Facts Q2, 2021

Facts Q2, 2021

ContentsQ2, 2021

page page

General information 2 Capital adequacy 47

Swedbank in brief 2-3 Credit risks, EAD distribution by business segment and by 47

Macro economic indicators 4-5 customer segments

Financial information, Group 6 Capital adequacy parameters for credit risk - business segments 48

Income statement, 5-year summary 6 Capital adequacy parameters for credit risk - customer segment 49-50

Income statement, 9-quarter summary 7 Capital adequacy, consolidated situation and leverage ratio 51

Balance sheet, 5-year summary 8 Estimated capital requirements by entity, Change in REA and 52

Balance sheet, 9 quarters, Equity and Goodwill 9 Outstanding subordinated debt

Statement of changes in equity 10 ICAAP 2020 - Scenario based stress test 53-54

Net interest income analysis 11 Liquidity & Funding 55

Income analysis 12 Green asset register, Environmental Impact and ESG bonds 55

Expense analysis 13 Liquid assets, the Liquidity Coverage Ratio and Liquidity Ratios 56

Variable pay 14 Debt securities in issue 57

Business segments 15 Issued long-term debt, by currency 58

Swedish Banking 15-16 Maturity distribution, long-term funding 59

Baltic Banking 17 Outstanding benchmark bonds and short-term funding 60

Baltic Banking 17-18 Minimum Requirement of Own Funds and Eligible Liabilities 61

Estonia 19 Maturity distribution, total balance sheet 62-63

Latvia 20 Asset encumbrance 64

Lithuania 21 Cover pool data 65-66

Other 22 Swedbank Mortgage AB, loan data 67

Large Corporates & Institutions 23-24 Rating 68

Group Functions & Other 25-26 Key figures 69-70

Group Treasury 27 Equity and assets, monthly 71

Other 28 Market shares 72

Eliminations 29 Swedbank Group by geography 73

Product companies 30 Employees 74

Swedbank Robur AB 30-31 Currency distribution and exchange rates 75

Swedbank Insurance 32-33 Sensitivity analysis and market risk 76

Baltic Life Insurance 34 Shareholders and share data 77

Baltic P&C Insurance 35 Definitions 78

Business volumes 36 Contacts and financial calendar 79

Loans 36

Deposits and amounts owed to credit institutions 37

Interest-bearing Securities and Deferred Tax Assets 38

Asset quality 39

Asset quality 39-42

Credit impairments 43

Loans by collateral type and Assets taken over 44

Private Mortgage loans 45-46

Concentration risk 46

General informationSwedbank in briefQ2, 2021

Vision Financial targets

We empower the many people and businesses to create a

better future

Return on equity: Return on equity of at least 15 per cent

Purpose Cost efficiency: Market-leading cost efficiency

A financially sound and sustainable society

Values Capitalisation: Solid capitalisation

Simple, Open, Caring

Long-term strategy

Swedbank has roots firmly entrenched in Sweden's savings bank history, the cooperative agricultural bank tradition

and Hansabank's significant role in the Baltic countries. Swedbank has a leading position in its home markets of

Sweden, Estonia, Latvia and Lithuania.

Offering what our customers need: Offering customers what

they need and expect is critical to building trust and loyalty

when digitisation gives customers more choice. By analysing

the customer data we have and drawing on our advisors’

competence, we can more easily identify the financial services

and products our customers need and more precisely target

our offerings.

High cost efficiency: Greater transparency and more options for

customers through digitisation also mean more price pressure on a

number of banking products and services. To create value for

customers, which requires both investments and competitive prices,

our goal is to be the market leader in cost efficiency. This affects

everything from how much capital we tie up to how effectively and

well we work together.

Low risk: Keeping our risks low is the foundation to building public

trust. It allows us to finance our operations through deposits from

the public and funding from the capital markets as well as to lend

capital to households and businesses at competitive prices and

create sustainable growth. We achieve this through stable

profitability combined with high-quality lending and solid

capitalisation, but also through our ability to quickly adapt to

changes in the market.

Available full-service bank: We are convinced that simplicity

and availability are necessary to build the trust and loyalty of

our customers. So that customers can manage all their

finances with us, we offer a comprehensive range of loans,

payment services and savings products, ranging from basic

transactional services such as consumer debit and credit cards

to more complex advice for large companies and institutions.

Our customers in Sweden and the Baltic countries can easily

manage their finances through a distribution network

comprising efficient digital solutions for day-to-day banking as

well as more extensive personal advice.

2

General information

Swedbank in briefQ2, 2021

1) ATMs are owned and operated by Bankomat AB. More information is available on www.bankomat.se

Group operational structure

Group executive committee

Jens Henriksson, President and CEO Erik Ljungberg, Head of Group Communications & Sustainability

Mikael Björknert, Head of Swedish Banking Lotta Lovén, CIO and Head of Digital Banking & IT

Lars-Erik Danielsson, Chief Credit Officer Rolf Marquardt, Chief Risk Officer

Anders Ekedahl, Head of Anti-Financial Crime Unit Björn Meltzer, Acting Head of LC&I

Ingrid Harbo, Head of Group Compliance Charlotte Rydin, Chief Legal Officer and Head of Group Legal

Anders Karlsson, Chief Financial Officer Carina Strand, Head of Group HR & Infrastructure

Jon Lidefelt, Head of Baltic Banking Kerstin Winlöf, Head of Group Financial Products & Advice

To support the business in Swedbank's four home markets, Swedbank also has a presence in neighbouring Norway, Finland and Denmark as well as the

US, China and South Africa.

SwedenPopulation: 10.3mPrivate customers: 4.0mCorporate customers: 269 000Organisations: 68 000Branches: 154ATMs 1)

Cards: 4.4mEmployees: 9 107

LatviaPopulation: 1.9mPrivate customers: 0.9mCorporate customers: 75 000Branches: 21ATMs: 364Cards: 1.0mEmployees: 1 872

EstoniaPopulation: 1.3mPrivate customers: 0.85mCorporate customers: 130 000Branches: 17ATMs: 376Cards: 1.1mEmployees: 2 510

LithuaniaPopulation: 2.8mPrivate customers: 1.5mCorporate customers: 77 000Branches: 42ATMs: 400Cards: 1.7mEmployees: 2 474

The financial reporting is divided into four segments:

Swedish banking (formed by the six Swedish regions),

Baltic Banking (consisting of the three Baltic banks),

Large Corporate & Institutions and Group Functions &

Other. Group Functions & Other currently includes

Group Treasury, Digital Banking & Group IT, Group

Financial Products & Advice, other group functions.

Board of Directors

President and CEO

Internal audit

Baltic BankingSwedish BankingLarge Corporates &

Institutions

Group Treasury, Digital Banking & Group IT, Group

Financial Products & Advice

Group functions & Other

3

General information

Macro economic indicatorsQ2, 2021

GDP growth Average inflation rate (consumer price growth)

% 2022F 2021F 2020 2019 2018 2017 2016 % 2022F 2021F 2020 2019 2018 2017 2016

Sweden 3.6 3.6 -2.7 2.0 1.9 2.6 2.1 Sweden 1.3 1.4 0.5 1.8 2.0 1.8 1.0

Estonia 5.0 3.0 -2.9 5.0 4.4 5.5 3.2 Estonia 2.0 1.5 -0.4 2.3 3.4 3.4 0.1

Latvia 5.5 3.1 -3.6 2.0 4.0 3.3 2.4 Latvia 3.0 1.8 0.2 2.8 2.5 2.9 0.1

Lithuania 4.9 3.0 -0.9 4.3 3.9 4.3 2.5 Lithuania 3.3 2.3 1.2 2.3 2.7 3.7 0.9

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

2022F 2021F 2020 2019 2018 2017 2016 2022F 2021F 2020 2019 2018 2017 2016

Sweden n/a n/a 5.3 5.2 2.7 3.0 2.4 Sweden -1.2 -3.1 -3.1 0.6 0.8 1.4 1.0

Estonia 1.2 1.9 -0.7 1.9 0.9 2.3 1.2 Estonia -3.8 -6.0 -4.9 0.1 -0.6 -0.7 -0.4

Latvia -1.8 0.7 2.9 -0.6 -0.3 1.2 1.6 Latvia -2.2 -7.5 -4.5 -0.6 -0.8 -0.8 0.2

Lithuania 4.2 6.7 8.3 3.3 0.2 0.4 -1.1 Lithuania -2.7 -6.5 -7.4 0.5 0.6 0.5 0.2

General government debt, % of GDP

2022F 2021F 2020 2019 2018 2017 2016

Sweden 37.4 39.5 39.9 35.0 38.9 40.7 42.3 Sweden 52 475 10.3 531.9

Estonia 25.0 21.2 18.2 8.4 8.2 9.1 9.9 Estonia 36 830 1.3 31.4

Latvia 46.8 48.0 43.5 37.0 37.1 39.0 40.4 Latvia 30 867 1.9 34.0

Lithuania 47.8 49.3 47.3 35.9 33.7 39.1 39.7 Lithuania 37 063 2.8 54.6

Household debt, % of disposable income 1)

Unemployment, %

2020 2019 2018 2017 2016 2022F 2021F 2020F 2019 2018 2017

Sweden 2)

199.2 188.5 189.3 187.6 182.8 Sweden 7.6 8.5 8.3 6.8 6.3 6.7

Estonia 1)

n/a 66.3 68.4 70.0 71.7 Estonia 6.9 8.0 6.8 4.4 5.4 5.8

Latvia 1)

n/a 32.2 33.0 34.8 36.3 Latvia 6.7 8.4 8.1 6.3 7.4 8.7

Lithuania 1)

n/a 36.4 36.7 35.9 35.1 Lithuania 7.3 8.5 8.5 6.3 6.2 7.1

1) Gross debt-to-income ratio of households (ESA 2010)

2) The Riksbank's financial stability report

Sources: Swedbank Reasearch - Macro Research, Eurostat, the World Bank & the Riksbank

GDP, 2019

GDP per capita (PPP)

2019, USD

Inhabitants 2019

(millions)

GDP 2019

(USDbn)

4

General information

Macro economic indicatorsQ2, 2021

1) House price index, monthly data (2005=100) for a single family home

Source: © Valueguard Index Sweden AB 2015 (Hox index)

2) Real estate prices as of May 2021

1) Average sales price per sqm for apartments

2) Real estate prices as of January 2021

Source: Land boards of respective country

0

500

1 000

1 500

2 000

2 500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

EUR

Tallinn Riga Vilnius

Real estate price development, Baltics 1) 2)

Interest rates: Sweden & Eurozone, %

Real estate price development, Sweden 1) 2)

Index, 2005=100

100

120

140

160

180

200

220

240

260

280

300

Stockholm Gothenburg Sweden Malmoe

5

Financial information, GroupIncome statement, 5-year summaryQ2, 2021

Income statement, Group YTD YTD ∆ FY FY FY FY FY

SEKm 2021 2020 % 2020 2019 2018 2017 2016 3)

Net interest income 13 113 13 572 -3 26 853 25 989 25 228 24 595 22 850

Net commission income 1)

7 034 6 148 14 12 770 12 984 12 836 12 206 11 502

Net gains and losses on financial items 1 230 1 076 14 2 655 3 629 2 112 1 934 2 231

Net insurance 770 686 12 1 518 1 465 1 192 937 754

Share of the profit or loss of associates and joint ventures 2)

484 229 582 822 1 028 736 2 263

Other income 1) 641 597 7 1 298 1 071 1 826 1 795 1 017

Total income 23 272 22 308 4 45 676 45 960 44 222 42 203 40 617

Staff costs 6 038 5 624 7 11 511 10 679 9 756 9 485 8 749

Variable staff costs 213 114 87 362 440 528 460 627

Other expenses 2 894 3 698 -22 7 107 7 314 5 865 5 870 5 622

Depreciation/amortisation 818 777 5 1 580 1 551 686 600 629

Administrative fine 4 000 4 000

Total expenses 9 963 14 213 -30 24 560 19 984 16 835 16 415 15 627

Profit before impairments 13 309 8 095 64 21 116 25 976 27 387 25 788 24 990

Impairment of intangible assets 56 79 306 175 35

Impairment of tangible assets 2 8 8 21 31Credit impairments 219 3 386 -94 4 334 1 469 521 1 285 1 367Non-recurring items

Profit before tax 13 034 4 709 16 780 24 420 26 552 24 307 23 557

Tax expense 2) 2 496 1 552 61 3 851 4 711 5 374 4 943 4 005

Profit for the period from continuing operations 10 538 3 157 12 929 19 709 21 178 19 364 19 552

Profit for the period from discontinued operations, after tax

Profit for the period including non-controlling interest 10 538 3 157 12 929 19 709 21 178 19 364 19 552

Profit for the period attributable to:

Shareholders of Swedbank AB 10 538 3 158 12 929 19 697 21 162 19 350 19 539

Non-controlling interests 0 -1 -100 0 12 16 14 13

Statement of Comprehensive Income YTD YTD ∆ YTD YTD YTD FY FY

SEKm 2021 2020 % 2020 2019 2018 2017 2016 3)

Profit for the period reported via Income statement 10 538 3 157 12 929 19 709 21 178 19 364 19 552

Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans 1 880 3 069 -39 5 166 -3 866 -1 806 -1 928 -3 110

Share related to associates, Remeasurements of defined benefit

pension plans 42 96 -56 96 -127 -63 -49 -59

Change in fair value attributable to changes in own credit risk of

financial liabilities designated at fair value 3 6 17 22

Income tax -387 -633 -39 -1 065 793 361 424 684

Total 1 535 2 535 -39 4 203 -3 183 -1 486 -1 553 -2 485

Items that may be reclassified to the income statement

Exchange differences on translating foreign operations:

Gains/losses arising during the period 263 128 -1 838 739 1 870 1 077 1 644

Reclassification adjustments to Income statement,

Net gains and losses on financial items or profit

for the period from discontinued operation

Reclassification adjustments to Income statement, net gains and

losses on financial items -2 4 -3

Hedging of net investments in foreign operations:

Gains/losses arising during the period -239 6 1 523 -600 -1 474 -732 -1 337

Reclassification adjustments to Income statement, net gains and

losses on financial items 9 81

Reclassification adjustments to Income statement, profit for

the period from discontinued operations

Cash flow hedges:

Gains/losses arising during the period 48 20 -358 159 421 -76 59


Net interest income 13 16

Net gains and losses on financial items -47 -21 349 -154 -403

Foreign currency basis risk:

Gains/losses arising during the period -5 -4 25 -42 -18 -72

Share of other comprehensive income of associates 69 -86 -84 32 36 -80 126

Income tax 50 -1 -306 167 297 161 280

Reclassification adjustments to Income statement, tax -3 -4

Reclassification adjustments to Income statement, profit

for the period from discontinued operations

Total 139 42 -749 325 675 445 781

Other comprehensive income for the period, net of tax 1 674 2 577 -35 3 454 -2 858 -811 -1 108 -1 704

Total comprehensive income for the period 12 212 5 734 16 383 16 851 20 367 18 256 17 848

Total comprehensive income attributable to:

Shareholders of Swedbank AB 12 212 5 735 16 383 16 839 20 351 18 242 17 835

Non-controlling interests 0 -1 -100 0 12 16 14 13

2) 2018 (Q1 to Q3) and 2017 results have been restated for changed presentation of tax related to associates. Refer to Note 1 in the Year-end report for further information.

From 1 January 2018, the results reflect that IFRS 9 Financial instruments has been adopted. Prior periods have not been restated.

1) Following a review of the services which are provided to the savings banks, Swedbank has moved a part of the income, which was previously reported under the line item Other Income,

to Commission Income. Historic comparative figures have been restated. For the full year 2017, the change means that SEK 176m has moved from Other Income to Commission Income.

The change has no impact on Swedbank’s Total Income.

3) Includes income in Q2 2016 from Visa Inc’s acquisition of Visa Europe, total effect SEK 2 115m of which Net gains and losses on financial items of SEK 457m, and Share of the profit or

loss of associates of SEK 1 658m.

6

Financial information, GroupIncome statement, 9-quarter summaryQ2, 2021

Income statement, Group Q2 ∆ Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 SEKm 2021 2020 2020 2020 2020 2019 2019 2019

Net interest income 6 572 31 6 541 6 567 6 714 6 886 6 686 6 408 6 553 6 607

Net commission income 3 674 314 3 360 3 376 3 246 2 925 3 223 3 415 3 297 3 202

Net gains/losses on financial items 645 60 585 910 669 1 398 -322 1 218 457 768

Net insurance 396 22 374 408 424 390 296 399 379 361

Share of profit or loss of associates 247 10 237 122 231 134 95 252 213 220

Other income 336 31 305 381 320 343 254 264 327 258

Total income 11 870 468 11 402 11 764 11 604 12 076 10 232 11 956 11 226 11 416

Staff costs 3 039 40 2 999 3 031 2 856 2 825 2 799 2 764 2 637 2 634

Variable staff costs 97 -19 116 174 74 43 71 51 126 148

Other expenses 1 437 -20 1 457 1 974 1 435 1 588 2 110 2 342 2 018 1 577

Depreciation/amortisation 416 14 402 407 396 387 390 392 383 394

Administrative fine 4 000

Total expenses 4 989 15 4 974 5 586 4 761 4 843 9 370 5 549 5 164 4 753

Profit before impairments 6 881 453 6 428 6 178 6 843 7 233 862 6 407 6 062 6 663

Impairment of intangible assets 56 56 13 66

Impairment of tangible assets 1 1 5 1 2

Credit Impairments -27 -273 246 523 425 1 235 2 151 988 154 109

Profit before tax 6 852 670 6 182 5 654 6 417 5 998 -1 289 5 401 5 841 6 552

Tax expense 1 288 80 1 208 1 144 1 155 1 154 398 973 1 176 1 210

Profit for the period from continuing operations 5 564 590 4 974 4 510 5 262 4 844 -1 687 4 428 4 665 5 342

Profit for the period including non-controlling interest 5 564 590 4 974 4 510 5 262 4 844 -1 687 4 428 4 665 5 342


Shareholders of Swedbank AB 5 563 588 4 975 4 510 5 261 4 845 -1 687 4 428 4 663 5 336

Non-controlling interests 1 2 -1 0 1 -1 2 6

Statement of comprehensive income Q2 ∆ Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 SEKm 2021 2020 2020 2020 2020 2019 2019 2019

Profit for the period reported via Income statement 5 564 590 4 974 4 510 5 262 4 844 -1 687 4 428 4 665 5 342

Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans 296 -1 288 1 584 1 148 949 -1 178 4 247 1 091 -781 -3 308

Share related to associates, Remeasurements of defined benefit

pension plans 16 -10 26 20 -20 -45 141 32 -29 -108

Change in fair value attributable to changes in own credit risk of

financial liabilities designated at fair value 2 1 2 1 4 5 5

Income tax -61 265 -326 -236 -196 242 -875 -225 160 680

Total 251 -1 033 1 284 934 734 -979 3 514 902 -645 -2 731

Items that may be reclassified to the income statement

Exchange differences on translating foreign operations:

Gains/losses arising during the period -583 -1 429 846 -2 337 371 -2 494 2 622 -1 232 639 691

Reclassification adjustments to income statement,

Net gains/losses on financial items -2

Hedging of net investments in foreign operations:

Gains/losses arising during the period 490 1 219 -729 1 808 -291 1 928 -1 922 976 -485 -549


profit for the period from discontinued operations 9

Cash flow hedges:

Gains/losses arising during the period -101 -250 149 -412 34 -502 522 -250 133 142


Net gains and losses on financial items 98 243 -145 403 -33 489 -510 244 -131 -136

Foreign currency basis risk:

Gains/losses arising during the period -2 1 -3 -24 -14 -12 8 -6 -10 3

Reclassification adjustments to income statement, Net gains and

losses on financial items

Share of other comprehensive income of associates -34 -137 103 6 -4 -9 -77 -40 -4 21

Income tax relating to components of other comprehensive income -103 -256 153 -372 67 -409 408 -184 106 157

Total -235 -609 374 -921 130 -1 009 1 051 -492 248 329

Other comprehensive income for the period, net of tax 16 -1 642 1 658 13 864 -1 988 4 565 410 -397 -2 402

Total comprehensive income for the period 5 580 -1 052 6 632 4 523 6 126 2 856 2 878 4 838 4 268 2 940

Shareholders of Swedbank AB 5 579 -1 054 6 633 4 523 6 125 2 857 2 878 4 838 4 266 2 934

7

Financial information, GroupBalance sheet, 5-year summaryQ2, 2021

Balance sheet 30 Jun 30 Jun ∆ 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec

SEKm 2021 2020 % 2020 2019 2018 2017 2016

Assets

Cash and balances with central banks 598 926 380 083 58 293 811 195 286 163 161 200 371 121 347

Loans to credit institutions 39 070 60 409 -35 47 954 45 452 36 268 30 746 32 197

Loans to the public 1 667 988 1 715 270 -3 1 680 987 1 652 296 1 627 368 1 535 198 1 507 247

Bonds and other interest-bearing securities 223 231 248 157 -10 197 166 194 461 152 891 145 034 182 072

Financial assets for which customers bear the investment risk 294 920 222 808 32 252 411 224 893 177 868 180 320 160 114

Derivatives 36 413 53 949 -33 52 177 44 424 39 665 55 680 87 811

Other assets 78 828 84 187 -6 70 136 51 416 48 871 65 287 63 415

Total assets 2 939 376 2 764 863 6 2 594 642 2 408 228 2 246 092 2 212 636 2 154 203

Liabilities and equity

Amounts owed to credit institutions 146 119 186 615 -22 150 313 69 686 57 218 68 055 71 831

Deposits and borrowings from the public 1 307 980 1 121 606 17 1 148 240 954 013 920 750 855 609 792 924

Debt securites in issue 881 433 869 229 1 732 814 855 754 804 360 844 204 841 673

Financial liabilities for which customers bear the investment risk 295 842 223 516 32 253 229 225 792 178 662 181 124 161 051

Derivatives 26 886 54 355 -51 54 380 40 977 31 316 46 200 85 589

Other liabilites 63 410 128 866 -51 66 680 80 634 81 993 58 364 44 176

Senior non-preferred liabilities 34 614 10 359 10 805

Subordinated liabilities 23 699 36 258 -35 23 434 31 934 34 184 25 508 27 254

Equity 159 393 144 418 10 155 193 138 633 137 609 133 572 129 705

Total liabilities and equity 2 939 376 2 764 863 6 2 594 642 2 408 228 2 246 092 2 212 636 2 154 203

From 1 January 2018, IFRS 9 has been adopted.

From 1 January 2019, IFRS 16 has been adopted.

8

Financial information, Group

Balance sheet 9 quarters, Equity and GoodwillQ2, 2021

Balance sheet 30 Jun ∆ 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKm 2021 SEKm 2021 2020 2020 2020 2020 2019 2019 2019

Assets

Cash and balances with central banks 598 926 99 068 499 858 293 811 388 491 380 083 295 442 195 286 212 168 246 679

Loans to credit institutions 39 070 -7 402 46 472 47 954 50 839 60 409 55 628 45 452 39 981 40 179

Loans to the public 1 667 988 919 1 667 069 1 680 987 1 683 986 1 715 270 1 694 708 1 652 296 1 668 023 1 678 109

Interest-bearing securities 223 231 30 972 192 259 197 166 203 161 248 157 265 601 194 461 240 351 200 204

Value change of interest hedged item in portfolio hedge 401 -478 879 1 774 2 409 2 315 1 176 271 2 908 2 702

Financial assets for which customers bear

the investment risk 294 920 16 478 278 442 252 411 240 129 222 808 197 672 224 893 213 735 206 625

Shares and participating interests 19 307 -7 709 27 016 17 215 15 203 4 811 9 904 6 568 5 137 4 675

Investments in associates and joint ventures 7 303 -268 7 571 7 287 7 127 6 931 6 834 6 679 6 423 5 974

Derivatives 36 413 -13 740 50 153 52 177 54 218 53 949 84 253 44 424 60 828 45 703

Intangible fixed assets 18 836 42 18 794 18 361 18 482 18 277 18 610 17 864 17 927 17 704

of which goodwill 13 383 -125 13 508 13 327 13 821 13 742 14 291 13 709 13 990 13 849

Tangible assets 5 376 -22 5 398 5 421 5 576 5 706 5 667 5 572 5 610 5 810

Current tax assets 1 619 78 1 541 1 554 2 535 2 242 2 674 2 408 2 826 2 432

Deferred tax assets 156 -20 176 124 200 202 180 170 172 183

Other assets 22 529 -8 879 31 408 16 483 20 733 41 402 34 942 8 859 28 440 20 819

Prepaid expenses and accrued income 3 301 770 2 531 1 917 2 661 2 301 2 178 3 025 1 993 2 256

Total assets 2 939 376 109 809 2 829 567 2 594 642 2 695 750 2 764 863 2 675 469 2 408 228 2 506 522 2 480 054


Liabilities

Amounts owed to credit institutions 146 119 -17 162 163 281 150 313 166 237 186 615 174 934 69 686 103 251 97 967

Deposits and borrowings from the public 1 307 980 69 325 1 238 655 1 148 240 1 155 921 1 121 606 1 066 052 954 013 974 351 966 800

Debt securities in issue 881 433 51 371 830 062 732 814 814 976 869 229 908 130 855 754 918 601 914 234

Financial liabilities for which customers bear

the investment risk 295 842 15 115 280 727 253 229 240 970 223 516 199 847 225 792 214 562 207 427

Derivatives 26 886 -8 138 35 024 54 380 41 050 54 355 54 107 40 977 39 751 36 235

Current tax liabilities 699 67 632 424 440 428 816 836 730 693

Deferred tax liabilities 3 219 92 3 127 2 784 2 514 2 250 2 481 1 571 1 287 1 330

Short positions securities 14 330 -10 120 24 450 23 300 25 460 29 816 19 927 34 345 29 261 40 147

Other liabilities 36 121 -9 645 45 766 29 766 49 776 83 519 53 471 28 144 41 151 42 380

Accrued expenses and prepaid income 4 748 -428 5 176 4 038 4 174 3 980 8 682 4 383 4 042 3 868

Provisions 4 293 -389 4 682 6 368 7 841 8 873 7 586 11 355 12 524 11 830

Senior non-preferred liabilities 34 614 14 400 20 214 10 359 10 878 10 837 11 153 10 805Subordinated liabilities 23 699 -306 24 005 23 434 24 924 25 421 26 727 31 934 33 241 27 532

Total liabilities 2 779 983 104 182 2 675 801 2 439 449 2 545 161 2 620 445 2 533 913 2 269 595 2 372 752 2 350 443

Equity

Non-controlling interests 25 1 24 25 25 24 25 25 25 208Equity attributable to shareholders of Swedbank AB 159 368 5 626 153 742 155 168 150 564 144 394 141 531 138 608 133 745 129 403

Total equity 159 393 5 627 153 766 155 193 150 589 144 418 141 556 138 633 133 770 129 611

Total liabilities and equity 2 939 376 109 809 2 829 567 2 594 642 2 695 750 2 764 863 2 675 469 2 408 228 2 506 522 2 480 054

Equity attributable to shareholders of Swedbank AB, 30 Jun 2021 Goodwill, 30 Jun 2021

SEKm SEKm

Swedbank AB (Sweden) 103 181 Swedbank Robur 328

Swedbank Mortgage (Sweden) 46 056 Swedbank Försäkring 651

Swedbank Robur (Sweden) 2 327 Swedbank (Estonia) 4 293

Swedbank Försäkring (Sweden) 3 481 Swedbank (Latvia) 2 210

Sparia Försäkring Group (Sweden) 149 Swedbank (Lithuania) 3 754Swedbank (Estonia) 18 521 PayEx AB 584

Swedbank (Latvia) 9 762 Group total 11 820

Swedbank (Lithuania) 10 140

PayEx AB 964 Goodwill within parent company:

Ektornet (Sweden) 165 Swedbank AB (Sweden) 1 563

Other subsidiaries 1 538 Total goodwill 13 383

Total legal equity 196 284

Group adjustments and eliminations -36 916

Total equity attributable to shareholders of Swedbank AB 159 368


9

Financial information, GroupStatement of changes in equity Q2, 2021

Statement of changes in equity

Non-

controlling

SEKm interest Total equity

Share capital

Other

contributed

equity

Exchange

differences,

subsidiaries

and

associates

Hedging of

net

investments in

foreign

operations

Cash flow

hedges

Foreign

Currency

Basis Risk

Reserve

Own credit

risk reserve

Retained

earnings Total

Closing balance 31 December 2020 24 904 17 275 4 355 -2 669 1 -62 0 111 364 155 168 25 155 193

Opening balance 1 January 2021 24 904 17 275 4 355 -2 669 1 -62 0 111 364 155 168 25 155 193

Dividends -8 124 -8 124 0 -8 124

Share based payments to employees 112 112 112

Disposal of subsidiary 0 0

Total comprehensive income for the period 332 -190 1 -4 0 12 073 12 212 0 12 212

Closing balance 30 June 2021 24 904 17 275 4 687 -2 859 2 -66 0 115 425 159 368 25 159 393

Specification of Exchange differences, subsidiaries and associates 30 Jun 31 Dec Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 2021 2021 2020 2020 2020 2020 2019 2019 2019

Estonian Operations 2 522 2 404 -278 396 -1 132 184 -1 214 1 272 -598 307 349

Latvian Operations 1 156 1 094 -139 201 -531 85 -572 601 -285 148 147

Lithuanian Operations 1 210 1 136 -168 242 -645 104 -687 720 -340 176 186

Norwegian Operations -229 -299 -32 102 5 -4 -9 -80 -41 -3 20

Robur, Ektornet and other 28 20 0 8 -30 -2 -21 32 -8 7 10

Total 4 687 4 355 -617 949 -2 333 367 -2 503 2 545 -1 272 635 712

Specification of Hedging of net investment in foreign operations 30 Jun 31 Dec Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 2021 2021 2020 2020 2020 2020 2019 2019 2019

Estonian Operations -1 674 -1596 175 -253 728 -121 776 -807 380 -195 -219

Latvian Operations -630 -591 88 -127 333 -54 359 -375 178 -92 -89

Lithuanian Operations -660 -617 96 -139 364 -60 384 -397 187 -95 -101

Norwegian Operations 128 154 22 -48 0 6 -4 64 42 3 -13

Robur, Ektornet and other -23 -19 5 -9 9 2 -1 5 2 -2 33

Total -2 859 -2 669 386 -576 1 434 -227 1 514 -1 510 789 -381 -389

Specification of Cash flow hedges 30 Jun 31 Dec Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 2021 2021 2020 2020 2020 2020 2019 2019 2019

Amendments due to the adoption of IFRS 9

Group Treasury 1 0 -2 3 -8 1 -11 10 -5 3 3

Other 1 1 -0 0 -0 -1 -0 0 1 -2 2

Total 2 1 -2 3 -8 0 -11 10 -4 1 5

Shareholders' equity

10

Financial information, GroupNet interest income analysis, GroupQ2, 2021

Net interest income analysis, Group YTD YTD ∆ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Interest income

Cash and balances with central banks -522 -171 -290 -232 -165 -211 -190 19 35 81 111

Treasury bills and other bills eligible for refinancing with central banks, etc. 31 46 -33 17 14 15 15 16 30 45 43 43

Loans to credit institutions 84 212 -60 47 37 46 56 80 132 130 151 171

Loans to the public 15 293 16 652 -8 7 634 7 659 7 892 8 101 8 350 8 302 8 201 8 311 8 288

Bonds and other interest-bearing securities 94 145 47 47 57 176 104 41 57 -5 9

Derivatives 506 503 1 262 244 56 78 209 294 320 358 496

Other assets 83 102 -19 41 42 46 42 49 53 51 55 57

Total 15 569 17 489 -11 7 758 7 811 7 947 8 257 8 618 8 871 8 839 8 994 9 175

Deduction of trading-related interests reported in Net gains and losses on

financial items 51 16 68 -17 -157 43 -59 75 115 151 122

Total interest income 15 518 17 473 -11 7 690 7 828 8 104 8 214 8 677 8 796 8 724 8 843 9 053

Interest expense

Amounts owed to credit institutions 97 -213 92 5 10 -1 -78 -135 -130 -269 -300

Deposits and borrowings from the public -163 -475 -66 -126 -37 -224 -148 -147 -328 -261 -391 -441

of which deposits guarantee fees -171 -235 -27 -136 -35 -212 -119 -118 -117 -116 -128 -107

Debt securities in issue -2 416 -4 266 -43 -1 158 -1 258 -1 422 -1 594 -1 951 -2 315 -2 417 -2 750 -3 087

Senior non-preferred liabilities -76 -55 -48 -28 10 -57 -29 -26 -15

Subordinated liabilities -340 -468 -27 -170 -170 -170 -183 -189 -279 -290 -247 -217

Derivatives 1) 1 073 2 108 -49 570 503 561 781 938 1 170 1 131 1 658 1 863

Other liabilities -444 -482 -8 -197 -247 -233 -247 -277 -205 -311 -314 -280

of which resolution fee -401 -425 -6 -172 -229 -220 -218 -249 -176 -278 -278 -248

of which lease liabilities -21 -22 -5 -11 -10 -10 -12 -11 -11 -11 -11 -11

Total -2 269 -3 851 -41 -1 037 -1 232 -1 468 -1 449 -1 733 -2 118 -2 293 -2 313 -2 462

deduction of trading related interest reported in Net gains and losses on

financial items 136 50 81 55 69 51 58 -8 23 -23 -16

Total interest expense -2 405 -3 901 -38 -1 118 -1 287 -1 537 -1 500 -1 791 -2 110 -2 316 -2 290 -2 446-21 -22 -5 -11 -10 -10 -12 -11 -11 -11 -11 -11

Net interest income 13 113 13 572 -3 6 572 6 541 6 567 6 714 6 886 6 686 6 408 6 553 6 607

Average balances

Cash and balances with central banks 481 973 302 519 59 523 415 445 003 366 954 377 798 346 657 256 612 224 711 256 661 242 983

Treasury bills and other bills eligible for refinancing with central banks, etc. 132 906 155 447 -15 140 301 123 606 119 742 141 925 151 397 160 884 159 731 150 038 140 051

Loans to credit institutions 51 691 55 996 -8 48 889 53 188 55 714 60 028 56 702 55 198 55 686 50 012 45 586

Loans to the public 1 668 335 1 693 092 -1 1 666 365 1 669 989 1 681 487 1 695 463 1 709 322 1 677 266 1 663 680 1 677 031 1 683 021

Bonds and other interest-bearing securities 67 490 87 598 -23 69 271 65 580 77 891 88 676 102 191 77 256 69 154 65 643 65 973

Interest-bearing assets 2 402 395 2 294 652 5 2 448 241 2 357 366 2 301 788 2 363 890 2 366 269 2 227 216 2 172 962 2 199 385 2 177 614

Derivatives 40 939 59 004 -31 38 968 45 213 51 509 56 527 63 329 60 991 50 327 57 825 48 435

Other assets 354 925 299 605 18 367 124 347 432 320 070 308 460 299 736 294 533 280 532 274 234 273 945

Total assets 2 798 259 2 653 261 5 2 854 333 2 750 011 2 673 367 2 728 877 2 729 334 2 582 740 2 503 821 2 531 444 2 499 994

Amounts owed to credit institutions 162 034 145 286 12 146 350 178 030 165 269 178 382 186 540 111 445 101 080 116 034 111 158

Deposits and borrowings from the public 1 234 419 1 064 933 16 1 266 593 1 203 304 1 162 829 1 145 420 1 103 087 1 027 060 997 779 982 990 955 274

Debt securities in issue 813 519 896 165 -9 842 009 789 165 787 334 833 425 884 745 910 576 888 766 922 669 926 552

Senior non-preffered liabilities 21 684 10 943 26 461 16 540 10 610 10 803 10 916 11 022 4 713

Subordinated liabilities 23 654 28 934 -18 23 683 23 713 24 231 24 823 25 966 31 350 32 617 30 710 27 430

Interest-bearing liabilities 2 255 310 2 146 261 5 2 305 096 2 210 752 2 150 273 2 192 853 2 211 254 2 091 453 2 024 955 2 052 403 2 020 414

Derivatives 34 824 45 980 -24 30 282 39 415 45 639 54 517 51 924 42 067 38 247 39 356 33 950

Other liabilities 348 393 315 314 10 358 746 341 202 321 108 330 555 319 305 304 781 301 231 303 923 313 002

Lease Liabilities 3 641 3 720 -2 3 625 3 650 3 641 3 745 3 734 3 699 3 630 3 729 3 839

Total liabilities 2 642 168 2 511 275 5 2 697 749 2 595 019 2 520 661 2 581 670 2 586 217 2 442 000 2 368 063 2 399 411 2 371 205

Equity 156 091 141 986 10 156 584 154 992 152 706 147 207 143 117 140 740 135 758 132 033 128 789

Total liabilities and equity 2 798 259 2 653 261 5 2 854 333 2 750 011 2 673 367 2 728 877 2 729 334 2 582 740 2 503 821 2 531 444 2 499 994

Average interest rates YTD YTD Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

% 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Cash and balances with central banks -0.22 -0.11 -0.10 -0.22 -0.21 -0.18 -0.22 -0.22 0.03 0.06 0.13 0.18

Treasury bills and other bills eligible for refinancing with central banks, etc. 0.05 0.06 -0.01 0.05 0.05 0.05 0.04 0.04 0.07 0.11 0.11 0.12

Loans to credit institutions 0.33 0.76 -0.43 0.38 0.28 0.33 0.37 0.56 0.96 0.93 1.21 1.50

Loans to the public 1.83 1.97 -0.13 1.83 1.83 1.88 1.91 1.95 1.98 1.97 1.98 1.97

Bonds and other interest-bearing securities 0.28 0.33 -0.05 0.27 0.29 0.29 0.79 0.41 0.21 0.33 -0.03 0.05

Interest-bearing assets 1.24 1.46 -0.22 1.22 1.28 1.36 1.38 1.41 1.53 1.56 1.56 1.58

Amounts owed to credit institutions -0.12 0.29 -0.41 -0.25 -0.01 -0.02 0.00 0.17 0.48 0.51 0.93 1.08

Deposits and borrowings from the public 0.03 0.09 -0.06 0.04 0.01 0.08 0.05 0.05 0.13 0.10 0.16 0.18

Debt securities in issue 0.59 0.95 -0.36 0.55 0.64 0.72 0.77 0.88 1.02 1.09 1.19 1.33

Senior non-preferred liabilities 0.70 1.01 -0.30 0.73 0.68 -0.38 2.11 1.06 0.94 1.27

Subordinated liabilities 2.87 3.23 -0.36 2.87 2.87 2.81 2.95 2.91 3.56 3.56 3.22 3.16

Lease liabilities 1.15 1.18 -0.03 1.21 1.10 1.10 1.28 1.18 1.19 1.21 1.18 1.15

Interest-bearing liabilities 0.26 0.51 -0.25 0.24 0.27 0.33 0.36 0.43 0.59 0.61 0.71 0.80

Net investment margin before trading-related interests are deducted 0.95 1.03 -0.08 0.94 0.96 0.97 1.00 1.01 1.05 1.05 1.06 1.07

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

1) Derivatives are mainly used to hedge FX and interest rate risk. Interest rate risks arises within the banking operations when there is a mismatch between the interest fixing periods of assets and liabilities. The positive interest expense on derivatives is primarily a

function of entered swap agreements, in which Swedbank receives fixed rates to match payments on long-term debt issuance and pays floating rates to match payments received on floating rate loans to the public. Interest income and interest expense on derivatives

which are held for trading financial instruments and related interests within LC&I are excluded from net interest income and reported as net gains and losses on financial items.

11

Financial information, GroupIncome analysisQ2, 2021

Income analysis, Group YTD YTD ∆ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019


Payment processing 389 428 -9 195 194 241 222 202 226 240 238 221

Cards 1 316 1 293 2 748 568 526 713 590 703 839 876 816

Service concepts 549 551 -0 278 271 266 267 276 275 269 271 270

Asset management & Custody 3 427 2 653 29 1 738 1 689 1 604 1 464 1 288 1 365 1 443 1 357 1 307

Securities & Corporate Finance 276 193 43 164 112 226 63 78 115 165 17 35

Lending 521 455 15 260 261 244 239 223 232 209 239 224

Insurance 183 222 -18 91 92 90 98 102 120 90 109 112

Other 373 353 6 200 173 179 180 166 187 160 190 217

Net commission income 7 034 6 148 14 3 674 3 360 3 376 3 246 2 925 3 223 3 415 3 297 3 202

Net gains and losses on financial items 1 230 1 076 14 645 585 910 669 1 398 -322 1 218 457 768

Net insurance 770 686 12 396 374 408 424 390 296 399 379 361

Sparbanken Skåne/Färs & Frosta Sparbank 84 57 48 40 44 38 47 38 19 31 37 23

Swedbank Sjuhärad 69 54 29 34 34 37 42 40 14 31 30 33

Other jointly owned banks in Sweden 52 36 46 25 27 21 20 18 18 13 20 14

EnterCard 256 88 138 118 47 112 50 39 203 113 139

VISA 2 2 1

Other companies 23 -7 10 13 -21 10 -13 6 -26 13 10

Share of the profit or loss of associates 484 229 247 237 122 231 134 95 252 213 220

IT/administrative services to savings banks 551 499 10 283 268 312 287 292 207 159 207 191

Assets taken over 7 2 4 3 0 0 1 1 1 22 2

Other 83 96 -14 49 34 69 33 50 46 104 98 65

Other income 641 597 7 336 305 381 320 343 254 264 327 258

Total income 23 272 22 308 4 11 870 11 402 11 764 11 604 12 076 10 232 11 956 11 226 11 416

12

Financial information, GroupExpense analysisQ2, 2021

Expense analysis, Group YTD YTD ∆ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Staff costs

Salaries and other remunerations 4 007 3 655 10 2 021 1 986 1 987 1 850 1 842 1 813 1 836 1 727 1 727

Variable staff costs 1)

213 114 87 97 116 174 74 43 71 51 126 148

Pension costs 1)

761 764 0 381 380 391 400 390 374 313 325 328

Social insurance charges 1) 1 104 1 007 10 551 553 532 511 506 501 491 478 472

Training costs 26 38 -32 14 12 33 11 13 25 45 24 33

Other staff costs 140 160 -13 72 68 88 84 74 86 79 83 74

Total staff costs 6 251 5 738 9 3 136 3 115 3 205 2 930 2 868 2 870 2 815 2 763 2 782

Other expenses

Premises and rents 200 184 9 95 105 163 112 92 92 125 117 147

IT expenses 1 149 1 165 -1 581 568 587 566 596 569 627 529 533

Telecommunications and postage 58 77 -25 27 31 54 31 31 46 30 37 25

Consultants 431 1 059 -59 217 214 271 215 307 752 776 409 296

Compensation to Savings Banks 115 116 -1 58 57 57 58 58 58 59 58 55

Other purchased services 425 464 -8 212 213 372 218 233 231 287 222 228

Travel 3 54 -94 2 1 5 3 4 50 71 44 63

Entertainment 7 13 -46 3 4 9 4 2 11 14 3 13

Supplies 30 45 -33 9 21 33 17 22 23 28 17 14

Advertising, PR and marketing 95 160 -41 56 39 198 62 83 77 138 69 68

Security transport and alarm systems 34 36 -6 16 18 16 16 20 16 19 17 16

Repair/maintenance of inventories 54 54 0 30 24 19 21 24 30 26 20 12

Other administrative expenses 216 234 -8 102 114 131 103 106 128 119 337 85Other operating expenses 77 37 108 29 48 59 9 10 27 23 139 22

Total other expenses 2 894 3 698 -22 1 437 1 457 1 974 1 435 1 588 2 110 2 342 2 018 1 577

Depreciation/amortisation 818 777 5 416 402 407 396 387 390 392 383 3940

Administrative fine 4000 4 000

Total expenses 9 963 14 213 -30 4 989 4 974 5 586 4 761 4 843 9 370 5 549 5 164 4 753

1) Social insurance charges and pension costs related to variable pay are presented as variable staff costs.

IT-related expensesQ2, 2021

YTD YTD ∆ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

IT expenses

Software 277 313 -12 150 127 202 144 161 152 144 144 144

IT-consultants 474 464 2 240 234 275 182 244 220 259 200 222

Other externally bought IT-services 398 388 3 191 207 110 240 191 197 224 185 167

Total IT expenses 1 149 1 165 -1 581 568 587 566 596 569 627 529 533

Other IT-related expenses

Staff costs (Swedbank's internal IT-organisation) 2)

1 103 954 16 545 558 544 515 482 472 450 438 431

Leasing and depreciation of IT-equipment 2)

84 92 -9 42 42 45 46 46 46 45 41 40

Other IT-related expenses 2)

354 307 15 188 166 309 64 109 198 179 152 144

Total other IT-related expenses 1 541 1 353 14 775 766 898 625 637 716 674 631 615

IT Expenses 1 149 1 165 -1 581 568 587 566 596 569 627 529 533

Other IT-related expenses 1 541 1 353 14 775 766 898 625 637 716 674 631 615

Total IT-related expenses 2 690 2 518 7 1 356 1 334 1 485 1 191 1 233 1 285 1 301 1 160 1 148

YTD YTD ∆ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Internally developed software

Opening Balance 4 319 3 350 29 4 552 4 319 3 931 3 777 3 523 3 350 3 141 2 989 2 832

Investments 670 589 14 347 323 484 236 336 253 295 226 237

Amortizations -189 -162 17 -99 -90 -96 -82 -82 -80 -73 -74 -80

Impairments -56 #DIV/0! -56 -13

Closing Balance 4 744 3 777 26 4 744 4 552 4 319 3 931 3 777 3 523 3 350 3 141 2 989

2) Definition of Staff costs, Leasing and depreciation of IT-equipment and Other IT-related expenses has changed compared to Q4 2020

13

Financial information, Group

Variable payQ2, 2021

Income Statement Impact Forecast

Year Program FY 2017 FY 2018 FY 2019 FY 2020 YTD 2021 2021-2025

2013 Eken 2013 14 435 811

IP 2013 5 376

2014 Eken 2014 93 21 521 777

IP 2014 6 5 256

2015 Eken 2015 49 48 11 233 457

IP 2015 13 19 1 224

2016 Eken 2016 65 64 42 14 264 457

IP 2016 20 15 11 4 193

2017 Eken 2017 75 63 47 53 14 14 252 406

IP/IPAM 2017 120 7 13 13 1 1 154

2018 Eken 2018 94 74 72 40 79 319 571

IP/IPAM 2018 182 33 20 9 17 252

2019 Eken 2019 67 58 31 111 236 409

IP/IPAM 2019 132 12 10 29 173

2020 Eken 2020 19 8 56 75 190

IP/IPAM 2020 83 -3 32 115

2021 Eken 2021 31 258 258 454

IP/IPAM 2021 68 196 196

Other variable pay 10 9 14 4 4 314

Total 460 528 440 362 213 797 4 846

Actual

∑ programs

2) Duration period for each program is comprised of i) an initial performance year followed by ii) a deferral period prior to

iii) the delivery date year after the deferral period.

5) Positive Economic Profit is a prerequisite for Eken and IP. Size of Eken has direct connection to Group ROE.

6) Recognized expenses for shares after the performance year take into account forfeited rights and include social

charges based on the expected share price on the delivery date (assumed being equal to the current share price).

1) Variable Pay in Swedbank includes two programs, Eken and Individual Program ("IP"). Eken comprises essentially all

employees in the Group and consists of deferred compensation in the form of shares. IP comprises around 700

employees and consists of cash and deferred compensation in the form of shares.

3) The share part is recognized in the P/L over the duration period, 50 months, while cash part is recognized over 12

months (performance year). IP 2017, IP 2018 and IP 2019 programme excepted.

4) For IP 2017, IP 2018, IP 2019 and Ip 2020 both the share part and the cash part have a split of duration periods. The

recognition in the P/L follows the duration periods.

14

Business segments

YTD YTD Δ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement


Payment processing 39 53 -26 11 28 27 12 18 35 23 17 -4

Card commission 618 658 -6 363 255 325 359 306 352 428 454 424


Asset management and custody 2 829 2 177 30 1 446 1 383 1 268 1 197 1 055 1 122 1 149 1 100 1 056

Securities & Corporate finance 134 113 19 78 56 118 52 48 65 44 55 39

Lending 16 32 -50 9 7 7 10 20 12 26 17

Insurance 147 176 -16 77 70 68 80 84 92 68 92 92

Other commissions 244 219 11 128 116 103 119 112 107 110 103 121

Net commission income 4 405 3 807 16 2 302 2 103 2 100 2 015 1 829 1 978 2 017 2 041 1 939

Net gains and losses on financial items 337 156 218 119 91 104 93 63 105 107 117

Net insurance 395 317 25 199 196 206 243 169 148 199 188 178

Share of the profit or loss of associates 512 253 263 249 150 239 147 106 278 211 217

Other income 74 73 1 35 39 66 46 39 34 76 80 47

Total income 13 409 12 968 3 6 782 6 627 6 464 6 711 6 455 6 513 6 768 6 614 6 522

Staff costs 1 601 1 504 6 790 811 781 765 747 757 726 712 723

Variable staff costs 33 14 14 19 17 16 11 3 6 21 4

Expenses for premises 180 173 4 94 86 123 96 90 83 134 61 79

IT expenses 24 26 -8 12 12 8 9 16 10 11 7 12

Consultants 91 74 23 43 48 72 28 54 20 52 15 22

Other expenses 3 324 2 960 12 1 680 1 644 1 797 1 509 1 524 1 436 1 495 1 361 1 355

of which internally sold and bought services 3 032 2 611 16 1 531 1 501 1 550 1 350 1 349 1 262 1 283 1 193 1 201

Depreciation/amortisation 21 28 -25 11 10 12 13 14 14 19 58 79

Total expenses 5 274 4 779 10 2 644 2 630 2 810 2 436 2 456 2 323 2 443 2 235 2 274

Profit before impairments 8 135 8 189 -1 4 138 3 997 3 654 4 275 3 999 4 190 4 325 4 379 4 248

Credit impairments -27 805 -34 7 -1 -140 432 373 10 27 -19

Profit before tax 8 162 7 384 11 4 172 3 990 3 655 4 415 3 567 3 817 4 315 4 352 4 267

Tax expense 1 523 1 482 3 774 749 664 862 722 760 800 838 838

Profit for the period from continuing operations 6 639 5 902 12 3 398 3 241 2 991 3 553 2 845 3 057 3 515 3 514 3 429

Profit for the period including non-controlling interest 6 639 5 902 12 3 398 3 241 2 991 3 553 2 845 3 057 3 515 3 514 3 429


Shareholders of Swedbank AB 6 639 5 903 12 3 397 3 242 2 991 3 552 2 846 3 057 3 515 3 512 3 423

Non-controlling interests -1 1 -1 1 -1 2 6

Swedish BankingQ2, 2021

15

Business segments

30 Jun 30 Jun Δ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKbn 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Balance sheet (Incl intra-Group transactions)

Assets

Cash and balances with central banks 2 1 100 2 1 1 1 1 1 1 1 1

Loans to credit institutions 7 6 17 7 7 7 7 6 8 6 6 5

Loans to the public 5) 1 228 1 204 2 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200 1 201

Bonds and other interest-bearing securities

Financial assets for which customers bear inv. risk 288 218 32 288 271 246 234 218 193 219 209 202

Derivatives

Other assets 10 11 -9 10 14 11 10 11 11 11 9 9

Total assets 1 535 1 440 7 1 535 1 508 1 476 1 463 1 440 1 413 1 433 1 425 1 418


Amounts owed to credit institutions 28 29 -3 28 28 27 30 29 29 26 25 29

Deposits and borrowings from the public 683 614 11 683 650 646 627 614 585 571 567 572

Debt securities in issue

Financial liabilities for which customers bear inv. risk 289 218 33 289 274 247 235 218 195 220 209 202

Derivatives

Other liabilities 471 511 -8 471 492 489 503 511 537 551 559 550

Senior non-preferred liabilities

Subordinated liabilities

Allocated equity 64 68 -6 64 64 67 68 68 67 65 65 65

Total liabilities and equity 1 535 1 440 7 1 535 1 508 1 476 1 463 1 440 1 413 1 433 1 425 1 418

Key figures

Key performance indicators

Return on allocated equity, % 20.4 17.8 21.1 19.8 17.7 20.8 16.9 18.7 21.7 21.6 21.0

Cost/Income ratio 0.39 0.37 0.39 0.40 0.43 0.36 0.38 0.36 0.36 0.34 0.35

Credit impairment ratio, % 0.00 0.13 -0.01 0.00 0.00 -0.05 0.14 0.12 0.00 0.01 -0.01

Loan/Deposit ratio, % 180 196 180 187 187 193 196 205 209 212 210

Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 1 228 1 204 2 1 228 1 215 1 211 1 211 1 204 1 200 1 196 1 200 1 201

Deposits from the public excluding repos & SNDO 1) 682 613 11 682 650 646 627 613 585 571 567 572

Mutual funds & insurance 1 058 811 30 1 058 1 005 923 876 811 718 831 785 764

Allocated equity, average, SEKm 65 143 66 317 -2 64 496 65 472 67 475 68 324 67 442 65 449 64 731 65 067 65 049

Risk exposure amount 2) 399 399 0 399 400 391 400 399 395 391 387 390

Commitments 176 154 14 176 160 154 162 154 136 133 139 142

Full-time employees 3 926 3 794 3 3 926 3 950 3 962 3 908 3 794 3 662 3 592 3 610 3 665

Other information (millions)

Number of digitally active customers (incl. Savings banks) 3) 3.3 3.2 3.0 3.3 3.2 3.2 3.2 3.2 3.1 3.1 3.1 3.0

of which Savings banks 1.1 1.0 3.2 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Share of sales in digital channels (Swedbank), % 74.3 68.7 5.6 71.2 76.7 69.0 71.5 70.5 66.8 56.0 56.8 52.5

Number of cards (debit cards) 4.4 4.4 0.7 4.4 4.4 4.4 4.4 4.4 4.4 4.3 4.3 4.3

Number of card purchases 611 621 -2 330 281 308 342 306 315 342 366 352

POS/total card turnover, % 4) 90 89 2 90 89 89 89 89 88 87 87 87

Number of card acquiring, Nordic Countries 1 311 1 308 0 1 311 595 672 727 656 652 716 735 734

Total acquired amount, Nordic Countries, SEKm 365 594 351 224 4 365 594 164 579 188 671 194 576 182 220 169 003 192 817 193 399 193 551

1) Excluding intra-Group transactions.

2) Risk exposure amount is reported according to Basel 3.

3) Number of customers that have made at least 3 logins including shake balance in digital channel during last month.

4) Point of Sale (POS).

5) A decline in Swedish Banking in Q3 2019 was due to Ölands deconsolidation (which had net effect of SEK -4bn).

Swedish BankingQ2, 2021

Large corporate clients have been moved from Swedish Banking to Large Corporates & Institutions during Q4-2020. Business volumes (Loans to the public of SEK 2bn) have been

moved between the business segments. No restatement of historical comparative figures have been made.

16

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement



Card commission 562 515 9 309 253 277 282 241 274 320 307 296

Service concepts 81 72 13 41 40 40 39 38 34 31 31 29

Asset management and custody 145 146 -1 75 70 76 74 69 77 82 88 84


Lending 76 85 -11 40 36 39 42 44 41 44 43 46

Insurance 40 38 5 21 19 19 19 18 20 20 17 18


Net commission income 1 246 1 204 3 651 595 606 620 581 623 671 664 657

Net gains and losses on financial items 184 146 26 93 91 100 91 99 47 93 101 104

Net insurance 369 408 -10 183 186 213 201 239 169 220 209 204

Other income 42 46 -9 20 22 29 15 22 24 41 25 24

Total income 4 462 4 583 -3 2 330 2 132 2 214 2 236 2 350 2 233 2 383 2 344 2 280

Staff costs 682 668 2 352 330 364 349 342 326 337 339 315

Variable staff costs 30 19 58 13 17 21 10 9 10 11 18 16

Expenses for premises 43 43 23 20 32 22 23 20 28 28 25

IT expenses 12 1 6 6 1 1 1 7 8 7

Consultants 6 11 -45 5 1 10 3 5 6 20 6 2

Other expenses 978 869 13 509 469 559 466 427 442 527 440 418

of which internally sold and bought services 812 667 22 424 388 399 365 332 335 372 339 327


Total expenses 1 836 1 700 8 950 886 1 029 895 850 850 976 884 827

Profit before impairments 2 626 2 883 -9 1 380 1 246 1 185 1 341 1 500 1 383 1 407 1 460 1 453

Impairment of tangible assets 1 1 5 2 1

Credit impairments 197 202 -2 -23 220 -8 43 56 146 -3 10 25

Profit before tax 2 429 2 681 -9 1 403 1 026 1 192 1 297 1 444 1 237 1 405 1 448 1 427

Tax expense 406 453 -10 234 172 197 214 237 216 200 207 205

Profit for the period from continuing operations 2 023 2 228 -9 1 169 854 995 1 083 1 207 1 021 1 205 1 241 1 222

Profit for the period including non-controlling interest 2 023 2 228 -9 1 169 854 995 1 083 1 207 1 021 1 205 1 241 1 222


Shareholders of Swedbank AB 2 023 2 228 -9 1 169 854 995 1 083 1 207 1 021 1 205 1 241 1 222

Baltic BankingQ2, 2021

17

Business segments


SEKbn 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019


Assets

Cash and balances with central banks 3 3 3 3 3 3 3 3 3 3 3

Loans to credit institutions

Loans to the public 187 187 187 188 182 190 187 198 186 187 182

Bonds and other interest-bearing securities 1 1 1 1 1 1 1 1 1 1 1

Financial assets for which customers bear inv. risk 7 5 40 7 7 6 6 5 5 6 5 5

Derivatives

Other assets 129 96 34 129 133 122 105 96 84 77 70 66

Total assets 327 292 12 327 332 314 305 292 291 273 266 257


Amounts owed to credit institutions


Debt securities in issue 1 1 1 1 1 1 2 1 2 2

Financial liabilities for which customers bear inv. risk 7 6 17 7 7 6 6 6 5 6 6 5

Derivatives

Other liabilities


Subordinated liabilities


Total liabilities and equity 327 292 12 327 332 314 305 292 291 273 266 257

Key figures




Credit impairment ratio, % 0.21 0.21 -0.05 0.48 -0.02 0.09 0.11 0.30 -0.01 0.02 0.06


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 187 187 187 188 182 190 187 198 186 188 182


Mutual funds & insurance 79 59 34 79 70 71 64 59 63 66 64 56

Discretionary asset management 3 1 3 1 2 1 1 2 2 3 1

Goodwill 10 10 10 10 10 10 10 10 10 10 10


Risk exposure amount 99 95 4 99 97 92 95 95 100 94 96 93

Commitments 21 25 -16 21 18 19 22 25 26 25 27 28



Number of digitally active customers 2) 2.1 1.9 8 2.1 2.1 2.0 1.9 1.9 1.9 1.9 1.9 1.9

Share of sales in digital channels, % 79 77 2 78 81 78 79 77 78 69 68 69

Number of cards 3.7 3.8 -0 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8

Number of card purchases 323.9 303.4 7 179.4 144.6 165.5 182.5 148.5 154.9 167.4 163.4 158.7

POS/total card turnover, % 3) 57.8 54.5 3 58.2 57.2 56.1 55.1 55.4 53.7 52.9 51.7 50.9

Number of card acquiring 224 213 5 122.1 102.2 117.6 128.3 103.8 109.1 118.4 120.3 118.0

Total acquired amount, SEKm 39 183 36 536 7 21 441 17 742 21 194 21 633 18 465 18 071 20 462 20 998 20 113

Key figures in Euro

Income statement, EURm

Net interest income 258.4 260.6 -1 136.2 122.2 123.1 126.2 132.4 128.2 128.0 125.5 121.9

Total income 439.8 429.9 2 229.4 210.4 215.3 215.6 220.9 209.0 224.6 218.9 215.3

Total expenses 181.1 159.4 14 93.6 87.5 100.3 86.3 80.0 79.4 92.1 82.5 78.2

Profit for the period 199.3 209.4 -5 114.9 84.4 96.6 104.5 113.5 95.9 113.5 115.8 115.4

Volumes and balance sheet, EURbn

Total assets 20.9 20.1 4 20.9 20.7 20.4 20.2 20.1 20.2 20.1 19.7 19.4

Loans to the public excluding repos & SNDO 1) 18.5 17.9 3 18.5 18.4 18.1 18.0 17.9 18.0 17.8 17.5 17.2

Deposits from the public excluding repos & SNDO 1) 29.2 24.8 18 29.2 29.3 28.3 25.8 24.8 23.3 23.1 21.7 21.2

Allocated equity, average, EURm 2 381 2 451 -3 2 381 2 375 2 456 2 460 2 457 2 455 2 424 2 416 2 426

Risk exposure amount 9.8 9.1 8 9.8 9.5 9.0 9.1 9.1 9.1 9.0 8.9 8.8




Baltic BankingQ2, 2021

18

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income 1 207 1 234 -2 650 557 574 587 622 612 606 600 579


Card commission 167 149 12 90 77 84 79 67 82 97 96 93

Service concepts 15 6 8 7 6 6 5 1



Lending 23 26 -12 12 11 12 11 13 13 14 14 12

Insurance 12 11 9 6 6 5 6 5 6 6 5 6


Net commission income 393 367 7 205 188 190 187 176 191 213 215 212

Net gains and losses on financial items 59 30 97 28 31 38 28 39 -9 27 29 30

Net insurance 187 201 -7 93 94 108 108 123 78 111 108 104

Other income 17 20 -15 8 9 13 7 10 10 19 9 8

Total income 1 863 1 852 1 984 879 923 917 970 882 976 961 933

Staff costs 235 235 123 112 129 117 121 114 118 120 114


Expenses for premises 4 5 -20 3 1 5 2 4 1 5 6 8

IT expenses 3 2 1 1 2 3 3

Consultants 3 10 -70 2 1 8 2 5 5 12 6 1

Other expenses 409 362 13 217 192 222 192 178 184 188 176 170



Total expenses 702 657 7 372 330 390 337 331 326 347 337 319

Profit before impairments 1 161 1 195 -3 612 549 533 580 639 556 629 624 614

Credit impairments 108 110 -2 3 105 -10 35 51 59 16 -9 15

Profit before tax 1 053 1 085 -3 609 444 543 545 588 497 613 633 599

Tax expense 147 151 -3 85 62 74 74 78 73 84 89 87

Profit for the period from continuing operations 906 934 -3 524 382 469 471 510 424 529 544 512

Profit for the period including non-controlling interest 906 934 -3 524 382 469 471 510 424 529 544 512


Shareholders of Swedbank AB 906 934 -3 524 382 469 471 510 424 529 544 512

Key figures




Credit impairment ratio, % 0.25 0.24 0.01 0.49 -0.05 0.16 0.22 0.26 0.08 -0.04 0.07


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 88 86 2 88 88 85 89 86 92 87 88 85



Discretionary asset management 3 1 3 1 2 1 1 2 2 3 1

Goodwill 4 4 4 4 4 4 4 4 4 4 4



Commitments 9 9 9 8 7 9 9 10 9 9 11

Full-time employees 1 369 1 391 -2 1 369 1 395 1 391 1 384 1 391 1 354 1 366 1 370 1 426



Share of sales in digital channels, % 80.9 82.3 -1 80.0 81.7 80.8 82.6 80.6 83.1 70.8 68.4 66.6

Number of cards 1.1 1.1 -2 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1



Number of card acquiring 100.7 96.9 4 55.2 45.5 53.2 57.7 46.5 50.4 55.3 56.6 50.0



2) Number of customers that have made at least 3 logins including shake balance in a digital channel during last month.


EstoniaQ2, 2021

19

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income 605 643 -6 322 283 288 301 325 318 321 324 315


Card commission 180 172 5 97 83 92 93 81 91 102 98 97

Asset management and custody 47 41 15 24 23 23 20 21 20 22 21 19


Lending 21 23 -9 11 10 11 12 12 11 11 12 14

Insurance 7 7 3 4 4 4 3 4 5 3 3



Net gains and losses on financial items 47 49 -4 25 22 22 22 23 26 29 30 29

Net insurance 70 73 -4 35 35 44 43 45 28 43 47 38

Other income 13 9 44 6 7 9 6 4 5 6 5 8

Total income 1 108 1 135 -2 579 529 545 557 568 567 594 601 585

Staff costs 175 172 2 90 85 90 94 89 83 85 89 80




Consultants 1 3 1

Other expenses 299 262 14 157 142 169 142 128 134 175 136 134



Total expenses 523 478 9 271 252 289 259 241 237 289 251 241

Profit before impairments 585 657 -11 308 277 256 298 327 330 305 350 344

Impairment of tangible assets 4 1

Credit impairments 65 38 71 -16 81 5 10 -3 41 -13 5 11

Profit before tax 520 619 -16 324 196 251 288 330 289 314 345 332

Tax expense 104 125 -17 64 40 51 55 65 60 47 52 51






Key figures




Credit impairment ratio, % 0.36 0.19 -0.17 0.89 0.06 0.10 -0.03 0.42 -0.14 0.05 0.12


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 36 38 -5 36 38 36 38 38 40 37 38 37



Goodwill 2 2 2 2 2 2 2 2 2 2 2


Risk exposure amount 25 25 25 25 24 25 25 27 25 26 25

Commitments 5 7 -29 5 4 6 6 7 7 6 7 7




Share of sales in digital channels, % 76.5 73.5 3 75.1 77.2 74.3 75.7 73.8 73.0 67.2 61.6 65.5

Number of cards 1.0 1.0 -0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0



Number of card acquiring 47.6 56.6 -16 24.0 23.6 28.9 33.8 27.7 29.0 31.2 31.0 30.0

Total acquired amount, SEKm 7 382 8 388 -12 3 808 3 575 4 531 4 992 4 196 4 192 4 835 4 946 4 622




LatviaQ2, 2021

20

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement



Card commission 216 194 11 123 93 102 109 92 102 120 114 105

Service concepts 67 66 2 34 33 34 33 33 33 31 31 29



Lending 32 36 -11 17 15 17 18 19 17 19 18 18

Insurance 21 20 5 11 10 10 9 10 10 10 9 9

Other commissions 32 36 -11 14 18 17 18 17 19 19 24 23


Net gains and losses on financial items 78 67 16 40 38 41 41 37 30 36 43 45

Net insurance 112 134 -16 55 57 60 50 72 62 65 54 62

Other income 15 14 7 7 8 8 5 6 8 15 8 6

Total income 1 495 1 593 -6 768 727 746 765 811 782 810 781 757

Staff costs 190 181 5 96 94 102 101 93 88 89 95 87




Consultants 1 1 1 3

Other expenses 367 319 15 189 178 212 175 158 161 203 162 150



Total expenses 615 549 12 313 302 347 303 275 274 328 289 264

Profit before impairments 880 1 044 -16 455 425 399 462 536 508 482 492 493

Impairment of tangible assets 1 1 1 2

Credit impairments 24 54 -56 -10 34 -3 -2 8 46 -6 14 -1


Tax expense 155 179 -13 85 70 74 84 95 84 69 67 68






Key figures




Credit impairment ratio, % 0.08 0.17 -0.06 0.22 -0.02 -0.01 0.05 0.28 -0.04 0.10 -0.01


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 63 63 63 62 61 63 63 66 62 62 60



Discretionary asset management

Goodwill 4 4 4 4 4 4 4 4 4 4 4


Risk exposure amount 32 33 -3 32 31 31 32 33 34 32 33 31

Commitments 7 9 -22 7 6 6 7 9 9 10 11 10




Share of sales in digital channels, % 79.7 74.2 5 77.9 81.4 76.9 76.9 74.6 73.8 69.6 71.1 71.6

Number of cards 1.7 1.7 1 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7



Number of card acquiring 76.0 59.3 28 42.9 33.1 35.5 36.8 29.6 29.7 31.9 31.6 31.4





LithuaniaQ2, 2021

21

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income -1 -1 1 1

Payment processing -1 1 -1

Card commission -1 -1 -1 1 1 -1 1 -1 1

Service concepts -1 -1

Asset management 1 -1 1 -1 2

Securities & Corporate Finance -1 1 -1 -1 1

Lending -1 1 -1 2

Insurance 1 -1 -1

Other commissions 2 2 1 -1 3 -2 -1

Net commission income 1 -1 -1 2

Net gains and losses on financial items -1 1 -1

Net insurance 1 -1 1 1

Other income -3 3 -1 -2 -1 -3 2 1 1 3 2

Total income -4 3 -1 -3 -3 1 2 3 1 5

Staff costs 82 80 3 43 39 43 37 39 41 45 35 34

Variable staff costs 3 3 3 2 1 2 -1 3


IT expenses 2 1 100 1 1 -1 1 1

Consultants 2 1 100 2 1 1 2 -1 1

Other expenses -97 -74 31 -54 -43 -44 -43 -37 -37 -39 -34 -36

of which internally sold and bought services -91 -77 18 -51 -40 -41 -41 -37 -40 -39 -37 -37

Depreciation/amortisation 1 3 -67 1 3 4 1 1

Total expenses -4 16 -6 2 3 -4 3 13 12 7 3

Profit before impairments -13 5 -5 -3 1 -2 -11 -9 -6 2

Credit impairments

Profit before tax -13 5 -5 -3 1 -2 -11 -9 -6 2

Tax expense -2 -2 1 -1 -1 -1 -1

Profit for the period from continuing operations -11 5 -5 -1 -1 -10 -9 -5 3


Profit for the period including non-controlling interest -11 5 -5 -1 -1 -10 -9 -5 3


Shareholders of Swedbank AB -11 5 -5 -1 -1 -10 -9 -5 3

Key figures


Cost/Income ratio 1.00 5.33 6.00 -0.67 1.33 3.00 6.50 4.00 7.00 0.60

Full-time employees 288 264 9 288 274 272 266 264 256 252 254 247

Amortisation plan Baltic Banking Investment 2021

Intangible assets, customer base (amortisation) 2


Other Baltic BankingQ2, 2021

22

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income 1 813 1 967 -8 909 904 942 925 1 007 960 931 941 956


Card commission 128 74 73 81 47 -96 47 22 52 63 90 71


Asset management and custody 464 332 40 226 238 259 192 162 170 182 169 169

Securities & Corporate finance 153 100 53 96 57 103 18 38 62 137 -28 1

Lending 400 303 32 196 204 180 168 147 156 137 146 141



Net gains and losses on financial items 633 717 -12 284 349 677 503 1 032 -315 551 312 416

Share of the profit or loss of associates -16 -12 33 -9 -7 -16 -4 -6 -6 -18

Other income 70 74 -5 37 33 41 33 45 29 18 61 29

Total income 4 001 3 923 2 2 002 1 999 2 293 2 067 2 619 1 304 2 200 1 874 1 981

Staff costs 1 251 1 142 10 623 628 652 533 552 590 598 510 544

Variable staff costs 98 26 33 65 54 14 26 10 47 70

Expenses for premises 73 57 28 36 37 35 32 29 28 38 40 26

IT expenses 387 372 4 201 186 226 190 180 192 224 183 177

Consultants 75 119 -37 43 32 62 23 76 43 41 23 21

Other expenses 130 183 -29 77 53 19 116 66 117 59 115 150

of which internally sold and bought services -73 -88 -17 -24 -49 -100 -28 -64 -24 -77 11 27


Total expenses 2 152 2 021 6 1 086 1 066 1 113 969 965 1 056 1 031 976 1 044

Profit before impairments 1 849 1 902 -3 916 933 1 180 1 098 1 654 248 1 169 898 937

Impairment of intangible assets 13 13 13 66

Credit impairments 50 2 367 -98 31 19 537 521 740 1 627 981 117 106

Profit before tax 1 786 -465 872 914 643 577 914 -1 379 175 715 831

Tax expense 357 -376 177 180 147 -42 176 -552 46 152 210

Profit for the period from continuing operations 1 429 -89 695 734 496 619 738 -827 129 563 621

Profit for the period including non-controlling interest 1 429 -89 695 734 496 619 738 -827 129 563 621


Shareholders of Swedbank AB 1 429 -89 695 734 496 619 738 -827 129 563 621

Large Corporates & InstitutionsQ2, 2021

23

Business segments

30 Jun 31 Mar Δ % Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKbn 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019


Assets


Loans to credit institutions 275 80 275 180 109 97 80 95 81 83 87

Loans to the public 253 324 -22 253 264 263 282 324 297 270 278 291

Bonds and other interest-bearing securities 81 88 -8 81 79 52 82 88 109 45 76 51

Financial assets for which customers bear inv. risk

Derivatives 50 66 -24 50 55 65 62 66 92 53 67 55

Other assets 36 38 -5 36 51 27 33 38 38 12 24 21

Total assets 851 711 20 851 795 647 679 711 682 503 531 511


Amounts owed to credit institutions 381 198 92 381 326 263 210 198 241 177 199 197


Debt securities in issue 6 7 -14 6 7 7 7 7 8 10 11 11

Financial liabilities for which customers bear inv. risk

Derivatives 48 74 -35 48 57 67 65 74 91 55 68 55

Other liabilities 125 202 -38 125 115 51 157 202 113 83 67 66


Subordinated liabilities 1 1


Total liabilities and equity 851 711 20 851 795 647 679 711 682 503 531 511

Key figures


Return on allocated equity, % 8.7 -0.6 8.3 9.0 6.0 7.3 8.9 -11.6 1.9 8.1 8.9


Credit impairment ratio, % 0.03 1.60 0.04 0.03 0.68 0.57 0.89 2.20 1.32 0.15 0.13


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 222 234 -5 222 218 223 221 234 234 223 225 229



Discretionary asset management 471 434 9 471 464 457 453 434 421 446 452 445

Goodwill

Allocated equity, average, SEKm 33 009 30 891 7 33 303 32 797 33 189 33 688 33 041 28 545 27 463 27 711 27 928

Risk exposure amount 162 172 -6 162 171 168 170 172 172 144 150 152

Commitments 147 135 9 147 153 153 142 135 122 129 123 120



Large Corporates & InstitutionsQ2, 2021

Large corporate clients have been moved from Swedish Banking to Large Corporates & Institutions during Q4-2020. Business volumes (Loans to the public of SEK 2bn)

have been moved between the business segments. No restatement of historical comparative figures have been made.

24

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income 1 001 478 519 482 517 421 300 178 28 280 336

Payment processing -20 -16 25 4 -24 -28 17 -5 -11 16 13 2

Card commission 2 -2 2 -3 5 -3 1 3 -1 -2

Service concepts 1 -1 2 -2

Asset management and custody -8 -7 -1 2 2 4 -4 30 -1

Securities & Corporate finance -34 -34 -22 -12 -14 -17 -16 -18 -25 -21 -13

Lending 32 39 -18 16 16 21 20 15 24 29 24 18

Insurance -7 5 -9 2 2 -2 -2 7 -1

Other commissions -84 -71 18 -35 -49 -24 -39 -38 -33 -66 -14 -5

Net commission income -119 -79 51 -50 -69 -44 -14 -43 -36 -13 -1

Net gains and losses on financial items 76 57 33 50 26 43 -29 174 -117 469 -63 131

Net insurance 8 8 4 4 4 3 5 3 2 5 3

Share of profit or loss of associates and joint ventures -12 -12 -7 -5 -12 -4 -7 -5 -8 2 3

Other income 552 478 15 293 259 329 256 263 215 200 201 197

Total income 1 506 930 62 809 697 837 633 692 238 678 425 669

Staff costs 2 511 2 317 8 1 278 1 233 1 238 1 212 1 188 1 129 1 103 1 077 1 052

Variable staff costs 52 55 -5 37 15 82 34 23 32 24 40 58

Expenses for premises -89 -82 9 -54 -35 -23 -35 -44 -38 -67 -8 20

IT expenses 1 173 778 51 590 583 204 354 388 390 439 410 414

Consultants 259 855 -70 126 133 127 161 172 683 680 365 251

Other expenses -3 673 -2 652 38 -1 905 -1 768 -1 238 -1 500 -1 382 -1 270 -1 273 -1 006 -1 366

of which internally sold and bought services -4 173 -3 173 32 -2 137 -2 036 -1 686 -1 667 -1 598 -1 575 -1 607 -1 620 -1 623



Total expenses 807 5 809 -86 362 445 678 504 612 5 197 1 172 1 100 644

Profit before impairments 699 -4 879 447 252 159 129 80 -4 959 -494 -675 25

Impairment of intangible assets 43 43

Impairment of tangible assets -1 1

Credit impairments -1 12 -1 -5 1 7 5 -3

Profit before tax 657 -4 891 405 252 164 128 73 -4 964 -494 -674 27

Tax expense 210 -7 103 107 136 121 19 -26 -73 -21 -43

Profit for the period from continuing operations 447 -4 884 302 145 28 7 54 -4 938 -421 -653 70

Profit for the period including non-controlling interest 447 -4 884 302 145 28 7 54 -4 938 -421 -653 70


Shareholders of Swedbank AB 447 -4 884 302 145 28 7 54 -4 938 -421 -653 70

Group Functions & OtherQ2, 2021

25

Business segments


SEKbn 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019


Assets



Loans to the public 2 25 2 2 2 2 3 4


Derivatives 27 41 -34 27 39 33 45 41 60 29 49 36

Other assets 409 499 -18 409 400 364 476 499 488 498 493 461

Total assets 1 375 1 170 18 1 375 1 150 993 1 100 1 170 1 160 1 006 1 096 1 074




Debt securities in issue 878 863 2 878 824 730 811 863 905 848 911 907

Derivatives 20 34 -41 20 22 33 28 34 31 24 26 26

Other liabilities -24 -22 9 -24 -19 -15 -18 -22 -18 -4 -9 -19

Senior non-preferred liabilities 35 11 35 20 10 11 11 11 11

Subordinated liabilities 24 25 -4 24 24 23 25 25 27 32 33 28

Allocated equity 39 16 39 33 31 23 16 18 21 15 9

Total liabilities and equity 1 375 1 170 18 1 375 1 150 993 1 100 1 170 1 160 1 006 1 096 1 074

Key figures


Return on allocated equity, % 2.6 -51.1 3.5 1.8 0.4 0.1 1.3 -100.2 -9.1 -19.5 2.7


Credit impairment ratio, % -0.01 0.12 -0.04 -0.10 0.02 0.16 0.09 0.03


Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 0 1

Deposits from the public excluding repos & SNDO 1) 79 60 32 79 42 1 57 60 36 24 23



Commitments 2 2 1 1



Group Functions & OtherQ2, 2021

26

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income 1 081 557 94 557 524 551 465 338 219 68 324 363

Payment processing 2 1 1 1 1

Asset management and custody -1 -1 -1 -1

Securities & Corporate finance -19 -23 -17 -10 -9 -8 -11 -9 -14 -18 -12 -11

Lending 1 1 2 -1 1 1 1 1 1

Deposits 1 1

Other commissions -3 -1 -1 -2 -3

Net commission income -17 -25 -32 -8 -9 -7 -11 -10 -15 -18 -13 -11

Net gains and losses on financial items 76 30 33 43 17 -44 146 -116 466 -72 129

Share of the profit or loss of associates 2 3 -33 1 1 -2 1 3 2

Other income 21 13 62 11 10 6 5 6 7 7 6 6

Total income 1 163 578 594 569 565 416 483 95 523 245 489

Staff costs 43 40 8 21 22 21 21 20 20 21 22 18


Consultants 1 2 -50 1 1 1 1 1 2 3

Other expenses -12 -12 -7 -5 -7 -10 -7 -5 -7 -1 -4

of which internally sold and bought services -21 -19 11 -12 -9 -11 -11 -11 -8 -8 -5 1

Depreciation/amortisation 1

Total expenses 38 34 12 17 21 20 13 15 19 19 26 21

Profit before impairments 1 125 544 577 548 545 403 468 76 504 219 468

Impairment of intangible assets -1 1

Credit impairments -1 11 -4 -2 1 -4 2 7 4

Profit before tax 1 126 533 579 547 549 401 461 72 504 220 467

Tax expense 302 195 55 157 145 149 164 99 96 95 133 151

Profit for the year from continuing operations 824 338 422 402 400 237 362 -24 409 87 316

Profit for the year from discontinued operations, after tax 1

Profit for the period including non-controlling interest 824 338 422 402 400 237 362 -24 409 87 316


Shareholders of Swedbank AB 824 338 422 402 400 237 362 -24 409 87 316

Balance sheet (Incl intra-Group transactions), SEKbn

Assets



Loans to the public 2 25 2 2 2 3 3 5


Derivatives 27 41 -34 27 39 33 44 41 60 29 49 36

Other assets 402 489 -18 402 390 349 467 489 475 477 477 450

Total assets 1 367 1 158 18 1 367 1 137 976 1 088 1 158 1 144 983 1 076 1 062




Debt securities in issue 879 863 2 879 825 729 811 863 905 848 911 907

Derivatives 19 35 -46 19 22 33 27 35 31 24 26 26

Other liabilities 7 6 17 7 6 10 9 6 5 12 9 7

Senior non-preferred liabilities 35 11 35 20 10 11 11 11 11

Subordinated liabilities 24 25 -4 24 24 23 25 25 27 32 33 28

Allocated equity 36 13 36 30 28 20 13 14 18 13 7

Total liabilities and equity 1 367 1 158 18 1 367 1 137 976 1 088 1 158 1 144 983 1 076 1 062

Key figures


Return on allocated equity, % 5.3 4.1 5.3 5.5 6.5 5.8 10.2 -0.6 10.3 3.3 16.8



Volumes, SEKbn

Loans to the public excluding repos & SNDO 1) 1

Deposits from the public excluding repos & SNDO 1) 79 60 32 79 42 1 57 60 36 24 23



Commitments 2 2 1

Full-time employees 65 67 -3 65 69 70 69 67 63 65 67 64


Group TreasuryQ2, 2021

27

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income -80 -79 1 -38 -42 -34 -44 -38 -41 -40 -44 -27

Payment processing -22 -16 38 3 -25 -28 16 -5 -11 16 12 2

Card commissions 2 -2 2 -3 5 -3 1 3 -1 -2

Service concepts 1 -1 2 -2

Asset management and custody -7 -6 -1 2 3 4 -4 31 -1

Securities & Corporate finance -15 -11 36 -12 -3 -6 -6 -7 -4 -7 -9 -2

Lending 31 38 -18 14 17 20 19 15 23 28 23 18

Insurance -7 5 -9 2 2 -2 -2 7 -1

Other commissions -84 -68 24 -35 -49 -24 -38 -37 -31 -66 -12 -4

Net commission income -102 -54 89 -42 -60 -37 -3 -33 -21 5 13 10

Net gains and losses on financial items 27 17 -17 26 15 28 -1 3 9 2

Net insurance 8 8 4 4 4 3 5 3 2 5 3

Share of profit or loss of associates and joint ventures -14 -15 -7 -8 -6 -10 -5 -10 -5 -8 2 1

Other income 531 465 14 282 249 323 251 257 208 193 195 191

Total income 343 352 -3 215 128 272 217 209 143 155 180 180

Staff costs 2 468 2 277 8 1 257 1 211 1 217 1 191 1 168 1 109 1 082 1 055 1 034


Expenses for premises -89 -82 9 -54 -35 -23 -35 -44 -38 -67 -8 20

IT expenses 1 173 778 51 590 583 204 354 388 390 439 410 414

Consultants 258 853 -70 126 132 126 160 171 682 678 362 251

Other expenses -3 661 -2 640 39 -1 898 -1 763 -1 231 -1 490 -1 375 -1 265 -1 266 -1 005 -1 362

of which internally sold and bought services -4 152 -3 154 32 -2 125 -2 027 -1 675 -1 656 -1 587 -1 567 -1 599 -1 615 -1 624



Total expenses 769 5 775 -87 345 424 658 491 597 5 178 1 153 1 074 623

Profit before impairments -426 -5 423 -92 -130 -296 -386 -274 -388 -5 035 -998 -894 -443

Impairment of intangible assets 43 43 1 -1

Impairment of tangible assets -1 1

Credit impairments 1 1 -1 -1 -1 1 -3

Profit before tax -469 -5 424 -91 -174 -295 -385 -273 -388 -5 036 -998 -894 -440

Tax expense -92 -202 -54 -54 -38 -13 -43 -80 -122 -168 -154 -194

Profit for the period from continuing operations -377 -5 222 -93 -120 -257 -372 -230 -308 -4 914 -830 -740 -246

Profit for the period including non-controlling interest -377 -5 222 -93 -120 -257 -372 -230 -308 -4 914 -830 -740 -246


Shareholders of Swedbank AB -377 -5 222 -93 -120 -257 -372 -230 -308 -4 914 -830 -740 -246

Key figures


Return on allocated equity, % -26.5 -384.4 -17.3 -35.3 -52.3 -31.4 -44.2 -732.6 -124.9 -109.0 -36.8


Volumes, SEKbn



Commitments 1


Other Group FunctionsQ2, 2021

28

Business segments


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income -8 -14 -43 -4 -4 -9 -5 -8 -6 -2

Payment processing -6 -6 -3 -3 35 -4 -3 -3 -4 -3 -2

Card commissions 6 48 -88 -7 13 23 20 24 24 25 26 27

Service concepts 2 2 1 1 2 1 2 1 1 2

Asset management and custody -3 -2 50 -2 -1 -1 -1 -2 -1

Securities & Corporate finance 3 -2 1 2 8 -1 -3 1 1 2

Lending -4 -4 -2 -2 -3 -1 -3 -1 -1 1

Insurance 3 3 2 1 1 1 2 1 2 1 2

Other commissions -2 4 -1

Net commission income 1 39 -97 -10 11 65 15 17 22 22 32 27

Net gains and losses on financial items -1

Net insurance -2 -47 -96 10 -12 -15 -23 -23 -24 -22 -23 -24

Other income -97 -74 31 -49 -48 -84 -30 -26 -48 -71 -40 -39

Total income -106 -96 10 -53 -53 -44 -43 -40 -56 -73 -31 -36

Staff costs -7 -7 -4 -3 -4 -3 -4 -3 -1

Expenses for premises -7 -7 -4 -3 -4 -3 -6 -1 -8 -4 -3

IT expenses -447 -12 -228 -219 148 12 12 -24 -54 -81 -75

Consultants -17

Other expenses 355 -70 183 172 -184 -49 -42 -28 6 55 42

of which internally sold and bought services 402 -17 206 196 -163 -20 -19 2 29 77 68

Total expenses -106 -96 10 -53 -53 -44 -43 -40 -56 -73 -31 -36

Key figures

Volumes, SEKbn

Mutual funds & insurance -10 -10 -9 -7 -5 -3 -2 -1 -1

Index linked bonds -3 -5 -3 -3 -4 -4 -5 -5 -5 -7 -7

EliminationsQ2, 2021

29

Product companies

Swedbank Robur


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income -6 -6 -3 -3 -3 -3 -3 -3 -3 -4 -6


Net gains & losses on financial intems 15 -10 6 9 1 6 13 -23 4 1 11

Other income 3 2

Total income 1 652 1 234 34 826 826 808 701 617 617 697 626 625

Staff costs 195 171 14 97 98 91 91 87 84 84 81 79



IT expenses 86 123 -30 44 42 60 54 59 64 62 53 49

Consultants 3 3 2 1 4 1 2 1 1

Other expenses 22 1 9 13 14 -1 2 20 13 19


Total expenses 362 334 8 176 186 199 166 167 167 187 171 173

Profit before impairments 1 290 900 43 650 640 609 535 450 450 510 455 452

Profit before tax 1 290 900 43 650 640 609 535 450 450 510 455 452

Tax expense 265 191 39 133 132 128 109 93 98 110 97 99

Profit for the period from continuing operations 1 025 709 45 517 508 481 426 357 352 400 358 353

Profit for the period including non-controlling interest 1 025 709 45 517 508 481 426 357 352 400 358 353

Profit for the period 1 025 709 45 517 508 481 426 357 352 400 358 353


Cost/Income ratio 0.22 0.27 -19 0.21 0.23 0.25 0.24 0.27 0.27 0.27 0.27 0.28


Q2, 2021

30

Product companies

Swedbank Robur


SEKbn 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Volumes

Mutual funds, period end 1 386 1 064 30 1 386 1 324 1 220 1 153 1 064 951 1 083 1 027 998

of which eliminations Swedbank Baltic funds -10 -3 -10 -9 -7 -5 -3 -2 -1 -1 -1

Average balance mutual funds 1 323 1 047 26 1 359 1 287 1 187 1 119 1 033 1 060 1 075 1 024 994

Discretionary asset management, period end 472 435 9 472 465 458 454 435 422 446 454 446

Fund assets under management by country

Sweden 1 325 1 008 31 1 325 1 265 1 163 1 096 1 008 897 1 026 970 944

Estonia 25 23 11 25 25 24 24 23 22 23 22 21

Latvia 26 22 18 26 25 23 23 22 21 21 21 20

Lithuania 20 15 32 20 18 17 16 15 14 15 14 13

Fund assets under management, per product type, %

Equity 67 62 7 67 66 65 64 62 60 63 61 61

Asia 2 2 7 2 2 2 2 2 2 2 2 2

Emerging Markets 2 2 33 2 2 2 2 2 2 2 2 2

Europe 5 4 13 5 4 4 4 4 4 4 4 4

Global 14 12 9 14 13 13 13 12 13 13 13 12

Northern America 2 2 9 2 2 2 2 2 2 2 2 2

Sector 11 10 13 11 11 11 11 10 8 8 8 8

Sweden 14 13 13 14 14 14 14 13 12 14 13 14

Sweden Global 17 17 -2 17 17 17 17 17 17 18 18 18

Total fixed income 10 14 -25 10 11 12 13 14 15 12 13 13

Long term fixed income 6 7 -19 6 6 7 7 7 8 7 8 8

Short term fixed income 4 6 -32 4 5 5 6 6 7 5 5 5

Multi asset 23 24 -5 23 23 23 23 24 25 26 26 25

Market share Sweden, %

Asset under Management 21 21 0 21 21 21 21 21 21 20 20 20

Net sales 8 neg 4 14 14 20 2 neg 5 3 6

Net sales, SEKbn

Mutual funds 8.7 -0.5 2.9 5.7 13.3 8.6 3.9 -4.4 5.0 1.4 1.5

Sweden 9.6 -1.1 2.3 7.3 14.0 8.5 3.9 -5.0 3.9 0.2 1.0

of which Equity 9.0 -13.2 -0.2 9.1 9.3 7.9 1.5 -14.7 1.8 -3.9 -4.0

of which Fixed income -5.1 16.0 -1.3 -3.8 1.5 -0.5 0.7 15.3 -3.4 3.0 3.0

of which Multi asset 5.7 -3.9 3.7 2.0 3.2 1.2 1.7 -5.6 5.6 1.1 1.9

Other countries 1.2 2.8 -56 0.9 0.3 1.2 1.1 1.4 1.4 1.5 1.2 0.9

Elimination LAMCs -2.1 -2.2 -1 -0.2 -1.9 -1.8 -1.0 -1.3 -0.8 -0.4 0.0 -0.4

Discretionary asset management -11.7 -5.5 -0.7 -11.0 -2.7 -1.5 -3.7 -1.9 -6.1 1.0 3.5

ESG-data, Assets under management Swedish Funds

Investments with sustainable strategies, % 1) 100 100

Investments with Science Based Targets, equity holdings, % 2) 23 23

Investments SFDR classified as light or dark green, % 100 100

Investments in fossil fuels extractors, % 3) 0 0

Investments in sustainable bonds, SEKbn 35 35

1) Applies Swedbank Robur Policy on Sustainable Investment and its strategies for exclusion, inclusion & engagement.

2) Share of AUM in equity holdings with targets set in accordance with Science Based Targets initiative.

3) Cut off on >5 percent of revenue from fossil fuel extraction.

Q2, 2021

31

Product companies


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement

Net interest income -3 -5 -30 -1 -2 -2 -3 -2 -2 -3 -4 -4


Net gains & losses on financial intems -3 2 1 -4 -0 2 -5 6 -8 3 4

Net insurance 395 317 25 200 196 205 243 170 148 199 189 178

Other income 0 0 0 0

Total income, net 929 756 23 480 449 429 480 382 374 405 405 394

Staff costs 100 88 14 50 50 51 45 45 43 42 38 37



IT expenses 58 46 26 29 29 25 20 23 23 30 23 25

Consultants 4 7 -43 2 2 5 2 4 3 3 1

Other expenses 17 24 -29 7 10 9 10 12 12 12 11 13

Depreciation/amortisation 1 1 1 1 1 1 1

Total expenses 190 175 9 94 96 94 83 87 88 93 80 80

Profit before impairments 739 581 27 386 353 334 397 295 286 312 326 313

Profit before tax 739 581 27 386 353 334 397 295 286 312 326 313

Tax expense 66 51 29 34 32 14 45 28 23 15 32 32

Profit for the period from continuing operations 673 530 27 352 321 320 352 267 263 297 294 281

Profit for the period including non-controlling interest 673 530 27 352 321 320 352 267 263 297 294 281

Profit for the period 673 530 27 352 321 320 352 267 263 297 294 281


Cost/Income ratio 0.20 0.23 -12 0.20 0.21 0.22 0.17 0.23 0.24 0.23 0.20 0.20

Assets under management, SEKbn 289 218 33 289 274 247 235 218 194 220 209 202

of which Traditional life 19 18 8 19 19 19 18 18 17 19 18 18

Assets under management by product, SEKbn 289 218 33 289 274 247 235 218 194 220 209 202

of which collective occupational pension 148 110 34 148 140 125 119 110 98 109 103 99

of which endowment insurance 93 69 35 93 88 80 75 69 61 72 68 67

of which occupational pension 36 29 26 36 35 32 30 29 26 29 28 27

of which other 11 10 15 11 11 10 10 10 9 10 10 10

Premiums, SEKm 17 653 12 408 42 7 477 10 176 5 106 3 838 4 598 7 810 4 722 4 236 4 316

of which collective occupational pension 5 795 5 033 15 2 256 3 539 921 1 009 1 563 3 469 1 137 1 220 1 559

of which endowment insurance 9 529 5 324 79 4 013 5 516 2 999 1 803 1 995 3 329 2 494 2 003 1 700

of which occupational pension 1 500 1 289 16 801 699 779 649 655 634 711 653 682

of which risk insurance 648 600 8 319 329 307 300 307 293 281 275 281

of which other 181 163 11 89 92 100 77 78 84 100 84 95

Market share, % 1)

New written premium N/A 6 N/A 6 5 6 6 5 5 5 5

Premium paid N/A 6 N/A 7 6 6 6 6 6 6 6

Transfer in N/A 9 N/A 8 8 8 9 10 10 10 11

NCCF - Net Client Cash Flow 9 124 4 418 2 911 6 213 755 850 1 363 3 055 543 1 007 512

Solvency ratio 2) N/A 1.6 N/A 1.4 1.4 1,65, 1.6 1.7 1.3 1.5 1.5

Combined ratio, % 62 70 -11 62 62 61 61 70 73 58 59 61


1) Rolling 12 months. Market shares for Q2 2021 are not yet availabe.

Swedbank InsuranceQ2, 2021

2) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not yet available for Q2

2021.

32

Product companies

Swedbank Insurance AB, European Embedded Value (EEV) 2020 1)

EEV results 31 Dec 31 Dec ∆ %

SEKm 2020 2019 Y/Y

Free surplus 2)

600 427 41

Required capital 3)

2 586 1 932 34

Net asset value 4) 3 186 2 359 35

Certainty equivalent value 5)

15 993 14 636 9

Time value of financial options and guarantees 6)

-101 -102 -1

Cost of non-hedgeable risks 7)

-3 590 -3 233 11

Frictional costs of required capital 8)

-118 -105 12

Value of in-force business (VIF) 9) 12 184 11 196 9

EEV 15 370 13 555 13

2) Free surplus for covered business is calculated as the net asset value less the required capital.

Analysis of EEV earnings 2020 Q4

SEKm Free surplus

Required

capital VIF EEV

Opening EEV 427 1 932 11 196 13 555

Opening adjustments

Adjusted opening EEV 427 1 932 11 196 13 555

Value of new business 1)

-153 123 937 908

Expected existing business contribution (reference rate) 2)

0 4 299 303

Expected existing business contribution (in excess of reference rate) 3)

217 217

Transfers from VIF and required capital to free surplus 4)

1 152 41 -1 193

Experience variances 5)

-37 158 68 189

Assumption changes 6)

-11 11 -332 -332

Other operating variance -6 6 174 174

Operating EEV earnings 946 342 172 1 460

Economic variances 7)

-212 183 778 749

Other non-operating variances -128 128 38 38

Total EEV earnings 606 654 988 2 248

Closing adjustments -433 -433

Closing EEV 600 2 586 12 184 15 370

Further details of the EEV, the various assumptions underlying EEV and any incompliance to CFO Forum EEV principles can be found in the embedded value report "2020 European Embedded

Value", https://www.swedbank.com/svenska/investor-relations/finansiell-information-och-publikationer/swedbanks-dotterbolag/swedbank-forsakring/index.htm

2) Expected existing business contribution (reference rate) reflects the unwinding of the discounting on the value of in-force with the opening reference rate. Additionally, the risk-free return on the

components of the net asset value is also included.

3) Expected existing business contribution (in excess of reference rate) reflects the additional return on the opening EEV expected by the management during the reporting period based on real

world investment returns. The excess return also includes the release of the allowance for time value of financial options and guarantees and cost of non-hedgeable risks for 2020.

4) Transfers from value of in-force and required capital to free surplus reflect expected profits that were included in the VIF at the previous year-end and expected to be transferred into the free

surplus over the reporting period. The total impact on the EEV earnings is zero.

5) Experience variances result from deviations between actual and expected profits regarding operational and demographic assumptions such as mortality, lapses and expenses.

6) Assumption changes reflect non-economic assumption changes from year-end 2019 to year-end 2020.

7) Cost of non-hedgeable risks allows for non-hedgeable risks not already reflected in the time value of options and guarantees or certainty equivalent value.

8) Frictional cost of holding required capital reflects the taxation on expected return and the frictional investment management costs in relation to the required capital.

9) Value of in-force is defined as the present value of future profits less the time value of options and guarantees less the frictional cost of holding required capital less the cost of non-hedgeable

risks.

Q2, 2021

7) Economic variances include the deviations between actual and expected investment return and the effect of changing the economic assumptions from start of the year to the end of the year.

1) European Embedded Value (EEV) is a measure of the consolidated value of shareholders’ interests in the covered business. Covered business is the business written within and legally

contained in SFAB. The business where Swedbank acts as a distributor of third party insurance business are excluded from covered business. EEV comprises the free surplus, required capital

and value of in-force of covered business.

4) Net Asset Value is defined as the market value of assets allocated to the covered business in excess of statutory policy reserves and other liabilities at the valuation date. It is made up of the

required capital and free surplus. The net asset value is adjusted by -240 SEKm and -204 SEKm in 2020 and 2019 respectively for non-covered business. It should be noted that the net asset

value included in the EEV is reported before planned dividend expected to be paid in 2021 to the mother company.

5) Certainty equivalent value is the certainty equivalent present value of future profits under a single scenario, reflecting future cash flows arising from the existing covered business. Risk- free

rates are used for the investment yield assumptions and the discount rates.

1) Value of new business represents the value added from new business sold in the year. VNB is calculated at the date of issue with opening economic assumptions and closing non-economic

assumptions. New business is defined as the sale of new contracts and increases to existing contracts during the reporting period.

3) Required capital is the portion of assets held in excess of statutory liabilities whose distribution to shareholders is restricted in order to meet insurance obligations. With the introduction of

Solvency II, Swedbank Insurance AB has aligned the required capital to the overall solvency need as determined in the ORSA in agreement with the amended guidance issued by the CFO Forum

in May 2016.

6) Time value of options and guarantees is derived as the difference between the average present value of future profits based on the future cash flows under 3,000 risk-neutral scenarios and the

certainty equivalent value.

33

Product companies

Baltic Life insurance


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement


Net commission income 19 19 -2 10 9 10 10 9 9 11 9 7

Net gains & losses on financial intems 1 -18 -1 2 7 5 5 -23 -0 2 10

Net insurance 130 152 -14 60 71 60 62 84 68 80 70 64

Other income 0 0 -58 0 0 1 0 1 1

Total income, net 157 161 -2 72 86 82 81 102 59 95 86 87

Staff costs 14 14 1 7 7 8 7 7 7 7 6 6


Expenses for premises

IT expenses 1 1 -13 1 1 0 0 0 1 1 1 1

Consultants 0 0 -70 0 0 0 0 0 0

Other expenses 13 13 1 7 7 14 8 6 7 12 6 7

Depreciation/amortisation 0

Total expenses 29 29 1 15 14 22 16 14 15 20 14 14


Credit impairments 0 0 0 0 0 0


Tax expense 12 11 5 7 8 6 8 3 7 6 5



Profit for the period 116 121 -4 52 64 52 59 79 42 68 67 69


Cost/Income ratio 0.18 0.18 3 0.21 0.17 0.27 0.20 0.14 0.25 0.21 0.16 0.16

Assets under management, SEKm 7 719 6 452 20 7 719 7 499 6 940 6 724 6 452 6 188 6 572 6 442 6 160

of which Traditional life 733 844 -13 733 762 770 834 844 908 865 920 930

Assets under management by product, SEKm 7 719 6 452 20 7 719 7 499 6 940 6 724 6 452 6 188 6 572 6 442 6 160

of which endowment insurance 1 705 1 467 16 1 705 1 649 1 561 1 510 1 467 1 408 1 584 1 526 1 469

of which private pension 3 534 2 820 25 3 534 3 417 3 113 2 979 2 820 2 672 2 801 2 719 2 571

of which other 2 480 2 166 15 2 480 2 433 2 266 2 235 2 166 2 108 2 187 2 196 2 120

Premiums, SEKm 704 709 -1 359 346 380 337 356 354 417 335 347

of which endowment insurance 107 89 21 56 52 75 34 45 43 99 37 61

of which private pension 241 241 0 121 120 132 116 119 122 130 114 107

of which risk insurance 167 199 -16 86 81 80 98 102 97 95 95 93

of which other 189 181 4 96 93 93 89 90 91 92 89 87

NCCF - Net Client Cash Flow 208 109 90 108 100 142 75 112 -3 145 80 82

Solvency ratio 1) N/A 1.5 N/A 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.6

Full-time employees 69 70 -1 69 69 69 69 70 69 61 61 60

Q2, 2021

1) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not yet

available for Q2 2021.

34

Product companies

Baltic P&C insurance


SEKm 2021 2020 Y/Y 2021 2021 2020 2020 2020 2020 2019 2019 2019

Income statement


Net commission income -38 -36 8 -20 -18 -21 -21 -16 -19 -19 -19 -18

Net gains & losses on financial intems -4 -5 -26 -1 -3 0 -0 3 -9 -3 -2 -1

Net insurance 239 258 -7 123 116 154 139 156 101 141 139 140

Other income 0 0 -11 0 0 0 0 0 0 0 0 0

Total income, net 199 221 -10 103 96 135 120 145 76 122 120 123

Staff costs 25 24 1 13 12 13 12 13 12 12 12 11


Expenses for premises

IT expenses 3 2 9 1 1 2 2 1 1 1 1 1

Consultants 0 0 -84 0 0 0

Other expenses 17 19 -12 8 9 13 11 9 10 11 10 10

Depreciation/amortisation

Total expenses 45 47 -4 22 23 29 26 24 23 24 24 22



Tax expense 26 28 8 14 12 17 15 20 8 14 14 15



Profit for the period 128 146 -12 67 61 90 78 102 44 83 82 86


Cost/Income ratio 0.23 0.21 6 0.21 0.24 0.21 0.22 0.16 0.31 0.20 0.20 0.18

Premiums, SEKm 618 700 -12 309 310 325 335 342 359 361 356 340

of which Loan payment protection 42 41 4 21 21 21 20 20 20 19 19 17

of which motor own Damage (MOD) 184 207 -11 90 94 103 102 100 108 113 107 99

of which motor TPL (MTPL) 90 118 -24 45 45 47 50 57 61 62 65 64

of which home 257 255 1 130 128 128 126 128 127 125 122 117

of which apartment, buildings 3 3 0 2 1 1 1 1 1 1 1 1

of which travel 23 52 -56 12 11 15 23 23 28 28 29 28

of which payment protection 18 23 -21 9 9 10 11 11 12 12 13 12

of which purchase protection 1 1 -11 1 1 1 1 1 1 1 1 1

of which senior card insurance 0 0 -33 0 0 0 0 0 0 0 0 0

Combined ratio, % 1) 72 72 -0 71 73 69 69 62 81 68 69 66

Solvency ratio 2) N/A 1.4 N/A 1.7 1.6 1.5 1.5 1.4 1.4 1.5 1.6


Q2, 2021

2) From 1/1 2016 the Solvency II regulations are implemented. The solvency ratio is, from Q1 2016 and onwards, calculated from a Solvency II perspective. Solvency ratio is not yet

available for Q2 2021.

1) Combined ratio = Claims ratio + Expense ratio / Premium Income.

35

Business volumes

LoansQ2, 2021

Loans carrying amount, by sector/ industry, Group 30 Jun ∆ SEKbn ∆ SEKbn ∆ % 31-mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKbn (excl. intra-Group transactions) 2021 YTD Q/Q Y/Y 2021 2020 2020 2020 2020 2019 2019 2019

Loans to the public at amortised cost

Private customers 3)

1 102 22 16 3 1 086 1 080 1 079 1 069 1 063 1 053 1 052 1 045

Private mortgage 960 21 13 4 947 939 933 923 916 905 901 892

Tenant owner associations 91 -2 -6 91 93 96 97 98 100 103 104

Private other 51 3 3 4 48 48 50 49 49 48 48 49

Corporate customers 535 -1 -4 535 536 543 556 569 553 561 567

Agriculture, forestry, fishing 64 -1 -3 64 65 66 66 66 65 66 68

Manufacturing 35 -4 -4 -18 39 39 41 43 45 42 43 44

Public sector and utilities 26 -2 11 28 26 25 23 25 23 22 21

Construction 22 3 6 22 19 20 20 20 19 20 20

Retail and wholesale 30 1 2 -0 28 29 30 30 35 32 32 32

Transportation 13 -1 -16 14 13 14 16 16 15 15 15

Shipping and offshore 12 -1 -32 12 13 14 17 19 18 20 20

Hotels and restaurants 8 -1 -1 -15 9 9 10 10 10 10 9 9

Information and communication 14 1 1 15 13 13 12 13 13 13 14 13

Finance and insurance 21 1 13 20 21 18 19 20 17 15 17

Property management 251 4 4 -2 247 247 249 255 253 254 257 258

Residential properties 77 3 1 1 76 74 73 77 77 79 78 76

Commercial 111 11 5 9 106 100 101 102 101 99 103 103

Industrial and Warehouse 41 -4 -1 -12 42 45 46 46 44 47 47 50

Other 22 -6 -1 -27 23 28 29 30 31 29 29 29

Professional services 21 -1 -14 22 21 24 24 26 25 27 28

Other corporate lending 18 -3 1 -10 17 21 20 20 21 20 21 22

Loans to the public at fair value through profit or loss

Loans to the public 1)

1 637 21 16 1 1 621 1 616 1 622 1 625 1 632 1 606 1 613 1 612

of which collaterals and clearing 2 -7 -75 2 9 6 8 6 5 5 4

of which customer lending 1 635 28 16 1 1 619 1 607 1 616 1 617 1 626 1 601 1 608 1 608

Swedish National Debt Office -25 25 2 4

Repurchase agreements 2)

31 -9 -15 -65 46 40 62 90 62 46 53 62

Loans to the public 1 668 -13 1 -3 1 667 1 681 1 684 1 715 1 694 1 652 1 668 1 678

Banks and other credit institutions 38 -8 1 -26 37 46 42 51 49 45 33 36


1 -1 -8 -85 9 2 9 10 7 7 4

Loans to credit institutions 39 -9 -7 -35 46 48 51 61 56 45 40 40

Loans to the public and credit institutions 1 707 -22 -6 -4 1 713 1 729 1 735 1 776 1 750 1 697 1 708 1 718

Specification of loans to the public

By business area 30 Jun ∆ SEKbn ∆ SEKbn ∆ % 31-mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun


Private 990 18 14 3 976 972 968 961 951 948 947 944


Private other incl. tenant owner associations 123 1 -4 122 123 127 128 128 130 133 136

Corporate 238 -1 -1 -2 239 239 243 243 249 248 253 257

Total Swedish Banking 3)

1 228 17 13 2 1 215 1 211 1 211 1 204 1 200 1 196 1 200 1 201

Private 110 4 1 3 109 106 110 107 111 104 104 100

Private mortgage 93 3 3 93 90 92 90 93 87 87 84

Private other incl. tenant owner associations 17 1 1 1 16 16 18 17 18 17 17 16

Corporate 77 1 -2 -4 79 76 80 81 87 82 84 82

Total Baltic Banking 187 5 -1 0 188 182 190 188 198 186 188 182

Private 2 1 23 1 2 1 1 1 1 1 1

Private mortgage

Private other incl. tenant owner associations 2 1 23 1 2 1 1 1 1 1 1

Corporate 220 -1 3 -5 217 221 220 232 233 222 224 228

Total Large Corporates & Institutions 222 -1 4 -5 218 223 221 233 234 223 225 229

Total Group Functions & Other 1


1 637 21 16 1 1 621 1 616 1 622 1 625 1 632 1 606 1 613 1 612

Specification of loans to the public

By business area/ country 30 Jun ∆ SEKbn ∆ SEKbn ∆ % 31-mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun


Swedish Banking 3)

1 228 17 13 2 1 215 1 211 1 211 1 204 1 200 1 196 1 200 1 201

Baltic Banking 187 5 -1 0 188 182 190 188 198 186 188 182

Estonia 88 3 1 88 85 89 87 92 86 87 85

Latvia 36 -2 -4 38 36 38 38 40 37 38 37

Lithuania 63 2 1 1 62 61 63 63 66 63 63 60

Large Corporates & Institutions 222 -1 4 -5 218 223 221 233 234 223 225 229

Sweden 163 -1 6 -4 157 164 163 170 167 159 159 160

Norway 38 -1 -3 -8 41 39 39 41 42 45 48 49

Group Functions & Other 1


1 637 21 16 1 1 621 1 616 1 622 1 625 1 632 1 606 1 613 1 612

1) Excluding the Swedish National Debt Office and repurchase agreements.

2) At fair value through profit or loss

3) A decline in Swedish Banking in Q3 2019 was due to Ölands deconsolidation (which had net effect of SEK -4.2bn)

36

Business volumes

Deposits from the public and amounts owed to credit institutionsQ2, 2021

Deposits from the public 30 Jun ∆ SEKbn ∆ SEKbn ∆ % 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun


Swedish Banking 2)

682 36 32 11 650 646 627 613 585 571 567 572

Private 445 21 15 7 430 424 419 416 403 388 387 390

On demand deposits 121 10 7 12 114 111 109 108 100 98 98 103

Savings account 324 11 8 5 316 313 310 308 303 290 289 287

Corporate 237 15 17 20 220 222 208 197 182 183 180 182


Savings account 38 2 4 8 34 36 35 35 34 34 34 35

Baltic Banking 295 11 -5 14 300 284 272 259 257 242 232 224

Private 179 15 5 17 174 164 158 152 153 143 140 136


Savings account 27 1 4 27 26 26 26 27 26 26 26

Corporate 116 -4 -10 9 126 120 114 107 104 99 92 88

On demand deposits 114 -4 -10 10 124 118 112 105 102 97 89 85

Savings account 2 -18 2 2 2 2 2 2 3 3

Large Corporates & Institutions 226 26 2 29 224 200 176 177 167 141 134 133

Corporate 226 26 2 20 224 200 176 177 167 141 134 133


Savings account 8 1 1 4 7 7 8 8 6 6 9 7

Group Functions & Other 79 78 37 15 42 1 57 59 37 0 24 23

of which Group Treasury 79 78 37 15 42 1 57 59 37 0 24 23

Deposits from the public 1)

1 282 151 66 16 1 216 1 131 1 132 1 108 1 046 954 957 952

of which private 624 36 20 10 604 588 577 568 556 531 527 526

of which corporate 658 115 46 22 612 543 555 540 490 423 430 426

of which US based money-market funds 77 -100 42 0 54 55 33 0 21 22

Swedish National Debt Office 0 -30.5603 0 0 0 0 0 0 0 0

Repurchase agreements & deposits, Swedish National Debt Office 0 -34.382 0 0 0 0 0 0 0 0

Repurchase agreements from the public 26 9 3 82.21313 23 17 24 14 20 0 17 15

Total deposits and borrowings from the public 1 308 160 69 17 1 239 1 148 1 156 1 122 1 066 954 974 967

Deposits from the public, currency distribution 30 Jun

SEKbn (excl. intra-Group transactions) 2021 SEK EUR USD Other

Private 624 437 180 5 2

Corporate 658 396 143 107 12

of which insurance 30 25 2 2 1

of which sovereigns, municipalities etc. 71 45 25 1 0

of which US based money-market funds 77 77

of which other 480 326 116 27 11

Deposits from the public 1 282 833 323 112 14

Amounts owed to credit institutions, Group 30 Jun ∆ SEKbn ∆ SEKbn ∆ % 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKbn 2021 YTD Q/Q Y/Y 2021 2020 2020 2020 2020 2019 2019 2019

Central banks 51 -29 -4 -43 55 80 85 90 74 6 16 16

Banks 80 20 8 -2 72 60 63 82 83 58 76 72

Other credit institutions 5 -2 -1 -2 6 7 5 5 12 6 5 6

Repurchase agreements 10 7 -20 -2 30 3 13 10 6 0 6 4

Amounts owed to credit institutions 146 -4 -17 -22 163 150 166 187 175 70 103 98

1) Excluding Swedish National Debt Office and repurchase agreements.

2) From Q3 2019 Öland Banks AB volumes (SEK 4bn) not included in the deposits (the company is consolidated as an associated company according the equity method).

37

Business volumes

Interest-bearing securities and Deferred tax assetsQ2, 2021

30 June 2021

Country

SEKm

Banks & other

financial

institutions

of which

covered bonds

Government &

municipalities

Other

non-financial

companies Total

Belgium 567 567

Bermuda 4 4

Cayman Islands 33 33

Denmark 2 645 2 064 92 2 737

Estonia 2 478 2 478

Finland 4 062 611 2 666 6 728

France 1 009 1 009

Germany 20 20 37 57

Italy 10 10

Iceland 274 274

Latvia 1 062 4 1 066

Lithuania 104 3 859 3 963

Luxembourg 526 10 536

Netherlands 5 161 166

Norway 7 792 6 264 1 399 2 434 11 625

Philippines 441 441

Sweden 40 447 30 061 142 901 5 495 188 843

United States 2 639 56 2 695

Total 59 978 39 020 152 265 10 988 223 231

Deferred tax assets

Deferred tax assets 30 Jun ∆ SEKbn 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKm 2021 Q/Q 2021 2020 2020 2020 2020 2019 2019 2019

Tax loss carry-forwards 126 9 117 82 158 153 133 112 133 139

Other items 34 -29 63 46 47 54 52 62 47 52

Non-recognised deferred tax assets -4 -4 -4 -5 -5 -5 -4 -8 -8

Deferred tax assets 156 -20 176 124 200 202 180 170 172 183

Interest-bearing securities

38

Asset quality

Asset quality Q2, 2021

Total loans

Loans carrying amount, by business area/ country

30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other Group


Private customers 989 942 109 992 45 729 20 120 44 143 1 575 1 575 1 101 509

Private mortgage 867 052 93 105 38 109 16 754 38 242 3 3 960 160

Tenant owner associations 90 544 578 578 91 122

Private other 32 346 16 887 7 620 3 366 5 901 994 994 50 227

Corporate customers 238 196 76 769 41 415 16 308 19 046 219 632 161 720 38 135 270 534 867

Agriculture, forestry, fishing 58 351 5 394 2 919 1 997 478 269 269 64 014

Manufacturing 8 551 10 359 4 496 2 392 3 471 16 042 10 587 3 064 34 952

Public sector and utilities 5 335 9 231 5 593 1 663 1 975 10 869 2 303 5 344 25 435

Construction 12 882 1 743 1 186 201 356 6 850 6 083 2 21 475

Retail and wholesale 8 907 8 013 3 060 1 605 3 348 13 293 10 930 718 30 213

Transportation 4 677 6 581 3 539 1 357 1 685 2 143 1 572 570 13 401

Shipping and offshore 58 826 826 10 622 4 156 6 466 11 506

Hotels and restaurants 3 469 3 491 1 588 1 109 794 1 247 1 247 8 207

Information and communication 1 377 1 228 301 468 459 11 688 7 136 3 659 14 293

Finance and insurance 5 014 333 313 6 14 15 775 13 284 2 385 270 21 392

Property management, including 113 111 22 274 11 934 4 406 5 934 115 510 93 384 13 934 250 895


Commercial 30 344 16 697 7 915 3 448 5 334 63 804 47 921 12 681 110 845

Industrial and Warehouse 18 392 2 929 1 809 740 380 19 413 17 446 860 40 734

Other 12 433 2 462 2 156 88 218 6 976 6 583 393 21 871

Professional services 9 413 3 703 2 413 779 511 7 613 6 525 344 20 729

Other corporate lending 7 051 3 593 3 247 325 21 7 711 4 244 1 649 18 355

Loans to the public at fair value through profit or loss 134 8 142

Loans to the public excluding the Swedish National Debt

Office and repurchase agreements1 228 272 186 761 87 144 36 428 63 189 221 207 163 295 38 135 278 1 636 518

Swedish National Debt Office 3 3 3


31 467 16 392 15 075 31 467

Loans to the public 1 228 272 186 761 87 144 36 428 63 189 252 677 179 690 53 210 278 1 667 988

Banks and other credit institutions 1 378 64 59 3 2 17 396 15 587 38 18 701 37 539


1 531 1 531 1 531

Loans to credit institutions 1 378 64 59 3 2 18 927 17 118 38 18 701 39 070

Loans to the public and credit institutions 2) 1 229 650 186 825 87 203 36 431 63 191 271 604 196 808 53 248 18 979 1 707 058

Credit impairment provisions, by business area/ country

30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group

Loans to the public at amortised costPrivate customers 542 305 53 129 123 19 19 866

Private mortgage 212 241 31 110 100 453

Tenant owner associations 8 8

Private other 322 64 22 19 23 19 19 405

Corporate customers 978 582 320 127 135 3 342 572 2 572 4 902

Agriculture, forestry, fishing 75 17 13 4 92

Manufacturing 51 151 85 10 56 156 89 22 358

Public sector and utilities 20 6 5 1 9 3 5 35

Construction 105 8 4 1 3 47 33 160

Retail and wholesale 142 57 19 25 13 155 110 22 354

Transportation 20 30 17 13 23 21 2 73

Shipping and offshore 1 48 48 2 490 58 2 432 2 539

Hotels and restaurants 208 146 66 44 36 105 105 459

Information and communication 3 28 17 9 31

Finance and insurance 9 10 7 3 19

Property management, including 212 91 49 18 24 284 121 50 587

Residential properties 85 2 2 32 22 119

Commercial 45 42 7 15 20 231 87 44 318

Industrial and Warehouse 25 2 1 1 15 8 4 42

Other 57 45 41 1 3 6 4 2 108

Professional services 69 12 8 2 2 9 7 2 90

Other corporate lending 63 16 6 10 26 1 25 105



Office and repurchase agreements1 520 887 373 256 258 3 361 591 2 572 5 768

Swedish National Debt Office


Loans to the public 1 520 887 373 256 258 3 361 591 2 572 5 768

Banks and other credit institutions 4 4 9 13


Loans to credit institutions 4 4 9 13

Loans to the public and credit institutions 2) 1 520 887 373 256 258 3 365 595 2 572 9 5 781

Loans gross carrying amount, by business area/ country

30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group

Loans to the public at amortised costPrivate customers 990 484 110 297 45 782 20 249 44 266 1 594 1 594 1 102 375


Tenant owner associations 90 552 578 578 91 130Private other 32 668 16 951 7 642 3 385 5 924 1 013 1 013 50 632



Manufacturing 8 602 10 510 4 581 2 402 3 527 16 198 10 676 3 086 35 310


Construction 12 987 1 751 1 190 202 359 6 897 6 116 2 21 635


Transportation 4 697 6 611 3 556 1 370 1 685 2 166 1 593 572 13 474

Shipping and offshore 59 874 874 13 112 4 214 8 898 14 045

Hotels and restaurants 3 677 3 637 1 654 1 153 830 1 352 1 352 8 666





Commercial 30 389 16 739 7 922 3 463 5 354 64 035 48 008 12 725 111 163


Other 12 490 2 507 2 197 89 221 6 982 6 587 395 21 979


Other corporate lending 7 114 3 609 3 253 335 21 7 737 4 245 1 674 18 460

Loans to the public at fair value through profit or loss 134 8 142


Office and repurchase agreements1 229 792 187 648 87 517 36 684 63 447 224 568 163 886 40 707 278 1 642 286



31 467 16 392 15 075 31 467

Loans to the public 1 229 792 187 648 87 517 36 684 63 447 256 038 180 281 55 782 278 1 673 756

Banks and other credit institutions 1 378 64 59 3 2 17 400 15 591 38 18 710 37 552


1 531 1 531 1 531


Loans to the public and credit institutions 2) 1 231 170 187 712 87 576 36 687 63 449 274 969 197 403 55 820 18 988 1 712 839

1) At fair value through profit or loss


39

Asset quality


Loans at amortised cost, Stage 1


30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other Group



Tenant owner associations 89 005 578 578 89 583

Private other 30 115 13 708 6 232 2 690 4 786 984 984 44 807



Manufacturing 6 924 9 346 3 836 2 306 3 204 14 449 10 027 2 033 30 719


Construction 10 323 1 528 1 031 184 313 5 502 4 998 2 17 353


Transportation 3 724 5 865 3 408 890 1 567 1 532 962 570 11 121

Shipping and offshore 40 6 272 3 561 2 711 6 312

Hotels and restaurants 1 983 1 400 703 65 632 143 143 3 526





Commercial 25 849 16 003 7 790 3 066 5 147 61 654 46 557 12 203 103 506


Other 10 154 2 032 1 763 65 204 6 899 6 506 393 19 085


Other corporate lending 5 659 3 437 3 150 268 19 6 050 4 232 15 146

Loans to the public 1) 1 168 590 162 335 77 914 29 767 54 654 201 892 152 392 30 554 270 1 533 087




30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group

Private customers 57 45 10 21 14 10 10 112


Tenant owner associations 3 3Private other 44 10 3 3 4 10 10 64

Corporate customers 153 84 43 17 24 357 187 96 594


Manufacturing 8 26 9 2 15 93 32 16 127

Public sector and utilities 2 1 1 9 3 5 12

Construction 12 1 1 15 13 28

Retail and wholesale 29 7 5 2 30 27 1 66

Transportation 4 14 12 2 3 1 2 21

Shipping and offshore 29 9 20 29



Finance and insurance 2 10 7 3 12


Residential properties 24 23 13 47

Commercial 12 5 2 2 1 79 29 41 96

Industrial and Warehouse 7 1 1 14 7 4 22

Other 6 3 2 1 6 4 2 15

Professional services 6 1 1 5 5 12

Other corporate lending 8 7 4 3 1 1 16

Loans to the public 1) 210 129 53 38 38 367 197 96 706


Loans to the public 2) 210 129 53 38 38 367 197 96 706


30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group



Tenant owner associations 89 008 578 578 89 586Private other 30 159 13 718 6 235 2 693 4 790 994 994 44 871



Manufacturing 6 932 9 372 3 845 2 308 3 219 14 542 10 059 2 049 30 846


Construction 10 335 1 529 1 032 184 313 5 517 5 011 2 17 381


Transportation 3 728 5 879 3 420 892 1 567 1 535 963 572 11 142

Shipping and offshore 40 6 301 3 570 2 731 6 341

Hotels and restaurants 2 008 1 416 714 66 636 172 172 3 596





Commercial 25 861 16 008 7 792 3 068 5 148 61 733 46 586 12 244 103 602


Other 10 160 2 035 1 765 65 205 6 905 6 510 395 19 100

Professional services 7 597 3 098 1 944 725 429 7 058 6 268 46 17 753Other corporate lending 5 667 3 444 3 154 271 19 6 051 4 233 15 162






40

Asset quality




30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other Group

Private customers 24 980 15 357 4 783 3 939 6 635 2 2 40 339


Tenant owner associations 1 527 1 527

Private other 1 988 3 130 1 374 663 1 093 2 2 5 120

Corporate customers 33 181 7 879 4 071 2 306 1 502 17 626 10 893 5 944 58 686

Agriculture, forestry, fishing 6 272 477 214 178 85 42 42 6 791

Manufacturing 1 569 962 617 83 262 1 593 560 1 031 4 124


Construction 2 466 202 151 14 37 1 348 1 085 4 016

Retail and wholesale 2 069 814 94 173 547 2 283 1 705 326 5 166

Transportation 942 709 127 464 118 611 610 2 262


Hotels and restaurants 1 450 1 730 759 812 159 1 104 1 104 4 284


Finance and insurance 706 12 7 1 4 57 57 775

Property management, including 13 882 1 111 510 418 183 4 536 3 791 478 19 529

Residential properties 5 402 30 9 21 1 412 1 412 6 844

Commercial 4 470 660 125 374 161 2 109 1 364 478 7 239

Industrial and Warehouse 1 734 24 16 8 938 938 2 696

Other 2 276 397 360 23 14 77 77 2 750

Professional services 1 716 598 465 54 79 560 262 298 2 874

Other corporate lending 1 339 155 96 57 2 1 661 12 1 649 3 155

Loans to the public 1) 58 161 23 236 8 854 6 245 8 137 17 628 10 895 5 944 99 025




30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group




Private other 80 29 11 7 11 1 1 110

Corporate customers 639 302 172 83 47 1 087 385 632 2 028


Manufacturing 28 57 46 7 4 63 57 6 148

Public sector and utilities 15 15


Retail and wholesale 92 27 17 10 125 83 21 244

Transportation 13 15 4 11 20 20 48

Shipping and offshore 1 48 48 617 49 568 666



Finance and insurance 4 4


Residential properties 53 2 2 9 9 64

Commercial 29 25 5 11 9 98 58 3 152

Industrial and Warehouse 10 1 1 1 1 12

Other 50 37 34 1 2 87

Professional services 21 9 8 1 4 2 2 34

Other corporate lending 32 9 2 7 25 25 66

Loans to the public 1) 775 427 195 130 102 1 088 386 632 2 290


Loans to the public 2) 775 427 195 130 102 1 088 386 632 2 290


30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group

Private customers 25 116 15 482 4 806 3 986 6 690 3 3 40 601


Tenant owner associations 1 531 1 531

Private other 2 068 3 159 1 385 670 1 104 3 3 5 230

Corporate customers 33 820 8 181 4 243 2 389 1 549 18 713 11 278 6 576 60 714

Agriculture, forestry, fishing 6 324 482 217 180 85 42 42 6 848

Manufacturing 1 597 1 019 663 90 266 1 656 617 1 037 4 272


Construction 2 530 204 153 14 37 1 380 1 105 4 114

Retail and wholesale 2 161 841 94 190 557 2 408 1 788 347 5 410

Transportation 955 724 131 475 118 631 630 2 310


Hotels and restaurants 1 624 1 795 779 837 179 1 180 1 180 4 599


Finance and insurance 710 12 7 1 4 57 57 779

Property management, including 14 024 1 176 549 432 195 4 644 3 859 481 19 844

Residential properties 5 455 32 9 23 1 421 1 421 6 908

Commercial 4 499 685 130 385 170 2 207 1 422 481 7 391

Industrial and Warehouse 1 744 25 16 9 939 939 2 708

Other 2 326 434 394 24 16 77 77 2 837

Professional services 1 737 607 473 54 80 564 264 300 2 908

Other corporate lending 1 371 164 98 64 2 1 686 12 1 674 3 221






41

Asset quality




30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other Group

Private customers 801 611 105 153 353 8 8 1 420

Private mortgage 546 562 91 140 331 1 108


Private other 243 49 14 13 22 8 8 300


Agriculture, forestry, fishing 91 21 16 4 1 112

Manufacturing 58 51 43 3 5 109

Public sector and utilities 18 12 12 30


Retail and wholesale 38 35 25 9 1 1 74

Transportation 11 7 4 3 18

Shipping and offshore 1 637 1 637 1 637

Hotels and restaurants 36 361 126 232 3 397

Information and communication 2 3 3 5


Property management, including 69 67 33 8 26 41 177

Residential properties 8 8

Commercial 25 34 8 26 41 100

Industrial and Warehouse 33 33

Other 3 33 33 36

Professional services 106 8 4 1 3 114

Other corporate lending 53 1 1 54

Loans to the public 1) 1 387 1 190 376 416 398 1 687 8 1 637 4 264




30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group









Retail and wholesale 21 23 19 3 1 44

Transportation 3 1 1 4



Information and communication 1 1




Commercial 4 12 2 10 54 70


Other 1 5 5 6

Professional services 42 2 1 1 44

Other corporate lending 23 23

Loans to the public 1) 535 331 125 88 118 1 906 8 1 844 2 772


Loans to the public 2) 535 331 125 88 118 1 906 8 1 844 2 772


30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions &

Other

Group

Private customers 1 150 746 125 214 407 16 16 1 912

Private mortgage 696 672 103 192 377 1 368



Agriculture, forestry, fishing 107 31 25 5 1 138




Retail and wholesale 59 58 44 12 2 1 118

Transportation 14 8 5 3 22



Information and communication 3 3 3 6




Commercial 29 46 10 36 95 170


Other 4 38 38 42

Professional services 148 10 4 2 4 158Other corporate lending 76 1 1 77






42

Asset qualityCredit impairmentsQ2, 2021

Credit impairments by business area/ country, 1)

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Swedish Banking -34 7 -1 -140 432 373 10 27 -19

Baltic Banking -23 220 -8 43 56 146 -3 10 25

Estonia 3 105 -10 35 51 59 16 -9 15

Latvia -16 81 5 10 -3 41 -13 5 11

Lithuania -10 34 -3 -2 8 46 -6 14 -1

Large Corporates & Institutions 31 19 537 521 740 1 627 981 117 106

Sweden -62 -263 -60 -97 467 311 184 -69 -142

Norway 140 346 603 675 268 1 255 601 241 233

Group Functions & Other -1 -5 1 7 5 -3

Group -27 246 523 425 1 235 2 151 988 154 109

Opening balance of loans to the public and credit institutions, 1 April 1 January 1 October 1 July 1 April 1 January 1 October 1 July 1 April

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Swedish Banking 1 214 976 1 211 620 1 211 044 1 204 797 1 199 491 1 196 596 1 200 649 1 201 379 1 195 039

Baltic Banking 188 006 182 044 189 912 187 218 198 159 185 593 187 310 181 898 174 577

Estonia 87 941 85 551 88 516 86 662 91 531 86 130 86 867 85 255 82 239

Latvia 37 942 35 911 38 154 37 882 40 226 37 176 37 963 37 098 36 252

Lithuania 62 123 60 582 63 242 62 674 66 402 62 287 62 480 59 545 56 086

Large Corporates & Institutions 291 112 291 578 314 255 364 043 333 251 295 037 297 503 310 079 327 361

Sweden 209 854 216 303 242 634 289 601 257 313 224 027 225 319 235 779 255 084

Norway 59 507 52 037 49 060 52 159 50 395 50 482 52 447 52 808 52 820

Group Functions & Other 19 447 43 699 19 614 19 621 19 435 20 522 22 542 24 932 23 715

Group 1 713 541 1 728 941 1 734 825 1 775 679 1 750 336 1 697 748 1 708 004 1 718 288 1 720 692

Credit impairment ratio, Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

% 2021 2021 2020 2020 2020 2020 2019 2019 2019

Swedish Banking -0.01 0.00 0.00 -0.05 0.14 0.12 0.00 0.01 -0.01

Baltic Banking -0.05 0.48 -0.02 0.09 0.11 0.30 -0.01 0.02 0.06

Estonia 0.01 0.49 -0.05 0.16 0.22 0.26 0.08 -0.04 0.07

Latvia -0.17 0.89 0.06 0.10 -0.03 0.42 -0.14 0.05 0.12

Lithuania -0.06 0.22 -0.02 -0.01 0.05 0.28 -0.04 0.10 -0.01

Large Corporates & Institutions 0.04 0.03 0.68 0.57 0.89 2.20 1.32 0.15 0.13

Sweden -0.12 -0.49 -0.10 -0.13 0.73 0.55 0.33 -0.12 -0.22

Norway 0.97 2.56 4.90 5.14 2.12 10.65 4.72 1.84 1.75

Group Functions & Other -0.04 -0.10 0.02 0.16 0.09 0.03

Group -0.01 0.06 0.12 0.10 0.28 0.51 0.23 0.04 0.03

Credit impairments by sector/ industry, 1)

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Private customers -30 30 -54 78 74 115 13 -5 8

Private mortgage -36 -24 -13 4 14 41 -7 -19 -28

Tenant owner associations -12 -10 -8 11 9 -4 -4 5

Private other 18 54 -31 82 49 65 24 18 31


Agriculture, forestry, fishing -3 -6 -37 -19 4 19 9 -10 -11

Manufacturing -92 37 -74 -102 43 368 168 111 209

Public sector and utilities -6 2 -33 -26 69 17 5 -6

Construction -19 -39 -21 -149 133 65 143 12 7

Retail and wholesale -55 -53 -75 16 150 139 96 45 -19

Transportation -23 60 -19 1 12 25 1 -1


Hotels and restaurants 49 44 307 -2 8 69 -1 20 10

Information and communication -1 -17 -24 -14 13 1 29 -44 -54

Finance and insurance -10 -58 -89 -24 138 45 6 -5 2

Property management -6 -162 -38 -77 279 80 53 -20 -53

Professional services -58 -12 -71 -18 89 85 -18 24 -13

Other corporate lending 31 -27 13 -5 -27 72 -7 -3 9

Loans to private and corporate customers -26 260 542 437 1 191 2 141 989 159 104

Loans to credit institutions -1 -14 -19 -12 44 10 -1 -5 5

Group -27 246 523 425 1 235 2 151 988 154 109

1) Represents total credit impairment amount.

43

Asset qualityLoans by collateral type and Assets taken overQ2, 2021

Total loans by collateral type

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions

& Other Group

Real Estate Residential 982 148 93 708 39 342 16 253 38 113 55 713 53 270 1 557 1 131 569

Real Estate Commercial 145 809 35 474 17 934 8 351 9 189 37 475 29 412 8 020 218 758

Guarantees 13 561 5 044 2 839 538 1 667 18 932 14 526 37 537

Cash 6 053 959 7 259 693 7 012

Other 50 600 23 377 7 565 6 504 9 308 11 383 7 014 4 370 270 85 630

Unsecured 30 101 28 199 19 457 4 523 4 219 97 704 59 073 24 188 8 156 012

Total loans to the public, carrying amount 1 228 272 186 761 87 144 36 428 63 189 221 207 163 295 38 135 278 1 636 518


Private loans by collateral type

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions

& Other

Group

Real Estate Residential 934 790 92 161 38 102 15 998 38 061 290 290 1 027 241

Real Estate Commercial 20 303 829 121 54 654 21 132

Guarantees 5 148 522 308 164 50 290 290 5 960

Cash 1 117 785 2 91 692 1 902

Other 8 118 3 245 5 1 339 1 901 33 33 11 396

Unsecured 20 466 12 450 7 191 2 474 2 785 962 962 33 878

Total private loans to the public, carrying amount 989 942 109 992 45 729 20 120 44 143 1 575 1 575 1 101 509

Corporate loans by collateral type

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions

& Other

Group

Real Estate Residential 47 358 1 547 1 240 255 52 55 423 52 980 1 557 104 328

Real Estate Commercial 125 506 34 645 17 813 8 297 8 535 37 475 29 412 8 020 197 626

Guarantees 8 413 4 522 2 531 374 1 617 18 642 14 236 31 577

Cash 4 936 174 5 168 1 5 110

Other 42 348 20 132 7 560 5 165 7 407 11 350 6 981 4 370 270 74 100

Unsecured 9 635 15 749 12 266 2 049 1 434 96 742 58 111 24 188 122 126

Total corporate loans to the public, carrying amount 238 196 76 769 41 415 16 308 19 046 219 632 161 720 38 135 270 534 867


SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

Large

Corporates &

Institutions

- of which

Sweden

- of which

Norway

Group

Functions

& Other

Group

Real Estate Residential

Real Estate Commercial

Guarantees

Cash

Other 134 134

Unsecured 8 8

Total corporate loans to the public, carrying amount 134 8 142

Asset taken over and cancelled leases 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

by business area, SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Baltic Banking 39 50 59 81 93 110 99 100 114

Estonia 1 1 2 2 7 9 3 4 2

Latvia 17 29 30 39 35 32 29 25 30

Lithuania 21 20 27 40 51 69 67 70 81

Large Corporates & Institutions 52 53 58 27 27 27 27 28 55

Group Functions & Other 1 1 2

Total 91 103 117 108 121 138 127 127 168

44

Asset quality

Private mortgage loans 1)

Q2, 2021

Average Loan-to-value (LTV), % 2)

30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

2021 2021 2020 2020 2020 2020 2019 2019 2019

Total portfolio

Sweden 51 53 53 54 56 56 55 55 56

Estonia 46 47 48 49 46 46 47 47 46

Latvia 72 73 76 77 73 71 75 71 73

Lithuania 54 54 57 56 56 57 60 60 59

New lending 3)

Sweden 68 69 67 68 69 69 70 68 69

Estonia 71 73 72 71 69 72 71 70 71

Latvia 76 76 76 76 76 77 76 76 76

Lithuania 76 76 76 76 76 77 76 76 76

Share of portfolio which amortises, %

Total portfolio

Sweden 4) 69 68 68 68 69 72 72 72 71

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 5)

Sweden 88 87 87 87 87 88 88 89 88

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

Share of properties with LTV > 70% 6)

Total portfolio

Sweden 11 13 14 15 17 16 15 16 17

Estonia 7 7 9 10 6 6 7 7 7

Latvia 22 23 26 27 24 22 26 23 27

Lithuania 12 11 17 16 15 18 23 23 21

New lending 5)

Sweden 44 46 46 48 47 46 47 47 47

Estonia 52 61 61 56 49 56 55 49 53

Latvia 78 78 73 74 72 75 74 74 80

Lithuania 81 82 80 82 81 85 85 83 83

Share of properties with LTV > 50% - 70% 6)

Total portfolio

Sweden 25 24 24 24 24 24 24 24 25

Estonia 16 17 16 16 16 16 17 16 16

Latvia 21 21 21 21 21 21 21 22 21

Lithuania 27 28 26 26 27 25 24 24 25

New lending 5)

Sweden 29 28 27 27 27 27 26 27 27

Estonia 26 22 24 27 31 28 28 32 29

Latvia 15 15 19 17 19 17 18 19 15

Lithuania 13 12 13 12 12 11 10 12 12

Share of properties with LTV 0% - 50% 6)

Total portfolio

Sweden 64 63 62 61 59 60 61 60 58

Estonia 77 76 75 74 78 78 76 77 77

Latvia 57 56 53 52 55 57 53 55 52

Lithuania 61 61 57 58 58 57 53 53 54

New lending 5)

Sweden 27 26 27 25 26 27 27 26 26

Estonia 22 17 15 17 20 16 17 19 18

Latvia 7 7 8 9 9 8 8 7 5

Lithuania 6 6 7 6 7 4 5 5 5

1) Based on property level and private individuals loans collateralised by single-family homes, vacation houses and tenant owner rights.

2) LTV calculation method - see cover pool, page 65.

3) New lending LTV is calculated year to date.

4) This includes only households with agreed amortisation plans. In recent years extra amortisation has been around 30% of the volume of

amortisations according to an agreed plan.

5) New Lending - Rolling 3 months data.

6) Share of contracts for Baltic countries.

45

Asset qualityPrivate mortgage loans (cont.) 1)

Q2, 2021

Share of properties with LTV > 70% which 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

amortises 2)

2021 2021 2020 2020 2020 2020 2019 2019 2019

Total portfolio

Sweden 3)

87 84 84 84 87 98 98 98 97

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 4)

Sweden 98 97 98 97 97 99 99 99 99

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

Share of properties with LTV > 50% - 70% which

amortises

Total portfolio

Sweden 3)

86 84 84 83 83 89 89 87 83

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 4)

Sweden 98 97 97 97 97 98 98 99 98

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

Share of properties with LTV 0% - 50% which

amortises

Total portfolio

Sweden 3)

59 58 58 58 58 59 59 59 58

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

New lending 4)

Sweden 61 58 58 59 58 58 57 58 58

Estonia 100 100 100 100 100 100 100 100 100

Latvia 100 100 100 100 100 100 100 100 100

Lithuania 100 100 100 100 100 100 100 100 100

1) Based on property level and private individuals loans collateralised by single-family homes, vacation houses and tenant owner rights.

2) LTV calculation method - see cover pool, page 65.

3) This includes only households with agreed amortisation plans. In recent years extra amortisation has been around 30% of the volume of amortisations

according to an agreed plan.

4) New Lending - Rolling 3 months data.

Concentration risk - Top 20 Corporate ClientsQ2, 2021

Top 20 corporate exposures 1)

SEKm

Top 20 corporate exposures 122 621in % of Common Equity Tier 1 Capital 96

Out of that municipalities 6 096

Out of that to investment grade 122 621

Collateral value of the top 20 72 131

Top 20 corporate exposures1)

by Industry SEKm Total

Investment

grade

Collateral

value

Manufacturing 25 766 25 766 6 387

Construction 4 749 4 749 989

Retail and wholesale 6 096 6 096 72


Property management 77 266 77 266 58 284

Total 122 621 122 621 72 733

Excluding exposures in partly owned subsidiaries.

1) Loans and off-balance exposures.

46

Capital adequacy

Credit risks, EAD distribution by business segmentand by customer segmentQ2, 2021

Exposure distribution by business segment

30 Jun 2021

SEKm Risk grades PD

Swedish

Banking

Baltic

Banking

Large

Corporates &

Institutions

Group

Functions &

Other Total

IRB approach

Default Default 100.0 1 719 1 356 3 863 6 938

High risk 0-5 > 5.7 9 543 11 771 1 966 10 23 290

Increased risk 6-8 2.0-5.7 31 093 21 829 6 155 36 59 113

Normal risk 9-12 0.5-2.0 128 673 63 087 48 879 25 240 664

Low risk 13-21 <0.5 1 137 301 94 275 292 552 738 346 2 262 474

Total rated exposures 1 308 329 192 318 353 416 738 417 2 592 480

Total non-rated exposures 1 051 6 290 1 031 5 751 14 123

Total IRB approach 1 309 380 198 608 354 447 744 168 2 606 603

of which companies not included in Swedbank Group

Standardised approach

Total standardised approach 30 099 12 145 17 929 6 906 67 079

of which companies not included in Swedbank Group 16 892

Total IRB- and standardised approach 1 339 479 210 753 372 376 751 074 2 673 682


Exposure distribution by customer segment

30 Jun 2021

SEKm Risk grades PD Retail Institutions Sovereign Corporates Other Total

IRB approach

Default Default 100.0 1 976 4 962 6 938

High risk 0-5 > 5.7 13 515 9 775 23 290

Increased risk 6-8 2.0-5.7 33 478 7 909 24 719 59 113

Normal risk 9-12 0.5-2.0 106 505 209 133 950 240 664

Low risk 13-21 <0.5 1 087 355 53 603 746 518 374 999 2 262 475

Total rated exposures 1 242 829 53 819 747 427 548 405 2 592 480

Total non-rated exposures 332 13 791 14 123

Total IRB approach 1 242 829 53 819 747 427 548 737 13 791 2 606 603

of which companies not included in Swedbank Group


Central and local government 2 931

Retail 20 018

Institutions 10 478

Corporates 5 048

Exposure secured on residential property 5 466

Other exposure classes 23 138

Total standardised approach 67 079


Total IRB- and standardised approach 1 242 829 53 819 747 427 548 737 13 791 2 673 682


The amounts also include EAD from institutions in the Swedbank Consolidated situation, but not in the Group, i.e. the Entercard Group that is

included through the proportionate consolidation method. As of 31 December 2020 insurance companies are recognized in Swedbank consolidated

situation according to the equity method.

The tables distribute credit risks by Exposure at Default (EAD). EAD includes items on and off the balance sheet, e.g. guarantees, loans and

derivatives.

47

Capital adequacy

30 Jun 2021

SEKm

Swedish

Banking

Baltic

Banking

- of which

Estonia

- of which

Latvia

- of which

Lithuania

- of which

Investment and

Other

Large

Corporates &

Institutions

Group

Functions &

Other Total

Retail - mortgages 1)

Exposure 1 055 198 93 575 39 872 16 498 37 205 82 384 1 149 239

Risk exposure amount, pillar 1 29 912 18 987 6 230 6 020 6 737 3 10 48 912

Exposure weighted average PD (incl. defaults), % 0.24 2.18 1.69 3.53 2.11 0.17 0.19 0.40

Exposure weighted average PD (excl. defaults), % 0.18 1.63 1.44 2.59 1.41 0.17 0.19 0.29

Exposure weighted average LGD, % 10.2 15.0 12.8 21.4 14.6 14.2 28.9 10.6

Average risk weight, % 2.8 20.3 15.6 36.5 18.1 4.2 2.5 4.3

Retail - other

Exposure 63 324 29 062 12 505 7 617 8 940 1 189 15 93 590

Risk exposure amount, pillar 1 15 863 10 846 3 451 4 028 3 367 348 6 27 063





Corporate - Advanced-IRB

Exposure 161 970 300 851 20 462 841

Risk exposure amount, pillar 1 41 179 88 319 1 129 499

Exposure weighted average PD (incl. defaults), % 1.35 1.71 0.08 1.58

Exposure weighted average PD (excl. defaults), % 1.10 0.46 0.08 0.69

Exposure weighted average LGD, % 16.7 25.3 6.8 22.3

Average risk weight, % 25.4 29.4 5.5 28.0

Corporate - Foundation-IRB

Exposure 2 252 65 436 32 877 14 140 18 419 17 102 774 85 564

Risk exposure amount, pillar 1 1 260 43 315 20 619 10 380 12 316 8 144 282 53 001





Corporate - specialized lending

Exposure 332 242 57 33 332

Risk exposure amount, pillar 1 396 294 79 23 396

Average risk weight, % 119.3 121.4 138.2 70.3 119.3

Sovereigns - Foundation-IRB

Exposure 18 160 3 611 1 386 493 1 732 12 616 713 040 747 427

Risk exposure amount, pillar 1 838 270 123 72 75 514 7 151 8 773





Institutions

Exposure 7 425 634 196 193 245 21 576 24 184 53 819

Risk exposure amount, pillar 1 1 775 167 52 51 64 5 588 1 950 9 480





Other IRB exposure classes

Exposure 1 051 5 958 2 353 1 308 2 297 1 031 5 751 13 791

Risk exposure amount, pillar 1 966 2 034 729 592 713 1 031 5 760 9 791


Total IRB approach

Exposure 1 309 380 198 608 89 431 40 306 68 871 354 447 744 168 2 606 603

Risk exposure amount, pillar 1 91 793 76 015 31 498 21 222 23 295 103 947 15 160 286 915






Exposure 30 099 12 145 6 431 951 3 597 1 166 17 929 6 906 67 079

Risk exposure amount, pillar 1 33 889 7 362 1 913 336 2 223 2 890 4 896 2 870 49 017

Average risk weight, % 112.6 60.6 29.7 35.3 61.8 247.9 27.3 41.6 73.1

Total exposures

Exposure 1 339 479 210 753 95 862 41 257 72 468 1 166 372 376 751 074 2 673 682

Risk exposure amount, pillar 1 125 683 83 377 33 411 21 558 25 518 2 890 108 843 18 030 335 932

Average risk weight, % 9.4 39.6 34.9 52.3 35.2 250.0 29.2 2.4 12.6

The IRB approach tables distribute credit risks by Exposure at Default (EAD).

EAD includes items on and off the balance sheet, e.g. guarantees, loans and derivatives.

The amounts comprise the Swedbank Group. As of 31 December 2020 insurance companies are recognized in Swedbank consolidated situation according to the equity method.

The Entercard Group is included as well through the proportionate consolidation method.

The breakdown into exposure classes is made in accordance to the capital adequacy framework in Basel 3.

Capital adequacy parameters for credit risk - business segmentsQ2, 2021

1) Average risk weights and capital requirements is presented for Pillar 1. The risk weight floor of 25 percent for the Swedish mortgage portfolio has been moved from Pillar 2 to Pillar 1. The figures

above is presented without the risk weight floor of 25 per cent.

48

Capital adequacyCapital adequacy parameters for credit risk - customer segments

ExposuresBasel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Retail 1 242 829 1 223 095 1 211 927 1 216 642 1 206 856 1 198 714 1 184 439 1 193 093 1 190 005

of which Retail mortgage 1 149 239 1 131 376 1 119 419 1 121 609 1 111 871 1 101 787 1 070 279 1 072 306 1 065 627

of which Retail other 93 590 91 719 92 508 95 033 94 985 96 927 114 160 120 787 124 378

Corporate 548 737 543 540 535 990 542 874 551 587 560 915 544 080 549 589 554 164

of which Advanced-IRB 462 841 455 570 457 328 460 294 468 938 470 472 457 383 460 316 463 743

of which Foundation-IRB 85 564 87 659 78 326 82 021 82 018 89 671 86 088 88 632 89 799

of which specialised lending 332 311 336 559 631 772 609 641 622

Sovereigns 747 427 616 229 475 296 521 322 556 156 416 049 362 380 390 529 412 663

Institutions 53 819 54 882 57 900 60 638 58 902 68 774 53 466 54 776 53 181

Non credit obligation 13 791 17 030 16 217 13 458 14 902 15 053 12 581 13 381 13 412

IRB approach total 2 606 603 2 454 776 2 297 330 2 354 934 2 388 403 2 259 505 2 156 946 2 201 368 2 223 425

Standardised approach 67 079 116 726 107 232 105 724 99 072 93 050 79 511 75 585 72 640

of which central and local government 10 858 9 929 7 581 8 675 8 787 9 318 6 107 6 272 7 016

Total exposures 2 673 682 2 571 502 2 404 562 2 460 658 2 487 475 2 352 555 2 236 457 2 276 953 2 296 065

Risk exposure amount

Retail 75 975 76 895 75 784 76 902 76 541 78 742 77 162 78 628 78 328

of which Retail mortgage 1) 48 912 50 201 49 260 49 607 49 355 50 562 49 094 49 536 49 322

of which Retail other 27 063 26 694 26 524 27 295 27 186 28 180 28 068 29 092 29 006

Corporate 182 896 195 043 193 156 196 398 177 563 175 774 169 325 170 120 175 136


of which Foundation-IRB 53 001 52 923 49 211 51 654 51 100 53 865 51 337 52 748 53 166


Sovereigns 8 773 7 253 6 740 6 446 6 907 5 407 5 021 5 252 5 498

Institutions 9 480 9 759 11 484 11 526 11 557 13 963 9 855 10 158 9 445

Non credit obligation 9 791 10 484 12 488 9 504 10 762 10 997 8 122 9 533 9 851

IRB approach total 286 915 299 434 299 652 300 776 283 330 284 883 269 485 273 691 278 258

Standardised approach 49 017 47 976 48 309 48 244 48 077 47 038 45 174 45 512 43 868

of which central and local government 607 620 617 597 592 560 535 487 458

Total risk exposure amount 335 932 347 410 347 961 349 020 331 407 331 921 314 659 319 203 322 126

Average risk weight, %

Retail 6.1 6.3 6.3 6.3 6.3 6.6 6.5 6.6 6.6

of which Retail mortgage 1) 4.3 4.4 4.4 4.4 4.4 4.6 4.6 4.6 4.6

of which Retail other 28.9 29.1 28.7 28.7 28.6 29.1 24.6 24.1 23.3

Corporate 33.3 35.9 36.0 36.2 32.2 31.3 31.1 31.0 31.6

of which Advanced-IRB 28.0 31.1 31.4 31.3 26.8 25.7 25.6 25.3 26.1

of which Foundation-IRB 61.9 60.4 62.8 63.0 62.3 60.1 59.6 59.5 59.2

of which specialised lending 119.3 130.2 121.7 110.7 108.6 113.5 118.2 120.3 119.8

Sovereigns 1.2 1.2 1.4 1.2 1.2 1.3 1.4 1.3 1.3

Institutions 17.6 17.8 19.8 19.0 19.6 20.3 18.4 18.5 17.8

Non credit obligation 71.0 61.6 77.0 70.6 72.2 73.1 64.6 71.2 73.4

IRB approach total 11.0 12.2 13.0 12.8 11.9 12.6 12.5 12.4 12.5

Standardised approach 73.1 41.1 45.1 45.6 48.5 50.6 56.8 60.2 60.4

of which central and local government 5.6 6.2 8.1 6.9 6.7 6.0 8.8 7.8 6.5

Total Swedbank Consolidated situation 2)

12.6 13.5 14.5 14.2 13.3 14.1 14.1 14.0 14.0

Average PD, excluding defaulted exposures, %

Retail 0.41 0.42 0.41 0.43 0.43 0.46 0.45 0.46 0.46

of which Retail mortgage 0.29 0.30 0.30 0.31 0.31 0.34 0.34 0.34 0.34


Corporate 0.81 0.84 0.87 0.90 0.89 0.76 0.76 0.71 0.74



Sovereigns 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Institutions 0.05 0.06 0.06 0.06 0.05 0.06 0.05 0.05 0.05

Total Swedbank Consolidated situation 2) 0.37 0.40 0.43 0.43 0.42 0.44 0.44 0.43 0.44

Average LGD, %

Retail 12.6 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8

of which Retail mortgage 10.6 10.6 10.6 10.6 10.6 10.6 10.7 10.6 10.6


Corporate 25.7 25.8 25.7 25.7 22.7 23.1 23.0 23.0 23.1



Sovereigns 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0

Institutions 31.0 30.7 32.3 32.6 33.1 32.7 31.3 31.6 31.7


25.1 24.1 22.9 23.4 23.1 21.9 21.3 21.6 21.9

2) Only exposures calculated by IRB approach.

Q2, 2021

1) Average risk weights and capital requirements is presented for Pillar 1. The risk weight floor of 25 percent for the Swedish mortgage portfolio has been moved from Pillar 2 to Pillar 1. The figures above is

presented without the risk weight floor of 25 per cent.

49

Capital adequacy

Exposures

Basel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

Basel 3

31 Mar

Basel 3

31 Dec

Basel 3

30 Sep

Basel 3

30 Jun

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Expected loss

Retail 1 630 1 668 1 652 1 717 1 684 1 746 1 682 1 734 1 740

of which Retail mortgage 745 767 776 792 793 827 793 812 830

of which Retail other 885 901 876 925 891 919 889 922 910

Corporate 3 767 3 643 6 038 6 895 7 059 6 796 5 425 5 074 4 844


of which Foundation-IRB 895 812 827 905 875 816 745 716 690


Sovereigns 10 7 6 6 6 5 4 4 5

Institutions 11 13 14 13 12 17 10 11 9


5 418 5 331 7 710 8 631 8 761 8 564 7 121 6 823 6 598

Expected loss, non defaulted exposures

Retail 1 081 1 092 1 065 1 100 1 094 1 164 1 122 1 160 1 156



Corporate 1 247 1 270 1 287 1 358 1 249 1 092 1 051 996 1 046

of which Advanced-IRB 694 784 810 854 725 616 610 566 620



Sovereigns 10 7 6 6 6 5 4 4 5

Institutions 11 13 14 13 12 17 10 11 9


2 349 2 382 2 372 2 477 2 361 2 278 2 187 2 171 2 216

Expected loss, defaulted exposures

Retail 549 576 587 617 590 582 560 574 584



Corporate 2 520 2 373 4 751 5 537 5 810 5 704 4 374 4 078 3 798



of which specialised lending 9 10 9 10 9

Sovereigns

Institutions


3 069 2 949 5 338 6 154 6 400 6 286 4 934 4 652 4 382

Defaulted exposures

Retail 1 976 2 152 2 222 2 314 2 368 2 268 2 285 2 431 2 423

of which Retail mortgage 1 185 1 323 1 394 1 467 1 536 1 471 1 466 1 591 1 610


Corporate 4 964 5 534 8 355 10 935 11 773 11 837 11 558 10 528 10 086




Sovereigns

Institutions


6 940 7 686 10 577 13 249 14 141 14 105 13 843 12 959 12 509

1) Only exposures calculated by IRB approach.

Capital adequacy parameters for credit risk - customer segments cont.Q2, 2021

50

Capital adequacyCapital adequacy, Swedbank consolidated situation, leverage ratioQ2, 2021

Capital adequacy 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKm 2021 2021 2020 2020 2020

Available own funds (amounts)

Common Equity Tier 1 (CET1) capital 127 551 124 725 120 496 116 418 113 397

Tier 1 capital 136 146 133 548 128 848 125 636 122 979

Total capital 151 840 149 711 144 737 142 350 139 938

Risk-weighted exposure amounts

Total risk exposure amount 688 517 694 625 689 594 691 535 692 352

Capital ratios (as a percentage of risk-weighted exposure amount)

Common Equity Tier 1 ratio (%) 18.5 18.0 17.5 16.8 16.4

Tier 1 ratio (%) 19.8 19.2 18.7 18.2 17.8

Total capital ratio (%) 22.1 21.6 21.0 20.6 20.2

Additional own funds requirements to address risks other than the risk of excessive leverage (as a percentage of risk-weighted exposure amount)

Additional own funds requirements to address risks other than the risk of excessive leverage (%) 2.0 2.0 2.0 3.3 3.3

of which: to be made up of CET1 capital (percentage points) 1.4 1.4 1.4 3.0 3.0

of which: to be made up of Tier 1 capital (percentage points) 1.7 1.7 1.7 3.1 3.1

Total SREP own funds requirements (%) 10.0 10.0 10.0 11.3 11.3

Combined buffer and overall capital requirement (as a percentage of risk-weighted exposure amount)

Capital conservation buffer (%) 2.5 2.5 2.5 2.5 2.5

Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member

State (%)

n/a n/a n/a n/a n/a

Institution specific countercyclical capital buffer (%) 0.0 0.0 0.0 0.0 0.0

Systemic risk buffer (%) 3.0 3.0 3.0 3.0 3.0

Global Systemically Important Institution buffer (%) n/a n/a n/a n/a n/a

Other Systemically Important Institution buffer (%) 1.0 1.0 1.0 0.0 0.0

Combined buffer requirement (%) 6.5 6.5 6.5 5.5 5.5

Overall capital requirements (%) 16.5 16.5 16.5 16.9 16.8

CET1 available after meeting the total SREP own funds requirements (%) 8.5 8.0 7.5 5.5 5.1

Leverage ratio

Total exposure measure 2 838 534 2 779 915 2 526 721 2 636 884 2 693 914

Leverage ratio (%) 4.8 4.8 5.1 4.8 4.6

Additional own funds requirements to address the risk of excessive leverage (as a percentage of total exposure measure)

Additional own funds requirements to address the risk of excessive leverage (%) 0.0 n/a n/a n/a n/a

of which: to be made up of CET1 capital (percentage points) 0.0 n/a n/a n/a n/a

Total SREP leverage ratio requirements (%) 3.0 n/a n/a n/a n/a

Leverage ratio buffer and overall leverage ratio requirement (as a percentage of total exposure measure)

Leverage ratio buffer requirement (%) 3.0 n/a n/a n/a n/a

Overall leverage ratio requirement (%) 3.0 n/a n/a n/a n/a

Liquidity Coverage Ratio 1)

Total high-quality liquid assets (HQLA) (Weighted value -average) 609 652 574 930 537 572 502 144 474 821

Cash outflows - Total weighted value 453 480 433 130 413 139 398 318 383 533

Cash inflows - Total weighted value 58 464 69 439 77 124 82 229 82 000

Total net cash outflows (adjusted value) 395 016 363 691 336 015 316 089 301 533

Liquidity coverage ratio (%) 155 159 161 160 158

Net Stable Funding Ratio

Total available stable funding 1 605 176 1 616 476 1 652 303 1 642 142 1 667 078

Total required stable funding 1 308 168 1 316 805 1 316 918 1 325 509 1 335 832

NSFR ratio (%) 123 123 125 124 125

Capital requirements 2)Total

% CET1 AT1 T2 capital

Pillar 1

Minimum requirement 4.5 1.5 2.0 8.0

Systemic risk buffer (P1) 3.0 3.0

Capital conservation buffer (CCoB) 2.5 2.5

Other systemically important institution buffer (O-SII) 3)

1.0 1.0

Countercyclical capital buffer (CCyB) 0.0 0.0

11.0 1.5 2.0 14.5

Pillar 2

Individual Pillar 2 charge 4)

1.4 0.3 0.4 2.0

of which Interest rate risk in the banking book 0.1 0.0 0.1 0.3

of which Credit-related concentration risk 0.3 0.1 0.1 0.5

of which Adjustment to estimates of probability of default 0.3 0.0 0.1 0.4

of which Maturity floor for corporate exposures 0.1 0.0 0.0 0.2

of which Pension risk 0.0 0.0 0.0 0.0

of which Commercial real estate add-on 0.5 0.1 0.1 0.7

of which Other 0.0 0.0 0.0 0.0

1.4 0.3 0.4 2.0

Capital requirements 12.4 1.8 2.4 16.5

Actual capital ratios as of 30 Jun 2021 18.5 1.2 2.3 22.1

1) LCR based on the twelve-month average as in the Pillar III disclosure.

2) Swedbank's calculation based on SFSA's announced capital requirements, including fully implemented buffers and Pillar 2 requirements.

4) Individual Pillar 2 requirement according to decision from SFSA SREP 2020.

3) As of December 2020 buffer requirements also include a buffer for other systemically important institutions of 1%.

Note: Values in columns and rows might not sum up exactly due to rounding.

51

Capital adequacy

Capital requirements by entity, Change in Risk exposure amount and

Outstanding subordinated debtQ2, 2021

Capital requirements 1)

% CET1 AT1 T2

Total

capital CET1 AT1 T2

Total

capital

Pillar 1

Minimum requirement 4.5 1.5 2.0 8.0 4.5 1.5 2.0 8.0

Systemic risk buffer

O-SII buffer

Capital conservation buffer (CCoB) 2.5 2.5 2.5 2.5

Countercyclical capital buffer (CCyB) 2)

0.1 0.1 0.0 0.0

Total Pillar 1 7.1 1.5 2.0 10.6 7.0 1.5 2.0 10.5

Pillar 2 3)

Systemic risk charge

Individual pillar 2 charge 1.5 0.4 0.5 2.3 0.4 0.1 0.1 0.6

Total Pillar 2 1.5 0.4 0.5 2.3 0.4 0.1 0.1 0.6

Capital requirements 8.5 1.9 2.5 12.9 7.4 1.6 2.1 11.1

Capital ratios as of 31 June 2021 27.6 2.5 4.5 34.6 16.2 0.0 16.2

Capital requirements 1)

% CET1 AT1 T2

Total

capital CET1 AT1 T2

Total

capital CET1 AT1 T2

Total

capital

Pillar 1

Minimum requirement 4.5 1.5 2.0 8.0 4.5 1.5 2.0 8.0 4.5 1.5 2.0 8.0

Systemic risk buffer

O-SII buffer 2.0 2.0 2.0 2.0 2.0 2.0

Capital conservation buffer (CCoB) 2.5 2.5 2.5 2.5 2.5 2.5

Countercyclical capital buffer (CCyB) 2)

0.0 0.0 0.0 0.0 0.0 0.0

Total Pillar 1 9.0 1.5 2.0 12.5 9.0 1.5 2.0 12.5 9.0 1.5 2.0 12.5

Pillar 2 4)

Individual pillar 2 charge 1.1 0.4 0.5 2.0 1.0 0.3 0.5 1.8 1.0 0.3 0.5 1.8

Individual pillar 2 guidance 5)

1.0 1.0 1.5 1.5 1.0 1.0

Total Pillar 2 2.1 0.4 0.5 3.0 2.5 0.3 0.5 3.3 2.0 0.3 0.5 2.8

Capital requirements 11.1 1.9 2.5 15.5 11.5 1.8 2.5 15.8 11.0 1.8 2.5 15.3

Capital ratios as of 31 June 2021 39.2 39.2 35.0 35.0 27.9 27.9

1) Swedbank's calculation based on announced capital requirements, including implemented buffers and Pillar 2 requirements.

3) According to the SFSA's 2020 SREP report.

4) The P2R composition is according to the ECB SREP 2020.

5) Failure to comply is not in itself a breach of own funds requirements. P2G also does not stipulate any limitation on the Maximum Distributable Amount.

Note: There might be a case when values in columns and rows don’t sum up exactly due to rounding.

Change in Risk exposure amount (REA), Basel

3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

REA at beginning of period, Basel 3 694 625 689 594 691 535 692 352 691 107 649 237 656 530 658 097 656 350

Exposure change (EAD) 6 475 2 177 -1 818 -742 -3 919 19 859 -2 868 3 240 11 034

Rating migration (PD) -2 722 -599 -2 073 1 002 6 709 55 2 185 1 090 -3 123

LGD change -3 208 112 5 19 472 -699 -2 050 -1 439 -2 366 -4 591

Credit risk other -11 934 -2 224 2 702 -2 075 -2 723 -431 -2 839 -4 612 -2 640

CVA risk -1 143 3 -1 082 463 -2 118 2 405 -113 470 120

Market risk -1 333 3 565 -3 009 812 1 025 2 136 33 1 669 -1 093

Operational risk 2 067 2 940

Additional REA, Article 3 CRR 2 135 -243 960 -22 016 -716 10 937 -2 485 -2 443 -139

Additional REA, Article 458 CRR 5 622 2 240 307 2 267 3 686 6 019 233 1 385 2 179

REA at period end, Basel 3 688 517 694 625 689 594 691 535 692 352 691 107 649 237 656 530 658 097

ISIN Value date Maturity date Coupon Call date Currency Fitch

Rating

Moody's S&P

Tier 2

XS1617859464 22-May-2017 22-Nov-2027 1.00% 22-Nov-2022 EUR A- Baa2 BBB+

XS1796813589 28-Mar-2018 28-Mar-2033 0.90% 28-Mar-2028 JPY

XS1807179277 12-Apr-2018 12-Apr-2028 0.75% 12-Apr-2023 JPY

XS1816641937 8-May-2018 8-May-2028 1.59% 8-May-2023 SEK A- Baa2 BBB+

XS1848755358 29-Jun-2018 29-Jun-2028 0.95% 29-Jun-2023 JPY Baa2 BBB+

XS1880928459 18-Sep-2018 18-Sep-2028 1.50% 18-Sep-2023 EUR A- Baa2 BBB+

Total Tier 2

Additional Tier 1

XS1535953134 16-Dec-2016 Perpetual 6.00% 17-Mar-2022 Fixed rate eq. to USD MS+411bps USD BBB Ba1 BBB-

XS2046625765 29-Aug-2019 Perpetual 5.63% 17-Sep-2024 USD BBB Ba1 BBB-

Total Additional Tier 1

Total

1) Excluding intragroup holdings.

Fixed rate eq. to USD MS +413bps 500 4 340

8 645

23 454

Fixed rate equiv. to EUR MS +32bps 500 5 122

14 809

500 4 305

1.59% 1 200 1 211

Fixed rate equiv. to JPY MS +85.125bps 11 000 847



Coupon after call date

Nominal amount,

local currency, m

Carrying amount,

SEKm 1)

Fixed rate equiv. to EUR MS +82bps 650 6 622

Outstanding subordinated debt - Swedbank AB (parent company)

30 June 2021

Swedbank AB

Swedbank Estonia Swedbank Latvia Swedbank Lithuania

2) The CCyB is according to the latest announcements by the authorities.

Swedbank Mortgage AB

52

Capital adequacyICAAP 2021 - Scenario and Income statementQ2, 2021

Stresstest ICAAP-scenario - triggers 1)

The COVID-19 vaccine proves to be ineffective. The virus spreads and restrictions become more stringent

Combination of demand & supply shocks

The supply shock is “overtaken” by the size of the demand shock

Central banks act on their mandate

Economic sentiment fades

Industrial recovery is put on hold

Financial markets stressed

The downturn is combated using inefficient green governmental investments

Stresstest ICAAP-scenario - parameters 2)

Q4

2020

Q1

2021

Q2

2021

Q3

2021

Q4

2021

Q1

2022

Q2

2022

Q3

2022

Q4

2022

Q1

2023

Q2

2023

Q3

2023

Q4

2023

Sweden

Real GDP growth, % YoY -5.2 -5.7 -6.3 -6.0 -7.0 -6.1 -6.7 -5.3 -2.1 -0.2 1.5 2.2 2.1

Unemployment, % 8.9 11.6 13.3 14.0 14.0 13.5 13.2 12.8 12.5 12.2 11.9 11.7 11.5

Inflation, % YoY 0.6 0.1 -0.5 -0.5 -0.5 -0.5 -0.5 -0.2 0.1 0.1 0.2 0.3 0.3

Real estate prices, index 100.0 99.1 91.2 83.2 75.9 67.5 66.4 65.4 64.6 64.4 64.5 64.7 65.0

Estonia

Real GDP growth, % YoY -4.3 -5.5 -4.3 -4.5 -5.2 -5.4 -5.6 -4.1 -2.4 -1.3 -0.8 -0.8 -0.4

Unemployment, % 8.1 11.3 13.6 15.5 16.0 15.9 15.5 14.8 14.2 13.6 13.0 12.4 11.9

Inflation, % YoY 0.0 -0.2 -0.5 -0.5 -0.6 -0.5 -0.4 -0.2 -0.1 0.0 0.0 0.1 0.2


Latvia


Unemployment, % 8.3 9.9 12.3 15.1 16.5 16.7 16.3 16.0 15.3 14.6 14.0 13.4 13.1

Inflation, % YoY 0.7 0.1 -0.4 -0.5 -0.6 -0.6 -0.4 -0.2 0.0 0.0 0.1 0.1 0.2


Lithuania


Unemployment, % 7.5 9.1 12.8 15.9 16.3 16.3 15.9 15.2 14.5 13.9 13.3 12.7 12.5

Inflation, % YoY 1.2 -0.1 -0.5 -0.6 -0.6 -0.5 -0.4 -0.2 0.0 0.0 0.1 0.1 0.2


Interest Rates

STIBOR 3m ,% 0.04 0.04 -0.21 -0.46 -0.66 -0.86 -0.96 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06

EURIBOR 6m, % -0.45 -0.56 -0.66 -0.76 -0.86 -0.96 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06 -1.06

FX

USD/SEK 8.24 8.45 8.65 8.86 9.06 8.98 8.90 8.81 8.73 8.65 8.56 8.48 8.39

EUR/SEK 10.05 10.30 10.55 10.80 11.06 10.95 10.85 10.75 10.65 10.54 10.44 10.34 10.24

Income statement under ICAAP-Scenario 3) 4)

SEKbn 2020 2021 2022 2023

Net interest income 28.4 27.7 25.3 24.4

Total income 46.5 37.1 35.6 36.5

Total expenses 24.8 20.7 20.0 20.0

Profit before impairments 21.7 16.4 15.7 16.5

Credit impairments 5.0 15.7 8.9 5.4

Profit before tax 16.6 0.7 6.8 11.1

Tax expense 3.7 0.1 1.3 2.2

Profit for the period 12.9 0.6 5.5 8.9

1) The scenario used has a targeted severity of once-in-25-years and was developed in autumn 2020, at the time when the second wave of the pandemic was spreading in the society.

2) Q4 2020 figures are based on preliminary estimates as final figures were published after the submission of the ICAAP report.

3) ICAAP is based on the Swedbank Consolidated Situation, which in some cases differs from Swedbank Group.

4) The Board of Directors has set the dividend policy to 50 per cent of profit for the year. This policy is applied in the ICAAP scenario.

53

Capital adequacyICAAP 2021 - Credit impairments and capitalQ2, 2021

Capital assessment

SEKbn 2020 2021 2022 2023

Total REA, Basel 3 689.6 851.8 833.4 877.3

Common Equity Tier 1 capital, Basel 3 120.5 117.2 117.5 120.4

Common Equity Tier 1 capital ratio %, Basel 3 17.5 13.8 14.1 13.7

Credit Impairments per BA

EAD1)

Acc. Credit

SEKbn impairment ratio

SEKbn 2020 2021 2022 2023 2021-2023, %

Large Corporates & Institutions 293.7 9.0 3.9 1.8 5.0

Swedish Banking 1 233.7 3.9 3.9 2.8 0.9

Estonia 89.3 1.0 0.4 0.4 2.1

Latvia 64.4 0.9 0.4 0.3 2.4

Lithuania 39.3 0.8 0.2 0.1 3.1

Total 1 720.4 15.6 8.9 5.4 1.7

Credit impairments per segment

EAD Acc. Credit

SEKbn impairment ratio

SEKbn 2020 2021 2022 2023 2021-2023, %

Shipping and offshore 19.5 1.7 0.5 0.5 14.0

Hotels and restaurants 8.9 0.6 0.5 0.1 13.6

Finance and insurance 26.9 1.2 0.5 0.2 6.8

Retail 39.9 1.7 0.7 0.4 6.8

Manufacturing 60.1 1.8 1.2 0.6 5.9

Professional services 24.5 0.6 0.4 0.2 4.9

Other corporate lending 17.3 0.3 0.3 0.2 4.6

Construction 28.0 0.8 0.4 0.1 4.4

Transportation 16.1 0.4 0.1 0.1 3.6

Private other 51.1 0.7 0.5 0.2 2.7

Property management 264.3 3.6 1.9 1.3 2.6

Information and communication 18.7 0.3 0.1 0.1 2.5

Public sector and utilities 45.8 0.4 0.2 0.2 1.7

Agriculture, forestry, fishing 66.0 0.4 0.2 0.2 1.1

Tenant owner associations 94.1 0.1 0.1 0.1 0.4

Private mortgage 939.4 1.1 1.2 1.1 0.4

Total 1 720.4 15.6 8.9 5.4 1.7

1) EAD without credit institutions

Credit Impairments

Credit Impairments

54

Capital adequacy

Green asset register, environmental impact & ESG bonds

Q2, 2021

Green asset register

Green asset register 1)

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Energy efficiency-Green buildings 2)

34 142 15 372 13 632 13 633 13 407 11 199 11 541 12 846 15 518

Renewable energy 2 265 2 594 2 730 2 409 2 266 2 444 2 417 1 967 262

Sustainable forestry 644 613 563

Waste management 1 160 1 174 1 154 1 096 991 813 Clean transportation 265 266 265 282 285 306

Total, Green asset register 38 476 20 019 18 344 17 420 16 949 14 762 13 958 14 813 15 780

1) Qualified green loans according to Swedbank’s green bond framework.

2) Existing green mortgages amounting to 18 036 SEKm were included in the register during Q2 2021.

Environmental impact 20202020 2019 2018

Environment impact indicator

Avoided emissions (tCO2e) 589 547 434 678 481 863

Green buildings - energy savings (GWh) 19 13 9

Renewable energy - energy production (GWh) 1 831 1 725 1 495

Waste management - processed waste (tonnes) 150 000

Sustainable forestry - FSC/PEFC certified forest area (ha) 26 740

Clean transportation - public transit million passenger km 94

ESG bonds arranged by Swedbank

ESG bonds arranged by Swedbank 1) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Transactions arranged by Swedbank during the period (number) 36 25 18 24 14 7 17 11 8

Total volume arranged by Swedbank during the period (SEKbn) 15.1 12.3 7.8 15.7 8.5 4.7 7.0 3.3 6.9

Share in relation to total volume arranged by Swedbank during

the period (%) 31 20 23 42 19 11 19 8 11

Total volume arranged by Swedbank since inception (SEKbn) 118.6 103.5 91.2 83.4 67.7 59.3 54.6 47.6 44.3

1) Green, Social, Sustainability bonds and Sustainability-linked bonds (Sustainability-linked bonds as of 2021).

55

Liquid assets, the Liquidity Coverage Ratio and Liquidity RatiosQ2, 2021

Group Liquidity Reserve

SEKm Total SEK EUR USD Other

Level 1 assets 770 563 300 070 324 491 131 278 14 724

Cash and balances with central banks 1)

596 264 154 896 311 838 128 834 696

Securities issued or guaranteed by sovereigns, central banks, MDBs and intl. org. 133 530 120 749 9 121 2 444 1 216

Securities issued by municipalities and PSEs 4 303 2 876 11 1 416

Extremely high quality covered bonds 36 466 21 549 3 521 11 396

Level 2 assets 11 959 7 862 3 074 0 1 023

Level 2A assets 6 236 4 832 382 1 023

Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs

High quality covered bonds 6 210 4 832 356 1 023

Corporate debt securities (lowest rating AA-) 26 26

Level 2B assets 5 723 3 030 2 692

Asset-backed securities

High quality covered bonds

Corporate debt securities (rated A+ to BBB-) 788 106 681

Shares (major stock index) 4 935 2 924 2 011

Total liquid assets (unadjusted market value) 782 522 307 932 327 565 131 278 15 747

LCR adjustments (haircuts) according to LCR DR2)

6 349

High Quality Liquid Assets 776 173

1) Minimum reserve requirements held in Central Banks of Estonia, Latvia, Lithuania and Bank of Finland are excluded from Liquid Assets.

2) Adjusted value according to Article 9 of Commission Delegated Regulation (EU 2015/61).

Liquidity Coverage Ratio (LCR) 3)

30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKm 2021 2021 2020 2020 2020

HQLA, Level 1 767 953 626 377 482 025 541 092 591 162

HQLA, Level 2 8 162 11 706 8 536 14 215 11 292

High Quality Liquid Assets 776 115 638 083 490 561 555 306 602 454

Retail deposits and deposits from small business customers 50 415 48 648 47 852 46 750 45 810

Unsecured wholesale funding 441 120 315 992 200 763 294 059 302 229

Secured wholesale funding 4 713 6 987 8 632 6 243 9 418

Additional requirements 66 456 64 802 69 477 56 567 58 199

Other cash outflows 19 850 24 706 3 310 17 046 10 382

Total Cash Outflows 582 554 461 135 330 034 420 664 426 038

Secured lending 2 437 2 964 4 361 8 033 14 569

Inflows from fully performing exposures 18 876 19 386 18 932 22 823 17 368

Other cash inflows 19 330 25 544 24 987 26 368 26 709

Total Cash Inflows 40 643 47 894 48 280 57 223 58 646

LCR, % 143 154 174 153 164

LCR, EUR, % 198 268 263 241 222

LCR, USD, % 153 159 145 164 140

LCR, SEK, % 115 112 134 121 139

3) LCR calculated in accordance with Commission Delegated Regulation (EU) 2018/1620.

Liquidity ratiosQ2, 2021

Net Stable Funding Ratio (NSFR) 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

2021 2021 2020 2020 2020

NSFR, %1)

123 123 125 124 125

Available Stable Funding, SEKm 1 605 176 1 616 476 1 652 303 1 642 142 1 667 078

Required Stable Funding, SEKm 1 308 168 1 316 805 1 316 918 1 325 509 1 335 832

Liquidity reserve ratio, % 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

2021 2021 2020 2020 2020

Liquidity reserve in relation to maturing funding 2)

liquidity reserve 3 months 243 244 356 255 310



Currency distribution

1) NSFR calculated in accordance with Regulation (EU) 2019/876.

2) Issued debt and net of lending and borrowing to/from credit institutions (net Interbank) within 3, 6 and 12 months.

56

Liquidity and Funding

Q2, 2021

Group 30 Jun 31 Mar 31 Dec 30 Sep 30 JunSEKm 2021 2021 2020 2020 2020

Commercial papers and certificates of deposits 317 880 244 709 127 209 158 302 185 191

Covered bonds 445 690 459 764 471 491 514 109 541 144

Senior unsecured bonds 113 186 120 161 128 437 136 129 136 140

Structured retail bonds 4 677 5 428 5 677 6 436 6 754

Total debt securities in issue 881 433 830 062 732 814 814 976 869 229

Senior non-preferred liabilities 34 614 20 214 10 359 10 878 10 837

Subordinated liabilities 23 699 24 005 23 434 24 924 25 421

of which undated subordinated loans, Additional Tier 1 capital (AT1) 8 787 8 891 8 535 9 270 9 787

of which subordinated loans, Tier 2 capital (T2) 14 912 15 114 14 899 15 654 15 634

Total debt securities in issue, senior non-preferred liabilities and subordinated

liabilities 939 746 874 281 766 607 850 778 905 487

Q2 Q1 Q4 Q3 Q2

Turnover during the period 2021 2021 2020 2020 2020

Commercial papers and certificates of deposits

Opening balance 244 709 127 209 158 302 185 191 184 622

Issued 163 269 165 315 91 368 111 327 93 335

Repaid -85 687 -57 138 -116 501 -135 191 -85 046

Changes in exchange rates -4 412 9 317 -5 945 -2 845 -7 186

Interest 1 6 -15 -180 -534

Closing balance 317 880 244 709 127 209 158 302 185 191

Covered bonds

Opening balance 459 764 471 491 514 109 541 144 598 101

Issued 17 590 15 491 3 188 2 907 3 490

Repurchased -16 100 -9 426 -4 988 -14 182 -2 221

Repaid -13 285 -19 937 -32 287 -17 389 -50 820

Change in market values or in hedged item in hedge accounting at fair value

-993 -2 367 -966 -330 1 368

Changes in exchange rates -2 072 3 685 -8 484 990 -9 896

Interest 786 827 919 969 1 122

Closing balance 445 690 459 764 471 491 514 109 541 144

Senior unsecured bonds

Opening balance 120 161 128 437 136 129 136 140 118 176

Issued 264 6 380 9 655 27 178

Repaid -5 193 -19 921 136 -12 013 -3 084

Change in market values or in hedged item in hedge accounting at fair value 540 115 -585 186 2 437

Changes in exchange rates -2 612 4 916 -7 628 1 780 -9 095

Interest 26 234 385 381 528

Closing balance 113 186 120 161 128 437 136 129 136 140

Structured retail bonds

Opening balance 5 428 5 677 6 436 6 754 7 231

Issued

Repaid -616 -503 -909 -182 -775

Change in market values or in hedged item in hedge accounting at fair value -135 254 150 -136 298

Interest

Closing balance 4 677 5 428 5 677 6 436 6 754


Opening balance 20 214 10 359 10 878 10 837 11 153

Issued 14 449 9 958

Repaid -3 -2 -64 -31

Change in market values or in hedged item in hedge accounting at fair value 126 -239 12 180 -145

Changes in exchange rates -125 164 -488 -102 -233

Interest -47 -26 21 -6 62

Closing balance 34 614 20 214 10 359 10 878 10 837

Additional Tier 1 capital (AT1)

Opening balance 8 891 8 535 9 270 9 787 10 344

Issued

Repaid -6 -246 -256

Change in market values or in hedged item in hedge accounting at fair value 21 76 -53 -59 17

Changes in exchange rates -119 405 -1 342 -396 -430

Interest 0 121 916 -62 -144

Closing balance 8 787 8 891 8 535 9 270 9 787

Tier 2 capital (T2)

Opening balance 15 114 14 899 15 654 15 634 16 383

Issued

Repaid -144 -17

Change in market values or in hedged item in hedge accounting at fair value 32 29 1 139 -1 138

Changes in exchange rates -85 232 -944 36 -596

Interest -148 -47 -806 1 139 -153

Closing balance 14 912 15 114 14 899 15 654 15 634

Weighted average maturity of wholesale funding Q2 Q1 Q4 Q3 Q2

(months) 2021 2021 2020 2020 2020

Total (incl. commercial papers and certificates of deposits) 21 23 25 25 26

of which long-term funding 32 33 33 34 35

of which covered bonds 33 34 35 35 37

of which senior unsecured 22 24 22 25 26

of which senior non-preferred 65 62 47 50 53

of which additional tier 11) 24 27 30 33 36

of which tier 21) 23 26 29 32 35

1) Maturity date according to call date

Debt securities in issue, senior non-preferred liabilities

and subordinated liabilities

57


Issued long-term debt, by currencyQ2, 2021

Issued long-term debt - distribution by currency Q2 Q1 Q4 Q3 Q2

SEKm 2021 2021 2020 2020 2020

Covered bonds

SEK 7 652 15 491 3 188 3 176 3 474

EUR 9 937

Other

Senior unsecured

SEK 500 2 500

EUR 253 11 628

USD 6 380 9 155 9 322

Other 3 728

Senior non-preferred

SEK

EUR 10 720 7 678

Other 4 126 2 280

Structured retail bonds

SEK

Total 32 688 31 829 3 188 12 831 30 652

58

Liquidity and FundingMaturity distribution, long-term fundingQ2, 2021

Nominal amount, SEKm

Domestic

covered bonds 1)

International

covered bonds 1)

Senior

unsecured

bonds 1)

Senior non-

preferred 1)2)

Structured

retail bonds 1)

Additional

tier 12)3)

Tier 22)3)

Total

Q3 2021 46 342 101 4 790 242 51 475

Q4 2021 9 018 5 995 401 15 414

Q1 2022 12 187 16 370 504 4 258 33 319

Q2 2022 85 734 2 851 12 211 358 101 154

Q3 2022 10 113 7 585 164 17 862

Q4 2022 5 715 10 025 278 6 573 22 591

Q1 2023 55 577 655 2 000 235 58 467

Q2 2023 1 112 13 918 392 2 662 18 084

Q3 2023 10 214 14 367 230 5 056 29 867

Q4 2023 22 300 409 22 709

Q1 2024 6 352 6 995 464 13 811

Q2 2024 10 720 1 326 566 12 612

Q3 2024 51 400 708 143 4 258 56 509

Q4 2024 405 586 10 316 349 11 656

Q1 2025 1 082 84 1 166

Q2 2025 31 950 13 875 11 261 47 57 133

Q3 2025 910 1 522 2 432

Q4 2025 2 336 681 3 017

2026 - 16 300 37 696 2 308 25 020 385 81 709

Total 309 603 126 050 111 940 35 336 4 866 8 516 14 676 610 987

1) Including intra-group holdings.

2) Not included in debt securities in issue, in the balance sheet.

3) Maturity date according to call date.

FX distribution

Nominal amount, SEKm SEK EUR USD GBP Other Total

Q3 2021 47 834 3 641 51 475

Q4 2021 1 001 1 871 12 542 15 414

Q1 2022 2 254 10 942 17 247 2 876 33 319

Q2 2022 86 842 9 577 4 735 101 154

Q3 2022 164 17 698 17 862

Q4 2022 778 11 883 4 715 5 215 22 591

Q1 2023 58 062 405 58 467

Q2 2023 4 092 2 225 8 517 3 250 18 084

Q3 2023 230 20 327 8 517 793 29 867

Q4 2023 22 709 22 709

Q1 2024 6 614 809 6 388 13 811

Q2 2024 566 11 124 922 12 612

Q3 2024 51 543 708 4 258 56 509

Q4 2024 349 7 989 3 318 11 656

Q1 2025 84 1 082 1 166

Q2 2025 31 997 25 136 57 133

Q3 2025 500 910 1 022 2 432

Q4 2025 2 336 681 3 017

2026- 17 800 55 965 51 4 126 3 767 81 709

Total 333 419 184 628 44 978 21 383 26 579 610 987

59

Liquidity and FundingOutstanding benchmark bonds, commercial papers and certificates of depositsQ2, 2021

SEK benchmark covered bonds (tap issuance)

ISIN code

Outstanding, nominal amount, 1)

Loan 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

SEKm number Coupon, % Maturity date 2021 2021 2020 2020 2020

SE0007525647 SPI 190 1.00 2021-09-15 39 450 42 450 43 250 43 250 47 950

SE0009580103 SPI 190 FRN 3mStib. + 112bps 2021-09-15 6 892 6 932 7 199 7 199 7 199

SE0007525654 SPI 191 1.00 2022-06-15 85 734 87 400 96 400 96 400 103 900

SE0010133207 SPI 192 1.00 2023-03-15 48 652 48 652 48 652 48 652 48 652

SE0011167782 SPI 192 FRN 3mStib. + 95bps 2023-03-15 6 925 6 925 6 925 6 925 6 925

SE0011089622 SPI 193 1.00 2023-12-20 22 300 22 300 21 900 21 900 21 900

SE0012142206 SPI 194 1.00 2024-09-18 49 800 49 800 49 800 49 800 49 800

SE0013050630 SPI 194 FRN 3mStib. +90bps 2024-09-18 1 600 1 600 1 600 1 600 1 600

SE0013546066 SPI 195 1.00 2025-06-18 31 950 31 450 26 450 23 400 20 350

SE0015244991 SPI 196 1.00 2026-03-18 16 300 9 400

1) Including intra-group holdings.

Non-SEK benchmark covered bonds

ISIN code

Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Issued amount

XS1200837836 EUR 0.375 2015-03-04 2022-03-11 MS + 45 bps 1 000

XS1550140674 EUR 0.125 2017-01-09 2022-07-18 MS - 3 bps 1 000

XS1778322351 EUR 0.45 2018-02-15 2023-08-23 MS - 10 bps 1 000

XS1606633912 EUR 0.4 2017-04-26 2024-05-08 MS - 6 bps 1 000

XS2002504194 EUR 0.05 2019-05-20 2025-05-28 MS + 54.5 bps 1 250

XS1946788194 EUR 0.5 2019-01-29 2026-02-05 MS + 66.1 bps 1 000

XS1530835336 GBP 1.125 2016-11-30 2021-12-07 G + 65 bps 550

Benchmark senior unsecured bonds

ISIN code

Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Outstanding amount

XS1239401216 EUR 1.000 2015-05-21 2022-06-01 MS + 45 bps 750

XS1573958409 EUR 0.300 2017-02-24 2022-09-06 MS + 18 bps 750

XS1711933033 EUR 0.250 2017-10-30 2022-11-07 MS + 7 bps 500

XS1870225338 EUR 0.400 2018-08-20 2023-08-29 MS + 18 bps 500

XS2167002521 EUR 0.750 2020-04-24 2025-05-05 MS + 98 bps 1 000

XS1689549217 GBP 1.250 2017-09-19 2021-12-29 G + 76 bps 500

XS1844104437 GBP 1.625 2018-06-18 2022-12-28 G + 80 bps 400

XS1577360784 (US87020PAH01) USD 2.800 2017-03-06 2022-03-14 T + 80 bps 1 000

XS1577762583 (US87020PAJ66) USD 3mUSDLibor + 70 bps 2017-03-06 2022-03-14 3mUSDLibor + 70 bps 500

XS2182121405 (US87020PAK30) USD 1.300 2020-05-26 2023-06-02 T + 112.5 bps 1 000

XS2237318485 (US87020PAL13) USD 0.600 2020-09-17 2023-09-25 T + 45 bps 1 000

XS2317119969 (US87020PAM95) USD 0.850 2021-03-18 2024-03-18 T + 55 bps 750

XS2198236734 JPY 0.369 2020-06-26 2023-07-06 YOS + 35 bps 10 300

XS2198237039 JPY 0.423 2020-06-26 2025-07-04 YOS + 40 bps 10 700

AU3FN0034229 AUD 3mBBSW + 118 bps 2017-02-08 2022-02-17 3mBBSW + 118 bps 350

Benchmark senior non-preferred bonds

ISIN code

Issued, nominal amount, millions Currency Coupon, % Trade date Maturity date Issuance Spread Outstanding amount

XS2063261155 EUR 0.250 2019-10-02 2024-10-09 MS + 70 bps 750

XS2282210231 EUR 0.20 2021-01-12 2028-01-12 MS + 63 bps 750

XS2343563214 EUR 0.3 2021-05-20 2027-05-20 MS + 57 Bps 1 000

XS2350031048 GBP 1.375 2021-06-08 2027-12-08 G + 100 Bps 350

Outstanding commercial papers and certificates of deposits

Outstanding, nominal amount


SEKm Limit 2021 2021 2020 2020 2020

Swedbank AB

European CP/CD EUR 10bn 89 708 59 530 55 159 15 876 25 452

USCP/Yankee CD USD 20bn/USD 20bn 228 175 185 183 72 050 142 426 159 739

of which initial maturity > 1 year 5 153 1 090 1 229 2 721 6 493

Domestic CP SEK 80bn

Total, Group 317 883 244 713 127 209 158 302 185 191

Outstanding amount

Outstanding volumes

60


Minimum Requirement of Own Funds and

Eligible Liabilities (MREL)Q2, 2021

Recapitalisation Amount (RCA) SEKm

RCA Requirement 1)

68 793

Total Eligible Liabilities to meet RCA 111 444

RCA Buffer 42 652

MREL1)

% of Total Liabilities and Own Funds2)

MREL1)

6.2%

Total Own Funds and Eligible Liabilities to meet MREL 10.1%

MREL buffer 3.9%

Breakdown of Eligible Liabilities to meet RCA SEKm % of REA

Senior non-preferred 35 042 5.1%

Senior preferred 76 329 11.1%

Deposits 73 0.0%

Total Eligible Liabilities to meet RCA 111 444 16.2%

Breakdown of Own Funds and Eligible Liabilities to meet MREL SEKm % of TLOF

Eligible Liabilities 111 444 4.3%

Own Funds 151 840 5.8%

of which CET1 capital 127 551 4.9%

of which AT1 capital 8 595 0.3%

of which T2 capital 15 694 0.6%

Total Own Funds and Eligible Liabilities to meet MREL 263 284 10.1%

1) As set by the Swedish National Debt Office, effective as of 23 Dec 2020.

2) Based on preliminary closing TLOF figures.

61

Liquidity and FundingMaturity distribution, total balance sheet and distribution in SEK

Q2, 2021

Maturity distribution, Swedbank Group, 30 Jun 2021

SEKm

Payable on

demand <1 m 1-3 m 3-6 m 6-12 m 1-2 y 2-5 y 5-10 y >10 yrs.

Discount

effect/ no

maturity Total

Assets

Cash and balances with central banks 598 926 598 926

Loans to credit institutions 4 534 14 517 1 924 2 501 4 227 4 900 4 927 171 1 369 39 070

of which repurchase agreements 1 531 1 531

Loans to the public 286 28 963 40 552 53 512 92 625 129 488 234 686 135 805 954 276 -2 205 1 667 988


Sovereign, municipalities etc. 230 146 273 1 533 4 936 2 018 925 496 -6 10 551

Private 5 236 8 962 11 144 22 144 35 532 79 970 106 575 831 640 306 1 101 509

Corporate 286 23 497 31 444 42 095 68 948 89 020 152 698 28 305 122 140 -2 505 555 928

Interest bearing securities 114 432 4 828 8 486 20 465 18 782 39 802 16 661 1 498 -1 723 223 231

Treasury bills and other bills eligible for refinancing 112 474 3 619 4 431 11 870 3 586 5 543 9 754 841 147 152 265

Bonds and other interest-bearing securities 1 958 1 209 4 055 8 595 15 196 34 259 6 907 657 -1 870 70 966

Financial assets for which the customers bear the investment risk 6 871 94 170 924 1 241 2 960 5 075 20 237 41 510 121 932 294 920

Shares and participating interest 26 610 26 610

Derivatives 3 279 9 616 4 266 10 226 11 774 35 676 50 114 17 556 -106 094 36 413

Other assets 18 493 7 325 1 775 1 24 624 52 218

Total 610 617 273 854 65 169 71 781 130 503 170 019 335 328 244 261 1 096 632 -58 788 2 939 376

Liabilities

Amounts owed to credit institutions 34 128 71 244 6 535 23 81 23 971 10 137 146 119


Deposits and borrowings from the public 1 156 060 115 174 10 143 16 188 9 081 636 647 47 4 1 307 980


of which deposits covered by the deposit guarantee 608 314

Sovereign, municipalities etc. 63 125 2 880 2 026 8 264 78 94 99 46 4 76 616

Private 595 193 4 867 7 110 7 568 8 712 459 490 1 624 400

Corporate 497 742 107 427 1 007 356 291 83 58 606 964

Financial liabilities for which the customers bear the investment risk 3 351 92 187 948 1 308 3 168 5 389 21 146 43 539 124 806 295 842

Debt securities in issue 115 425 115 845 160 666 149 104 86 610 223 077 15 293 16 808 -1 395 881 433

Commercial papers and CDs 114 506 64 064 121 973 12 811 4 301 225 317 880

Covered bonds 285 47 419 38 283 101 299 47 964 183 327 13 937 16 808 -3 632 445 690

Other bonds 634 4 362 410 34 994 34 345 39 750 1 356 2 012 117 863

Senior non-preferred liabilities 10 518 24 524 -428 34 614

Derivatives 2 608 8 955 4 402 8 924 11 377 33 862 50 311 14 994 -108 547 26 886

Subordinated liabilities 14 291 8 901 507 23 699

Other liabilities 26 963 24 798 765 1 198 4 586 1 251 2 142 1 905 -198 63 410

Equity 159 393 159 393

Total 1 193 539 423 601 167 224 183 352 171 556 132 569 300 638 150 147 167 418 49 332 2 939 376

Maturity distribution regarding SEK items, 30 Jun 2021

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets



of which repurchase agreements 797 797

Loans to the public 3 314 29 518 37 178 66 314 79 187 143 701 106 556 906 582 -4 191 1 368 159


Sovereign, municipalities etc. 153 38 54 247 269 106 23 325 -6 1 209

Private 2 582 7 173 8 304 16 747 25 568 57 136 81 534 784 548 -1 681 981 911

Corporate 579 22 307 28 820 49 320 53 350 86 459 24 999 121 709 -2 504 385 039

Interest bearing securities 112 693 4 152 7 048 14 961 13 751 27 753 12 735 892 -1 314 192 671

Treasury bills and other bills eligible for refinancing 112 471 3 583 4 375 7 671 1 567 2 962 9 474 413 145 142 661

Bonds and other interest-bearing securities 222 569 2 673 7 290 12 184 24 791 3 261 479 -1 459 50 010

Total 156 620 117 304 34 668 45 629 83 934 96 223 175 149 119 291 907 474 -5 505 1 730 787

Liabilities

Amounts owed to credit institutions 28 564 20 074 1 001 49 639


Deposits and borrowings from the public 821 217 29 262 4 426 2 213 1 016 269 340 -5 858 738


Sovereign, municipalities etc. 45 968 2 583 1 513 50 064

Private 429 256 1 326 2 833 2 175 969 265 332 437 156

Corporate 345 993 25 353 80 38 47 4 8 -5 371 518

Financial liabilities for which the customers bear the investment risk

Debt securities in issue 144 48 468 9 318 90 190 53 271 131 894 73 1 188 517 335 063

Covered bonds 16 47 140 9 010 89 506 47 912 129 511 73 1 188 -251 324 105

Other bonds 128 1 328 308 684 5 359 2 383 768 10 958

Subordinated liabilities 1 200 14 1 214

Total 849 781 49 480 53 895 11 531 91 206 53 540 132 234 1 273 1 188 526 1 244 654

FX-related derivatives net -55 006 -120 528 -100 934 -29 271 -16 870 -3 458 -6 233 220 -332 080

In the summary of maturities, undiscounted contractual cash flows are distributed on the basis of remaining maturities until the agreed time of maturity. For lending to the public, amortising loans are distributed based on

amortisation schedules. Liabilities whose contracts contain a prepayment option have been distributed based on the earliest date on which repayment can be demanded. The difference between the nominal amount and

carrying amount, the discount effect, is presented in the column “No maturity date/discount effect”. This column also includes items without an agreed maturity date and where the anticipated repayment date has not been

determined.

62


Maturity distribution in EUR and USDQ2, 2021

Maturity distribution regarding EUR items, 30 Jun 2021

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets


Loans to credit institutions 777 9 656 95 169 101 88 127 91 11 104

of which repurchase agreements 734 734

Loans to the public 5 883 8 402 14 030 21 313 32 383 68 656 28 852 47 623 227 142

Sovereign, municipalities etc. 68 106 209 207 453 1 217 902 171 3 333

Private 1 468 1 766 2 793 5 275 9 560 22 393 24 998 47 021 115 274

Corporate 4 347 6 530 11 028 15 831 22 370 45 046 2 952 431 108 535

Interest bearing securities 367 421 988 3 978 3 121 5 370 3 497 543 -313 17 972

Treasury bills and other bills eligible for refinancing 14 26 43 3 607 1 542 1 855 280 428 7 795

Bonds and other interest-bearing securities 353 395 945 371 1 579 3 515 3 217 115 -313 10 177

Total 314 415 15 906 8 918 15 187 25 392 35 592 74 153 32 440 48 166 -313 569 856

Liabilities


Deposits and borrowings from the public 292 919 3 818 5 392 12 352 7 599 346 292 47 5 322 770

Sovereign, municipalities etc. 16 948 27 513 6 987 78 94 99 46 4 24 796

Private 159 478 3 388 4 038 5 135 7 363 173 144 1 0 179 720

Corporate 116 493 403 841 231 158 79 50 0 0 118 254

Debt securities in issue 12 812 11 707 64 603 22 793 71 571 14 715 15 566 -1 634 212 133

Commercial papers and CDs 12 045 8 394 35 229 1 820 281 57 768

Covered bonds 262 279 29 273 11 769 53 810 13 855 15 566 -1 788 123 028

Other bonds 506 3 034 101 9 203 17 761 860 -127 31 337

Senior non-preferred liabilities 202 7 585 17 707 25 494


Total 295 659 33 044 17 099 76 957 30 412 24 289 82 203 33 976 15 571 16 287 625 498

FX-related derivatives net -56 255 36 461 26 569 18 995 10 962 4 545 7 102 177 48 556

Maturity distribution regarding USD items, 30 Jun 2021

SEKm

Payable on


Discount

effect/ no

maturity Total

Assets



Loans to the public 408 984 1 852 3 023 4 318 12 398 391 64 23 439

Sovereign, municipalities etc.

Private 3 2 8 8 13 31 40 64 170

Corporate 405 982 1 844 3 015 4 305 12 367 351 23 269

Interest bearing securities 1 363 128 213 549 6 3 30 -3 2 288

Treasury bills and other bills eligible for refinancing 0 549 2 550

Bonds and other interest-bearing securities 1 363 128 213 6 1 30 -3 1 738

Total 129 647 2 014 1 127 2 135 3 677 4 556 12 507 471 1 414 -3 157 546

Liabilities

Amounts owed to credit institutions 675 20 066 2 470 21 35 27 23 295


Sovereign, municipalities etc. 180 1 278 1 457

Private 3 810 121 212 229 339 15 13 4 740

Corporate 23 781 81 671 84 82 84 0 105 702

Debt securities in issue 99 868 53 337 67 218 23 980 12 820 14 910 8 55 47 272 243

Commercial papers and CDs 99 868 53 337 67 218 10 990 4 301 -47 235 667

Covered bonds 2 2 5 8 55 -18 54

Other bonds 12 988 8 517 14 905 112 36 522


Total 28 446 201 727 56 102 68 827 24 439 12 862 14 922 8 8 571 317 416 224

FX-related derivatives net 124 162 62 520 58 677 12 827 6 257 3 179 -4 147 77 263 553

63

Asset encumbranceQ2, 2021

Assets, Carrying amount (balance sheet items)

SEKm Encumbered Unencumbered Total

Loans on demand 598 743 598 743

Equity instruments 18 912 18 912

Debt securities 43 120 179 729 222 849

of which high-quality liquid assets 43 120 160 253 203 373

Loans and advances other than loans on demand 509 879 1 216 374 1 726 253

of which mortgage loans 497 090 811 197 1 308 287Other assets

1)77 813 77 813

Total assets 552 999 2 091 571 2 644 570

Collateral received, Fair value (Off-balance sheet items) Available for

SEKm Encumbered encumbrance

Loans on demand

Equity instruments 3 328 3 328

Debt securities 30 845 24 584 55 429

of which high-quality liquid assets 30 845 20 788 51 633

Loans and advances other than loans on demand 11 434 11 434Other collateral received 682 682

Total collateral received 30 845 40 028 70 873

Purpose for encumbrance (On- and off-balance sheet items) 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

Assets and collateral received, SEKm 2021 2021 2020 2020 2020

Carrying amount of selected financial liabilities 557 319 599 670 629 073 665 286 702 349

of which Derivatives 17 543 19 574 31 615 25 208 32 065

of which Deposits 101 788 126 547 134 940 144 834 154 212

of which Debt securities issued 437 988 453 549 462 518 495 244 516 072

Other sources of encumbrance 25 032 24 724 21 638 23 558 23 378

Total 582 351 624 394 650 711 688 844 725 727

Purpose for encumbrance (On- and off-balance sheet items) 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

Matching liabilities, contingent liabilities or securities lent, SEKm 2021 2021 2020 2020 2020

Carrying amount of selected financial liabilities 554 489 597 981 625 733 664 058 701 188

of which Derivatives 16 326 18 654 30 490 24 389 31 370

of which Deposits 100 175 125 778 132 725 144 426 153 746

of which Debt securities issued 437 988 453 549 462 518 495 244 516 072

Other sources of encumbrance 4 764 4 672 1 677 3 724 3 659

Total 559 253 602 653 627 410 667 782 704 847

Unencumbered assets - available for pledging at Central Bank 2) 3)


SEKm 2021 2021 2020 2020 2020

Government debt instruments 22 040 14 614 13 627 18 937 16 942

Central banks and supranational debt instruments 112 598 81 600 119 001 95 569 132 551

Covered bonds 48 534 47 470 48 731 55 684 89 795

Debt instruments issued by credit institutions 428 227 433 907 910

Securities issued by corporate and other issuers 964 1 158 392 846 848

ABS

Mortgage loans 536 539 500 670 456 805 417 669 391 413

Total 721 103 645 739 638 989 589 612 632 459

1) Assets not eligible for pledging in central banks (e.g. intangible assets) and cash on hand.

2) Including repos.

3) Market values before haircut.

Total

64


Cover pool dataQ2, 2021


Cover pool 1)

- Sweden 100% 2021 2021 2020 2020 2020 2020 2019 2019 2019

Total assets in the cover pool, SEKm 2) 1 033 629 1 022 617 1 018 014 1 011 513 1 005 695 994 349 989 843 990 325 984 355

Number of borrowers 1 073 744 1 075 543 1 079 813 1 084 492 1 087 251 1 088 272 1 092 884 1 101 420 1 106 373

Number of properties 727 293 728 239 730 917 733 642 735 512 735 984 738 893 744 054 747 097

Average loan size, SEK 638 394 634 696 632 096 628 632 625 731 621 053 617 316 615 425 610 986

Number of loans outstanding 1 619 109 1 611 192 1 610 538 1 609 072 1 607 233 1 601 070 1 603 462 1 609 172 1 611 092

Over-collateralisation level, percent 116.9 103.8 88.1 76.2 69.1 77.7 76.9 77.4 80.8

Average seasoning 73 months 73 months 72 months 72 months 71 months 71 months 70 months 69 months 68 months

Type of loans in the pool, per cent

Residentials 92.9 92.7 92.7 92.5 92.5 92.5 92.3 92.2 92.2

of which Single-family housing 58.3 58.1 57.8 57.5 57.2 57.1 57.0 56.8 56.7

of which Tenant owner rights 22.4 22.2 22.2 22.1 22.1 22.0 21.9 21.7 21.7

of which Tenant owner associations 7.7 7.8 8.0 8.2 8.4 8.6 8.7 8.9 9.0

of which Multi-family housing 4.5 4.6 4.7 4.7 4.8 4.8 4.7 4.8 4.8

Public 3)

0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6

Commercial 1.1 1.2 1.2 1.2 1.1 1.1 1.2 1.2 1.1

Forestry & Agriculture 5.6 5.7 5.7 5.8 5.9 5.9 6.0 6.0 6.1

Supplemental assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Loan-to-value (LTV), per cent

Weighted Average LTV (property level) 48 49 49 50 51 51 50 51 52

Single-family housing 49 49 49 50 52 51 51 51 52

Tenant owner rights 55 56 56 58 59 58 58 59 60

Tenant owner associations 31 31 32 32 33 33 34 35 35

Multi-family housing 50 50 51 51 51 50 52 52 52

Commercial 48 49 50 50 50 49 50 51 47

Forestry & Agriculture 44 48 44 43 45 44 44 44 45

Public 3)

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Weighted Average LTV distribution 3)

4)

LTV %

00-10 25.1 24.6 24.7 24.3 23.8 23.8 24.0 23.8 23.4

10-20 22.1 21.7 21.7 21.4 21.2 21.3 21.4 21.2 20.9

20-30 18.5 18.3 18.3 18.2 18.0 18.1 18.2 18.1 17.9

30-40 14.5 14.6 14.6 14.6 14.6 14.6 14.7 14.6 14.6

40-50 10.1 10.3 10.4 10.5 10.7 10.7 10.6 10.8 10.9

50-60 6.3 6.6 6.6 6.7 6.9 6.8 6.7 6.8 7.0

60-70 3.0 3.4 3.3 3.6 3.9 3.8 3.7 3.8 4.1

70-75 0.4 0.5 0.4 0.7 0.9 0.9 0.7 0.9 1.2

100 100 100 100 100 100 100 100 100

LTV calculation

1) Type of pool: Dynamic.

2) Loans originated by Swedbank and the independent savings banks under a specific cooperation agreement.

3) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them.

4) As defined by the Association of Swedish Covered Bond Issuers (www.ascb.se).

The calculation of the weighted average loan-to-value (WA LTV) for Swedbank's cover pool follows the method defined by the Association of Swedish Covered Bond Issuers

(ASCB). In Sweden, one property can be financed with more than one mortgage. The ASCB LTV definition accounts for the highest LTV among all issued mortgages against

a specific property.

Public loans are not backed by property collateral, but rather government guarantees, and are hence not part of the LTV calculations.

The presentation of the LTV distribution accounts for the total volume of mortgages within each LTV bracket. E.g. a loan with a LTV of 50% is sliced and accounted for in

equal parts, in all LTV brackets up to 50%.

For more detailed description of the ASCB LTV definition, please visit www.ascb.se.

When calculating eligible loan amounts in the cover pool, the value component of the LTV is adjusted upwards only when a price increase can be statistically verified and only

limited to certain single family properties. Statistically verified property price declines are however always taken into account, on all property types, when calculating eligible

loan amounts in the cover pool.

65


Cover pool data. cont.Q2, 2021


Geographical distribution. Sweden. per cent 2021 2021 2020 2020 2020 2020 2019 2019 2019

North 7.0 6.9 6.9 6.9 6.9 6.8 6.8 6.8 6.7

Norrbotten county (BD) 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4

Västerbotten county (AC) 2.5 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4

Västernorrland county (Y) 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.7

Jämtland county (Z) 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.2 1.2

Middle (including Stockholm) 43.7 43.7 43.8 43.8 43.9 44.0 44.0 43.8 43.9

Dalarna county (W) 2.1 2.0 2.1 2.1 2.1 2.0 2.0 2.0 2.0

Gävleborg county (X) 2.2 2.2 2.1 2.1 2.1 2.1 2.1 2.1 2.1

Värmland county (S) 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

Örebro county (T) 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5

Västmanland county (U) 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3

Uppsala county ( C) 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1

Södermanland county (D) 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.1

Stockholm county (including Stockholm) (AB) 26.8 26.8 26.9 26.7 26.8 27.0 27.0 26.8 26.8

South (including Göteborg and Malmö) 49.3 49.4 49.3 49.3 49.2 49.2 49.2 49.4 49.4

Västra götaland county (Including Göteborg) (O) 17.9 18.0 18.0 18.0 17.9 18.0 18.0 18.0 17.9

Östergötland county (E) 4.5 4.5 4.5 4.5 4.5 4.4 4.4 4.4 4.4

Jönköping county (F) 3.6 3.6 3.6 3.6 3.6 3.6 3.5 3.5 3.5

Halland county (N) 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.2 4.2

Kronoberg county (G) 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Kalmar county (H) 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9

Skåne county (including Malmö) (M) 12.0 12.0 11.9 11.9 11.9 11.9 12.0 12.1 12.2

Blekinge county (K) 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4

Gotland county (I) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Interest rate fixing. floating/fixed. current. per cent 1)

Floating. reset in < 365 days 61 62 63 63 64 66 68 68 68

Fixed. reset period 1-2Y 15 15 14 14 14 13 12 11 11

Fixed. reset period 2-5Y 23 22 22 22 21 20 19 20 20

Fixed. reset period > 5Y 1 1 1 1 1 1 1 1 1

Repayment structure. property level. per cent

Amortising 69 68 68 68 68 74 73 73 72

Interest only 31 32 32 32 32 26 27 27 28

Seasoning structure. year of origination 2) 2021 2020 2019 2018 2017 2016 2015 2014 <2013

% of total cover pool 7 13 11 10 9 8 7 5 30

Collateral ranking 3)

as % of total cover pool LTV distributed

Total 0-10% 10-20% 20-30% 30-40% 40-50% 50-60% 60-70% 70-75%

No prior ranks 97.7 24.9 21.3 17.9 14.2 9.9 6.2 2.9 0.4

Prior ranks 2.3 0.5 0.7 0.5 0.3 0.2 0.1 0.0 0.0

Total 100.0 25.4 22.0 18.4 14.5 10.1 6.3 2.9 0.4

Loans past due < 60 days 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

as % of the total cover pool 4) 2021 2021 2020 2020 2020 2020 2019 2019 2019

Total 0-60 days 0.02 0.13 0.15 0.02 0.02 0.16 0.18 0.02 0.03

of which 0-30 days 0.00 0.11 0.13 0.00 0.00 0.14 0.16 0.00 0.01

of which 31-60 days 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

Covered bonds 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

2021 2021 2020 2020 2020 2020 2019 2019 2019

AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa

476 482 501 895 541 248 574 010 594 564 559 538 559 454 558 125 544 434

Weighted average maturity 31 months 33 months 33 months 34 months 36 months 36 months 37 months 39 months 42 months

FX distribution. percent SEK 68 70 69 71 69 69 69 68 67

EUR 29 27 28 26 28 26 26 27 28

USD 0 0 0 0 0 1 1 1 2

Other 3 3 3 3 3 4 4 4 3

Cover pool sensitivity analysis

Current -5% -10% -15% -20% -25% -30% -35% -40%

Total assets in the cover pool 1 033 629 1 030 221 1 023 790 1 012 581 996 424 975 566 949 867 919 408 883 647

Total outstanding covered bonds 476 482 476 482 476 482 476 482 476 482 476 482 476 482 476 482 476 482

Over-collateralisation level. percent 116.9 116.2 114.9 112.5 109.1 104.7 99.4 93.0 85.5

1) Distribution by refixing period as percentage of total cover pool.

2) Percentage refers to number of loans paid out each year.

4) Loans past due > 60 days are not eligible for the cover pool.

5) FX-rate as per trade date; Gross outstanding amount. i.e. including intra-group holdings.

3) ”No prior ranks” indicates that the loan will be repaid out of the collateral proceeds in the event of a forced sale. prior to any other claim secured by a contractual

pledge over the same collateral being repaid. ”Prior ranks” indicates that there are other claims secured by a contractual pledge over the same collateral which will

be repaid prior to the loan. Please note that under Swedish law there are restrictions regarding expansion of prior ranks at the expense of claims with subsequent

ranks.

Rating of the covered bond programme

(S&P / Moody's)

Total outstanding amount. nominal SEKm 5)

House price decline. SEKm

66


Swedbank Mortgage AB, loan dataQ2, 2021


100% Swedish assets 2021 2021 2020 2020 2020 2020 2019 2019 2019

Loans to the public net, SEKm 1)

1 067 458 1 056 478 1 053 488 1 047 658 1 041 025 1 030 575 1 028 382 1 029 093 1 021 934

Number of borrowers 1 078 099 1 079 818 1 084 663 1 089 146 1 091 967 1 093 038 1 098 172 1 106 587 1 111 267

Number of properties 730 813 731 773 734 764 737 383 739 331 739 816 743 082 748 173 750 994

Average loan size 652 620 648 928 646 918 643 711 640 461 636 028 633 631 631 754 626 772

Number of loans outstanding 1 635 652 1 628 036 1 628 473 1 627 529 1 625 432 1 620 330 1 622 998 1 628 947 1 630 471

Type of loans, per cent

Residentials 93.3 93.2 93.1 93.1 92.9 92.9 92.8 92.7 92.7

of which Single-family homes 58.2 58.1 57.7 57.7 57.2 57.2 57.1 56.9 56.9

of which Tenant-owner rights 22.6 22.4 22.4 22.3 22.3 22.2 22.0 21.8 21.8

of which Tenant-owner associations 8.0 8.1 8.3 8.5 8.7 8.8 9.0 9.2 9.2

of which Multi-family housing 4.5 4.6 4.7 4.6 4.7 4.7 4.7 4.8 4.8

Public 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5

Commercial 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.0

Forestry & Agriculture 5.3 5.4 5.4 5.5 5.6 5.6 5.7 5.7 5.8

Loan-to-value (LTV) 2)

, per cent

Weighted average LTV (property level) 50 51 51 52 53 53 52 53 54

Single-family housing 50 51 51 52 54 54 53 53 55

Tenant owner rights 58 59 59 61 61 61 61 62 63

Tenant owner associations 32 32 33 33 33 33 35 35 36

Multi-family housing 51 51 51 51 51 51 52 53 53

Commercial 49 49 50 50 50 50 51 52 48

Forestry & Agriculture 45 49 45 43 46 45 45 45 46

Public 3)

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Weighted Average LTV distribution

(property level)

LTV %

00-10 24.5 24.0 23.7 23.6 23.1 23.2 23.3 23.1 22.6

10-20 21.6 21.3 21.2 20.9 20.7 20.7 20.9 20.7 20.4

20-30 18.2 18.0 18.0 17.8 17.7 17.7 17.8 17.7 17.5

30-40 14.4 14.4 14.5 14.4 14.4 14.4 14.5 14.4 14.4

40-50 10.0 10.3 10.4 10.5 10.7 10.7 10.7 10.8 10.9

50-60 6.4 6.7 6.8 6.9 7.0 7.0 6.9 7.0 7.2

60-70 3.5 3.7 3.8 4.0 4.2 4.1 4.0 4.1 4.4

70-80 1.2 1.4 1.4 1.7 1.9 1.9 1.7 1.9 2.1

80-90 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.5

90-100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

>100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Loans past due, per cent 2021 2021 2020 2020 2020 2020 2019 2019 2019

Loans past due as % of total net loans to the public

Total 0.05 0.16 0.18 0.05 0.06 0.19 0.22 0.06 0.06

of which 0-60 days 0.03 0.14 0.15 0.02 0.03 0.16 0.18 0.02 0.03

of which >60 days 0.02 0.02 0.03 0.03 0.03 0.03 0.04 0.04 0.03

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

Impairments and provisions, SEKm 2021 2021 2020 2020 2020 2020 2019 2019 2019

Credit impairments net -67 -26 -32 29 79 32 -24 -42 -9

Stage 3 loans -12 -8 13 6 5 9 -15 -14 -9

Credit impairment provisions 430 468 493 556 603 557 527 517 553

of which credit impairment provisions Stage 1 46 51 56 83 95 66 44 51 53



1) Nominal amount

2) LTV calculation method - see cover pool, page 65

3) Public loans are guaranteed either by a Swedish municipality or the state and have therefore no LTV assigned to them.

67

Liquidity and FundingRatingQ2, 2021

Moody's S&P Fitch

Covered bonds Aaa AAA -

Senior preferred Aa3 A+ AA-

Senior non-preferred Baa1 A- A+

Tier 2 Baa2 BBB+ A-

Additional Tier 1 Ba1 BBB- BBB

Short-term P-1 A-1 F1+

Outlook S S S

S=stable, N=negative and WN= Watch Negative

Rating actions and comments during Q2 2021

Swedbank AB rating history - long-term credit rating

There were no changes to Swedbank’s rating during Q2 2021.

68

Key figures

Key figures, 5-yearsQ2, 2021

YTD FY FY FY FY FY

Key figures, Group 2021 2020 2019 2018 2017 2016

Profit

Return on equity, % 13.5 8.9 14.7 16.1 15.1 15.8

Return on total assets, % 0.75 0.48 0.79 0.84 0.79 0.82

Cost/Income ratio 0.43 0.54 0.43 0.38 0.39 0.38

Net interest margin, % 1)

0.95 1.01 1.06 1.02 1.03 1.01

Business Volumes SEKbn

Loans to the public excl. repos & SNDO 1 637 1 616 1 606 1 578 1 502 1 453

Deposits to the public excluding repos & SNDO 1 282 1131 954 920 847 782

Loan/Deposit ratio, % 128 143 168 172 177 186

Asset quality

Credit impairment ratio, % -0.01 0.26 0.09 0.03 0.08 0.09

Total credit impairment provision ratio, % 0.34 0.48 0.40 0.37

Share of Stage 3 loans, gross, % 0.42 0.62 0.82 0.69

Share of impaired loans gross, % 0.55 0.52

Capital

Common Equity Tier 1 ratio, %, Basel 3 18.5 17.5 17.0 16.3 24.6 25.0

Leverage ratio, %, Basel 3 4.80 5.10 5.36 5.10 5.20 5.40

Risk exposure amount, SEKm, Basel 3 688 517 689 594 649 237 637 882 408 351 394 135

Risk exposure amount/total assets, %, Basel 3 23 27 27 28 18 18

Liquidity & Funding

Liquidity coverage ratio (LCR) 2)

143 174 182 144 171 155

Net stable funding ratio (NSFR) 3)

123 125 120 111 110 108

Share of issued debt > 1 year, % 40 66 66 76 71 69

Share data

Earnings per share before dilution, SEK 9.40 11.55 17.62 18.96 17.38 17.60

Earnings per share after dilution, SEK 9.38 11.51 17.56 18.89 17.30 17.50

Cash dividend per ordinary share, SEK 4)

2.90 4.35 14.20 13.00 13.20

Equity

Shareholders Equity, average SEKm 156 067 146 045 133 999 131 445 127 756 123 302

1) Net interest margin before trading interest are deducted.

2) LCR - calculated in accordance with Commission Delegated Regulation (EU) 2018/1620 amending Delegated Regulation (EU) 2015/61

to supplement Regulation (EU) 575/2013.


4) Cash dividends are in the table above reported under the profit year and not the year the dividend was determined and paid out.

The Board of Directors proposal FY 2019 was updated from 8,80 to 4,35 2021-01-18 with the pay out date 2021-02-22.


69

Key figures

Key figures, 9 quartersQ2, 2021

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

Key figures, Group 2021 2021 2020 2020 2020 2020 2019 2019 2019

Profit

Return on equity, % 14.2 12.8 11.8 14.3 13.5 -4.8 13.0 14.1 16.6

Return on total assets, % 0.77 0.72 0.68 0.77 0.71 -0.26 0.72 0.75 0.86

Cost/Income ratio 0.42 0.44 0.47 0.41 0.40 0.92 0.46 0.46 0.42

Net interest margin, % 1)

0.94 0.96 0.97 1.00 1.01 1.05 1.05 1.06 1.07

Business Volumes SEKbn

Loans to the public excl. repos & SNDO 1 637 1 621 1 616 1 622 1 625 1 632 1 606 1 613 1 612

Deposits to the public excluding repos & SNDO 1 282 1 216 1 131 1 132 1 108 1 046 954 957 952

Loan/Deposit ratio, % 128 133 143 143 147 156 168 168 169

Asset quality

Credit impairment ratio, % -0.01 0.06 0.12 0.10 0.28 0.51 0.23 0.04 0.03

Total credit impairment provision ratio, % 0.34 0.36 0.48 0.53 0.56 0.52 0.40 0.38 0.36

Share of Stage 3 loans, gross, % 0.42 0.47 0.62 0.75 0.81 0.79 0.82 0.77 0.72

Capital

Common Equity Tier 1 ratio, %, Basel 3 18.5 18.0 17.5 16.8 16.4 16.1 17.0 16.3 16.1

Leverage ratio, %, Basel 3 4.80 4.80 5.10 4.76 4.48 4.70 5.36 5.12 4.76

Risk exposure amount, Basel 3 688 517 694 625 689 594 691 535 692 352 691 107 649 237 656 530 658 097

Liquidity & Funding

Liquidity coverage ratio (LCR) 2)

143 154 174 153 164 162 182 151 143

Net stable funding ratio (NSFR) 3)

123 123 125 124 125 116 120 112 111

Share of issued debt > 1 year, % 40 57 66 62 65 62 66 68 68

Share data

Earnings per share before dilution, SEK 4.96 4.44 4.03 4.70 4.33 -1.51 3.96 4.17 4.77

Earnings per share after dilution, SEK 4.95 4.43 4.01 4.68 4.31 -1.50 3.95 4.16 4.75

Equity

Shareholders Equity, average SEKm 156 560 154 992 152 706 147 207 143 118 140 737 135 968 132 026 128 782

1) Net interest margin before trading interest are deducted.

2) LCR - calculated in accordance with Commission Delegated Regulation (EU) 2018/1620 amending Delegated Regulation (EU) 2015/61 to supplement Regulation (EU) 575/2013.


70

Equity and Assets

Equity & Assets, monthlyQ2, 2021

2021

Jan Feb Mar Apr May Jun

Equity attributable to shareholders

of the parent company 157 083 153 974 153 742 155 655 157 474 159 369

Allocated Equity

Swedish Banking 67 107 64 032 63 933 64 733 64 894 64 423

Baltic Banking 24 034 24 771 24 136 24 086 23 686 24 420

LC&I 32 409 32 506 33 332 33 703 33 801 32 375

Group Functions 33 532 32 666 32 342 33 133 35 092 38 149

Total Assets 2 778 737 2 797 098 2 829 566 2 790 044 2 858 345 2 939 377

2020

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


of the parent company 140 747 142 062 141 530 142 478 144 069 144 394 145 865 148 005 150 564 151 743 153 349 155 168

Allocated Equity

Swedish Banking 63 830 66 263 67 069 67 223 67 257 68 219 68 639 68 860 67 578 67 799 67 707 66 816

Baltic Banking 25 994 29 219 27 408 25 991 23 874 25 599 25 360 26 673 26 129 25 522 22 838 24 307

LC&I 26 155 30 178 30 086 34 269 33 616 34 193 33 706 33 125 33 728 32 998 33 088 32 941

Group Functions 24 768 16 404 16 967 14 995 19 322 16 384 18 161 19 346 23 129 25 423 29 716 31 104

Total Assets 2 571 665 2 675 584 2 675 469 2 709 468 2 767 538 2 764 863 2 729 187 2 725 708 2 695 751 2 709 376 2 693 699 2 594 643

2019




Allocated Equity

Swedish Banking 63 175 65 670 65 420 64 746 64 826 65 205 65 588 64 525 64 950 64 643 64 701 64 630

Baltic Banking 24 386 25 464 25 219 25 939 25 677 25 654 25 713 26 352 25 770 26 017 23 902 25 476

LC&I 25 434 26 324 27 333 27 477 28 229 28 673 27 108 27 407 27 656 26 995 27 440 27 761

Group Functions 26 432 23 748 8 413 10 587 11 860 9 872 13 040 15 224 15 368 17 769 20 054 20 741

Total Assets 2 582 156 2 581 629 2 462 361 2 520 124 2 537 398 2 480 054 2 525 268 2 613 892 2 506 522 2 571 458 2 529 052 2 408 228

2018




Allocated Equity

Swedish Banking 57 671 61 401 61 740 61 173 61 562 62 020 62 337 62 532 62 762 63 072 63 307 63 116

Baltic Banking 20 955 25 750 22 876 23 113 23 317 23 310 23 084 23 063 23 311 23 390 23 191 23 404

LC&I 23 010 24 663 24 523 24 265 25 892 26 092 27 194 27 132 27 446 26 085 26 199 25 054

Group Functions 31 617 23 410 13 405 16 240 15 313 16 646 16 946 19 494 20 161 23 021 24 358 25 823

Total Assets 2 501 186 2 501 695 2 469 126 2 658 949 2 526 129 2 646 033 2 765 798 2 654 134 2 461 664 2 502 054 2 447 421 2 246 092

2017




Total Assets 2 435 674 2 526 637 2 488 685 2 506 082 2 529 654 2 426 121 2 398 970 2 466 011 2 459 875 2 629 575 2 520 785 2 212 636

2016




Total Assets 2 311 245 2 449 707 2 403 789 2 431 126 2 482 495 2 476 014 2 500 883 2 497 773 2 393 743 2 419 025 2 414 740 2 154 203

2015




Total Assets 2 381 759 2 408 041 2 274 529 2 411 009 2 446 041 2 299 199 2 410 610 2 474 981 2 311 516 2 441 493 2 409 077 2 148 855

2013 2014

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


of the parent company 109 540 110 773 112 096 102 323 104 213 105 749 107 631 109 556 111 046 111 420 113 334 114 515 117 203

Total Assets 1 824 102 1 951 889 2 005 283 1 922 183 2 064 470 2 146 350 2 051 743 2 113 722 2 163 903 2 078 473 2 243 049 2 203 079 2 121 297

71

Market sharesMarket sharesQ2, 2021

Balance Net growth

31 May 31 Dec 31 Dec 31 Dec 31 Dec YTD May FY FY FY FY

Market shares, % 2021 2020 2019 2018 2017 2021 2020 2019 2018 2017

Sweden

Loans, private 1)

21 21 22 23 23 10 12 8 17 18

of which mortgage loans 23 23 24 24 24 13 15 12 22 20

Deposits, private 3)

19 19 19 20 20 17 16 4 18 16

Life insurance, new premiums 2)

(Mar 2021) 6 6 5 5 5

Life insurance, premium paid 2)

(Mar 2021) 7 6 6 6 6

Mutual funds (Jun 2021) 21 21 20 20 21 8 18 7 16 neg.

Loans, corporate 1) 3)

16 16 17 18 18 neg. neg. 3 12 neg.

Deposits, corporate 3)

16 16 16 18 17 16 16 3 25 13

Bank Giro, transactions (Mar 2021) 35 34 35 36 36

Estonia

Loans, private 1) 5)

43 43 44 47 46 29 36 42 46 43

of which mortgage loans 44 45 45 46 46 33 37 50 48 45

Deposits, private 5)

51 51 50 55 55 57 56 14 54 56

Pensions, private 5)

40 41 41 42 42 19 36 39 43 44

Life insurance, total premium YTD (Mar 2021) 45 46 41 40 41

P&C Insurance, total premium YTD 6)

(Mar 2021) 17 19 19 19 16

Loans, corporate 1)

5)

37 37 38 37 37 13 21 >100 65 >100

Deposits, corporate 5) 43 44 45 45 43 neg. 40 43 >100 >100

Domestic Payments (Mar 2021) 58 58 58 59 59

International payments (Mar 2021) 11 10 14 19 19

Latvia

Loans, private 1)

(Mar 2021) 35 35 34 33 31 >100 >100 67 neg. 34

of which mortgage loans (Mar 2021) 40 40 38 37 34 16 neg. >100 neg. 29

Deposits, private 35 34 32 34 32 65 59 7 >100 50

Pensions, private (May 2021) 41 41 41 42 42 39 44 37 44 42


P&C Insurance, total premium YTD (Mar 2021) 6 7 7 6 5

Loans, corporate 1)

(Mar 2021) 21 22 21 20 17 12 12 neg. neg. 6

Deposits, corporate (Mar 2021) 28 28 24 25 15 33 79 >100 neg. 6

Domestic Payments 4) 55 54 55 51

International payments 4) 34 33 34 24

Lithuania

Loans, private 1)

(Mar 2021) 40 40 39 35 34 38 51 >100 56 35

of which mortgage loans (Mar 2021) 38 39 38 35 33 36 41 >100 60 38

Deposits, private (Mar 2021) 44 44 43 43 40 40 49 47 62 46

Pensions, private (Mar 2021) 37 37 37 37 37 39 36 36 38 35


P&C Insurance, total premium YTD (Mar 2021) 4 5 4 4 4

Loans, corporate 1)

(Mar 2021) 22 22 23 20 18 neg. 24 neg. 45 90

Deposits, corporate (Mar 2021) 33 31 30 29 25 >100 64 83 72 31

Domestic Payments (Mar 2021) 51 50 51 50 49

International payments 7)

(Mar 2021) 3 5 22 24 26

1) Excluding credit institutions, Swedish National Debt Office and repurchase agreements.

2) Rolling 12 months. Market shares are measured as premiums paid (excluding transfer of capital from other insurance companies).

3) Swedbank has updated the definitions of corporate lending and deposits in Sweden from Q2 2018. Corporate lending includes lending to non-financial corporations.

Corporate deposits includes deposits from non-financial corporations. Previous periods have been restated.


4) Changes in the definition of domestic and international payments were made in Q4 2018. Previous periods have been restated.

5) Definitions has been changed since 2019. Prior periods have not been restated.

6) Market shares are measured as gross written premiums (sum of all insurance payments during the lifespan of the policy).

7) From 2020 Swedbank market share is affected by Lithuania Central Bank giving the bank licences to other companies.

72

Swedbank by geographySwedbank Group by geographyQ2, 2021

Jan-Jun 2021, SEKm Sweden Estonia Latvia Lithuania

Nordic

countries

other 1)USA

Other and

eliminations 2)Total

Income statement

Total income 18 166 2 133 995 1 277 1 283 63 -645 23 272

Total expenses 7 979 823 579 682 546 16 -662 9 963

Profit before impairments 10 187 1 310 416 595 737 47 17 13 309

Impairments -287 108 64 24 338 28 275

Profit before tax 10 474 1 202 352 571 399 19 17 13 034

Tax expense 2 095 168 70 101 53 5 4 2 496

Profit for the period 8 379 1 034 282 470 346 14 13 10 538

Non-controlling interests 0 0

Key figures


Return on allocated equity, % 13.9 20.9 9.3 10.9 7.1 3.6 9.7 13.5

Cost/Income ratio 0.44 0.39 0.58 0.53 0.43 0.25 1.03 0.43

Loan/Deposit ratio, % 156 80 57 50 420 2 568 128

Volumes

Loans to the public excluding repos & SNDO, SEKbn 1 388 87 37 63 56 2 3 1 637

Deposits from the public excluding repos & SNDO, SEKbn 892 109 64 126 13 77 -0 1 282

Allocated equity, average SEKm 120 685 9 915 6 051 8 640 9 735 773 268 156 067

Full-time employees 9 107 2 510 1 872 2 474 360 14 19 16 356

1) Includes Denmark, Finland and Norway.

2) Includes China, Luxembourg, South Africa and Spain.

Jan-Dec 2020, SEKm Sweden Estonia Latvia Lithuania

Nordic

countries

other 1)USA

Other and

eliminations 2)Total

Income statement

Total income 35 432 4 238 2 022 2 841 2 291 109 -1 257 45 676

Total expenses 16 395 4 946 1 996 1 414 1 031 51 -1 273 24 560


Impairments 1 294 135 53 52 2 804 -15 13 4 336

Profit before tax 17 743 -843 -27 1 375 -1 544 73 3 16 780

Tax expense 3 949 318 146 224 -582 -203 -1 3 851

Profit for the period 13 794 -1 161 -173 1 151 -962 276 4 12 929

Non-controlling interests 0 0

Key figures


Return on allocated equity, % 12.4 -11.4 -2.8 13.1 -10.8 28.9 1.8 8.9

Cost/Income ratio 0.46 1.17 0.99 0.50 0.45 0.47 1.01 0.54

Loan/Deposit ratio, % 165 80 61 49 566 1 188 96 143

Volumes

Loans to the public excluding repos & SNDO, SEKbn 1 372 86 36 61 58 2 2 1 616

Deposits from the public excluding repos & SNDO, SEKbn 831 107 59 123 10 0 1 1 131

Allocated equity, average SEKm 110 946 10 151 6 089 8 780 8 904 955 220 146 045

Full-time employees 8 978 2 528 1 826 2 480 367 15 19 16 213

1) Includes Denmark, Finland and Norway.

2) Includes China, Luxembourg, South Africa, Spain and Russia.

73

EmployeesEmployeesQ2, 2021

30 Jun ∆ FTE's 31 mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun

Number of full-time employees 2021 Q/Q 2021 2020 2020 2020 2020 2019 2019 2019

Sweden 3 896 -23 3 919 3 928 3 875 3 758 3 625 3 554 3 575 3 629

Norway 1 1 1 1 1 3 4 4 4

Denmark 16 -1 17 18 17 20 19 19 19 19

Other 1)

13 13 14 15 15 15 15 12 13

Swedish Banking 3 926 -24 3 950 3 962 3 908 3 794 3 662 3 592 3 610 3 665

Estonia 1 461 -24 1 485 1 482 1 468 1 480 1 441 1 452 1 456 1 512

Latvia 1 320 23 1 297 1 286 1 264 1 264 1 252 1 247 1 218 1 211

Lithuania 1 498 4 1 494 1 494 1 501 1 486 1 485 1 475 1 466 1 466

Sweden 2 -1 3 3 4 4 3 4 4 3

Baltic Banking 4 281 2 4 279 4 265 4 237 4 234 4 181 4 178 4 144 4 192

Sweden 1 554 39 1 515 1 488 1 462 1 459 1 412 1 377 1 367 1 346

Baltic countries 536 2 534 528 530 527 508 508 506 516

Norway 253 -1 254 257 249 245 253 255 252 253

Other 1)

101 101 101 101 103 123 120 125 113

Large Corporate & Institutions 2 444 40 2 404 2 374 2 342 2 334 2 296 2 260 2 250 2 228

Sweden 3 655 25 3 630 3 559 3 461 3 355 3 241 3 196 3 114 3 064

Baltic countries 2 031 7 2 025 2 033 2 037 2 034 1 992 1 971 1 941 1 918

Norway 16 -1 17 18 19 19 17 18 16 16

Other 1)

3 3 3 3 3 3 3 3 3

Group Functions & Other 5 705 31 5 674 5 613 5 520 5 411 5 253 5 188 5 074 5 001

Total number of full-time employees 16 356 49 16 306 16 213 16 007 15 773 15 392 15 218 15 078 15 086

1) China, Denmark, Finland, Luxembourg, and USA.

74

Currency distribution

Q2, 2021

Currency distribution, 30 Jun 2021

Swedbank Group

SEKm EUR USD GBP DKK NOK Other

Total

foreign

currency SEK Total

Assets

Cash and balances with central banks 313 638 128 833 731 696 68 443 966 154 960 598 926

Treasury bills and other bills eligible for refinancing with central banks 7 795 550 1 259 9 604 142 661 152 265

Loans to credit institutions 11 104 2 986 2 484 156 6 557 786 24 073 14 997 39 070

Loans to the public 227 142 23 439 2 923 5 258 35 455 5 612 299 829 1 368 159 1 667 988

Bonds and other interest–bearing securities 10 177 1 738 344 8 697 20 956 50 010 70 966

Other assets, not distributed 410 161 410 161

Total 569 856 157 546 5 407 6 489 52 664 6 466 798 428 2 140 948 2 939 376

Liabilities

Amounts owed to credit institutions 53 257 23 295 1 278 723 16 252 1 675 96 480 49 639 146 119

Deposits and borrowings from the public 322 770 111 900 2 727 3 111 5 912 2 822 449 242 858 738 1 307 980

Debt securities in issue 212 133 272 243 41 922 7 724 12 348 546 370 335 063 881 433

Senior Non-preferred liabilities 25 494 4 116 5 004 34 614 34 614

Subordinated liabilities 11 843 8 787 1 855 22 485 1 214 23 699

Other liabilities, not distributed 386 138 386 138Equity 159 393 159 393

Total 625 497 416 225 50 043 3 834 34 892 18 700 1 149 191 1 790 185 2 939 376

Other assets and liabilities,

including positions in derivatives 67 181 258 598 44 647 -2 650 -17 533 12 224 362 467

Net position in currency 11 540 -81 11 5 239 -10 11 704


Exchange rates 2021 2021 2020 2020 2020 2020 2019 2019 2019

SEK/EUR, YTD average rate 10.135 10.137 10.476 10.558 10.634 10.697 10.558 10.557 10.479

SEK/EUR, Quarterly average rate 10.159 10.137 10.287 10.403 10.663 10.697 10.599 10.694 10.559

SEK/EUR, closing day rate 10.113 10.238 10.057 10.543 10.466 11.008 10.432 10.708 10.561

SEK/USD, YTD average rate 8.404 8.402 9.171 9.366 9.620 9.689 9.423 9.398 9.252

SEK/USD, Quarterly average rate 8.485 8.402 8.641 8.912 9.657 9.689 9.584 9.623 9.387

SEK/USD, closing day rate 8.517 8.724 8.190 9.000 9.326 10.044 9.320 9.817 9.276

Q2, 2021

Q2 2021/ Q2 2021/ YTD 2021/

Q2 2020 Q1 2021 YTD 2020

Income -131 5 -244

of which Baltic Banking -112 5 -228

of which LC&I -20 1 -17

Expenses -47 3 -110


of which LC&I -1 1 -11

Profit before Credit impairments -85 3 -135


of which LC&I -19 -1 -6

Jun 2021/ Jun 2021/

Mar 2021 Jun 2020

Loans to the public -4.0 -8.9

of which Baltic Banking -2.3 -6.5

of which LC&I -1.7 -2.4

Deposit from the public -4.8 -9.3

of which Baltic Banking -3.7 -10.3

of which LC&I -1.1 1.0

Currency distribution and exchange rates

Impact from exchange rate fluctuations

SEKm

SEKbn

75

Sensitivity analysisSensitivity analysis and market riskQ2, 2021

Static Net Interest Income sensitivity analysis

Jun Mar Dec

2021 2021 2020

Increase interest rates, +100 bps 6 177 6 273 6 072

Decrease interest rates, -100 bps -4 633 -4 825 -4 855

Value-at-risk by risk category 1)

2021

SEKm 30 Jun Max Min Average

Interest risk 49 100 48 73

Currency rate risk 3 19 3 11

Stock price risk 3 9 2 4Diversification -6 -17

Total 49 98 46 71

Value-at-risk by risk category 1)

2020

SEKm 30 Jun Max Min Average

Interest risk 73 113 48 74

Currency rate risk 12 20 8 13

Stock price risk 5 8 3 5Diversification -16 -16

Total 74 112 55 76

1) Value-at-Risk (VaR) is a statistical measure used to quantify market risk. VaR is defined as the expected maximum decrease in value of a portfolio given a particular

probability over a certain time period.

Swedbank has made changes to the NII sensitivity calculation methodology. Starting from Q2 2020 money-market deposits are separated

from other deposits and assumed to have 100 elasticity to changes in market rates. Customer margins are taken into account while factoring

in reference rate floors on contract level.

Sensitivity analysis, net interest income, net annual effect

SEKm

Jan-Jun 2020

Jan-Jun 2021

The NII sensitivity calculation illustrates the annual effect on NII when market rates increase/decrease by 100 bps and all existing interest

fixings have rolled over. Contractual reference rate floors on floating loan contracts are taken into account in the sensitivity calculation, while

all other loans are assumed to have a 100 per cent elasticity to changes in the market rates, i.e. adjustments are made to the interest

received. Transaction accounts, except for money-market deposits, are assumed to have 0 per cent elasticity, i.e. there is no adjustment

made to the paid interest. All other deposits (including money-market deposits) are assumed to have a 100 per cent elasticity to changes in

the market rates.

76

Share dataShareholders and share dataQ2, 2021

Shareholders, 30 June 2021 SWED A % Shareholders, 30 June 2021, %

Sparbanksgruppen 127 039 602 11.2%

Folksam 78 238 418 6.9%

Norges Bank 54 034 272 4.8%

Alecta Pension Insurance 51 565 268 4.6%

AMF Pension & Funds 42 433 803 3.7%

Swedbank Robur Funds 41 247 746 3.6%

BlackRock 41 048 473 3.6%

Sparbanksstiftelser – Ej Sparbanksgruppen 39 625 227 3.5%

Vanguard 30 626 273 2.7%

T. Rowe Price 24 079 259 2.1%

10 largest owners 529 938 341 46.8

Other 602 067 381 53.2

Total 1 132 005 722 100.0

Number of shareholders: 347 928

Source: Modular Finance AB/Euroclear

Data per share Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

SEK 2021 2021 2020 2020 2020 2020 2019 2019 2019

Earnings per share before dilution 4.96 4.44 4.03 4.70 4.33 -1.51 3.96 4.17 4.77

Equity per share 142.11 137.11 138.54 134.43 128.92 126.40 123.94 119.60 115.71

Price, end of period, Swedbank A 159.24 153.90 144.12 140.74 119.40 110.85 139.45 141.70 139.45

Price/Equity, % 112 112 104 105 93 88 113 118 121

Changes in subscribed capital 1)

Par value/

Year Transaction share SWED A SWED C SWED PREF

2011 Share repurchase -57 168 814 -1 500 000 -3 415 641 -62 084 455 24 383

2012 Conversion of

Preference shares to

Ordinary shares

1 595 660 -1 595 660 1 099 005 722 24 383

2012 Cancellation of

repurchased shares and

bonus issue

22 1 099 005 722 24 904

2012 Conversion of


Ordinary shares

8 532 853 -8 532 853 1 099 005 722 24 904

2013 Conversion of


Ordinary shares

180 855 906 -180 855 906 1 099 005 722 24 904

2014 Share delivery due to

Equity-settled share

based programmes

1 102 255 145 24 904

2014 Acquisition of own

shares for trading

purposes

1 102 088 934 24 904



based programmes

1 105 237 539 24 904

2015 Disposal of own shares

for trading purposes

1 105 403 750 24 904



based programmes

1 110 731 820 24 904



based programmes

1 113 629 621 24 904



based programmes

1 116 674 361 24 904



based programmes

1 118 304 389 24 904



based programmes

1 119 991 775 24 904



based programmes

1 121 430 062 24 904

1) Associate's acquisition of shares in Swedbank AB has not been taken into account.

Change in

number of shares

outstanding SEKm

No. of

shares Share capital

Foreign owners39.0%

Swedish legal entities 48.8%

Swedish private persons 12.2%

100

120

140

160

180

200

SWEDBANK - share price 1 January 2021 - 30 June 2021

OMX-30 (Indexed to SWED A, NASDAQ OMX) Swedbank A (NasdaqOMX)

SEK

77

DefinitionsDefinitionsQ2, 2021

Capital Requirement Regulations, CRR, stated in EU Regulation No 575/2013. Others

Additional Tier 1 capital Allocated equity

Capital instruments and related share premium accounts that fulfill certain regulatory conditions after considering Allocated equity is the operating segment’s equity measure and is not a measure that is directly required by IFRS. The Group’s

regulatory adjustments. equity attributable to shareholders is allocated to each operating segment based on capital adequacy rules and estimated

capital requirements based on the bank’s internal Capital Adequacy Assessment Process (ICAAP).

Average risk weight

Total risk exposure amount divided by the total exposure value for a number of exposures. Cost/income ratio

Total expenses in relation to total income.

Common Equity Tier 1 capital

Capital consisting of capital instruments, related share premium accounts, retained earnings and other comprehensive income Credit Impairment

after considering regulatory adjustments. Established losses and provisions for the year less recoveries related to loans as well as the year’s net expenses

for guarantees and other contingent liabilities.

Common Equity Tier 1 capital ratio

Common Equity Tier 1 capital in relation to the total risk exposure amount. Credit impairment provision ratio Stage 1 loans

Credit impairment provisions Stage 1 in relation to the gross carrying amount Stage 1 loans

Default

Credit exposures are regarded to be in default if there has been an assessment indicating that the counterpart Credit impairment provision ratio Stage 2 loans

is unlikely to pay its credit obligations as agreed or if the counterpart is past due more than 90 days. Credit impairment provisions Stage 2 in relation to the gross carrying amount Stage 2 loans

Expected loss (EL) Credit impairment provision ratio Stage 3 loans

Expected loss shall provide an indication of the mean value of the credit losses that Swedbank may reasonably be expected Credit impairment provisions Stage 3 in relation to the gross carrying amount Stage 3 loans

to incur. The expected loss (EL) is the product of the parameters PD, LGD and exposure value.

Credit Impairment ratio

Exposure at default (EAD) Credit impairment on loans and other credit risk provisions (annualised), net, in relation to the opening balance of

Exposure at default (EAD) measures the utilised exposure at default. For off-balance sheet exposures, EAD is loans to credit institutions and loans to public after provisions. More information see page 43.

calculated by using a credit conversion factor (CCF) estimating the future utilisation level of unutilised amounts.

Earnings per share after dilution

Exposure value IRB Profit for the period allocated to shareholders in relation to the weighted average number of shares outstanding

The exposure after taking into account credit risk mitigation with substitution effects during the period, rights issue adjustment factor included, adjusted for the dilution effect of potential shares.

and credit conversion factors, the exposure value is the value to which the risk weight is applied when calculating the

risk exposure amount. Earnings per share before dilution

Profit for the period allocated to shareholders in relation to the weighted average number of shares outstanding

Leverage ratio during the period, rights issue adjustment factor included.

Tier 1 capital in relation to the total exposure measure, where the exposure measure includes both on- and off-balance sheet items.

Equity per share

Liquidity Coverage Ratio (LCR) Shareholders’ equity in relation to the number of shares outstanding.

The LCR is used to define a quantitative regulatory requirement on European banks' liquidity risk.

A LCR ratio above 100 per cent implies that the bank has enough of liquid assets to cover its net liquidity Loan/Deposit ratio

outflows over a 30 calendar day time horizon under a significantly severe liquidity stress scenario. Lending to the public excluding Swedish National Debt Office and repurchase agreements in relation to

deposits from the public excluding Swedish National Debt Office and repurchase agreements.

Loss given default (LGD)

Loss given default (LGD) measures how large a proportion of the exposure amount that is expected to be lost in the event of default. Interest fixing period

Contracted period during which interest on an asset or liability is fixed.

Minimum capital requirement

The minimum capital a bank must hold for its credit, market, credit value adjustment, settlement and operational risks according Maturity

to Pillar I, i.e. 8 per cent of total risk exposure amount. The time remaining until an asset or liability’s terms change or its maturity date.

Net Stable Funding Ratio (NSFR) Net investment margin before trading interest is deducted

The Net Stable Funding Ratio measures an institution's amount of available stable funding to its amount of required Net interest income before trading-related interest is deducted, in relation to average total assets.

stable funding over a one-year horizon. The objective is to require institutions to hold a sufficiently large proportion The average is calculated using month-end figures, including the prior year end.

of long-term stable funding in relation to long-term stable assets.

Return on allocated equity

Own funds Profit for the period (annualised) attributable to the shareholders for the operating segment,

The sum of Tier 1 and Tier 2 capital. in relation to average allocated equity for the operating segment.

The average is calculated using month-end figures, including the prior year end.

Probability of default (PD)

The probability of default (PD) indicates the risk that a counterparty or contract will default within a 12-month period. Return on equity

Profit for the period (annualised) attributable to shareholders, in relation to average equity attributable to

Risk exposure amount shareholders’ of the parent company. The average is calculated using month-end figures, including the prior year end.

Risk weighted exposure value i.e. the exposure value after considering the risk inherent in the asset.

Return on total assets

Tier 1 capital Profit for the period (annualised) in relation to average total assets. The average is calculated using

The sum of Common Equity Tier 1 capital and Additional Tier 1 capital according to article 25 in CRR. month-end figures, including the prior year end.

Tier 1 capital ratio Share of Stage 1 loans, gross

Tier 1 capital in relation to the total risk exposure amount. Carrying amount of Stage 1 loans, gross, in relation to the carrying amount of loans to credit institutions and the public

excluding provisions.

Tier 2 capital

Capital instruments and subordinated loans and related share premium accounts that fulfill certain regulatory conditions Share of Stage 2 loans, gross

after considering regulatory adjustments. Carrying amount of Stage 2 loans, gross, in relation to the carrying amount of loans to credit institutions and the public


Total capital ratio

Own funds in relation to the total risk exposure amount. Share of Stage 3 loans, gross

Carrying amount of Stage 3 loans, gross, in relation to the carrying amount of loans to credit institutions and the public


Total credit impairment provision ratio

Credit impairment provisions in relation to the gross carrying amount loans

Definitioner/ordlista på svenska finns på www.swedbank.se, under rubriken Finansiell information och publikationer

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Contacts and calendar

Contacts and financial calendarQ2, 2021

For further information, please contact:

+46 8 585 938 77

Investor Relations

+46 8 585 922 69

Henrik Asplund, Equity Investor Relations +46 704 33 66 40

Markus Sandgren, Equity Investor Relations +46 727 31 62 84

Peter Stenborn, Debt Investor Relations +46 8 585 909 30

Magnus Alvesson, Debt Investor Relations and Rating +46 8 585 933 41

Aikaterini Ploska, Investor Relations +46 8 585 943 19

Karolina Skog, Investor Relations, ESG +46 702 25 05 89

Investor Relations, e-mail [email protected]

Postal address: Visiting address:

Swedbank Landsvägen 40

SE-105 34 Stockholm, Sweden Sundbyberg, Sweden

Investor relations on the Internet:

This publication can be downloaded/accessed from Swedbank’s web-site:

www.swedbank.com/investor-relations/financial-information-and-publications/

Financial calendar

Q3 2021 Interim report 21 October 2021

Q4 2021 Interim report 2 February 2022

Q1 2022 Interim report 28 April 2022

Q2 2022 Interim report 19 July 2022

Anders Karlsson, CFO

Annie Ho, Head of Investor Relations

79

mailto:[email protected]

http://www.swedbank.com/investor-relations/financial-information-and-publications/

Documents

Facts Q2, 2021