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Investor presentation
Q1 2021
May 2021
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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.
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Table of contents
3
1 This is Swedbank – a sustainable bank 4
2 Quarterly financial update 20
4 Capital considerations 37
5 Liquidity and funding 43
6 Cover pool data 49
7 Swedish and Baltic economy 56
8 Swedish housing and mortgage market 62
9 Appendix 73
3 Asset quality 30
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1. This is Swedbank- a sustainable bank for
the many
This is
Swedbank
© Swedbank
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Information classSource: Swedbank Factbook Q1 2021 5
Latvia
Population 1.9m
Private customers 0.9m
Corporate customers 75 000
Branches 21
Cards 1.0m
Number of card purchases 42.7m
Digitally active customers 0.6m
Lithuania
Population 2.8m
Private customers 1.5m
Corporate customers 75 000
Branches 42
Cards 1.7m
Number of card purchases 53.2m
Digitally active customers 0.9m
Estonia
Population 1.3m
Private customers 0.85m
Corporate customers 129 000
Branches 18
Cards 1.1m
Number of card purchases 48.7m
Digitally active customers 0.5m
Sweden
Population 10.3m
Private customers 4.0m
Corporate customers 268 000
Organisations 69 000
Branches 159
Cards 4.4m
Number of card purchases 281m
Digitally active customers 3.2m
* Share of loan book
Swedbank – a retail bank in four home markets This is
Swedbank
~86%*
~12%*
Sweden
Estonia
Latvia
Lithuania
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StrategicDirection
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Sustainability is at the centre of our Strategic Direction
7
By 2050, Swedbank has committed to carbon neutrality and interim target setting (Net Zero Banking Alliance, NZBA)
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)
A strong commitment to sustainability is one of the most important strategic targets that the bank has set up
Sustainability Targets
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Focus areas in 2021A strategic direction on the basis of sustainability
Q1 2021 8
Drive further integration of
sustainability –
in everything we do every day
A financially sound and
sustainable society
Focus on fundamentals – building robust
sustainable finance compliance and strengthen
sustainability governance and transparency
Focus on customer value creation – empower
customers to make sustainable choices supporting
the transition
Measure environmental and social impact and
performance – develop and set long-term and
science based climate targets (SBT)
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Sustainable value creation Long-term sustainability equals long-term profitability
Q1 2021 9
Empower our customers to make
sustainable choices
KEY MESSAGES
▪ We empower the many
people and businesses
to create a better future
▪ A new proactive role of
banking is emerging• Set corporate level targets in
alignment with Paris and the
fulfillment of the UN SDGs
• Provision of finance to
investments with environmental,
social and governance
considerations
• Empower the many People to
create a better future by
supporting sustainable choices
• Offer sustainable savings,
green mortgages, solar cell
loans
• Empower the many Businesses to
create a better future by supporting
the transformation
• Offer green loans, sustainability
improvement loans, ESG-bonds,
renewable energy investments
• The SDGs: 17 global goals
• United Nations General
Assembly’s vision of society
in 2030
▪ The Paris Agreement
and UN SDGs
determine the future
operating environment
• Limit global warming
• Align finance flows with low
greenhouse gas emissions
and climate-resilient
development
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Key sustainability achievements in 2020
84% 63 2 108
…decrease of Swedbank's
direct carbon footprint 2010-
2020
…number of ESG-bonds arranged
by Swedbank, 24 % of total
volume of bonds that Swedbank
arranged during the year
…Swedbank’s Youth Financial
Literacy sessions in 2020
We empower the
many people and
businesses to
create a better
future
Responsible banking Risk management Long-term asset management Sustainable financing solutions
SEK 23.7bn
…in sustainable financing
provided by Swedbank
Monitoring the exposure in customer segments
that have been identified as having the highest
climate-related risks
Established Key Risk Indicators on the most
exposed parts of lending portfolio regarding
climate risk
Report according to TCFD recommendations
including the carbon footprint of equity funds
Committed to set science based climate targets
Signatory of Equator Principles
Swedbank´s subsidiary Swedbank Robur is
one of the leading asset managers in the
Nordic region, with a vision to be a world
leader in sustainable value creation
Swedbank Robur´s climate targets:
• The combined fund capital will be aligned
with the Paris Agreement’s goal to limit
the global temperature increase to 1.5
degrees Celsius by 2025.
• The combined fund capital will be carbon-
neutral by 2040.
Swedbank Robur will reallocate investments
in the most carbon-intensive sectors in line
with the Paris Agreement requirements
Swedbank encourages sustainable business
models and offers financing products and
services that contribute to the transition to a
more sustainable society.
Swedbank Sustainability Capital Markets
provides advice on green equity, green, social
and sustainability bonds
Three green bonds have been issued by the
bank.
10
52%
…Assets under management
with extended ESG exclusion
criteria and/or positive inclusion
Target for 2021:
Increase sustainable financing to
reduce the bank’s negative impact
on climate change and resource
efficiency.
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Sustainability – Q1 accomplishments
Swedbank recent commitments and recognitions
Enabling customers to make smart and sustainable choices
Swedbank´s position on climate change updated stating that Swedbank
shall:
• Not directly finance unconventional fossil fuel production such as shale
oil/gas, arctic oil/gas or oil sand.
• Not directly finance exploration of new oil or gas fields, although we can
finance clients with such activities if the business strategy is aligned with the
Paris Agreement.
• During Q1 2021, Swedbank was in the top three as an underwriter for ESG bonds
(green, social and sustainability bonds) in the Nordics.
• ESG bonds in SEK, NOK and EUR accounted for ~18% of the total issuance volume
arranged by Swedbank Capital Markets.
Strong ESG footprint in Capital Markets
11
Swedbank Robur invests SEK 400m in the World Bank’s Sustainable
Development Bond with the focus on raising awareness for gender equality
and health.
Swedbank Robur has published its Climate report for 2020 concluding that
the absolute majority of the equity funds remain more carbon efficient than
their respective benchmarks and the share of investments in green bonds has
tripled in the last two years alone.
Swedbank completed Level 1 of the EU Sustainable Finance Disclosure
regulations (SFDR)
Q1 2021
*ESG bonds includes Green, Social & Sustainability bonds
• Included in Dow Jones Sustainability Index
(World and Europe)
• Industry winner in Sustainable Brand™ 2021.
For the second year in a row, Swedbank was
recognised as the winner in banking industry
in all three Baltic countries.
• Swedbank Sustainability Committee was established to provide support for the
effective management and governance of the sustainability perspective in the Group.
Also, to support and promote an ethical standard, integrity and the corporate values
in the organisation. Decision was taken by Group Executive Committee in mid-
February.
Strengthened governance
Financing of renewable
energy solutions
CICERO
Joint Lead Manager
February 2021
Due 2025
EUR 250m
Financing of green and
energy efficient buildings
CICERO
Joint Bookrunner
February 2021
Due 2025
SEK 2.5bn
Financing according to
Green Bond Framework
Sustainalytics
Joint Bookrunner
February 2021
Due 2024
SEK 5.5bn
Financing of renewable energy solutions
DNV GL
Joint Bookrunner
February 2021
Due 2025
NOK 2.5bn
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Swedbank implementation of TCFD recommendations
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 to 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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Principles for Responsible BankingCommitment to align business strategy to Paris Agreement and UN SDG:s
13
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
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Key Features of the 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
• Analysis to map the Framework’s level of alignment to EU
Taxonomy is ongoing (*preliminary assessment in April)
• Pricing benefits from issuance (if any) are directly
channelled back to the businesses engaged in sustainable
financing to further promote lending
• Green Asset Register continues to grow at a good pace,
with the buffer exceeding our target of 20%
14
Outstanding Green Bonds
18.3
7
20.4
10
Green Asset Register Green bond proceeds
2020 2021
38.7
Green asset register and utilisation, SEKbn
Green asset buffer
17
ISIN Currency Issued volume Coupon Maturity
millions % year
XS1711933033 EUR 500 0.25 2022
XS1800143650 SEK 1 000 1.00 2023
XS1800142330 SEK 500 FRN 2023
XS2343563214 EUR 1 000 0.30 2027
*
*
Final terms
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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
15
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
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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 End 2020 18 344 2 730 13 632 563 1 154 265
Green Asset Register YTD 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 Taxonomy- Based on Swedbank’s preliminary internal assessment ( April, 2021)
Alignment to
technical
screening criteria
of EU Taxonomy
16
• In 2021 Swedbank included Swedish mortgages amounting to 18 401SEKm,
with energy performance certificates (EPC) level A and B
• Energy performance certificates (EPC) level A and B correspond to 7% of
Sweden’s national stock (Swedbank equivalent 7.5%)
• Taxonomy Technical screening criteria (TSC):
“For buildings built before 31 December 2020, the building has at least an Energy
Performance Certificate (EPC) class A. As an alternative, the building is within the top
15% of the national or regional building stock expressed as operational Primary Energy
Demand (PED) and demonstrated by adequate evidence, which at least compares the
performance of the relevant asset to the performance of the national or regional stock
built before 31 December 2020 and at least distinguishes between residential and non-
residential buildings”.
EPC: SEKm: Taxonomy assessment:
EPC A 2 323 EPC level A TSC aligned
EPC B 16 078 EPC level B TSC partially aligned
-- of which EPC post- Jan 2019 7 263Estimated to be aligned based on top 15% of
national stock (using PED)
-- 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 mortgage portfolio inclusion
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Strong financial position to manage uncertainty
Q1 2021 17
• Solid private and SME customer
profile
• Low share of capital markets
related income
• Strong capital generation capacity
Earnings capacity(profit before impairments, SEKbn)
Balance sheet
• Liquidity coverage ratio, 154%
• Net stable funding ratio, 123%
• Liquidity reserve, SEK 646bn
– Of which SEK 496bn (77%) placed with
central banks
• Capital buffer of SEK 39bn to
CET1 capital requirement.
• Credit impairment ratio, bps20
-14
1 0 3 49 8
39
26
6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
*Excluding administrative fine of SEK 4bn in Q1 2020
0
10
20
30
2012 2013 2014 2015 2016 2017 2018 2019 2020* 2021**
** YTD Q1 2021 annualised
Q1
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79%
21%
84%
16%
81%
19%
84%
16%
66%
34%
79%
21%
SWEDEN
57%43%
63%
37%49%51%
57%43% 42%
58% 60%
40%
ESTONIA
65%
35%
78%
22%
66%
34%
72%
28%
45%55% 59%
41%
LATVIA
61%
39%
78%
22%
56%44%
73%
27%
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), Q4 2020
= Swedbank
Market leading position in our home markets
18
This is
Swedbank
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Swedbank – continuously innovative
19
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
78% of
sales* are
completed
digitally
78%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
2020 2020 2020
DIGITAL
ONBOARDING
FOR PRIVATE
CLIENTS IN
BALTICS
NEW SERVICE
PORTAL FOR DIGITAL
MAILING AND
UPDATE OF KYC
INFORMATION
2019
PROACTIVE
RECOMMENDATIONS
IN APP
Q1 2021
LIVE CHAT WITH
ADVISORS VIA
INTERNETBANK AND APP
2021
DIGITAL PIN CODE
DISTRIBUTION ON SWEDISH
CHANNELS
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2. Quarterly financial update
Quarterly
financial
update
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Improved profitability in challenging times
TOTAL
EXPENSES
CREDIT
IMPAIRMENTS
KEY RATIOS
TOTAL
INCOME
21
SEK 0.2bn
SEK 11.4bn▪ Stable net interest income
▪ Stable net commission income
▪ Normalised NGL and stable other income
▪ Expenses in line with plan
▪ Strong asset quality
18.0% / 560bps0.06%0.44
C/Iratio
12.8%
ROE CET1capital ratio / buffer
CREDIT Impairment ratio
Q1 2020
154%
LCR
SEK 5.0bn
Quarterly
financial
update
* Excluding administrative fine of SEK 4bn
0
5
10
15
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Total income, SEKbn
0
2
4
6
Q1 2020* Q2 2020 Q3 2020 Q4 2020 Q1 2021
Total expenses, SEKbn
0
500
1 000
1 500
2 000
2 500
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Credit impairments, SEKm
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Group result
Income statement
SEKm Q1 21 Q4 20 ▲QoQ Q1 20 ▲YoY
Net interest income 6 541 6 567 -26 6 686 -145
Net commission income 3 360 3 376 -16 3 223 137
Net gains and losses 585 910 -325 -322 907
Other income 916 911 5 645 271
Total income 11 402 11 764 -362 10 232 1 170
Total expenses 4 974 5 586 -612 5 370 -396
Profit before impairments 6 428 6 178 250 4 862 1 566
Credit impairments 246 523 -277 2 151 -1 905
Tax 1 208 1 144 64 398 810
Net profit 4 975 4 510 465 2 313 2 662
Q1 2021 22
Ratios Q1 21 Q4 20 Q1 20
ROE, % 12.8 11.8 6.5
C/I ratio 0.44 0.47 0.52
CET1 capital ratio, % 18.0 17.5 16.1
Earnings per share, SEK 4.43 4.01 2.07 * Excluding administrative fine of SEK 4bn
*
*
• Improved profitability, RoE of 12.8%
– Core income lines were stable
– Normalised NGL offset by seasonally lower
expenses
• Strong asset quality with positive macro
outlook
• Cost income ratio 0.44
• Strong capitalisation - CET1 capital
buffer of around 560bps above
requirements
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Group result
Loan and deposit volumes
Q1 2021 23
Of which FX +7
*
*Excluding Group functions and other (Group Treasury)
Of which FX +7
+5 +43
Deposits, SEKbnLoans, SEKbn
5 6
-6
1 616 1 621
Q4 2020 Swedishmortgage
loans
Balticbanking
Corporateexcl. Baltic
banking
Q1 2021
16 271 131 1 174
Q4 2020* Private Corporate* Q1 2021*
SEKm
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Group result
Net interest income
Q1 2021 24
SEKm
3 000
• Stable NII
– Lower average loan volumes
– Excess liquidity placed with central banks
largely offset by lower funding cost
• FX (-23m) and day count effects (-57m)
• FY deposit guarantee fee estimated to
around SEK 550m
– Q1 net effect of SEK 78m excluding positive
adjustment for previous years of SEK 100m6 4216 607 6 553 6 408
6 6866 886 6 714 6 567 6 541
Q1 2019 Q1 2020 Q1 2021
3 000
29
-27 -3 -25
6 567 6 541
Q4 2020 Volumes Margins Treasury Other Q1 2021
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Group result
Net commission income
Q1 2021 25
0
500
1 000
1 500
2 000
Q1 2019 Q1 2020 Q1 2021
Asset Management Corporate advisory Cards & Payments
• Strong Asset Management income from
positive stock market performance
– Q4 included performance fee of SEK 60m
• Cards & Payments seasonally lower and
impacted by further restrictions due to the
pandemic
– Q4 included non-recurring payment of SEK
130m to savings banks
• Brokerage & Corporate advisory included
SEK 40m market making fee in Q4
• Day count effect of approx. SEK -30m
SEKm
85
-5 -96
3 376 3 360
Q4 2020 Cards &Payments
AssetManagement
Corporateadvisory
Q1 2021
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Group result
Net gains and losses
Q1 2021 26
-322
1 398
669
910
585
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2020
SEKm
• Lower NGL as Q4 was boosted by positive
valuation effects, and favourable FX trading
• Good client trading activity continues
138 2
179
211
55
585
CVA/DVA Bondinventories
Shares Clienttrading
Other Total NGL
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Group result
Other income
Q1 2021 27
SEKm
911 916
• Higher income from associates offset by
lower net insurance and services to savings
banks
0
200
400
600
800
1000
1200
Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021
Other income (excl. One-offs) Average for the period
381305
122 237
408 374645
867
975
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Other Associates Net insurance
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Group result
Expenses
Q1 2021 28
SEKm
• Expenses in line with plan
– Seasonally lower QoQ
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Q1 2019 Q1 2020* Q1 2021
Staff cost IT expenses Consultants Other
4 794 4 800 4 698
5 4164 896
57643 63
170
77
Q1 2020* Q2 2020 Q3 2020 Q4 2020 Q1 2021
5 370
4 843 4 761
5 586
4 973
AML investigations Underlying expenses
2 000
* Excluding administrative fine of SEK 4bn
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Group result
Common Equity Tier 1 capital (CET1)
Q1 2021 29
CET1 capital ratio
requirement
• Strong capitalisation
• CET1 capital buffer of around 560bps above
requirements – target of 100-300bps
• Remaining accrued dividend from 2019 &
2020 profits still deducted from CET1
• IRB model updates during 2021-2022
(higher REA)
• Swedish banking package
– P2G (Sep 2021)
SEKbn
16.1% 16.4% 16.8% 17.5% 18.0%
12.4%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
2.5 1.3 1.3116.4 121.5
Q4 2020 Profit IAS19 Other Q1 2021
+560bps
• REA increased by SEK 7.6bn to
SEK 694.6bn
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3. Asset quality
Quarterly
financial
update
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Group result
Credit impairments
Q1 2021 31
2 151
1 235
425523
246
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
• Continued strong asset quality
• Exited exposures in Oil & Offshore, almost
fully provisioned for
• Conservative view on the back of Covid-19
development – increased provisions in Baltic
banking
SEKm
7
220
19
246
Swedishbanking
Balticbanking
LC&I Groupfunctions
Group
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Information class Q1 2021 32
Group result
IFRS 9 distribution
• Reduced credit impairments under IFRS9
• Counteracted by management adjustments
• Individual assessment, mainly oil-related
SEKm
Expert
portfolio
macro
adjustments
Individual
assessment
Macro-
economic
forecast Q4
Credit
impairments
Q1 2021
OtherRating and
stage
migrations
-200
283
194
138
-169
246
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Information class Q1 2021 33
Group result
Offshore exposure SEKbn
9.28.0
6.65.3 5.0
3.7
3.94.6
4.5
2.4
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Loans carrying amount Provisions
12.911.9
11.3
9.8
7.3
Stage 1 Stage 2 Stage 3
Drilling
rigs
Oil
services
Supply
vessels
Floating
productions
1.22.6 2.5
0.8
• Gross loans, SEK 7.3bn
• Credit impairment provisions of
SEK 2.4bn
• Total stage 3 loans of SEK 3.6bn
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Major part of Swedbank’s loan portfolio insignificantly impacted by Covid-19
Q1 2021 34
* Most sectors include at least one sub sector with higher or lower risk compared to the classification of the main sector – which we illustrate in the right hand bar where we bundled together sub-sectors, regardless of the sector, with the same
risk classification (i.e. considerably, moderately, slightly or insignificantly impacted).
Loans carrying amount, SEKbn
Sub-sectors
▪ Considerably impacted sub-
sectors− Extraction & Processing of raw
materials
− Clothing
− Transportation, passenger
− Offshore (oil)
− Hotels
− Restaurants
− Recreation and entertainment
facilities
5621
273
1 268
Distribution by sub-sector sensitivity*
1%
4%
0 5 10 15 20 25 30 35 40
Other corporate lending
Professional services
Property management
Finance and insurance
Information and communication
Hotels and restaurants
Shipping and offshore
Transportation
Retail & wholesale
Construction
Public sector and utilities
Manufacturing
Agriculture, forestry, fishing
Private other
Tenant owner associations
Private mortgage
Insignificantly impacted Slightly impacted Moderately impacted Materially impacted
17%
78%
Distribution by sub-sector loan volume and share in stage2
4%
10%
11%
18%
11%
1%
21%
8%
4%
10%
50%
30%
21%
20%
13%
9%
© Swedbank
Public
Information classQ1 2021 35
Credit impairments provisions
648 557
-773 -639
-200
698
-698
886672
283
889
210
432
394
194
969150
-124
138
-84
197
-270
220
-169
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
246
523
2 151
425
Macro adj: SEK -407m
Expert adj: SEK 1 852m*
Ind. provisions: SEK 2 119m
Distribution by quarter and type
Rating migrations: SEK 1 133m
Other SEK -106m1 235
*Due to FX-change
© Swedbank
Public
Information class
0.8 1.0 0.9 0.8 0.7
2.02.3 2.3 2.3
2.6
5.9 6.0 5.7 5.0
2.7
0%
20%
40%
60%
80%
100%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Stage 1 Stage 2 Stage 3
1 503 1 491 1 4981 505 1 510
124 129 120108 109
13 14 13 11 8
86%
88%
90%
92%
94%
96%
98%
100%
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Stage 1 Stage 2 Stage 3
Distribution of loans by stages
Q1 2021 36
Credit impairment provisions, total, SEKbnTotal loans gross by stages, SEKbn
1 6241 6311 640 1 6271 634 8.18.98.7 6.09.3
• Provision ratio for stage 3 loans of 34%
© Swedbank
Public
Information class
4. Capital considerations
Capital
– fully
loaded
CRD IV
© Swedbank
Public
Information class
Continued strong capital position, Q1 2021- Comfortable distance to loss absorption trigger
Q1 2021 38
Capital
• REA increased by SEK 7.6bn
• Remaining accrued dividend from 2019
& 2020 profits still deducted from CET1
• Countercyclical buffer 0%
• CET1 capital buffer of around 560bps
above requirements - target of 100-
300bps
Highlights
More regulatory changes to come during 2021
4.5
11
1.5 2
8
14.5
3
3
1
1
2.5
2.5
1.4
7 0.30.4 2
7
CET1 req. Actual CET1Q1
AT1 req. T2 req. Total capitalreq.
Actual Totalcapital Q1
Individual Pillar 2 Charge
Capital Conservation Buffer
Contracyclical Buffer (0.0%)
O-SII Buffer (new)
Systemic Risk Buffer
Minimi req.
Automatic MDA
Restrictions
12.4% 21.6%18.0% 16.5%
Buffer of ~ 560bps
1.8% 2.4%
© Swedbank
Public
Information class
4.5
1.5 2
8
111
0.30.4
1.7
3
3
1
1
2.5
2.5
1
1
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
Q1 2021 39
13.0% 17.2%
Capital
Automatic MDA
Restrictions
• 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%
• Minimum leverage ratio requirement to
be fulfilled by Tier1 to apply by June 2021
– 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
June 2021
P2G + P2R
Sep 2021
* Indicative CET1 requirements from SFSA’s banking package proposal, 2020
P2R
Sep 2021
P2R
Sep 2021
~1
~11
** Indicative based on Q4, 2020 numbers
© Swedbank
Public
Information class
69
20
159
20
85 85
150
Recapitalisationamount
Senior debt >1year
MREL requirement Instruments tomeet MREL
Senior non-preferred Senior preferred > 1year Swedbank total capital
MREL needs in line with expectations
Q1 2021 40
* Based on Q1 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
• Transition period until 1 Jan, 2024
– Already in compliance with current senior preferred
debt outstanding
– The NDO has prolonged the transition period to 1 Jan,
2024 when the RCA must be met with senior non-
preferred debt
– By the implementation of BRRD2 into Swedish law
during 2021 we expect the NDO to update current
requirements
255
105
Swedbank MREL requirement, SEKbn*
© Swedbank
Public
Information class
MREL cont.
Q1 2021 41
Senior unsecured debt maturity profile
SEKbn
• Focus on both preferred and non-
preferred senior debt
• New MREL policy expected in H2
2021 – crucial for assessing need
for senior non-preferred
• NPS buffer above requirement -
depending on balance sheet
growth and FX fluctuation
Capital
– MREL
Total NPS 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
9.9%*
© 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 Q2
2021
• Swedish law
implementing BRRD2
expected to apply from 1
July 2021
• New MREL policy
expected in H2 of 2021 –
crucial for assessing
need for senior non-
preferred
• New guidelines to be
fully phased in by end of
2021 according to EBA
decision
• Dialogue with SFSA
needed on impact on
Swedbank
Revisions to Basel IIICRR2 / CRD5 /
BRRD2New IRB Regulations
Capital
Q1 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
42
© 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
Q1 2021
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q1 2021
Core balance sheet structure
Q1 2021 44
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 sheetSuppl. capital
Senior preferred debt
© Swedbank
Public
Information class
Conservative funding position
Q1 2021 45
• LCR 154% (EU 2015/61)
• NSFR 123% (CRD2)
• Issued SEK 32bn of long-term
funding in Q1
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
~87bn
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 Structuredretail bonds
Short-termprogrammes
Deposits
Q4 2020 Q1 2021
SEKbn
Strong funding profile SEKbnOutstanding volumes
17
496
133
Liquidity reserve
Level 1 assets
of which cashand balanceswith centralbanks
Level 2 assets
Liquidity reserveSEKbn
646
© 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
Q4 2020 46
*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
Q1 2021 47
Liquidity
and
funding
Fact book, page 55 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 628 856
Cash and balances with central banks 1 495 593
Securities issued or guaranteed by sovereigns, central banks or MDBs and international organisations 94 338
Securities issued or guaranteed by municipalities public sector entities 3 504
Extremely high quality covered bonds 35 421
Level 2 assets 16 914
Level 2A assets 9 286
Securities issued or guaranteed by sovereigns, central banks, municiapalities and PSEs
High quality covered bonds 9 283
Corporate debt securities (lowest rating AA-) 3
Level 2B assets 7 629
Asset backed securities
High quality covered bonds
Corporate debt securities (rated A+ to BBB-) 970
Shares (major stock index) 6 658
Total liquid assets (unadjusted market value) 645 770
LCR adjustments (haircuts) according to LCR DR 27 687
High Quality Liquid Assets 638 083
© Swedbank
Public
Information class
Rating• On March 26, 2020 S&P downgraded Swedbank’s long-term
rating to A+ due to regulators finding anti-money laundering
(AML) deficiencies and regulatory misconduct between 2015
and the first quarter of 2019. The outlook is set to stable
reflecting the belief that the bank's solid franchise, profitability
and capital should shield it from the current worsening of
economic conditions and the outcome of other pending
investigations.
• On April 2, 2020 Moody’s downgraded Swedbank's long-term
rating to Aa3 following the conclusions from the investigations
into anti-money laundering that showed deficiencies in
Swedbank’s management of money laundering risks. The
outlook is set to stable reflecting the view that additional
financial penalties arising from the continued investigations are
unlikely to materially impact the bank’s creditworthiness.
• On April 3, 2020 Fitch Ratings downgraded Swedbank's Long-
Term rating to AA- driven by the confirmation of deficiencies in
anti-money laundering controls. The outlook is set to stable
reflecting expectations that the bank will progressively
strengthen its controls to effectively combat and prevent
money laundering and that Swedbank enters the economic
downturn from the coronavirus outbreak from a relative
position of strength at its rating level.
48Q1 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
Q1 2021 50
Repayment structure 7
– Amortising 68%
– Interest only 32%
Average loan size SEK 634 696
Number of loans outstanding 1 611 192
Number of borrowers 1 075 543
Number of properties 728 239
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 1022.6bn
Geographic distribution Sweden 100%
Current OC-level 103.8%
Weighted average seasoning 2 73 months
Average LTV 3, 4
– WA LTV on property level (Max LTV) 49%
Non-performing loans 5 None
Fixed /Floating interest loans 6
– Fixed 38.0%
– Floating 62.0%1 As per 31 Mar, 20212 Public sector loans not included3 Index valuation as per Dec, 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
Q1 2021 51
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
Type of loans 31 Mar
(based on loan volume) 2021
Residentials 92.7
of w hich Single-family housing 58.1
of w hich Tenant ow ner rights 22.2
of w hich Tenant ow ner association 7.8
of w hich Multi-family housing 4.6
Public 0.4
Commercial 1.2
Forest & Agricultural 5.7
100.0%
Population Feb
(thousands) 2021
Sw eden 10 385
Stockholm, county 2 394
Västra Götaland, county (incl. Gothenburg) 1 735
Skåne, county (incl. Malmoe) 1 390
Geographical distribution, Sweden, per cent 31 Mar
(based on loan volume) 2021
North 6.9
Norrbotten county (BD) 1.4
Västerbotten county (AC) 2.4
Västernorrland county (Y) 1.8
Jämtland county (Z) 1.3
Middle (including Stockholm) 43.7
Dalarna county (W) 2.0
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) 1.9
Stockholm county (including Stockholm) (AB) 26.8
South (including Göteborg and Malmö) 49.4
Västra götaland county (Including Göteborg) (O) 18.0
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 49%
Q1 2021 52
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 70-75
0%
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
Q1 2021 53
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
Q1 2021 54
Swedbank is a labeled issuer of
the ECBC Covered Bond Label
Foundation
(www.coveredbondlabel.com )
• Current OC-level of 103.8%
• 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%
0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50%
OC, Q121
OC, Q420
Min req. 2%
© Swedbank
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Information class
Overview of the Swedish covered bond legislation
55
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 – the third wave is underway
57
Coronavirus, confirmed Cases – Nordics
Swedish
and Baltic
macro
Q1 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 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-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 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Daily cases per million inhabitants, 7-day ma
Latvia Lithuania EstoniaSources: WHO & Macrobond
0
50
100
150
200
250
300
350
Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21
Hospitalisation per million inhabitants
Finland Sweden Norway DenmarkSources: Sw edbank Research & Macrobond
0
20
40
60
80
100
Index
Germany Denmark FinlandFrance United Kingdom NorwaySweden United States
Sources: Oxford COVID-19 Government Response Tracker (OxCGRT)&MacroBond
© Swedbank
Public
Information class
Sweden – The recovery is gearing up
58
• 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.2 Seasonally adjusted and smoothed
Key economic indicators1, 2019-2022
Q1 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
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: Sw edbank Research & Macrobond
Most recent 2019 2020 2021F 2022F
Real GDP (calendar adjusted) -2.2 (Q4) 1.4 -3.1 3.5 3.6
CPI growth, average 1.7 (Mar) 1.8 0.5 1.4 1.3
CPIF growth, average 1.9 (Mar) 1.7 0.5 1.5 1.3
Unemployment rate (15-74), % of labor force 8.8 (Feb)2 6.8 8.3 8.5 7.6
Savings ratio (households),% of disp. income … 15.9 17.9 17.4 15.7
Real disposable income (households) … 3.1 -0.8 3.5 3.2
© Swedbank
Public
Information class
-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: Sw edbank Research & Macrobond
The Swedish economy - market developments
Q1 2021 59
Household borrowing grows Interest rates remain low
Swedish
and Baltic
macroInflation picks up The krona weakens in 2021
-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: Sw edbank 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: Sw edbank Research & Macrobond
© Swedbank
Public
Information class
Baltics – ready for lift-off
60
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
Q1 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 %
3.9%
4.9%
-0.8%
Sources: Sw edbank Research & Macrobond
Most recent 2019 2020 2021F 2022F
Real GDP Estonia -1.2 (Q4) 5.0 -2.9 3.0 5.0
Latvia -1.5 (Q4) 2.1 -3.6 3.1 5.5
Lithuania -1.0 (Q4) 4.3 -0.8 3.9 4.9
CPI growth, average Estonia 1.1 (Mar) 2.3 -0.3 1.5 2.0
Latvia 0.3 (Mar) 2.8 0.2 1.8 3.0
Lithuania 1.6 (Mar) 2.7 1.2 2.3 3.3
Unemployment rate (15-74), Estonia 7.7 (Q3) 4.4 6.8 8.0 6.9
% of labor force Latvia 7.9 (Q4) 6.3 8.1 8.4 6.7
Lithuania 9.0 (Q4) 6.3 8.5 8.5 7.3
Real economic growth(Quarterly year-on-year change and annual growth projections)
© Swedbank
Public
Information class
Diverging sentiments in the Baltics
61
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
Q1 2021
-40
-30
-20
-10
0
10
20
-60
-50
-40
-30
-20
-10
0
10
20
30
Mar-18 Oct-18 May-19 Dec-19 Jul-20 Feb-21
Estonia
-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
Mar-18 Oct-18 May-19 Dec-19 Jul-20 Feb-21
Latvia
-40
-30
-20
-10
0
10
20
-50
-40
-30
-20
-10
0
10
20
30
Mar-18 Oct-18 May-19 Dec-19 Jul-20 Feb-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 reach record levels in the first quarter of
2021
• Demand for single family homes strengthens during the
Corona crisis.
• In March monthly seasonally adjusted prices rose by
2.0%, apartments by 0.9% and single-family homes by
2.5%.
63
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, March 20211)
Price developments flats and single family houses1)
Q1 2021
1 month 3 months 12 months SEK/sqm2)
Tenant owner
Sweden total 1.0% 4.8% 8.0% 44 920
Greater Stockholm 1.1% 5.2% 7.8% 65 017 (102 527)
Greater Gothenburg 0.8% 2.8% 5.5% 49 177 (67 263)
Greater Malmoe 1.2% 5.3% 12.3% 34 182 (38 280)
Sweden total 2.8% 9.0% 20.3% 4 060 000
Greater Stockholm 2.2% 8.4% 20.9% 7 088 000
Greater Gothenburg 2.5% 6.7% 18.7% 5 827 000
Greater Malmoe 2.2% 11.5% 23.2% 5 107 000
Sweden 2.1% 7.4% 15.5% …
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 at least until September
Q1 2021 64
Housing prices
Swedish
housing
and
mortgage
market
Housing market transactions
Sources: Swedbank Research & Valueguard
-3
-2
-1
0
1
2
3
4
Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
Seasonally adjusted housing prices: Apr 2019 - Mar 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
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Housing transactions
Average 2015-19 Last observationSource: Mäklarstatistik
© Swedbank
Public
Information class
Household borrowing grows, while borrowing costs remain subdued• Mortgage lending rises
• Housing interest costs remain at low levels due to supressed interest rates
• Loan volume likely to continue to increase
65
Household interest expensesMortgage loan growth, housing prices and interest rate
Swedish
housing
and
mortgage
market
Q1 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%Housing price index, HOX, rhs
Sources: Sw edbank Research & Macrobond
percent
0
2
4
6
8
10
12
14
16
18
1981 1987 1993 1999 2005 2011 2017
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 66
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
Information class
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.
– 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.
Q1 2021 67
• 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
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Information class
Swedbank has a low-risk real estate portfolio
• The portfolio grew by SEK 6bn in 2021 Q1 (2.0% annualised)
• Low-risk strategy with strict origination standards
• Prioritising low risk and price before volume growth
• Average LTV in the real estate portfolios in lower ranges
• 87% of loans in low risk residential properties segments
68
Property management
Swedbank Group real estate lending, SEK 1 285bn
Tenant Owner Associations
Private mortgage loans947
91
247
89%
4%2% 3% 2%
Sweden Estonia Latvia
Lithuania Other
Sweden dominate portfolio
2.0%
0%
2%
4%
6%
8%
0
20
40
60
80
2017 2018 2019 2020 2021Q1
Growth, SEKbn Growth, %1)
Low RE loan growth in Q1
Swedbank
real estate
lending
1) Growth YTD, % in 2021 Q1 annualised Q1 2021
© Swedbank
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Information class
Private mortgages – a low-risk portfolio
69
Swedbank
real estate
– Private
mortgage
Stable growth in home markets Sweden dominate portfolio
90%
4%2% 4%
Sweden Estonia Latvia Lithuania
3.4%
0%
2%
4%
6%
0
20
40
60
2017 2018 2019 2020 2021Q1
SE
Kbn
Sweden Estonia Latvia
Lithuania Growth, %
• The portfolio grew by SEK 8bn in 2021 Q1 (3.4% annualised)
• Low average LTV in the Private mortgage portfolio:
– Sweden 53%, Estonia 47%, Latvia 73%, Lithuania 54%
• Low historical losses: 0.01% on average last 10 years
1)
Private mortgage loans947
1) Growth YTD, % in 2021 Q1 annualised Q1 2021
© Swedbank
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Tenant-Owner Associations (TOA) – decreasing volumes due to e.g. finalised projects
70
13%
29%
10%11%
37%
<50 000 inhabitants >50 000 inhabitantsMalmö region Gothenburg region
Stockholm region
-7.1%
-8%
-6%
-4%
-2%
0%
2%
4%
-8
-6
-4
-2
0
2
4
2017 2018 2019 2020 2021Q1
Growth, SEKbn Growth, %1)
1) Growth YTD, % in 2021 Q1 annualised
Swedbank
real estate
- TOA
Geographically diversified
• Low concentration risk due to geographical split, and low
average LTV at 33%
• 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
• Low historic losses: 0.00% on average 10 years
Finalised projects reduce portfolio
Tenant-Owner Associations91
Q1 2021
© Swedbank
Public
Information class
247
Property management – focus on well-known companies with solid finances
71
Property management
• Commercial property management SEK 106bn – mostly office properties with low vacancies in larger cities
– In addition, retail real estate properties and other commercial properties
• Residential property management SEK 76bn– low risk portfolio, supported by growing population, stable rent levels and low vacancy rates
• Industrial & Warehouse SEK 42bn– warehouse and logistic properties supported by growing e-commerce, low vacancy rates, and low new production
• Other property management SEK 23bn– substantial share of community properties
– currently heightened risk in lending to hotels and restaurants
106
76
42
Commercial
properties
Residential
properties
Industrial &
Warehouse
23Other
properties9%
17%
31%
43%
82%
5%
2%2%
9%
Sweden Estonia Latvia Lithuania Other
-0.4%-4%
0%
4%
8%
12%
-10
0
10
20
30
2017 2018 2019 2020 2021 Q1
Growth, SEKbn Growth, %1)
Swedbank
real estate
– Property
mgmt.
Vast majority of portfolio in Sweden
1) Growth YTD, % in 2021 Q1 annualised Q1 2021
No growth in Q1
© Swedbank
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Property management – focus on well-known companies with solid finances
72
Residential property management
Share of loan-to-value >75%
Average loan-to-value, %
Property
management
Non-residential property management
0.9% 1.4% 0.0% 0.3% 0.0% 0.0%
1) Some properties with mixed usage
55% 44% 39% 36% 52% 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
94.5% 0.1% 0.2% 0.0% 0.0% 5.8%
▪Sweden ▪Estonia ▪Latvia ▪Lithuania ▪Norway ▪Finland
Share of loan-to-value >75%
Average loan-to-value, %
1.8% 1.0% 0.0% 0.3% 0.9% 0.4%
54% 54% 53% 43% 58% 47%
• Mixed portfolio1) comprising:
− Office properties
− Logistic and warehouse properties
− Industrial properties
− Community properties
− Retail real estate
− Hotel real estate
− Other non-residential properties
76.3% 6.9% 2.6% 3.4% 8.0% 2.6%
▪Sweden ▪Estonia ▪Latvia ▪Lithuania ▪Norway ▪Finland
SEK
76bn
SEK
171bn
Q1 2021
Property
Management
© Swedbank
Public
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9 Appendix
© Swedbank
Public
Information class
Two hundred years of working with sustainability
74
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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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
75
• 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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IFRS9 scenarios – Q1 2021 (March)
Q1 2021 76
Asset
quality
2021 2022 2023 2021 2022 20231) 2021 2022 2023
Sweden
GDP (% annual growth) 3.9 3.7 2.3 2.9 3.6 2.3 -5.2 0.7 4.3
Unemployment (%)2) 8.5 7.6 7.2 8.7 7.8 7.4 10.4 12.1 11.2
House prices (% annual change) 8.9 6.4 5.7 7.6 5.0 4.6 0.8 0.5 1.6
Stibor 3m (%) 0.03 0.21 0.40 -0.05 0.01 0.10 -0.29 -0.62 -0.57
Estonia
GDP (% annual growth) 4.3 5.0 3.2 3.1 4.3 2.9 -1.7 1.0 2.4
Unemployment (%) 7.8 6.6 6.0 8.1 6.9 6.4 12.0 11.8 10.4
House prices (% annual change) 8.7 9.5 5.4 7.0 7.9 5.0 -2.7 -0.2 4.1
Latvia
GDP (% annual growth) 3.9 5.6 3.5 2.8 5.0 3.3 -2.0 1.7 2.8
Unemployment (%) 7.8 6.2 5.7 8.1 6.6 6.0 12.1 12.5 11.1
House prices (% annual change) 5.2 6.4 6.4 3.5 4.6 5.4 -5.9 -3.8 4.4
Lithuania
GDP (% annual growth) 3.8 5.1 3.3 2.7 4.2 3.1 -1.9 1.0 2.5
Unemployment (%) 7.6 6.6 5.9 7.9 6.9 6.2 12.1 12.3 10.8
House prices (% annual change) 4.6 7.5 5.6 3.0 5.2 4.9 -6.4 -1.6 4.8
Global indicators
US GDP (% annual) 5.1 3.9 2.0 4.0 3.5 2.5 0.0 0.0 2.1
EU GDP (% annual) 4.9 4.2 2.1 4.1 4.1 2.1 -1.6 3.8 3.0
Brent Crude Oil (USD/Barrel) 62.3 62.5 62.3 54.0 52.0 51.1 36.8 39.6 43.1
Euribor 6m (%) -0.25 0.33 1.04 -0.50 -0.44 -0.21 -0.75 -0.80 -0.73
Positive scenario Baseline scenario Negative scenario
1) The baseline scenario for 2021 and 2022 are based on the published Swedbank Economic Outlook. The baseline scenario variables for 2023 are model-based extrapolations.
2) Unemployment rate, 16-64 years
Scenario was updated as per 20 January, 2021.
© Swedbank
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IFRS 9 – main characteristics of the different loan stages
Q1 2021 77
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
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IFRS 9 – Distribution of loans
Q1 2021 78
Sta
ge
1 lo
an
s
Sta
ge
2 lo
an
s
Sta
ge
3 lo
an
s
Asset
quality
0.5%
44.3%
Credit impairment provisions distribution, % (total, SEK 5 995m)
Loans to the public, gross, distribution, % (total, SEK 1 627bn)
12.1%
92.8%
43.6%
6.7%
© Swedbank
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Funding programmes
Q1 2021 79
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
May 2021 80
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
© Swedbank
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Swedbank – contacts and financial calendar
81
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]
Q2 Interim report, 2021 16 Jul 2021
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
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