Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Q4
2015
Q3
2015
Full-year
2015
Full-year
2014
Total income
9 457
9 234
37 624
39 304
-4
5 759
5 811 -1
22 993
22 642
Total expenses
4 239
3 879
16 333
17 602
-7
5 218
5 355 -3
21 291
21 702
-2
254
254
Credit impairments
399
594
419
Tax expense1)
974
1 012 -4
4 625
4 301
3 813
3 928 -3
15 727
16 447
-4
130
3.44
3.51
14.13
14.81
12.6
13.5
13.5
15.0
C/I-ratio
0.45
0.42
0.43
0.45
24.1
23.0
24.1
21.2
0.11
0.04
0.04
0.03
1)
Page 1 of 58
42
CEO Comment
Our most important priorities in 2015 were to further
improve customer value, increase efficiency and
integrate Sparbanken resund. Our entire organisation
has worked wholeheartedly to ensure our long-term
competitive strength by focusing on these priorities, and
it has produced results.
Satisfaction among our Swedish private customers, our
largest customer group, has improved. To meet growing
requirements in terms of service and functionality, we
have focused on creating an organisation around our
customers that makes us more effective and
responsive. During the year we launched several digital
solutions.
We cut our costs by about SEK 1.3bn, thanks in large
part to one-off expenses that arose in connection with
the acquisition of Sparbanken resund in the previous
year, but also through other efficiency improvements.
I am extremely proud of my colleagues and what we
have accomplished together, however we have a lot of
work ahead of us as constant change is required in a
changing world.
Global economic growth remained uneven
Falling commodity prices, strong economic performance
in the US and Sweden, and continued uncertainty in
emerging economies distinguished the fourth quarter.
This led to forecast revisions and high market volatility.
The US Federal Reserve raised its benchmark rate for
the first time since 2006. The Riksbank maintained the
repo rate at a negative level of -0.35 per cent.
Michael Wolf
President and CEO
Page 2 of 58
Table of contents
Page
Financial summary
Overview
Market
Important to note
Result
Result
Volume trend
Operational risks
Ratings
Other events
10
10
Business segments
Swedish Banking
11
Baltic Banking
13
15
17
Eliminations
18
Product areas
19
Financial information
Group
Income statement, condensed
25
26
Key ratios
26
27
28
29
Notes
30
Parent company
52
57
Review report
57
Contact information
58
More detailed information can be found in Swedbanks fact book, www.swedbank.com/ir, under
Financial information and publications.
Swedbank Year-end report 2015
Page 3 of 58
Financial summary
Incom e statem ent
SEKm
Q4
2015
Q3
2015
5 759
2 877
165
656
9 457
5 811
2 736
4
683
9 234
-1
5
Staff costs
Other expenses
Total expenses
Profit before im pairm ents
2 291
1 948
4 239
5 218
2 257
1 622
3 879
5 355
0
19
399
4 800
254
16
130
4 955
974
3 826
Tax expense
Profit for the period from continuing operations
Profit for the period from discontinued operations, after tax
Q4
2014
%
-1
0
-4
2
5 809
2 882
69
619
9 379
2
20
9
-3
Full-year Full-year
2015
2014
6
1
22 993
11 199
571
2 861
37 624
22 642
11 204
1 986
3 472
39 304
2
0
-71
-18
-4
2 452
1 841
4 293
5 086
-7
6
-1
3
9 395
6 938
16 333
21 291
10 259
7 343
17 602
21 702
-8
-6
-7
-2
-3
0
33
254
4 799
-42
57
0
254
72
594
20 371
1
256
419
21 026
-72
42
-3
1 012
-4
1 000
-3
4 625
4 301
3 943
-3
3 799
15 746
16 725
-6
19
-12
-11
-3
-6
-262
-98
3 814
3 932
-3
3 796
15 740
16 463
-4
3 813
3 928
-3
3 795
15 727
16 447
-4
Q4
2015
Q3
2015
Q4
2014
12.7
12.6
13.5
13.5
13.3
13.3
13.5
13.5
15.2
15.0
3.46
3.57
3.45
14.24
15.17
3.46
3.52
3.42
14.14
15.05
0.45
0.42
0.46
0.43
0.45
111.4
107.5
106.3
111.4
106.3
Loan/deposit ratio, %
184
187
201
184
201
24.1
26.9
23.0
25.7
21.2
22.4
24.1
26.9
21.2
22.4
30.3
0.11
0.40
56
159
28.9
0.04
0.35
58
135
25.5
0.07
0.41
53
120
30.3
0.04
0.40
56
159
25.5
0.03
0.41
53
120
107
104
98
107
98
31 Dec
2015
31 Dec
2014
1 371
1 325
744
123
2 149
661
117
2 121
13
5
1
389
414
-6
1)
2)
Full-year Full-year
2015
2014
The number of shares and calculation of earnings per share are specified on page 51.
NSFR according to Swedbanks interpretation of the Basel Committees new recommendation (BCBS295).
The key ratios are based on profit and shareholders equity attributable to shareholders of Swedbank.
Key ratios and text comments regarding lending and deposits relate to volumes excluding Swedish National Debt Office and repos.
Page 4 of 58
Overview
Market
Important to note
The banks total expenses for 2015 amounted to SEK
16.3bn. The intention to reduce total expenses for 2016
to SEK 16bn, which was announced in connection with
the interim report for the third quarter 2014, is
unchanged. This is a part of increasing digitisation,
which creates greater competition and price pressure
and will ensure Swedbanks continued competitiveness.
The savings consist of synergies related to the
acquisition of Sparbanken resund, lower costs due to
Swedbank Year-end report 2015
Page 5 of 58
Result
The result decreased by 3 per cent to SEK 3 813m
(3 928). The main reasons were higher expenses and
credit impairments. Income increased, however. Profit
before impairments decreased to SEK 5 218m (5 355).
Profit increased in Baltic Banking, but decreased in
Swedish Banking, LC&I and Group Functions & Other.
The return on equity decreased to 12.6 per cent (13.5).
The cost/income ratio rose to 0.45 (0.42).
Profit before
im pairm ents
by business segm ent
excl FX effects
SEKm
Sw edish Banking
Baltic Banking
Large Corporates &
Institutions
Group Functions & Other
Total excl FX effects
FX effects
Total
Q4
2015
Q3
2015
Q4
2014
3 261
1 033
3 161
945
2 888
863
956
-32
5 218
951
276
5 333
22
5 355
992
317
5 060
26
5 086
5 218
Full-year 2015
Compared with full-year 2014
Result
The result for the year decreased by 4 per cent to
SEK 15 727m (16 447), mainly due to lower net gains
and losses on financial items at fair value and a one-off
tax expense in the second quarter 2015. Income and
expenses both decreased. Changes in exchange rates
Swedbank Year-end report 2015
Page 6 of 58
Full-year Full-year
2015
2014
SEKm
12 564
3 806
11 933
3 693
631
113
4 141
780
21 291
4 337
1 780
21 743
-41
21 702
-196
-1 000
-452
41
-411
21 291
Volume trend
Total lending to the public, excluding repos and the
Swedish National Debt Office, increased by 3 per cent
to SEK 1 371bn (1 325). Lending to mortgage
customers in Sweden increased by SEK 35bn in 2015 to
SEK 675bn, of which SEK 7bn in the fourth quarter.
Swedbanks market share of net growth was 18.9 per
cent during the first eleven months of the year,
Swedbank Year-end report 2015
Page 7 of 58
Page 8 of 58
Full-year Full-year
2015
2014
482
-172
34
-228
22
246 96
-186 -8
-31
-106
-49
284
0
594
381 -25
-22
419 42
Operational risks
The banks direct losses attributable to operational risks
remained low in the fourth quarter. During the quarter
there were a few disruptions in banks IT environment,
but they had only a limited effect on customers.
The cyberthreats identified during the quarter targeted
the bank directly as well as our customers and mainly
involved access disruptions and fraud in various forms.
Swedbank is working actively to minimise these threats
through protective measures and industry-wide
collaborations, including through the Swedish Bankers
Association.
During the second quarter Swedbank applied to the
SFSA to use the Advanced Measurement Method
(AMA) to calculate operational risks. During the fourth
quarter the Basel Committee announced that AMA will
be replaced in 3 to 5 years with an expanded
standardised method. In light of this, the bank has not
yet made a decision whether to pursue the application.
100
3.7
0.8
95
-2.9
90
93.9
93.0
-0.7
87.9
85
80
75
70
65
60
Ratings
55
Page 9 of 58
50
Incr ease
Decrease
SEKbn
420
414.2
410
404.2
400
-5.3
-0.2
-3.1
-2.1
390
389.1
-0.3
-3.8
Other events
On 1 October Sparbanken resund AB and Swedbank
AB (publ) were merged. As a result, Swedbank took
over Sparbanken resund ABs role as issuer of
outstanding bond and subordinated loans.
-0.3
380
370
360
Incr ease
Decrease
Page 10 of 58
Swedish Banking
Income statement
SEKm
Q4
2015
Q3
2015
Q4
2014
3 560
1 762
83
155
221
5 781
3 404
1 717
64
201
187
5 573
5
3
30
-23
18
4
3 301
1 790
80
94
243
5 508
8
-2
4
65
-9
5
13 435
7 176
264
862
814
22 551
13 350
6 939
230
980
1 179
22 678
1
3
15
-12
-31
-1
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before im pairm ents
824
27
1 644
25
2 520
3 261
861
42
1 483
26
2 412
3 161
-4
-36
11
-4
4
3
917
59
1 614
30
2 620
2 888
-10
-54
2
-17
-4
13
3 487
157
6 237
106
9 987
12 564
4 034
211
6 410
91
10 746
11 932
-14
-26
-3
16
-7
5
Credit impairments
Operating profit
347
2 914
35
3 126
-7
147
2 741
482
12 082
246
11 686
96
3
Tax expense
Profit for the period
Profit for the period attributable to the
shareholders of Sw edbank AB
595
2 319
666
2 460
-11
-6
565
2 176
5
7
2 548
9 534
2 392
9 294
7
3
2 318
2 456
-6
2 176
9 521
9 280
-75
13
14
-7
18.2
235
0.13
0.44
1 064
453
4 469
19.0
246
0.01
0.43
1 059
431
4 571
0
5
-2
20.0
249
0.06
0.48
1 024
412
5 008
18.5
235
0.05
0.44
1 064
453
4 469
25.5
249
0.03
0.47
1 024
412
5 008
4
10
-11
Non-controlling interests
Return on allocated equity, %
Loan/deposit ratio, %
Credit impairment ratio, %
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
Page 11 of 58
4
10
-11
Full-year Full-year
2015
2014
Sweden is Swedbanks largest market, with around 4 million private customers and more than 250 000 corporate
customers. This makes it Swedens largest bank by number of customers. Through our digital channels (Telephone Bank,
Internet Bank, Mobile Bank and iPad Bank) and branches, and with the cooperation of savings banks and franchisees, we
are always available. Swedbank is part of the local community. The banks branch managers have a strong mandate to
act in their local communities. The banks presence and engagement are expressed in various ways. A project called
Young Jobs, which has created several thousand trainee positions for young people, has played an important part in
recent years. Swedbank has 275 branches in Sweden. The various product areas are described beginning on page 19.
Swedbank Year-end report 2015
Page 12 of 58
Baltic Banking
Income statement
SEKm
Q4
2015
Q3
2015
Q4
2014
962
548
59
118
1 687
900
511
48
107
1 566
7
7
23
10
8
863
505
64
102
1 534
11
9
-8
16
10
3 558
2 052
202
476
6 288
3 496
1 956
239
416
6 107
2
5
-15
14
3
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before im pairm ents
Impairment of tangible assets
Credit impairments
Operating profit
222
18
382
32
654
1 033
3
-112
1 142
204
20
349
32
605
961
6
-2
957
9
-10
9
0
8
7
-50
3
-10
-5
-14
-3
20
-70
19
216
20
400
37
673
861
10
-10
861
33
845
75
1 426
136
2 482
3 806
8
-172
3 970
783
78
1 512
144
2 517
3 590
10
-186
3 765
8
-4
-6
-6
-1
6
-20
-8
5
183
959
132
825
39
16
128
733
43
31
1 510
2 460
565
3 200
-23
959
825
16
733
31
2 460
3 200
-23
19.3
86
-0.35
0.39
124
145
3 853
16.2
90
-0.01
0.39
129
144
3 786
-4
1
2
13.9
91
-0.04
0.44
126
138
3 920
-2
5
-2
12.3
86
-0.14
0.39
124
145
3 853
14.6
91
-0.16
0.41
126
138
3 920
-2
5
-2
Tax expense
Profit for the period
Profit for the period attributable to the
shareholders of Sw edbank AB
Return on allocated equity, %
Loan/deposit ratio, %
Credit impairment ratio, %
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
Page 13 of 58
Full-year Full-year
2015
2014
Swedbank is the largest bank by number of customers in Estonia, Latvia and Lithuania, with more than 3 million private
customers and more than 300 000 corporate customers. According to surveys, Swedbank is also the most respected
company in the financial sector. Through its digital channels (Telephone Bank, Internet Bank and Mobile Bank) and
branches, the bank is always available. Swedbank is part of the local community. Its local social engagement is
expressed in many ways, with initiatives to promote education, entrepreneurship and social welfare. Swedbank has 36
branches in Estonia, 41 in Latvia and 67 in Lithuania. The various product areas are described on page 19.
Page 14 of 58
Income statement
SEKm
Q4
2015
Q3
2015
Q4
2014
839
529
413
36
1 817
865
509
315
33
1 722
-3
4
31
9
6
890
534
434
20
1 878
-6
-1
-5
80
-3
3 428
2 025
1 891
143
7 487
3 485
2 233
1 929
121
7 768
-2
-9
-2
18
-4
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before im pairm ents
375
17
454
15
861
956
328
57
365
16
766
956
14
-70
24
-6
12
0
363
67
411
16
857
1 021
3
-75
10
-6
0
-6
1 425
228
1 629
64
3 346
4 141
1 364
288
1 644
68
3 364
4 404
4
-21
-1
-6
-1
-6
Credit impairments
Operating profit
164
792
97
859
69
-8
120
901
37
-12
284
3 857
381
4 023
-25
-4
Tax expense
Profit for the period
Profit for the period attributable to the
shareholders of Sw edbank AB
170
622
193
666
-12
-7
217
684
-22
-9
630
3 227
880
3 143
-28
3
622
666
-7
684
-9
3 227
3 143
12.9
150
0.24
0.47
182
121
1 195
13.3
177
0.14
0.44
182
103
1 205
0
17
-1
15.1
165
0.21
0.46
175
106
1 193
4
14
0
16.2
150
0.16
0.45
182
121
1 195
19.3
165
0.18
0.43
175
106
1 193
4
14
0
Page 15 of 58
Full-year Full-year
2015
2014
(SEK) was 22 per cent in 2015 (21 per cent for 2014)
and in Norway (NOK) was 15.5 per cent (18 per cent for
2014). This made Swedbank the largest player in
Sweden and the third largest in Norway. Swedbank has
gradually strengthened its position in EUR issues and its
market share grew during the year. Compared with the
third quarter net commission income rose by 4 per cent.
Increased income generated from Norwegian M&A
activity at the end of the quarter contributed positively.
Quarterly earnings from high-yield corporate bond
issues in Norway as well as preference share issues
and IPOs remained low, however. A number of sharerelated primary market transactions expected in the
fourth quarter were delayed until 2016 due to the jittery
stock market at the end of 2015.
Net gains and losses on financial items at fair value
decreased by 2 per cent compared with the previous
year but increased by 31 per cent compared with the
third quarter. After a weak previous quarter, market
conditions improved in the fourth quarter, when credit
markets stabilised. Customers remained cautious,
however, especially in Norway due to the low oil prices.
Activity in equity and FX trading was higher than in the
third quarter, which aside from seasonal variations was
due to increased volatility in the financial markets.
Total expenses decreased by 1 per cent compared with
2014. Staff costs increased as a result of additional
hirings. Compared with the previous quarter total
expenses rose by 12 per cent, mainly as a result of
Large Corporates & Institutions is responsible for Swedbanks offering to customers with revenues above SEK 2 billion
and those whose needs are considered complex due to multinational operations or a need for sophisticated financing
solutions. They are also responsible for developing corporate and capital market products for other parts of the bank and
the Swedish savings banks. LC&I works closely with customers, who receive advice on decisions that create sustainable
profits and growth. LC&I is represented in Sweden, Norway, Estonia, Latvia, Lithuania, Finland, Luxembourg, China, the
US and South Africa.
Swedbank Year-end report 2015
Page 16 of 58
Q4
2015
Q3
2015
398
17
-390
0
172
197
642
-22
-423
0
210
407
-38
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
Profit before im pairm ents
773
35
-664
85
229
-32
697
48
-705
90
130
277
11
-27
-6
-6
76
0
16
0
-48
254
10
0
13
Tax expense
Profit for the period from continuing operations
26
-74
21
-8
24
90
206
-12
-86
-11
-19
-86
0
4 376
Non-controlling interests
Full-time employees
Q4
2014
2 302
0
-413
0
1 072
2 961
-29
-52
2 964
214
-2 911
366
633
780
3 272
230
-2 727
410
1 185
1 776
-9
-7
-7
-11
-47
-56
254
64
0
462
0
246
-22
1 552
-63
525
464
1 088
-52
-3
203
-6
519
-262
826
-98
-37
-19
202
519
824
-37
0
4 367
1
4 462
0
4 376
2
4 462
-2
-18
-52
60
-47
-45
-24
757
54
-707
92
196
316
2
-35
-6
-8
17
2 572
-134
-1 785
1
759
1 413
-8
750
31
-510
-1
242
512
Full-year Full-year
2015
2014
0
23
-3
296
-29
-62
-30
-71
-2
12
-74
-70
Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings
banks. Expenses mainly relate to Group Products and Group staffs and are allocated to a large extent. The product areas are described in more detail on
page 19.
Group Functions & Other consists of centralised business support units and the product organisation Group Products.
The centralised units serve as strategic and administrative support and comprise Accounting & Finance, Communication,
Risk, IT, Compliance, Public Affairs, HR and Legal. Group Products purpose is to improve efficiency in the development
and maintenance of Swedbanks products. Group Treasury is responsible for the banks funding, liquidity and capital
planning. Group Treasury sets the prices on all internal deposit and loan flows in the Group through internal interest rates,
where the most important parameters are maturity, interest fixing period, currency and need for liquidity reserves.
Swedbank Year-end report 2015
Page 17 of 58
Eliminations
Income statement
Q4
2015
Q3
2015
0
21
0
-46
-25
0
21
0
-55
-34
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
0
0
-25
0
-25
0
0
-34
0
-34
SEKm
%
0
16
26
26
26
Q4
2014
5
22
1
-81
-53
-1
0
-57
5
-53
%
-5
43
-53
-56
-53
Full-year Full-year
2015
2014
0
80
-1
-194
-115
9
76
1
-296
-210
0
0
-115
0
-115
-1
0
-214
5
-210
Group eliminations mainly consist of eliminations of internal transactions between Group Functions and the other business segments.
Page 18 of 58
%
5
34
45
46
45
Product areas
Responsibility for the product areas rests with Group Products (GP) within Group Functions & Other. GPs role is to
increase efficiency in the development and maintenance of Swedbanks products and to ensure that the customer offering
is relevant, competitive and of high quality. This makes it a priority to harmonise, improve efficiencies and digitise the
processes for every product. The number of products will be reduced to make it easier for the banks customers while
also increasing cost efficiencies. The number of funds is being reduced and efficiencies are being achieved in the
mortgage lending process at the same time that digital availability is being improved. In mobile e-commerce new card
payment solutions are being introduced to meet increased demand for e-commerce solutions. The product areas results
are reported in several legal units and in the business segments. For more information, see below and in the business
segment descriptions.
Swedbank is a leader in many product areas - including
asset management, cards and payments, mortgage
lending and deposits to name a few. Most customers
want more digital solutions and the greater availability
they provide. Digitisation is therefore an important area
for Swedbank. The number of customers connected to
the banks digital channels and their usage continue to
rise.
Num ber of custom ers
m illion
Internet Bank
of w hich Sw eden
of w hich Baltic countries
Mobile Bank
of w hich Sw eden
of w hich Baltic countries
Mobile Bank ID, Sw eden
Teller transactions in branches
of w hich Sw eden
of w hich Baltic countries
Full-year Full-year
2015
2014
7.1
3.9
3.1
3.5
2.5
1.1
2.1
3.7
3.0
0.7
6.7
3.7
3.0
2.8
2.0
0.8
1.4
4.0
3.0
1.0
%
5
7
4
26
24
31
50
-7
0
-30
Page 19 of 58
31 Dec
2015
31 Dec
2014
733
675
55
696
639
54
5
6
0
136
124
11
502
387
59
41
1 371
134
122
10
495
381
61
37
1 325
2
2
6
1
2
-4
10
3
Page 20 of 58
31 Dec
2015
31 Dec
2014
399
313
85
345
240
69
36
744
372
289
82
289
211
62
16
661
8
8
4
19
14
11
125
13
Deposits, private
of w hich Sw eden
of w hich Baltic countries
Deposits, corporate
of w hich Sw eden
of w hich Baltic countries
of w hich other countries
Total
Total
2015
-2
76
-2
20
13
85
Of w hich
Of w hich
Robur
Total
Robur
2015 Q4 2015 Q4 2015
-17
17
-15
1
0
-14
-19
17
38
11
1
37
-5
4
1
0
0
0
Full-year Full-year
2015
2014
4 487
738
706
28
4
353
4 482
715
686
25
3
337
0
3
3
12
18
5
Full-year Full-year
2015
2014
15 749
14 733
3 565
8 634
2 209
805
537
3 663
7 478
2 209
741
643
-3
15
0
9
-17
1 503
943
559
1 271
798
473
18
18
18
Page 21 of 58
31 Dec
2015
31 Dec
2014
145
136
12
62
57
17
9
4
58
54
15
9
4
0
4
0
0
0
Full-year Full-year
2015
2014
1 999
1 495
1 439
56
504
274
230
1 872
1 488
1 435
52
385
168
216
%
7
1
0
7
31
63
6
Pay
Market factors
The payment and card areas are seeing changes in
regulations and customer behaviour. Many sectors are
reporting more sales online and through mobile
solutions. This trend is reinforced by the impact of
mobile identification (Mobile BankID) in Sweden. In
total, 2.1 million customers have one or more BankIDs,
with around 60 000 new customers signing up each
month. Shared bank services are also developing
strongly. Due to digitisation, globalisation and
deregulation, the payment area in Swedbanks home
markets is being challenged by new international
players. New regulations require banks, at a customers
request, to make their account information available to
new payment providers for certain payment and
information flows. This is placing new demands on the
banking sectors infrastructure. Regulations are also
increasing the demands on banks in terms of fee
transparency, stability, security and availability. The
authorities purpose for the regulations is to speed up
Payments development
%
11.8
5.0
6.8
10.7
4.8
5.9
11
5
15
898.5
665.5
233.0
855.5
640.0
215.5
5
4
8
75.4
50.2
25.2
47.9
24.9
23.0
57
3)
629.0
610.6
18.4
323.9
308.2
15.7
94
98
17
10
1)
%
-10
-1
-17
Cards development
Full-year Full-year
2015
2014
979
425
554
883
422
461
Page 22 of 58
Full-year Full-year
2015
2014
2 273
1 968
305
1 956
1 659
297
16
19
3
559
512
47
480
437
44
16
17
8
7.8
4.1
3.7
7.7
3.9
3.8
2
4
-1
1 450
1062
388
1322
976
346
10
9
12
Page 23 of 58
Full-year Full-year
2015
2014
3 365
1 897
895
3 312
1 796
825
2
6
9
573
691
-17
Page
25
26
Key ratios
26
27
28
29
Notes
Note 1 Accounting policies
30
30
30
31
33
34
35
36
36
Note 10 Loans
37
38
Note 12 Assets taken over for protection of claims and cancelled leases
38
38
39
40
40
40
Note 18 Derivatives
41
41
44
44
45
48
48
49
50
51
51
Parent company
Income statement, condensed
52
52
53
54
54
Capital adequacy
55
More detailed information can be found in Swedbanks fact book, www.swedbank.com/ir, under Financial information and
publications.
Swedbank Year-end report 2015
Page 24 of 58
Q4
2015
Q3
2015
Q4
2014
Interest income
Interest expenses
Net interest incom e (note 5)
8 103
-2 344
5 759
8 645
-2 834
5 811
-6
-17
-1
9 709
-3 900
5 809
-17
-40
-1
34 983
-11 990
22 993
41 052
-18 410
22 642
-15
-35
2
Commission income
Commission expenses
Net com m ission incom e (note 6)
4 198
-1 321
2 877
4 111
-1 375
2 736
2
-4
5
4 168
-1 286
2 882
1
3
0
16 583
-5 384
11 199
16 252
-5 048
11 204
2
7
0
165
571
1 986
-71
506
-313
193
464
-301
163
9
4
18
503
-329
174
1
-5
11
2 001
-1 293
708
1 889
-1 308
581
6
-1
22
155
308
9 457
201
319
9 234
-23
-3
2
93
352
9 379
67
-13
1
863
1 290
37 624
980
1 911
39 304
-12
-32
-4
Staff costs
Other expenses (note 8)
Depreciation/amortisation
Total expenses
Profit before im pairm ents
2 291
1 791
157
4 239
5 218
2 257
1 458
164
3 879
5 355
2
23
-4
9
-3
2 452
1 661
180
4 293
5 086
-7
8
-13
-1
3
9 395
6 266
672
16 333
21 291
10 259
6 625
718
17 602
21 702
-8
-5
-6
-7
-2
0
19
399
4 800
254
16
130
4 955
-3
0
33
254
4 799
-42
57
0
254
72
594
20 371
1
256
419
21 026
-72
42
-3
974
1 012
-4
1 000
-3
4 625
4 301
3 826
3 943
-3
3 799
15 746
16 725
-6
Tax expense
Profit for the period from continuing operations
Profit for the period from discontinued operations, after tax
(note 26)
69
19
Full-year Full-year
2015
2014
-12
-11
-3
-6
-262
-98
3 814
3 932
-3
3 796
15 740
16 463
-4
3 813
3 825
-12
3 928
3 939
-11
-3
-3
9
3 795
3 798
-3
0
1
15 727
15 733
-6
16 447
16 709
-262
-4
-6
-98
Non-controlling interests
of w hich profit for the period from continuing operations
of w hich profit for the period from discontinued operations
1
1
0
4
4
0
-75
-75
1
1
0
0
0
13
13
0
16
16
0
-19
-19
3.46
3.57
3.45
14.24
15.17
3.46
3.52
3.42
14.14
15.05
-0.02
-0.01
0.00
-0.01
-0.24
-0.02
-0.01
0.00
-0.01
-0.24
3.44
3.56
3.44
14.23
14.93
3.44
3.51
3.41
14.13
14.81
SEK
Earnings per share, continuing operations, SEK
after dilution
Earnings per share, discontinued operations, SEK
after dilution
Earnings per share, total operations, SEK
after dilution
Page 25 of 58
Q4
2015
Q3
2015
Q4
2014
3 814
3 932
-3
3 796
15 740
16 463
1 042
28
-236
834
755
11
-168
598
38
1 437
32
-325
1 144
-27
-13
-27
-27
3 539
88
-798
2 829
463
-9
-101
353
-1 192
841
1 920
-1 678
2 917
87
0
978
0
0
-570
0
0
-1 459
87
0
1 489
508
0
-2 320
-83
-91
0
-16
0
0
13
0
0
33
-91
0
145
-365
0
26
-75
0
-42
7
-93
7
-135
17
-29
-59
-210
124
315
-358
505
-2
-7
-2
-4
-59
Income tax
Reclassification adjustments to income statement, tax
Reclassification adjustments to income statement, profit for
the period from discontinued operations
40
39
31
-103
-55
Full-year Full-year
2015
2014
-59
%
-4
28
28
80
-65
-458
376
320
918
-59
730
1 874
-80
-508
2 321
1 335
1 688
38
4 190
4 850
-14
5 670
-26
18 061
18 151
4 189
4 846
-14
5 671
-26
18 047
18 137
-75
-1
14
14
Total
Other com prehensive incom e for the period, net of tax
Non-controlling interests
For 2015 income of SEK 2 829m (353) was recognised in other comprehensive income after tax, including
remeasurements of defined benefit pension plans in associates. The 2015 income arose primarily because market
interest rates rose from the beginning of the year. For the period as a whole interest rates were volatile and reached
very low levels soon after the first quarter ended. As of 31 December, however, the discount rate, which is used to
calculate the closing pension obligation, was raised to 3.53% from 2.29%. The markets future inflation expectations
also rose and the inflation assumption was raised to 1.63% from 1.28%. The changes in both of these assumptions
were the main reason why the defined benefit pension obligation decreased. The market value of the assets under
management for the Swedish defined benefit pension plan exceeded the obligation by SEK 1 274m.
For 2015 an exchange difference of SEK -1 678m (2 917) was recognised for the Group's foreign net investments
in subsidiaries. In addition, an exchange rate difference of SEK -136m for the Group's foreign net investments in
associates is included in Share related to associates. The losses related to subsidiaries mainly arose because the
Swedish krona appreciated against the euro. The total loss of SEK 1 814m is not taxable. Since the large part of
the Group's foreign net assets is hedged against currency risk, a gain of SEK 1 489m (-2 320) before tax arose
related to the hedging instruments.
The revaluation of defined benefit pension plans and translation of net investments in foreign operations can be
volatile in certain periods due to movements in the discount rate, inflation and exchange rates.
Key ratios
Group
Equity per share, SEK
Return on equity, continuing operations, %
Return on equity, total operations, %
Credit impairment ratio, %
Q4
Q3
Q4
2015
2015
2014
111.42
12.7
12.6
0.11
107.54
13.5
13.5
0.04
106.35
13.3
13.3
0.07
Page 26 of 58
Full-year Full-year
%
2015
2014
111.42
13.5
13.5
0.04
106.35
15.2
15.0
0.03
31 Dec
2015
31 Dec
2014
SEKm
186 312
86 418
1 413 955
1 009
165 162
153 442
11 074
5 382
86 107
13 690
8
1 981
1 662
192
1 274
14 677
6 362
148
2 148 855
113 768
113 820
1 404 507
1 291
170 680
143 319
9 931
4 924
123 202
14 319
97
2 653
1 304
638
0
10 103
6 126
615
2 121 297
72 544
-27 402
9 448
-282
-5 518
10 123
1 143
458
-37 095
-629
-89
-672
358
-446
1 274
4 574
236
-467
27 558
64
-24
1
-22
-3
7
12
9
-30
-4
-92
-25
27
-70
150 493
748 271
826 535
157 836
68 681
105
3 071
8 191
22 358
13 243
2 102
17
1 728
357
24 613
171 453
676 679
835 012
146 177
85 694
1 477
1 684
27 058
20 768
13 071
5 855
2 548
1 745
1 562
18 957
-20 960
71 592
-8 477
11 659
-17 013
-1 372
1 387
-18 867
1 590
172
-3 753
-2 531
-17
-1 205
5 656
-12
11
-1
8
-20
-93
82
-70
8
1
-64
-99
-1
-77
30
14
123 342
179
123 163
2 148 855
39
117 373
170
117 203
2 121 297
-25
5 969
9
5 960
27 558
-64
5
5
5
1
45
4
-76
1
Page 27 of 58
Shareholders'
equity
Share
capital
Non-controlling
interests
Exchange
Hedging of
Other differences,
net
contri- subsidiaries investm ents
Cash
buted
and
in foreign
flow
equity1)
associates
operations hedges
Retained
earnings
Total
equity
Total
24 904
17 275
-833
293
-139
165
109 705
Dividends
-11 133
-11 133
-9
-11 142
459
459
459
16
16
16
50
50
50
-32
-32
-32
166
166
166
3 397
-2 094
34
16 800
18 137
14
18 151
16 447
16 447
16
16 463
353
3 397
-2 094
34
24 904
17 275
2 564
-1 801
-105
1 690
-2
1 688
170
117 373
24 904
17 275
2 564
-1 801
-105
170
117 373
Dividends
-12 539
-12 539
-5
-12 544
413
413
413
-42
-42
-42
63
63
63
33
33
33
-8
-8
-8
-7
-7
-7
-1 728
1 097
122
18 556
18 047
14
18 061
15 727
15 727
13
15 740
-1 728
1 097
122
2 829
2 320
2 321
17 275
836
-704
17
179
123 342
Page 28 of 58
Full-year
2015
Full-year
2014
20 371
-6
74
-4 660
27 173
-17 976
4 820
76 381
-19 342
30 492
-46 395
70 932
21 026
-262
-555
-5 494
-26 662
-115 813
12 925
34 957
45 468
-41 353
84 693
8 930
0
245
-10
-3 021
516
-2 270
-2 918
-590
-814
-1 111
362
-5 071
229 220
-132 963
941 257
-1 019 742
-12 544
5 228
114 936
-139 976
730 879
-646 040
-11 138
48 661
73 890
52 520
113 768
73 890
-1 346
186 312
59 382
52 520
1 866
113 768
Operating activities
Operating profit
Profit for the period from discontinued operations
Adjustments for non-cash items in operating activities
Taxes paid
Increase/decrease in loans to credit institutions
Increase/decrease in loans to the public
Increase/decrease in holdings of securities for trading
Increase/decrease in deposits and borrow ings from the public including retail bonds
Increase/decrease in amounts ow ed to credit institutions
Increase/decrease in other assets
Increase/decrease in other liabilities
Cash flow from operating activities
Investing activities
Business combinations
Business disposals
Acquisitions of and contributions to associates
Acquisitions of other fixed assets and strategic financial assets
Disposals/maturity of other fixed assets and strategic financial assets
Cash flow from investing activities
Financing activities
Issuance of interest-bearing securities
Redemption of interest-bearing securities
Issuance of commercial paper etc.
Redemption of commercial paper etc.
Dividends paid
Cash flow from financing activities
Cash flow for the period
Cash and cash equivalents at the beginning of the period
Cash flow for the period
Exchange rate differences on cash and cash equivalents
Cash and cash equivalents at end of the period
During the first half-year 2014 Sparbanken resund AB was acquired for SEK 2 938m. Acquired cash and cash
equivalents amounted to SEK 20m. In connection with the acquisition a number of bank branches were sold to
Sparbanken Skne AB. The proceeds, together with payment of the net debt assumed by the acquirer,
amounted to a cash disbursement of SEK 913m.
Page 29 of 58
Tax
For the parent companys Estonian subgroup,
Swedbank AS, income taxation is triggered only if
dividends are paid. The parent company determines the
dividend payment and has established a specific
dividend policy that a portion of the profit will be
distributed; therefore a deferred tax liability is
recognised based on this dividend policy. During the
second quarter 2015 the decision was taken by the
parent company to take an extra dividend of SEK
3 695m, which generated a tax expense of SEK 929m.
Further dividends are not expected to the paid in the
foreseeable future and the Group continues not to
recognise a deferred tax liability on undistributed profits.
If the largest possible dividend were to be distributed,
the Group would face an estimated tax charge of
SEK 2 589m.
Page 30 of 58
S we dis h
La rge
G ro up
B a lt ic C o rpo ra t e s &
F unc t io ns
B a nk ing
B a nk ing
Ins t it ut io ns
G ro up
13 435
3 558
3 428
2 572
22 993
7 176
2 052
2 025
-134
80
11199
264
202
1891
-1785
-1
571
862
863
Other inco me
T o t a l inc o m e
o f which internal inco me
Staff co sts
Variable staff co sts
Other expenses
Depreciatio n/amo rtisatio n
T o t a l e xpe ns e s
814
476
143
759
-194
1998
22 551
6 288
7 487
1 4 13
- 115
37 624
175
116
358
-649
3 487
845
1425
2 964
8 721
157
75
228
214
674
6 237
1426
1629
-2 911
-115
6 266
106
136
64
366
672
9 987
2 482
3 346
633
- 115
16 3 3 3
P ro f it be f o re im pa irm e nt s
12 5 6 4
3 806
4 14 1
780
21 291
254
254
64
72
Credit impairments
482
-172
284
594
O pe ra t ing pro f it
12 0 8 2
3 970
3 857
462
20 371
Tax expense
2 548
1510
630
-63
4 625
9 534
2 460
3 227
525
15 746
-6
-6
9 534
2 460
3 227
519
15 740
9 521
2 460
3 227
5 19
15 7 2 7
13
13
186
179
42
277
10
-243
86
1064
125
218
1414
34
133
-3
165
153
-3
153
Derivatives
92
44
-50
86
10
16
Other assets
27
27
686
-708
38
1 270
16 8
653
1 065
-1 007
2 14 9
87
200
100
-237
150
458
145
121
30
-6
748
T o tal assets
A mo unts o wed to credit institutio ns
Depo sits and bo rro wings fro m the public
Debt securities in issue
Financial liabilities fo r which custo mers bear inv. risk
Derivatives
Other liabilities
Subo rdinated liabilities
T o t a l lia bilit ie s
A llo cated equity
17
819
-9
827
155
158
88
31
-50
69
519
208
27
-705
49
25
25
1 2 19
14 8
634
1 032
-1 007
2 026
20
19
33
123
1 270
16 8
653
1 065
-1 007
2 14 9
18.5
12.3
16.2
2.1
0.0
13.5
18.5
12.3
16.2
2.1
0.0
13.5
Co st/inco me ratio
0.44
0.39
0.45
0.45
0.00
0.43
0.05
-0.14
0.16
0.00
0.00
0.04
235
86
150
184
1064
124
182
1371
453
145
121
25
744
183
74
112
20
389
4 469
3 853
1195
4 376
13 893
51
Key figures
Lo ans, SEKbn
Page 31 of 58
F ull- ye a r
2 0 14
S E Km
S we dis h
La rge
G ro up
B a lt ic C o rpo ra t e s &
F unc t io ns
B a nk ing
B a nk ing
Ins t it ut io ns
G ro up
13 350
3 496
3 485
2 302
22 642
6 939
1956
2 233
76
11204
230
239
1929
-413
1986
980
980
1179
416
121
1072
-296
2 492
22 678
6 10 7
7 768
2 961
- 2 10
39 304
188
113
-510
209
4 034
783
1364
3 272
-1
211
78
288
230
807
6 410
1512
1644
-2 727
-214
6 625
Other inco me
T o t a l inc o m e
o f which internal inco me
Staff co sts
Variable staff co sts
Other expenses
91
9 452
144
68
410
718
10 7 4 6
2 5 17
3 364
1 18 5
- 2 10
17 6 0 2
P ro f it be f o re im pa irm e nt s
11 9 3 2
3 590
4 404
1 776
21 702
10
246
256
Credit impairments
246
-186
O pe ra t ing pro f it
11 6 8 6
3 765
381
4 023
-22
419
1 552
21 026
Tax expense
2 392
565
880
464
4 301
9 294
3 200
3 143
1088
16 725
-262
-262
9 294
3 200
3 143
826
16 463
9 280
3 200
3 14 3
824
16 4 4 7
14
16
114
106
58
300
162
-406
114
1023
126
240
16
1405
60
115
-5
171
142
-2
143
Derivatives
123
68
-68
123
11
17
Other assets
20
19
672
-688
29
1 235
16 4
747
1 14 4
- 1 16 9
2 12 1
93
234
215
-371
171
416
139
118
15
-11
677
T o tal assets
A mo unts o wed to credit institutio ns
Depo sits and bo rro wings fro m the public
Debt securities in issue
Financial liabilities fo r which custo mers bear inv. risk
Derivatives
Other liabilities
Subo rdinated liabilities
T o t a l lia bilit ie s
A llo cated equity
15
826
-9
835
143
146
119
35
-68
86
529
241
10
-710
70
19
19
1 18 3
14 3
727
1 12 0
- 1 16 9
2 004
20
24
117
1 235
16 4
747
1 14 4
- 1 16 9
2 12 1
25.5
14.6
19.3
3.1
0.0
15.2
25.5
14.6
19.3
2.3
0.0
15.0
Co st/inco me ratio
0.47
0.41
0.43
0.40
0.00
0.45
0.03
-0.16
0.18
-0.47
0.00
0.03
249
91
165
201
1024
126
175
1325
412
138
106
661
185
81
124
24
414
5 008
3 920
1193
4 462
14 583
52
21
Key figures
Lo ans, SEKbn
Page 32 of 58
Q4
2015
Q3
2015
87
7 832
207
-85
198
8 239
62
8 113
251
59
247
8 732
40
-3
-18
136
8 103
Q4
2014
-10
-19
658
38 741
2 274
-199
764
42 238
-50
-14
-46
-86
21
-16
411
9 709
-67
-17
625
34 983
1 186
41 052
-47
-15
19
-40
-37
-13
-79
-559
-175
-3 982
22
-69
-44
-19
-325
-1 256
-563
-14 369
-479
-3 191
-604
-16 901
-32
-61
-7
-15
0
-279
1 752
-208
-188
-2 826
-3
-11
-29
-29
-17
0
-124
902
-244
-211
-4 086
74
-39
-37
-43
0
-1 041
5 688
-748
-681
-12 051
-31
-671
2 866
-695
-616
-19 071
55
98
8
11
-37
2
-2 344
8
-2 834
-75
-17
-186
-3 900
-40
-61
-11 990
-661
-18 410
-91
-35
5 759
5 811
-1
5 809
-1
22 993
22 642
1.02
1.01
1.01
1.13
87
8 645
56
-6
-96
-174
-98
-3 221
-81
-289
-155
-3 721
0
-270
1 567
-148
-133
-2 342
329
33 144
1 237
-27
925
35 608
Interest expenses
Amounts ow ed to credit institutions
Deposits and borrow ings from the public
of w hich deposit guarantee fees
Debt securities in issue
of w hich commissions for government
guaranteed funding
Subordinated liabilities
Derivatives
Other
of w hich government stabilisation fund fee
Total interest expenses
of w hich interest income reported in net gains and
losses on financial items at fair value
Interest expense according to incom e statem ent
40
-16
-52
-20
-6
62
9 298
431
109
220
10 120
Full-year Full-year
2015
2014
Page 33 of 58
1.13
Q4
2015
Q3
2015
Q4
2014
Full-year Full-year
2015
2014
466
1 265
120
1 465
161
114
64
250
57
19
55
23
139
4 198
426
1 321
121
1 362
163
112
49
251
53
39
59
20
135
4 111
9
-4
-1
8
-1
2
31
0
8
-51
-7
15
3
2
476
1 157
123
1 443
120
154
160
200
58
55
73
21
128
4 168
-2
9
-2
2
34
-26
-60
25
-2
-65
-25
10
9
1
1 729
4 861
498
5 750
661
621
246
1 020
227
141
256
78
495
16 583
1 793
4 451
493
5 683
503
666
466
956
218
154
301
79
489
16 252
-4
9
1
1
31
-7
-47
7
4
-8
-15
-1
1
2
-273
-605
-4
-287
-46
-60
-22
-4
-20
-1 321
-242
-644
-4
-313
-48
-69
-18
-3
-34
-1 375
13
-6
0
-8
-4
-13
22
33
-41
-4
-252
-548
-4
-309
-47
-61
-19
-2
-44
-1 286
8
10
0
-7
-2
-2
16
100
-55
3
-1 029
-2 358
-16
-1 263
-194
-279
-78
-11
-156
-5 384
-998
-2 116
-16
-1 202
-218
-279
-63
-7
-149
-5 048
3
11
0
5
-11
0
24
57
5
7
2 877
2 736
2 882
11 199
11 204
Page 34 of 58
Q4
2015
Q3
2015
-57
10
374
-841
228
-58
-354
210
5
-75
-489
689
123
458
9
-2 128
2 137
-65
1 147
-1 212
13
2 130
-2 117
0
9
-7
-72
5
18
40
74
-46
57
Hedge accounting
Ineffective part in hedge accounting at fair value
of w hich hedging instruments
of w hich hedged items
Ineffective part in hedging of net investments in
foreign operations
Total hedge accounting
Loan receivables at am ortised cost
Financial liabilities valued at am ortised cost
100
72
-67
Q4
2014
183
3
46
-148
-508
5
-422
Full-year Full-year
2015
2014
367
325
672
-2 618
977
74
-528
387
305
-235
1 371
-1 008
1
516
-57
-4 527
4 470
8
8 040
-8 032
-50
0
-57
15
23
-30
194
170
-803
-2
625
-60
565
1 187
-661
526
-47
-91
7
-16
-31
-5
7
14
-106
-676
-84
135
3
138
88
8
96
53
-63
44
412
-185
227
438
124
189
1 200
753
59
165
69
571
1 986
-71
512
350
46
483
2 054
2 423
-15
-347
-346
-414
-16
-1 483
-437
165
571
1 986
-67
-39
Page 35 of 58
69
-71
Q4
2015
Q3
2015
Q4
2014
357
525
38
132
94
177
170
23
25
62
22
39
127
1 791
264
481
39
56
72
192
148
21
24
35
11
26
89
1 458
31
-8
15
10
4
77
100
50
43
23
296
478
43
91
85
194
165
22
25
66
24
35
137
1 661
21
10
-12
45
11
-9
3
5
0
-6
-8
11
-7
8
Q4
2015
Q3
2015
Q4
2014
473
-7
174
-36
-81
-12
-85
-92
-12
454
-15
123
-87
281
-137
-118
26
189
-87
-90
12
6
399
0.11
%
35
9
-3
Full-year Full-year
2015
2014
1 172
1 888
158
340
310
762
617
83
108
190
54
115
469
6 266
1 355
1 824
161
361
408
735
635
85
109
218
59
130
545
6 625
-14
4
-2
-6
-24
4
-3
-2
-1
-13
-8
-12
-14
-5
Full-year Full-year
2015
2014
Page 36 of 58
-20
-109
-206
-89
-19
49
57
31
942
-204
755
-344
25
-41
-36
702
-444
-33
-92
-132
-77
71
847
-276
-61
510
-67
-50
93
-95
954
-501
-428
25
1 808
-821
-396
591
-47
-39
8
-96
-5
130
-31
254
57
-1
594
-62
419
-98
42
0.04
0.07
0.04
0.03
Note 10 Loans
31 Dec 2015
Group
SEKm
31 Dec 2014
Loans after
provisions
Carrying
am ount
Loans before
provisions
Provisions
Loans after
provisions
Carrying
am ount
74 038
387
10 655
1 352
86 432
14
0
0
0
14
74 024
387
10 655
1 352
86 418
87 302
12 473
9 049
4 996
113 820
-15
-97
18
-73
-24
869 850
733 382
101 285
35 183
504 081
73 757
42 352
24 568
17 649
30 141
12 261
29 803
6 958
5 596
12 469
211 254
56 431
88 723
44 434
21 666
19 488
17 785
979
679
36
264
2 388
131
1 023
36
83
253
39
64
43
13
54
337
74
89
56
118
196
116
868 871
732 703
101 249
34 919
501 693
73 626
41 329
24 532
17 566
29 888
12 222
29 739
6 915
5 583
12 415
210 917
56 357
88 634
44 378
21 548
19 292
17 669
830 158
696 398
98 258
35 502
495 181
72 623
42 335
21 951
16 325
30 759
11 926
30 302
6 739
5 562
10 264
205 295
53 003
89 144
40 919
22 229
16 867
24 233
5
5
3
-2
1
1
-2
12
8
-3
2
-2
3
0
21
3
6
-1
8
-3
14
-27
1 373 931
3 367
1 370 564
1 325 339
8 726
8 726
16 556
-47
1 817
32 848
1 417 322
0
0
3 367
1 817
32 848
1 413 955
3 449
59 163
1 404 507
-47
-44
1
1 503 754
3 381
1 500 373
1 518 327
-1
Page 37 of 58
31 Dec
2015
31 Dec
2014
6 035
1 883
541
6 281
1 306
891
-4
44
-39
3 611
1 380
2 231
957
0.40
0.24
40
4 084
1 833
2 251
1 133
0.41
0.27
35
-12
-25
-1
-16
-2
-11
14
56
53
3 581
2 127
819
424
211
4 362
2 409
1 100
n.a
853
-18
-12
-26
1)
Total provision i.e. all provisions for claims in relation to impaired loans, gross.
New interval of 61-90 days as of 31 March 2015. Earlier this was reported in the interval over 60 days.
The split between the new intervals for previous periods are not available. For periods prior to 31 March 2015, the
row of which past due more than 90 days also includes the interval 61-90 days.
Note 12 Assets taken over for protection of claims and cancelled leases
Group
SEKm
Buildings and land
Shares and participating interests
Other property taken over
Total assets taken over for protection of claim s
Cancelled leases
Total assets taken over for protection of claim s
and cancelled leases
of w hich acquired by Ektornet
31 Dec
2015
31 Dec
2014
408
17
6
431
10
874
13
13
900
34
-53
31
-54
-52
-71
441
934
-53
262
778
-66
31 Dec
2015
31 Dec
2014
64
-3
-24
1
-30
25
1
35 824
235 312
271 136
Page 38 of 58
27 259
237 007
264 266
31
-1
3
31 Dec
2015
31 Dec
2014
12 010
12 010
12 344
12 344
-3
-3
617
857
-28
630
433
1 680
536
582
1 975
18
-26
-15
13 690
14 319
-4
2015
2014
Cost
Opening balance
14 668
13 701
-687
13 981
967
14 668
-5
-2 324
-1 941
20
353
-1 971
-383
-2 324
-15
Carrying am ount
12 010
12 344
-3
Page 39 of 58
31 Dec
2015
31 Dec
2014
7 704
140 462
1 508
3
816
150 493
11 159
150 435
4 112
3 839
1 908
171 453
-31
-7
-63
-100
-57
-12
31 Dec
2015
31 Dec
2014
398 718
345 268
371 877
289 034
7
19
743 986
660 911
13
1
0
4 284
748 271
1
2 965
12 802
676 679
-67
11
31 Dec
2015
31 Dec
2014
107 046
550 669
154 244
14 576
826 535
195 191
511 666
114 840
13 315
835 012
-45
8
34
9
-1
Page 40 of 58
15
39
-11
50
-1
Note 18 Derivatives
The Group trades derivatives in the normal course of business and to hedge certain positions with regard
to the value of equities, interest rates and currencies.
Nom inal am ount 30 Sep 2015
Rem aining contractual m aturity
Group
SEKm
Derivatives in fair value hedges
Derivatives in portfolio fair value
hedges
Derivatives in cash flow hedges
Derivatives in hedges of net
investment in foreign operations
Other derivatives
Gross am ount
Offset amount
Total
< 1 yr.
1-5 yrs.
> 5 yrs.
76 312
364 822
65 550
506 684
418 889
18 038
23 235
452
340
42 000
12 875
76 550
898
10 825
8 466
129 375
22 239
73 700
22 697
166
0
1
10
1 601
2 303
1 752
1 793
0
5 158 284
5 289 471
-1 365 252
3 924 219
0
3 543 784
3 986 054
-1 976 258
2 009 796
0
0
153
732 325
9 434 393 11 833 956
817 166 10 092 691 12 349 395
-305 866 -3 647 376
0
511 300
6 445 315 12 349 395
0
81 854
100 058
-13 951
86 107
0
110 915
134 161
-10 959
123 202
0
79 167
83 523
-14 842
68 681
9
94 097
97 991
-12 297
85 694
The amounts offset for derivative assets and derivative liabilities include cash collateral offsets of SEK 1 666m and SEK
775m, respectively.
Fair
value
Financial liabilities for w hich the customers bear the investment risk
Subordinated liabilities
Derivatives
Short positions securities
Other financial liabilities
Total
Non-financial liabilities
Carrying
am ount Difference
186 312
76 552
86 418
1 413 955
1 009
88 610
0
76
0
5 531
0
8
113 768
46 307
113 820
1 412 718
1 291
124 465
113 768
46 225
113 820
1 404 507
1 291
124 455
0
82
0
8 211
0
10
153 442
11 074
86 107
18 424
2 127 518
153 442
11 074
86 107
18 424
2 121 903
5 382
21 569
0
0
0
0
5 615
143 319
9 931
123 202
14 712
2 103 533
143 319
9 931
123 202
14 712
2 095 230
4 924
21 143
0
0
0
0
8 303
2 148 854
2 121 297
150 302
748 254
832 196
150 493
748 271
826 535
-191
-17
5 661
171 457
676 662
842 238
171 453
676 679
835 012
4
-17
7 226
157 836
24 627
68 681
8 191
31 597
2 021 683
157 836
24 613
68 681
8 191
31 597
2 016 217
9 297
0
14
0
0
0
5 466
146 177
18 932
85 694
27 058
30 096
1 998 314
146 177
18 957
85 694
27 058
30 096
1 991 126
12 798
0
-25
0
0
0
7 188
Total
Fair
value
186 312
76 628
86 418
1 419 486
1 009
88 618
Total
Liabilities
Financial liabilities covered by IAS 39
Amounts ow ed to credit institutions
Deposits and borrow ings from the public
Debt securities in issue
31 Dec 2014
Carrying
am ount Difference
2 025 514
Page 41 of 58
2 003 924
Group
31 Dec 2015
SEKm
Assets
Treasury bills etc.
Loans to credit institutions
Loans to the public
Bonds and other interest-bearing securities
Financial assets for w hich the customers bear
the investment risk
Shares and participating interests
Derivatives
Total
Valuation
techniques
using
observable
m arket data
(Level 2)
Valuation
techniques
using nonobservable
m arket data
(Level 3)
Total
24 650
0
0
59 213
51 434
1 739
230 976
25 479
0
0
0
0
76 084
1 739
230 976
84 692
153 442
10 908
166
248 379
0
93
85 827
395 548
0
73
114
187
153 442
11 074
86 107
644 114
0
0
1 509
816
4 447
18 914
0
0
0
816
4 447
20 423
28
8 191
9 728
157 836
68 653
0
250 666
0
0
157 836
68 681
8 191
260 394
Liabilities
Amounts ow ed to credit institutions
Deposits and borrow ings from the public
Debt securities in issue
Financial liabilities for w hich the customers bear
the investment risk
Derivatives
Short positions, securities
Total
The table above contains financial instruments measured at fair value by valuation level. The Group uses various
methods to determine the fair value for financial instruments depending on the degree of observable market data in
the valuation and activity in the market. Activity is continuously evaluated by analysing factors such as trading
volumes and differences in bid and ask prices.
The methods are divided into three different levels:
Level 1: Unadjusted, quoted price on an active market
Level 2: Adjusted, quoted price or valuation model with valuation parameters derived from an active market
Level 3: Valuation model where a majority of valuation parameters are non-observable and based on internal
assumptions.
When financial assets and financial liabilities in active markets have market risks that offset each other, an average of
bid and ask prices is used as a basis to determine the fair values of the risk positions that offset each other. For any
open net positions, bid rates are applied for long positions and ask rates for short positions.
The Group has a continuous process whereby financial instruments that indicate a high level of internal estimates or
low level of observable market data are captured. The process determines the way to calculate and how the internal
assumptions are expected to affect the valuation. In cases where internal assumptions have a material impact on fair
value, the financial instrument is reported in level 3. The process also includes an analysis and evaluation based on
the quality of the valuation data as well as whether a type of financial instrument is to be transferred between levels.
There were no transfers of financial instruments between valuation levels 1 and 2 during the quarter.
Group
31 Dec 2014
SEKm
Assets
Treasury bills etc.
Loans to credit institutions
Loans to the public
Bonds and other interest-bearing securities
Financial assets for w hich the customers bear
the investment risk
Shares and participating interests
Derivatives
Total
Liabilities
Amounts ow ed to credit institutions
Deposits and borrow ings from the public
Debt securities in issue
Financial liabilities for w hich the customers bear
the investment risk
Derivatives
Short positions, securities
Total
Valuation
techniques
using
observable
m arket data
(Level 2)
Valuation
techniques
using nonobservable
m arket data
(Level 3)
Total
32 587
0
0
75 188
13 137
17 469
340 771
47 982
0
0
0
0
45 724
17 469
340 771
123 170
143 319
9 681
5 399
266 174
0
173
117 722
537 254
0
77
81
158
143 319
9 931
123 202
803 586
0
0
17 768
5 746
16 149
31 763
0
0
0
5 746
16 149
49 531
0
6 925
27 024
51 717
146 177
78 769
34
278 638
0
0
0
0
146 177
85 694
27 058
330 355
Page 42 of 58
Changes in level 3
Assets
Group
SEKm
Equity
instrum ents Derivatives
Total
77
16
-15
0
0
0
-2
0
-3
81
0
0
-35
9
148
0
-83
-6
158
16
-15
-35
9
148
-2
-83
-9
-3
-6
-9
0
73
-47
114
-47
187
Level 3 primarily contains unlisted equity instruments and illiquid options. The options hedge changes in the
market value of hybrid debt instruments, so-called structured products. The structured products consist of a
corresponding option element as well as a host contract, which in principle is an ordinary interest-bearing
bond. When the Group determines the level on which the financial instruments will be reported, they are
measured in their entirety on an individual basis. Since the bond part of the structured products is essentially
the financial instruments fair value, the internal assumptions normally used to value the illiquid option
element do not have a material impact on the valuation. The financial instrument is thus reported on level 2.
Internal assumptions are of greater importance to individual options that hedge structured products, because
of which several are reported as derivatives on level 3. In general, the Group always hedges market risks
that arise in structured products, because of which differences between the carrying amount of assets and
liabilities on level 3 do not reflect differences in the use of internal assumptions in valuations.
Given historical movements in the underlying prices for options on level 3, it is unlikely that future price
movements will affect the market value by more than SEK +/- 36m. The corresponding pair of value changes
arises for financial instruments reported in level 2.
Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have
changed in significance to the valuation.
Changes in level 3
Assets
Group
SEKm
January-Decem ber 2014
Opening balance 1 January 2014
Purchases
Sale of assets
Transferred from Level 2 to Level 3
Transferred from Level 3 to Level 2
Gains or losses
of w hich in the income statement, net gains and losses on financial
items at fair value
of w hich changes in unrealised gains or losses
for items held at closing day
Closing balance 31 Decem ber 2014
Liabilities
Equity
instrum ents Derivatives
Page 43 of 58
Total
Derivatives
57
21
-2
3
0
-2
133
0
0
54
-128
22
190
21
-2
57
-128
20
19
0
0
0
-25
6
-2
22
20
-2
77
3
81
1
158
0
0
31 Dec
2015
31 Dec
2014
819 551
145 410
43 361
1 008 322
780 213
136 529
53 415
970 157
5
7
-19
4
Liabilities
31 Dec
31 Dec
2015
2014
31 Dec
2015
31 Dec
2014
134 805
-16 950
117 855
213 414
-14 735
198 679
-37
15
-41
88 752
-17 841
70 911
120 623
-16 073
104 550
-26
11
-32
44 698
32 614
19 915
97 227
78 707
66 997
29 717
175 421
-43
-51
-33
-45
44 698
3 041
15 653
63 392
78 707
10 844
11 907
101 458
-43
-72
31
-38
Net am ount
20 628
23 258
-11
7 519
3 092
Financial assets and liabilities, w hich have been offset or are subject to
netting or sim ilar agreem ents
Gross amount
Offset amount
Net am ounts presented in the balance sheet
The amounts offset for financial assets and financial liabilities include cash collateral offsets of SEK 1 666m and SEK
775m, respectively.
Page 44 of 58
31 Dec
2015
31 Dec
2014
123 163
54
-11 828
-1 249
31
-17
-474
-12 097
-95
-1 438
-1 089
-42
-993
93 926
10 624
104 550
13 269
117 819
3 823
20 801
4
1
858
848
117 203
46
-12 511
-692
74
103
0
-12 434
-166
-1 698
-1 599
-410
0
87 916
4 998
92 914
12 674
105 588
4 295
21 988
3
2
1 525
1 335
525
711
323
10
594
5 047
31 128
307 856
624
190
579
4 745
33 137
328 574
30
10 730
7 422
63 083
389 098
19 059
7 241
59 310
414 214
24.1
21.2
26.9
30.3
22.4
25.5
31 Dec
2015
31 Dec
2014
10.7
4.5
2.5
0.7
3.0
19.6
7.0
4.5
2.5
0.0
0.0
16.4
31 Dec
2015
31 Dec
2014
68 577
118 908
50 331
69 557
107 187
37 630
31 Dec
2015
31 Dec
2014
4)
6)
2)
3)
4)
5)
6)
104 550
92 914
2 102 284
5.0
2 066 385
4.5
Adjustment due to the implementation of EBAs technical standards on prudent valuation. The objective of these standards is to
determine prudent values of fair valued positions.
Net pension assets
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Buffer requirement according to Swedish implementation of CRD IV.
CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any CET1 items used to
meet the Tier 1 and total capital requirements.
Calculated according to applicable regulation at each respective reporting date.
Page 45 of 58
Sw edbank
Consolidated situation
Credit risk, IRB
SEKm
Institutional exposures
Corporate exposures
Retail exposures
of w hich mortgage
of w hich other
Securitisation
Non credit obligation
Total credit risks, IRB
1)
Exposure
value
31 Dec
31 Dec
2015
2014
108 019
471 163
974 908
882 979
91 929
160
62 686
1 616 936
136 263
461 567
931 884
839 420
92 464
763
75 078
1 605 555
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Page 46 of 58
Average
risk w eighting, %
31 Dec
31 Dec
2015
2014
15
35
7
5
28
8
11
16
15
37
8
6
29
11
10
17
Minim un capital
requirem ent 1)
31 Dec
31 Dec
2015
2014
1 305
13 213
5 739
3 673
2 066
1
543
20 801
1 666
13 616
6 110
4 001
2 109
7
589
21 988
Risk exposure
am ount
47 786
379
274
56
0
0
803
9 041
16 854
834
420
0
7
0
0
0
14 808
4 310
260 018
16 312
165 160
18
429
752
682
0
71 735
45 912
25 824
12
6 799
53
7
10 730
10 608
6 566
4 042
122
7 422
63 083
63 083
389 098
Minim um capital
requirem ent
3 823
30
22
4
0
0
64
723
1 348
67
34
0
1
0
0
0
1 185
345
20 801
1 305
13 213
1
34
60
55
0
5 739
3 673
2 066
1
543
4
1
858
848
525
323
10
594
5 047
5 047
31 128
Credit risks
Market risks
Page 47 of 58
Operational risk
Swedbank calculates operational risk using the standard
approach. SFSA has stated that Swedbank meets the
qualitative requirements to apply this method.
Basel 1 floor
The transition rules state that the minimum capital
requirement must not fall below 80 per cent of the
requirement according to the Basel 1 rules.
Page 48 of 58
Effect on value of assets and liabilities in SEK and foreign currency, including derivatives
if interest rates increase by 100bp, 31 Dec 2015
Group
SEKm
< 5 years
5-10 years
Sw edbank,
the Group
of w hich SEK
of w hich UVAL
Of w hich financial instrum ents at fair value
reported through profit or loss
of w hich SEK
of w hich UVAL
>10 years
Total
111
-199
63
-25
-1 005
1 116
-119
-80
21
42
-1 103
1 078
908
43
954
-254
1 162
45
-42
-29
72
-238
1 192
Group
acquisition date
20 May 2014
SEKm
Cash and balances w ith central banks
Loans to credit institutions
Loans to the public
Interest-bearing securities
Shares and participating interests
Investments in associates
Derivatives
Intangible fixed assets
Tangible assets
Other assets
Prepaid expenses and accrued income
Group of assets classified as held for sale
Total assets
20
4 461
16 331
1 973
33
60
26
205
113
219
134
10 503
34 078
2 841
11 596
2 028
49
176
1 626
947
11 417
30 679
3 398
2 938
461
Page 49 of 58
Carrying am ount
in the Group at
Group
acquisition date
20 May 2014
SEKm
Cash flow
Cash and cash equivalents in the acquired company
Acquistion cost, cash
Net
20
-2 938
-2 918
16 331
16 654
258
Full-year 2015
SEKm
Russia
Total
1
21
-20
-66
-86
104
1
21
-20
-66
-86
104
161
64
97
-349
-252
36
18
18
-24
-87
-6
Full-year 2014
Total
252
239
13
0
13
0
413
303
110
-349
-239
36
-216
13
-203
163
163
-24
-223
-223
-87
-508
-508
91
91
365
365
-28
-28
-80
-80
-6
-439
176
-262
31 Dec 2015
Group of assets classified as held for sale
Loans to the public
of w hich impaired loans, gross
of w hich individual provisions
of w hich impaired loans, net
of w hich portfolio provisions
Non-current tangible assets
Other assets
Total assets
Russia Lithuania
31 Dec 2014
Russia
18
108
-90
18
0
0
130
148
Total
18
108
-90
18
0
0
130
148
0
14
14
0
14
14
Page 50 of 58
Russia Lithuania
519
0
262
0
-178
0
84
0
-210
0
0
0
96
0
615
0
0
39
39
0
0
0
Total
519
262
-178
84
-210
0
96
615
0
39
39
31 Dec
2014
187.10
195.50
1 105 403 750 1 102 088 934
206 821
215 458
-4
0
-4
31 Dec
2015
31 Dec
2014
Repurchased shares
SWED A
-166 211
Within Sw edbank's share-based compensation programme, Sw edbank AB has during 2015 transferred 3 148
605 shares at no cost to employees.
Q4
2015
Q3
2015
Q4
2014
7 955 128
8 852 559
9 351 516
Full-year
2015
Full-year
2014
8 478 982
9 365 732
Profit, SEKm
Profit for the period attributable to shareholders of Sw edbank
3 813
3 928
3 795
15 727
16 447
3 813
3 928
3 795
15 727
16 447
3.44
3.56
3.44
14.23
14.93
3.44
3.51
3.41
14.13
14.81
Page 51 of 58
Swedbank AB
Income statement, condensed
Parent com pany
SEKm
Q4
2015
Q3
2015
3 873
-809
3 064
4 950
2 540
-866
1 674
353
396
10 437
1 827
1 277
3 750
-771
2 979
1 259
2 352
-870
1 482
80
314
6 114
1 867
1 115
1 137
4 241
6 196
1 204
4 186
1 928
134
471
5 591
Appropriations
Tax expense
Profit for the period
-88
1 304
4 375
Interest income
Interest expenses
Net interest incom e
Dividends received
Commission income
Commission expenses
Net com m ission incom e
Net gains and losses on financial items at fair value
Other income
Total incom e
Staff costs
Other expenses
Depreciation/amortisation and impairments of tangible
and intangible fixed assets
Total expenses
Profit before im pairm ents
%
3
5
3
Q4
2014
24
-54
-12
7
21 230
-6 958
14 272
22 131
9 338
-3 241
6 097
979
1 288
44 767
7 913
4 323
-25
-47
-15
-42
3
6
1
-70
-2
-27
-3
5
4 081
7 346
15 438
-72
-42
-60
4 455
16 658
16 135
4 481
16 717
28 050
-1
0
-42
0
106
1 822
1 880
241
13 317
-93
95
-58
236
658
15 241
2 193
539
25 318
-89
22
-40
-16
441
1 397
-652
2 171
11 798
-87
-40
-63
-137
1 917
13 461
-698
3 761
22 255
-80
-49
-40
Q4
2014
11 798
-63
26
71
-2
15
-6
1
-53
-43
-56
-63
-39
-58
-20
15 875
-3 702
12 173
12 918
9 575
-3 426
6 149
294
1 259
32 793
7 667
4 536
8
0
13
8 316
-1 429
6 887
13 367
4 158
-2 056
2 102
109
319
22 784
2 070
1 195
Full-year Full-year
2015
2014
Q4
2015
Q3
2015
4 375
1 397
0
-1
8
-1
-1
-8
-1
Total
Item s that m ay be reclassified to the incom e
statem ent
Cash flow hedges:
Gains/losses arising during the period
Reclassification adjustments to income statement,
net interest income
Full-year Full-year
2015
2014
13 461
22 255
8
-2
-8
1
-7
-13
-3
18
-8
0
-88
%
-40
-78
Income tax
-1
-2
-1
Total
-4
-25
-1
-4
-75
-3
4 374
1 400
11 794
-63
13 470
22 252
Page 52 of 58
-39
31 Dec
2015
31 Dec
2014
Assets
Cash and balance w ith central banks
Loans to credit institutions
Loans to the public
Interest-bearing securities
Shares and participating interests
Derivatives
Other assets
Total assets
131 859
73 802
425 095 435 979
416 482 432 879
157 412 160 021
70 325
69 970
98 300 133 703
39 595
40 150
1 339 068 1 346 504
79
-2
-4
-2
1
-26
-1
-1
-1
13
-13
-17
-37
37
0
2
-1
Pledged collateral
Other assets pledged
Contingent liabilities
Commitments
40 671
3 666
575 291
205 982
Page 53 of 58
49 462
7 053
515 934
201 188
-18
-48
12
2
Share
prem ium
reserve
Statutory
reserve
Cash flow
hedges
Retained
earnings
Total
24 904
13 206
5 968
-7
20 312
64 383
Dividend
-11 133
-11 133
-33
-33
459
459
12
12
42
42
22 248
22 252
24 904
13 206
5 968
-3
31 907
75 982
24 904
13 206
5 968
-3
31 907
75 982
Dividend
-12 539
-12 539
33
33
413
413
-34
-34
57
57
13 467
13 470
24 904
13 206
5 968
33 304
77 382
Full-year
2015
Full-year
2014
97 570
6 911
-46 424
-50 145
-399
91 907
58 057
41 363
73 802
58 057
32 439
41 363
131 859
73 802
Page 54 of 58
Capital adequacy
Capital adequacy, Parent com pany
SEKm
31 Dec
2015
31 Dec
2014
68 222
10 614
78 836
13 249
92 085
65 453
4 989
70 442
12 402
82 844
24 395
25 593
304 943
319 908
22.4
25.9
30.2
20.5
22.0
25.9
31 Dec
2015
31 Dec
2014
7.9
4.5
2.5
0.9
17.9
7.0
4.5
2.5
0.0
16.0
31 Dec
2015
31 Dec
2014
26 021
92 538
66 517
28 135
83 414
55 279
31 Dec
2015
31 Dec
2014
78 836
2 084 469
3.8
1 192 247
6.6
70 442
1 960 610
3.6
1 130 434
6.2
Leverage ratio
%
5)
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Buffer requirement according to Swedish implementation of CRD IV.
3)
CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any
CET1 items used to meet the Tier 1 and total capital requirements.
4)
Basel 1 floor based on the higher of the Basel 3 capital requirement and 80% of Basel 1 capital requirement. In the
latter case the own funds is adjusted according to CRR article 500.4.
5)
Calculated according to applicable regulation at each respective reporting date.
6)
Taking into account potential exemption according to CRR article 429.7 excluding certain intragroup exposures.
2)
Page 55 of 58
Risk exposure am ount and ow n funds requirem ent, parent com pany
31 Dec 2015
SEKm
Credit risks, STD
Central government or central banks exposures
Regional governments or local authorities exposures
Public sector entities exposures
Multilateral development banks exposures
International organisation exposures
Institutional exposures
Corporate exposures
Retail exposures
Exposures secured by mortgages on immovable property
Exposures in default
Exposures associated w ith particularly high risk
Exposures in the form of covered bonds
Items representing securitisation positions
Exposures to institutions and corporates w ith a short-term credit assessment
Exposures in the form of units or shares in collective investment undertakings
Equity exposures
Other items
Credit risks, IRB
Institutional exposures
Corporate exposures
of w hich specialized lending
Retail exposures
of w hich mortgage lending
of w hich other lending
Securitisation
Non-credit obligation
Credit risks, Default fund contribution
Settlem ent risks
Market risks
Trading book
of w hich VaR and SVaR
of w hich risks outside VaR and SVaR
FX risk other operations
Credit value adjustm ent
Operational risks
of w hich standardised approach
Total
Risk exposure
am ount
87 832
96
59
44
0
0
1 883
7 906
5 147
724
245
0
0
0
0
0
70 688
1 040
161 262
17 727
116 614
0
21 425
2 811
18 614
12
5 484
53
7
10 245
10 144
6 584
3 560
101
7 383
38 161
38 161
304 943
Minim um capital
requirem ent
7 027
8
5
4
0
0
151
632
412
58
20
0
0
0
0
0
5 655
82
12 900
1 418
9 329
0
1 714
225
1 489
1
438
4
1
820
812
527
285
8
590
3 053
3 053
24 395
Non-restricted equity
In accordance with the balance sheet of Swedbank AB, SEK 46 510m is at the disposal of the Annual General Meeting.
The Board of Directors recommends that a cash dividend of SEK 10.70 kronor be paid per ordinary share.
Page 56 of 58
Anders Sundstrm
Chair
Lars Idermark
Deputy Chair
Ulrika Francke
Board Member
Gran Hedman
Board Member
Anders Igel
Board Member
Pia Rudengren
Board Member
Karl-Henrik Sundstrm
Board Member
Siv Svensson
Board Member
Maj-Charlotte Wallin
Board Member
Camilla Linder
Board Member
Employee Representative
Roger Ljung
Board Member
Employee Representative
Michael Wolf
President
Review report
Introduction
We have reviewed the year-end report for Swedbank AB (publ) for 2015. The Board of Directors and the President are
responsible for the preparation and presentation of this year-end report in accordance with IAS 34 and the Annual
Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a conclusion on this interim
report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 Review of
Interim Financial Information performed by the companys auditors. A review consists of making inquiries, primarily with
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing
practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us
aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review
does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the year-end report for the Group is
not, in all material aspects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities
Companies and as regards the parent company in accordance the Annual Accounts Act for Credit Institutions and
Securities Companies.
Svante Forsberg
Authorised Public Accountant
Swedbank Year-end report 2015
Page 57 of 58
25 February 2016
5 April 2016
26 April 2016
18 July 2016
25 October 2016
Gran Bronner
CFO
Telephone +46 8 585 906 67
Cecilia Hernqvist
Head of Communications
Telephone +46 8 585 907 41
Claes Warrn
Press Officer
Telephone +46 8 585 926 11
+46 70 375 00 54
Gregori Karamouzis
Head of Investor Relations
Telephone +46 8 585 930 31
+46 72 740 63 38
Swedbank AB (publ)
Registration no. 502017-7753
Landsvgen 40
SE-105 34 Stockholm, Sweden
Telephone +46 8 585 900 00
www.swedbank.com
info@swedbank.se
Swedbank Year-end report 2015
Page 58 of 58