===== SIDA 1 ===== Swedbank – Report for the First quarter│ 2024│1 Interim report First quarter | January – March 2024 25 April 2024 ===== SIDA 2 ===== Swedbank – Report for the First quarter│ 2024│2 First quarter 2024 ”Swedbank delivered a strong and sustainable result” Jens Henriksson President and CEO Financial information Q1 Q4 Q1 SEKm 2024 2023 % 2023 % Total income 18 087 19 029 -5 17 387 4 Net interest income 12 599 13 329 -5 11 936 6 Net commission income 3 976 3 754 6 3 660 9 Net gains and losses on financial items 682 845 -19 916 -26 Other income¹ 831 1 101 -25 875 -5 Total expenses 6 185 6 411 -4 6 410 -4 of which administrative fines 0 0 890 Profit before impairments, bank taxes and resolution fees 11 902 12 618 -6 10 977 8 Impairment of tangible and intangible assets 0 74 -100 0 Credit impairment 144 363 -60 777 -81 Bank taxes and resolution fees 1 104 1 102 0 518 Profit before tax 10 654 11 080 -4 9 681 10 Tax expense 2 226 2 758 -19 2 121 5 Profit for the period 8 428 8 321 1 7 560 11 Earnings per share, SEK, after dilution 7.47 7.38 6.71 Return on equity, % 16.9 16.9 17.0 C/I ratio 0.34 0.34 0.37 Common Equity Tier 1 capital ratio, % 19.3 19.0 18.3 Credit impairment ratio, % 0.03 0.08 0.16 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures, and Other income from the Group income statement.  A strong result with stable business volumes.  Low credit impairments in a weak economy.  New organisation strengthens service and offering for customers. ===== SIDA 3 ===== Swedbank – Report for the First quarter│ 2024│3 CEO Comment Swedbank delivered a strong and sustainable result. Despite global concerns such as the war in Europe, turbulence in the Middle East and climate change, I still feel optimistic about the economic outlook. The global economy has been surprisingly resilient with stable growth while inflation is now approaching the target level. In the U.S. inflation remained high, while it continued to fall in the euro zone. In Latvia and Lithuania, the recovery has been rapid, and inflation has come down to normal levels. Estonia is exiting the recession. In Sweden, the recovery is in sight and the Riksbank confirmed that inflation and interest rates are headed lower. Fiscal policy has been restrained and there is plenty of room for reforms in the longer term. Swedbank’s result for the quarter amounted to SEK 8 428m and the return on equity was 16.9 per cent. Net interest income decreased, while commission income increased. Expenses decreased and the cost/income ratio was 0.34, unchanged from the previous quarter. The number of employees has increased more than forecast, however, due to lower staff turnover. A temporary hiring freeze has therefore been introduced with the exception of business-critical positions. The Anti Financial Crime unit is being integrated into Group Products & Advice with an increased focus on quality, efficiency and digital execution. Now we are taking the next step to be at the forefront in the fight against financial crime. Our credit quality is solid and we maintain a thorough and conservative lending process for both private and corporate customers. The capital buffer increased to 4.2 percentage points and Swedbank has a strong liquidity position. Swedbank is the leader in mortgage loans in all our home markets. Despite tough competition, our lending increased in the quarter. In Estonia, Latvia and Lithuania activity was high. In Sweden, the market was cautious. Despite this, Swedbank has increased through own channels mortgage volumes in Sweden for six consecutive months. Deposits are following the development of the market. Deposits increased in Sweden, while they were stable in the Baltic markets. Our promise is to make our customers’ financial lives easier. During the quarter, we strengthened our organisation in Sweden to customise our services and adapt our offering to customer needs. Swedish Banking plays a focused and important role for private customers and micro corporate customers. The business area will increase availability and serve as an engine for the entire Swedish market. Customers with more complex needs will receive dedicated service throughout the country from our specialists and advisers in the new business area, Premium and Private Banking. Corporate customers who need specialised expertise have been brought together under the Corporates and Institutions business area and have access to our entire product offering. Fraud is a serious problem for society. In February, all the major banks in Sweden held a very constructive meeting with the government. Work is now underway throughout the banking sector. Swedbank is working continuously to develop our products, systems and services in order to minimise the risk that our customers will be defrauded. Among other things, we have further strengthened protections in connection with digital transfers. And more is being done. Sustainability is at the core of our business strategy. To strengthen our green advice and support real estate customers, we have become a minority owner in the company Hemma and have initiated collaborations with Ramboll and Agronod. With our collective expertise, we can help customers implement a green and smart energy transition. During the quarter, we signed the Poseidon Principles, a global framework that integrates climate considerations into lending decisions within ship finance. This improves our ability to help the shipping industry reduce its carbon emissions. Our green zero-margin loan in Estonia and Latvia was a success in 2023, and with demand remaining robust, we launched a green offering in all three Baltic markets in March. Swedbank cares deeply about people’s financial health. To build on our financial literacy work, we established the Institute for Financial Health in Sweden on 1 February. In Latvia, we have established a foundation to support educational initiatives that contribute to society’s growth and development. Lastly, I am proud as usual of our customers’ societal engagement. Together we are making a difference. During the quarter, our investors in Swedbank Humanfond donated SEK 55m to charity. The funds were distributed among 73 different charity organisations. In addition, Swedbank’s dividend contributes, not least through our owner foundations. Our customers’ future is our focus. Jens Henriksson President and CEO ===== SIDA 4 ===== Swedbank – Report for the First quarter│ 2024│4 Table of contents Financial overview 5 Important to note 6 Group development 6 Volume trend by product area 7 Credit and asset quality 9 Funding and liquidity 9 Ratings 9 Operational risks 10 Capital and capital adequacy 10 Investigations 11 Other events 11 Events after the end of the period 11 Business areas Swedish Banking 12 Baltic Banking 13 Corporates and Institutions 14 Premium and Private Banking 15 Group Functions and Other 16 Financial statements – Group Income statement, condensed 17 Statement of comprehensive income, condensed 19 Balance sheet, condensed 20 Statement of changes in equity, condensed 21 Cash flow statement, condensed 22 Notes to the financial statements Note 1 Accounting policies 23 Note 2 Critical accounting estimates 23 Note 3 Changes in the Group structure 23 Note 4 Operating segments (business areas) 24 Note 5 Net interest income 28 Note 6 Net commission income 29 Note 7 Net gains and losses on financial items 30 Note 8 Net insurance income 31 Note 9 Other general administrative expenses 31 Note 10 Credit impairment 32 Note 11 Bank taxes and resolution fees 34 Note 12 Loans 36 Note 13 Credit impairment provisions 37 Note 14 Credit risk exposures 40 Note 15 Intangible assets 41 Note 16 Amounts owed to credit institutions 41 Note 17 Deposits and borrowings from the public 41 Note 18 Debt securities in issue, senior non- preferred liabilities and subordinated liabilities 42 Note 19 Derivatives 42 Note 20 Valuation categories for financial instruments 43 Note 21 Financial instruments recognised at fair value 45 Note 22 Assets pledged, contingent liabilities and commitments 46 Note 23 Offsetting financial assets and liabilities 47 Note 24 Capital adequacy, consolidated situation 48 Note 25 Internal capital requirement 50 Note 26 Risks and uncertainties 50 Note 27 Related-party transactions 51 Note 28 Swedbank’s share 52 Financial statements – Swedbank AB 53 Alternative performance measures 58 Signatures of the Board of Directors and the President 60 Review report 61 Publication of financial information 62 More detailed information can be found in Swedbank’s Fact book, www.swedbank.com/factbook . ===== SIDA 5 ===== Swedbank – Report for the First quarter│ 2024│5 Financial overview Income statement Q1 Q4 Q1 SEKm 2024 2023 % 2023 % Net interest income 12 599 13 329 -5 11 936 6 Net commission income 3 976 3 754 6 3 660 9 Net gains and losses on financial items 682 845 -19 916 -26 Other income¹ 831 1 101 -25 875 -5 Total income 18 087 19 029 -5 17 387 4 Staff costs 3 700 3 632 2 3 466 7 Other expenses 2 485 2 778 -11 2 055 21 Administrative fines 0 0 890 Total expenses 6 185 6 411 -4 6 410 -4 Profit before impairments, bank taxes and resolution fees 11 902 12 618 -6 10 977 8 Impairment of tangible and intangible assets 0 74 -100 0 Credit impairment 144 363 -60 777 -81 Bank taxes and resolution fees 1 104 1 102 0 518 Profit before tax 10 654 11 080 -4 9 681 10 Tax expense 2 226 2 758 -19 2 121 5 Profit for the period 8 428 8 321 1 7 560 11 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures, and Other income from the Group income statement. Q1 Q4 Q1 Key ratios and data per share 2024 2023 2023 Return on equity, % 16.9 16.9 17.0 Earnings per share before dilution, SEK² 7.49 7.40 6.73 Earnings per share after dilution, SEK² 7.47 7.38 6.71 C/I ratio 0.34 0.34 0.37 Equity per share, SEK¹ 170.7 176.7 154.1 Loans to customers/deposit from customers ratio, % 141 145 137 Common Equity Tier 1 capital ratio, % 19.3 19.0 18.3 Tier 1 capital ratio, % 21.9 20.6 20.1 Total capital ratio, % 24.3 23.1 23.1 Credit impairment ratio, % 0.03 0.08 0.16 Share of Stage 3 loans, gross, % 0.52 0.43 0.32 Total credit impairment provision ratio, % 0.40 0.39 0.37 Liquidity coverage ratio (LCR), %² 180 172 160 Net stable funding ratio (NSFR), % 126 124 120 1) The number of shares and calculation of earnings per share are specified in Note 28. 2) The liquidity coverage ratio has been re-calculated and figures prior to 2024 have been adjusted. Balance sheet data 31 Mar 31 Dec 31 Mar SEKbn 2024 2023 % 2023 % Loans to customers 1 791 1 782 0 1 791 0 Deposits from customers 1 266 1 230 3 1 303 -3 Equity attributable to shareholders of the parent 192 199 -3 173 11 Total assets 3 079 2 856 8 3 036 1 Risk exposure amount 859 847 1 806 7 Definitions of all key ratios can be found in Swedbank’s Fact book on page 77. ===== SIDA 6 ===== Swedbank – Report for the First quarter│ 2024│6 Important to note As of the first quarter of 2024, the operations in Premium and Private Banking are reported separately as a new business area. The unit was previously reported within Swedish Banking. Corporate customers managed by their own advisor have been transferred to Corporates and Institutions. Comparative figures have been restated. In addition, several smaller support functions have been transferred between the business areas and Group Functions and Other. The liquidity coverage ratio (LCR) has been re- calculated and figures prior to 2024 have been adjusted, and can be found on pages 5, 9 and 55 as well as in Note 24 of the interim report. This interim report contains alternative performance measures that Swedbank considers valuable information for the reader, since they are used by the executive management for internal governance and performance measurement as well as for comparisons between reporting periods. Further information on the alternative performance measures used in the interim report can be found on page 57. Group development Result first quarter 2024 compared with fourth quarter 2023 Swedbank’s profit was stable at SEK 8 428m (8 321). Income decreased, as did expenses, tax expenses and credit impairments. Foreign exchange effects negatively impacted profit by SEK -97m before impairment, bank taxes and resolution fees. The return on equity was 16.9 per cent (16.9) and the cost/income ratio was 0.34 (0.34). Income decreased to SEK 18 087m (19 029) due to lower net interest income, lower other income and lower net gains and losses on financial items. Net commission income increased. Foreign exchange effects negatively impacted income by SEK 145m. Net interest income decreased by 5 per cent to SEK 12 599m (13 329). The decrease was mainly related to lower deposit margins as a result of a higher share of deposit volume at higher interest rates. Slightly lower average lending volumes and higher funding costs contributed as well. Net interest income was also lower due to positive adjustments of deposit guarantee and origination fees in the previous quarter as well as fewer days in the quarter and foreign exchange effects. Net commission income increased by 6 per cent to SEK 3 976m (3 754). Income from asset management increased, mainly due to the market performance. Income from the card business was seasonally lower during the quarter. Net gains and losses on financial items decreased to SEK 682m (845). The largest part of the change was related to positive valuation effects in the previous quarter on derivatives within Group Treasury. Other income decreased by 25 per cent to SEK 831m (1 101). The decrease was mainly related to valuation effects within the insurance business. Underlying income from the insurance business increased, while the result from partly owned companies increased slightly. Expenses decreased by 4 per cent to SEK 6 185m (6 411) due to seasonally lower consulting expenses and marketing activities, among other things. AML- related investigation expenses amounted to SEK 63m (106). Foreign exchange effects reduced expenses by SEK 48m. Credit impairments amounted to SEK 144m (363). Rating and stage migrations accounted for SEK 403m (584), while post model adjustments decreased by SEK 349m (-140). Updated macroeconomic scenarios increased credit impairments by SEK 25m (174). For individually assessed loans, credit impairments increased by SEK 302m (414). Bank taxes and resolution fees amounted to SEK 1 104m (1 102). Latvia introduced a temporary bank tax in the first quarter of 2024, which to some extent was offset by the discontinuation of the resolution fee in the Baltic countries. The tax expense amounted to SEK 2 226m (2 758), corresponding to an effective tax rate of 20.9 per cent (24.9). The lower effective tax rate in the first quarter was mainly because the fourth quarter of 2023 included additional deferred tax of SEK 556m related to an anticipated extra dividend from the Estonian subsidiary Swedbank AS. Result January-Mars 2024 compared with January- Mars 2023 Swedbank’s profit increased to SEK 8 428m (7 560) due to higher income, lower expenses and lower credit impairments. Bank taxes in the Baltic countries negatively impacted profit, which was partly offset by lower resolution fees. Expenses decreased due to both the Swedish FSA’s administrative fine and the settlement with the Office of Foreign Assets Control (OFAC) in Q1 2023. Foreign exchange effects positively impacted profit by SEK 13m before impairments, bank taxes and resolution fees. The return on equity was 16.9 per cent (17.0) and the cost income ratio was 0.34 (0.37). ===== SIDA 7 ===== Swedbank – Report for the First quarter│ 2024│7 Jan-Mar Jan-Mar Jan-Mar Income statement, SEKm 2024 2023¹ 2023 Total income 18 087 17 387 17 387 Total expenses 6 185 5 520 6 410 of which administrative fines 0 890 Profit before tax 10 654 10 571 9 681 Profit for the period 8 428 8 450 7 560 Return on equity, % 16.9 19.0 17.0 C/I ratio 0.34 0.32 0.37 1) Income statement excluding expenses for the administrative fines. Income increased to SEK 18 087m (17 387) mainly due to higher net interest income. Net commission income also increased, while net gains and losses on financial items and other income decreased. Foreign exchange effects positively impacted profit by SEK 14m. Net interest income increased by 6 per cent to SEK 12 599m (11 936). Net interest income was positively impacted mainly by higher deposit margins as a result of higher market rates. Net commission income increased by 9 per cent to SEK 3 976m (3 660). The increase was primarily related to asset management, which benefitted from the market upturn. Net gains and losses on financial items decreased by 26 per cent to SEK 682m (916), driven by negative valuation effects from derivatives within Group Treasury. This was offset to a certain extent by valuation effects on derivatives within Corporates and Institutions. Other income decreased by 5 per cent to SEK 831m (875). The decline mainly related to lower income from Bankgirocentralen and Entercard, as well as valuation effects within the insurance operations. Expenses decreased by 4 per cent to SEK 6 185m (6 410). Adjusted for the Swedish FSA’s administrative fine and the settlement with OFAC in the first quarter of 2023, expenses increased. Staff costs increased primarily due to higher salaries and more employees. AML-related investigation expenses amounted to SEK 63m (106). High inflation contributed to increased expenses. Credit impairments amounted to SEK 144m (777). Rating and stage migrations as well as increased provisions for individually assessed loans were offset by decreased post model adjustments. Bank taxes and resolution fees amounted to SEK 1 104m (518). The increase was mainly due to the fact that Lithuania and Latvia introduced temporary bank taxes. The tax expense amounted to SEK 2 226m (2 121), corresponding to an effective tax rate of 20.9 per cent (21.9). The lower effective tax rate in the first quarter of 2024 was mainly because the first quarter of 2023 included a non-deductible administrative fine from the Swedish FSA. Volume trend by product area Swedbank mainly conducts business in the product areas of lending, deposits, fund savings and life insurance, and payments. Lending Lending to customers increased by SEK 9bn to SEK 1 791bn (1 782) in the quarter. Compared to the first quarter of 2023 lending was unchanged. Foreign exchange effects positively impacted lending volumes by SEK 12bn compared to the fourth quarter of 2023 and positively by SEK 4bn compared to the first quarter of 2023. 31 Mar 31 Dec 31 Mar Loans to customers, SEKbn 2024 2023¹ 2023¹ Loans, private mortgage 1 040 1 033 1 030 of which Sweden 914 913 912 of which Baltic countries 126 120 118 Loans, private other incl tenant- owner associations 143 142 145 of which Sweden 118 118 123 of which Baltic countries 25 24 22 Loans, corporate 607 606 617 of which Sweden 425 429 448 of which Baltic countries 115 110 102 of which other² 67 67 67 Total 1 791 1 782 1 791 1) Comparative figures have been restated due to the reorganisation during the first quarter 2024. For more information see Note 4. 2) Other consist of loans in Norway, Finland, China, the USA and Denmark. In Sweden, lending to customers decreased by SEK 2bn to SEK 1 457bn (1 460). Compared to the first quarter of 2023, lending decreased by SEK 26bn. Lending to mortgage customers in Sweden was stable during the quarter at SEK 914bn (913). Compared to the first quarter of 2023, lending to mortgage customers increased slightly. The market share for mortgages in Sweden was 22 per cent as of 29 February. Other private lending in Sweden, including to tenant- owner associations, was unchanged at SEK 118bn (118) during the quarter. Corporate lending in Sweden decreased by SEK 4bn during the quarter and amounted to SEK 425bn (429). Compared to the first quarter of 2023, corporate lending decreased by SEK 23bn. In Sweden, the market share was 14 per cent as of 29 February. Other corporate lending was stable during the quarter. In the Baltic countries lending volume increased by 1 per cent in local currency and amounted to the equivalent of SEK 266bn (254) at the end of the quarter. Lending to both mortgage customers and corporate customers increased by 1 per cent in local currency during the quarter. ===== SIDA 8 ===== Swedbank – Report for the First quarter│ 2024│8 Volumes in the sustainable asset registry increased by SEK 8bn to 83bn (75) during the quarter. The increase was primarily related to financing of green buildings. At the end of the quarter, the registry contained SEK 76bn in green assets and SEK 7bn in social assets. For more information on lending and the sustainable assets registry, see pages 37 and 70 of the Fact book. Deposits Total deposits increased by SEK 36bn to SEK 1 266bn (1 230) compared to the previous quarter. Foreign exchange effects positively impacted total deposit volume by SEK 16bn compared to the previous quarter and positively by SEK 10bn compared to the first quarter of 2023. 31 Mar 31 Dec 31 Mar Deposits from customers, 2024 2023¹ 2023¹ Deposits, private 712 703 700 of which Sweden 472 471 476 of which Baltic countries 240 231 223 Deposits, corporate 554 528 603 of which Sweden 394 374 446 of which Baltic countries 157 152 152 of which other² 2 1 5 Total 1 266 1 230 1 303 1) Comparative figures have been restated due to the reorganisation during the first quarter 2024. For more information see Note 4. 2) Other consist of deposits in Norway, Finland, China, the USA and Denmark. Deposits in Sweden increased by SEK 21bn to SEK 866bn (845). Deposits from private customers in Sweden increased by SEK 1bn to SEK 472bn (471), while corporate deposits increased by SEK 20bn to SEK 394bn (374). Compared to the same quarter in 2023, deposits in Sweden decreased by SEK 56bn. In the Baltic countries, deposits from both private and corporate customers were stable in local currency during the quarter. Compared to the same quarter in 2023, deposits increased by 4 per cent in local currency. As of 29 February, Swedbank’s market share for deposits from private customers in Sweden was 18 per cent. The market share for corporate deposits as of 29 February was 15 per cent. For more information on deposits, see page 38 of the Fact book. Assets under management and life insurance Fund assets under management increased by 12 per cent in the first quarter to SEK 1 809bn (1 614). The increase was predominantly due to the market upturn, but net inflows also contributed. Asset management 31 Mar 31 Dec 31 Mar SEKbn 2024 2023 2023 Sweden 1 692 1 510 1 365 Estonia 30 27 22 Latvia 43 38 32 Lithuania 41 37 27 Other countries 3 2 2 Total Mutual funds under Management 1 809 1 614 1 456 Closed End Funds 1 1 0 Discretionary asset management 451 427 388 Total assets under Management 2 260 2 042 1 844 The net flow in the Swedish fund market amounted to SEK 23bn (42), where the previous quarter included annual PPM contributions of approximately SEK 43bn. The net flow to Swedbank Robur’s funds in Sweden amounted to SEK 10bn (4) in the quarter. Distributions from Swedbank had positive net flows. Meanwhile, flows through the savings banks and third-party distributions increased. In Estonia, Latvia and Lithuania, the net flow amounted to SEK 2bn (2). By assets under management, Swedbank Robur is the leader in the Swedish and Baltic fund markets. As of 29 February, the market share in Sweden was 22 per cent. In Estonia and Lithuania, the market share was 39 per cent, while Latvia had a market share of 40 per cent. Life insurance assets under management in the Swedish operations increased by 12 per cent during the quarter to SEK 377bn (337) as of 31 March. Premium income, consisting of premium payments and capital transfers, amounted to SEK 10bn (7) in the first quarter. Swedbank is the largest life insurance company Estonia, Latvia and Lithuania. Assets under management, life 31 Mar 31 Dec 31 Mar insurance SEKbn 2024 2023 2023 Sweden 377 337 305 of which collective occupational pensions 216 190 167 of which endowment insurance 102 94 90 of which occupational pensions 47 43 38 of which other 12 11 10 Baltic countries 10 9 9 Total assets under management 387 345 313 For premium income, excluding capital transfers, Swedbank’s market share in the fourth quarter (latest available data) was 6 per cent (6 per cent in the third quarter of 2023). In the transfer market, Swedbank’s market share in the fourth quarter was 9 per cent (9 per cent in the third quarter of 2023). Payments The total number of card transactions acquired by Swedbank during the quarter was 868 million, 6 per cent higher than the same period in 2023. The total number of transactions acquired in Sweden, Norway, Finland and Denmark increased by 41 million, or 6 per cent, while the number of transactions acquired in the Baltic countries increased by 8 per cent. Acquired transaction volumes increased in Sweden, Norway, Finland and Denmark by 6 per cent to SEK 207bn and in the Baltic countries by 8 per cent to SEK 33bn compared to the same quarter in 2023. Foreign exchange effects from transaction volumes in Finland and Denmark, the seasonal impact of Easter in March and new customers, contributed to higher transaction volumes. The total number of Swedbank cards in issue at the end of the quarter was 8.4 million, in line with the end of the previous quarter. ===== SIDA 9 ===== Swedbank – Report for the First quarter│ 2024│9 31 Mar 31 Dec 31 Mar Number of cards 2024 2023 2023 Issued cards, millon 8.4 8.4 8.3 of which Sweden 4.5 4.5 4.5 of which Baltic countries 3.9 3.9 3.9 The number of purchases in Sweden with Swedbank cards decreased by 0.4 per cent during the quarter compared to the same quarter in 2023. A total of 332 million card purchases were made. In the Baltic countries, the number of card purchases increased by 10 per cent in the same period to 233 million during the quarter. In Sweden, there were 213 million domestic payments during the quarter, in line with the same period in 2023. Swedbank’s market share of payments via Bankgirot was 34 per cent in the fourth quarter. In the Baltic countries, 126 million domestic payments were processed, an increase of 11 per cent compared to the same period in 2023. The number of international payments in Sweden increased by 3 per cent compared to the same quarter in 2023 and amounted to 1.8 million. In the Baltic countries, international payments increased by 19 per cent to 7.8 million. Credit and asset quality The credit quality of Swedbank’s lending was solid with low credit impairments despite the weak economic situation. Total credit impairment provisions amounted to SEK 8 463m (8 225), of which SEK 996m (1 324) was post model adjustments. In the Swedish mortgage business there were further increases during the quarter in both loans with late payments and forborne loans. Weaker household finances and the simplified application process for amortisation deferrals contributed to the increase in forborne loans, of which most are considered repayable in the long term. A smaller share of forborne loans is classified as stage 3. The total share of loans in stage 2, gross, decreased to 10.2 per cent (10.4). For personal loans, the share of loans in stage 2 was 7.4 per cent (7.8) and for corporate loans it was 16.3 per cent (16.3). The share of loans in stage 3, gross, increased to 0.52 per cent (0.43), where the increase primarily consisted of Swedish mortgages that have been granted amortisation deferrals and the borrower did not pass a new “left to live on” calculation. The provision ratio for loans in stage 3 was 24 per cent (25). For more information on credit exposures, provisions and credit quality, see notes 10 and 12-14 as well as pages 40-48 of the Fact book. Funding and liquidity In the first quarter, interest rates increased as the bond market lowered its expectations of large, rapid interest rate cuts by central banks. Despite this, the willingness to invest remained strong, which resulted in lower credit spreads. Swedbank continued to be active in the funding markets. During the quarter, issuance primarily consisted of covered bonds in SEK, but also of additional Tier 1 capital instruments in USD as well as senior non-preferred bonds in USD and CHF. In total, Swedbank issued SEK 42bn in long-term debt instruments during the quarter. As of 31 March, Swedbank’s outstanding short-term funding in issue amounted to SEK 349bn (263). The need for financing is affected by the current liquidity situation, future maturities and changes in deposit and lending volumes, and therefore is adjusted over the course of the year. For more information on funding and liquidity, see notes 16-18 and pages 57–69 of the Fact book. 31 Mar 31 dec 31 mar Liquid assets and ratios 2024 2023 2023 Cash and balances with central banks and the National Debt Office, SEKbn 347 278 357 Liquidity reserve, SEKbn 665 513 692 Liquidity coverage ratio (LCR), %¹² 180 172 160 Net stable funding ratio (NSFR), % 126 124 120 1) USD 209%; EUR 277%; SEK 106%. 2) The liquidity coverage ratio has been re-calculated and figures prior to 2024 have been adjusted. Ratings During the quarter, there were no changes to Swedbank’s ratings. For more information on the ratings, see page 69 of the Fact book. Credit ratings Moody's S&P Fitch Covered bonds Aaa AAA - Senior preferred Aa3 A+ AA Senior non-preferred Baa1 A- AA- Tier 2 Baa2 BBB+ A Additional tier 1 Ba1 BBB- BBB+ Short term P-1 A-1 F1+ Outlook¹ S S S 1) P=positive, S=stable, N=negative, RuR= Rating(s) under Review and WN= Watch Negative Operational risks During the quarter, an increase in cybersecurity risk as a result of geopolitical conditions was noted. Given the current threat scenario, IT and information security, including cybersecurity risk, remains the highest priority. Swedbank works continuously to ensure a high level of availability and security for our customers. Fraud is a growing problem, which is being discussed at the highest levels of the society, particularly with fraud prevention for seniors in focus. The bank is part of a task force within the Swedish Bankers’ Association with the goal to draw up industry-wide guidelines for protecting customers against fraud. Swedbank invests in and continuously improves its resilience and capacity to detect, prevent and investigate these crimes. ===== SIDA 10 ===== Swedbank – Report for the First quarter│ 2024│10 Capital and capital adequacy Capital ratio and capital requirement The Common Equity Tier 1 (CET1) capital ratio was 19.3 per cent (19.0) at the end of the quarter. The total CET1 capital requirement, including Pillar 2 guidance, was 15.1 per cent (15.1) of the Risk Exposure Amount (REA), which resulted in a CET1 capital buffer of 4.2 per cent (3.9). CET1 capital increased to SEK 166bn (161) and was mainly affected by the quarterly profit and anticipated dividend. Change in Common Equity Tier 1 capital (Refers to Swedbank consolidated situation) Risk Exposure Amount (REA) REA increased to SEK 859bn (847) in the first quarter. REA for credit risk increased primarily due to foreign exchange effects, increased volumes, and the implementation of the probability of default (PD) model for exposures to large corporates within Corporates and Institutions. Other effects within REA for credit risks decreased mainly due to shorter maturities for corporate exposures. REA for market risk increased by SEK 2bn, mainly through an increase in specific interest rate risk, while REA for credit value adjustments decreased by SEK 1bn due to hedged positions. REA for Article 3 according to the EU’s regulation on prudential requirements for credit institutions (CRR) resulted in a decrease of SEK 2bn. Change in REA (Refers to Swedbank consolidated situation) The leverage ratio was 6.4 per cent (6.5) and therefore exceeds the leverage ratio requirement including Pillar 2 guidance of 3.5 per cent. Capital and resolution regulations Due to the guidelines from the European Banking Authority (EBA), Swedbank is applying for approval of new internal models for risk classification. The review process is expected to continue in 2024 and 2025. Swedbank previously decided on an Article 3 add-on corresponding to the bank’s estimate of the remaining impact on REA of the new models. The Swedish FSA has also introduced a temporary add-on of 1 per cent in the Pillar 2 requirement (P2R) related to the ongoing review of the models. The models are likely to result in a lower capital requirement than the add-on in P2R. Going forward, a slight increase in REA over and above the bank’s voluntary Article 3 add-on is expected when the new models are implemented. The Resolution Act, which entered into force in 2021, applies the MREL requirement as of 1 January 2024. Swedbank meets the requirements by a wide margin. Investigations U.S. authorities continue to investigate Swedbank’s historical anti-money laundering and counter-terrorism financing work and historical information disclosures. The investigations, which are being conducted by the Department of Justice (DoJ), the Securities and Exchange Commission (SEC) and the Department of Financial Services in New York (DFS), are continuing and the bank is holding individual discussions with the authorities through its U.S. legal advisors. The investigations are at different stages and the bank cannot at this time determine any financial consequences or when the investigations will be completed. In February, the Estonian Prosecutor’s Office closed its investigation of suspected money laundering offences by Swedbank AS during the period 2014–2016. The criminal investigation originated from the Estonian FSA’s previous investigation of Swedbank AS in 2019. Other events The reorganisation announced in the third quarter of 2023 was implemented during the quarter. A new business area has been established under the leadership of Malin Lilliecrona to bring together premium and private banking customers. Swedish Banking is focused on mortgage customers, younger customers, and small businesses and their owners. Anna-Karin Laurell is the new Head of Swedish Banking. Corporate customers with advisors have been transferred to Corporates and Institutions. On 26 March, Swedbank’s Annual General Meeting re- elected Göran Bengtsson, Annika Creutzer, Hans Eckerström, Kerstin Hermansson, Helena Liljedahl, Anna Mossberg, Per Olof Nyman, Biljana Pehrsson, Göran ===== SIDA 11 ===== Swedbank – Report for the First quarter│ 2024│11 Persson and Biörn Riese as Board members. Göran Persson was elected by the Annual General Meeting as Chair of the Board of Directors. The Annual General Meeting also decided in accordance with the Board of Directors’ proposal to pay a dividend of SEK 15.15 per share. The dividend corresponds to 50 per cent of net profit for the financial year 2023 in accordance with the bank’s dividend policy. Events after the end of the period On 12 April, Moody’s raised the outlook on Swedbank’s long-term ratings to positive from stable partly against the backdrop of Moody’s assessment that the work the bank has done to alleviate previous shortcomings has led to lower risks relating to money laundering and terrorist financing. ===== SIDA 12 ===== Swedbank – Report for the First quarter│ 2024│12 Swedish Banking Income statement Q1 Q4 Q1 SEKm 2024 2023¹ % 2023¹ % Net interest income 4 650 4 888 -5 5 189 -10 Net commission income 1 866 1 721 8 1 772 5 Net gains and losses on financial items 63 100 -37 58 8 Other income² 243 237 2 311 -22 Total income 6 822 6 947 -2 7 331 -7 Staff costs 513 504 2 473 9 Variable staff costs 16 12 30 10 60 Other expenses 1 647 1 695 -3 1 433 15 Depreciation/amortisation of tangible and intangible assets 4 4 7 5 -28 Total expenses 2 179 2 215 -2 1 921 13 Profit before impairments, bank taxes and resolution fees 4 643 4 732 -2 5 410 -14 Credit impairment 83 234 -64 305 -73 Bank taxes and resolution fees 212 218 -2 230 -8 Profit before tax 4 347 4 280 2 4 875 -11 Tax expense 832 799 4 938 -11 Profit for the period 3 515 3 481 1 3 937 -11 Return on allocated equity, % 26.1 26.4 29.8 Loan/deposit ratio, % 191 191 186 Credit impairment ratio, % 0.04 0.11 0.14 Cost/income ratio¹ 0.32 0.32 0.26 Loans to customers, SEKbn 853 858 -1 876 -3 Deposits from customers, SEKbn 446 449 -1 471 -5 Full-time employees 2 633 2 623 0 2 399 10 1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Business development Swedish Banking’s focus after the reorganisation is on the mortgage business, young customers and the bank’s small business customers. Through improvements to availability and by being proactive, the business area will develop and strengthen the customer experience for all of Swedbank’s customers. Efforts to increase fraud awareness in society are continuing, not least through an extension of the industry-wide anti-fraud campaign “Hard to Scam”. Swedbank is arranging meetings to inform and educate customers in connection with this. During the quarter, new features were launched to improve the customer experience and availability. Now customers can, for example, see the passcode for their credit card in the app, and children and guardians can temporarily block the child’s debit card if it is lost. Profit was stable during the quarter. Lower income was offset by decreased expenses and lower credit impairments. Net interest income decreased, mainly driven by lower earnings on deposits. Household mortgage volume decreased by SEK 2bn. Corporate deposits decreased by SEK 3bn. Volumes have been negatively impacted by customer transfers to the business units Premium & Private Banking and Corporates and Institutions. Deposit volumes decreased by SEK 3bn, with household deposits increasing by SEK 2bn and corporate deposits decreasing by SEK 5bn. Net commission income increased, mainly driven by higher income from asset management. Other income was stable. Expenses decreased due to lower consulting expenses. Credit impairments amounted to SEK 83m (234). Rating and stage migrations were offset by decreased post model adjustments. ===== SIDA 13 ===== Swedbank – Report for the First quarter│ 2024│13 Baltic Banking Income statement Q1 Q4 Q1 SEKm 2024 2023¹ % 2023¹ % Net interest income 4 604 4 854 -5 3 940 17 Net commission income 806 847 -5 817 -1 Net gains and losses on financial items 135 159 -15 133 2 Other income² 184 448 -59 207 -11 Total income 5 729 6 308 -9 5 097 12 Staff costs 473 514 -8 476 -1 Variable staff costs 25 32 -23 19 33 Other expenses 906 908 0 732 24 Depreciation/amortisation of tangible and intangible assets 43 35 23 45 -5 Total expenses 1 448 1 489 -3 1 273 14 Profit before impairments, bank taxes and resolution fees 4 281 4 819 -11 3 824 12 Impairment of tangible and intangible assets 0 4 0 Credit impairment 6 -28 -29 Bank taxes and resolution fees 621 608 2 24 Profit before tax 3 654 4 235 -14 3 829 -5 Tax expense 737 1 425 -48 692 7 Profit for the period 2 917 2 810 4 3 137 -7 Return on allocated equity, % 33.1 35.6 41.9 Loan/deposit ratio, % 67 67 64 Credit impairment ratio, % 0.01 -0.04 -0.05 Cost/income ratio¹ 0.25 0.24 0.25 Loans to customers, SEKbn 266 255 5 241 11 Deposits from customers, SEKbn 398 383 4 375 6 Full-time employees 4 790 4 762 1 4 674 2 1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Business development Macroeconomic conditions stabilised in the quarter with falling inflation and rising real wages. Economic activity recovered. A sustainable mortgages campaign was launched in all three Baltic countries as the concept was successful in Estonia and Latvia last year. Swedbank Robur, which celebrated its third anniversary in the Baltic countries, has become the most popular investment alternative for Swedbank’s customers and has strong interest among savers. During the quarter, the “Birthday Present 18” project was launched in Latvia to give everyone turning 18 years of age the equivalent of EUR 20 in Swedbank Robur funds. Profit increased by 7 per cent in local currency during the quarter, mainly due to a lower tax expense. Income decreased while credit impairments increased. Net interest income decreased by 3 per cent in local currency, mainly due to higher expenses for deposits driven by a gradual increase in deposit volumes in accounts with higher interest rates. Lending increased by 1 per cent in local currency to both consumers and corporates while deposits remained stable during the quarter. Net commission income decreased by 2 per cent in local currency due to seasonally lower card usage. Other income decreased by 58 per cent in local currency, mainly due to positive valuation effects in the previous quarter. Expenses decreased slightly in local currency after seasonally higher expenses in the previous quarter. Expenses for IT development increased. Credit impairments amounted to SEK 6m (-28). Rating and stage migrations as well as increased provisions for individually assessed loans were offset by decreased post model adjustments. The lower tax expense for the quarter was mainly due to the fact that the fourth quarter of 2023 included additional deferred tax related to an anticipated extra dividend from the Estonian subsidiary Swedbank AS. ===== SIDA 14 ===== Swedbank – Report for the First quarter│ 2024│14 Corporates and Institutions Income statement Q1 Q4 Q1 SEKm 2024 2023¹ % 2023¹ % Net interest income 3 375 3 683 -8 3 190 6 Net commission income 963 951 1 814 18 Net gains and losses on financial items 465 128 434 7 Other income² 30 34 -11 39 -23 Total income 4 833 4 796 1 4 478 8 Staff costs 558 539 4 540 3 Variable staff costs 36 22 68 43 -15 Other expenses 977 998 -2 960 2 Depreciation/amortisation of tangible and intangible assets 5 5 -2 6 -7 Total expenses 1 577 1 564 1 1 548 2 Profit before impairments, bank taxes and resolution fees 3 257 3 232 1 2 930 11 Impairment of tangible and intangible assets 0 27 0 Credit impairment 54 149 -64 480 -89 Bank taxes and resolution fees 239 238 0 227 5 Profit before tax 2 964 2 818 5 2 223 33 Tax expense 622 536 16 449 39 Profit for the period 2 342 2 282 3 1 775 32 Return on allocated equity, % 19.2 17.4 14.4 Loan/deposit ratio, % 160 170 145 Credit impairment ratio, % 0.03 0.09 0.30 Cost/income ratio¹ 0.33 0.33 0.35 Loans to customers, SEKbn 543 543 0 554 -2 Deposits from customers, SEKbn 339 320 6 383 -11 Full-time employees 1 786 1 725 4 1 714 4 1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Business development Corporates and Institutions’ new organisation is an important step in creating a stronger corporate business that can more effectively offer a broader range of competence to small, medium-sized and large companies. Business activity increased somewhat during the quarter, partly driven by expectations of interest rate cuts. Rate-sensitive companies in particular re- examined their debt. The market for high-yield bond and equity issuance improved. Swedbank also assisted banks that were active in the bond market. Trading in fixed-rate bonds was high in both the primary and secondary market. FX trading remained stable. Lending volume was stable. Lending to the real estate sector increased slightly, while lending to other sectors decreased, mainly related to larger customers. Deposit volume increased due to short-term deposits from funds in foreign currency and seasonally higher volumes from the public sector. Net interest income decreased during the quarter mainly due to lower deposit margins as well as one-off effects in the previous quarter. Net commission income benefited from increased income mainly related to short-term bond issuance and asset management, while income from equity-related transactions decreased. Net gains and losses on financial items increased due to derivative valuation adjustments (DVA) and higher earnings from fixed income trading. Expenses increased primarily due to salary increases. Credit impairments amounted to SEK 54m (149). Rating and stage migrations as well as increased provisions for individually assessed loans were offset by decreased post model adjustments. ===== SIDA 15 ===== Swedbank – Report for the First quarter│ 2024│15 Premium and Private Banking Income statement Q1 Q4 Q1 SEKm 2024 2023¹ % 2023¹ % Net interest income 469 491 -5 542 -14 Net commission income 374 346 8 311 20 Net gains and losses on financial items 8 6 21 7 8 Other income² 7 8 -6 6 19 Total income 859 852 1 867 -1 Staff costs 143 130 10 116 24 Variable staff costs 4 3 27 3 35 Other expenses 159 135 18 143 11 Total expenses 305 268 14 261 17 Profit before impairments, bank taxes and resolution fees 553 584 -5 606 -9 Credit impairment -4 7 11 Bank taxes and resolution fees 31 30 6 32 -2 Profit before tax 526 548 -4 563 -6 Tax expense 97 115 -15 116 -16 Profit for the period 429 433 -1 447 -4 Return on allocated equity, % 27.1 27.2 28.7 Loan/deposit ratio, % 168 165 166 Credit impairment ratio, % -0.01 0.02 0.04 Cost/income ratio¹ 0.36 0.31 0.30 Loans to customers, SEKbn 128 126 2 120 6 Deposits from customers, SEKbn 76 76 0 72 6 Full-time employees 576 552 4 507 14 1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Business development The new business area Premium and Private Banking offers a full range of products and services for customers in Sweden who need ongoing personal contact with the bank as well as financial planning. Premium and Private Banking has a strong local presence and provides convenient access to qualified advice. The new business area also handles asset management for corporate customers as well as pension distribution. Demand for qualified advice remained high, and during the quarter the number of Premium and Private Banking customers increased. Positive expectations about the stock market performance contributed to high demand for asset management services. A pension campaign during the quarter encouraged Swedbank’s customers to make informed choices about their pension and pension savings and to improve their financial health. Profit was stable during the quarter. Increased income and lower credit impairments were offset by higher expenses. Net interest income decreased mainly driven by lower earnings from deposits. Household mortgage volume increased by SEK 2bn and deposit volume was stable. Volumes have been positively impacted by customer transfers from Swedish Banking. Net commission income increased, mainly driven by higher income from asset management, where the market upturn contributed positively. Expenses increased due to more employees in the new business area. Credit impairments amounted to SEK -4m (7). ===== SIDA 16 ===== Swedbank – Report for the First quarter│ 2024│16 Group Functions and Other Income statement Q1 Q4 Q1 SEKm 2024 2023¹ % 2023 % Net interest income -521 -610 -15 -942 -45 Net commission income -35 -109 -68 -52 -33 Net gains and losses on financial items 10 451 -98 283 -96 Other income² 949 956 -1 761 25 Total income 404 689 -41 50 Staff costs 1 836 1 808 2 1 729 6 Variable staff costs 100 72 39 62 61 Other expenses -1 177 -866 36 -1 230 -4 Depreciation/amortisation of tangible and intangible assets 476 424 12 391 22 Administrative fines 0 890 Total expenses 1 236 1 438 -14 1 843 -33 Profit before impairments, bank taxes and resolution fees -832 -749 11 -1 793 -54 Impairment of tangible and intangible assets 0 43 0 Credit impairment 6 1 10 -42 Bank taxes and resolution fees 0 8 5 Profit before tax -838 -801 5 -1 808 -54 Tax expense -64 -116 -45 -73 -13 Profit for the period -774 -685 13 -1 734 -55 Full-time employees 7 725 7 614 1 7 496 3 1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings banks. Expenses mainly relate to Group Products & Advice and Group Staffs and are allocated to a large extent. Result During the quarter, profit decreased due to lower income. Net interest income improved while corresponding net interest income within Group Treasury decreased due to higher financing expenses related to long-term funding. Net gains and losses on financial items within Group Treasury decreased mainly related to negative changes in the value of derivatives. Expenses decreased due to lower consulting expenses. ===== SIDA 17 ===== Swedbank – Report for the First quarter│ 2024│17 Financial statements - Group Income statement, condensed Group Q1 Q4 Q1 SEKm 2024 2023 2023 Interest income 28 209 28 445 21 432 Interest expense -15 609 -15 116 -9 497 Net interest income (note 5) 12 599 13 329 11 936 Net commission income (note 6) 3 976 3 754 3 660 Net gains and losses on financial items (note 7) 682 845 916 Net insurance income (note 8) 267 535 282 Share of profit or loss of associates and joint ventures 128 117 171 Other income 436 448 422 Total income 18 087 19 029 17 387 Staff costs 3 700 3 632 3 466 Other general administrative expenses (note 9) 1 956 2 310 1 607 Depreciation/amortisation of tangible and intangible assets 528 468 448 Administrative fines 0 0 890 Total expenses 6 185 6 411 6 410 Profit before impairments, bank taxes and resolution fees 11 902 12 618 10 977 Impairment of tangible and intangible assets 0 74 0 Credit impairment (note 10) 144 363 777 Bank taxes and resolution fees (note 11) 1 104 1 102 518 Profit before tax 10 654 11 080 9 681 Tax expense 2 226 2 758 2 121 Profit for the period 8 428 8 321 7 560 Earnings per share, SEK 7.49 7.40 6.73 Earnings per share after dilution, SEK 7.47 7.38 6.71 ===== SIDA 18 ===== Swedbank – Report for the First quarter│ 2024│18 Statement of comprehensive income, condensed Group Q1 Q4 Q1 SEKm 2024 2023 2023 Profit for the period reported via income statement 8 428 8 321 7 560 Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans 969 -1 637 247 Share related to associates and joint ventures 21 -43 22 Total 990 -1 680 269 Items that may be reclassified to the income statement Exchange rate differences, foreign operations 2 505 -2 505 910 Hedging of net investments in foreign operations -1 627 1 617 -536 Cash flow hedges 3 -3 -2 Foreign currency basis risk -11 0 2 Share of other comprehensive income of associates and joint ventures 12 -22 -38 Total 882 -913 336 Other comprehensive income for the period, net of tax 1 872 -2 593 605 Total comprehensive income for the period 10 300 5 729 8 165 Total comprehensive income attributable to: Shareholders of Swedbank AB 10 300 5 729 8 166 Non-controlling interests 0 0 -1 For the period January – March 2024 a gain after tax of SEK -969m (247) was recognised in other comprehensive income, relating to remeasurements of defined benefit pension plans. As per 31 March 2024 the discount rate used to calculate the closing pension obligation was 3.89 per cent, compared with 3.69 per cent per 31 December 2023. The inflation assumption was 1.56 per cent compared with 1.57 per cent per 31 December 2023. The fair value of plan assets increased during 2024 by SEK 799m. In total, at 31 March 2024 the fair value of plan assets exceeded the obligation for funded defined benefit pension plans by SEK 3 395m, therefore the funded plans are presented as an asset. For January – March 2024 an exchange rate difference of SEK 2 505m (910) was recognised for the Group's foreign net investments in subsidiaries. The gain related to subsidiaries mainly arose because the Swedish krona weakened against the euro during the period. In addition, an exchange rate difference of SEK 12m (-38) for the Group's foreign net investments in associates and joint ventures is included in Share of other comprehensive income of associates and joint ventures. The total loss of SEK 2 517m is not taxable. Most of the Group's foreign net investments are hedged against currency risk resulting in a loss after tax of SEK - 1 627m (-536) for the hedging instruments. ===== SIDA 19 ===== Swedbank – Report for the First quarter│ 2024│19 Balance sheet, condensed Group 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Assets Cash and balances with central banks 346 835 252 994 361 343 Treasury bills and other bills eligible for refinancing with central banks, etc. 216 836 178 619 290 378 Loans to credit institutions 44 819 67 534 59 316 Loans to the public 1 890 048 1 863 375 1 838 152 Value change of the hedged assets in portfolio hedges of interest rate risk -8 345 -8 489 -17 389 Bonds and other interest-bearing securities 74 479 58 841 72 513 Financial assets for which customers bear the investment risk 359 157 319 795 287 622 Shares and participating interests 48 128 34 316 37 894 Derivatives (note 19) 42 665 39 563 37 351 Intangible assets (note 15) 20 962 20 440 20 301 Other assets 43 841 28 531 48 857 Total assets 3 079 424 2 855 519 3 036 339 Liabilities and equity Amounts owed to credit institutions (note 16) 93 671 72 054 136 427 Deposits and borrowings from the public (note 17) 1 275 393 1 234 262 1 313 079 Value change of the hedged liabilities in portfolio hedges of interest rate risk 103 209 0 Financial liabilities for which customers bear the investment risk 360 340 320 609 289 440 Debt securities in issue (note 18) 827 627 728 548 864 571 Short positions, securities 30 087 17 297 23 986 Derivatives (note 19) 39 008 73 453 47 859 Insurance provisions 27 986 26 315 25 582 Other liabilities 72 962 46 313 58 027 Senior non-preferred liabilities (note 18) 119 171 104 828 66 774 Subordinated liabilities (note 18) 40 933 32 841 37 232 Total liabilities 2 887 281 2 656 730 2 862 977 Equity 192 144 198 790 173 362 Total liabilities and equity 3 079 424 2 855 519 3 036 339 ===== SIDA 20 ===== Swedbank – Report for the First quarter│ 2024│20 Statement of changes in equity, condensed ===== SIDA 21 ===== Swedbank – Report for the First quarter│ 2024│21 Cash flow statement, condensed Group Jan-Mar Full year Jan-Mar SEKm 2024 2023 2023 Operating activities Profit before tax 10 654 43 622 9 681 Adjustments for non-cash items in operating activities -6 -1 952 3 355 Income taxes paid -1 652 -5 443 -896 Cash flow from operating activities before changes in operating assets and liabilities 8 996 36 227 12 140 Increase (-) / decrease (+) in assets -71 328 -59 104 -173 848 Increase (+) / decrease (-) in liabilities 134 500 -122 271 141 764 Cash flow from operating activities 72 168 -145 148 -19 944 Investing activities Acquisitions of and contributions to associates and joint ventures 0 -53 -50 Dividend from associates and joint ventures 101 306 69 Acquisitions of other fixed assets and strategic financial assets -30 -852 -352 Disposals of/maturity of other fixed assets and strategic financial assets 4 181 59 Cash flow from investing activities 75 -418 -274 Financing activities Amortisation of lease liabilities -298 -799 -201 Issuance of senior non-preferred liablities 11 460 46 580 9 152 Redemption of senior non-preferred liablities -908 -1 665 -578 Issuance of subordinated liabilities 6 811 9 339 5 243 Redemption of subordinated liabilities -481 -10 316 -255 Dividends paid 0 -10 964 0 Cash flow from financing activities 16 584 32 175 13 361 Cash flow for the period 88 827 -113 391 -6 857 Cash and cash equivalents at the beginning of the period 252 994 365 992 365 992 Cash flow for the period 88 827 -113 391 -6 857 Exchange rate differences on cash and cash equivalents 5 014 393 2 208 Cash and cash equivalents at end of the period 346 835 252 994 361 343 During 2023 contributions were provided to the joint ventures P27 Nordic Payments Platform AB, Invidem AB and Tibern AB of SEK 48m, 3m and 2m respectively. ===== SIDA 22 ===== Swedbank – Report for the First quarter│ 2024│22 Note 1 Accounting policies The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated financial statements have also been prepared in accordance with the recommendations and statements of the Swedish Corporate Reporting Board, the Annual Accounts Act for Credit Institutions and Securities Companies and the directives of the Swedish Financial Supervisory Authority (SFSA). The Parent Company report has been prepared in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies, the directives of the SFSA and recommendation RFR 2 of the Swedish Corporate Reporting Board. The accounting policies applied in the interim report conform to those applied in the Annual and Sustainability Report for 2023, which was prepared in accordance with International Financial Reporting Standards as adopted by the European Union and interpretations thereof. The financial statements are presented in Swedish kronor and all figures are rounded to millions of kronor (SEKm) unless otherwise indicated. No adjustments for rounding are made, therefore summation differences may occur. Change in presentation In order to provide a better overview of the financial statements, items within these have been aggregated from the first quarter 2024. Changes in accounting regulations Amended regulations that is applicable from 1 January 2024 did not have a significant impact on the Group’s financial position, results, cash flows or disclosures. Note 2 Critical accounting estimates Presentation of consolidated financial statements in conformity with IFRS requires the executive management to make judgments and estimates that affect the recognised amounts of assets, liabilities and disclosures of contingent assets and liabilities as of the reporting date as well as the recognised income and expenses during the reporting period. The executive management continuously evaluates these judgments and estimates, including assessing control over investment funds, the fair value of financial instruments, provisions for credit impairment, impairment testing of goodwill, provisions and contingent liabilities, defined benefit pension provisions, insurance contracts and deferred taxes. Post-model expert credit adjustments to the credit impairment provisions continue to be necessary, given the geopolitical and economic uncertainties. Further information is provided in Note 10. Beyond this, there have been no significant changes to the basis upon which the critical accounting judgments and estimates have been determined compared with 31 December 2023. Note 3 Changes in the Group structure No significant changes to the Group structure occurred during the first quarter 2024. ===== SIDA 23 ===== Swedbank – Report for the First quarter│ 2024│23 Note 4 Operating segments (business areas) Group January-March 2024 Swedish Baltic Corporates and Premium and Functions SEKm Banking Banking Institutions Private Banking and Other Eliminations Group Income statement Net interest income 4 650 4 604 3 375 469 -521 22 12 599 Net commission income 1 866 806 963 374 -35 1 3 976 Net gains and losses on financial items 63 135 465 8 10 0 682 Other income¹ 243 184 30 7 949 -583 831 Total income 6 822 5 729 4 833 859 404 -560 18 087 Staff costs 513 473 558 143 1 836 -4 3 520 Variable staff costs 16 25 36 4 100 181 Other expenses 1 647 906 977 159 -1 177 -555 1 956 Depreciation/amortisation of tangible and intangible assets 4 43 5 0 476 528 Total expenses 2 179 1 448 1 577 305 1 236 -560 6 185 Profit before impairments, bank taxes and resolution fees 4 643 4 281 3 257 553 -832 -0 11 902 Impairment of tangible and intangible assets 0 0 Credit impairment 83 6 54 -4 6 -0 144 Bank taxes and resolution fees 212 621 239 31 -0 1 104 Profit before tax 4 347 3 654 2 964 526 -838 0 10 654 Tax expense 832 737 622 97 -64 2 226 Profit for the period 3 515 2 917 2 342 429 -774 0 8 428 Net commission income Commission income Payment processing 113 159 239 3 110 -4 620 Cards 505 525 759 9 -156 1 641 Asset management and custody 1 594 160 580 386 -1 -87 2 632 Lending 23 54 225 1 0 -2 301 Other commission income² 246 159 380 125 13 -5 918 Total 2 481 1 057 2 183 523 -33 -98 6 113 Commission expense 615 251 1 220 149 1 -99 2 137 Net commission income 1 866 806 963 374 -35 1 3 976 Balance sheet, SEKbn Cash and balances with central banks 0 4 4 339 -0 347 Loans to credit institutions 6 1 149 0 278 -388 45 Loans to the public 853 267 638 128 6 -1 1 890 Interest-bearing securities 2 75 217 -2 291 Financial assets for which customers bear the investment risk 282 2 29 46 359 Investments in associates and joint ventures 6 2 8 Derivatives 0 114 98 -170 43 Tangible and intangible assets 2 13 -0 0 12 0 26 Other assets 20 151 32 3 290 -426 70 Total assets 1 168 440 1 040 177 1 242 -987 3 079 Amounts owed to credit institutions 5 0 370 0 95 -376 94 Deposits and borrowings from the public 446 398 360 76 6 -11 1 275 Debt securities in issue -0 2 1 827 -3 828 Financial liabilities for which customers bear the investment risk 283 2 29 47 360 Derivatives 0 122 86 -170 39 Other liabilities 379 114 48 17 -428 131 Senior non-preferred liabilities -0 119 119 Subordinated liabilities -0 41 41 Total liabilities 1 114 403 996 171 1 192 -987 2 887 Allocated equity 55 37 44 6 51 192 Total liabilities and equity 1 168 440 1 040 177 1 242 -987 3 079 Key figures Return on allocated equity, % 26.1 33.1 19.2 27.1 -5.6 0.0 16.9 Cost/income ratio 0.32 0.25 0.33 0.36 3.06 0.00 0.34 Credit impairment ratio, % 0.04 0.01 0.03 -0.01 0.05 0.00 0.03 Loan/deposit ratio, % 191 67 160 168 18 141 Lending to the public, stage 3, SEKbn (gross) 5 1 3 0 10 Loans to customers, total, SEKbn 853 266 543 128 1 1 791 Provisions for loans to customers, total, SEKbn 2 1 4 0 0 0 7 Deposits from customers, SEKbn 446 398 339 76 6 1 266 Risk exposure amount, SEKbn 292 197 302 37 32 0 859 Full-time employees 2 633 4 790 1 786 576 7 725 0 17 510 Allocated equity, average, SEKbn 54 35 49 6 55 0 199 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. 2) Other commission income includes Service concepts, Insurance, Securities and corporate finance and Other, see Note 6. ===== SIDA 24 ===== Swedbank – Report for the First quarter│ 2024│24 Group January-March 2023¹ Swedish Baltic Corporates and Premium and Functions SEKm Banking Banking Institutions Private Banking and Other Eliminations Group Income statement Net interest income 5 189 3 940 3 190 542 -942 16 11 936 Net commission income 1 772 817 814 311 -52 -2 3 660 Net gains and losses on financial items 58 133 434 7 283 0 916 Other income² 311 207 39 6 761 -449 875 Total income 7 331 5 097 4 478 867 50 -435 17 387 Staff costs 473 476 540 116 1 729 -4 3 330 Variable staff costs 10 19 43 3 62 0 136 Other expenses 1 433 732 960 143 -1 230 -432 1 607 Depreciation/amortisation of tangible and intangible assets 5 45 6 0 391 0 448 Administrative fine 890 890 Total expenses 1 921 1 273 1 548 261 1 843 -435 6 410 Profit before impairments, bank taxes and resolution fees 5 410 3 824 2 930 606 -1 793 -0 10 977 Credit impairment 305 -29 480 11 10 -0 777 Bank taxes and resolution fees 230 24 227 32 5 0 518 Profit before tax 4 875 3 829 2 223 563 -1 808 -0 9 681 Tax expense 938 692 449 116 -73 -0 2 121 Profit for the period 3 937 3 137 1 775 447 -1 734 -0 7 560 Net commission income Commission income Payment processing 115 164 224 3 99 -4 601 Cards 468 516 668 8 -80 0 1 580 Asset management and custody 1 354 144 491 311 -1 -77 2 222 Lending 15 54 221 2 5 -2 296 Other commission income³ 301 153 363 107 3 -2 926 Total 2 253 1 032 1 966 432 27 -85 5 625 Commission expense 481 215 1 152 121 79 -83 1 965 Net commission income 1 772 817 814 311 -52 -2 3 660 Balance sheet, SEKbn Cash and balances with central banks 1 4 2 354 361 Loans to credit institutions 5 0 198 285 -429 59 Loans to the public 876 241 601 120 1 -1 1 838 Interest-bearing securities 2 71 293 -3 363 Financial assets for which customers bear the investment risk 225 2 23 37 288 Investments in associates 6 2 8 Derivatives 0 152 124 -239 37 Tangible and intangible assets 2 13 -0 0 11 0 26 Other assets 18 151 24 3 205 -346 56 Total assets 1 134 413 1 072 160 1 276 -1 018 3 036 Amounts owed to credit institutions 8 2 382 140 -396 136 Deposits and borrowings from the public 471 375 403 72 2 -11 1 313 Debt securities in issue -0 2 3 864 -4 865 Financial liabilities for which customers bear the investment risk 227 2 23 37 289 Derivatives 0 0 163 123 -239 48 Other liabilities 375 49 44 8 -368 108 Senior non-preferred liabilities -0 67 -0 67 Subordinated liabilities -0 37 -0 37 Total liabilities 1 081 383 1 024 153 1 241 -1 018 2 863 Allocated equity 53 30 49 6 35 173 Total liabilities and equity 1 134 413 1 072 160 1 276 -1 018 3 036 Key figures Return on allocated equity, % 29.8 41.9 14.4 28.7 -17.6 0.0 17.0 Cost/income ratio 0.26 0.25 0.35 0.30 36.67 0.00 0.37 Credit impairment ratio, % 0.14 -0.05 0.30 0.04 0.13 0.00 0.16 Loan/deposit ratio, % 186 64 145 166 33 0 137 Lending to the public, stage 3, SEKbn (gross) 2 1 3 0 6 Loans to customers, total, SEKbn 876 241 554 120 1 1 791 Provisions for loans to customers, total, SEKbn 1 1 4 0 7 Deposits from customers, SEKbn 430 375 425 71 2 0 1303 Risk exposure amount, SEKbn 345 160 258 14 29 0 806 Full-time employees 2 399 4 674 1 714 507 7 496 0 16 789 Allocated equity, average, SEKbn 53 30 49 6 39 0 178 1) Comparative figures have been restated due to the reorganisation during the first quarter 2024. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income f rom the Group income statement. 3) Other commission income includes Service concepts, Insurance, Securities and corporate finance and Other, see Note 6. ===== SIDA 25 ===== Swedbank – Report for the First quarter│ 2024│25 Operating segments accounting policies The operating segment report is based on Swedbank’s accounting policies, organisation and management accounts. Market-based transfer prices are applied between operating segments, while all expenses for Group functions and Group staffs are transfer priced at cost to the operating segments. Cross-border transfer pricing is applied according to OECD transfer pricing guidelines. The Group’s 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). The return on allocated equity for the operating segments is calculated based on profit for the period attributable to the shareholders for the operating segment, in relation to average monthly allocated equity for the operating segment. For periods shorter than one year the key ratio is annualised. From the first quarter 2024, the operation within Premium and Private Banking is reported as a new business segment. The operation was previously reported within Swedish Banking. In connection with the change the corporate customers, which are handled by advisors, have been moved to Corporates and Institutions. The comparative figures have been restated. In addition to this, there have been a few minor transfers of support functions between the segments and Group Functions and Other. ===== SIDA 26 ===== Swedbank – Report for the First quarter│ 2024│26 Changes between presentation in second interim report 2023 and new restated reporting SEKm Banking Banking Institutions Private banking and Other Eliminations Group Income statement Net interest income -1 373 830 542 1 Net commission income -416 100 311 5 Net gains and losses on financial items -44 37 7 Other income² -9 -22 6 25 Total income -1 843 946 867 30 Staff costs -226 120 116 -10 Variable staff costs -4 2 3 Other expenses -361 196 143 22 Depreciation/amortisation of tangible and intangible assets -0 0 0 Total expenses -591 318 261 12 Profit before impairments, bank taxes and resolution fees -1 252 628 606 18 Credit impairment -132 121 11 Bank taxes and resolution fees -63 31 32 Profit before tax -1 057 476 563 18 Tax expense -223 105 116 2 Profit for the period -833 371 447 16 Net commission income Commission income Payment processing -46 43 3 Cards -57 39 8 10 Asset management and custody -356 45 311 Lending -12 4 2 5 Other commission income³ -199 92 107 Total -671 224 432 15 Commission expense -255 124 121 10 Net commission income -416 100 311 5 Balance sheet, SEKbn Loans to credit institutions -1 1 Loans to the public -212 92 120 Financial assets for which customers bear the -60 23 37 Other assets -5 2 3 1 -1 Total assets -278 118 160 1 -1 Amounts owed to credit institutions -1 1 Deposits and borrowings from the public -155 83 72 1 Financial liabilities for which customers bear the investment risk -60 23 37 Other liabilities -49 6 44 -1 Total liabilities -266 113 153 1 -1 Allocated equity -12 5 6 Total liabilities and equity -278 118 160 1 -1 Key figures Return on allocated equity, % 0.2 1.6 28.7 0.2 Cost/income ratio -0.01 0.00 0.30 Credit impairment ratio, % -0.02 0.03 0.04 Loan/deposit ratio, % 12 -9 166 6 Lending to the public, stage 3, SEKbn (gross) -1 1 0 Loans to customers, total, SEKbn -212 92 120 0 Provisions for loans to customers, total, SEKbn -1 1 0 Deposits from customers, SEKbn -154 83 72 0 Risk exposure amount, SEKbn -14 14 Full-time employees -982 549 507 -74 Allocated equity, average, SEKbn -12 5 6 ===== SIDA 27 ===== Swedbank – Report for the First quarter│ 2024│27 Note 5 Net interest income Q1 Q4 Q1 SEKm 2024 2023 2023 Interest income Cash and balances with central banks 4 007 3 663 3 406 Treasury bills and other bills eligible for refinancing with central banks, etc. 2 047 2 686 1 413 Loans to credit institutions 835 890 691 Loans to the public 23 075 22 950 16 769 Bonds and other interest-bearing securities 552 453 389 Derivatives¹ -1 044 -487 -126 Other assets -1 21 11 Total 29 470 30 175 22 553 Transfer of trading-related interests reported in Net gains and losses 1 261 1 730 1 121 Total interest income 28 209 28 445 21 432 Interest expense Amounts owed to credit institutions -1 280 -1 615 -1 287 Deposits and borrowings from the public -8 381 -7 979 -4 684 of which deposit guarantee fees -149 -82 -157 Debt securities in issue -6 895 -7 127 -5 860 Senior non-preferred liabilities -922 -895 -377 Subordinated liabilities -537 -475 -374 Derivatives¹ 127 587 1 864 Other liabilities -24 -26 -21 Total -17 911 -17 530 -10 739 Transfer of trading-related interests reported in Net gains and losses -2 302 -2 414 -1 242 Total interest expense -15 609 -15 116 -9 497 Net interest income 12 599 13 329 11 936 Net investment margin before trading-related interests are deducted 1.54 1.68 1.55 Average total assets 3 006 487 3 017 371 3 051 193 Interest income on financial assets at amortised cost 28 018 28 327 21 240 Interest expense on financial liabilities at amortised cost 17 166 17 075 12 100 1) The derivatives lines includes net interest income from derivatives hedging assets and liabilities in the balance sheet. T hese may have both positive and negative impact on interest income and interest expense. ===== SIDA 28 ===== Swedbank – Report for the First quarter│ 2024│28 Note 6 Net commission income Q1 Q4 Q1 SEKm 2024 2023 2023 Commission income Payment processing 620 625 601 Cards 1 641 1 786 1 580 Service concepts 420 414 392 Asset management and custody 2 632 2 426 2 222 Insurance 98 156 86 Securities and corporate finance 198 189 199 Lending 301 326 296 Other 201 122 250 Total commission income 6 113 6 043 5 625 Commission expense Payment processing -380 -412 -364 Cards -762 -885 -708 Service concepts -50 -46 -47 Asset management and custody -686 -651 -579 Insurance -84 -74 -69 Securities and corporate finance -99 -100 -93 Lending -24 -45 -40 Other -52 -75 -64 Total commission expense -2 137 -2 289 -1 965 Net commission income Payment processing 240 212 237 Cards 879 901 872 Service concepts 370 368 345 Asset management and custody 1 947 1 775 1 643 Insurance 13 82 17 Securities and corporate finance 99 89 105 Lending 277 281 256 Other 150 47 185 Total net commission income 3 976 3 754 3 660 ===== SIDA 29 ===== Swedbank – Report for the First quarter│ 2024│29 Note 7 Net gains and losses on financial items Q1 Q4 Q1 SEKm 2024 2023 2023 Fair value through profit or loss Shares and share related derivatives 370 152 -14 of which dividend 159 18 88 Interest-bearing securities and interest related derivatives 1 101 924 472 Financial liabilities 1 -6 0 Financial assets and liabilities where the customers bear the investment risk, net 13 8 -1 Other financial instruments -1 0 1 Total fair value through profit or loss 1 485 1 079 458 Hedge accounting Ineffectiveness, one-to-one fair value hedges 3 33 86 of which hedging instruments -3 214 16 482 3 676 of which hedged items 3 217 -16 450 -3 590 Ineffectiveness, portfolio fair value hedges -6 -29 82 of which hedging instruments -256 -6 620 -2 898 of which hedged items 250 6 591 2 980 Ineffectiveness, cash flow hedges -2 3 -1 Total hedge accounting -5 6 167 Amortised cost Derecognition gain or loss for financial assets 3 14 11 Derecognition gain or loss for financial liabilities 99 6 9 Total amortised cost 102 20 20 Trading related interest Interest income 1 261 1 730 1 121 Interest expense -2 302 -2 414 -1 242 Total trading related interest -1 041 -684 -121 Change in exchange rates 141 423 393 Total 682 845 916 ===== SIDA 30 ===== Swedbank – Report for the First quarter│ 2024│30 Note 8 Net insurance income Q1 Q4 Q1 SEKm 2024 2023 2023 Insurance service revenue 1 210 1 124 1 043 Insurance service expenses -943 -872 -799 Insurance service result 267 252 244 Result from reinsurance contracts held 1 -7 -16 Insurance finance income and expense -1 517 -1 020 -734 Insurance result -1 249 -776 -506 Return on financial assets backing insurance contracts with participation features 1 516 1 311 787 Total 267 535 282 Note 9 Other general administrative expenses Q1 Q4 Q1 SEKm 2024 2023 2023 Premises 98 122 121 IT expenses 836 926 631 Telecommunications and postage 36 28 32 Consultants 286 492 222 Compensation to savings banks 53 54 55 Other purchased services 325 316 267 Travel 26 43 27 Entertainment 6 13 6 Supplies 16 20 23 Advertising, PR and marketing 71 142 33 Security transport and alarm systems 21 19 17 Repair/maintenance of inventories 37 41 31 Other administrative expenses 120 82 111 Other operating expenses 25 12 29 Total 1 956 2 310 1 607 ===== SIDA 31 ===== Swedbank – Report for the First quarter│ 2024│31 Note 10 Credit impairment Q1 Q4 Q1 SEKm 2024 2023 2023 Credit impairments for loans at amortised cost Credit impairments - stage 1 -167 -283 259 Credit impairments - stage 2 -22 314 456 Credit impairments - stage 3 261 11 4 Credit impairments - purchased or originated credit impaired -1 0 0 Total 71 42 720 Write-offs 105 160 57 Recoveries -55 -33 -49 Total 51 127 9 Total - credit impairments for loans at amortised cost 122 168 729 Credit impairments for loan commitments and guarantees Credit impairments - stage 1 5 -93 35 Credit impairments - stage 2 -51 -10 21 Credit impairments - stage 3 68 297 -8 Total - credit impairments for loan commitments and guarantees 23 194 48 Total credit impairments 144 363 777 Credit impairment ratio, % 0.03 0.08 0.16 Calculation of credit impairment provisions The measurement of expected credit losses is described in Note G3.1 Credit risk on pages 86-91 of the 2023 Annual and Sustainability Report. Measurement of 12-month and lifetime expected credit losses While inflation has started to come down, the high interest rates and overall costs levels, combined with geopolitical instability, continue to weigh on private persons and companies, resulting in a high level of uncertainty regarding impact on credit risk. As the quantitative risk models do not yet reflect all potential deteriorations in credit quality, post-model adjustments have been made to capture potential future rating and stage migrations. Post-model expert credit adjustments to increase the credit impairment provisions continue to be deemed necessary and amounted to SEK 996m (SEK 1 324m at 31 December 2023) and are allocated as SEK 525m in stage 1 and SEK 471m in stage 2 (SEK 678m in stage 1, SEK 644m in stage 2 and SEK 1m in stage 3 at 31 December 2023). Customers and industries are reviewed and analysed considering the current situation, particularly in more vulnerable sectors. During the first quarter, the main changes were that post-model expert credit adjustments for the Property management sector and Retail sector were released whilst post-model expert credit adjustments for Manufacturing sector increased. The most significant post-model adjustments at 31 March 2024 were in the Property management, Manufacturing and Agriculture, forestry, fishing sectors. ===== SIDA 32 ===== Swedbank – Report for the First quarter│ 2024│32 The tables below show the quantitative thresholds used by the Group for assessing a significant increase in credit risk, namely: • Changes in the 12-month PD and internal risk rating grades, which have been applied for the portfolio of loans originated before 1 January 2018. For instance, for exposures originated with risk grades 0 to 5, a downgrade by 1 grade from initial recognition is assessed as a significant change in credit risk. Alternatively, for exposures originated with risk grades 18 to 21, a downgrade by 5 to 8 grades from initial recognition is considered significant. Internal risk ratings are assigned according to the risk management framework outlined in Note G3 Risks in the 2023 Annual and Sustainability Report. • Changes in the lifetime PD, which have been applied for the portfolio of loans originated on or after 1 January 2018. For instance, for exposures originated with risk grades 0 to 5, a 50 per cent increase in the lifetime PD from initial recognition is assessed as a significant change in credit risk. Alternatively, for exposures originated with risk grades 18 to 21, an increase of 200-300 per cent from initial recognition is considered significant except for Swedish mortgages where an absolute 12-month PD threshold is also applied. These limits reflect a lower sensitivity to change in the low-risk end of the risk scale and a higher sensitivity to change in the high-risk end of the scale. The Group has performed a sensitivity analysis on how credit impairment provisions would change if thresholds applied were increased or decreased. A lower threshold would increase the number of loans that have migrated from Stage 1 to Stage 2 and also increase the estimated credit impairment provisions. A higher threshold would have the opposite effect. The tables below disclose the impacts of this sensitivity analysis on the credit impairment provisions. Positive amounts represent higher credit impairment provisions that would be recognised. Significant increase in credit risk - financial instruments with initial recognition before 1 January 2018 Significant increase in credit risk - financial instruments with initial recognition on or after 1 January 2018 ===== SIDA 33 ===== Swedbank – Report for the First quarter│ 2024│33 Incorporation of forward-looking macroeconomic scenarios The Swedbank Economic Outlook was published on 25 January and the baseline scenario was updated by Swedbank Macro Research as of 11 March. The baseline scenario, with an assigned probability weight of 66.6 per cent, is aligned with the published outlook and incorporates updated observed outcome and data points. The alternative scenarios are aligned with the updated baseline scenario, with probability weights of 16.7 per cent assigned to both the upside and downside scenario. The table below sets out the key assumptions of the scenarios at 31 March 2024. 31 March 2024 Positive scenario Baseline scenario Negative scenario 2024 2025 2026 2024 2025 2026 2024 2025 2026 Sweden GDP (annual % change) 0.5 3.6 2.3 -0.1 3.0 2.6 -3.6 -4.1 3.6 Unemployment (annual %)¹ 8.4 8.4 7.7 8.4 8.4 7.8 8.8 11.1 10.9 House prices (annual % change) -1.7 4.9 4.3 -1.8 4.4 4.0 -10.7 -7.6 3.7 Stibor 3m (%) 3.72 2.64 2.11 3.54 2.41 2.10 3.02 0.52 0.25 Estonia GDP (annual % change) 0.6 3.7 3.1 -0.4 2.8 3.4 -4.2 -6.0 3.3 Unemployment (annual %) 7.5 6.2 5.5 7.7 6.8 5.9 8.4 12.2 13.5 House prices (annual % change) -0.7 4.7 5.1 -1.5 3.5 4.9 -18.0 -22.0 4.9 Latvia GDP (annual % change) 1.5 3.4 3.0 1.4 2.7 2.5 -2.6 -5.2 2.6 Unemployment (annual %) 6.5 5.8 5.7 6.6 6.1 6.0 8.4 12.4 12.7 House prices (annual % change) 1.4 5.0 3.9 0.0 4.7 5.3 -15.5 -23.1 -0.9 Lithuania GDP (annual % change) 1.6 2.5 2.1 1.1 2.0 2.3 -3.2 -6.0 3.1 Unemployment (annual %) 6.8 6.2 6.0 7.1 6.7 6.6 7.9 11.5 14.7 House prices (annual % change) 0.9 4.0 4.2 -0.1 3.7 4.9 -18.7 -23.2 1.9 Global indicators US GDP (annual %) 2.4 2.3 2.1 2.0 1.5 1.9 -0.2 -2.8 1.4 EU GDP (annual %) 0.5 2.1 1.2 -0.1 1.5 1.4 -3.2 -4.9 1.9 Brent Crude Oil (USD/Barrel) 81.3 76.3 72.5 80.2 75.5 72.5 61.4 43.9 56.2 Euribor 6m (%) 3.55 2.67 2.07 3.32 2.03 1.87 3.07 0.31 0.00 1) Unemployment rate, 16-64 years The rapid decline in inflation, combined with falling interest rates, increases the likelihood of a soft landing for many economies this year. The US economy has remained resilient and growth in 2024 will be only slightly slower than last year. Growth in the euro area economy has slowed down markedly, not least in Germany, but a recovery is expected in 2025. Intensified geopolitical tensions, not least in the Middle East, pose a risk to the global economic recovery. The disruption to trade flows in the Suez Canal is causing damage in the form of production delays and higher prices. If this remains an isolated event, it will not to be enough to reverse the downward trend in inflation. Falling inflation, lower interest rates and rising real incomes pave the way for a rapid recovery of the Swedish economy in 2025. However, the near-term outlook is bleak, and GDP is expected to be unchanged this year before growing by 3% next year. The labour market will continue to weaken and the unemployment rate is expected to peak at 8.6% in the fourth quarter of 2024. In the Baltic countries, GDP growth will resume in 2024, especially in the second half of the year, mainly driven by stronger household purchasing power. Growth is likely to accelerate in 2025. Unemployment is expected to remain stable or increase only slightly. ===== SIDA 34 ===== Swedbank – Report for the First quarter│ 2024│34 Sensitivity The table below shows the credit impairment provisions that would result from the negative and positive scenarios, which are considered reasonably possible, being assigned a probability weight of 100 per cent. Post-model expert credit adjustments are assumed to be constant in the results. Note 11 Bank taxes and resolution fees Q1 Q4 Q1 SEKm 2024 2023 2023 Swedish bank tax 276 294 292 Lithuanian bank tax 508 584 0 Latvian bank tax 107 0 0 Resolution fees 213 224 226 Total 1 104 1 102 518 Swedish bank tax refers to Risk tax on credit institutions that was introduced from 1 January 2022. It is applied on credit institutions with a tax base exceeding SEK 150bn. Lithuanian bank tax refers to the Lithuanian temporary solidarity contribution on credit institutions that was introduced and is calculated from May 2023 until the end of 2024. The bank tax is 60 percent and is applied to a part of the net interest income earned during the period which exceeds the average net interest income of four historical years by more than 50 percent. Latvian bank tax refers to the temporary fee that was introduced January 1, 2024 and applies for 2024 only. The bank tax will be charged with 0.5% per quarter calculated on the total portfolio of floating mortgage loans signed before October 31, 2023. ===== SIDA 35 ===== Swedbank – Report for the First quarter│ 2024│35 Note 12 Loans The following tables present loans to the public and credit institutions at amortised cost by industry sectors, loans and credit impairment provisions ratios. ===== SIDA 36 ===== Swedbank – Report for the First quarter│ 2024│36 ===== SIDA 37 ===== Swedbank – Report for the First quarter│ 2024│37 Note 13 Credit impairment provisions The following table presents a summary of credit impairment provisions for financial instruments that are subject to the credit impairment requirements. The following table presents gross carrying amounts and nominal amounts by stage for financial instruments that are subject to the credit impairment requirements. ===== SIDA 38 ===== Swedbank – Report for the First quarter│ 2024│38 Reconciliation of credit impairment provisions for loans The tables below provide a reconciliation of credit impairment provisions for loans to the public and credit institutions at amortised cost. Loan commitments and financial guarantees The tables below provide a reconciliation of credit impairment provisions for loan commitments and financial guarantees. ===== SIDA 39 ===== Swedbank – Report for the First quarter│ 2024│39 Note 14 Credit risk exposures 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Assets Cash and balances with central banks 346 835 252 994 361 343 Interest-bearing securities 291 314 237 460 362 891 Loans to credit institutions 44 819 67 534 59 316 Loans to the public 1 890 048 1 863 375 1 838 152 Derivatives 42 665 39 563 37 351 Other financial assets 21 564 7 972 28 114 Total assets 2 637 245 2 468 899 2 687 168 Contingent liabilities and commitments Guarantees 44 123 43 835 42 136 Loan commitments 261 670 249 422 265 181 Total contingent liabilities and commitments 305 793 293 257 307 317 Total 2 943 038 2 762 156 2 994 484 ===== SIDA 40 ===== Swedbank – Report for the First quarter│ 2024│40 Note 15 Intangible assets Indefinate useful life Definate useful life Total Goodwill & Brand Other intangible assets Jan-Mar Full year Jan-Mar Jan-Mar Full year Jan-Mar Jan-Mar Full year Jan-Mar SEKm 2024 2023 2023 2024 2023 2023 2024 2023 2023 Opening balance 13 861 13 850 13 850 6 580 6 036 6 036 20 440 19 886 19 886 Additions 0 0 301 1 265 379 301 1 265 379 Amortisation for the period -204 -641 -138 -204 -641 -138 Impairment for the period 0 -81 0 -81 Sales and disposals 0 0 -2 0 -1 -2 0 -1 Exchange rate differences 424 11 175 2 1 1 426 12 176 Closing balance 14 285 13 861 14 024 6 677 6 580 6 276 20 962 20 440 20 301 As of 31 March 2024, there was no indication of an impairment of intangible assets. During 2023, impairments of SEK 81m was made in relation to internally developed software, which will no longer be used. Note 16 Amounts owed to credit institutions 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Central banks 11 097 10 098 22 971 Banks 69 676 46 540 76 198 Other credit institutions 5 827 8 162 8 104 Repurchase agreements 7 073 7 256 29 155 Total 93 671 72 054 136 427 Note 17 Deposits and borrowings from the public 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Private customers 712 385 702 565 699 943 Corporate customers 553 600 527 863 603 119 Total deposits from customers 1 265 985 1 230 428 1 303 062 Cash collaterals received 3 816 3 470 4 449 Swedish National Debt Office 229 94 85 Repurchase agreements - Swedish National Debt Office 1 3 0 Repurchase agreements 5 362 268 5 482 Total borrowings 9 408 3 835 10 017 Deposits and borrowings from the public 1 275 393 1 234 262 1 313 079 ===== SIDA 41 ===== Swedbank – Report for the First quarter│ 2024│41 Note 18 Debt securities in issue, senior non-preferred liabilities and subordinated liabilities 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Commercial papers 349 033 263 334 407 435 Covered bonds 361 343 345 615 331 013 Senior unsecured bonds 116 237 118 238 123 968 Structured retail bonds 1 013 1 361 2 155 Total debt securities in issue 827 627 728 548 864 571 Senior non-preferred liabilities 119 171 104 828 66 774 Subordinated liabilities 40 933 32 841 37 232 Total 987 731 866 217 968 577 Jan-Mar Full-year Jan-Mar Turnover 2024 2023 2023 Opening balance 866 217 872 976 872 976 Issued 205 560 893 599 290 932 Repurchased -1 129 -20 295 -5 832 Repaid -118 285 -899 951 -195 532 Interest, change in fair values or hedged items in fair value hedges and changes in exchange rates 35 367 19 888 6 033 Closing balance 987 731 866 217 968 577 Note 19 Derivatives Nominal amount Positive fair value Negative fair value 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 2024 2023 2023 2024 2023 2023 Derivatives in hedge accounting One-to-one fair value hedges 598 946 558 527 534 771 3 015 6 415 984 17 107 15 654 26 465 Portfolio fair value hedges 343 750 352 036 400 750 9 149 9 665 18 017 596 503 43 Cash flow hedges 8 496 8 188 8 307 893 596 731 Total 951 192 918 751 943 828 13 057 16 676 19 732 17 703 16 157 26 508 Non-hedge accounting derivatives 34 833 358 33 026 557 32 244 837 931 479 887 411 1 149 370 930 928 925 558 1 158 022 Gross amount 35 784 550 33 945 308 33 188 666 944 536 904 087 1 169 102 948 631 941 715 1 184 530 Offset amount -901 871 -864 523 -1 131 750 -909 623 -868 262 -1 136 671 Total 42 665 39 563 37 351 39 008 73 453 47 859 1) Interest rate swaps 2) Cross currency basis swaps The Group trades in derivatives in the normal course of business and for the purpose of hedging certain positions that are exposed to share price, interest rate, credit and currency risks. The carrying amounts of all derivatives refer to fair value including accrued interest. ===== SIDA 42 ===== Swedbank – Report for the First quarter│ 2024│42 Note 20 Valuation categories for financial instruments The tables below present the carrying amount and fair value of financial assets and financial liabilities, according to valuation categories. The methodologies to determine the fair value are described in the Annual and Sustainability Report 2023, note G47 Fair value of financial instruments. ===== SIDA 43 ===== Swedbank – Report for the First quarter│ 2024│43 ===== SIDA 44 ===== Swedbank – Report for the First quarter│ 2024│44 Note 21 Financial instruments recognised at fair value The determination of fair value, the valuation hierarchy and the valuation process for fair value measurements in Level 3 are described in the Annual and Sustainability Report 2023, note G47 Fair value of financial instruments. The financial instruments are distributed in three levels depending on the degree of observable market data in the valuation and activity in the market. • Level 1: Unadjusted quoted price on an active market. • Level 2: Adjusted quoted price or valuation model with valuation parameters derived from an active market. • Level 3: Valuation model where significant valuation parameters are non-observable and based on internal assumptions. The following tables present fair values of financial instruments recognised at fair value split between the three valuation hierarchy levels. Transfers between levels are reflected as per the fair value at closing day. There were no transfers of financial instruments between valuation levels 1 and 2 during the period. Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have changed in significance to the valuation. Level 3 mainly comprises strategic unlisted shares. These include holdings in VISA Inc. C shares that are subject to selling restrictions until June 2028 and under certain conditions may have to be returned. Liquid quotes are not available for these shares, therefore the fair value is established with significant elements of ===== SIDA 45 ===== Swedbank – Report for the First quarter│ 2024│45 Swedbank’s own internal assumptions. The carrying amount of the holdings in Visa Inc. C amounted as per 31 mars 2024 to SEK 615m (SEK 467m 31 mars 2023). In the Group’s insurance operations, fund units are held in which the customers have chosen to invest their insurance savings. The holdings are reported in the balance sheet as financial assets where the customers bear the investment risk and are normally measured at fair value according to level 1, because the units are traded in an active market. The Group’s obligations to insurance savers are reported as financial liabilities where the customers bear the investment risk because it is the customers who bear the entire market value change of the assets. The liabilities are normally measured at fair value according to level 2. During the first quarter 2022, trading was closed in whole or in part in Russia and Eastern Europe targeted funds. Remaining unit holdings, only correlated to the Russia funds, and related liabilities to the insurance savers have been measured at fair value according to level 3 and been measured at value SEK 0m. Note 22 Assets pledged, contingent liabilities and commitments 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Loans used as collateral for covered bonds¹ 394 281 381 369 371 022 Assets recorded in register on behalf of insurance policy holders 375 410 335 375 304 184 Other assets ledged for own liabilities 116 545 151 763 84 913 Other assets pledged 17 311 18 253 15 398 Assets pledged 903 547 886 760 775 517 Nominal amounts Guarantees 44 123 43 835 42 136 Other 74 77 75 Contingent liabilities 44 197 43 911 42 211 Nominal amounts Loans granted not paid 207 166 192 919 207 713 Overdraft facilities granted but not utilised 54 504 56 503 57 468 Commitments 261 670 249 422 265 181 1) The pledge is defined as the borrower’s nominal debt including accrued interest and refers to the loans of the total avail able collateral that are used as the pledge at each point in time. Swedbank is cooperating with authorities in the United States who are conducting investigations into Swedbank’s historic AML compliance and the Group's response thereto, as well as related issues involving the Group's anti-money laundering controls and certain individuals and entities who may at some time have been customers of the Group. Investigations by the Department of Justice (DoJ), the Securities and Exchange Commission (SEC) and the Department of Financial Services (DFS) in New York are ongoing. In June 2023, Swedbank reached an agreement to remit SEK 37m related to violation of OFAC regulations. The timing of the completion of the investigations is still unknown and the outcomes are still uncertain. It is therefore not possible to reliably estimate the amount of any potential settlement or fines, which could be material. In February, the Estonian Prosecutor’s Office closed its investigation of suspected money laundering offences by Swedbank AS in 2014–2016. The criminal investigation originated from the Estonian FSA’s previous investigation of Swedbank AS in 2019. ===== SIDA 46 ===== Swedbank – Report for the First quarter│ 2024│46 Note 23 Offsetting financial assets and liabilities The tables below present recognised financial instruments that have been offset in the balance sheet under IAS 32 and those that are subject to legally enforceable master netting or similar agreements but do not qualify for offset. Such financial instruments relate to derivatives, repurchase and reverse repurchase agreements, securities settlements, securities borrowing and lending transactions. Collateral amounts represent financial instruments or cash collateral received or pledged for transactions that are subject to a legally enforceable master netting or similar agreements and which allow for the netting of obligations against the counterparty in the event of a default. Collateral amounts are limited to the amount of the related instruments presented in the balance sheet; therefore any over-collateralisation is not included. Amounts that are not offset in the balance sheet are presented as a reduction to the financial assets or liabilities in order to derive net asset and net liability exposure. Financial assets Financial liabilities 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 2024 2023 2023 Financial assets and liabilities, which have been offset or are subject to netting Gross amount 1 190 873 1 036 690 1 292 397 1 115 533 1 035 778 1 292 412 Offset amount -1 054 511 -951 626 -1 202 839 -1 062 263 -955 365 -1 207 759 Net amounts presented in the balance sheet 136 362 85 064 89 559 53 270 80 414 84 653 Related amounts not offset in the balance sheet Financial instruments, netting arrangements 22 640 21 929 29 111 19 295 21 930 29 111 Financial Instruments, collateral 89 364 45 980 42 982 18 163 19 294 35 549 Cash collateral 13 075 7 460 8 217 8 796 38 055 16 002 Total amount not offset in the balance sheet 125 079 75 369 80 310 46 254 79 279 80 662 Net amount 11 283 9 695 9 249 7 015 1 135 3 991 The amount offset for derivative assets includes offset cash collateral of SEK 8 116m (9 542) derived from the balance sheet item Amounts owed to credit institutions. The amount offset for derivative liabilities includes offset cash collateral of SEK 15 869m (13 281), derived from the balance sheet item Loans to credit institutions. ===== SIDA 47 ===== Swedbank – Report for the First quarter│ 2024│47 Note 24 Capital adequacy, consolidated situation This note contains the information made public according to the Swedish Financial Supervisory Authority Regulation FFFS 2008:25. Additional periodic information according to Regulation (EU) No 575/2013 of the European Parliament and of the Council on Supervisory Requirements for Credit Institutions and Implementing Regulation (EU) No 2021/637 of the European Commission can be found on Swedbank’s website: https://www.swedbank.com/ investor- relations/reports-and- presentations/risk-reports. In the consolidated situation the Group’s insurance companies are accounted for according to the equity method instead of full consolidation. Joint venture companies EnterCard Group AB, Invidem AB and P27 Nordic Payments Platform AB consolidates by proportional method instead of accounted for with the equity method. Otherwise, the same principles for consolidations are applied as for the Group. Otherwise, the same principles for consolidations are applied as for the Group. 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar Consolidated situation, SEKm 2024 2023 2023 2023 2023 Available own funds Common Equity Tier 1 (CET1) capital 166 143 160 659 156 880 152 511 147 702 Tier 1 capital 187 988 174 848 171 844 167 442 162 241 Total capital 208 908 195 648 192 499 193 791 185 944 Risk-weighted exposure amounts Total risk exposure amount 859 345 847 121 837 943 819 021 806 178 Capital ratios as a percentage of risk-weighted exposure amount Common Equity Tier 1 ratio 19.3 19.0 18.7 18.6 18.3 Tier 1 ratio 21.9 20.6 20.5 20.4 20.1 Total capital ratio 24.3 23.1 23.0 23.7 23.1 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 2.7 2.7 2.7 2.3 2.3 of which: to be made up of CET1 capital 1.8 1.8 1.8 1.5 1.5 of which: to be made up of Tier 1 capital 2.1 2.1 2.1 1.8 1.8 Total SREP own funds requirements 10.7 10.7 10.7 10.3 10.3 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 0.0 0.0 0.0 0.0 0.0 Institution-specific countercyclical capital buffer 1.7 1.7 1.6 1.6 0.9 Systemic risk buffer 3.1 3.1 3.1 3.1 3.0 Global Systemically Important Institution buffer 0.0 0.0 0.0 0.0 0.0 Other Systemically Important Institution buffer 1.0 1.0 1.0 1.0 1.0 Combined buffer requirement 8.3 8.3 8.2 8.2 7.4 Overall capital requirements 18.9 19.0 18.9 18.4 17.7 CET1 available after meeting the total SREP own funds requirements 13.0 12.4 12.3 12.6 12.3 Leverage ratio Total exposure measure 2 957 209 2 689 307 2 876 831 2 892 936 2 921 562 Leverage ratio, % 6.4 6.5 6.0 5.8 5.6 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 0 0 0 0 of which: to be made up of CET1 capital 0.0 0.0 0.0 0.0 0.0 Total SREP leverage ratio requirements 3.0 3.0 3.0 3.0 3.0 Leverage ratio buffer and overall leverage ratio requirement as a percentage of total exposure measure Leverage ratio buffer requirement Overall leverage ratio requirement 3.0 3.0 3.0 3.0 3.0 Liquidity Coverage Ratio¹² Total high-quality liquid assets, average weighted value 691 200 709 683 722 060 717 976 715 174 Cash outflows, total weighted value 499 465 521 325 536 211 537 832 544 397 Cash inflows, total weighted value 58 558 58 123 55 863 55 578 53 133 Total net cash outflows, adjusted value 440 907 463 202 480 347 482 255 491 264 Liquidity coverage ratio, % 158.2 154.2 151.0 149.8 146.5 Net stable funding ratio Total available stable funding 1 781 575 1 720 299 1 722 723 1 741 688 1 709 056 Total required stable funding 1 415 898 1 390 353 1 420 508 1 415 740 1 418 583 Net stable funding ratio, % 125.9 123.7 121.3 123.0 120.5 1) The liquidity coverage ratio has been re-calculated and figures prior to 2024 have been adjusted. 2) High quality liquid assets and cashflows refer to the average of the values at each month -end during the last 12 months. The ratio is calculated as an average of the 12 last month-end observations. ===== SIDA 48 ===== Swedbank – Report for the First quarter│ 2024│48 Common Equity Tier 1 capital 31 Mar 31 Dec 31 Mar Consolidated situation, SEKm 2024 2023 2023 Shareholders' equity according to the Group's balance sheet 192 114 198 760 173 334 Anticipated dividend -4 214 -17 049 -3 780 Value changes in own financial liabilities -125 -150 -227 Cash flow hedges -13 -9 -11 Additional value adjustments -528 -609 -803 Goodwill -14 298 -13 874 -14 037 Deferred tax assets -20 -25 -41 Intangible assets -3 800 -4 470 -4 320 Insufficient coverage for non-performing exposures -87 -61 -9 Deductions of CET1 capital due to Article 3 CRR -141 -140 -113 Shares deducted from CET1 capital -48 -46 -39 Pension fund assets -2 696 -1 667 -2 253 Total 166 143 160 659 147 702 Risk exposure amount 31 Mar 31 Dec 31 Mar Consolidated situation, SEKm 2024 2023 2023 Credit risks, standardised approach 59 138 59 387 53 128 Credit risks, IRB 388 620 374 538 337 809 Default fund contribution 329 335 231 Settlement risks 0 0 0 Market risks 18 364 16 592 19 837 Credit value adjustment 1 569 2 986 1 976 Operational risks 96 123 96 123 79 995 Additional risk exposure amount, Article 3 CRR 27 279 29 234 73 400 Additional risk exposure amount, Article 458 CRR 267 924 267 925 239 802 Total 859 345 847 121 806 178 SEKm % Capital requirements¹ 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar Consolidated situation, SEKm / % 2024 2023 2023 2024 2023 2023 Capital requirement Pillar 1 139 869 138 023 124 354 16.3 16.3 15.4 of which Buffer requirements² 71 121 70 254 59 860 8.3 8.3 7.4 Capital requirement Pillar 2³ 22 945 22 618 18 300 2.7 2.7 2.3 Pillar 2 guidance 4 297 4 236 8 062 0.5 0.5 1.0 Total capital requirement including Pillar 2 guidance 167 110 164 877 150 716 19.4 19.5 18.7 Own funds 208 908 195 648 185 944 1) Swedbank's calculation based on the SFSA's announced capital requirements, including Pillar 2 requirements and Pillar 2 guidance. 2) Buffer requirements includes systemic risk buffer, capital conservation buffer, countercyclical capital buffer and buffer for other systemically important institutions. 3) Individual Pillar 2 requirement according to decision from SFSA SREP 2023. SEKm % Leverage ratio requirements¹ 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar Consolidated situation, SEKm / % 2024 2023 2023 2024 2023 2023 Leverage ratio requirement Pillar 1 88 716 80 679 87 647 3.0 3.0 3.0 Leverage ratio Pillar 2 guidance 14 786 13 447 13 147 0.5 0.5 0.5 Total capital requirement including Pillar 2 guidance 103 502 94 126 100 794 3.5 3.5 3.5 Tier 1 capital 187 988 174 848 162 241 1) Swedbank's calculation based on the SFSA's announced leverage ratio requirements, including Pillar 2 requirements and Pillar 2 guidance. ===== SIDA 49 ===== Swedbank – Report for the First quarter│ 2024│49 Note 25 Internal capital requirement This note provides information on the internal capital assessment according to chapter 8, section 5 of the SFSA’s regulation on prudential requirements and capital buffers (2014:12). The internal capital assessment is published in the interim report according to chapter 8, section 4 of the SFSA’s regulation and general advice on annual reports from credit institutions and investment firms (2008:25). A bank must identify, measure and manage the risks with which its activities are associated and have sufficient capital to cover these risks. The purpose of the Internal Capital Adequacy Assessment Process (ICAAP) is to ensure that the bank is sufficiently capitalised to cover its risks and to conduct and develop its business activities. Swedbank applies its own models and processes to evaluate its capital need for all relevant risks. The models that serve as a basis for the internal capital assessment evaluate the need for economic capital over a one-year horizon at a 99.9 per cent confidence level for each type of risk. Diversification effects between various types of risks are not taken into account in the calculation of economic capital. As a complement to the economic capital calculation, scenario-based simulations and stress tests are conducted at least once a year. The analyses provide an overview of the most important risks Swedbank is exposed to by quantifying their impact on the income statement and balance sheet as well as the own funds and risk-weighted assets. The purpose is to ensure efficient use of capital. This methodology serves as a basis of proactive risk and capital management. As of 31 March 2024, the internal capital assessment for Swedbank’s consolidated situation amounted to SEK 50bn (SEK 50.5bn as of 31 December 2023). The capital to meet the internal capital assessment, i.e. the Total capital, amounted to SEK 208.9bn (SEK 195.6bn as of 31 December 2023) (see Note 24). Swedbank’s internal capital assessment using its own models is not comparable with the estimated capital requirement that the SFSA releases quarterly and does not consider the SFSA risk-weight floor for Swedish mortgages. The internally estimated capital requirement for the parent company amounted to SEK 33.7bn (SEK 34.4bn as of 31 December 2023) and the total capital amounted to SEK 153.7bn (SEK 142.8bn as of 31 December 2023) (see the parent company’s note on capital adequacy). In addition to what is stated in this interim report, risk management and capital adequacy according to the Basel III framework are described in more detail in Swedbank’s Annual and Sustainability Report 2023 as well as in Swedbank’s yearly Risk Management and Capital Adequacy Report, available on www.swedbank.se. Note 26 Risks and uncertainties Swedbank’s earnings are affected by changes in the global marketplace over which it has no control, including macroeconomic factors such as GDP, asset prices and unemployment as well as changes in interest rates, equity prices and exchange rates. Geopolitical situation The geopolitical situation is still uncertain due to the instability in the Middle east, the ongoing Russian war of aggression against Ukraine, and an increasingly protectionist trade policies that could affect the financial risks. Although these factors have had a significant impact on the economy, Swedbank has low to negligible direct exposures to counterparts in the warring countries and is assessed to have the ability to manage the indirect risks that may arise due to the heightened geopolitical uncertainty. Inflation Global inflation is declining, but it remains significantly above the monetary policy target levels. Both lowering interest rates too early and keeping them high for too long pose a risk to the economies of the Nordic and Baltic regions, which could ultimately cause an economic downturn and increased unemployment. This concern is exacerbated by relatively high levels of household debt and short-term interest rate binding periods in Sweden, making them particularly sensitive to further interest rate hikes. Challenges and risk in digitalisation Swedbank continuously monitors operational risks and focuses on areas where the risks are considered highest. Swedbank has noted an increase of cyber risk due to geopolitical situation. During first quarter, Swedbank has prioritised activities to improve IT and information security, including cyber risk. Swedbank works continuously to ensure high service availability and security for its customers. Swedbank’s capacity to manage these risks is good. Fraud is a growing issue that is discussed at the highest societal level, especially focusing on fraud prevention activities within senior citizen population. Swedbank invests in and continuously improves the bank’s resilience and ability to detect, prevent, and investigate fraud related crimes. Anti-money laundering and Counter terrorist financing and other compliance risks For risks related to the ongoing investigations of authorities in US related to historic anti-money laundering compliance and response related to anti- money laundering controls, please refer to Note 22 Assets pledged, contingent liabilities and commitments. The risk level related to Market Conduct risk (within Conduct risk) is elevated and risk-mitigating activities are ongoing. ===== SIDA 50 ===== Swedbank – Report for the First quarter│ 2024│50 Tax The tax area is complex and there can be a scope for different interpretations. Practices and interpretations of applicable laws can be changed, sometimes retroactively. In the event that the tax authorities and, where appropriate, the tax courts decide on a different interpretation than what Swedbank initially made, it could impact the Group’s operations, results and financial position. In addition to what is stated in this interim report, detailed descriptions are provided in Swedbank’s 2023 Annual and sustainability report and in the disclosures in the Risk Management and Capital Adequacy reports available at www.swedbank.com. Change in value if the market interest rate rises by one percentage point Impact in SEKm on the net value of assets and liabilities, including derivatives, when market interest rates are increased by one percentage point. 31 March 2024 < 5 yrs 5-10 yrs > 10 yrs Total SEK -975 -107 255 -827 Foreign currencies 1 010 -305 -28 677 Total 35 -412 227 -150 31 December 2023 SEK -1 289 38 331 -920 Foreign currencies 1 110 -242 -69 799 Total -179 -204 262 -121 Impact in SEKm on the net value of assets and liabilities measured at fair value through profit or loss, when market interest rates are increased by one percentage point. 31 March 2024 < 5 yrs 5-10 yrs > 10 yrs Total SEK 793 -644 280 429 Foreign currencies -700 -279 39 -940 Total 93 -923 319 -511 31 December 2023 SEK 788 -805 428 411 Foreign currencies -583 -293 -18 -894 Total 205 -1 098 410 -483 Note 27 Related-party transactions During the period normal business transactions were executed between companies in the Group, including other related companies such as associates and joint ventures. The five partly owned savings banks are important associates. ===== SIDA 51 ===== Swedbank – Report for the First quarter│ 2024│51 Note 28 Swedbank’s share 31 Mar 31 Dec 31 Mar Number of outstanding ordinary shares 2024 2023 2023 Issued shares SWED A 1 132 005 722 1 132 005 722 1 132 005 722 Repurchased shares SWED A -6 752 058 -7 209 322 -7 446 771 Number of outstanding ordinary shares on the closing day 1 125 253 664 1 124 796 400 1 124 558 951 SWED A Last price, SEK 212.30 201.70 170.15 Market capitalisation, SEKm 238 891 226 871 191 343 During 2024, within Swedbank's share-based compensation programme, Swedbank AB transferred 457 264 shares at no cost to employees. Q1 Q4 Q1 Earnings per share 2024 2023 2023 Average number of shares Average number of shares before dilution 1 125 014 707 1 124 509 662 1 123 704 913 Weighted average number of shares for potential ordinary shares that incur a dilutive effect due to share- based compensation programme 3 121 382 2 862 375 2 729 989 Average number of shares after dilution 1 128 136 089 1 127 372 036 1 126 434 902 Profit, SEKm Profit for the period attributable to shareholders of Swedbank 8 428 8 321 7 561 Earnings for the purpose of calculating earnings per share 8 428 8 321 7 561 Earnings per share, SEK Earnings per share before dilution 7.49 7.40 6.73 Earnings per share after dilution 7.47 7.38 6.71 ===== SIDA 52 ===== Swedbank – Report for the First quarter│ 2024│52 Financial statements - Swedbank AB Income statement, condensed Parent company Q1 Q4 Q1 SEKm 2024 2023 2023 Interest income 22 275 23 620 18 136 Interest expense -16 611 -16 792 -11 311 Net interest income 5 663 6 828 6 825 Dividends received 5 627 4 869 6 262 Net commission income 1 764 1 682 1 699 Net gains and losses on financial items 266 1 152 342 Other income 1 096 1 057 923 Total income 14 416 15 588 16 051 Staff costs 3 103 3 042 2 883 Other expenses 1 829 2 147 1 557 Depreciation/amortisation and impairment of tangible and intangible fixed 1 304 1 261 1 265 Administrative fines 890 Total expenses 6 236 6 450 6 596 Profit before impairments, Swedish bank tax and resolution fees 8 180 9 138 9 455 Credit impairments, net 109 214 547 Impairment of financial assets¹ 115 Swedish bank tax and resolution fees 337 339 337 Operating profit 7 734 8 471 8 571 Appropriations 6 995 Tax expense 951 317 1 101 Profit for the period 6 783 1 159 7 471 1) Impairment of financial assets refers to impairment of P27 Nordic Payments Platform AB. Statement of comprehensive income, condensed Parent company Q1 Q4 Q1 SEKm 2024 2023 2023 Profit for the period reported via income statement 6 783 1 159 7 471 Total comprehensive income for the period 6 783 1 159 7 471 ===== SIDA 53 ===== Swedbank – Report for the First quarter│ 2024│53 Balance sheet, condensed Parent company 31 Mar 31 Dec 31 Mar SEKm 2024 2023 2023 Assets Cash and balances with central banks 213 228 116 547 218 900 Loans to credit institutions 801 514 817 011 819 143 Loans to the public 484 590 471 612 464 675 Interest-bearing securities 286 068 235 641 357 321 Shares and participating interests 89 867 77 642 77 176 Derivatives 53 460 49 650 53 621 Other assets 44 553 37 196 39 100 Total assets 1 973 281 1 805 299 2 029 938 Liabilities and equity Amounts owed to credit institutions 187 881 152 479 186 713 Deposits and borrowings from the public 899 717 864 906 952 674 Value change of the hedged liabilities in portfolio hedges of interest rate risk 125 209 Debt securities in issue 460 933 378 554 528 185 Derivatives 62 908 96 284 78 986 Other liabilities and provisions 81 056 44 476 65 920 Senior non-preferred liabilities 119 171 104 828 66 774 Subordinated liabilities 40 933 32 841 37 232 Untaxed reserves 12 362 12 362 5 367 Equity 108 194 118 359 108 088 Total liabilities and equity 1 973 281 1 805 299 2 029 938 Pledged collateral 116 326 151 609 84 810 Other assets pledged 17 311 18 253 15 398 Contingent liabilities 89 893 88 535 88 787 Commitments 245 935 235 739 254 058 ===== SIDA 54 ===== Swedbank – Report for the First quarter│ 2024│54 Statement of changes in equity, condensed Parent company SEKm Restricted equity Non-restricted equity January-March 2024 Share capital Statutory reserve Share premium reserve Retained earnings Total Opening balance 1 January 2024 24 904 5 968 13 206 74 281 118 359 Dividend -17 048 -17 048 Share based payments to employees 100 100 Total comprehensive income for the period 6 783 6 783 Closing balance 31 March 2024 24 904 5 968 13 206 64 116 108 194 January-December 2023 Opening balance 1 January 2023 24 904 5 968 13 206 67 424 111 502 Dividend -10 964 -10 964 Share based payments to employees 301 301 Total comprehensive income for the period 17 520 17 520 Closing balance 31 December 2023 24 904 5 968 13 206 74 281 118 359 January-March 2023 Opening balance 1 January 2023 24 904 5 968 13 206 67 424 111 502 Dividend -10 964 -10 964 Share based payments to employees 79 79 Total comprehensive income for the period 7 471 7 471 Closing balance 31 March 2023 24 904 5 968 13 206 64 010 108 088 Cash flow statement, condensed Parent company Jan-Mar Full-year Jan-Mar SEKm 2024 2023 2023 Cash flow from operating activities 70 658 -137 536 -22 969 Cash flow from investing activities 9 140 5 794 12 994 Cash flow from financing activities 16 883 32 975 13 562 Cash flow for the period 96 681 -98 767 3 587 Cash and cash equivalents at beginning of period 116 547 215 314 215 314 Cash flow for the period 96 681 -98 767 3 587 Cash and cash equivalents at end of period 213 228 116 547 218 900 ===== SIDA 55 ===== Swedbank – Report for the First quarter│ 2024│55 Capital adequacy 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar Parent company, SEKm 2024 2023 2023 2023 2023 Available own funds Common equity tier 1 (CET1) capital 111 949 109 148 106 441 106 100 106 324 Tier 1 capital 133 793 123 336 121 405 121 031 120 863 Total capital 153 667 142 832 140 837 146 348 143 484 Risk-weighted exposure amounts Total risk exposure amount 435 166 427 077 414 671 393 039 381 565 Capital ratios as a percentage of risk-weighted exposure amount Common equity tier 1 ratio 25.7 25.6 25.7 27.0 27.9 Tier 1 ratio 30.7 28.9 29.3 30.8 31.7 Total capital ratio 35.3 33.4 34.0 37.2 37.6 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 1.2 1.2 1.2 2.1 2.1 of which: to be made up of CET1 capital 0.8 0.8 0.8 1.4 1.4 of which: to be made up of Tier 1 capital 0.9 0.9 0.9 1.6 1.6 Total SREP own funds requirements 9.2 9.2 9.2 10.1 10.1 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 Institution-specific countercyclical capital buffer 1.6 1.7 1.7 1.6 0.9 Systemic risk buffer 0.0 0.0 0.0 0.0 0.0 Global Systemically Important Institution buffer Other Systemically Important Institution buffer Combined buffer requirement 4.1 4.2 4.2 4.1 3.4 Overall capital requirements 13.4 13.4 13.4 14.2 13.5 CET1 available after meeting the total SREP own funds requirements 20.5 20.3 20.4 21.1 21.9 Leverage ratio Total exposure measure 1 571 858 1 308 778 1 532 147 1 529 710 1 521 947 Leverage ratio, % 8.5 9.4 7.9 7.9 7.9 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 of which: to be made up of CET1 capital Total SREP leverage ratio requirements 3.0 3.0 3.0 3.0 3.0 Leverage ratio buffer and overall leverage ratio requirement as a percentage of total exposure measure Leverage ratio buffer requirement Overall leverage ratio requirement 3.0 3.0 3.0 3.0 3.0 Liquidity coverage ratio¹² Total high-quality liquid assets, average weighted value 571 529 588 366 595 633 581 236 571 405 Cash outflows, total weighted value 504 906 530 163 547 814 547 225 571 247 Cash inflows, total weighted value 51 895 51 162 50 033 50 918 51 115 Total net cash outflows, adjusted value 453 011 479 001 497 781 496 308 520 131 Liquidity coverage ratio, % 126.8 123.5 120.0 117.5 110.6 Net stable funding ratio Total available stable funding 1 095 569 1 033 099 1 044 967 1 039 516 1 032 023 Total required stable funding 614 594 596 745 601 829 589 546 601 344 Net stable funding ratio, % 178.3 173.1 173.6 176.3 171.6 1) The liquidity coverage ratio has been re-calculated and figures prior to 2024 have been adjusted. 2) High quality liquid assets and cashflows refer to the average of the values at each month-end during the last 12 months. The ratio is calculated as an average of the 12 last month-end observations. ===== SIDA 56 ===== Swedbank – Report for the First quarter│ 2024│56 Risk exposure amount 31 Mar 31 Dec 31 Mar Parent company, SEKm 2024 2023 2023 Credit risks, standardised approach 131 424 125 798 104 306 Credit risks, IRB 197 172 196 446 175 375 Default fund contribution 329 335 231 Settlement risks 0 0 0 Market risks 18 117 16 690 19 747 Credit value adjustment 1 538 2 940 1 968 Operational risks 50 860 50 860 42 408 Additional risk exposure amount, Article 3 CRR 1 000 500 29 358 Additional risk exposure amount, Article 458 CRR 34 726 33 508 8 172 Total 435 166 427 077 381 565 SEKm % Capital requirements¹ 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar Parent company, SEKm / % 2024 2023 2023 2024 2023 2023 Capital requirement Pillar 1 52 870 51 942 43 500 12.1 12.2 11.4 of which Buffer requirements² 18 056 17 775 12 975 4.1 4.2 3.4 Capital requirement Pillar 2³ 5 353 5 253 8 013 1.2 1.2 2.1 Total capital requirement including Pillar 2 guidance 58 222 57 195 51 513 13.4 13.4 13.5 Own funds 153 667 142 832 143 484 0 0 0 1) Swedbank's calculation based on the SFSA's announced capital requirements, including Pillar 2 requirements and Pillar 2 guidance. 2) Buffer requirements includes capital conservation buffer and countercyclical capital buffer. 3) Individual Pillar 2 requirement according to decision from SFSA SREP 2023. SEKm % Leverage ratio requirements¹ 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar Parent company, SEKm / % 2024 2023 2023 2024 2023 2023 Leverage ratio requirement Pillar 1 47 156 39 263 45 658 3.0 3.0 3.0 Total leverage ratio requirement including Pillar 2 guidance 47 156 39 263 45 658 3.0 3.0 3.0 Tier 1 capital 133 793 123 336 120 863 0 0 0 1) Swedbank's calculation based on the SFSA's announced leverage ratio requirements, including Pillar 2 requirements and Pillar 2 guidance. ===== SIDA 57 ===== Swedbank – Report for the First quarter│ 2024│57 Alternative performance measures Swedbank prepares its financial statements in accordance with IFRS as adopted by the EU, as set out in Note 1. The interim report includes a number of alternative performance measures, which exclude certain items that management believes are not representative of the underlying/ongoing performance of the business. Therefore the alternative performance measures provide more comparative information between periods. Management believes that inclusion of these measures provides information to the readers that enable comparability between periods. Measure and definition Purpose Net investment margin before trading interest is deducted Calculated as Net interest income before trading-related interest is deducted, in relation to average total assets. The average is calculated using month-end figures1, including the prior year end. The nearest IFRS measure is Net interest income and can be reconciled in Note 5. Considers all interest income and interest expense, independent of how it has been presented in the income statement. Allocated equity Allocated equity is the operating segment’s equity measure and is not directly required by IFRS. The Group’s 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). The allocated equity amounts per operating segment are reconciled to the Group Total equity, the nearest IFRS measure, in Note 4. Used by Group Management for internal governance and operating segment performance management purposes. Return on allocated equity Calculated based on profit for the period (annualised) attributable to the shareholders for the operating segment, in relation to average allocated equity for the operating segment. The average is calculated using month-end figures 1, including the prior year end. The allocated equity amounts per operating segment are reconciled to the Group Total equity, the nearest IFRS measure, in Note 4. Used by Group Management for internal governance and operating segment performance management purposes. Income statement excluding expenses for the administrative fines Amount related to expenses is presented excluding expenses for administrative fines. The amounts are reconciled to the relevant IFRS income statement lines on page 5. Provides comparability of figures between reporting periods. Return on equity excluding expenses for administrative fines Calculated based on profit for the period (annualised) attributable to the shareholders excluding expenses for the administrative fines, in relation to average equity attributable to shareholders’ of the parent company. The average is calculated using month-end figures 1, including the prior year end. Profit for the period attributable to shareholders excluding expenses for administrative fines are reconciled to Profit for the period allocated to shareholders, the nearest IFRS measure, on page 5. Provides comparability of figures between reporting periods. Cost/Income ratio excluding expenses for administrative fines Total expenses excluding expenses related to administrative fines in relation to total income. Total expenses excluding expense for administrative fines is reconciled to Total expenses, the nearest IFRS measure, on page 5. Provides comparability of figures between reporting periods. 1) The month-end figures used in the calculation of the average can be found on page 71 of the Fact book. ===== SIDA 58 ===== Swedbank – Report for the First quarter│ 2024│58 Measure and definition Purpose Other alternative performance measures These measures are defined in the Fact book on page 77 and are calculated from the financial statements without adjustment.  Share of Stage 1 loans, gross  Share of Stage 2 loans, gross  Share of Stage 3 loans, gross  Equity per share  Cost/Income ratio  Credit Impairment ratio  Loans to customers/Deposits from customers ratio  Credit impairment provision ratio Stage 1 loans  Credit impairment provision ratio Stage 2 loans  Credit impairment provision ratio Stage 3 loans  Return on equity1  Total credit impairment provision ratio Used by Group Management for internal governance and operating segment performance management purposes. 1) The month-end figures used in the calculation of the average can be found on page 71 of the Fact book. ===== SIDA 59 ===== Swedbank – Report for the First quarter│ 2024│59 Signatures of the Board of Directors and the President The Board of Directors and the President hereby certify that the Interim report for January-March 2024 provides a fair and accurate overview of the operations, position and results of the parent company and the Group and describes the significant risks and uncertainties faced by the parent company and the companies in the Group. Stockholm, 24 April 2024 Göran Persson Chair Göran Bengtsson Annika Creutzer Hans Eckerström Board Member Board Member Board Member Kerstin Hermansson Helena Liljedahl Anna Mossberg Board Member Board Member Board member Per Olof Nyman Biljana Pehrsson Biörn Riese Board Member Board Member Board Member Roger Ljung Åke Skoglund Board Member Board Member Employee Representative Employee Representative Jens Henriksson President and CEO ===== SIDA 60 ===== Swedbank – Report for the First quarter│ 2024│60 Review report Introduction We have reviewed the condensed interim financial information (interim report) of Swedbank AB (publ) as of 31 March 2024 and the three-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Annual Accounts Act for credit institutions and securities companies. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for credit institutions and securities companies, regarding the Group, and with the Annual Accounts Act for credit institutions and securities companies, regarding the Parent Company. Stockholm, 25 April 2024 PricewaterhouseCoopers AB Anneli Granqvist Martin By Authorised Public Accountant Authorised Public Accountant Auditor in charge ===== SIDA 61 ===== Swedbank – Report for the First quarter│ 2024│61 Publication of financial information The Group’s financial reports can be found on www.swedbank.com/ir Financial calendar 2024 Interim report for the second quarter 2024 16 July 2024 Interim report for the third quarter 2024 23 October 2024 For further information, please contact: Jens Henriksson President and CEO Telephone +46 8 585 934 82 Anders Karlsson CFO Telephone +46 8 585 938 75 Annie Ho Head of Investor Relations Telephone +46 70 343 7815 Erik Ljungberg Head of Group Communications and Sustainability Telephone +46 73 988 3557 Information on Swedbank’s strategy, values and share is also available on www.swedbank.com. Swedbank AB (publ) Registration no. 502017-7753 Head office Visiting adress: Landsvägen 40 172 63 Sundbyberg Postal address: Swedbank AB SE-105 34 Stockholm, Sweden Telephone +46 8 585 900 00 www.swedbank.com