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© Swedbank
Public
Information class
Investor presentation
Q2 2021July 2021
© Swedbank
Public
Information class
Disclaimer
2
▪ Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially fromany expected future results or performance, express or implied, by the forward looking statements. Factors that might cause forward looking statements to differ materially from actual results include, among other things, regulatory and economic factors. Swedbank AB assumes no responsibility to update any of the forward looking statements contained herein.
▪ No representation or warranty, express or implied, is made or given by or on behalf of Swedbank AB or its directors, officers oremployees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of Swedbank AB or any of its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
▪ This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Swedbank AB, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
© Swedbank
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Table of contents
3
1 This is Swedbank – a sustainable bank 4
2 Quarterly financial update 18
4 Capital considerations 34
5 Liquidity and funding 41
6 Cover pool data 47
7 Swedish and Baltic economy 54
8 Swedish housing and mortgage market 60
9 Appendix 68
3 Asset quality 28
© Swedbank
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1. This is Swedbank- a sustainable bank for
the many
This is
Swedbank
© Swedbank
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High earnings capacity and strong capital generation
Q2 2021 5
• Good profitability
– Dividend policy of 50%
– Cost discipline
• Strong capital generation capacity
• Largest retail bank in our four
home markets
Earnings capacity(profit before impairments, SEKbn)
Key financial ratios
• ROE, 14.2%
• C/I-ratio, 0.42
• Low cost of risk
• CET1 capital ratio, 18.5%
– 610bps above requirements
• Liquidity coverage ratio, 143%
• Net stable funding ratio, 123%
20
-14
1 0 3 49 8
39
26
6
-1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021
*Excluding administrative fine of SEK 4bn in Q1 2020
** YTD Q2 2021 annualised
Q1
bps 0
10
20
30
2012 2013 2014 2015 2016 2017 2018 2019 2020* 2021**
Q2
© Swedbank
Public
Information classSource: Swedbank Factbook Q2 2021 6
Latvia
Population 1.9m
Private customers 0.9m
Corporate customers 75 000
Branches 21
Cards 1.0m
Number of card purchases 95.5m
Digitally active customers 0.6m
Lithuania
Population 2.8m
Private customers 1.5m
Corporate customers 77 000
Branches 42
Cards 1.7m
Number of card purchases 121.7m
Digitally active customers 0.9m
Estonia
Population 1.3m
Private customers 0.85m
Corporate customers 130 000
Branches 17
Cards 1.1m
Number of card purchases106.8m
Digitally active customers 0.5m
Sweden
Population 10.3m
Private customers 4.0m
Corporate customers 269 000
Organisations 68 000
Branches 154
Cards 4.4m
Number of card purchases 611m
Digitally active customers 3.3m
* Share of loan book
Swedbank – a retail bank in four home markets This is
Swedbank
~86%*
~12%*
Sweden
Estonia
Latvia
Lithuania
© Swedbank
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StrategicDirection
© Swedbank
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Integrating sustainability in all our operations
Sustainability for Swedbank
Fully contributing to the transition through engagement with our customers
Empower the many Businesses to create a better future by supporting the transition
Empower the many People to create a better future by supporting sustainable choices
Societal engagement
Advisory, products
and services
Environmental Sustainability● Environmentally safe operations● Paris-aligned financing and investments
Social Sustainability● Diverse, inclusive and sustainable workforce● Fighting financial crime
Governance & Ethics● Responsible corporate governance and business
ethics incl. purchasing● Compliant business and transparent disclosure
Financial Sustainability● Profitable and financially stable● Secure, accessible and stable infrastructure
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Sustainability targets and commitmentsSustainability is at the centre of our Strategic Direction
9
By 2050, Swedbank has committed to carbon neutrality and interim target setting
By 2040, The aggregate fund capital managed by Swedbank Robur will be placed in carbon neutral investments
By 2030, Reduce Swedbank’s direct greenhouse gas emissions by 60 per cent (base year 2019)
By 2025, Reduce energy consumption in the bank’s premises by 15 per cent (with interim 10% by 2021, base year 2017)
Sustainability Targets
(medium- and long term)
• Principles for Responsible Banking
• Science Based Targets initative
• Task Force on Climate related Financial Disclosures
• Net-Zero Banking Alliance
• Climate Action 100+ (Swedbank Robur)
• Net Zero Asset Managers Initiative (Swedbank Robur)
Impact analysis performed in 2020, targets set for 2021
Long term climate goals for real estate portfolio to be set in 2021
Reporting according to recommendations since 2018
Signatory since May 2021
Member since 2018, cooperation to engage with the largest GHG emitters
Signatory since 2020, climate targets set for 2025 and 2040
International commitments (examples) Status
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Focus areas in 2021Good progress towards achieving short- and medium-term goals
Targets set for 2021 Swedbank’s sustainability agenda recognized
Set science based climate targets for the real estate
sector that align with the Paris Agreement. The baseline year
is 2020
1
Increase our sustainable finance offering compared with
2020. To achieve this the bank will work with customers by
offering advice & financing solutions to support transition
2
Progress: On track
Progress: Strong growth in green asset register: YTD: >100%,
mainly due to inclusion of existing green mortgages
Swedbank received an above-average score among
international banks and companies evaluated in the new
ESG evaluation from S&P Global Ratings
”Sustainability and digitalization are well embedded in
Swedbank’s long-term strategy.”
S&P Global Ratings, May 31 2021
1 2 successful green bond issuances (EUR 1bn and
GBP 350m) during Q2 2021
2
Swedbank joined Net-Zero Banking Alliance in May 2021
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Q2 sustainability accomplishments
Swedbank recent commitments and recognitions
Enabling customers to make smart and sustainable choices
Strong ESG footprint in Capital Markets
11
Swedbank issued two green bonds during the quarter:
- an inaugural GBP 350 m Green Senior Non-Preferred bond on June 1st
- a EUR 1 bn Green 6NC5 Senior Non-Preferred bond on May 12th
Committing to transfer the transactions’ greenium of 3-5 bps directly to the
business areas to further promote green lending at preferential rates.
Q2 2021 *ESG bonds includes Green, Social & Sustainability bonds
Commitments
• Swedbank joined Net-Zero Banking Alliance in May 2021 and by that committing
to achieve net zero emissions by 2050 at the latest.
• Swedbank part of Nordic Energy Efficient Mortgages (NEEM) hub to scale up
lending for energy renovations.
Recognitions
• Green light in Ambition index 2021. Haga Initiative report on listed large
Swedish companies with targets to reduce their GHG emissions by 50 % by 2030.
• Financial Times Climate Leaders 2021 ranked the 300 European companies
that have reduced greenhouse gas emissions between 2014 and 2019.
Swedbank is the highest-ranked financial company in Sweden.
S&P has finalized the ESG Evaluation and Swedbank ended up with an overall
score of 75 out of 100 (above average for banks).
In summary, S&P notes that Swedbank continues to implement remediation measures in
its governance structure and policies, and S&P believes that Swedbank’s disclosure
aligns with international best practice.
ESG-ratings
• During Q2 2021, ESG* bonds in SEK, NOK and EUR accounted for ~31% of the
total issuance volume arranged by Swedbank Capital Markets.
Financing according to
Green Bond Framework
DNV GL
Joint Lead Manager
May 2021
Due 2027
EUR 1bn
Financing according to
Green Bond Framework
CICERO
Joint Lead Manager
May 2021
Due 62NC7
SEK 3.5bn
Sustainability-linked bond
The Governance Group
Joint Lead Manager
May 2021
Due 2025
NOK 750m
• Swedbank acted as advisor to Nasdaq in the launch of its green equity designations.
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TCFD recommendations:Managing climate risks and opportunities
12
TCFD
portfolio
• Swedbank does not directly finance coal-fired power plants or finance companies that
generate over 5 per cent of their revenue from coal production.
• Swedbank does not grant new financing for the prospecting of new oil and gas fields or
for unconventional extraction of fossil fuels.
• The position statements serve as the basis of the Group’s exclusion list of companies it
will not work with.
Swedbank's position on climate change
We continuosly monitor our loan portfolio from the standpoint of climate-related risks and
have implemented the decision not to finance unconventional extraction of fossil fuels and
prospecting of new oil and gas sources, which means our oil-related lending will shrink.
• Support the increased investment need in the transition to a low carbon economy
• Identify, measure and monitor transition and physical climate risks
• Increase climate change awareness and enhance transparent reporting
Important areas for the bank to focus on to mitigate climate risks
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Sustainability risk analysis in lendingRobust process in place continuously enhanced
13
Corporate lending
Industry
specific questionnaireGeographical assessment Automated ESG risk exposure tool Result
ESG-Score
NACE/SNI-code from the KYCCustomer segmentation
The current sustainability analysis for corporate credit applications in Swedbank is under
development. The aim of the development is to automate some parts of the process and
enable the level and detail of the analysis to vary depending on the size of the customer.
In the lending process sustainability risks are taken into consideration in credit
assessments. A detailed sustainability analysis is done for corporate credits applications
and reviews when the total credit limit is over SEK 8m in Sweden and EUR 0.8m in the
Baltic countries.
ESG risk exposure tool = based on sector specific
information including around 270 subsectors. The tool
reflects ESG risks stemming from the business
operations of the customer. Automated ESG tool for
micro, SSE, SME and Midcrop customers.
Geographical assessment = identifying risks
depending on where in the world the company is
operating
ESG Score: can be used in credit decision and
transition advisory. The ESG score summarizes the
assessments done on a specific customer.
More information
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Key Features of Swedbank Green Bond Framework
• Green Bonds enable and support sustainable financing by
demonstrating commitment to Swedbank’s overall
sustainability goals
• Swedbank’s current Green Bond Framework is aligned to the
ICMA Green Bond Principles and eligibility criteria are in line
with market practice
• In April 2021, Swedish mortgages with energy performance
certificates A and B were included (18 401 m SEK)
• Analysis to map the Framework’s level of alignment to EU
Taxonomy is ongoing
• Pricing benefits from issuance (if any) are directly channelled
back to the businesses to further promote lending
• Green Asset Register continues to grow at a good pace, with
the buffer exceeding our target of 20%
Q2 2021 14
Outstanding Green Bonds
18.3
7
20.1
14
Green Asset Register Green bond proceeds
2020 2021
38.5
Green asset register and utilisation, SEKbn
Green asset buffer
21
Final terms
ISIN Currency Issued volume Coupon Maturity
millions % year
XS1711933033 EUR 500 0.250 2022
XS1800143650 SEK 1 000 1.000 2023
XS1800142330 SEK 500 FRN 2023
XS2343563214 EUR 1 000 0.300 2027
XS2350031048 GBP 350 1.375 2027
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Green Asset Register
Renewable Energy
EnergyEfficiency
Sustainable Management of Living Natural
Resources
Pollution Prevention and Control
Clean Transportation
ProjectsWind
and Solar
Green
Buildings
Sustainable
Forestry
Waste
Management
Clean Public
Transport
Green Asset Register April 2021 38 733 2 566 34 096 628 1 166 277
---of which Mortgage Portfolio 18 401
Taxonomy alignment estimates Aligned Partially aligned Partially aligned To be defined Not aligned
Green Asset Register and the EU TaxonomyPreliminary, internal assessment of the register (April, 2021)
Alignment to
technical
screening criteria
of EU Taxonomy
15
• In April 2021, Swedish mortgages amounting to 18 401SEKm, with energy
performance certificates (EPC) level A and B were included
• Energy performance certificates (EPC) level A and B correspond to 7% of
Sweden’s national stock (Swedbank equivalent 7.5%)
EPC: SEKm: Taxonomy assessment:
EPC A 2 323 Aligned to technical screening criteria
EPC B 16 078Partially aligned to technical screening criteria
-- of which EPC post- Jan 2019 7 263Estimated to be aligned based on top 15% of
national stock (using “PED” methodology)
-- of which EPC pre- Jan 2019 8 815Yet to be determined as energy performance
measured using the older methodology in Sweden
“Specific Energy”
Details on the assessment of the mortgage portfolio
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79%
21%
84%
16%
81%
19%
84%
16%
65%
35%
79%
21%
SWEDEN
57%43%
63%
37%49%51%
57%43% 42%
58% 60%
40%
ESTONIA
65%
35%
79%
21%
65%
35%
72%
28%
45%55% 59%
41%
LATVIA
60%
40%
78%
22%
56%44%
67%
33%
49%51%63%
37%
LITHUANIA
Loans (private)* Loans (corporate)* Deposits (private) Deposits (corporate) Payments** Funds
* Excluding the Swedish National Debt Office and repurchase agreements ** BankGiro for Sweden, domestic payment transactions (Estonia, Latvia, Lithuania), Q2 2021
= Swedbank
Market leading position in our home markets
16
This is
Swedbank
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Swedbank – continuously innovative
17
Digitally focused organisation
• Board of directors with tech industry
experience
• Head of Digital Banking and IT part of
Group executive management team
Adaptive IT-infrastructure & organisation
• Modular architecture refurbished into a
flexible core platform
• IT and business development integrated
Large retail customer base and scalable
products
• High digital readiness in home markets
• Leverage to improve customer experience,
sales and efficiency
99% digital
customer
interactions
Customer driven availability
• Broadening omni-channel capabilities
• Branches, telephone 24/7, mobile, desktop
and 3rd party platforms
Inn
ovative c
ultu
re
76% of
sales* are
completed
digitally
77%digitally
active
customers
80%digital
customer
satisfaction
* Agreements entered between customers and the bank
COLLABORATING
WITH FINTECHS“A digital bank
with physical
meeting
points”
AUTOMATED
CREDIT CARD
APPLICATION
DIGITAL
ONBOARDING FOR
CORPORATES IN
BALTICS
1996 2006 2009 2012 2013
ONLINE BANKING
IS INTRODUCED
NEXT GENERATION
INTERNET BANK
FIRST APP
LAUNCHED
2ND GENERATION
APPS INCLUDING
TABLETS
LAUNCH OF
YOUTH AND
CORPORATE APPS
1995
ONLINE EQUITY
TRADE
INTRODUCED
2011 2014
FIRST APIs FIRST PFM AND
AGGREGATION OF
TRANSACTIONS
2016 2017
FIRST THIRD PARTY
INTEGRATION
OPEN
BANKING SITE
LAUNCHED
2014
VIRTUAL
ASSISTANT ON .SE
VIRTUAL
ASSISTANT ON
MOBILE
2017 2018 2019
2019 2020 2020
VIRTUAL
ASSISTANT
INTERNET BANK
IN BALTICS
LIVE CHAT WITH
ADVISORS VIA
INTERNETBANK AND
APP
2019
PROACTIVE
RECOMMENDATIONS
IN APP
Q2 2021
DIGITAL ONBOARDING
FOR PRIVATE CLIENTS IN
BALTICS
2020
NEW SERVICE PORTAL FOR
DIGITAL MAILING AND
UPDATE OF KYC
INFORMATION
2021
DIGITAL PIN CODE
DISTRIBUTION ON
SWEDISH CHANNELS
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2. Quarterly financial update
Quarterly
financial
update
© Swedbank
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Growth, better profitability and a clear business focus
TOTAL
EXPENSES
CREDIT
IMPAIRMENTS
KEY RATIOS
TOTAL
INCOME
19
SEK -27m
SEK 11.9bn▪ Stable net interest income
▪ Record high net commission income
▪ Normalised NGL and stable other income
▪ Expenses in line with plan
▪ Strong asset quality
18.5% / 610bps-0.01%0.42
C/Iratio
14.2%
ROE CET1capital ratio / buffer
CREDIT Impairment ratio
Q2 2020
143%
LCR
SEK 5.0bn
0
5
10
15
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Total income, SEKbn
0
2
4
6
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Total expenses, SEKbn
-500
500
1 500
2 500
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Credit impairments, SEKm
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Group result
Income statement
SEKm Q2 21 Q1 21 ▲%
Net interest income 6 572 6 541 0%
Net commission income 3 674 3 360 9%
Net gains and losses 645 585 10%
Other income 979 916 7%
Total income 11 870 11 402 4%
Total expenses 4 989 4 974 0%
Profit before impairments 6 881 6 428 7%
Credit impairments -27 246 -111%
Profit before tax 6 852 6 182 11%
Tax 1 288 1 208 7%
Net profit 5 563 4 975 12%
20
Ratios Q2 21 Q1 21
ROE, % 14.2 12.8
C/I ratio 0.42 0.44
CET1 capital ratio, % 18.5 18.0
● Net profit increased by 12%
● Improved profitability, RoE of 14.2%
– Stable NII, higher NCI
● Expenses according to plan
● Continued strong asset quality with
positive macro outlook
● Strong capitalisation - CET1 capital
buffer of around 610bps above
requirements
Q2 2021
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Group result
Loan and deposit volumes
Q2 202121
*
*Excluding Group functions and other (Group Treasury)
+20 +36
Deposits, SEKbnLoans, SEKbn
SEKm
13 1 6
-4
1 621 1 641 1 637
Q1 2021 Swedishmortgage
loans
Balticbanking
Corporateand other
excl. Balticbanking
Q2 excl.FX
FX Q2 2021
33 4
-1 -51 174 1 210 1 205
Q1 2021* Swedishbanking
Balticbanking
LC&I Q2 excl.FX*
FX Q2 2021*
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Group result
Net interest income
22
3 000
• Stable NII
– Higher average loan volumes
– Lower margins on Swedish mortgages
– Excess liquidity placed with central banks offset
by lower funding costs
• Other
– ECB and Riksbanken liquidity facilities (+73m)
– Lower resolution fund fee (+57m)
– FX (+3m) and day count effects (+31m)
• Q1 included positive deposit guarantee fee
adjustment of 101m
48 84 52
-153
6 541 6 572
Q1 2021 Volumes Margins GroupTreasury
Other Q2 20213 000
6 607 6 553 6 4086 686
6 886 6 714 6 567 6 541 6 572
Q2 2019 Q2 2020 Q2 2021
SEKm
-69
Q2 2021
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Group result
Net commission income
23
• Record high Net Commission Income
• Asset Management income from positive
stock market performance
• High Cards income impacted by seasonality
and improved consumption levels
• Corporate advisory positively impacted by
IPO
181 49 843 360
3 674
Q1 2021 Cards &Payments
AssetManagement
Corporateadvisory
Q2 2021
0
500
1 000
1 500
2 000
Q2 2019 Q2 2020 Q2 2021
Asset Management Corporate advisory Cards & Payments
SEKm
Q2 2021
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Group result
Net gains and losses
24
• IPO valuation effect of SEK 111m from
Hemnet shares held by Fastighetsbyrån
• Underlying NGL at normal level
1 398
669
910
585645
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
102
227
11137
168 645
Bondinventories
Clienttrading
Shares Funding Other Total NGL
SEKm
Q2 2021
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Group result
Other income
25
305 336
237 247
374396
867
975911
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Other Associates Net insurance
979916
• Stable other income
• Higher income from net insurance,
Entercard and savings banks
0
200
400
600
800
1000
1200
Q2 2017 Q2 2018 Q2 2019 Q2 2020 Q2 2021
Other income (excl. One-offs) Average for the period
SEKm
Q2 2021
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Group result
Expenses
26
SEKm
• FY underlying cost guidance of SEK 20.5bn
for 2021 and 2022
– AML investigation cost estimate of SEK 0.5bn per
annum for 2021 and 2022
• Expenses in line with plan4 800 4 698
5 4164 896 4 899
43 63
170
77 90
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
4 9894 843 4 761
5 586
4 973
AML investigations Underlying expenses
2 000
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Q2 2019 Q2 2020 Q2 2021
Staff cost IT expenses Consultants Other
Q2 2021
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Group result
Common Equity Tier 1 capital (CET1)
27
16.4% 16.8% 17.5% 18.0% 18.5%
12.4%
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 CET1 capital ratio
requirement
• Strong capitalisation
• CET1 capital buffer of around 610bps above
requirements – target of 100-300bps
• 50% dividend policy
• Remaining accrued dividend from 2019 &
2020 profits still deducted from CET1
• IRB model updates during 2021-2022
(higher REA)
• Swedish banking package
– P2G (SREP, Sept 2021)
• REA decreased by SEK 6.1bn to SEK
688.5bn
SEKbn
+610bps
5.6 0.1
-2.8
124.7 127.6
Q1 2021 Profit Anticipateddividend
Other Q2 2021
Q2 2021
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3. Asset quality
Quarterly
financial
update
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Group result
Credit impairments
29
• Continued strong asset quality
• Net recovery based on forward looking
assumptions and improved ratings
• Management overlay kept - pending
Covid-19 development and removal of
government support
SEKm
2 151
1 235
425 523246
-27
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
-34
-23
31
-1
-27
Swedishbanking
Balticbanking
LC&I Groupfunctions
Group
Q2 2021
© Swedbank
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Group result
IFRS 9 distribution SEKm
Expert
portfolio
macro
adjustments
Individual
assessment
Macro-
economic
forecast Q2
Credit
impairments
Q2 2021
OtherRating and
stage
migrations
-276
144
298
-44
-149
-27
● Reduced credit impairments under IFRS9
● Partly counteracted by management
adjustments
● Individual assessment, mainly oil-related
Q2 2021
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Group result
Oil and offshore exposure SEKbn
9.28.0
6.65.3 5.0 4.6
3.7
3.94.6
4.5
2.4 2.4
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Loans carrying amount Provisions
7.0
11.911.3
9.8
7.3
Drilling
rigs
Oil
services
Supply
vessels
Floating
productions
Stage 1 Stage 2 Stage 3
1.22.5 2.5
0.9
• Gross loans, SEK 7.0bn
• Credit impairment provisions of
SEK 2.4bn
• Total stage 3 loans of SEK 3.5bn
12.9
Q2 2021
© Swedbank
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Information classQ2 2021 32
Credit impairments provisions
648 557
-773 -639
-200 -276
698
-698
886672
283 144
889
210
432
394
194298
969150
-124
138
-44
-84
197
-270
220
-169-149
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
246
523
2 151
425
Macro adj: SEK -683m
Expert adj: SEK 1 985m*
Ind. provisions: SEK 2 417m
Distribution by quarter and type
Rating migrations: SEK 1 089m
Other SEK -255m1 235
*Due to FX-change
-27
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1.0 0.9 0.8 0.7 0.7
2.3 2.3 2.3
2.6 2.3
6.0 5.7 5.0
2.7 2.8
0%
20%
40%
60%
80%
100%
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2022
Stage 1 Stage 2 Stage 3
1 491 1 4981 505 1 510 1 534
129 120108 109 101
14 13 11 8 7
86%
88%
90%
92%
94%
96%
98%
100%
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2022
Stage 1 Stage 2 Stage 3
Distribution of loans by stages
Q2 2021 33
Credit impairment provisions, total, SEKbnTotal loans gross by stages, SEKbn
1 6241 631 1 6421 6271 634 8.18.9 5.86.09.3
• Provision ratio for stage 3 loans of 40%
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4. Capital considerations
Capital
– fully
loaded
CRD IV
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4.5
11
1.5 2
8
14.5
3
3
1
1
2.5
2.5
1.4
7.5 0.30.4 2
7.6
12.4
CET1 req. Actual CET1Q2
AT1 req. T2 req. Total capitalreq.
Actual Totalcapital Q2
Leverageratio req.
Leverage ratio req.
Individual Pillar 2 Charge
Capital Conservation Buffer
Contracyclical Buffer (0.0%)
O-SII Buffer (new)
Systemic Risk Buffer
Minimi req.
Continued strong capital position, Q2 2021- Comfortable distance to loss absorption trigger
Q2 2021 35
Capital
• REA decreased by SEK 6.1bn to SEK
688.5bn
• Remaining accrued dividend from 2019
& 2020 profits still deducted from CET1
• Minimum leverage ratio requirement to
be fulfilled by Tier1 applies from June
2021
• Countercyclical buffer 0%
• CET1 capital buffer of around 610bps
above requirements - target of 100-
300bps
Highlights
More regulatory changes to come during 2021
Automatic MDA
Restrictions
12.4% 22.1%18.5% 16.5%
Buffer of ~ 610bps
1.8% 2.4% 12.4%
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4.5
1.5 2
8
12.4
10.3
0.4
1.7
3
3
1
1
2.5
2.5
CET1 req.* AT1 req. T2 req. Total capital req. Leverage ratioreq.**
Pillar 2G (Sep 2021)
Capital conservation buffer
Countercyclical buffer (0.0%)
O-SII buffer (Dec 2020)
Systemic risk buffer
Pillar 2R (Sep 2021)
Minimi req.
Upcoming capital regulatory changes*
Q2 2021 36
”13.0%” ”17.2%”
Capital
• Swedish FSA banking package decided
– P2G – indicative level until Sep 2021 (SREP)
– P2R introduced in Sep 2021 (SREP)
replacing Individual Pillar2 charge
• Countercyclical buffer 0%
• Leverage ratio - additional indicative P2G
requirement set by SFSA to be fulfilled by
CET1, apply by Sep 2021 (SREP)
• IRB overhaul, update of PD and LGD
models will increase REA gradually in
2021 & 2022
Highlights??%1.8% 2.4%
Leverage
ratio P2G
Sep 2021
P2G + P2R
Sep 2021
* Indicative CET1 requirements from SFSA’s banking package memorandum, Nov 2020
P2R
Sep 2021
P2R
Sep 2021
0.8-2.1
** Indicative based on Q2, 2021 numbers, requirement based on Leverage Ratio Exposure (LRE) 0.2-0.5% but based on REA here to be comparable.
1-1.5Automatic MDA
Restrictions
1-1.5
P2G + P2R
Sep 2021
© Swedbank
Public
Information class
6935
154
35
76 76
152
Recapitalisationamount
Senior debt >1year
MREL requirement Instruments tomeet MREL
Senior non-preferred Senior preferred > 1year Swedbank total capital
MREL needs in line with expectations
Q2 2021 37
* Based on Q2 2021 numbers
Capital
– MREL
• Requirements for 2021 set and published by the
Swedish National Debt office (NDO) on 16
December 2020
– Total MREL requirement: 6.22% Total liabilities +
Own funds (TLOF), from 23 December 2020
– Recapitalisation Amount (RCA): Minimum Pillar1+
Pillar2. The RCA is currently SEK 69bn
• New MREL requirements under the BRRDII
apply from 2022 (see next slide)
263
111
Swedbank MREL requirement, SEKbn*
© Swedbank
Public
Information class
15.6
5.1
11.1
8
1.7
8
1.7
3
12.5
1-1.5
MREL proposed regulatory changes
Q2 2021 38
• Proposal for BRRDII requirements from 1
Jan 2024 published by the Swedish
National Debt office (NDO) on 2 July
2021.
– Total MREL requirement:
2x(P1+P2R)+CBR-Ccyb+P2G
– Subordination requirement: 2x(P1+P2R)
– In percent of Risk Exposure Amount (REA)
• Transition period until 1 Jan, 2024
– MREL and subordination requirements to be
linear faced in
• Subordination: 13.5% in 2022
• MCC 2022: 0%, 2023: 50% and 2024: 100%
• Still uncertainty regarding final
requirement and need (including internal
buffers)
Capital
– MREL
”26-27.4”
MC
C
31.7
* Indicative CET1 requirements from SFSA’s banking package memorandum, Nov 2020
P1
P2R
OSII buffer
CCB
P2G
Systemic
risk buffer
Proposed indicative
requirements, %*
…met by, %
Own funds**
Subordinated eligible
liabilities
Eligible liabilities
MREL requirements 2024* Own funds and eligible liabilities
Q2 2021
** Own funds less CBR (-6.5%)
© Swedbank
Public
Information class
MREL cont.
Q2 2021 39
Senior unsecured debt maturity profile
SEKbn
• Focus on both preferred and non-
preferred senior debt
• New MREL policy proposal in July
2021 – will adjust need for senior
non-preferred
• Buffer above requirement -
depending on balance sheet
growth and FX fluctuation
Capital
– MREL
Total LPP requirement
* % of Risk Exposure amount
78
0
20
40
60
80
2021 2022 2023 2024 2025 2026-
Senior preferred
SEKbn
0
20
40
60
80
Recapitalisation amount
10.0%*
© Swedbank
Public
Information class
Further regulatory changes expected
• Includes amendments to
the frameworks for
calculating credit risk,
CVA, market risk and
operational risk
• Introduction of an output
floor of 72.5% of the
RWA calculated by the
standardised approach
with a phase-in period
from 2023 to 2028
• EU legal implementation
proposal expected in Q4
2021
• New MREL policy –
proposal published by
Swedish NDO on 2 July
– MREL decision
expected in Dec 2021 to
apply from 1 Jan 2022
• New guidelines to be
fully phased in by end of
2021 according to EBA
decision
• Dialogue with SFSA
needed on impact on
Swedbank
• Phase in may be
delayed according to
communication from the
SFSA
Revisions to Basel IIICRR2 / CRD5 /
BRRD2New IRB Regulations
Capital
Q2 2021
• New capital requirements
model to comply with
CRD5, including new
Pillar 2 framework to be
introduced in conjunction
with SREP decision 2021:
decreases distance to
MDA
• SFSA to align
methodology to EBA
guidelines on IRRBB –
revised calculation
method in SREP 2021
Local (SFSA)
requirements
40
© Swedbank
Public
Information class
5. Liquidity and funding
Liquidity
and
funding
© Swedbank
Public
Information class
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q2 2021
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q2 2021
Core balance sheet structure
Q2 2021 42
LithuaniaLatvia
Other corporate
lending, Sweden &
other Nordic countries
Other private, Sweden
Swedish
mortgage loans
Senior non-preferred debt
Covered
bonds
Deposits
CET1
Assets LiabilitiesSEKbn SEKbn
Estonia
Liquidity
and
funding
▪ Simplified balance sheet
Suppl. capital
Senior preferred debt
© Swedbank
Public
Information class
Conservative funding position
Q2 2021 43
• LCR 143% (EU 2015/61)
• NSFR 123% (CRD2)
• Issued SEK 64bn of long-term
funding YTD Q2 2021
Liquidity
and
funding
0
50
100
150
200
2016 2017 2018 2019 2020 2021
Covered bonds Senior preferred Senior non-preferred Tier 2 AT1
SEKbn Issued, long-term debt SEKbn
0
50
100
150
200
2021 2022 2023 2024 2025 2026-
Tier2 (call) AT1 (call)
Senior non-preferred Senior preferred
Covered bonds
~67bn
0
50
100
150
200
2021 2022 2023 2024 2025 2026-
SEK EUR USD GBP Other
Maturity profile, by currency
More details on funding and liquidity in the Fact book, page 55-68
Maturity profile LT-funding
0
200
400
600
800
1 000
1 200
1 400
Coveredbonds
Seniorunsecured
SNP Short-termprogrammes
Deposits
Q1 2021 Q2 2021
SEKbn
Strong funding profile SEKbnOutstanding volumes
12
596
174
Liquidity reserve
Level 1 assets
of which cashand balanceswith centralbanks
Level 2 assets
Liquidity reserveSEKbn
782
© Swedbank
Public
Information class
Private placements – active in senior unsecured debt
• Senior preferred / Senior non-preferred format
• Major / opportunistic currencies
• Bullet format, FRN or Fixed
• EUR 20m equivalent minimum size
• Open to tap existing bonds
• Listing is optional
• FRN’s – if needed issued with a “strike adjustment spread”*
• Program formats available:
– Senior unsecured debt (preferred/non-preferred): GMTN,
potentially USD 144a format
Q2 2021 44
*Spread added to the coupon to avoid negative coupon fixings. Bond issued above par to compensate for this. The above par value reflects the NPV of the adjusted
spread
Liquidity
and
funding
© Swedbank
Public
Information class
Group liquidity reserve
Q2 2021 45
Liquidity
and
funding
Fact book, page 56 for currency distribution
1 Minimum reserve requirements held in Central Banks of Estonia, Latvia, Lithuania and Bank of Finland are excluded from Liquid Assets
2 Adjusted value according to Article 9 of Commission Delegated Regulation (EU 2015/61)
SEKm
Level 1 assets 770 563
Cash and balances with central banks 1 596 264
Securities issued or guaranteed by sovereigns, central banks or MDBs and international organisations 133 530
Securities issued or guaranteed by municipalities public sector entities 4 303
Extremely high quality covered bonds 36 466
Level 2 assets 11 959
Level 2A assets 6 236
Securities issued or guaranteed by sovereigns, central banks, municiapalities and PSEs
High quality covered bonds 6 210
Corporate debt securities (lowest rating AA-) 26
Level 2B assets 5 723
Asset backed securities
High quality covered bonds
Corporate debt securities (rated A+ to BBB-) 788
Shares (major stock index) 4 935
Total liquid assets (unadjusted market value) 782 522
LCR adjustments (haircuts) according to LCR DR 26 349
High Quality Liquid Assets 776 173
© Swedbank
Public
Information class
Rating• On May 19, 2021, S&P wrote in its Update that Swedbank’s
rating is supported by strong earnings and a stable risk-adjusted
capital, while unresolved vulnerabilities in risk culture,
governance and anti-money laundering processes are key risks.
The outlook is stable based on the belief that Swedbank will be
able to deal with a short-term economic shock and maintain
resilient earnings and solid capital.
• On April 30, 2021, Moody’s stated in its Credit Opinion that
Swedbank’s ratings reflect the bank’s strong credit quality and
solid capitalisation, albeit weighed down by governance and risk
management deficiencies. The stable outlook reflects the view
that additional financial penalties arising from ongoing
investigations are unlikely to materially impact on the bank’s
creditworthiness and that the bank's financial performance will
remain resilient over the next 12-18 months.
• In its Rating Report from November 12, 2020, Fitch concluded
that Swedbank’s ratings reflect a conservative risk appetite and
strong asset quality, capitalisation and profitability balanced by
material shortcomings in the bank's anti-money laundering
(AML) risk controls. The stable outlook is underpinned by the fact
that Swedbank has sufficient rating headroom even under
credible downside scenarios.
46Q2 2021
Credit ratings Moody’s S&P Fitch
Covered bonds Aaa AAA -
Senior preferred Aa3 A+ AA-
Senior non-preferred Baa1 A- A+
Tier 2 Baa2 BBB+ A-
Additional Tier 1 Ba1 BBB- BBB
Short-term P-1 A-1 F1+
Outlook Stable Stable Stable
© Swedbank
Public
Information class
6. Cover pool data
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
© Swedbank
Public
Information class
Cover pool data1
Q2 2021 48
Repayment structure 7
– Amortising 69%
– Interest only 31%
Average loan size SEK 652 620
Number of loans outstanding 1 635 652
Number of borrowers 1 078 099
Number of properties 730 813
Dynamic pool Yes
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
Rating, S&P / Moody’s AAA / Aaa
Total pool size SEK 1033.6bn
Geographic distribution Sweden 100%
Current OC-level 116.9%
Weighted average seasoning 2 73 months
Average LTV 3, 4
– WA LTV on property level (Max LTV) 48%
Non-performing loans 5 None
Fixed /Floating interest loans 6
– Fixed 39.0%
– Floating 61.0%1 As per 30 Jun, 20212 Public sector loans not included3 Index valuation as per Mar, 20204 Maximum LTV: Residential 75%, Commercial 60%, Forest and Agriculture 70%5 Past due loans > 60 days are not eligible for the cover pool6 Fixed interest rate loans < 365 days7 Property level of cover pool
© Swedbank
Public
Information class
Cover pool data
Q2 2021 49
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
Type of loans 30 Jun
(based on loan volume) 2021
Residentials 92.9
of w hich Single-family housing 58.3
of w hich Tenant ow ner rights 22.4
of w hich Tenant ow ner association 7.7
of w hich Multi-family housing 4.5
Public 0.4
Commercial 1.1
Forest & Agricultural 5.6
100.0%
Population Mar
(thousands) 2021
Sw eden 10 390
Stockholm, county 2 396
Västra Götaland, county (incl. Gothenburg) 1 736
Skåne, county (incl. Malmoe) 1 391
Geographical distribution, Sweden, per cent 30 Jun
(based on loan volume) 2021
North 7.0
Norrbotten county (BD) 1.4
Västerbotten county (AC) 2.5
Västernorrland county (Y) 1.8
Jämtland county (Z) 1.3
Middle (including Stockholm) 43.7
Dalarna county (W) 2.1
Gävleborg county (X) 2.2
Värmland county (S) 2.0
Örebro county (T) 2.4
Västmanland county (U) 2.3
Uppsala county ( C) 4.1
Södermanland county (D) 1.8
Stockholm county (including Stockholm) (AB) 26.8
South (including Göteborg and Malmö) 49.3
Västra götaland county (Including Göteborg) (O) 17.9
Östergötland county (E) 4.5
Jönköping county (F) 3.6
Halland county (N) 4.1
Kronoberg county (G) 2.2
Kalmar county (H) 2.9
Skåne county (including Malmö) (M) 12.0
Blekinge county (K) 1.4
Gotland county (I) 0.7
100.0
© Swedbank
Public
Information class
Cover pool loan-to-value distribution
• Weighted average LTV on property level 48%
Q2 2021 50
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
LTV distribution per property1 LTV distribution by volume1, 2
1 Public loans of 0.4% of the cover pool are excluded as they are either guaranteed by a Swedish municipality or the government and have therefore no
LTV assigned to them. 2 LTV distribution as defined by the Association of Swedish Covered Bond Issuers (www.ascb.se)
0%
5%
10%
15%
20%
25%
30%
00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-750%
5%
10%
15%
20%
25%
30%
00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-75
© Swedbank
Public
Information class
Cover pool loan type and loan-to-value distribution
Q2 2021 51
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
WA LTV per property type1
1
1excluding public sector loans of 0.4%
0%
20%
40%
60%
80%
100%
120%
0%
20%
40%
60%
80%
100%
120%
Single-familyhomes
Tenant ownerrights
(apartments)
Tenant ownerassociations
Multi-familyhousing
Commercial Forestry &Agricultural
Total all types
Percentage of the pool Average LTV per loan type
© Swedbank
Public
Information class
Strong resilience to house price changes
Q2 2021 52
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
• Current OC-level of 116.8%
• 2% legal minimum requirement
• Can withstand a severe house price drop
and still be able to issue AAA-rated
covered bonds
Over-
colla
tera
lisation
House price drop
House price sensitivity of the cover pool
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50%
OC, Q221
OC, Q121
Min req. 2%
© Swedbank
Public
Information class
Overview of the Swedish covered bond legislation
53
The Covered Bond Act entered into force on July 1, 2004 and is over-sighted by the Swedish FSA. Its main characteristics are:
Dual recourse to the issuer and cover pool
Dynamic, regulated pool of assets, frequently monitored by the Swedish FSA via appointment of an
independent inspector
Regulated valuation of cover pool assets which remain on the balance sheet
The cover pool may consist of certain mortgage credits, public credits and supplemental assets. There is no requirement to segregate mortgage and public credits.
Maximum LTVs: Residential 75%, Agricultural 70%, Commercial 60%
Maximum 10% commercial loans and 20% supplemental assets in cover pool
Regular monitoring of the property values, revaluation of property prices in case of significant drop (generally interpreted as 15% drop)
The S.O. Act amended, effective as of 21 June 2016, requires that the nominal value of the cover pool shall, at all times, be at least two per cent. higher than the aggregate nominal value of the liabilities relating to the covered bonds..
Regional constraint on collateral assets (Mortgage - EEA, Public - OECD)
The cover pool value shall always exceed the aggregate value of claims (including derivatives)
A sound balance in terms of FX, interest rates and maturities must be achieved. It is deemed to exist when the present value of the cover pool at all times exceed the present value of liabilities (including derivatives), even on a stressed basis. Present value cover must hold even after 1% upward and downward shift in the yield curve and a 10% change in the currency
Non-performing assets in the cover pool which are more than 60 days overdue must be disregarded for the purposes of the matching tests
Holders of covered bonds and relevant derivative counterparties benefit from a priority claim over the cover pool should the institution be declared bankrupt and rank pari passu ahead of unsecured creditors and all other creditors of the institution in respect of assets in the cover pool
The registered assets in the cover pool, the covered bonds and any relevant derivative contracts are required to be maintained as a unit and kept segregated from other assets and liabilities of the bankruptcy estate of the institution. The administrators-in-bankruptcy are then required to procure the continued timely service of payments due under the covered bonds and any relevant derivative contracts
Loan-to-value ratios and other limitations
Matching requirements
Benefit of a priority right over the cover pool
Administration in event ofbankruptcy
The Covered Bond Act
Source: www.ascb.se
© Swedbank
Public
Information class
7. The Swedish and Baltic economies
Swedish
and Baltic
macro
© Swedbank
Public
Information class
Corona virus – infections down, societies reopen
55
Coronavirus, confirmed Cases – Nordics
Swedish
and Baltic
macro
Q2 2021
Coronavirus, confirmed Cases – Baltics
Extent of government restrictions to reduce the spread of infection Patients hospitalised due to coronavirus - Nordics
0
100
200
300
400
500
600
700
800
Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21
Daily cases per million inhabitants, 7-day ma
Finland Sweden Norway Denmark
Sources: WHO & Macrobond
0
200
400
600
800
1000
1200
1400
Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21
Daily cases per million inhabitants, 7-day ma
Latvia Lithuania Estonia
Sources: WHO & Macrobond
0
50
100
150
200
250
300
350
Mar-20 May-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21
Hospitalisation per million inhabitants
Finland Sweden Norway Denmark
Sources: Swedbank Research & Macrobond
30
40
50
60
70
80
90
Index
Germany Denmark FinlandFrance United Kingdom NorwaySweden United States
Sources: Oxford COVID-19 Government Response Tracker (OxCGRT)&MacroBond
© Swedbank
Public
Information class
Sweden – The economic recovery is underway
56
• Kingdom of Sweden rated
Aaa/AAA/AAA
Broad-based decline in growth followed by rebound
Swedish
and Baltic
macro
Sources: Statistics Sweden & Swedbank Research1 Annual percentage growth in percent unless indicated otherwise. Forecasts from Swedbank Economic Outlook,
April 2021.2 Seasonally adjusted and smoothed
Key economic indicators1, 2019-2022
Q2 2021
Labour market conditions stabilizing
-2.8
3.6 3.6
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Contribution to growth (p.p.) and GDP (yoy%)
Household consumption Public consumption Investments
Net-export Inventories Gdp growth
Sources: Sw edbank Research & Macrobond
Most recent 2019 2020 2021F 2022F
Real GDP (calendar adjusted) 0.0 (Q1) 2.0 -3.0 3.5 3.6
CPI growth, average 1.8 (May) 1.8 0.5 1.4 1.3
CPIF growth, average 2.1 (May) 1.7 0.5 1.5 1.3
Unemployment rate (15-74), % of labor force 9.1 (May)2 6.8 8.3 8.5 7.6
Savings ratio (households),% of disp. income 15.6 17.9 17.4 15.7
Real disposable income (households) … 3.1 -0.8 3.5 3.2
4.0
4.2
4.4
4.6
4.8
5.0
5.2
5.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Employment, millions, sa , rhs Unemployment rate, %, trend
Redundancy notices, sa (Apr'20=1) Wage growth, yoy%
Sources: Swedbank Research & Macrobond
© Swedbank
Public
Information class
The Swedish economy - market developments
Q2 2021 57
Household borrowing grows, corporate declines Interest rates remain low
Swedish
and Baltic
macroInflation reverses The krona stabilises
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Headline inflation (CPI) and with fixed interest rate (CPIF)
CPI, mom% CPIF, yoy% CPI, yoy%
Sources: Sw edbank Research & Macrobond
100
105
110
115
120
125
130
135
140
5
6
7
8
9
10
11
12
2008 2010 2012 2014 2016 2018 2020
Krona (SEK), US dollar (USD), euro (EUR) and trade-weighted index (KIX)
SEK/EUR SEK/USD KIX index, rhs
Sources: Swedbank Research & Macrobond
-10
-5
0
5
10
15
20
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bank lending (annual change in %)
Households (housing) Non-Financial Corporations
Sources: Swedbank Research & Macrobond
-1
0
1
2
3
4
5
6
7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Interest rates (%)
Mortgage lending rate (3m new loans) Government 10 year, yield
Repo rate STIBOR, 3m
Sources: Swedbank Research & Macrobond
© Swedbank
Public
Information class
Baltics – ready for lift-off
58
Ratings
• Republic of Estonia: A1/AA-/A+
• Republic of Latvia: A3/ A-/A-
• Republic of Lithuania: A3/ A-/A-
Key economic indicators1, 2019-2022
1 % growth rate unless indicated otherwise, Y/Y growth for the most recent data
Swedish
and Baltic
macro
Q2 2021
-8
-6
-4
-2
0
2
4
6
8
2016 2017 2018 2019 2020 2021 2022
Estonia
Change yoy %
3.0%
5.0%
-2.9%
Sources: Sw edbank Research & Macrobond
-10
-8
-6
-4
-2
0
2
4
6
2016 2017 2018 2019 2020 2021 2022
Latvia
Change yoy %
3.1%
5.5%
-3.6%
Sources: Sw edbank Research & Macrobond
-6
-4
-2
0
2
4
6
2016 2017 2018 2019 2020 2021 2022
Lithuania
Change yoy %
3.0%
4.9%
-0.8%
Sources: Sw edbank Research & Macrobond
Most recent 2019 2020 2021F 2022F
Real GDP Estonia 5.4 (Q1) 5.0 -2.9 3.0 5.0
Latvia -1.3 (Q1) 2.1 -3.6 3.1 5.5
Lithuania 1.4 (Q1) 4.3 -0.8 3.0 4.9
CPI growth, average Estonia 3.8 (Jun) 2.3 -0.3 1.5 2.0
Latvia 2.6 (May) 2.8 0.2 1.8 3.0
Lithuania 3.6 (May) 2.7 1.2 2.3 3.3
Unemployment rate (15-74), Estonia 7.6 (Q4) 4.4 6.8 8.0 6.9
% of labor force Latvia 8.1 (Q1) 6.3 8.1 8.4 6.7
Lithuania 7.5 (Q1) 6.3 8.5 8.5 7.3
Real economic growth(Quarterly year-on-year change and annual growth projections)
© Swedbank
Public
Information class
Sentiments strengthening in the Baltics
59
Economic sentimentConfidence indicators, sa, index represents deviations from long term average (=0)
Swedish
and Baltic
macro
Sources: Swedbank Research & Macrobond
Economic Sentiment Indicator, rhs Consumers Industry
Retail trade Construction Services
Q2 2021
-40
-30
-20
-10
0
10
20
-60
-50
-40
-30
-20
-10
0
10
20
30
Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21
Estonia
-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21
Latvia
-40
-30
-20
-10
0
10
20
-50
-40
-30
-20
-10
0
10
20
30
Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21
Lithuania
© Swedbank
Public
Information class
8. Swedish housing and mortgage market
Swedish
housing
and
mortgage
market
© Swedbank
Public
Information class
100
150
200
250
300
350
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Valueguard index & annual growth rates
Composite Flats Houses
Index
-10
0
10
20
30
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Composite Flats Houses
Annual rate (%)
Housing prices continue to rise
• Housing prices continue to rise after reaching record
levels in the first quarter of 2021
• Demand for single family homes unabated.
• In May monthly seasonally adjusted prices rose by
1.5%, apartments by 1.2% and single-family homes by
1.5%.
61
Swedish
housing
and
mortgage
market
1) Source: Valueguard (HOX index)
2) Source: Mäklarstatistik, monthly average transaction prices (central city area)
Trends and average house prices, May 20211)
Price developments flats and single family houses1)
Q2 2021
1 month 3 months 12 months SEK/sqm2)
Tenant owner
Sweden total 0.8% 2.3% 12.1% 45 227
Greater Stockholm 1.0% 2.2% 12.3% 64 875 (104 310)
Greater Gothenburg 0.6% 1.7% 9.0% 49 778 (67 629)
Greater Malmoe 0.9% 4.4% 17.7% 36 532 (38 890)
Sweden total 1.7% 5.7% 21.4% 4 285 000
Greater Stockholm 1.8% 3.9% 22.9% 7 443 000
Greater Gothenburg 0.8% 6.0% 21.0% 6 043 000
Greater Malmoe 1.3% 4.9% 23.8% 5 644 000
Sweden 1.4% 4.4% 17.9% …
Single-family homes
Total Housing Index
© Swedbank
Public
Information class
Buoyant housing market despite Corona
• Strong housing price developments since the immediate negative impact from Corona
• Housing market transactions stronger than normal
• Amortisation requirement on hold until September
Q2 2021 62
Housing prices
Swedish
housing
and
mortgage
market
Housing market transactions
Sources: Swedbank Research & Valueguard
-3
-2
-1
0
1
2
3
4
Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Seasonally adjusted housing prices: Jun 2019 - May 2021(Monthly change in %)
Tenant-Owner Rights Single Family Houses Housing prices
Source: Valueguard
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
Housing transactions
Average 2015-19 Last observationSource: Mäklarstatistik
© Swedbank
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Household borrowing grows, while borrowing costs remain subdued• Housing prices and transactions volumes grow, resulting in…
• ….increased mortgage volumes, while…
• …housing interest costs remain low due to supressed interest rates
63
Household interest expensesMortgage loan growth, housing prices and interest rate
Swedish
housing
and
mortgage
market
Q2 2021
160
180
200
220
240
260
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2014 2015 2016 2017 2018 2019 2020
index
Riksbank's policy rate Mortgage loans to households, yoy%
Mortgage lending rate (3m new loans) Housing price index, HOX, rhs
Sources: Sw edbank Research & Macrobond
percent
0
2
4
6
8
10
12
14
16
18
1980 1985 1990 1995 2000 2005 2010 2015 2020
Sources: Sw edbank Research & Macrobond
percent of disposable income
© Swedbank
Public
Information class
Household fundamentals support the housing market
• Population growth slows, but lagging housing shortage remains
• The household debt ratio increased in 2020
• Balance sheets among households remain solid
Q1 2021 64
Strong household balance sheetsPopulation growth slows
Swedish
housing
and
mortgage
market
0
20000
40000
60000
80000
100000
120000
140000
160000
0
10000
20000
30000
40000
50000
60000
70000
80000
1976 1981 1986 1991 1996 2001 2006 2011 2016
Completed housing and population growth, no. of persons and housing
Completed Residential buildings Population growth, rhs
Sources: Sw edbank Research & Macrobond
0
100
200
300
400
500
600
Perc
ent
Share of disposable income
Currency&Deposits Financial assets Real assets
Insurance&Pensions Liabilities
Source: Statistics Sw eden
© Swedbank
Public
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Solid structural foundation for the housing and mortgage market
Swedbank’s underwriting criteria
– In the repayment ability calculation, the interest rate
used is the equivalence to the Mortgage company’s
5 year fixed interest rate + 3 percentage points,
with a minimum of at least 6 %.
– Amortisation rate requirement according to SFSA:• For LTV ≤ 70 %, then 1 % is used as rate.
• For LTV > 70 %, then 2 % is used as rate.
• For DTI > 450 %, then the amortisation rate is one
percentage more.
• Suspended due to COVID-19 pandemic
– For underwriting credits to tenant owner rights, the
tenant owner association’s financials are examined,
and based the interest rate sensitivity of the
association and price per square meter an add-on
to the tenants fee is applied in the affordability
calculation.
Q2 2021 65
• Full recourse (very limited debt forgiveness possibilities)
• No securitisation (on balance sheet), no sub-prime market, no 3rd
party origination
• Restricted buy-to-let market – limited speculation
• 65% home ownership
• Rental market is regulated
• Transparent credit information (credit information agency,
www.uc.se)
– Publicly available information regarding income, debt, payment
track record etc.
• Consumer credit legislation requires affordability calculations
including stress test of higher interest rate and conservative cost of
living
• Strong social security and generous unemployment benefit system
Swedish
housing
and
mortgage
market
© Swedbank
Public
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A low-risk real estate portfolio, SEK 1 302bn, whereof 87% in residential properties
66
Property
management
Q2 2021
Real estate
lending
Private Mortgage Loans Tenant-Owner Associations Property Management
• Low-risk strategy with prudent origination standards
• Low concentration risk due to many borrowers and
geographical split
• Low historical losses: 0.01% on average last 10 years
• Low average LTV in Sweden (51%), Estonia (46%),Latvia
(72%), and Lithuania (54%) as of end-Q2 2021
• The portfolio grew by SEK 13bn (1.4%) in Q2 2021 and with
an annualised growth of 5.7%. Stable growth in all four
home markets
• Low concentration risk due to many borrowers and
geographical split
• High demand from households for living in a TOA
• Low average LTV at 32% in Q2 2021
• Low historical losses: 0.00% on average last 10 years
• The portfolio unchanged in Q2
• During the last three years, more project are finalised than
started. This, combined with intense competition from peers
has affected the portfolio growth negatively in recent years
Q1 2021
90%
4%2% 4%
Sweden Estonia Latvia Lithuania
Sweden dominate portfolio Geographically diversified
12%
29%
11%10%
38%
<50 000 inhabitants >50 000 inhabitants Gothenburg region
Malmoe region Stockholm region
Vast majority of portfolio in Sweden
82%
5%
2%2%
9%
Sweden Estonia Latvia Lithuania Other
SEK
251bn
SEK
960bn
SEK
91bn
• Commercial properties SEK 111bn - mostly office properties
with low vacancies in larger cities with low LTV
• Residential properties SEK 77bn - low risk portfolio,
supported by high demand due to e.g. growing population,
and low vacancies
• Industrial & Warehouse SEK 41bn - warehouse and logistic
properties supported by growing e-commerce, low
vacancies
• Other properties SEK 22bn - substantial share of community
properties
• Slightly increasing portfolio by SEK 5bn (2%) in Q2 2021
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Property management – focus on well-known companies with solid finances
Residential property management
Share of loan-to-value >75%
Average loan-to-value, %
Property
management
Non-residential property management
1.2% 1.2% 0.0% 0.2% n.a. 0.0%
1) Some properties with mixed usage
55% 47% 28% 33% n.a. 47%
• Low-risk portfolio1), supported by;
− Growing population
− High demand, and low supply of new
production
− Stable rent levels
− Low vacancy rates
− Low interest rates
93.9% 0.1% 0.2% 0.0% 0% 5.0%
▪Sweden ▪Estonia ▪Latvia ▪Lithuania ▪Norway ▪Finland
Share of loan-to-value >75%
Average loan-to-value, %
1.8% 0.8% 0.0% 2.6% 0.7% 0.4%
54% 54% 52% 48% 54% 47%
• Mixed portfolio1) comprising:
− Office properties
− Logistic and warehouse properties
− Industrial properties
− Community properties
− Retail real estate
− Hotel real estate
− Other non-residential real estate
76.9% 6.9% 2.5% 3.4% 7.7% 2.5%
▪Sweden ▪Estonia ▪Latvia ▪Lithuania ▪Norway ▪Finland
SEK
77bn
SEK
173bn
67
Property
Management
Q2 2021
© Swedbank
Public
Information class
9 Appendix
© Swedbank
Public
Information class
Two hundred years of working with sustainability
69
1980 2003
First SRI mutual fund
launched – excluding
sectors deemed
unethical
First listed Nordic bank to
receive ISO 14001 certification
for its Environmental
Management System
1820
Swedbank’s first Group-
wide sustainability report
complying with GRI G4
2014 2015
Headquarters in
Stockholm received EU
Green Building
certification
Achieved target to
reduce CO2 emissions
by 50% from 2010
2013
Sustainability Report
integrated in the Annual
Report
Group-wide exclusion of
companies whose coal
revenues exceed 30% of
turnover
2016 2017
Inaugural Swedbank
Green Bond issued
Launched Global
Impact Fund
2018
Ensuring a secure
operating environment
✓ Proactive strategy to information
security
✓ Systematic approach to AML with
same governance and processes
in all our home markets
✓ Low losses related to operational
risks
Commitment to govern
with impact
✓ UN Principles for Responsible
Banking – Founding Signatory
✓ TCFD Supporter and committed to
Science Based Target initiative
✓ Committed to SDGs 4, 8, 12, 16
✓ Member of UNEPFI Energy
Efficiency Finance Platform
✓ Aiming to reduce CO2 emissions
by 60% 2019-2030
Help our customers to
make sustainable
decisions
✓ Green mortgages
✓ Unique SDG fund (Global Impact
Fund)
✓ Market leading Green Bond
Nordic bookrunner
✓ Developed indicators to assess
progress towards the SDGs in our
home markets
Our legacy – roots, values
& conduct
✓ Sweden’s first savings bank in
1820 combating poverty
✓ Increasing financial literacy in
society
✓ Supporting development of
financial infrastructure in our
home markets
✓ Inclusive bank
✓ Our core values: Open, Simple,
Caring
2014
Swedbank acquired a majority
stake in Hansabank in the
Baltics
1998
Swedbank is the first
savings bank
established in Sweden
1820
1996
Launched fund investing in
companies with industry
leading environmental focus
2019
Launched Green Loans
and Sustainability
Improvement Loans
Launched
Transition Funds
2019 2020
Launched ‘Paris
Aligned’ Funds
Group-wide exclusion
of companies whose
coal revenues exceed
5% of turnover
© Swedbank
Public
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Principles for Responsible BankingCommitment to align business strategy to Paris Agreement and UN SDG:s
70
In 2020 Swedbank conducted its first Portfolio Impact Analysis using the methodology provided by UNEP Financial Initiative.
- Through the analysis, we determined that the bank, through its business, impacts climate change (emissions), resource efficiency (consumption),
access to housing and decent employment.
- The analysis shows that Swedbank, through activities in the real estate and manufacturing sectors, as well as the professional, scientific and technological
sectors, has a positive impact on housing and employment.
- Conversely, there were negative impacts on the areas of climate change and resource efficiency from activities in property management, manufacturing,
agriculture, forestry and fishing, as well as in the energy sector connected with the extraction of fossil fuels.
Portfolio Impact Analysis 2020
Set science based climate targets for the real estate sector that align with the Paris Agreement.
The baseline year is 2020
1
Increase our sustainable finance offering compared with 2020. To achieve this the bank will
work with customers by offering advice & financing solutions to support transition
2
Targets set for 2021 to address our impacts
Through our core business we have both:
• Positive Social impact
• Negative Environmental impact
Key conclusions on impact
© Swedbank
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Swedbank 2017 Green Bond Framework In accordance with Green Bond Principles
• Renewable energy
• Energy efficiency
• Clean transportationUse of Proceeds
• Sustainability Risk Assessment in credit process
• Project selection and Green Asset Application
• Green bond sustainability analysis and recommendation
• Eligible asset approval in Green Bond Committee
Green Asset Selection Process
• Green Asset Register reviewed annually
• Swedbank targets a 20% buffer in the asset pool to accommodate redemptions or amortisation
• Tracking of green bond proceeds
Management of Proceeds
• Annual reporting on the use of proceeds and impact
• Reporting is externally verified to limited assurance by PWCReporting
External Review
71
• Pollution prevention and control
• Sustainable management of living natural resources
• DNV provided an external review on the Green Bond Framework, to confirm its alignment with ICMA Green
Bond Principles (GBP)
© Swedbank
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Green Asset Register
RenewableEnergy
EnergyEfficiency
Sustainable Management of Living Natural
ResourcesPollution Prevention
and Control
Clean Transportation
Impact indicatorWind
and Solar
Green
Buildings
Sustainable
Forestry
Waste
Management
Clean Public
Transport
Avoided emissions (tCO2e) 589 547 574 780 6 120 8 647
Energy generation (MWh) 2 333 500 1 831 000 502 500
Energy savings (MWh) 19 477 19 477
FSC/ PEFC certified forest area (ha) 26 740 26 740
Certified standing stock (m3) 3 344 000 3 344 000
Waste treated (t) 150 000 150 000
Passenger kilometers (pkm) 94 029 698 94 029 698
Green Bond Impact 2020
72
Avoided emissions
tCO2e/SEKm
Avoided emissions
tCO2e
Green Asset Register as per 31 Dec 2020: 18 344SEKm
• Three new asset categories were added to the Green Asset
Register in 2020: Sustainable Management of Living
Natural Resources, Pollution Prevention and Control, and
Clean Transportation
• The geographic representation of assets has grown to
include all four Swedbank home markets*, in addition to
Norway and Finland
Impact metrics 2020:
Energy efficiency
Renewable energy
Pollution prevention andcontrol
Sustainable managementof living natural resources
Clean transportation
6%
75%
3%1%
15%
* Sweden, Estonia, Latvia and Lithuania
Green bond impact report 2020
© Swedbank
Public
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IFRS9 scenarios – Q2 2021
Q2 2021 73
Asset
quality
2021 2022 2023 2021 2022 2023 2021 2022 2023
Sweden
GDP (% annual growth) 4.3 4.1 1.8 3.7 3.5 1.9 -3.2 -0.1 3.8
Unemployment (%)2) 8.7 7.3 7.1 8.8 7.7 7.4 9.8 11.3 10.3
House prices (% annual change) 9.6 3.4 5.4 9.2 2.6 4.9 3.6 -3.8 1.7
Stibor 3m (%) -0.01 0.10 0.36 -0.01 0.08 0.23 -0.10 -0.20 -0.26
Estonia
GDP (% annual growth) 3.7 5.8 3.0 3.0 5.0 3.2 -2.4 1.4 3.7
Unemployment (%) 7.8 6.6 6.1 8.0 6.9 6.5 10.4 11.8 10.7
House prices (% annual change) 10.4 10.8 5.8 9.4 7.9 5.0 1.4 -1.9 4.1
Latvia
GDP (% annual growth) 3.8 6.2 3.6 3.1 5.5 3.5 -2.7 2.6 3.8
Unemployment (%) 8.2 6.4 5.6 8.4 6.7 6.0 11.0 12.8 11.3
House prices (% annual change) 4.7 7.0 6.4 3.8 5.2 5.4 -3.9 -4.4 4.7
Lithuania
GDP (% annual growth) 4.1 4.4 3.7 3.4 3.5 3.4 -1.1 0.8 3.8
Unemployment (%) 8.3 6.9 6.4 8.5 7.3 6.8 11.0 12.3 11.0
House prices (% annual change) 11.1 7.0 5.8 10.1 4.5 4.9 2.0 -5.1 4.1
Global indicators
US GDP (% annual) 7.3 4.5 1.7 6.8 3.9 2.3 2.0 -3.3 2.2
EU GDP (% annual) 5.0 4.4 2.0 4.0 4.0 2.2 -0.9 1.1 2.5
Brent Crude Oil (USD/Barrel) 65.8 64.1 61.8 63.9 61.1 58.8 47.3 24.9 31.8
Euribor 6m (%) -0.50 -0.40 0.16 -0.50 -0.46 -0.38 -0.08 -0.33 -0.44
Positive scenario Baseline scenario1) Negative scenario
1) The baseline scenario for 2021 and 2022 are based on the published Swedbank Economic Outlook in combination with later developments. The baseline scenario variables for 2023 are model-
based extrapolations. The scenarios were updated as per 30 June, 2021.
2) Unemployment rate, 16-64 years
© Swedbank
Public
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IFRS 9 – main characteristics of the different loan stages
Q2 2021 74
Sta
ge
1 lo
an
s
Initial recognition, or no
significant increase of
credit risk
Impairment amounting to
12-month expected credit
losses
1-29 days past due
Sta
ge
2 lo
an
s
Significant increase in
credit risk
Watchlist
30-89 days past due
Sta
ge
3 lo
an
s
Evidence of impairment
90 days past due
Impairment amounting to
lifetime expected credit
losses
Impairment amounting to
lifetime expected credit
losses
Probability of default = 1
Asset
quality
© Swedbank
Public
Information class
IFRS 9 – Distribution of loans
Q2 2021 75
Sta
ge
1 lo
an
s
Sta
ge
2 lo
an
s
Sta
ge
3 lo
an
s
Asset
quality
0.4%
48.1%
Credit impairment provisions distribution, % (total, SEK 5 768m)
Loans to the public, gross, distribution, % (total, SEK 1 642bn)
12.2%
93.4%
39.7%
6.2%
© Swedbank
Public
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Funding programmes
Q2 2021 76
Swedbank AB Swedbank Mortgage AB
** Combined limit for unsecured- and covered bonds
*** Limited by cover pool size
100% owned
Liquidity
and
funding
Program Limit
Long Term
Global MTN USD 40bn
USD Senior (144a / Reg.S) USD 15bn
AUD Senior** AUD 10bn
NSV (stand alone doc.)
Short Term
Domestic CP SEK 80bn
European CP/CD EUR 10bn
US CP USD 20bn
Yankee CD USD 20bn
Finnish CD EUR 4bn
Program Limit
Long Term
Domestic Benchmark CB Unlimited***
EMTN CB EUR 25bn
Norwegian Benchmark CB Unlimited***
AUD Covered bonds** AUD 10bn
Registered CB (stand alone doc.)
Short Term
Domestic CP SEK 50bn
© Swedbank
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Benchmark transactions, 2018 – 2021
Q2 2021 77
Liquidity
and
funding
• The table excludes volumes issued
on tap in the Swedish domestic
covered bond market*
* https://www.swedbank.com/investor-
relations/debt-investor/funding/covered-
bonds/
ISIN Product Tenor Currency Amount, mn Type Spread Value date Maturity date
XS1778322351 CB 5.5Y EUR 1 000 Fixed MS-10 February 23, 2018 August 23, 2023
XS1800142330 SU Green 5Y SEK 500 FRN 3mStib+47 March 29, 2018 March 29, 2023
XS1800143650 SU Green 5Y SEK 1 500 Fixed MS+47 March 29, 2018 March 29, 2023
XS1844104437 SU 4.5Y GBP 400 Fixed G+80 June 28, 2018 December 28, 2022
XS1870225338 SU 5Y EUR 500 Fixed MS+18 Aug 29, 2018 August 29, 2023
XS1880928459 T2 10NC5 EUR 500 Fixed MS+128 September 18, 2018 September 18, 2028
XS1946788194 CB 7Y EUR 1 000 Fixed MS+13 February 5, 2019 February 5, 2026
XS2002504194 CB 6Y EUR 1 250 Fixed MS+2 May 28, 2019 May 28, 2025
XS2046625765 AT1 Perp. NC5 USD 500 Fixed 5.625 Aug 29, 2019 (call) Sep 17, 2024
XS2063261155 SNP 5Y EUR 750 Fixed MS+70 October 9, 2019 October 9, 2024
XS2167002521 SU 5Y EUR 1 000 Fixed MS+98 May 5, 2020 May 5, 2025
XS2182121405 SU 144a 3Y USD 1 000 Fixed T+112.5 June 2, 2020 June 2, 2023
XS2198236734 SU 3Y JPY 10 300 Fixed YOS+35 July 6, 2020 July 6, 2023
XS2198237039 SU 5Y JPY 10 700 Fixed YOS+40 July 6, 2020 July 4, 2025
XS2237318485 SU 144a 3Y USD 1 000 Fixed T+45 September 25, 2020 September 25, 2023
XS2282210231 SNP 7Y EUR 750 Fixed MS+63 January 12, 2021 January 12, 2028
XS2317119969 SU 144a 3Y USD 750 Fixed T+55 March 17, 2021 March 17, 2024
XS2343563214 SNP Green 6NC5 EUR 1 000 Fixed MS+57 May 20, 2021 May 20, 2027
XS2350031048 SNP Green 6.5NC5.5 GBP 350 Fixed T+100 June 8, 2021 December 8, 2027
© Swedbank
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Swedbank – contacts and financial calendar
78
Annie Ho Markus Sandgren Henrik Asplund
Head of Investor Relations Investor Relations Officer, Equity Investor Relations Officer, Equity
Mobile: +46 703 43 78 15 Mobile: +46 727 31 62 84 Mobile: +46 704 33 60 40
[email protected] [email protected] [email protected]
Peter Stenborn Magnus Alvesson Karolina Skog
Investor Relations Officer, Debt Investor Relations Officer, Debt and Rating Investor Relations Officer, ESG
Mobile: +46 706 76 60 92 Mobile: +46 706 10 33 41 Mobile: +46 702 25 05 89
[email protected] [email protected] [email protected]
Gregori Karamouzis Ulf Jakobsson Kerstin Ahlqvist
Head of Group Treasury Head of Funding Head of long-term Funding
Mobile: +46 727 40 63 38 Tel: +46 8 700 90 61 Tel: +46 8 700 98 90
[email protected] [email protected] [email protected]
Q3 Interim report, 2021 21 Oct 2021
Q4 Interim report, 2021 2 Feb 2022
Q1 Interim report, 2022 28 Apr 2022
Q2 Interim report, 2022 19 Jul 2022
www.swedbank.com/investor-relations/debt-investor
Swedbank AB (publ) Landsvägen 40,
SE-105 34 Stockholm, Sweden Sundbyberg
Contact Investor Relations:
Financial calendar
Postal address: Visitors: Group Treasury
Investor Relations