170 140 168

Non-recurring items 2) 3 696 -100 3 0 0 23 696 0 0 0 101

Total income 7 917 9 056 -13 4 005 3 912 4 104 4 124 4 902 4 154 4 299 4 238 4 276

Staff costs 2 028 2 035 0 997 1 031 1 024 1 021 1 009 1 026 1 014 997 1 002

Variable staff costs 1) 48 45 7 27 21 -89 54 24 21 151 62 39

IT expenses 581 588 -1 313 268 346 268 308 280 255 252 257

Other expenses 1 810 1 794 1 922 888 1 011 808 953 841 947 883 901

Depreciation/amortisation 87 68 28 45 42 33 25 34 34 27 24 28

Total expenses 4 554 4 530 1 2 304 2 250 2 325 2 176 2 328 2 202 2 394 2 218 2 227

Profit before impairments 3 363 4 526 -26 1 701 1 662 1 779 1 948 2 574 1 952 1 905 2 020 2 049

Impairment of tangible assets 0 0 0 2 0 0 0 0 0 0

Credit Impairments 136 804 -83 78 58 -75 116 232 572 234 144 64

Operating profit 3 227 3 722 -13 1 623 1 604 1 852 1 832 2 342 1 380 1 671 1 876 1 985

Tax expense 910 955 -5 497 413 458 524 606 349 282 703 546

Tax on non-recurring items 2) 1 -99 1 0 23 6 -99 0 0 0 0

Profit for the period 2 316 2 866 -19 1 125 1 191 1 371 1 302 1 835 1 031 1 389 1 173 1 439


Shareholders of Swedbank AB 2 313 2 862 -19 1 123 1 190 1 370 1 299 1 833 1 029 1 387 1 170 1 436

Non-controlling interests 3 4 -25 2 1 1 3 2 2 2 3 3

Statement of Comprehensive income

Profit for the period reported

via income statement 2 316 2 866 -19 1 125 1 191 1 371 1 302 1 835 1 031 1 389 1 173 1 439

Exchange differences on translating foreign operations -13 2 -4 -9 2 -9 -2 4 14 4 2


-Gains/losses arising during the period 31 -31 13 18 -15 7 8 -39 1 -2 -6

Share of other comprehensive income of associates -13 13 -7 -6 13 16 -29 42 -33 -2 4


comprehensive income -9 8 -4 -5 8 -2 -2 10 -1 1 2Other comprehensive income for the period,

net of tax -4 -8 -50 -2 -2 8 12 -25 17 -19 1 2

Total comprehensive income for the period 2 312 2 858 -19 1 123 1 189 1 379 1 314 1 810 1 048 1 370 1 174 1 441


Shareholders of Swedbank AB 2 309 2 854 -19 1 121 1 188 1 377 1 312 1 809 1 045 1 368 1 171 1 438

Non-controlling interests 3 4 -25 2 1 2 2 1 3 2 3 3

Return on allocated equity, % 21.5 28.6 21.0 22.0 29.9 27.0 36.8 20.3 23.7 20.9 26.5

Allocated equity, average SEKm 21 494 20 047 7 21 371 21 632 18 328 19 257 19 941 20 265 23 403 22 411 21 682

Credit impairment ratio, % 0.03 0.20 0.04 0.03 -0.04 0.06 0.11 0.28 0.12 0.07 0.03


Share of impaired loans, gross, % 0.22 0.29 0.22 0.20 0.25 0.27 0.29 0.28 0.26

Share of impaired loans, net, % 0.12 0.17 0.12 0.10 0.14 0.16 0.17 0.18 0.16

Cost/Income ratio 0.58 0.50 0.58 0.58 0.57 0.53 0.47 0.53 0.56 0.52 0.52

SEK billion

Loans 836 825 1 836 831 829 830 825 817 806 806 792

of which loans to the public 3) 835 821 2 835 828 828 827 821 812 801 800 787

Deposits from the public 3) 320 297 8 320 309 312 301 297 292 295 296 301

Mutual funds & insurance 257 224 15 257 264 253 236 224 195 195 211 227

Other investment volume 20 22 -9 20 22 22 22 22 23 25 25 26

Loan Guarantees 3 6 -50 3 5 6 6 6

Commitments 126 128 -2 126 119 119 120 128

Risk-weighted assets, Basel 2 218 231 -6 218 221 225 224 231 246 234 240 238

Loan/Deposit ratio, % 261 276 261 268 265 275 276 278 272 270 261

Full-time employees 5 724 5 991 -4 5 724 5 833 5 894 5 957 5 991 6 070 6 162 6 269 6 216

1) In Q4 2009 Non-recurring item dissolvement of bonus reserve SEK -89m.



RetailQ2, 2010

3B3B3B3B3B

27

Swedbank Insurance YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Insurance premiums, net 338 309 10 160 178 141 138 180 129 142 120 155

Income investment contracts

Own fees 220 165 33 113 107 104 97 87 78 90 94 102

Commissions from fund companies 326 206 58 169 157 152 134 113 93 97 121 133

Income investment contracts, total 546 371 47 282 264 256 231 200 171 187 215 235

Net investment income 7 22 -69 4 3 1 6 7 15 23 30 30

Other operating income 32 11 17 15 24 15 5 6 19 16 14

Total income, gross 923 713 29 463 460 422 390 392 321 371 381 434

Claims paid, net -170 -149 14 -83 -87 -102 -69 -77 -72 -86 -94 -91

Change in provisions for claims oustanding net -21 -32 -33 15 -36 35 -5 -30 -2 10 11 -34

Commissions to distributors -370 -253 46 -191 -179 -170 -151 -135 -118 -135 -138 -149

Total income, net 362 279 30 204 158 185 165 150 129 160 160 160

Staff costs 48 49 -2 25 23 26 24 24 25 23 25 24

Variable staff costs 1 1 0 0 1 -1 0 1 0 0 0 1

IT-expenses 45 33 36 25 20 22 15 16 17 14 21 6

Other expenses 74 47 57 48 26 34 24 26 21 19 21 24

Depreciation/amortisation 5 1 3 2 -1 0 0 1 0 0 0

Total expenses 173 131 32 101 72 80 63 67 64 56 67 55

Operating profit 189 148 27 103 86 105 102 83 65 104 93 105

Tax expense 97 24 89 8 33 12 14 10 27 14 9

Profit for the period 92 124 -26 14 78 72 90 69 55 77 79 96


Shareholders of Swedbank AB 92 124 -26 14 78 72 90 69 55 77 79 96

Return on allocated equity, % 8.3 11.0 -25 2.4 14.4 14.8 19.1 12.8 9.1 30.6 31.3 38.1

Allocated equity, average SEKm 2 229 2 257 -1 2 293 2 161 1 950 1 883 2 150 2 405 1 008 1 008 1 008

Cost/income ratio 0.48 0.47 2 0.50 0.46 0.43 0.38 0.45 0.50 0.35 0.42 0.34

Asset under management, SEKm 89 187 65 788 36 89 187 88 022 80 261 73 885 65 788 53 291 52 188 57 788 62 735

Full-time employees 118 116 2 118 116 112 116 116 115 115 116 115

Explanations

Insurance premiums, net Premiums from insurance contracts net of reinsurance. Included in IFRS 4 Net Insurance

Income investment contracts

Own fees Fee charged on investment contracts

Commissions from fund companies Commissions recieved from mutual funds companies following unit-linked investments

Net investment income Return on assets, realised and unrealised

Other operating income Other operating income net of direct operating expenses e.g. premium taxes

Claims paid, net Included in IFRS 4 Net Insurance

Change in provisions for claims oustanding net Included in IFRS 4 Net Insurance

Commissions to distributors Commisisons paid to distributors, mainly Swedbank and saving banks

Retail

Q2, 2010Swedbank Insurance

4B4B4B4B4B

28

Large Corporates & Institutions YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 1 607 2 075 -23 824 783 930 1 030 885 1 190 1 049 900 888


Payment processing 83 78 6 38 45 40 57 25 53 59 46 49

Lending 168 163 3 91 77 67 52 82 81 52 110 94

Insurance 1 0 1 0 0 0 0 0 0 0 0

Brokerage 99 36 37 62 48 24 4 32 44 87 79

Corporate Finance 171 73 111 60 94 52 55 18 58 22 176

Securities & other commissions 275 289 -5 130 145 156 186 177 112 140 175 69

Net commission income, total 797 639 25 408 389 405 371 343 296 353 440 467

Net gains and losses on financial items at fair value 750 2 232 -66 309 441 55 289 900 1 332 345 -187 177

Share of the profit or loss of associates 0 0 0 0 0 0 0 0 1 0 0

Other income 51 40 28 34 17 18 43 18 22 42 21 14

Total income 3 205 4 986 -36 1 575 1 630 1 408 1 733 2 146 2 840 1 790 1 174 1 546

Staff costs 586 554 6 282 304 287 291 268 286 299 262 244

Variable staff costs 1) 185 299 -38 116 69 -252 150 153 146 39 36 196

IT expenses 199 188 6 103 96 97 84 91 97 97 71 63

Other expenses 523 485 8 267 256 271 242 243 242 258 189 206


Total expenses 1 513 1 541 -2 780 733 413 775 762 779 698 563 715

Profit before impairments 1 692 3 445 -51 795 897 995 958 1 384 2 061 1 092 611 831

Impairment of intangible assets 0 5 0 0 0 0 0 5 0 0 0

Impairment of tangible assets 0 0 0 0 6 0 0 0 0 0 0

Credit impairments -8 405 -94 86 499 222 325 80 173 157 21

Operating profit 1 700 3 035 -44 889 811 490 736 1 059 1 976 919 454 810

Tax expense 413 805 -49 227 186 138 194 288 517 233 126 222

Profit for the period 1 287 2 230 -42 662 625 352 542 771 1 459 686 328 588


Shareholders of Swedbank AB 1 260 2 200 -43 645 615 337 524 754 1 446 695 326 550

Non-controlling interests 27 30 -10 17 10 15 18 17 13 -9 2 38



via income statement 1 287 2 230 -42 662 625 352 542 771 1 459 686 328 588

Exchange differences on translating foreign operations -16 32 -5 -11 13 2 -9 41 -22 -2 6

Hedging of net investments in foreign operations: 0 0 0 0 0 0 0 0 0 0 0

-Gains/losses arising during the period 6 -8 3 3 -4 0 3 -11 7 1 -5

Cash flow hedges: 0 0 0 0 0 0 0 0 0 0 0

-Gains/losses arising during the period 0 0 0 0 0 0 0 0 0 0 0


Net interest income 0 0 0 0 0 0 0 0 0 0 0

-Reclassification adjustments to initial carrying

amount of hedged item 0 0 0 0 0 0 0 0 0 0 0

Share of other comprehensive income of associates 0 0 0 0 0 0 0 0 0 0 0


comprehensive income -1 2 0 -1 1 0 -1 3 -2 0 1Other comprehensive income for the period,

net of tax -11 26 -2 -9 10 2 -7 33 -17 -1 2

Total comprehensive income for the period 1 276 2 256 -43 660 616 362 544 764 1 492 669 327 590


Shareholders of Swedbank AB 1 254 2 217 -43 645 609 345 525 748 1469 682 327 550


Return on allocated equity, % 14.3 27.9 14.6 13.8 8.9 13.5 18.4 37.2 17.5 9.3 16.1


Credit impairment ratio, % 0.00 0.23 -0.10 0.09 0.55 0.26 0.37 0.09 0.21 0.17 0.02


Share of impaired loans, gross, % 0.26 0.16 0.26 0.32 0.30 0.21 0.16 0.11 0.09

Share of impaired loans, net, % 0.08 0.02 0.08 0.09 0.07 0.01 0.02 0.02 0.03


SEK billion

Loans 442 345 28 442 360 362 359 345 352 342 323 370

of which loans to the public 2) 162 195 -17 162 168 176 187 195 203 198 187 166

Interest bearing securities 199 164 21 199 262 147 172 164 169 146 114 108

Deposits from the public 2) 82 57 44 82 83 75 68 57 59 69 48 56

Mutual funds & insurance 15 12 25 15 16 16 13 12 10 9 9 9

Index linked bonds 27 29 -7 27 27 28 29 29 30 30 32 33

Loan guarantees 3 4 -25 3 3 4 4 4

Commitments 38 36 6 38 39 38 36 36



Full-time employees 1 176 1 135 4 1 176 1 158 1 147 1 138 1 135 1 124 1 115 1 104 1 101


Large Corporates & InstitutionsQ2, 2010


0B0B0B

29

First Securities YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -4 -11 -64 -2 -2 -7 -4 -5 -6 -8 11 1


Brokerage 125 129 -3 63 62 84 65 61 68 58 93 91


Securities & other commissions 29 23 26 13 16 19 12 12 11 7 1 0


Net gains and losses on financial items at fair value 46 212 -78 21 25 58 106 91 121 108 -4 68

Other income 25 7 21 4 -8 10 2 5 2 10 4

Total income 341 414 -18 196 145 222 234 201 213 210 124 310

Staff costs 132 141 -6 58 74 90 82 62 79 109 71 52

Variable staff costs 63 94 -33 51 12 42 55 50 44 -29 9 112

IT expenses 8 10 -20 4 4 4 5 5 5 3 5 5

Other expenses 68 66 3 29 39 35 34 29 37 38 32 29


Total expenses 282 321 -12 148 134 177 181 151 170 124 120 201

Profit before impairments 59 93 -37 48 11 45 53 50 43 86 4 109

Credit impairments 0 10 0 0 2 0 1 9 121 0 0

Operating profit 59 83 -29 48 11 43 53 49 34 -35 4 109

Tax expense 4 23 -83 14 -10 13 15 14 9 -18 1 30

Profit for the period 55 60 -8 34 21 30 38 35 25 -17 3 79


Shareholders of Swedbank AB 28 30 -7 17 11 15 19 17 13 -9 1 40


Return on allocated equity, % 12.8 16.3 15.4 10.8 17.5 20.0 18.1 14.2 -12.9 1.4 88.4

Allocated equity, average SEKm 439 368 19 442 408 342 380 375 367 278 294 181


Risk-weighted assets, Basel 2 3 3 0 3 3 3 3 3 3 2 2 2

Full-time employees 225 222 1 225 222 222 227 222 221 212 220 227

Large Corporates & InstitutionsFirst Securities

Q2, 2010

1B1B1B0B0B0B1B1B1B0B0B0B

1B1B1B0B0B0B

30

Baltic Banking YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income, total 1 684 2 469 -32 873 811 855 912 1 102 1 367 1 534 1 547 1 403


Payment processing 558 614 -9 285 273 301 299 306 308 353 331 318

Lending 92 113 -19 49 43 51 54 58 55 62 69 67


Insurance 9 17 -47 2 7 5 5 7 10 10 9 7

Securities -2 0 -1 -1 -1 3 0 0 6 5 4

Other commissions 2) 39 -2 18 21 17 46 -6 4 14 15 11

Net commission income, total 764 796 -4 388 376 441 418 391 405 454 453 433

Net gains and losses on financial items at fair value 161 420 -62 89 72 88 196 237 183 -3 86 160

Net insurance 135 171 -21 75 60 106 91 98 73 75 66 69


Other income 236 91 78 158 126 177 -6 97 122 113 85

Non-recurring items 3) 13 13 15 66

Total income 2 994 3 947 -24 1 517 1 477 1 631 1 795 1 822 2 125 2 182 2 265 2 216

Staff costs 562 758 -26 266 296 330 322 349 409 394 335 383

Variable staff costs -13 0 0 -13 0 0 0 0 -6 67 59

IT expenses 273 374 -27 126 147 141 201 179 195 194 193 192

Other expenses 494 523 -6 242 252 356 320 234 289 371 337 320

Depreciation/amortisation 91 109 -17 44 47 49 50 55 54 52 46 47

Non-recurring items 3) -198 0 -198 38 38 -160

Total expenses 1 407 1 566 -10 678 729 876 893 619 947 1 043 1 016 841

Profit before impairments 1 587 2 381 -33 839 748 755 902 1 203 1 178 1 139 1 249 1 375


Credit Impairments 3 199 8 202 -61 1 096 2 103 3 355 3 331 3 961 4 241 977 405 245

Operating profit -1 761 -5 821 -70 -375 -1 386 -2 771 -2 480 -2 758 -3 063 162 844 1 130

Tax expense -233 -783 -70 -69 -164 -350 -159 -516 -267 19 85 84

Tax on non-recurring items 3) 2 -28 2 -28 -9

Profit for the period -1 530 -5 010 -69 -308 -1 222 -2 421 -2 321 -2 214 -2 796 143 759 1 055


Shareholders of Swedbank AB -1 530 -5 010 -69 -308 -1 222 -2 421 -2 321 -2 214 -2 796 143 759 1 055



via income statement -1 530 -5 010 -69 -308 -1 222 -2 421 -2 321 -2 214 -2 796 143 759 1 055

Exchange differences on translating foreign operations -2 294 -81 -656 -1 638 159 -2 088 -132 51 4 090 981 269


-Gains/losses arising during the period 1 372 172 376 996 -136 1 199 189 -17 -2 665 -672 -188

Cash flow hedges:

-Gains/losses arising during the period 0 1 0 0 0 -2 0 1 -38 16 -35 -Reclassification adjustments to Income statement,

Net interest income 0 27 0 0 0 0 0 27 66 1 14Income tax relating to components of other

comprehensive income -360 -34 -98 -262 36 -316 -38 4 679 189 52Other comprehensive income for the period,

net of tax -1 282 85 -378 -904 59 -1 207 19 66 2 132 515 112

Total comprehensive income for the period -2 812 -4 925 -43 -686 -2 126 -2 362 -3 528 -2 195 -2 730 2 275 1 274 1 167


Shareholders of Swedbank AB -2 812 -4 925 -43 -686 -2 126 -2 362 -3 528 -2 195 -2 730 2 275 1 274 1 167

Return on allocated equity, % -8.0 -30.2 -3.3 -12.3 -33.2 -31.1 -26.8 -33.3 2.5 13.7 19.4


Credit impairment ratio, % 3.90 7.09 2.83 5.07 7.48 6.66 7.17 7.33 1.85 0.79 0.50

Total provision ratio for impaired loans, % 59 51 59 60 57 51 51 51 51 58 77

Share of impaired loans, gross, % 16.81 10.32 16.81 15.50 14.23 13.26 10.32 6.40 2.97 1.89 1.21

Share of impaired loans, net, % 9.04 7.38 9.04 8.42 8.08 8.95 7.38 4.85 2.31 1.46 0.91


SEK billion

Loans 1) 146 200 -18 146 157 172 180 200 221 232 212 205

of which loans to the public excl repurchase agreements 1) 145 198 -16 145 154 170 178 198 208 219 201 191

Interest bearing securities 1) 14 16 -6 14 16 16 16 16 11 12 11 10

Deposits from the public excl repurchase agreements 1) 96 105 4 96 97 103 97 105 107 107 106 105

Mutual funds & insurance 1) 20 18 26 20 19 19 18 18 17 16 17 18

Goodwill 12 13 -14 12 12 12 12 13 13 12 12 12

Loan guarantees 3 5 -13 3 4 4 4 5 5 5 5 5

Commitments 13 20 -21 13 15 18 17 20 22 26 27 26

Risk-weighted assets, Basel 2 1) 152 186 -3 152 160 165 169 186 191 192 178 169



1) Changes reported excl. foreign exchange effects2) Some expenses related to "bad loans" and collateral management have been transferred to other expenses from Q3 2009.


All key ratios are calculated in local currency

Baltic BankingQ2, 2010

0B0B0B0B0B

31

Baltic Banking Operations YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income, total 1 758 2 565 -31 908 850 896 953 1 147 1 418 1 644 1 658 1 518



Lending 92 113 -19 49 43 51 54 58 55 62 69 67


Insurance 9 17 -47 2 7 5 5 7 10 10 9 7

Securities -2 0 -1 -1 -1 3 0 0 6 5 4

Other commissions 2) 39 -2 18 21 17 46 -6 4 14 15 11


Net gains and losses on financial items at fair value 161 420 -62 89 72 88 196 237 183 -3 86 160

Net insurance 135 171 -21 75 60 106 91 98 73 75 66 69


Other income 236 91 78 158 126 177 -6 97 122 113 85

Non-recurring items 3) 13 13 15 66

Total income 3 068 4 043 -24 1 552 1 516 1 672 1 836 1 867 2 176 2 292 2 376 2 331

Staff costs 562 758 -26 266 296 330 322 349 409 394 335 383


IT expenses 273 374 -27 126 147 141 201 179 195 194 193 192

Other expenses 494 523 -6 242 252 356 320 234 289 371 337 320


Non-recurring items 3) -198 0 -198 -185

Total expenses 1 371 1 523 -10 661 710 857 873 597 926 979 956 793

Profit before impairments 1 697 2 520 -33 891 806 815 963 1 270 1 250 1 313 1 420 1 538


Credit Impairments 3 199 8 202 -61 1 096 2 103 3 270 3 331 3 961 4 241 977 405 245

Operating profit -1 651 -5 682 -71 -323 -1 328 -2 626 -2 419 -2 691 -2 991 336 1 015 1 293

Tax expense -233 -784 -70 -68 -165 -350 -159 -517 -267 36 104 102

Tax on non-recurring items 3) 2 -28 2 -28 -9

Profit for the period -1 420 -4 870 -71 -257 -1 163 -2 276 -2 260 -2 146 -2 724 300 911 1 200





via income statement -1 420 -4 870 -71 -257 -1 163 -2 276 -2 260 -2 146 -2 724 300 911 1 200

Exchange differences on translating foreign operations 7 135 -95 -3 10 -50 -109 166 -31 -30 -79 -61

Cash flow hedges:

-Gains/losses arising during the period 0 1 0 0 0 -2 0 1 -38 16 -35


Net interest income 0 27 0 0 0 0 0 27 66 1 14Other comprehensive income for the period,

net of tax 7 163 -96 -3 10 -50 -111 166 -3 -2 -62 -82

Total comprehensive income for the period -1 413 -4 707 -70 -260 -1 153 -2 326 -2 371 -1 980 -2 727 298 849 1 118










SEK billion

Loans 1) 146 199 -16 146 156 171 179 199 220 231 211 204





Loan guarantees 3 5 -13 3 4 4 4 5 5 5 5 5

Commitments 13 20 -21 13 15 18 17 20 22 25 26 26







Baltic Banking,Operations

Q2, 2010

0B0B0B0B0B

32

Baltic Banking Estonia YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income, total 817 997 -18 428 389 361 374 463 534 655 701 602



Lending 48 51 -6 23 25 27 24 26 25 26 27 24

Asset management 36 37 -3 17 19 16 15 18 19 19 21 22

Insurance 7 1 1 6 -2 -1 -1 2 0 1 0

Securities 0 0 0 0 0 -1 0 0 0 0 0

Other commissions 2) 9 1 4 5 5 7 -1 2 5 4 6


Net gains and losses on financial items at fair value 87 115 -24 42 45 46 33 73 42 -28 -13 -17

Net insurance 94 132 -29 53 41 64 73 75 57 55 54 50


Other income 55 42 31 22 33 28 55 15 27 48 38 1

Non-recurring items 3) 15 66

Total income 1 372 1 618 -15 702 670 676 692 788 830 906 954 871

Staff costs 173 248 -30 81 92 91 98 115 133 135 118 132

Variable staff costs -1 0 0 -1 0 0 0 0 13 21 40

IT expenses 108 134 -19 59 49 51 72 67 67 80 69 73

Other expenses 205 220 -7 108 97 135 126 106 114 124 129 123


Total expenses 497 620 -20 254 243 285 303 296 324 360 345 375



Credit Impairments 941 1 439 -35 348 593 526 595 695 744 280 136 101

Operating profit -67 -441 -85 99 -166 -137 -209 -203 -238 266 473 395

Tax expense 0 5 0 0 0 -1 5 0 0 1 -1

Profit for the period -67 -446 -85 99 -166 -137 -208 -208 -238 266 472 396


Shareholders of Swedbank AB -67 -446 -85 99 -166 -137 -208 -208 -238 266 472 396



via income statement -67 -446 -85 99 -166 -137 -208 -208 -238 266 472 396

Cash flow hedges: 1 -38 16

-Gains/losses arising during the period 0 1 0 0 0 -2 0 1 -38 16 -35


Net interest income 0 27 0 0 0 0 0 27 66 1 14Other comprehensive income for the period,

net of tax 0 28 0 0 0 -2 0 28 28 17 -21

Total comprehensive income for the period -67 -418 -84 99 -166 -137 -210 -208 -210 294 489 375


Shareholders of Swedbank AB -67 -418 -84 99 -166 -137 -210 -208 -210 294 489 375

Return on allocated equity, % -1.8 -12.5 5.1 -8.7 -8.0 -12.9 -11.8 -13.0 15.3 31.0 27.2







SEK billion

Loans 1) 64 82 -12 64 69 73 75 82 92 96 88 87


Interest bearing securities 1) 7 2 17 7 6 7 6 2 0 0 0 0



Loan guarantees 2 3 -6 2 2 3 2 3 3 3 3 3

Commitments 6 8 -15 6 6 8 8 8 8 9 9 9







Baltic Banking,

Q2, 2010Estonia

1B1B1B1B1B

33

Baltic Banking Latvia YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008




Lending 27 41 -34 16 11 14 20 21 20 23 25 27

Asset management 21 1 11 10 29 2 0 1 1 1 1

Insurance 0 14 0 0 5 5 6 8 10 9 8

Securities 0 3 0 0 1 2 1 2 1 3 2

Other commissions 2) 10 -20 5 5 7 27 -12 -8 2 3 3


Net gains and losses on financial items at fair value 65 219 -70 33 32 38 43 151 68 20 14 68

Net insurance 21 0 11 10 0 0 0 0 0 0 0

Other income 73 29 31 42 24 54 12 17 28 21 19

Non-recurring items 3) 13 13

Total income 898 1 345 -33 461 437 498 594 721 624 663 657 673

Staff costs 146 198 -26 69 77 93 87 92 106 108 103 105


IT expenses 79 116 -32 26 53 44 60 51 65 52 58 56

Other expenses 187 176 6 85 102 127 147 78 98 118 102 107


Total expenses 432 515 -16 191 241 276 305 234 281 265 280 300



Credit Impairments 1 407 4 527 -69 453 954 594 1 767 1 985 2 542 586 153 105

Operating profit -957 -3 697 -74 -190 -767 -416 -1 497 -1 498 -2 199 -188 224 268

Tax expense -148 -584 -75 -36 -112 -72 -204 -368 -216 -22 48 42

Tax on non-recurring items 3) 2 2

Profit for the period -811 -3 113 -74 -156 -655 -344 -1 293 -1 130 -1 983 -166 176 226


Shareholders of Swedbank AB -811 -3 113 -74 -156 -655 -344 -1 293 -1 130 -1 983 -166 176 226



via income statement -811 -3 113 -74 -156 -655 -344 -1 293 -1 130 -1 983 -166 176 226

Exchange differences on translating foreign operations 7 135 -95 -3 10 -50 -109 166 -31 -30 -79 -61Other comprehensive income for the period,

net of tax 7 135 -95 -3 10 -50 -109 166 -31 -30 -79 -61

Total comprehensive income for the period -804 -2 978 -73 -159 -645 -394 -1 402 -964 -2 014 -196 97 165


Shareholders of Swedbank AB -804 -2 978 -73 -159 -645 -394 -1 402 -964 -2 014 -196 97 165

Return on allocated equity, % -15.3 -100.5 -6.1 -24.1 -29.9 -99.0 -76.0 -123.1 -15.4 15.9 21.2






Cost/Income ratio 0.48 0.38 0.41 0.55 0.55 0.51 0.32 0.45 0.40 0.43 0.45Income from transactions with other business areas, SEKm 0 0 0 0 0 0 0 0 0 0 0

SEK billion

Loans 1) 43 61 -19 43 46 52 54 61 67 70 65 62



Deposits from the public excl repurchase agreements 1) 18 22 -8 18 19 21 20 22 23 24 23 23


Loan guarantees 1 1 -19 1 1 1 1 1 1 1 1 1

Commitments 3 6 -31 3 5 5 5 6 7 8 8 8






Baltic Banking,

Q2, 2010Latvia

2B2B2B2B2B

34

Baltic Banking Lithuania YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008




Lending 16 21 -24 9 7 10 10 12 9 13 16 17

Asset management 12 13 -8 8 4 16 3 6 7 4 5 8

Insurance 2 1 100 1 1 1 1 1 0 1 0 -1

Securities 1 0 0 1 0 2 0 0 0 0 0

Other commissions 2) 24 14 71 11 13 14 8 6 8 7 6 5


Net gains and losses on financial items at fair value 24 160 -85 10 14 -5 49 105 55 8 40 47

Net insurance 20 39 -49 10 10 43 18 23 16 20 12 19

Other income 104 28 35 69 67 73 3 25 30 27 21

Total income 848 1 326 -36 412 436 491 540 611 715 715 702 656

Staff costs 173 248 -30 81 92 104 110 112 136 134 108 147

Variable staff costs -3 0 0 -3 0 0 0 0 22 20 20

IT expenses 86 125 -31 41 45 45 69 62 63 63 66 63

Other expenses 174 165 5 88 86 113 85 82 83 98 78 78


Total expenses 450 561 -20 220 230 272 275 268 293 324 278 315



Credit Impairments 851 2 236 -62 295 556 2 150 969 1 281 955 111 116 39

Operating profit -585 -1 471 -60 -213 -372 -2 056 -733 -938 -533 280 308 302

Tax expense -85 -233 -64 -33 -52 -278 46 -181 -52 58 55 52

Profit for the period -500 -1 238 -60 -180 -320 -1 778 -779 -757 -481 222 253 250


Shareholders of Swedbank AB -500 -1 238 -60 -180 -320 -1 778 -779 -757 -481 222 253 250



via income statement -500 -1 238 -60 -180 -320 -1 778 -779 -757 -481 222 253 250Other comprehensive income for the period,

net of tax 0 0 0 0 0 0 0 0 0 0 0

Total comprehensive income for the period -500 -1 238 -60 -180 -320 -1 778 -779 -757 -481 222 253 250


Shareholders of Swedbank AB -500 -1 238 -60 -180 -320 -1 778 -779 -757 -481 222 253 250








SEK billion

Loans 1) 39 56 -21 39 41 46 50 56 61 65 58 55





Loan guarantees 0 1 -30 0 1 0 1 1 1 1 1 1

Commitments 4 6 -20 4 4 5 4 6 7 8 9 9




1) Changes reported excl. foreign exchange effects

2) Some expenses related to "bad loans" and collateral management have been transferred to other expenses from Q3 2009.


Baltic Banking,

Q2, 2010Lithuania

3B3B3B3B3B

35

Baltic Banking Other YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -30 -166 -82 -14 -16 -3 -49 -127 -39 -22 -34 8

Net commission income -9 2 -4 -5 -5 -7 2 0 17 25 17

Net gains and losses on financial items at fair value -15 -74 -80 4 -19 9 71 -92 18 -3 45 62

Net insurance 0 0 1 -1 -1 0 0 0 0 0 0

Other income 4 -8 -10 14 7 -5 -36 28 16 27 44

Total income -50 -246 -80 -23 -27 7 10 -253 7 8 63 131

Staff costs 70 64 9 35 35 42 27 30 34 17 6 -1

Variable staff costs -6 0 ####### 0 -6 0 0 0 0 -18 19 -23

IT expenses 0 -1 ####### 0 0 1 0 -1 0 -1 0 0

Other expenses -72 -38 89 -39 -33 -19 -38 -32 -6 31 28 12

Depreciation/amortisation 0 0 0 0 0 1 0 0 1 0 0

Non-recurring items 2) -198 0 -198 -185

Total expenses -8 -173 -95 -4 -4 24 -10 -201 28 30 53 -197

Operating profit -42 -73 -42 -19 -23 -17 20 -52 -21 -22 10 328

Tax expense 0 28 1 -1 0 0 27 1 0 0 9

Tax on non-recurring items 2) -28 -28 -9

Profit for the period -42 -73 -42 -20 -22 -17 20 -51 -22 -22 10 328


Shareholders of Swedbank AB -42 -73 -42 -20 -22 -17 20 -51 -22 -22 10 328

Full-time employees 1) 484 530 -9 484 430 445 454 530 440 291 227 238

1) The Baltic Banking Other includes staff from Estonia, Latvia

and Lithuania.


Baltic Banking Investment YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 1) -74 -96 23 -35 -39 -41 -41 -45 -51 -110 -111 -115

Total income -74 -96 23 -35 -39 -41 -41 -45 -51 -110 -111 -115

Other expenses 0 0 0 0 0

Depreciation/amortisation 2) 36 43 64 17 19 19 20 22 21 26 22 23

Non-recurring items 3) 38 38 25

Total expenses 36 43 64 17 19 19 20 22 21 64 60 48

Profit before impairments and provisions -110 -139 21 -52 -58 -60 -61 -67 -72 -174 -171 -163

Credit Impairments 0 0 0 0 85 0 0 0 0 0 0

Operating profit -110 -139 21 -52 -58 -145 -61 -67 -72 -174 -171 -163

Tax expense 1 1 0 0 1 0 0 1 0 -17 -19 -18

Profit for the period -111 -140 21 -52 -59 -145 -61 -68 -72 -157 -152 -145


Shareholders of Swedbank AB -111 -140 21 -52 -59 -145 -61 -68 -72 -157 -152 -145



via income statement -111 -140 21 -52 -59 -145 -61 -68 -72 -157 -152 -145

Exchange differences on translating foreign operations -2 301 -216 -653 -1 648 209 -1 979 -298 82 4 120 1 060 330


-Gains/losses arising during the period 1 372 172 376 996 -136 1 199 189 -17 -2 665 -672 -188

Cash flow hedges:


comprehensive income -360 -34 -98 -262 36 -316 -38 4 679 189 52Other comprehensive income for the period,

net of tax -1 289 -78 -375 -914 109 -1 096 -147 69 2 134 577 194

Total comprehensive income for the period -1 400 -218 ####### -427 -973 -36 -1 157 -215 -3 1 977 425 49


Shareholders of Swedbank AB -1 400 -218 ####### -427 -973 -36 -1 157 -215 -3 1 977 425 49

Return on allocated equity, % -1.6 -2.0 -1.6 -1.7 -4.6 -1.9 -2.0 -2.1 -8.6 -8.4 -8.0


SEK billion

Loans 0 1 0 1 1 1 1 1 1 1 1

Goodwill 12 13 -12 12 12 12 12 13 13 12 12 12


1) of which amortised revalued lending 76 97 -22 35 41 44 36 46 51 48 45 49

2) of which amortised intangible assets, customer base 36 43 64 17 19 21 17 22 21 21 19 19


Amortisation plan BB Investment 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Revalued lending 140 118 101 88 74 35 ####### ####### #######

Intangible assets, customer base 68 62 56 49 43 36 29 22 14 6 2

Exchange rate SEK/EEK 0.61115

Baltic Banking,

Q2, 2010Other and Investment

4B4B4B4B4B

36

Russia & Ukraine YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 333 1 082 -69 122 211 284 400 500 582 510 448 361



Lending 7 16 -56 6 1 9 11 8 8 0 9 7

Insurance 1 1 0 0 1 1 1 1 0 1 1 1

Securities 0 0 0 0 0 1 0 0 0 0 0

Other commissions 9 3 8 1 0 0 0 3 0 3 3


Net gains and losses on financial items at fair value 50 23 23 27 149 -216 13 10 220 -32 103

Other income 13 8 63 8 5 9 3 4 4 36 2 23

Total income 438 1 163 -62 181 257 460 214 542 621 787 455 517

Staff costs 216 261 -17 104 112 130 120 130 131 177 131 115

Variable staff costs 0 26 0 0 -18 -8 3 23 21 29 34

IT expenses 12 13 -8 5 7 12 7 7 6 8 5 5

Other expenses 198 284 -30 103 95 166 136 150 134 174 112 119


Non-recurring items 1) -83

Total expenses 458 630 -27 228 230 308 274 309 321 412 224 300

Profit before impairments -20 533 -47 27 152 -60 233 300 375 231 217

Impairment of intangible assets 14 1 300 0 14 1 300 1 403

Impairment of tangible assets 15 20 -25 10 5 173 26 8 12 27 0 0

Credit impairments -180 4 102 -139 -41 1 237 2 443 2 146 1 956 248 107 93

Operating profit 131 -4 889 82 49 -1 258 -2 529 -1 921 -2 968 -1 303 124 124

Tax expense -8 -393 -98 -28 20 -66 208 39 -432 43 61 25

Profit for the period 139 -4 496 110 29 -1 192 -2 737 -1 960 -2 536 -1 346 63 99


Shareholders of Swedbank 139 -4 494 110 29 -1 192 -2 737 -1 959 -2 535 -1 346 63 99


Shareholders of Swedbank excl. impairment of goodwill 153 -3 194 110 43 -1 192 -2 737 -1 959 -1 235 57 63 99

Non-controlling interests 0 -2 0 0 0 0 -1 -1 0 0 0



via income statement 139 -4 496 110 29 -1 192 -2 737 -1 960 -2 536 -1 346 63 99

Exchange differences on translating foreign operations 41 -6 -4 45 2 89 18 -24 -2 045 276 629

Hedging of net investments in foreign operations: 0 0 0

-Gains/losses arising during the period 0 52 0 0 -1 78 -24 76 3 -29 -33


comprehensive income 0 -14 0 0 0 -20 6 -20 0 0 0Other comprehensive income for the period,

net of tax 41 32 28 -4 45 1 147 0 32 -2 042 247 596

Total comprehensive income for the period 180 -4 464 106 74 -1 191 -2 590 -1 960 -2 504 -3 388 310 695


Shareholders of Swedbank AB 180 -4 462 106 74 -1 191 -2 590 -1 959 -2 503 -3 388 310 695


Return on allocated equity, % 6.3 -201.9 10.1 2.7 -168.1 -345.4 -200.3 -194.9 -71.4 3.6 6.1


Credit impairment ratio, % -1.82 22.83 -2.91 -0.83 21.00 33.80 25.25 21.77 3.07 1.59 1.56





SEK billion

Loans 19 29 -34 19 19 20 24 29 34 36 32 27

of which loans to the public excl repurchase agreements 1) 17 27 17 18 18 20 27 31 33 30 25

Interest bearing securities 0 0 0 0 0 0 0 0 1 0 0


Loan guarantees 0 0 0 0 0 0 0 0 0 0 0

Commitments 2 3 -33 2 2 2 2 3 0





Russia & UkraineQ2, 2010

0B0B0B0B

37

Russian Banking YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 132 447 -70 45 87 131 165 212 235 192 141 124



Lending 6 7 -14 6 0 2 5 3 4 -4 3 3

Asset management -1 0 -1 0 0 0 0 0 0 0 0

Insurance 0 0 0 0 0 0 0 0 0 0 0

Securities 0 0 0 0 0 0 0 0 0 0 0


Other commissions 8 1 7 1 1 1 1 0 0 2 1

Net commission income, total 18 14 29 14 4 5 8 7 7 -2 7 5

Net gains and losses on financial items at fair value 15 6 -5 20 66 18 3 3 -19 39 6


Other income 2 6 -67 2 0 3 0 3 3 25 0 22

Total income 167 473 -65 56 111 205 191 225 248 196 187 157

Staff costs 102 102 0 50 52 66 45 53 49 61 37 35

Variable staff costs 0 25 0 0 -18 -7 11 14 13 8 8

IT expenses 7 6 17 3 4 5 4 4 2 4 1 2

Other expenses 80 105 -24 40 40 57 42 57 48 73 -37 34


Non-recurring items 2) -83

Total expenses 202 248 -19 99 103 115 89 131 117 156 12 81

Profit before impairments -35 225 -43 8 90 102 94 131 40 175 76

Impairment of intangible assets 14 0 0 14 0 0 0 0 0 0 0

Impairment of tangible assets 9 0 9 0 -7 7 0 0 0 0 0

Credit impairments -44 187 -29 -15 993 146 103 84 39 53 14

Operating profit -14 38 -23 9 -896 -51 -9 47 1 122 62

Tax expense 5 9 -44 -20 25 5 -28 -1 10 10 16 19

Profit for the period -19 29 -3 -16 -901 -23 -8 37 -9 106 43


Shareholders of Swedbank AB -19 29 -3 -16 -901 -23 -8 37 -9 106 43



via income statement -19 29 -3 -16 -901 -23 -8 37 -9 106 43

Exchange differences on translating foreign operations 46 -94 13 33 26 -91 34 -128 -30 49 -29

-Gains/losses arising during the period 0 52 0 0 -1 78 -24 76 25 -25 0


comprehensive income 0 -14 0 0 0 -20 6 -20 0 0 0

Other comprehensive income for the period,

net of tax 46 -56 13 33 25 -33 16 -72 -5 24 -29

Total comprehensive income for the period 27 -27 10 17 -876 -56 8 -35 -14 130 14


Shareholders of Swedbank AB 27 -27 10 17 -876 -56 8 -35 -14 130 14

Return on allocated equity, % -2.1 3.1 -0.7 -3.5 -255.2 -5.9 -1.7 8.3 -2.3 31.6 12.8

Allocated equity, average SEKm 1 839 1 846 1 830 1 848 1 412 1 560 1 903 1 777 1 592 1 343 1 348

Credit impairment ratio, % -0.72 2.25 -1 -0.47 26.88 3.98 2.39 2.16 1.18 1.91 0.50





SEK billion

Loans 1) 10 15 -32 10 10 11 14 15 17 17 13 11


Deposits from the public excl repurchase agreements 1) 4 2 4 4 4 2 2 2 2 1 1

Loan guarantees 0 0 -75 0 0 0 0 0 0 0 0 0

Commitments 1 1 -9 1 1 1 1 1 1 2 2 2


Loan/Deposit ratio, % 200 650 200 225 250 550 650 700 700 1 200 1 000

Full-time employees 422 639 -34 422 564 567 575 639 644 631 576 474




Russia & Ukraine,

Q2, 2010Russian Banking

1B1B1B1B

38

Ukrainian Banking Operations YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 202 636 -68 79 123 156 239 290 346 358 353 278



Lending 1 9 -89 0 1 6 6 4 5 4 6 4

Insurance 1 1 0 1 0 1 1 1 0 1 1 1

Securities 0 0 0 0 0 1 0 0 0 0 0

Other commissions 1 1 0 1 0 -1 0 0 1 0 1 1


Net gains and losses on financial items at fair value 35 14 28 7 82 -233 -21 35 332 35 35

Other income 11 2 6 5 6 3 1 1 8 1 2

Non-recurring items 2) 0 0 0 -6

Total income 271 687 -61 126 145 255 29 287 400 721 419 339

Staff costs 97 140 -31 46 51 53 66 68 72 110 88 74

Variable staff costs 0 0 0 0 0 0 -9 9 8 16 23

IT expenses 3 5 -40 1 2 5 2 2 3 4 3 2

Other expenses 83 100 -17 39 44 60 62 48 52 73 59 74


Total expenses 202 272 -26 96 106 131 144 122 150 210 180 185

Profit before impairments 69 415 -83 30 39 124 -115 165 250 511 239 154

Impairment of intangible assets 0 0 0 0 0 0 0 0 0


Credit impairments -136 3 915 -110 -26 244 2 297 2 043 1 872 209 54 79

Operating profit 199 -3 520 139 60 -300 -2 431 -1 886 -1 634 275 185 75

Tax expense 1 -346 0 1 -52 248 62 -408 72 75 23

Profit for the period 198 -3 174 139 59 -248 -2 679 -1 948 -1 226 203 110 52


Shareholders of Swedbank 198 -3 172 139 59 -248 -2 679 -1 947 -1 225 203 110 52


Statement of comprehensive income


via income statement 198 -3 174 139 59 -248 -2 679 -1 948 -1 226 203 110 52

Exchange differences on translating foreign operations 0 0 0 0 2 -2 0 0 0 0 0

Other comprehensive income for the period, net of tax 0 0 0 0 2 -2 0 0 0 0 0

Total comprehensive income for the period 198 -3 174 139 59 -246 -2 681 -1 948 -1 226 203 110 52


Shareholders of Swedbank AB 198 -3 172 139 59 -246 -2 681 -1 947 -1 225 203 110 52


Return on allocated equity, % 16.6 -317.1 22.4 10.4 -70.8 -703.4 -414.0 -227.8 23.7 16.6 9.9

Allocated equity, average SEKm 2 331 1 953 2 315 2 270 1 389 1 445 1 857 2 113 3 505 2 715 2 272

Credit impairment ratio, % -2.65 40.14 -4.37 -1.15 10.13 74.90 47.79 37.76 4.80 1.34 2.37





SEK billion

Loans 1) 9 14 -34 9 9 9 9 14 17 19 19 16

of which loans to the public excl repurchase agreements 9 13 9 9 9 9 13 17 19 18 15

Interest bearing securities 0 0 0 0 0 0 0 0 0 1 0

Deposits from the public excl repurchase agreements 1) 3 3 -21 3 3 3 3 3 5 5 5 5

Commitments 1 2 1 1 1 1 2 2 2 2 3


Loan/Deposit ratio, % 327 391 -16 327 360 310 308 391 363 367 340 304





Q2, 2010

Russia & Ukraine,Ukrainian Banking Operations

0B0B0B0B0B

39

Ukrainian Banking Investment YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income 1 1 0 0 1 -1 1 0 1 -38 -43 -40

Net gains and losses on financial items at fair value 0 3 0 0 0 0 31 -28 -92 -106 61

Total income 1 4 -75 0 1 -1 1 31 -27 -130 -149 21

Depreciation/amortisation 1) 0 9 0 0 0 0 0 9 12 14 12

Total expenses 0 9 0 0 0 0 0 9 12 14 12

Profit before impairments 1 -5 0 1 -1 1 31 -36 -142 -163 9

Impairment of intangible assets 0 1 300 0 0 0 0 0 1 300 1 403 0 0

Operating profit 1 -1 305 0 1 -1 1 31 -1 336 -1 545 -163 9

Tax expense 0 -30 0 0 0 1 -7 -23 -28 -23 -15

Profit for the period 1 -1 275 0 1 -1 0 38 -1 313 -1 517 -140 24


Shareholders of Swedbank AB 1 -1275 0 1 -1 0 38 -1 313 -1 517 -140 24

Statement of Comprehensive Income


via income statement 1 -1 275 0 1 -1 0 38 -1 313 -1 517 -140 24

Exchange differences on translating foreign operations -5 88 -17 12 -26 182 -16 104 -2 015 227 658

-Gains/losses arising during the period 0 0 0 0 0 0 0 0 -22 -4 -33Other comprehensive income for the period,

net of tax -5 88 -17 12 -26 182 -16 104 -2 037 223 625

Total comprehensive income for the period -4 -1 187 -100 -17 13 -27 182 22 -1 209 -3 554 83 649


Shareholders of Swedbank AB -4 -1 187 -100 -17 13 -27 182 22 -1 209 -3 554 83 649

Return on allocated equity, % 0.9 -390.5 0.0 1.7 -11.1 0.0 100.0 -400.3 -248.0 -19.5 3.3

Allocated equity, average SEKm 219 653 -66 203 232 36 165 152 1 312 2 447 2 879 2 879


1) of which amortised intangible assets, customer base 9 9 12 14 12

Q2, 2010

Russia & Ukraine,Ukrainian Banking Investment

1B1B1B1B1B0B0B0B0B0B

40

Other YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -2 -2 0 -2 -2 -5 -2 0 -2 -3 -1

Net commission income, total 1 1 0 1 0 2 -1 1 0 0 0 1

Net gains and losses on financial items at fair value 0 0 0 0 1 -1 0 0 -1 0 1

Other income 0 0 0 0 0 0 0 0 3 1 -1

Total income -1 -1 0 -1 0 1 -7 -1 0 0 -2 0

Staff costs 17 19 -11 8 9 11 9 9 10 6 6 6

Variable staff costs 0 1 0 0 0 -1 1 0 0 5 3

IT expenses 2 2 0 1 1 2 1 1 1 0 1 1

Other expenses 35 79 -56 24 11 49 32 45 34 28 7 11

Depreciation/amortisation 0 0 0 0 0 0 0 0 0 -1 1

Total expenses 54 101 -47 33 21 62 41 56 45 34 18 22

Profit before impairments -55 -102 -46 -34 -21 -61 -48 -57 -45 -34 -20 -22

Operating profit -55 -102 -46 -34 -21 -61 -48 -57 -45 -34 -20 -22

Tax expense -14 -26 -46 -8 -6 -19 -13 -15 -11 -11 -7 -2

Profit for the period -41 -76 -46 -26 -15 -42 -35 -42 -34 -23 -13 -20


Shareholders of Swedbank AB -41 -76 -46 -26 -15 -42 -35 -42 -34 -23 -13 -20



via income statement -41 -76 -46 -26 -15 -42 -35 -42 -34 -23 -13 -20

Total comprehensive income for the period -41 -76 -46 -26 -15 -42 -35 -42 -34 -23 -13 -20


Shareholders of Swedbank AB -41 -76 -46 -26 -15 -42 -35 -42 -34 -23 -13 -20

Cost/Income ratio -54.00 -101.00 -33.00 62.00 -5.86 -56.00 -9.00


Russia & Ukraine,Other

Q2, 2010

1B1B1B1B

41

Asset Management YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income

Net interest income -10 -11 -9 -3 -7 -7 -5 -5 -6 -13 -2 -3

Net commission income 784 578 36 386 398 355 350 325 253 266 331 379

Net gains and losses on financial items at fair value 12 22 -45 1 11 2 18 17 5 -21 -24 25

Other income 8 17 -53 5 3 -4 3 11 6 5 3 3

Non-recurring items 2) 0 -540 0 0 -88 0 -60 -480 0 0 0

Total income 794 66 389 405 258 366 288 -222 237 308 404

Staff costs 199 165 21 99 100 95 80 85 80 73 66 74

Variable staff costs 1) 1 18 -94 1 0 -26 8 10 8 18 13 7

IT expenses 52 45 16 30 22 34 19 18 27 -6 21 30

Other expenses 132 135 -2 70 62 72 63 72 63 56 37 48


Total expenses 409 388 5 212 197 185 183 199 189 149 145 167

Operating profit 385 -322 177 208 73 183 89 -411 88 163 237

Tax expense 88 59 49 38 50 33 35 33 26 18 39 71

Non-recurring tax 2) 0 -150 0 0 7 0 -16 -134 0 0 0

Total tax 88 -91 38 50 40 35 17 -108 18 39 71

Profit for the period 297 -231 139 158 33 148 72 -303 70 124 166


Shareholders of Swedbank AB 297 -231 139 158 33 148 72 -303 70 124 166

Return on allocated equity, % 27.4 -30.4 25.5 29.2 8.6 37.8 18.4 -81.2 23.3 41.9 56.0


Cost/Income ratio 0.52 5.88 0.54 0.49 0.72 0.50 0.69 -0.85 0.63 0.47 0.41

SEK billion

Mutual funds 453 392 16 453 464 448 420 392 351 343 368 393

Discretionary Asset Management 231 207 12 231 231 222 221 207 212 201 211 211



Asset ManagementQ2, 2010


2) See page 14 for details.

2B2B2B

42

Ektornet YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -7 0 -2 -5 -1 0 0 0 0 0 0

Net gains and losses on financial items at fair value 4 0 0 4 2 0 0 0 0 0 0

Other income 42 ###### ####### 28 14 0 0 0 0 0 0 0

Total income 39 ###### ####### 26 13 1 0 0 0 0 0 0

Staff costs 33 0 28 5 2 0 0 0 0 0 0

Variable staff costs 0 0 0 0 0 0 0 0 0 0 0

IT expenses 0 0 0 0 0 0 0 0 0 0 0

Other expenses 84 0 40 44 25 0 0 0 0 0 0


Total expenses 122 0 72 50 27 0 0 0 0 0 0

Profit before impairments -83 ###### ####### -46 -37 -26 0 0 0 0 0 0

Operating profit -83 ###### ####### -46 -37 -26 0 0 0 0 0 0

Tax expense -6 0 -6 0 -6 0 0 0 0 0 0

Profit for the period -77 ###### ####### -40 -37 -20


Shareholders of Swedbank -77 -40 -37 -20



via income statement -77 0 -40 -37 -20

Exchange differences on translating foreign operations -7 0 -1 -6 -1Other comprehensive income for the period,

net of tax -7 0 -1 -6 -1

Total comprehensive income for the period -84 0 -41 -43 -21


Shareholders of Swedbank AB -84 -41 -43 -21

Return on allocated equity, % -24.7 0.0 -23.6 -25.1 -145.5

Allocated equity, average SEKm 624 0 679 590 55

Cost/Income ratio 3.13 ###### ####### 2.77 3.85 27.00

SEK billion

Risk-weighted assets, Basel 2 2 0 2 1 1 0 0 0 0 0 0

Full-time employees 123 0 123 103 39 0 0 0 0 0 0

Carrying amount per country

Q2 Q1 Q4

SEKm 2010 2010 2009

Sweden 239 240 0

Norway 176 169 173

Estonia 293 178 150

Latvia 121 60 64

Lithuania 41 7 0

USA 140 130 130

TOTAL 1 010 784 517

Land & buildings IAS 40 Q2 Q1 Q4

SEKm 2010 2010 2009

Residential properties 24 121 103

Commercial properties 407 344 70

Industrial properties 5 5 4

Hotel and conference facilities 78 76 68

Land 176 131 167

Other properties 1 2

Land & buildings IAS 40, total 691 679 412

Land & buildings IAS 2 Q2 Q1 Q4

SEKm 2010 2010 2009

Residential properties 167 0

Commercial properties 14 0

Industrial properties 6 0

Hotel and conference facilities 0 0

Land 130 105 105

Other properties 2

Land & buildings IAS 2, total 319 105 105

Total Land & buildings for protection of claims Q2 Q1 Q4

SEKm 2010 2010 2009

Residential properties 191 121 103

Commercial properties 421 344 70

Industrial properties 11 5 4

Hotel and conference facilities 78 76 68

Land 306 236 272

Other properties 3 2 0

TOTAL 1 010 784 517

Carrying amounts

EktornetQ2, 2010

Classification of land and buildings taken over for protection of claims

Geographical split of carrying amounts, land and buildings taken over for protection

of claims

0B0B0B0B

43

Shared Services and Group Staffs YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -476 -313 52 -330 -146 123 73 -117 -196 -232 -315 -113

Net commission income 6 -14 -1 7 7 -7 -8 -6 -8 -11 -3

Net gains and losses on financial items at fair value 407 -349 347 60 -118 -240 -439 90 620 -2 543

Net insurance 11 7 57 6 5 1 4 4 3 -2 1 2


Other income 1 913 1 954 -2 941 972 1 005 927 1 001 953 931 926 932

Non-recurring items 0 0 0 0 24 0 0 0 680 95 0

Total income 1 861 1 286 45 963 898 1 042 757 442 844 1 991 710 1 385

Staff costs 954 851 12 506 448 462 407 448 403 396 434 450

Variable staff costs 1) -1 9 -3 2 -4 3 1 8 39 28 35

IT expenses 562 649 -13 275 287 312 317 330 319 345 302 305

Other expenses 478 501 -5 169 309 260 239 218 283 232 187 205


Total expenses 2 160 2 213 -2 1 033 1 127 1 112 1 072 1 094 1 119 1 119 1 059 1 091

Profit before impairments -299 -927 -68 -70 -229 -70 -315 -652 -275 872 -349 294

Credit impairments 26 4 22 4 -13 9 8 -4 1 -1 0

Operating profit -325 -931 -65 -92 -233 -57 -324 -660 -271 871 -348 294

Tax expense -26 -348 -93 10 -36 -121 -74 -162 -186 -209 -374 -50

Tax on non-recurring items 0 114 0 0 -1 0 0 114 114 0 46

Profit for the period -299 -697 -57 -102 -197 65 -250 -498 -199 966 26 298


Shareholders of Swedbank -299 -697 -57 -102 -197 65 -250 -498 -199 966 26 298



via income statement -299 -697 -57 -102 -197 89 -250 -498 -199 966 26 298

Exchange differences on translating foreign operations 79 0 80 -1 39 0 2 -2 -2 -1 1


-Gains/losses arising during the period 0 0 0 0 0 -1 0 0 17 -12 -13

Cash flow hedges:

-Gains/losses arising during the period 176 -524 337 -161 69 -118 -8 -516 -1 116 -249 0


Net interest income 403 389 4 214 189 199 202 212 177 143 -40 0


Net gains and losses on financial items at fair value 0 81 0 0 -75 31 81 0 0 0 0

Share of other comprehensive income of associates 0 0 0 0 0 0 0 0 -14 5 2


comprehensive income -153 14 -146 -7 -51 -29 -76 90 235 91 14Other comprehensive income for the period,

net of tax 505 -40 485 20 181 85 211 -251 -737 -206 4

Total comprehensive income for the period 206 -737 383 -177 270 -165 -287 -450 229 -180 302


Shareholders of Swedbank AB 206 -737 383 -177 270 -165 -287 -450 229 -180 302


SEK billion

Bonds and interest bearing securities 22 21 5 22 21 20 19 21 21 19 17 18


Full-time employees 2 331 2 307 1 2 331 2 329 2 329 2 298 2 307 2 287 2 302 2 338 2 363

Eliminations YTD YTD Ch. % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2009 Y/Y 2010 2010 2009 2009 2009 2009 2008 2008 2008

Net interest income -3 2 -15 12 -9 -2 50 -48 -34 0 11

Net commission income 0 -6 -2 2 1 5 -3 -3 -20 -28 -19

Net gains and losses on financial items at fair value 0 1 0 0 0 0 -47 48 26 1 -12

Other income -1 806 -1 843 -2 -867 -939 -938 -850 -908 -935 -912 -885 -891

Total income -1 809 -1 846 -2 -884 -925 -946 -847 -908 -938 -940 -912 -911

Staff costs 0 0 0 0 -11 0 0 0 -13 -2 0

Variable staff costs 0 0 0 0 0 0 0 0 0 0 0

IT expenses -874 -973 -10 -443 -431 -453 -451 -485 -488 -451 -430 -456

Other expenses -935 -873 7 -441 -494 -482 -396 -423 -450 -476 -480 -455


Total expenses -1 809 -1 846 -2 -884 -925 -946 -847 -908 -938 -940 -912 -911

SEK billion

Mutual funds & insurance -288 -253 14 -288 -295 -286 -265 -253 -222 -220 -237 -254

Other investment volume -18 -20 -10 -18 -20 -19 -20 -20 -21 -22 -23 -24

Interest bearing securities -19 -28 -32 -19 -23 -13 -17 -28 -32 -44 -42 -46


Shared Services and Group Staffs, EliminationsQ2, 2010

1B1B1B1B

44

Balance sheet, GroupSEKbn

Jun Dec Jun

SEKm 2010 2009 2009

Assets

Cash and balances with central banks 19 833 37 879 22 511

Loans to credit institutions 204 327 92 131 122 605

Loans to the public 1 239 104 1 290 667 1 275 996

Interest-bearing securities 215 569 170 615 174 048

Fund shares for which customers bear the

investment risk 85 181 78 194 64 799

Shares and participating interests 10 230 9 505 4 523

Investments in associates 2 486 2 740 2 435

Derivatives 89 199 72 969 89 986

Intangible fixed assets 16 592 17 555 18 465

of which goodwill 14 416 15 368 16 075

Tangible assets 4 195 3 815 3 490

Current tax assets 1 307 881 2 918

Deferred tax assets 1 335 1 209 855

Other assets 9 438 9 806 11 028

Prepaid expenses and accrued income 5 792 6 721 2 530

Total assets 1 904 588 1 794 687 1 796 189

Liabilities and equity

Liabilities

Amounts owed to credit institutions 243 947 231 687 304 654

Deposits and borrowings from the public 529 048 504 424 469 336

Debt securities in issue, etc 710 509 703 258 663 721

Financial liabilities for which customers bear

the investment risk 85 471 80 132 65 775

Derivatives 76 950 72 172 82 948

Current tax liabilities 947 1 495 992

Deferred tax liabilities 1 104 720 1 594

Sold, not held, securities 90 661 40 411 34 292

Other liabilities 19 363 11 819 36 157

Accrued expenses and prepaid income 12 966 14 400 6 753

Provisions 9 725 6 212 5 872

Subordinated liabilities 32 630 37 983 42 918

Total liabilities 1 813 321 1 704 713 1 715 012

Equity

Non-controlling interests 260 304 231

Equity attributable to shareholders of

Swedbank AB 91 007 89 670 80 946

Total equity 91 267 89 974 81 177

Total liabilities and equity 1 904 588 1 794 687 1 796 189

Equity attributable to shareholders Goodwill, 30 June 2010

of Swedbank AB, 30 June 2010

SEKm SEKm

Swedbank AB (Sweden) 61 947 Swedbank Robur 328

Swedbank Mortgage (Sweden) 31 778 Swedbank Försäkring 651

Swedbank Finans (Sweden) 4 350 Ölands Bank 9

Swedbank Robur (Sweden) 1 717 Swedbank AS 11 513

Swedbank Försäkring (Sweden) 1 541 OAO Swedbank 0

Swedbank Luxembourg (Luxembourg) 148 First Securities 195

Sparia Försäkring (Sweden) 544 Group total 12 696

Swedbank (Baltic) 15 684

JSC Swedbank (Ukraine) -37 Goodwill within parent company and subsidiaries:

OAO Swedbank (Russia) 891 Swedbank AB 1 538

OOO Leasing (Russia) 292 Swedbank Robur AB 3

First Securities (Norway) 270 Swedbank Fastighetsbyrå AB 1

Other subsidiaries 2 650 Swedbank AS 178

Total legal equity 121 775

Group adjustments and eliminations -30 768

Total equity attributable to

shareholders of Swedbank AB 91 007 Total goodwill 14 416

Credit institutions, 204

Interest-bearing

securities, 216

Credit institutions, 244

Other liabilities, 220

Total equity, 91

Subordinated liabilities, 33

Derivatives, 77

Other assets, 157

Derivatives, 89

Debt securities in issue,

711

Other deposits from the

public, 236

Balance sheet, Equity and GoodwillQ2, 2010

Deposits, private, 293

Loans, Private, 49

Mortgage loans, 747

Other loans to the

public, 443

0B0B0B0B0B

45

Derivatives, Group

Derivatives with positive

value or nil value

30 June 2010

SEKm Carrying amount Nominal amount Carrying amount Nominal amount Carrying amount Nominal amount

Derivatives in hedge accounting

Swaps fair value hedge 5 756 222 224 80 1 305

Total 5 756 222 224 80 1 305

Other derivatives

Options held 1 303 533 121 301 20 154 2 875 60 469

Forward contracts 4 736 2 468 234 13 593 381 115 3 122

Swaps 51 786 1 183 797 12 148 157 115

Other derivatives 0 10 0 12 39 492

Total 57 825 4 185 162 26 042 558 396 2 917 61 083

of which cleared 2 576 1 069 506 881 11 842

The derivatives positive value amounted to SEK 92 620m. Derivatives with a value of SEK 3 421m have been recognized net in the balance sheet,

when these are settled on net basis with clearing houses or are covered by other netting agreements that are acceptable for accounting purposes.

Hence, SEK 89 199m are reported in the balance sheet.

Derivatives with negative

value or nil value

30 June 2010



Swaps fair value hedge 244 17 761

Swaps cash flow hedge 535 13 779 1 954 32 319

Total 779 31 540 1 954 32 319

Other derivatives

Options issued 1 002 581 706 443 19 942 1 451 62 797


Swaps 50 568 1 063 128 6 489 169 437

Other derivatives 0 10 0 12 33 441

Total 56 774 4 489 302 19 377 591 981 1 487 63 440

of which cleared 2 542 1 083 735 1 444 10 397

The derivatives negative value amounted to SEK 80 371m. Derivatives with a value of SEK 3 421m have been recognized net in the balance sheet,



Derivatives with positive

value or nil value

30 June 2009



Swaps fair value hedge 1 691 28 000 85 1 015

Swaps net investment in foreign 260 2 132

Total 1 691 28 000 345 3 147 0 0

Other derivatives

Options held 1 054 130 259 350 13 986 3 298 53 519


Swaps 59 739 1 270 970 5 944 95 488

Other derivatives 0 -10 27 303 37 320

Total 71 598 3 991 366 18 700 454 957 3 339 53 870

of which cleared 5 132 63 679 771

The derivatives positive value amounted to SEK 95 673m. Derivatives with a value of SEK 5 687m have been recognized net in the balance sheet,



Derivatives with negative

value or nil value

30 June 2009



Swaps fair value hedge 23 5 373

Swaps cash flow hedge 1 031 20 047

Total 1 054 25 420

Other derivatives

Options issued 615 127 102 363 13 631 972 31 930


Swaps 55 621 1 173 613 3 241 91 899

Other derivatives 27 303 36 313

Total 66 804 3 734 817 19 764 533 584 1 013 32 289

of which cleared 4 922 134 469 910

The derivatives negative value amounted to SEK 88 635m. Derivatives with a value of SEK 5 687m have been recognized net in the balance sheet,



Interest-rate-related Currency-related Equity-related etc.



DerivativesQ2, 2010


1B1B1B1B1B

46

Parent company

ISIN Issuing Date Maturity Date Coupon Call Date Step-up Currency

Nominal

amount,

million

Carrying

amount,

SEKm

SE0000122111 26-Apr-89 26-Apr-19 11.00% n.a. Non-innovative SEK 111 144

SE0001659665 28-Feb-06 28-Feb-16 Floating 2011-02-28 3mth Stibor + 1,68 % SEK 700 700

SE0001800905 25-Aug-06 25-Aug-16 4.23% 2011-08-25 3mth Stibor +1,7% SEK 90 91

SE0001800913 25-Aug-06 25-Aug-16 Floating 2011-08-25 3mth Stibor + 1.7% SEK 2 092 2 092

SE0001877739 21-Nov-06 21-Nov-16 Floating 2011-11-21 3mth Stibor + 1,685% SEK 1 100 1 100

SE0002268417 14-Dec-07 14-Dec-17 5.90% 2012-12-14 3mth Stibor + 2,8% SEK 790 888

SE0002288381 21-Dec-07 21-Dec-17 Floating 2012-12-21 3mth Stibor + 2.8% SEK 384 384

XS0257529296 22-Jun-06 22-Jun-16 5.25% 2011-06-22 3mth GBP Libor +1.735% GBP 185 2 288 A3

XS0269222591 29-Sep-06 29-Sep-16 Floating 2011-09-29 3mth USD Libor +1.7% USD 75 581 A3

XS0276165346 28-Nov-06 28-Nov-16 Floating 2011-11-28 3mth EURIBOR + 1.74% EUR 136 1 296 A3

XS0300645180 18-May-07 18-May-17 Floating 2012-05-18 3mth USD Libor +1.68% USD 400 3 100 A3

XS0322614420 27-Sep-07 27-Sep-17 5.57% 2012-09-27 3mth EURIBOR + 2.6% EUR 400 3 963 A3

NO0010404643 21-Dec-07 21-Dec-17 5.36% 2012-12-21 3mth NIBOR + 2.77% NOK 156 186

XS0372124403 26-Jun-08 26-Jun-18 7.38% 2013-06-26 3mth EURIBOR + 3.8% EUR 400 3 812 A3 A-

Total Lower Tier 2 20 625

XS0069782406 26-Sep-96 Perpetual 4.35% 2011-09-26 6mth YEN Libor + 2.3% JPY 10 000 909

W94253AD8 19-Mar-97 Perpetual 8.01% 2012-03-19 3mth USDLibor + 2.35% USD 50 426

XS0080222838 11-Sep-97 Perpetual 7.50% 2012-09-11 3mth USD Libor + 2.35% USD 200 1 687 Ba1

XS0085821733 27-Apr-98 Perpetual 5.00% 2028-04-28 6mth YEN Libor + 1.9% JPY 5 000 487

XS0233762375 28-Oct-05 Perpetual Floating 2010-10-28 3mth EURIBOR + 1.95% EUR 105 999 Ba1

Total UpperTier 2 4 508

XS0188779028 26-Mar-04 Perpetual 5.75% 2016-03-17 3mth LIBOR + 1.92% GBP 200 2 562 Ba3 BB

W9421AA1 30-Sep-05 Perpetual 4.00% 2015-09-17 6mth YEN Libor + 1.4% JPY 14 000 1 224 Ba3

XS0321184706 17-Sep-07 Perpetual 6.665% 2017-09-17 6mth Stibor + 300bp SEK 2 000 2 263

XS0363160127 12-May-08 Perpetual 8.28% 2018-03-17 6mth Stibor + 450bp SEK 873 905

SE0002408989 12-May-08 Perpetual Floating 2013-09-17 Non-innovative SEK 536 535

Total Hybrid Tier 1 7 489

Total 32 622

Hybrid Tier 1

Lower Tier 2

Rating Moody's

/ S&P

Upper Tier 2

Outstanding Subordinated LoansQ2, 2010

2B2B2B2B2B

47

Capital adequacy Basel 2 Basel 1 Basel 2 Basel 1 Basel 2 Basel 1 Basel 2 Basel 1 Basel 2 Basel 1

Transition Transition Transition Transition Transition

rules rules rules rules rules

SEKm Jun Jun Mar Mar Dec Dec Sep Sep Jun Jun

2010 2010 2010 2010 2009 2009 2009 2009 2009 2009

Shareholders equity according to the Group balance sheet 91 007 0 89 340 0 89 670 0 76 648 0 80 946 0

Non-controlling interests 260 0 240 0 304 0 252 0 231 0

Anticipated dividend -812 0 0 0 0 0 0 0 0 0

Deconsolidation of insurance companies -1 128 0 -966 0 -1 130 0 -939 0 -767 0

Associated companies consolidated according to purchase method 1 255 0 1 362 0 1 659 0 1 289 0 1 393 0

Shareholders equity financial companies Group 90 582 0 89 976 0 90 503 0 77 250 0 81 803 0

Unrealised value changes in financial liabilities due to

changes in own creditworthiness -49 0 -45 0 0 0 0 0 0 0

Goodwill -13 638 0 -13 927 0 -14 594 0 -14 519 0 -15 286 0

Deferred tax assets -1 337 0 -541 0 -1 206 0 0 0 0 0

Intangible assets -1 899 0 -2 292 0 -2 352 0 -2 401 0 -2 490 0

Net provisions for reported IRB credit exposures -113 0 -191 0 -309 0 -730 0 -1 046 0

Cash flow hedges 167 0 733 0 769 0 912 0 988 0

Shares deducted from Tier 1 capital -31 0 -29 0 -27 0 -26 0 -25 0

Less shares in insurance companies 0 0 -363 0 -313 0 -313 0 -313 0

Total core Tier 1 capital 73 682 0 73 321 0 72 471 0 60 173 0 63 631 0

Core Tier 1 capital ratio, % 9.5 0.0 9.4 0.0 9.2 0.0 7.7 0.0 8.0 0

Tier 1 capital contribution with step up 6 954 0 6 511 0 8 683 0 8 621 0 9 184 0

Tier 1 capital contribution without step up 535 0 535 0 535 0 535 0 535 0

Total Tier 1 capital 81 171 0 80 367 0 81 689 0 69 329 0 73 350 0

Tier 1 capital ratio, % 10.5 0.0 10.3 0.0 10.4 0.0 8.8 0.0 9.2 0

Part of Tier 1 capital contribution, not included in Tier 1 0 0 0 0 0 0 0 0 0 0

Undated subordinated loans 4 537 0 4 267 0 4 273 0 4 239 0 4 499 0

Fixed-term subordinated loans 20 626 0 22 379 0 23 687 0 25 839 0 27 047 0

Deduction remaining duration 0 0 0 0 -1 249 0 -1 242 0 -1 234 0

Net provisions for reported IRB credit exposures -113 0 -191 0 -309 0 -730 0 -1 046 0

Shares deducted from Tier 2 capital -31 0 -29 0 -27 0 -26 0 -25 0

Less shares in insurance companies 0 0 -363 0 -313 0 -313 0 -313 0

Total Tier 2 capital 25 019 0 26 063 0 26 062 0 27 767 0 28 928 0

Less shares in insurance companies -2 668 0 -1 950 0 -1 966 0 -1 964 0 -1 984 0

Total capital base 103 522 0 104 480 0 105 785 0 95 132 0 100 294 0

Total capital adequacy ratio, % 13.4 0.0 13.4 0.0 13.5 0.0 12.1 0.0 12.6 0

Capital quotient 1.68 0.00 1.68 0.00 1.69 0.00 1.52 0.00 1.57 0

RWA Credit risks 488 614 925 438 504 675 935 412 518 143 950 125 526 200 967 049 571 888 995 288

RWA Market risks 33 714 43 288 33 963 42 063 32 238 40 100 28 207 36 484 25 855 34 438

RWA Operational risks 57 063 0 57 063 0 53 050 0 53 050 0 53 050 0

RWA Complement to overall floor for capital

requirements 192 773 0 181 500 0 181 038 0 177 113 0 146 850 0

Total RWA 772 164 968 726 777 201 977 475 784 469 990 225 784 570 1 003 533 797 643 1 029 726

Key ratios according to Basel 2, 1) Basel 2 Basel 2 Basel 2 Basel 2 Basel 2

Jun Mar Dec Sep Jun

2010 2010 2009 2009 2009

Total RWA, SEKm 579 391 0 595 701 0 603 431 0 607 457 0 650 793 0.00

Core Tier 1 capital ratio, % 12.7 0.0 12.3 0.0 12.0 0.0 9.9 0.0 9.8 0.00

Tier 1 capital ratio, % 14.0 0.0 13.5 0.0 13.5 0.0 11.4 0.0 11.3 0

Total capital adequacy ratio, % 17.9 0.0 17.5 0.0 17.5 0.0 15.7 0.0 15.4 0

Capital quotient 2.23 0.00 2.19 0.00 2.19 0.00 1.96 0.00 1.93 0

1) Rules after 2011

Capital adequacyQ2, 2010

0

2

4

6

8

10

12

14

16

300

350

400

450

500

550

600

650

700

750

Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

RWA and Tier 1 capital ratio 2)

RWA Tier 1 capital ratio

SEKbn %

0

50

100

150

200

250

300

Re

tail

Larg

e C

orp

ora

tes

& Institu

tions

Baltic

Bankin

g

Ru

ssia

& U

kra

ine

Asse

t M

ana

ge

me

nt

Share

d S

erv

ices

and G

roup S

taff

s

RWA by business area 2)

Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10

SEKbn

3B3B3B3B3B

48

Effect on value of assets and liabilities in SEK and foreign currency, including derivatives

if interest rates increase by 100 bps, 30 June 2010

SEKm <3 mths. 3-6 mths. 6-12 mths. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. 5-10 yrs. >10 yrs. Total

The Group -296 -25 -68 -166 644 -595 -182 -150 -838

of which foreign currency -149 44 -40 -8 -90 13 117 -272 -126 -511

of which positions at fair value,

the Group -224 53 21 188 -324 262 -349 91 32 -250

of which foreign currency -178 34 -79 16 -37 27 154 -73 57 -79

Sensitivity analysis, net interest income, 12 months Jun Mar Dec Sep Jun Mar Dec Sep

SEKm 2010 2010 2009 2009 2009 2009 2008 2008

Increased interest rates, +100 bps 1 906 1 729 1 720 1 469 1 183 844 830 552

Decreased interest rates, -100 bps -687 -571 -584 -367 -849 -1 577 -1 014 -803

Maturity distribution, Swedbank Group, 30 June 2010 1)

Discount

effect/

SEKm <3 mths. 3 mths-1 yr. 1-2 yrs. 2-3 yrs. 3-4 yrs. 4-5 yrs. 5-10 yrs. >10 yrs no maturity Total

Assets

Treasury bills and other bills eligible for refinancing 115 450 9 177 399 290 526 31 2 896 8 694 3 848 141 311

Loans to credit institutions 196 111 4 177 1 437 466 178 26 154 712 1 066 204 327

Loans to the public 211 925 61 843 52 911 54 251 33 117 30 438 95 557 690 147 8 915 1 239 104

of which Swedbank Mortgage 6 271 7 570 7 564 7 551 7 533 7 487 33 975 595 925 7 110 680 986

Bonds and other interest-bearing securities 9 665 31 566 10 238 5 551 10 785 1 159 3 405 104 1 785 74 258

Other assets 2) 57 944 29 095 18 573 10 828 6 554 6 049 10 876 25 317 80 352 245 588

Total 591 095 135 858 83 558 71 386 51 160 37 703 112 888 724 974 95 966 1 904 588

Liabilities

Amounts owed to credit institutions, short-term 205 866 34 192 240 058

Amounts owed to credit institutions, long-term 151 362 2 031 376 326 146 422 42 33 3 889

Deposits and borrowings from the public 494 589 26 487 2 739 3 025 793 844 507 64 529 048

Debt securities in issue etc, short-term 48 924 24 801 73 725

of which Swedbank Mortgage 4 351 1 827 6 178

Debt securities in issue etc, long-term 12 682 142 911 210 859 82 409 86 062 39 382 38 539 16 075 7 865 636 784

of which Swedbank Mortgage 12 558 91 262 106 323 51 072 55 039 32 423 38 352 16 060 4 008 407 097

Subordinated liabilities 20 204 11 206 1 220 32 630

Other liabilities 2) 123 634 40 902 19 382 11 169 6 856 6 358 16 864 30 194 41 828 297 187

Total 885 846 269 655 235 011 96 979 94 037 46 730 76 536 57 581 50 946 1 813 321

1) In the table, undiscounted contractual cash flows are distributed according to the contracts' remaining maturity. Loans with amortisation are distributed according to

amortisation schedule. Impaired loans are distributed based on assessed repayment schedual. Differences between undiscounted cash flows and carrying amount are reported

together with items without an agreed maturity date, where the anticipated realisation date has not been determined, in the column Discount effect/ no maturity.

2) Other assets contents among others of Fund shares where customers bear the investment risk, intangible and tangible assets.

Other liabilities contents among others of Financial liabilities where customers bear the investment risk and Sold, not held, securities

Sensitivity analysis and Maturity distributionQ2, 2010

4B4B4B4B4B

49

30 June, 2010

EAD, SEKm

Risk grades PD Retail

Large

Corporates &

Institutions

Baltic

Banking

Russia &

Ukraine

Shared

Services &

Group

Staffs Total

IRB methodology

Default Default 100.0 3 081 3 474 19 686 0 0 26 241

High risk 0-5 > 5.7 18 781 1 820 23 695 0 0 44 296

Augmented risk 6-8 2.0-5.7 52 391 16 420 32 821 0 1 101 633

Normal risk 9-12 0.5-2.0 128 605 48 564 25 684 0 1 202 854

Low risk 13-21 <0.5 698 240 213 356 47 736 0 266 959 598

Total rated exposures 901 098 283 634 149 622 0 268 1 334 622

Total non-rated exposures 32 411

Total IRB methodology 1 367 033

of which companies not included in Swedbank Group 64 456

Standardised methodology

Total standardised methodology 26 146 22 140 165 750


Total IRB- and standardised methodology 175 768 22 140 1 532 783


The tables distribute credit risks by Exposure at Fault (EAD).

EAD includes items on and off the balance sheet, e.g. guarantees, loans and derivatives.

The amounts also include EAD from institutions in the Swedbank Financial Companies Group, but not in the Group, i.e.

associates that are not fully consolidated. Insurance companies are not included in the Swedbank Financial Companies Group.

30 June, 2010

EAD distribution, per cent

Risk grades PD Retail

Large

Corporates &

Institutions

Baltic

Banking

Russia &

Ukraine

Shared

Services &

Group

Staffs Total

IRB methodology

Default Default 100.0 0.2 0.2 1.3 0.0 0.0 1.7

High risk 0-5 > 5.7 1.2 0.1 1.5 0.0 0.0 2.9

Augmented risk 6-8 2.0-5.7 3.4 1.1 2.1 0.0 0.0 6.6

Normal risk 9-12 0.5-2.0 8.4 3.2 1.7 0.0 0.0 13.2

Low risk 13-21 <0.5 45.6 13.9 3.1 0.0 0.0 62.6

Total rated exposures 58.8 18.5 9.8 0.0 0.0 87.1

Total non-rated exposures 2.1

Total IRB methodology 89.2

of which companies not included in Swedbank Group 4.2


Total standardised methodology 1.7 1.4 10.8


Total IRB- and standardised methodology 11.5 1.4 100.0


Credit risksQ2, 2010

0B0B0B0B0B0B

0

5

10

15

20

25

30

35

40

45

50

Retail Corporates Institutions Other

% Credit risks, Exposure class

Default High risk Augmented risk Normal risk Low risk

0

5

10

15

20

25

30

35

40

45

50

Retail Large Corporates & Institutions



% Credit risks, Business area

Default High risk Augmented risk Normal risk Low risk

50

30 June, 2010

EAD, SEKm

Risk grades PD Retail Corporates Institutions Other Total

IRB methodology

Default Default 100.0 9 818 16 017 406 0 26 241

High risk 0-5 > 5.7 19 004 25 030 263 0 44 297

Augmented risk 6-8 2.0-5.7 32 808 68 544 281 0 101 633

Normal risk 9-12 0.5-2.0 84 098 118 115 641 0 202 854

Low risk 13-21 <0.5 688 770 182 351 88 476 0 959 597

Total rated exposures 834 498 410 057 90 067 0 1 334 622

Total non-rated exposures 32 411 32 411

Total IRB methodology 1 367 033



Central and local government 116 360

Retail 10 664

Institutions 2 715

Corporates 9 979

Exposure secured on residential property 9 848

Other exposure classes 16 184

Total standardised methodology 165 750


Total IRB- and standardised methodology 1 532 783


30 June, 2010

EAD distribution, per cent

Risk grades PD Retail Corporates Institutions Other Total

IRB methodology

Default Default 100.0 0.6 1.0 0.0 0.0 1.7

High risk 0-5 > 5.7 1.2 1.6 0.0 0.0 2.9

Augmented risk 6-8 2.0-5.7 2.1 4.5 0.0 0.0 6.6

Normal risk 9-12 0.5-2.0 5.5 7.7 0.0 0.0 13.2

Low risk 13-21 <0.5 44.9 11.9 5.8 0.0 62.6

Total rated exposures 54.4 26.8 5.9 0.0 87.1

Total non-rated exposures 2.1 2.1

Total IRB methodology 89.2



Central and local government 7.6

Retail 0.7

Institutions 0.2

Corporates 0.7

Exposure secured on residential property 0.6

Other exposure classes 1.1

Total standardised methodology 10.8


Total IRB- and standardised methodology 100.0


Credit risksQ2, 2010

0B0B0B0B0B0B

51

Loans by collateral 1)

30 June 2010 (31 December, 2010)


Credit risks, Group Carrying Provisions Portfolio Carrying Carrying

Sector/industry amount for individually provisions amount of amount

30 June 2010 before assessed loans after of impaired

provisions impaired provisions loans

loans

Private customers 653 942 4 421 562 648 959 6 564

Agriculture, forestry, fishing 58 678 398 96 58 184 438

Manufacturing 36 708 3 589 662 32 457 2 537

Public sector and utilities 15 060 42 43 14 975 40

Construction 15 699 2 015 171 13 513 1 076

Retail 27 634 2 343 432 24 859 1 346

Transportation 15 413 748 177 14 488 811

Shipping 16 352 38 46 16 268 1

Hotels and restaurants 7 714 316 99 7 299 355

Information and communication 1 485 26 20 1 439 31

Finance and insurance 17 325 63 80 17 182 46

Property management 163 508 6 577 1 005 155 926 4 954

Housing cooperatives 67 534 25 73 67 436 16

Professional services 36 134 682 329 35 123 382

Other corporate lending 53 058 1 562 309 51 187 1 110

Loans to the public excludingthe Swedish National Debt Officeand repurchase agreements 1 186 244 22 845 4 104 1 159 295 19 707

Credit institutions* 142 543 183 0 142 360 -16

Repos, credit institutions 61 968 0 0 61 968 0

Repos, public* 79 808 0 0 79 808 0Loans to the public and

credit institutions 1 470 563 23 028 4 104 1 443 431 19 691

* Including Swedish National Debt Office

Credit exposure, Carrying amount Jun Dec Jun Change Change

2010 2009 2009 SEKm %2009

Sweden 1 502 283 1 419 164 1 377 861 83 119 6

OECD countries 2) 249 668 184 603 231 098 65 065 35

of which Denmark 17 543 17 930 18 398 -387 -2

of which Norway 53 837 48 551 52 369 5 286 11

of which Finland 45 935 14 686 45 326 31 249 213

of which USA 72 006 27 658 30 778 44 348 160

of which UK 23 214 14 094 26 164 9 120 65

of which France 11 362 12 681 9 071 -1 319 -10

of which Germany 4 806 4 209 5 909 597 14

Baltic region 168 732 197 204 229 286 -28 472 -14

of which Estonia 70 980 82 676 93 036 -11 696 -14

of which Latvia 48 088 60 561 69 223 -12 473 -21

of which Lithuania 49 664 53 968 64 519 -4 304 -8

Ukraine 9 930 10 975 16 426 -1 045 -10

Russia 13 158 14 586 18 796 -1 428 -10

Latin America 370 409 670 -39 -10

of which Brazil 32 138 262 -106 -77

Japan 389 90 9 299 332

Rest of East Asia 1 330 2 809 2 814 -1 479 -53

of which South Korea 1 62 3 -61 -98

of which China 1 070 2 255 2 297 -1 185 -53

Other countries 10 511 10 106 11 751 405 4

Total 1 956 371 1 839 946 1 888 711 116 425 6

2) Excluding Sweden, Japan, Hungary, Mexico, Poland, Turkey, Slovakia, South Korea and the Czech Republic

SEKm

SEKm

Asset qualityQ2, 2010

Municipalities and county

councils2% (2)

Residential properties incl. condominiums

63% (60)Other

collateral7% (9)

Other properties15% (15)

Chattel mortgages

1% (1)

Unsecured10% (11)

Personalguarantee

2% (2)

0B0B0B0B0B0B

52

Loans, gross, by

business area

30 June 2010

SEKm Retail

Large

Corporates &

Institutions

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

- of which

Investment

Russia &

Ukraine

- of which

Russia

- of which

Ukraine Group

Private customers 567 764 3 542 75 313 33 410 23 002 18 901 0 7 323 1 331 5 992 653 942

Corporate customers 268 878 159 375 86 375 33 488 27 870 24 537 480 17 674 8 504 9 170 532 302

Agriculture, forestry, fishing 54 431 411 3 746 1 450 1 413 883 0 90 24 66 58 678

Manufacturing 12 038 7 289 12 310 2 942 4 833 4 535 0 5 071 2 124 2 947 36 708

Public sector and utilities 7 937 2 190 4 809 2 176 472 2 161 0 124 124 0 15 060

Construction 9 461 1 065 3 117 1 311 1 151 655 0 2 056 99 1 957 15 699

Retail 10 905 3 066 10 700 3 816 3 205 3 679 0 2 963 955 2 008 27 634

Transportation 6 760 168 7 207 2 773 2 308 2 126 0 1 278 794 484 15 413

Shipping 98 15 839 415 0 159 256 0 0 0 0 16 352

Hotels and restaurants 3 476 49 3 802 1 672 1 042 1 088 0 387 316 71 7 714

Information and communication 689 217 567 434 67 66 0 12 12 0 1 485

Finance and insurance 2 279 13 256 1 615 1 356 242 17 0 175 8 167 17 325

Property management 71 815 59 137 28 478 11 070 10 531 6 877 0 4 078 3 979 99 163 508

Housing cooperatives 66 012 1 522 0 0 0 0 0 0 0 0 67 534

Professional services 5 935 23 783 6 380 4 096 2 193 91 0 36 36 0 36 134

Other corporate lending 17 042 31 383 3 229 392 254 2 103 480 1 404 33 1 371 53 058

Loans to the public excluding the

Swedish National Debt Office and

repurchase agreements 836 642 162 917 161 688 66 898 50 872 43 438 480 24 997 9 835 15 162 1 186 244

Credit institutions* 867 138 286 942 453 247 242 0 2 448 2 402 46 142 543

Repos, Credit institutions* 0 61 968 0 0 0 0 0 0 0 0 61 968

Repos, public 0 79 808 0 0 0 0 0 0 0 0 79 808

Total loans to credit institutions and

to the public 837 509 442 979 162 630 67 351 51 119 43 680 480 27 445 12 237 15 208 1 470 563

Provisions by business area

30 June 2010

SEKm Retail

Large

Corporates &

Institutions

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

- of which

Investment

Russia &

Ukraine

- of which

Russia

- of which

Ukraine Group

Provisions, private customers 322 119 2 808 733 1 537 538 0 1 734 51 1 683 4 983

Provisions, corporate customers 1 326 887 13 363 2 833 6 288 4 242 0 6 390 1 455 4 935 21 966

Agriculture, forestry, fishing 46 1 401 76 271 54 0 46 1 45 494

Manufacturing 176 91 1 982 305 690 987 0 2 002 619 1 383 4 251

Public sector and utilities 17 6 61 10 21 30 0 1 1 0 85

Construction 64 2 782 230 377 175 0 1 338 1 1 337 2 186

Retail 198 50 1 237 265 454 518 0 1 290 106 1 184 2 775

Transportation 40 42 817 135 297 385 0 26 22 4 925

Shipping 0 45 39 0 17 22 0 0 0 0 84

Hotels and restaurants 44 0 345 33 207 105 0 26 2 24 415

Information and communication 11 14 21 8 13 0 0 0 0 0 46

Finance and insurance 12 27 31 27 4 0 0 73 0 73 143

Property management 334 138 6 326 1 137 3 510 1 679 0 784 701 83 7 582

Housing cooperatives 87 11 0 0 0 0 0 0 0 0 98

Professional services 62 20 928 518 405 5 0 1 1 0 1 011

Other corporate lending 235 440 393 89 22 282 0 803 1 802 1 871

Total 1 648 1 006 16 171 3 566 7 825 4 780 0 8 124 1 506 6 618 26 949

Credit institutions* 0 168 0 0 0 0 0 15 1 14 183

Repos, Credit institutions 0 0 0 0 0 0 0 0 0 0 0

Repos, public* 0 0 0 0 0 0 0 0 0 0 0

Total provisions to credit

institutions and to the public 1 648 1 174 16 171 3 566 7 825 4 780 0 8 139 1 507 6 632 27 132

Loans, net, by

business area

30 June 2010

SEKm Retail

Large

Corporates &

Institutions

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

- of which

Investment

Russia &

Ukraine

- of which

Russia

- of which

Ukraine Group

Private customers 567 442 3 423 72 505 32 677 21 465 18 363 0 5 589 1 280 4 309 648 959

Corporate customers 267 552 158 488 73 012 30 655 21 582 20 295 480 11 284 7 049 4 235 510 336

Agriculture, forestry, fishing 54 385 410 3 345 1 374 1 142 829 0 44 23 21 58 184

Manufacturing 11 862 7 198 10 328 2 637 4 143 3 548 0 3 069 1 505 1 564 32 457

Public sector and utilities 7 920 2 184 4 748 2 166 451 2 131 0 123 123 0 14 975

Construction 9 397 1 063 2 335 1 081 774 480 0 718 98 620 13 513

Retail 10 707 3 016 9 463 3 551 2 751 3 161 0 1 673 849 824 24 859

Transportation 6 720 126 6 390 2 638 2 011 1 741 0 1 252 772 480 14 488

Shipping 98 15 794 376 0 142 234 0 0 0 0 16 268

Hotels and restaurants 3 432 49 3 457 1 639 835 983 0 361 314 47 7 299

Information and communication 678 203 546 426 54 66 0 12 12 0 1 439

Finance and insurance 2 267 13 229 1 584 1 329 238 17 0 102 8 94 17 182

Property management 71 481 58 999 22 152 9 933 7 021 5 198 0 3 294 3 278 16 155 926

Housing cooperatives 65 925 1 511 0 0 0 0 0 0 0 0 67 436

Professional services 5 873 23 763 5 452 3 578 1 788 86 0 35 35 0 35 123

Other corporate lending 16 807 30 943 2 836 303 232 1 821 480 601 32 569 51 187

Loans to the public excluding the

Swedish National Debt Office and

repurchase agreements 834 994 161 911 145 517 63 332 43 047 38 658 480 16 873 8 329 8 544 1 159 295

Credit institutions* 867 138 118 942 453 247 242 0 2 433 2 401 32 142 360

Repos, Credit institutions 0 61 968 0 0 0 0 0 0 0 0 61 968

Repos, public* 0 79 808 0 0 0 0 0 0 0 0 79 808

Total loans to credit institutions and

to the public 835 861 441 805 146 459 63 785 43 294 38 900 480 19 306 10 730 8 576 1 443 431

* Including Swedish National Debt Office

Asset quality Q2, 2010

1B1B1B1B1B1B

53

Impaired loans, gross, by

business area

30 June 2010

SEKm Retail

Large

Corporates &

Institutions Baltic Banking - of which Estonia - of which Latvia

- of which

Lithuania Russia & Ukraine - of which Russia - of which Ukraine Group

Impaired loans, private customers 386 191 7 284 2 117 3 975 1 192 3 124 98 3 026 10 985

Impaired loans, corporate customers 1 477 809 20 059 3 622 9 941 6 496 9 222 2 459 6 763 31 567

Agriculture, forestry, fishing 55 0 715 121 492 102 66 1 65 836

Manufacturing 234 116 2 782 402 912 1 468 2 994 935 2 059 6 126

Public sector and utilities 2 0 80 5 34 41 0 0 0 82

Construction 87 0 1 068 237 605 226 1 936 0 1 936 3 091

Retail 226 0 1 757 312 685 760 1 706 257 1 449 3 689

Transportation 89 168 1 271 162 491 618 31 26 5 1 559

Shipping 0 39 0 0 0 0 0 0 0 39

Hotels and restaurants 37 0 566 47 340 179 68 0 68 671

Information and communication 6 30 21 0 20 1 0 0 0 57

Finance and insurance 6 0 44 37 7 0 59 0 59 109

Property management 422 29 9 740 1 516 5 647 2 577 1 340 1 240 100 11 531

Housing cooperatives 41 0 0 0 0 0 0 0 0 41

Professional services 56 0 1 008 424 575 9 0 0 0 1 064

Other corporate lending 216 427 1 007 359 133 515 1 022 0 1 022 2 672

Total 1 863 1 000 27 343 5 739 13 916 7 688 12 346 2 557 9 789 42 552

Credit institutions* 0 167 0 0 0 0 0 0 0 167

Total 1 863 1 167 27 343 5 739 13 916 7 688 12 346 2 557 9 789 42 719

Total provision ratio for impaired loans by

business area

30 June 2010

% Retail

Large

Corporates &


- of which


Private customers 84 62 39 35 39 45 56 53 56 45

Corporate customers 90 110 67 78 63 65 69 59 73 70

Agriculture, forestry, fishing 83 56 63 55 54 69 188 68 59

Manufacturing 75 78 71 76 76 67 67 66 67 69

Public sector and utilities 835 78 177 65 75 104

Construction 73 73 97 62 77 69 69 71

Retail 88 70 85 66 68 76 41 82 75

Transportation 45 25 64 84 60 62 84 82 93 59

Shipping 116 9 527 4 122 215

Hotels and restaurants 122 61 70 61 59 38 35 62

Information and communication 160 45 106 68 54 81

Finance and insurance 199 71 74 54 125 124 132

Property management 79 475 65 75 62 65 59 57 84 66

Housing cooperatives 212 239

Professional services 111 92 122 70 59 95

Other corporate lending 109 103 39 25 16 55 78 78 70

Total 88 101 59 62 56 62 66 59 68 63

Credit institutions* 101 110

Total 88 101 59 62 56 62 66 59 68 64

Share of impaired loans gross by business

area

30 June 2010

% Retail

Large

Corporates &


- of which


Private customers 0.07 5.39 9.67 6.34 17.28 6.31 42.67 7.32 50.52 1.68

Corporate customers 0.55 0.51 23.22 10.81 35.67 26.48 52.17 28.92 73.74 5.93

Agriculture, forestry, fishing 0.10 0.00 19.07 8.33 34.79 11.55 72.60 2.31 97.39 1.42

Manufacturing 1.94 1.59 22.60 13.65 18.88 32.38 59.05 44.04 69.87 16.69

Public sector and utilities 0.03 0.00 1.66 0.25 7.16 1.88 0.00 0.00 0.54

Construction 0.92 0.00 34.26 18.11 52.54 34.43 94.17 0.00 98.91 19.69

Retail 2.07 0.00 16.42 8.16 21.37 20.67 57.59 26.92 72.18 13.35

Transportation 1.32 100.00 17.63 5.80 21.30 29.09 2.43 3.36 0.91 10.11

Shipping 0.00 0.24 0.10 0.26 0.00 0.24

Hotels and restaurants 1.05 0.00 14.88 2.82 32.57 16.46 17.64 0.00 96.91 8.69

Information and communication 0.93 13.84 3.56 0.00 29.19 0.93 0.00 0.00 3.81

Finance and insurance 0.26 0.00 2.74 2.73 2.98 0.00 33.42 0.00 34.99 0.63

Property management 0.59 0.05 34.21 13.70 53.63 37.48 32.84 31.16 100.00 7.05

Housing cooperatives 0.06 0.00 0.00 0.00 0.06

Professional services 0.94 0.00 15.80 10.34 26.24 10.05 0.00 0.00 2.94

Other corporate lending 1.27 1.36 31.18 91.66 52.37 24.48 72.84 0.00 74.58 5.04

Lending to the public 0.22 0.61 16.91 8.58 27.36 17.70 49.39 26.00 64.56 3.59

Credit institutions* 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12

Total 0.22 0.26 16.81 8.52 27.22 17.60 44.98 20.90 64.37 2.90

* incl Swedish National Debt Office

Property taken over to protect claims and

cancelled leasing agreements

30 June 2010

SEKm Retail

Large

Corporates &


- of which

Lithuania Russia & Ukraine - of which Russia - of which Ukraine Ektornet Group

Buildings and land 78 0 42 1 41 0 9 0 9 1 010 1 139

Shares and participating interests 6 102 0 0 0 0 0 0 0 0 108

Other assets 10 0 8 0 8 0 0 0 0 0 18

Total property taken over

to protect claims 94 102 50 1 49 0 9 0 9 1 010 1 265

Finance leasing objects, cancelled agreements 6 0 537 41 108 388 25 25 0 0 568

Total 100 102 587 42 157 388 34 25 9 1 010 1 833

Group Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Buildings and land 1139 922 663 402 33 6 2 0 0

Shares and participating interests 108 208 207 188 189 189 190 92 95

Other assets 18 5 1 2 2 2 2 2 2

Total property taken over

to protect claims 1 265 1 135 871 592 224 197 194 94 97

Finance leasing objects, cancelled agreements 568 770 870 996 1 120 0 0 0

Total 1 833 1 905 1 741 1 588 1 344 197 0 0

Asset quality Q2, 2010

2B2B2B2B2B2B

54

Credit qualityQ2, 2010

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

SEKm

Impaired loans, gross

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

SEKm

Credit impairments

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

Retail L C & I Estonian Banking Latvian Banking Lithuanian Banking Russian Banking Ukrainian Banking

SEKmImpaired loans, gross

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

0

10

20

30

40

50

60

70


Per cent

Share of impaired loans, gross

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

-500

0

500

1 000

1 500

2 000

2 500

3 000


SEKm

Credit impairments

Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10

3B3B3B3B3B3B

55

Credit impairments, Group Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Provisions 1 135 2 319 3 780 5 332 6 255 6 730 1 434 787 310

- of which individual provisions, gross 1) 1 716 2 670 5 820 5 231 3 735 2 559 860 556 279

- of which portfolio provisions, net -581 -351 -2 040 101 2 520 4 171 574 231 31

Reversal of individual provisions no longer required -289 -538 -14 6 -117 -178 -25 -72 -30

Provisions, net 846 1 781 3 766 5 338 6 138 6 552 1 409 715 280

Write-offs, gross 642 807 1 546 958 642 385 335 155 360

Utilisation of previous provisions -345 -258 -196 -145 -62 -65 -26 -34 -181

Recovered from previous write-offs -180 -120 -113 -30 -46 -27 -85 -24 -36

Write-offs, net 117 429 1 237 783 534 293 224 97 143

Total 963 2 210 5 003 6 121 6 672 6 845 1 633 812 423

1) Including credit impairments for contingent liabilities and other credit risk exposures, net

Credit impairments by business area, SEKm

Retail 78 58 -75 116 232 572 234 144 64

Large Corporates & Institutions -94 86 499 222 325 80 173 157 21

Estonia 348 593 526 595 695 744 280 136 101

Latvia 453 954 594 1 767 1 985 2 542 586 153 105

Lithuania 295 556 2 150 969 1 281 955 111 116 39

Investment 0 0 85 0 0 0 0 0 0

Baltic Banking 1 096 2 103 3 355 3 331 3 961 4 241 977 405 245

Russia -29 -15 993 146 103 84 39 53 14

Ukraine -110 -26 244 2 297 2 043 1 872 209 54 79

Russia & Ukraine -139 -41 1 237 2 443 2 146 1 956 248 107 93

Shared Services and Group Staffs 22 4 -13 9 8 -4 1 -1 0Group 963 2 210 5 003 6 121 6 672 6 845 1 633 812 423

Credit impairment ratios, %

Retail 0.04 0.03 -0.04 0.06 0.11 0.28 0.12 0.07 0.03

Large Corporates & Institutions -0.10 0.09 0.55 0.26 0.37 0.09 0.21 0.17 0.02

Estonia 2.05 3.35 2.78 3.04 3.06 3.08 1.27 0.63 0.48

Latvia 3.97 7.60 4.36 12.21 12.10 14.32 3.62 0.99 0.70

Lithuania 2.88 5.05 16.86 7.23 8.53 5.81 0.75 0.85 0.29

Baltic Banking 2.83 5.07 7.48 6.66 7.17 7.33 1.85 0.79 0.50

Russia -1.13 -0.47 26.88 3.98 2.39 2.16 1.18 1.91 0.50

Ukraine -4.37 -1.15 10.13 74.90 47.79 37.76 4.80 1.34 2.37

Russia & Ukraine -2.91 -0.83 21.00 33.80 25.25 21.77 3.07 1.59 1.56

Group 0.28 0.64 1.44 1.75 1.87 1.93 0.48 0.23 0.12

Credit impairments by sector, Group Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Private customers 321 474 381 923 1 683 889 427 200 182

Private mortgage 204 254 193 503 1 149 424 149 45 27

Private other 117 220 188 420 534 465 278 155 155

Corporate customers 642 1 736 4 622 5 098 4 989 5 889 1 206 612 241

Agriculture, forestry, fishing 76 25 70 75 102 81 37 13 13

Manufacturing 163 222 1 268 867 915 681 104 81 25

Public sector and utilities -2 0 -176 92 64 39 -1 9 6

Construction -23 213 56 754 648 526 102 25 39

Retail 156 357 488 645 891 537 178 100 81

Transportation 41 188 220 544 425 148 42 13 19

Shipping 27 9 10 0 41 0 0 0 0

Hotels and restaurants 31 54 235 113 116 27 -1 8 -2

Information and communication -6 6 12 2 2 7 0 0 0

Finance and insurance 4 -8 -35 -1 63 23 8 0 1

Property management 205 549 1 998 1 570 2 493 857 649 74 77

Housing cooperatives 10 -8 1 2 0 0 -1 2 7

Professional services 69 136 246 80 133 21 -11 16 -8

Other corporate lending -109 -7 229 355 -904 2 942 100 271 -17

Total 963 2 210 5 003 6 021 6 672 6 778 1 633 812 423

Credit institutions 0.00 0.00 0.00 100 0.00 67 0.00 0.00 0.00

Total 963 2 210 5 003 6 121 6 672 6 845 1 633 812 423

Credit impairmentsQ2, 2010

4B4B4B4B4B4B

56

Impaired loans by business area Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

Impaired loans gross

Retail 1 863 1 625 2 061 2 246 2 387 2 245 2 076 0 0

Large Corporates & Institutions 1 167 1 150 1 082 745 539 395 321 0 0

Estonia 5 739 5 473 5 465 5 288 4 802 3 702 2 514 1 501 1 099

Latvia 13 916 13 371 13 401 13 279 11 917 7 889 3 062 1 860 988

Lithuania 7 688 7 896 7 705 6 960 5 081 3 031 1 404 674 405

Baltic Banking 27 343 26 740 26 571 25 527 21 800 14 622 6 980 4 035 2 492

Russia 2 557 2 381 2 238 660 627 286 218 187 125

Ukraine 9 789 8 432 8 180 6 592 4 304 2 373 983 754 717

Russia & Ukraine 12 346 10 813 10 418 7 252 4 931 2 659 1 201 941 842

Shared Services and Group Staffs 0 0 0 0 0 0 0 0 0

Group 42 719 40 328 40 132 35 770 29 657 19 921 10 578 6 538 4 392

Individually identified impaired loan provisions

Retail 895 823 897 939 990 818 772 0 0

Large Corporates & Institutions 814 831 819 699 479 335 223 0 0

Estonia 2 817 2 574 2 513 2 100 1 812 1 297 698 398 282

Latvia 6 967 6 617 6 189 5 122 4 031 1 873 647 349 221

Lithuania 4 315 4 366 4 009 2 238 1 186 734 277 193 140

Baltic Banking 14 099 13 557 12 711 9 460 7 029 3 904 1 622 940 643

Russia 1 306 1 265 1 227 314 105 39 95 10 7

Ukraine 5 914 5 413 5 228 4 170 1 261 836 449 432 412

Russia & Ukraine 7 220 6 678 6 455 4 484 1 366 875 544 442 419


Group 23 028 21 889 20 882 15 582 9 864 5 932 3 161 2 158 1 583

Impaired loans, net

Retail 968 802 1 164 1 307 1 397 1 427 1 304 0 0

Large Corporates & Institutions 353 319 263 46 60 60 98 0 0

Estonia 2 922 2 899 2 952 3 188 2 990 2 405 1 816 1 103 817

Latvia 6 949 6 754 7 212 8 157 7 886 6 016 2 416 1 511 767

Lithuania 3 373 3 530 3 696 4 722 3 895 2 297 1 126 481 265

Baltic Banking 13 244 13 183 13 860 16 067 14 771 10 718 5 358 3 095 1 849

Russia 1 251 1 116 1 011 346 522 247 123 177 118

Ukraine 3 875 3 019 2 952 2 422 3 043 1 537 534 322 305

Russia & Ukraine 5 126 4 135 3 963 2 768 3 565 1 784 657 499 423


Group 19 691 18 439 19 250 20 188 19 793 13 989 7 417 4 380 2 809

All provisions for impaired loans, SEKm

Retail 1 648 1 635 1 697 2 196 2 229 2 027 1 572 0 0

Large Corporates & Institutions 1 174 1 215 1 170 741 672 568 413 0 0

Estonia 3 566 3 399 3 253 2 907 2 591 1 970 1 299 953 806

Latvia 7 825 7 803 7 346 7 001 5 853 3 978 1 566 762 612

Lithuania 4 780 4 752 4 677 3 080 2 670 1 532 710 625 513

Baltic Banking 16 171 15 954 15 276 12 988 11 114 7 480 3 575 2 340 1 931

Russia 1 507 1 496 1 484 522 400 286 218 187 125

Ukraine 6 632 6 273 6 390 6 057 4 363 2 406 572 544 494

Russia & Ukraine 8 139 7 769 7 874 6 579 4 763 2 692 790 731 619


Group 27 132 26 573 26 017 22 504 18 778 12 767 6 354 4 741 3 989

Impaired loans, total net

Retail 215 -10 364 50 158 218 504 0 0

Large Corporates & Institutions -7 -65 -88 4 -133 -173 -92 0 0

Estonia 2 173 2 074 2 212 2 381 2 211 1 732 1 215 548 293

Latvia 6 091 5 568 6 055 6 278 6 064 3 911 1 496 1 098 376

Lithuania 2 908 3 144 3 028 3 880 2 411 1 499 694 49 -108

Baltic Banking 11 172 10 786 11 295 12 539 10 686 7 142 3 405 1 695 561

Russia 1 050 885 754 138 227 0 0 0 0

Ukraine 3 157 2 159 1 790 535 -59 -33 411 210 223

Russia & Ukraine 4 207 3 044 2 544 673 168 -33 411 210 223

Shared Services and Group Staffs 0 0 0 0 0 0 -4 -4 -4

Group 15 587 13 755 14 115 13 266 10 879 7 154 4 224 1 797 403

Impaired loansQ2, 2010

5B5B5B5B5B5B

57

Provision ratio Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

for impaired loans, % 2010 2010 2009 2009 2009 2009 2008 2008 2008

Retail 48 51 44 42 41 36 37

Large Corporates & Institutions 70 72 76 94 89 85 69

Estonia 49 47 46 40 38 35 28 27 26

Latvia 50 49 46 39 34 24 21 19 22

Lithuania 56 55 52 32 23 24 18 29 35

Baltic Banking 52 51 48 37 32 27 23 23 26

Russia 51 53 55 48 17 14 43 5 6

Ukraine 60 64 64 63 29 35 46 57 57

Russia & Ukraine 58 62 62 62 28 33 45 47 50

Group 54 54 52 44 33 30 30 33 36

Total provision ratio

for impaired loans, %

(including portfolio provisions)

Retail 88 101 82 98 93 90 76

Large Corporates & Institutions 101 106 108 100 125 144 129

Estonia 62 62 60 55 54 53 52 63 73

Latvia 56 58 55 53 49 50 51 41 62

Lithuania 62 60 61 44 53 51 51 93 127

Baltic Banking 59 60 57 51 51 51 51 58 77

Russia 59 63 66 79 64 100 100 100 100

Ukraine 68 74 78 92 101 101 58 72 69

Russia & Ukraine 66 72 76 91 97 101 66 78 74

Group 64 66 65 63 63 64 60 73 91

Share of impaired loans, gross, %

Retail 0.22 0.20 0.25 0.27 0.29 0.28 0.26

Large Corporates & Institutions 0.26 0.32 0.30 0.21 0.16 0.11 0.09

Estonia 8.52 7.59 7.11 6.83 5.66 3.93 2.58 1.70 1.27

Latvia 27.22 24.79 22.72 21.78 17.88 11.15 4.29 2.82 1.58

Lithuania 17.60 17.18 15.32 13.03 8.62 4.84 2.14 1.15 0.73

Baltic Banking 16.81 15.50 14.23 13.26 10.32 6.40 2.97 1.89 1.21

Russia 20.90 19.83 18.13 4.51 3.99 1.69 1.29 1.40 1.12

Ukraine 64.37 56.75 53.46 42.54 23.99 12.02 4.97 3.84 4.37

Russia & Ukraine 44.98 40.25 37.69 24.06 14.64 7.25 3.28 2.85 3.05

Group 2.90 2.89 2.85 2.53 2.09 1.39 0.74 0.47 0.31

Share of impaired loans, net, %

Retail 0.12 0.10 0.14 0.16 0.17 0.18 0.16

Large Corporates & Institutions 0.08 0.09 0.07 0.01 0.02 0.02 0.03

Estonia 4.58 4.22 4.01 4.28 3.63 2.61 1.89 1.26 0.95

Latvia 16.05 14.64 13.97 15.11 12.97 9.01 3.46 2.32 1.24

Lithuania 8.67 8.57 8.10 9.38 6.92 3.76 1.77 0.83 0.48

Baltic Banking 9.04 8.42 8.08 8.95 7.38 4.85 2.31 1.46 0.91

Russia 11.66 10.62 9.31 2.45 3.40 1.48 0.74 1.34 1.07

Ukraine 45.18 35.17 33.13 25.66 22.41 8.86 2.78 1.69 1.92

Russia & Ukraine 26.55 21.66 20.05 11.75 12.33 5.25 1.83 1.54 1.57

Group 1.36 1.35 1.39 1.45 1.42 0.98 0.52 0.32 0.20

Share of impaired loans, total net, %

(including portfolio provisions)

Retail 0.03 0.00 0.04 0.01 0.02 0.03 0.06

Large Corporates & Institutions 0.00 -0.02 -0.02 0.00 -0.04 -0.05 -0.03

Estonia 3.41 3.02 3.01 3.19 2.69 1.88 1.27 0.63 0.34

Latvia 14.07 12.07 11.73 11.63 9.97 5.86 2.14 1.69 0.61

Lithuania 7.48 7.63 6.64 7.71 4.28 2.45 1.07 0.09 -0.20

Baltic Banking 7.63 6.89 6.59 6.98 5.34 3.23 1.47 0.80 0.28

Russia 9.79 8.43 6.94 0.98 1.48 0.00 0.00 0.00 0.00

Ukraine 36.82 25.14 20.09 5.67 -0.43 -0.19 2.14 1.10 1.40

Russia & Ukraine 21.79 15.94 12.87 2.86 0.58 -0.10 1.15 0.65 0.83

Group 1.08 1.01 1.02 0.95 0.78 0.50 0.30 0.13 0.03

Impaired loansQ2, 2010

6B6B6B6B6B6B

58

Loans past due Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2010 2010 2009 2009 2009 2009 2008 2008 2008

31 to 60 daysEstonia 642 988 782 933 1 269 1 410 1 291 666 685Latvia 807 866 1 178 1 704 2 093 2 356 2 542 910 504

Lithuania 832 1 135 673 1 152 1 343 2 966 1 174 646 548

Baltic Banking 2 281 2 989 2 633 3 789 4 705 6 732 5 007 2 222 1 737

Russia 100 143 34 174 407 70 81 3 0

Ukraine 174 1 266 670 1 205 810 562 308 88 97

Russia & Ukraine 274 1 409 704 1 379 1 217 632 389 91 97

Over 60 days

Estonia 4 576 4 119 4 438 4 580 4 481 3 425 2 239 1 181 735

Latvia 9 523 10 248 11 012 9 435 8 497 6 401 2 280 1 289 820

Lithuania 5 705 4 630 4 711 5 080 4 584 2 352 1 341 536 354

Baltic Banking 19 804 18 997 20 161 19 095 17 562 12 178 5 860 3 006 1 909

Russia 1 811 1 590 932 922 479 130 44 36 0

Ukraine 7 454 5 476 5 866 4 573 4 304 2 043 983 754 717

Russia & Ukraine 9 265 7 066 6 798 5 495 4 783 2 173 1 027 790 717

Loans past due ratio (over 60 days) %

Estonia 6.79 5.71 5.78 5.91 5.28 3.63 2.30 1.33 0.85

Latvia 18.63 19.00 18.67 15.47 12.75 9.05 3.19 1.96 1.31

Lithuania 13.06 10.08 9.36 9.51 7.77 3.76 2.05 0.91 0.64

Baltic Banking 12.18 11.01 10.80 9.92 8.31 5.33 2.49 1.41 0.93

Russia 14.80 13.25 7.56 6.30 3.05 0.77 0.26 0.27 0.00

Ukraine 49.02 36.86 38.34 29.51 23.99 10.34 4.98 3.84 4.37

Russia & Ukraine 33.76 26.31 24.59 18.23 14.20 5.92 2.80 2.39 2.60

Loans past dueQ2, 2010

7B7B7B7B7B7B

59

Interest bearing securities

Banks & other

financial

institutions

Government &

municipalities

Other non-

financial

companies Total

SEKm

Austria 13 13

Belgium 2 339 21 2 360

Bulgaria 11 11

Croatia 24 24

Czech Republic 67 163 229

Denmark 3 715 718

Estonia 45 193 237

Finland 253 220 473

France 111 3 521 23 3 655

Germany 410 386 5 801

Greece 53 53

Hungary 95 95

Ireland 104 25 129

Italy 9 170 179

Latvia 11 66 76

Lithuania 31 1 321 1 352

Luxembourg 969 969

Netherlands 651 2 508 3 159

Norway 3 290 5 933 1 263 10 486

Poland 562 562

Portugal 28 28

Romania 48 48

Slovakia 94 94

Spain 9 33 42

Sweden 52 103 123 255 7 177 182 535

United Kingdom 5 057 5 5 062

United States 1 863 316 2 179

Total 64 873 141 311 9 385 215 569

Sweden

Interest bearing securitiesQ2, 2010

0B0B0B0B0B0B

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

Banks & other financial institutions

Government & municipalities

Other non-financial companies

SEKm

Other countries

Sweden

60

Group Executive Committee

Michael Wolf, Marie Hallander Larsson

President and CEO Head of Group Human Resource

Thomas Backteman Catrin Fransson

Head of Corporate Affairs Head of Retail

Håkan Berg Cecilia Hernqvist (Secretary)

Head of Baltic Banking Head of Group Legal

Göran Bronner Erkki Raasuke

Chief Risk Officer Chief Financial Officer

Stefan Carlsson Annika Wijkström

Head of Large Corporates & Institutions Head of Russia & Ukraine

Magnus Gagner Geeber Helena Nelson (adjunct)

Head of Large Corporates Head of Group Compliance

RatingSwedbank Swedbank Covered bonds

30 June 2010 Mortgage

Standard & Poor's

Short A-1 S A-1 S

Long A S AAA

Moody's

Short P-1 S P-1 S

Long A2 S A2 S Aaa

Financial strength (BFSR) D+

P=positive outlook, S=stable outlook, N=negative outlook

On 22 June Moody's affirmed Swedbank's ratings of "A2" long-term and "P-1" short-term, as well as its financial

strength rating of "D+". The outlook was changed from negative to stable mainly due to improved capital and access

to funding and the stabilisation of the Baltic exposure. The ratings incorporate Swedish state support.

The wholly owned subsidiary Swedbank Mortgage’s rating was confirmed as well, with its outlook changed from

negative to stable based on support from the parent company’s rating. Otherwise, its long-term rating was left unchanged

at “A2” and its short-term rating at "P-1".

During the quarter the rating institute Standard & Poor's left Swedbank’s long-term rating of “A” and its short-term

rating of “A-1” unchanged with a stable outlook. The ratings incorporate Swedish state support.

On 30 June Moody's withdrew its ratings of Swedbank AS in Estonia based on a request from the bank.

Organisation, Management and RatingQ2, 2010

Group operational structure

8B8B8B8B8B8B

President and CEO

RetailLarge Corporates

& Institutions

Russia &

Ukraine

Asset

Management

Baltic

BankingEktornet

61

% Shareholders, 30 June 2010

Folksam 7.8

Savings banks 7.6

Swedbank Robur funds 4.6

Svensk Exportkredit AB 3.3

AMF Insurance & Funds 3.1

Alecta 3.0

Savings bank foundations 2.8

Skandia Life Insurance 2.5

Swedbank profit-sharing funds 1.9

AFA Insurance 1.9

Nordea Funds 1.5

Other international investors 25.9

Other Swedish institutions 21.1

Swedish general public 13.0

Total 100.0

Number of shareholders:

Source: SIS Ägarservice

Data per share Q2 Q1 Q4 Q3 Q2 Q1 Q4 1) Q3 Q2

SEK 2010 2010 2009 2009 2009 2009 2008 2008 2008

Earnings 1.36 0.46 -1.83 -3.57 -2.16 -3.59 2.90 3.81 5.56

Equity 78.48 77.04 77.33 99.15 104.71 107.05 111.54 141.68 135.81

Price, end of period 72.55 74.10 71.00 66.50 44.90 27.50 44.40 87.75 116.50

Price/Equity, % 92 96 92 67 43 26 40 62 86

Changes in subscribed capital

Year Transaction Par value/

share

1997 New issue 20

New issue 20

1999 Bonus issue 20

2004 Share repurchase 20

2005 New issue 20

2006 Cancellation of repurchased shares 20

2006 New issue 21

2008 1) New issue 21 16 234

2009

Conversion of

Preference shares to

Ordinary shares 16 234

2009 New issue 21

2010

Conversion of

Preference shares to

Ordinary shares 24 351

1) Including total subscribed capital.

257 686 706

386 530 059

-38 050 112 773 060 11838 050 112

1 159 590 177

12 362 751 -12 362 751 1 159 590 177

10 556

10 606

10 307

10 823

24 351

Shareholders and share dataQ2, 2010

Shareholders, 30 June 2010

outstanding

no. of shares

Ordinary Preference

339 811

No. of

shares

Change in

Share capital

SEKm

7 018

7 038

72 717 269

974 591

773 060 118

512 871 312

515 373 412

515 373 412

515 373 412

175 936 281

-14 937 531

2 502 100

350 897 971

351 872 562

527 808 843 10 556

Savings banks; 7.6%

Swedish general public;

13.0%

International investors;

25.9%

Savings banks foundations;

2.8%

Swedish institutional investors;

42.9%

Folksam; 7.8%

0

10

20

30

40

50

60

70

80

SWEDBANK - share price 1 January 2009 - 30 June 2010

OMX-30

Swedbank PREF

Swedbank A

SEK

9B9B9B9B9B9B

62

Capital adequacy ratio Interest fixing period

The capital base in relation to risk-weighted assets. Contracted period during which interest on an asset or liability

is fixed.

Capital base

The sum of Tier 1 (primary) and Tier 2 (supplementary) capital. Loan/Deposit ratio

To obtain the capital base for capital adequacy purposes, deduction is Lending to the public excluding Swedish National Debt Office and

made for capital contributions in insurance companies. repurchase agreements, in relation to, deposit to the public excluding

Swedish National Debt Office and repurchase agreements.

Capital quotient

The capital base in relation to the capital requirement. Net interest margin

Net interest income in relation to average total assets.

Cash flow per share

Cash flow for the period in relation to the weighted average number of Maturity

shares outstanding during the period, rights issue adjustment factor included.

maturity date.

Core Tier 1 capital

Tier 1 capital excluding hybrid capital. Portfolio provisions

An interim step to individual provisions. The provisions are related to

Core Tier 1 capital ratio a loss event within a group of exposures with similar credit risk

Core Tier 1 capital in relation to risk-weighted assets. characteristics. A loss event has taken place but the impact can not yet be

connected to an individual exposure. The impact of the loss

Cost/income ratio event can be reliably calculated on a group of exposures.

Expenses in relation to income.

Provision ratio for individually identified impaired loans

Credit Impairment Individual provisions in relation to impaired loans, gross.

Established and probable losses for the year less recoveries

Return on equity

discharging guarantees and other contingent liabilities. Profit for the period allocated to shareholders in relation

Credit Impairment ratio

Credit impairment on loans and other credit risk provisions, net, in Return on total assets

relation to the opening balance of loans to credit institutions Profit for the period in relation to average total assets.

and loans to public.

Risk-weighted assets

Duration Capital requirement for credit risk, market risk and operational

The average weighted maturity of payment flows calculated at risk according to the capital adequacy rules multiplied by 12.5

present value and expressed in number of years.

Share of impaired loans, gross

Earnings per share after dilution Carrying amount of impaired loans, gross, in relation to the carrying

Profit for the period allocated to shareholders in relation to the amount of loans to credit institutions and the public excluding provisions.

weighted average number of shares outstanding during the period,

rights issue adjustment factor included, adjusted for the dilution Share of impaired loans, net

effect of potential shares. Carrying amount of impaired loans, net, in relation to the carrying

amount of loans to credit institutions and the public.

Earnings per share before dilution

Profit for the period allocated to shareholders in relation to the Tier 1 capital

weighted average number of shares outstanding during the period, Shareholders' equity less proposed dividend, deduction for intangible

rights issue adjustment factor included. assets, deferred tax assets and certain other adjustments. Hybrid capital

(equity contribution and reserves) may be included in the capital base as Tier 1 capital

Equity per share with an approval from the supervisory authority.

Shareholders’ equity in relation to the number of shares outstanding.

Tier 1 capital ratio

Impaired loans Tier 1 capital in relation to risk-weighted assets.

Loans where there is, on individual level, objective evidence of a loss event,

and where this loss event has an impact on the cash flow of the exposure. Tier 2 capital

Impaired loans, gross, less individual provisions for loans assessed Fixed-term subordinated liabilities, less a certain reduction if their

individually and individual provisions for homogenous loans based on remaining maturity is less than five years, and undated subordinated liabilities.

collective assessement constitute impaired loans, net.

Total provision ratio for impaired loans

Individual provisions All provisions for loans in relation to impaired loans, gross.

Provisions for individual exposures classified as impaired.

Yield

Dividend per share in relation to the share price at end of period.

DefinitionsQ2, 2010

10B10B10B10B10B10B

63

For further information, please contact:

Thomas Backteman, Head of Group Corporate Affairs +46-8-585 933 66

Magdalena Frostling, Investor Relations +46-8-585 921 59

Sofia Svavar, Investor Relations +46-8-585 922 46

Investor Relations, fax

Investor Relations, e-mail

Investor relations on the Internet:

This presentation can be downloaded/accessed from Swedbank’s web-site.

www.swedbank.com/ir

Postal address: Visiting address:

Swedbank Brunkebergstorg 8

SE-105 34 Stockholm, Sweden Stockholm, Sweden

Financial calendar

Q3-report 2010 21 October 2010

Q4-report 2010 8 February 2011

Erkki Raasuke, CFO

Johannes Rudbeck, Head of Investor Relations

+46-8-700 83 44

[email protected]

+46-8-585 933 22

+46-8-585 913 76

Q2, 2010Contacts and financial calendar

11B11B

11A1H

11B

11A0H

11A1H

11A2H

11B

11A0H

11A1H

11A2H

11B

11A1H

11A2H

11B

64

http://kanal1.swedbank.se/webapp/personalkatalog/servlet/PersonalKatalog?action=showPerson&uid=p901ias

http://www.swedbank.com/ir

mailto:[email protected]

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