Kvartalsrapport Q2 2024

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===== SIDA 1 =====

Swedbank – Report for the Second quarter│ 2024│1 
 
  
Interim report 
Second quarter | January – June 2024 
16 July 2024

===== SIDA 2 =====

Swedbank – Report for the Second quarter│ 2024│2 
 
Second quarter 2024 
 
”We create value for 
our customers  
and shareholders” 
Jens Henriksson 
President and CEO 
 
Financial information Q2 Q1  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2024 2023 % 
       Total income 18 237 18 087 1 36 324 35 560 2 
Net interest income 12 165 12 599 -3 24 764 24 704 0 
Net commission income 4 169 3 976 5 8 145 7 472 9 
Net gains and losses on financial items 911 682 34 1 593 1 441 11 
Other income¹ 991 831 19 1 822 1 944 -6 
Total expenses 6 465 6 185 5 12 650 12 127 4 
of which administrative fines 0 0   0 887   
Profit before impairments, bank taxes and resolution fees 11 772 11 902 -1 23 674 23 433 1 
Impairment of tangible and intangible assets 32 0   32 11   
Credit impairment -289 144   -145 965   
Bank taxes and resolution fees 1 045 1 104 -5 2 149 1 362 58 
Profit before tax 10 983 10 654 3 21 637 21 095 3 
Tax expense 2 388 2 226 7 4 614 4 412 5 
Profit for the period  8 595 8 428 2 17 023 16 683 2 
       
Earnings per share, SEK, after dilution 7.61 7.47  15.08 14.80  
Return on equity, % 17.5 16.9  17.1 18.6  
C/I ratio 0.35 0.34  0.35 0.34  
Common Equity Tier 1 capital ratio, % 20.1 19.3  20.1 18.6  
Credit impairment ratio, % -0.06 0.03  -0.01 0.10  
       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. 
               
 Strong profitability and high cost efficiency 
 Solid credit quality with recoveries during the quarter 
 Leading position in mortgages

===== SIDA 3 =====

Swedbank – Report for the Second quarter│ 2024│3 
CEO Comment  
Swedbank again delivered a strong result. We create 
value for our customers and shareholders in good times 
and bad. 
Economic conditions in our four home markets 
continued to stabilise. Household purchasing power 
improved in Latvia and Lithuania thanks to strong wage 
growth and falling inflation. In Sweden and Estonia, 
households were somewhat more cautious. Next year, 
growth in all our four home markets is expected to be 
higher than in other European countries. 
Policy rates were cut by both the Riksbank and the 
European Central Bank. Looking ahead, we expect rates 
to be further reduced. Meanwhile, interest rates will 
remain high for longer. 
Swedbank’s result for the quarter amounted to  
SEK 8 595m and the return on equity was 17.5 per cent. 
Net interest income decreased, while commission 
income increased. Expenses increased and the 
cost/income ratio rose slightly to 0.35. Credit quality is 
solid and we saw credit recoveries, mainly attributable 
to an improved macroeconomic outlook. 
Swedbank is maintaining strict cost control. The 
temporary hiring freeze is having effect and the number 
of employees decreased in June. The higher investment 
rate from the previous quarter remains. 
Swedbank is the leader in mortgage loans in all our 
home markets and we are maintaining this position 
despite tough competition. Loan demand remained 
stable in Estonia, Latvia and Lithuania. In Sweden, 
demand for loan commitments increased, but the 
overall loan volumes remained muted.  
Competition for deposits is high. A strong savings 
culture is being developed in Estonia, Latvia and 
Lithuania and deposits are stable, supported by strong 
household finances. In Sweden, we saw an increase in 
monthly savings even though households were 
squeezed by high interest rates. 
Swedbank’s 15/25 strategy included the target of 
maintaining a sustainable return on equity of at least 15 
per cent. We are achieving this by leveraging our 
business model, growing the share of wallet, growing in 
prioritised segments, and improving operational 
efficiency. Through our cloud-based communication 
platform, we have, among other things, increased the 
capacity for advisory meetings, and we were able to 
distribute nearly 1 million calls through the Swedish 
branch network during the quarter.  
The work that is being carried out in our new business 
area, Premium and Private Banking, is producing 
results. Since the start of the year, the number of 
customers that have newly chosen the Private Banking 
concept has increased by 7 per cent.  
 
The migration of customers to our new and modern 
savings platform continued. The platform enhances our 
ability to support our customers improving their 
financial health, which creates business opportunities. 
 
Corporate lending is performing strongly in Lithuania. 
This is the result of an increased focus on both existing 
and potential customers, improved service quality and 
customised financing solutions.  
During the quarter, we took another step in our Nordic 
strategy by partnering with the Finnish bank Aktia, 
thereby expanding our corporate offering in Finland in 
the same way as we have done with partnerships in 
Norway and Denmark. 
Swedbank works systematically and continuously to 
fight financial crime and the risk of fraud. To further 
strengthen this work, the Group Function Anti-Financial 
Crime (AFC) was integrated into Group Products and 
Advice (GPA), moving these operations closer to the 
bank’s customer, product and service offerings with 
digital execution in focus. AFC is renamed Economic 
Crime Prevention (ECP).  
During the quarter, we laid a stable foundation for 
personalised fraud protection. In a new security portal in 
our internet bank and app, customers now set 
transaction amount limits themselves.  
We adopted a climate target in May for our shipping 
portfolio, so that climate considerations are integrated 
into the bank’s loan decisions for ship finance. 
Together with our customers, we are creating a 
financially sound and sustainable society – built on 
financial health for the many. It is gratifying to see an 
increased interest in pension savings in the shape of 
unit-linked life insurance. Swedbank Försäkring is now 
the largest unit-linked life insurance company measured 
by both premium payments and assets under 
management.  
Our customers’ future is our focus. 
Jens Henriksson 
President and CEO

===== SIDA 4 =====

Swedbank – Report for the Second quarter│ 2024│4 
Table of Contents
Financial overview 5  Notes to the financial statements  
Important to note 6  Note 1 Accounting policies 22 
Group development 6  Note 2 Critical accounting estimates 22 
Volume trend by product area 7  Note 3 Changes in the Group structure 22 
Credit and asset quality 9  Note 4 Operating segments (business 
areas) 
 
23 Funding and liquidity 9  
Ratings 9  Note 5 Net interest income 27 
Operational risks 9  Note 6 Net commission income 28 
Capital and capital adequacy 9  Note 7 Net gains and losses on financial 
items 
 
29 Investigations 10  
Other events 10  Note 8 Net insurance income 30 
Events after the end of the period 11  Note 9 Other general administrative 
expenses 
 
30 Business areas   
Swedish Banking 12  Note 10 Credit impairment  31 
Baltic Banking 13  Note 11 Bank taxes and resolution fees 34 
Corporates and Institutions 14  Note 12 Loans 35 
Premium and Private Banking 15  Note 13 Credit impairment provisions 37 
Group Functions and Other 16  Note 14 Credit risk exposures 39 
Financial statements - Group   Note 15 Intangible assets  40 
Income statement, condensed 17  Note 16 Amounts owed to credit 
institutions 
 
40 Statement of comprehensive income, 
condensed 
 
18 
 
 Note 17 Deposits and borrowings from the 
public 
 
40 Balance sheet, condensed 19  
Statement of changes in equity, condensed 20  Note 18 Debt securities in issue, senior 
non-preferred liabilities and subordinated 
liabilities 
 
 
41 
Cash flow statement, condensed 21  
   
   Note 19 Derivatives 41 
   Note 20 Valuation categories for financial 
instruments 
 
42 
   Note 21 Financial instruments recognised 
at fair value 
 
44 
   Note 22 Assets pledged, contingent 
liabilities and commitments 
 
45 
   Note 23 Offsetting financial assets and  
liabilities 
 
46 
   Note 24 Capital adequacy, consolidated 
situation 
 
47 
   Note 25 Internal capital requirement 49 
   Note 26 Risks and uncertainties 49 
   Note 27 Related-party transactions 50 
   Note 28 Swedbank’s share 51 
   Financial statements – Swedbank AB 52 
   Alternative performance measures 57 
   Signatures of the Board of Directors and 
the President 
 
59 
   Review report 60 
   Publication of financial information 61 
   More detailed information be found in 
Swedbank’s Fact book, 
www.swedbank.com/factbook

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Swedbank – Report for the Second quarter│ 2024│5 
Financial overview 
 
Income statement Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023 % 2024 2023 % 
Net interest income  12 165 12 599 -3 12 768 -5 24 764 24 704 0 
Net commission income 4 169 3 976 5 3 811 9 8 145 7 472 9 
Net gains and losses on financial items 911 682 34 524 74 1 593 1 441 11 
Other income¹ 991 831 19 1 069 -7 1 822 1 944 -6 
Total income 18 237 18 087 1 18 173 0 36 324 35 560 2 
Staff costs  3 784 3 700 2 3 417 11 7 484 6 883 9 
Other expenses 2 681 2 485 8 2 303 16 5 166 4 358 19 
Administrative fines 0 0   -3   0 887   
Total expenses 6 465 6 185 5 5 717 13 12 650 12 127 4 
Profit before impairments, bank taxes and resolution 
fees 11 772 11 902 -1 12 456 -5 23 674 23 433 1 
Impairment of tangible and intangible assets 32 0   11   32 11   
Credit impairment -289 144   188   -145 965   
Bank taxes and resolution fees 1 045 1 104 -5 844 24 2 149 1 362 58 
Profit before tax 10 983 10 654 3 11 414 -4 21 637 21 095 3 
Tax expense 2 388 2 226 7 2 291 4 4 614 4 412 5 
Profit for the period 8 595 8 428 2 9 123 -6 17 023 16 683 2 
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. 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
Key ratios and data per share 2024 2024 2023 2024 2023 
Return on equity, % 17.5 16.9 20.4 17.1 18.6 
Earnings per share before dilution, SEK² 7.64 7.49 8.11 15.13 14.84 
Earnings per share after dilution, SEK² 7.61 7.47 8.09 15.08 14.80 
C/I ratio 0.35 0.34 0.31 0.35 0.34 
Equity per share, SEK¹ 177.4 170.7 164.1 177.4 164.1 
Loans to customers/deposit from customers ratio, % 140 141 139 140 139 
Common Equity Tier 1 capital ratio, % 20.1 19.3 18.6 20.1 18.6 
Tier 1 capital ratio, % 22.7 21.9 20.4 22.7 20.4 
Total capital ratio, % 25.0 24.3 23.7 25.0 23.7 
Credit impairment ratio, % -0.06 0.03 0.04 -0.01 0.10 
Share of Stage 3 loans, gross, % 0.53 0.52 0.34 0.53 0.34 
Total credit impairment provision ratio, % 0.36 0.40 0.38 0.36 0.38 
Liquidity coverage ratio (LCR), %² 175 180 165 175 165 
Net stable funding ratio (NSFR), %  124 126 123 124 123 
1) The number of shares and calculation of earnings per share are specified in Note 28.  
2) The liquidity coverage ratio has been re-calculdated and figures prior to 2024 have been adjusted.  
  
Balance sheet data 30 Jun 31 Dec  30 Jun  
SEKbn 2024 2023 % 2023 % 
Loans to customers 1 799 1 782 1 1 803 0 
Deposits from customers 1 282 1 230 4 1 298 -1 
Equity attributable to shareholders of the parent 
 
200 199 0 185 8 
Total assets 3 068 2 856 7 3 050 1 
Risk exposure amount 848 847 0 819 4 
 
Definitions of all key ratios can be found in Swedbank’s Fact book on page 77.

===== SIDA 6 =====

Swedbank – Report for the Second quarter│ 2024│6 
Important to note 
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 second quarter 2024 compared to first quarter 
2024 
Swedbank’s profit increased to SEK 8 595m (8 428). 
Income increased, as did expenses and the tax expense, 
while credit impairments decreased. Foreign exchange 
effects positively impacted profit by SEK 98m before 
impairments, bank taxes and resolution fees. 
The return on equity was 17.5 per cent (16.9) and the 
cost/income ratio was 0.35 (0.34). 
Income increased to SEK 18 237m (18 087) due to 
higher net gains and losses on financial items, net 
commission income and other income. Net interest 
income decreased. Foreign exchange effects positively 
impacted income by SEK 149m. 
Net interest income decreased by 3 per cent to 
SEK 12 165m (12 599). The decrease was mainly 
related to increased expenses for market funding. 
Lower deposit margins also contributed due to a 
combination of a continued higher share of deposit 
volume at higher interest rates, as well as lower market 
interest rates. Net interest income on lending increased 
slightly. 
Net commission income increased by 5 per cent to 
SEK 4 169m (3 976). Income from asset management 
increased, mainly due to a market upturn. Income from 
the card business was seasonally higher and 
commissions from service concepts rose. 
Net gains and losses on financial items increased by 
34 per cent to SEK 911m (8682). The largest part of the 
change was related to higher income from FX trading 
within Corporates and Institutions as well as positive 
valuation effects on interest rate derivatives within 
Group Treasury. 
Other income increased by 19 per cent to SEK 991m 
(831). The increase was mainly related to the 
cooperation with savings banks, net insurance and the 
result from partly owned companies. 
Expenses increased by 5 per cent to SEK 6 465m 
(6 185) due to higher staff costs, IT expenses and 
marketing expenses. Staff costs increased mainly due 
to the annual salary review in the Baltic countries, but 
also because there were more employees on average 
during the quarter. IT development and maintenance 
contributed to higher expenses. Marketing expenses 
were mainly driven by a donation to one of the 
educational foundations Swedbank has established in 
Latvia. Foreign exchange effects increased expenses by 
SEK 50m. 
Credit impairments were net positive and comprised 
recoveries of SEK -289m (144). Updated 
macroeconomic scenarios of SEK -253m (25) as well as 
decreased post model adjustments of SEK -43m (-349) 
contributed positively. A positive profit effect of SEK -
137 from the sale of loans also contributed. This was 
partly offset by rating and stage migrations of 
SEK 282m (403) and individually assessed loans of 
SEK 207m (302).  
Bank taxes and resolution fees amounted to 
SEK 1 045m (1 104). 
The tax expense amounted to SEK 2 388m (2 226) and 
corresponded to an effective tax rate of 21.7 per cent 
(20.9). The higher effective tax rate in the second 
quarter was mainly due to non-deductible decreases in 
the market value of equities. 
Result January-June 2024 compared to January-June 
2023 
Swedbank’s profit increased to SEK 17 023m (16 683) 
due to higher income and lower credit impairments, 
partly offset by higher expenses. Expenses increased 
mainly due to increased staff costs and IT expenses. 
Bank taxes in the Baltic countries negatively impacted 
profit. Foreign exchange effects positively impacted 
profit by SEK 19m before impairments, bank taxes and 
resolution fees. 
The return on equity was 17.1 per cent (18.6) and the 
cost income ratio was 0.35 (0.34). 
 Jan-Jun Jan-Jun Jan-Jun 
Income statement, SEKm 2024 2023¹ 2023 
Total income 36 324 35 560 35 560 
Total expenses 12 650 11 240 12 127 
of which administrative fines 0  887 
Profit before tax 21 637 21 982 21 095 
Profit for the period  17 023 17 570 16 683 
    
Return on equity, % 17.1 19.6 18.6 
C/I ratio 0.35 0.32 0.34 
1) Income statement excluding expenses for the 
administrative fines.  
 
Income increased to SEK 36 324m (35 560) mainly due 
to higher net commission income. Net gains and losses 
on financial items also contributed, while net interest 
income was stable. Other income decreased. Foreign 
exchange effects positively impacted profit by SEK 31m. 
Net interest income amounted to SEK 24 764m 
(24 704). Net interest income was positively impacted 
mainly by higher deposit margins resulting from higher 
market rates, partly offset by higher funding costs. 
Higher business volumes also had a positive impact.

===== SIDA 7 =====

Swedbank – Report for the Second quarter│ 2024│7 
Net commission income increased by 9 per cent to 
SEK 8 145m (7 472). The increase was primarily related 
to asset management, which benefitted from the upturn 
in market values.  
Net gains and losses on financial items increased by 
11 per cent to SEK 1 593m (1 441), driven by equity and 
fixed income trading, valuation effects from derivatives 
and increased earnings from financing activity within 
Corporates and Institutions. The result was partly offset 
by negative valuation effects within Group Treasury. 
Other income fell by 6 per cent to SEK 1 822m (1 944). 
The decrease mainly related to valuation effects within 
the insurance business and a lower result from partly 
owned companies.  
Expenses increased by 4 per cent to SEK 12 650m 
(12 127). The increase was mainly driven by higher staff 
costs related to higher salaries and more employees, as 
well as higher IT expenses. The increase compared to 
the same period in 2023 was lower due to the Swedish 
FSA’s administrative fine and the settlement with OFAC 
in the first quarter of 2023.  
Credit impairments were net positive at SEK -145m 
(965). Improved macroeconomic scenarios and 
decreased post model adjustments were partly offset by 
negative rating and stage migrations as well as 
increased provisions for individually assessed loans. 
Positive profit effects of SEK -137m from the sale of 
loans contributed.  
Bank taxes and resolution fees amounted to 
SEK 2 149m (1 362). The increase was mainly due to the 
fact that Lithuania and Latvia introduced temporary 
bank taxes. 
The income tax expense amounted to SEK 4 614m 
(4 412), corresponding to an effective tax rate of 
21.3 per cent (20.9). The higher effective tax rate in 
2024 is mainly due to a higher tax expense both in 
Estonia as a result of a higher corporate tax rate, and in 
Sweden due to an increase in non-deductible interest 
expenses for subordinated loans. 
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 8bn to 
SEK 1 799bn (1 791) during the quarter. Compared to 
the same quarter in 2023, lending decreased by 
SEK 4bn. Foreign exchange effects negatively impacted 
lending volumes by SEK 5bn compared to the first 
quarter of 2024, and negatively by SEK 12bn compared 
to the same quarter in 2023. 
 
 
 30 Jun 31 Mar 30 Jun 
Loans to customers, SEKbn 2024 2024 2023 
Loans, private mortgage 1 041 1 040 1 036 
of which Sweden 916 914 911 
of which Baltic countries  125 126 125 
Loans, private other incl tenant-
owner associations 144 143 145 
of which Sweden 118 118 121 
of which Baltic countries  26 25 24 
Loans, corporate 614 607 621 
of which Sweden 427 425 448 
of which Baltic countries  117 115 106 
of which other¹ 71 67 67 
Total 1 799 1 791 1 803 
1) Other consist of loans in Norway, Finland, China, the USA and 
Denmark. 
 
In Sweden, lending to customers increased by SEK 4bn 
to SEK 1 461bn (1 457). Compared to the same quarter 
in 2023, lending decreased by SEK 19bn.  
Lending to mortgage customers in Sweden increased by 
SEK 2bn during the quarter to SEK 916bn (914). 
Compared to the same quarter in 2023, lending to 
mortgage customers increased by SEK 5bn. The market 
share for mortgages in Sweden was 22 per cent as of 
31 May.  
Other private lending in Sweden, including to tenant-
owner associations, was unchanged at SEK 118bn (118) 
during the quarter. 
Corporate lending in Sweden increased by SEK 2bn 
during the quarter and amounted to SEK 427bn (425). 
Compared to the same quarter in 2023, corporate 
lending decreased by SEK 21bn. In Sweden, the market 
share was 15 per cent as of 31 May. 
In the Baltic countries, lending volume increased by 
2 per cent in local currency during the quarter. Lending 
to mortgage customers increased by 1 per cent, while 
lending to corporate customers increased by 3 per cent 
in local currency.  
Volumes in the sustainable asset registry increased by 
SEK 7bn to SEK 90bn (83) during the quarter. The 
increase was primarily related to financing of green 
buildings. At the end of the quarter, the registry 
contained SEK 83bn 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 16bn to SEK 1 282bn 
(1 266) compared to the previous quarter. Foreign 
exchange effects negatively impacted total deposit 
volume by SEK 6bn compared to the previous quarter 
and negatively by SEK 2bn compared to the same 
quarter in 2023.

===== SIDA 8 =====

Swedbank – Report for the Second quarter│ 2024│8 
 30 Jun 31 Mar 30 Jun 
Deposits from customers, 
SEKbn 2024 2024 2023 
Deposits, private 728 712 718 
of which Sweden 484 472 483 
of which Baltic countries 244 240 235 
Deposits, corporate 554 554 579 
of which Sweden 391 394 425 
of which Baltic countries 159 157 152 
of which other¹ 2 1 5 
Total 1 282 1 266 1 298 
1) Other consist of deposits in Norway, Finland, China, the USA and 
Denmark. 
 
Deposits in Sweden increased by SEK 9bn to SEK 875bn 
(866). Deposits from private customers in Sweden 
increased by SEK 12bn to SEK 484bn (472), while 
corporate deposits decreased by SEK 3bn to SEK 391bn 
(394). Compared to the same quarter in 2023, deposits 
in Sweden decreased by SEK 33bn. 
In the Baltic countries, deposits in local currency 
increased by 3 per cent in the quarter. Deposits from 
both private and corporate customers increased by 
3 per cent. Compared to the same quarter in 2023, 
deposits increased by 3 per cent in local currency. 
As of 31 May, Swedbank’s market share for deposits 
from private customers in Sweden was 18 per cent. The 
market share for corporate deposits as of 31 May was 
14 per cent. For more information on deposits, see page 
38 of the Fact book. 
Assets under management  
Fund assets under management increased by 4 per cent 
in the second quarter to SEK 1 874bn (1 809). The 
increase was predominantly due to the market upturn, 
but net inflows also contributed. 
Asset management 30 Jun 31 Mar 30 Jun 
(including life insurance) SEKbn 2024 2024 2023 
Sweden 1 754 1 692 1 477 
Estonia 31 30 27 
Latvia 44 43 37 
Lithuania 43 41 35 
Other countries 3 3 2 
Total Mutual funds under 
Management 1 874 1 809 1 578 
Closed End Funds 1 1 1 
Discretionary asset management 462 451 406 
Total assets under Management 2 336 2 261 1 984 
 
The net inflow in the Swedish fund market amounted to 
SEK 80bn (23).  
The net inflow to Swedbank Robur’s funds in Sweden 
was at the same level, SEK 10bn (10), as the previous 
quarter. Distributions from both Swedbank and the 
savings banks, as well as third-party distributions, 
contributed positive net inflows. In Estonia, Latvia and 
Lithuania, the net inflow amounted to SEK 2bn (2).  
By assets under management, Swedbank Robur is the 
leader in the Swedish and Baltic fund markets. As of 
30 June, the market share in Sweden was 22 per cent. In 
Estonia, Latvia and Lithuania, the market share was 39, 
40 and 38 per cent, respectively.  
Life insurance assets under management in the 
Swedish operations increased by 4 per cent during the 
second quarter and amounted as of 30 June to 
SEK 392bn (377). Premium income, consisting of 
premium payments and capital transfers, amounted to 
SEK 10bn in the second quarter (10). 
Assets under management, life  30 Jun 31 Mar 30 Jun 
insurance SEKbn 2024 2024 2023 
Sweden 392 377 327 
of which collective occupational 
pensions 226 216 182 
of which endowment insurance 105 102 93 
of which occupational pensions 49 47 41 
of which other 12 12 11 
Baltic countries 10 10 9 
Total assets under management 402 387 337 
 
For premium income to all types of assets under 
management, excluding capital transfers, Swedbank’s 
market share in the first quarter (latest available 
information) was 7 per cent (6 per cent in the fourth 
quarter of 2023). In the transfer market, Swedbank’s 
market share in the first quarter was 10 per cent (9). 
Payments 
The total number of card transactions acquired by 
Swedbank during the quarter was 987 million, 4 per cent 
higher than the same period in 2023. The total number 
of transactions acquired in Sweden, Norway, Finland 
and Denmark increased by 26 million, or 3 per cent, 
while total transactions increased by 7 per cent in the 
Baltic countries. 
Acquired transaction volumes increased in Sweden, 
Norway, Finland and Denmark by 2 per cent to 
SEK 235bn and in the Baltic countries by 5 per cent to 
SEK 38bn compared to the same quarter in 2023. The 
higher transaction volume comes from a combination of 
sales growth in consumer staples, a decrease in hotel 
and restaurant sales, and lower volumes from fuels due 
to lower prices. 
The total number of Swedbank cards in issue at the end 
of the quarter was 8.5 million, which is slightly higher 
than the end of the previous quarter. 
 30 Jun 31 Mar 30 Jun 
Number of cards 2024 2024 2023 
Issued cards, millon 8.5 8.4 8.4 
of which Sweden 4.5 4.5 4.5 
of which Baltic countries 4.0 3.9 3.9 
 
The number of purchases in Sweden with Swedbank 
cards increased by 1 per cent during the quarter 
compared to the same quarter in 2023. A total of 389 
million card purchases were made. In the Baltic 
countries, the number of card purchases increased by 
7 per cent in the same period to 263 million during the 
quarter.

===== SIDA 9 =====

Swedbank – Report for the Second quarter│ 2024│9 
In Sweden, a total of 225 million domestic payments 
were made during the quarter, in line with the same 
period in 2023. Swedbank’s market share of payments 
executed via Bankgirot was 34 per cent. In the Baltic 
countries, 132 million domestic payments were 
processed, an increase of 12 per cent compared to the 
same period in 2023. 
The number of international payments in Sweden 
increased by 8 per cent compared to the same quarter 
in 2023 and amounted to 1.9 million. In the Baltic 
countries, international payments increased by 18 per 
cent to 8 million. 
Credit and asset quality 
The credit quality of Swedbank’s lending was solid, 
while improved macroeconomic scenarios as well as 
the effect from the sale of loans contributed to credit 
recoveries. Total credit impairment provisions 
amounted to SEK 7 731m (8 463), of which SEK 946m 
(996) was post model adjustments. 
In the Swedish mortgage business, loans with late 
payments and forborne loans increased more slowly 
than the previous quarter.  
The total share of loans in stage 2, gross, amounted to 
9.2 per cent (10.2). For personal loans, the 
corresponding share was 6.8 per cent (7.4) and for 
corporate loans it was 14.5 per cent (16.3).  
The share of loans in stage 3, gross, was 0.53 per cent 
(0.52). 
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 
With Swedish inflation approaching the Riksbank’s 
target, the Riksbank cut the policy rate by 0.25 
percentage points in May. This contributed to lower 
interest rates in Sweden during the quarter. As inflation 
remained high, primarily in the U.S., international rates 
fell at a slightly slower pace. The willingness to invest 
was high, which meant that credit spreads continued to 
decrease.  
Swedbank was active in the funding markets. During the 
quarter, issuance primarily consisted of covered bonds 
in SEK, but also a green senior non-preferred bond in 
EUR. In total, Swedbank issued SEK 41bn in long-term 
debt instruments during the quarter. As of 30 June, 
Swedbank’s outstanding short-term funding in issue 
amounted to SEK 323bn (349). 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. 
 
 30 Jun 31 mar 30 jun 
Liquid assets and ratios 2024 2024 2023 
Cash and balances with central 
banks and the National Debt Office, 
SEKbn 322 347 352 
Liquidity reserve, SEKbn 656 665 672 
Liquidity coverage ratio (LCR), %¹² 175 180 165 
Net stable funding ratio (NSFR), % 124 126 123 
1) USD 252 %; EUR 242 %; SEK 109 % 
2) The liquidity coverage ratio has been re-calculdated and figures prior 
to 2024 have been adjusted.  
 
Ratings 
During the quarter, Moody’s changed its outlook on 
Swedbank’s long-term debt ratings to positive based on 
an assessment that the work the bank has done to 
alleviate previous shortcomings has led to lower risks 
relating to money laundering. No other changes were 
made 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 P S S 
1) P=positive, S=stable, N=negative, RuR= Rating(s) under Review 
and WN= Watch Negative 
 
Operational risks  
Swedbank works continuously to ensure a high level of 
availability and security for customers. Swedbank 
periodically tests the resilience to cyberthreats. Given 
the geopolitical situation, information security and 
cybersecurity remained high priorities. Some payment-
related incidents occurred during the quarter, which 
caused brief disruptions. 
The bank is closely collaborating with other members of 
the Swedish Bankers’ Association with the goal of 
drawing up industry-wide guidelines for protecting 
customers against fraud. Swedbank invests in and 
continuously improves technology and implements 
controls in its digital channels to fight financial crime 
and protect the bank’s customers. 
Capital and capital adequacy  
Capital ratio and capital requirement 
The Common Equity Tier 1 (CET1) capital ratio was 
20.1 per cent (19.3) 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 5.0 per 
cent (4.2). CET1 capital increased to SEK 171bn (166) 
and was mainly affected by the quarterly profit net of 
anticipated dividend.

===== SIDA 10 =====

Swedbank – Report for the Second quarter│ 2024│10 
Change in Common Equity Tier 1 capital 
(Refers to Swedbank consolidated situation) 
 
Risk Exposure Amount (REA) 
REA decreased to SEK 848bn (859) in the second 
quarter. 
During the quarter, a change was made to the 
probability of default (PD) assignment process and 
classification of exposures, which led to a decrease in 
REA for credit risk of SEK 10bn, mainly attributable to 
the migration of tenant-owner associations from 
households to corporates, thereby reducing exposures 
covered by the mortgage floor. This was partly offset by 
an increase in REA for credit risk mainly due to 
increased volumes.  
Furthermore, REA for credit risks increased by SEK 6bn 
due to the completion of the implementation of the new 
PD model for exposures to large corporates. This was 
offset by a decrease in REA for Article 3 according to 
the EU’s regulation on prudential requirements for credit 
institutions (CRR) of SEK 10bn, of which SEK 8bn that 
have been held for implementation of the new PD model 
in connection with the completion of the migrations. 
REA for market risk decreased by SEK 1bn, mainly 
through a decrease in REA for internal models. 
Change in REA 
(Refers to Swedbank consolidated situation) 
 
The leverage ratio was 6.7 per cent (6.4) and therefore 
exceeds the leverage ratio requirement including 
Pillar 2 guidance of 3.5 per cent. 
Capital and resolution regulations 
The Swedish FSA has announced that it intends to 
extend the risk weight floors for mortgages and 
commercial real estate through 2027. The FSA 
anticipates a continued need for macroprudential 
measures in the form of risk weight floors until the 
regulatory capital floor for internal models under the 
EU’s revised Capital Requirements Regulation (CRR 3) 
(implementation of Basel III) has an equivalent effect. 
Due to the guidelines from the European Banking 
Authority (EBA), as well as adaptations to CRR 3, 
Swedbank is applying for approval of new internal 
models for risk classification. The review process is 
expected to continue with the gradual implementation 
through 2026 and is conditional on the authorities’ 
decisions.  
Swedbank previously decided on an Article 3 add-on 
corresponding to the bank’s estimate of the remaining 
impact on REA of the remaining risk classification 
models. This add-on has been reduced to SEK 17bn due 
to the phase-in that has occurred. 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 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. 
The revised Capital Requirements Regulation CRR 3 
takes effect in 2025 with a phase-in period through 
2032. The revisions include changes to the 
standardised approaches and internal models used to 
calculate capital requirements for credit, market and 
operational risk, as well as a output floor for internal 
models. The regulation is expected only to result in a 
limited increase in the REA. 
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.  
Other events  
On 25 April, it was announced that Anti-Financial Crime 
(AFC) will be integrated into Group Products and Advice 
(GPA). The change is being made to further strengthen 
Swedbank’s ability to fight financial crime in a more 
effective way. Meanwhile, the unit is changing its name 
to Economic Crime Prevention (ECP). 
On 20 June, the Swedish FSA ordered Handelsbanken, 
SEB and Swedbank to address shortcomings in the 
payment infrastructure. Together with the other banks

===== SIDA 11 =====

Swedbank – Report for the Second quarter│ 2024│11 
that own Bankgirot, a process is underway to address 
these shortcomings. 
Swedbank has invested EUR 4m in the agricultural 
technology company eAgronom and will become a 
minority owner. Together with eAgronom, Swedbank 
offers financing solutions in the Baltic countries for 
investments in sustainable agriculture. 
Events after the end of the period 
No significant events have taken place after the end of 
the period.

===== SIDA 12 =====

Swedbank – Report for the Second quarter│ 2024│12 
Swedish Banking 
Income statement 
 Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023¹ % 2024 2023¹ % 
Net interest income 4 366 4 650 -6 5 248 -17 9 016 10 438 -14 
Net commission income² 1 917 1 803 6 1 799 7 3 721 3 514 6 
Net gains and losses on financial items 70 63 10 47 49 133 105 26 
Other income³ 409 243 68 437 -6 652 748 -13 
Total income 6 762 6 760 0 7 532 -10 13 522 14 805 -9 
Staff costs 485 513 -6 466 4 998 939 6 
Variable staff costs 14 16 -11 7   30 17 78 
Other expenses 1 665 1 647 1 1 641 1 3 311 3 073 8 
Depreciation/amortisation of tangible and intangible 
assets 4 4 -1 5 -21 8 10 -25 
Total expenses 2 167 2 179 -1 2 119 2 4 347 4 039 8 
Profit before impairments, bank taxes and resolution 
fees 4 595 4 580 0 5 413 -15 9 175 10 765 -15 
Credit impairment -154 83   76   -70 381   
Bank taxes and resolution fees 215 212 1 207 4 427 438 -2 
Profit before tax 4 533 4 285 6 5 130 -12 8 818 9 947 -11 
Tax expense 854 819 4 962 -11 1 673 1 888 -11 
Profit for the period 3 680 3 465 6 4 168 -12 7 145 8 059 -11 
Return on allocated equity, % 27.5 25.7  31.7  26.7 30.7  
Loan/deposit ratio, % 185 191  188  185 188  
Credit impairment ratio, % -0.07 0.04  0.03  -0.02 0.09  
Cost/income ratio 0.32 0.32  0.28  0.32 0.27  
Loans to customers, SEKbn 850 853 0 870 -2 850 870 -2 
Deposits from customers, SEKbn 460 446 3 464 -1 460 464 -1 
Full-time employees 2 559 2 633 -3 2 417 6 2 559 2 417 6 
         1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 
2) Comparative figures related to Net commission income have been restated during Q2 2024 for the Swedish business areas.  
3) 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. 
Business development 
In Sweden, demand for loan commitments increased, 
but in terms of actual mortgage volumes the market 
remained cautious. Monthly savings to funds and 
savings accounts grew.  
Customer availability increased thanks to the 
implementation of the cloud-based communication 
platform. The customer experience was also enhanced 
through new digital features for personal insurance. 
Customers can now make changes digitally when 
scheduling payment of their pension insurance in the 
portal Mina Försäkringar (“My Insurance”). 
Fraud protection was expanded with features that allow 
customers to choose their personal limits on transfers 
and foreign payments.  
Swedbank launched a campaign called “Now we are 
helping the country’s 18-year-olds keep better track of 
their money. One problem less.” In connection with the 
campaign, 18-year-olds have been invited to the bank’s 
branches to receive tools to improve their financial 
health.  
Profit increased during the quarter mainly driven by 
lower credit impairments.  
Net interest income decreased, mainly through lower 
earnings on deposits. 
Mortgage volume in Swedish Banking decreased by 
SEK 1bn and corporate deposits by SEK 2bn, partly due 
to customer transfers to other units. 
Deposit volumes increased by SEK 13bn, with 
household deposits increasing by SEK 11bn and 
corporate deposits by SEK 2bn. 
Net commission income increased, mainly driven by 
higher income from cards and asset management. 
Other income increased, mainly due to increased profits 
from Bankgirot and Entercard. 
Expenses decreased mainly driven by lower staff costs. 
Credit impairments were net positive and amounted to 
SEK -154m (83). Positive effects from updated 
macroeconomic scenarios and from the sale loans were 
partly offset by negative rating and stage migrations.

===== SIDA 13 =====

Swedbank – Report for the Second quarter│ 2024│13 
Baltic Banking 
Income statement 
 Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023¹ % 2024 2023¹ % 
Net interest income 4 541 4 604 -1 4 629 -2 9 145 8 569 7 
Net commission income 876 806 9 856 2 1 682 1 672 1 
Net gains and losses on financial items  136 135 0 140 -3 271 273 -1 
Other income² 156 184 -15 231 -33 339 438 -23 
Total income 5 709 5 729 -0 5 855 -3 11 438 10 952 4 
Staff costs 530 473 12 478 11 1 003 954 5 
Variable staff costs 37 25 49 30 26 62 48 29 
Other expenses 1 077 906 19 817 32 1 983 1 550 28 
Depreciation/amortisation of tangible and intangible 
assets 44 43 2 46 -6 87 92 -5 
Total expenses 1 688 1 448 17 1 371 23 3 136 2 644 19 
Profit before impairments, bank taxes and resolution 
fees 4 021 4 281 -6 4 485 -10 8 302 8 308 -0 
Impairment of tangible and intangible assets -0 0   0   0 0 -56 
Credit impairment -15 6   -26 -43 -9 -55 -83 
Bank taxes and resolution fees 557 621 -10 349 60 1 179 373   
Profit before tax 3 478 3 654 -5 4 161 -16 7 132 7 990 -11 
Tax expense 713 737 -3 771 -8 1 450 1 463 -1 
Profit for the period 2 765 2 917 -5 3 390 -18 5 682 6 526 -13 
Return on allocated equity, % 30.6 33.1  42.2  32.2 41.1  
Loan/deposit ratio, % 66 67  66  66 66  
Credit impairment ratio, % -0.02 0.01  -0.04  -0.01 -0.05  
Cost/income ratio 0.30 0.25  0.23  0.27 0.24  
Loans to customers, SEKbn 268 266 0 255 5 268 255 5 
Deposits from customers, SEKbn 403 398 1 387 4 403 387 4 
Full-time employees 4 766 4 790 0 4 706 1 4 766 4 706 1 
         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 
A resilient labour market, increased purchasing power 
and a rate cut by the ECB improved consumer 
confidence in the Baltic countries. Purchasing power for 
home purchases rose.  
Swedbank has strengthened its position in the 
Lithuanian corporate lending market due to proactivity 
and strong advisory expertise. The bank arranged loans 
as part of the European Investment Fund’s guarantee 
programme, which aims to make loans available to 
SMEs. Swedbank’s campaign for sustainable mortgages 
continued in all three countries. 
In Lithuania, debit cards now can be activated during the 
initial transaction or via Swedbank’s ATMs. It is also 
possible by phone or other smart device to make ATM 
transactions digitally, which increases convenience. 
The educational foundation established by Swedbank in 
Latvia commenced its operations and the bank made an 
initial contribution of EUR 6m during the quarter. The 
foundation’s mission is to support initiatives that 
contribute to society’s growth and development.  
 
Profit decreased by 8 per cent in local currency (EUR) 
due to lower income and higher expenses. Net interest 
income decreased by 4 per cent (EUR) due to falling 
market interest rates and rising deposit volumes in 
savings accounts.  
Lending increased by 2 per cent (EUR). Both consumer 
and corporate lending increased. Deposits increased by 
3 per cent (EUR). Both consumer and corporate 
deposits increased. 
Net commission income increased by 6 per cent (EUR) 
due to seasonally higher card usage.  
Expenses increased by 14 per cent (EUR) mainly due to 
the annual salary review and the donation to the 
educational foundation in Latvia. 
Credit impairments were net positive and amounted to 
SEK -15m (6). Improved macroeconomic scenarios 
were offset by negative rating and stage migrations.

===== SIDA 14 =====

Swedbank – Report for the Second quarter│ 2024│14 
Corporates and Institutions 
Income statement 
 Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023¹ % 2024 2023¹ % 
Net interest income 3 244 3 375 -4 3 376 -4 6 619 6 566 1 
Net commission income² 994 992 0 940 6 1 986 1 786 11 
Net gains and losses on financial items 522 465 12 397 31 987 831 19 
Other income³ 30 30 0 42 -29 61 82 -26 
Total income 4 790 4 863 -1 4 755 1 9 653 9 265 4 
Staff costs 572 558 2 521 10 1 130 1 061 7 
Variable staff costs 29 36 -19 14   66 57 16 
Other expenses 1 015 977 4 906 12 1 992 1 866 7 
Depreciation/amortisation of tangible and intangible 
assets 6 5 4 6 -13 11 12 -10 
Total expenses 1 622 1 577 3 1 447 12 3 199 2 995 7 
Profit before impairments, bank taxes and resolution 
fees 3 168 3 286 -4 3 308 -4 6 454 6 270 3 
Credit impairment -84 54   142   -31 622   
Bank taxes and resolution fees 242 239 1 253 -4 481 480 0 
Profit before tax 3 011 2 994 1 2 913 3 6 005 5 169 16 
Tax expense 585 628 -7 593 -1 1 214 1 048 16 
Profit for the period 2 426 2 365 3 2 321 5 4 791 4 121 16 
Return on allocated equity, % 21.4 19.4  18.7  20.2 16.6  
Loan/deposit ratio, % 164 160  151  164 151  
Credit impairment ratio, % -0.05 0.03  0.09  -0.01 0.19  
Cost/income ratio 0.34 0.32  0.30  0.33 0.32  
Loans to customers, SEKbn 551 543 1 556 -1 551 556 -1 
Deposits from customers, SEKbn 336 339 -1 368 -9 336 368 -9 
Full-time employees 1 803 1 786 1 1 686 7 1 803 1 686 7 
         1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 
2) Comparative figures related to Net commission income have been restated during Q2 2024 for the Swedish business areas.  
3) 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 
Business activity generally increased in the market and 
among our clients, partly driven by a belief in falling 
interest rates.  
The bond market remained strong during the quarter 
with investors willing to take on risk, where Swedbank 
advised on a number of issues. Activity and volatility in 
the bond market created an increased need among 
corporates to manage interest rate risk. FX trading 
increased mainly due to several large transactions. 
During the quarter, Swedbank continued to improve its 
Nordic offering by entering a strategic partnership with 
the Finnish bank Aktia. Together with Aktia, the bank will 
broaden the corporate offering in the Finnish market 
and increase the range of services available to our 
clients. 
Lending volume increased, mainly driven by the real 
estate sector and large clients. Lending to mid-sized 
corporates rose slightly, while it was stable to smaller 
companies.  
Deposit volume decreased due to lower short-term 
deposits from funds in foreign currency and lower 
volumes from corporates. 
Net interest income decreased during the quarter mainly 
due to lower deposit margins. The decrease was partly 
offset by higher lending volumes and margins.  
Net commission income was stable. Income from 
equity-related transactions contributed positively.  
Net gains and losses on financial items increased 
mainly due to higher earnings from FX trading. 
Corporate bond trading contributed positively.  
Expenses increased due to more employees, salary 
increases in foreign branches, and higher consulting 
and IT related expenses. 
Credit impairments were net positive and amounted to 
SEK -84m (54). Positive effects from updated 
macroeconomic scenarios and changes in exposures 
were partly offset by negative rating and stage 
migrations as well as increased provisions for 
individually assessed loans.

===== SIDA 15 =====

Swedbank – Report for the Second quarter│ 2024│15 
Premium and Private Banking 
Income statement 
 Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023¹ % 2024 2023¹ % 
Net interest income 439 469 -6 540 -19 908 1 082 -16 
Net commission income² 446 408 9 348 28 854 684 25 
Net gains and losses on financial items 7 8 -11 7 1 15 14 5 
Other income³ 3 7 -53 16 -79 11 22 -52 
Total income 896 892 0 911 -2 1 788 1 803 -1 
Staff costs 150 143 5 117 28 293 232 26 
Variable staff costs 4 4 13 2   8 5 67 
Other expenses 178 159 12 145 23 336 287 17 
Total expenses 331 305 9 263 26 637 524 21 
Profit before impairments, bank taxes and resolution 
fees 564 587 -4 648 -13 1 151 1 279 -10 
Credit impairment -27 -4   -2   -31 9   
Bank taxes and resolution fees 32 31 1 28 12 63 60 5 
Profit before tax 560 559 0 621 -10 1 119 1 210 -7 
Tax expense 97 104 -7 127 -23 202 248 -19 
Profit for the period 462 455 2 494 -6 918 961 -5 
         
Return on allocated equity, % 30.8 28.8  31.6  29.6 30.8  
Loan/deposit ratio, % 168 168  161  168 161  
Credit impairment ratio, % -0.09 -0.01  -0.01  -0.05 0.02  
Cost/income ratio 0.37 0.34  0.29  0.36 0.29  
Loans to customers, SEKbn 130 128 2 121 7 130 121 7 
Deposits from customers, SEKbn 78 76 3 75 4 78 75 4 
Full-time employees 599 576 4 513 17 599 513 17 
         1) Comparative figures have been restated due to the reorganisation during the first quarter of 2024. For more information, see Note 4. 
2) Comparative figures related to Net commission income have been restated during Q2 2024 for the Swedish business areas. 
3) 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. 
Business development 
Through national expertise and a strong local presence, 
Premium and Private Banking offers a full range of 
products and services for customers in Sweden who 
need convenient access and ongoing personalised 
advice. The business area also offers asset 
management for corporate customers and is 
responsible for the bank’s pension distribution.  
Demand for qualified advice remained high, and the 
number of Premium and Private Banking customers 
increased during the quarter. A strong stock market 
performance contributed to continued high demand for 
asset management services. With regard to mortgage 
loans, demand for loan commitments increased, but in 
terms of actual mortgage volumes the market remained 
cautious. 
Swedbank’s ongoing efforts to support customers in 
making informed choices about their pension and 
pension savings resulted in an increased inflow to 
individual occupational pensions, among other things. 
Profit was stable during the quarter. Slightly higher 
income and lower credit impairments were offset by 
higher expenses.  
Net interest income decreased, mainly driven by lower 
earnings from deposits. 
Net commission income increased, mainly due to higher 
income from asset management, where the market 
upturn contributed positively. 
Expenses increased due to more employees in the new 
business area.  
Household mortgage volume increased by SEK 3bn and 
deposit volume increased by SEK 1bn, partly due to 
customer transfers from Swedish Banking. 
Credit impairments were net positive and amounted to 
SEK -27m (-4). Improved macroeconomic scenarios 
were partly offset by negative rating and stage 
migrations.

===== SIDA 16 =====

Swedbank – Report for the Second quarter│ 2024│16 
Group Functions and Other 
Income statement 
 Q2 Q1  Q2  Jan-Jun Jan-Jun  
SEKm 2024 2024 % 2023¹ % 2024 2023¹ % 
Net interest income -448 -521 -14 -1 044 -57 -969 -1 986 -51 
Net commission income -65 -35 87 -121 -47 -100 -173 -43 
Net gains and losses on financial items 177 10   -66   188 217 -13 
Other income² 1 011 949 7 807 25 1 960 1 568 25 
Total income 675 404 67 -425   1 079 -375   
Staff costs 1 882 1 836 2 1 727 9 3 718 3 456 8 
Variable staff costs 86 100 -14 61 40 185 123 51 
Other expenses -1 199 -1 177 2 -1 238 -3 -2 376 -2 468 -4 
Depreciation/amortisation of tangible and intangible 
assets 483 476 1 463 4 959 854 12 
Administrative fines  0   -40   0 850   
Total expenses 1 251 1 236 1 972 29 2 487 2 815 -12 
Profit before impairments, bank taxes and resolution 
fees -576 -832 -31 -1 397 -59 -1 408 -3 190 -56 
Impairment of tangible and intangible assets 32 0  11   32 11  
Credit impairment -9 6   -3   -3 8   
Bank taxes and resolution fees 0 0  6 -100 0 11   
Profit before tax -599 -838 -28 -1 412 -58 -1 437 -3 219 -55 
Tax expense 139 -64   -162   75 -235   
Profit for the period -738 -774 -5 -1 250 -41 -1 513 -2 984 -49 
Full-time employees 7 811 7 725 1 7 543 4 7 811 7 543 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. 
         
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 increased to SEK -738m (-774). 
Income rose, as did expenses and the tax expense, 
while credit impairments decreased slightly. 
Net interest income increased, mainly due to falling 
short-term interest rates, which meant a lower return on 
deposits with the business areas.  
Net gains and losses on financial items within Group 
Treasury rose mainly related to positive changes in the 
value of interest rate derivatives. 
Expenses increased slightly. Staff costs rose, partly 
offset by lower consulting expenses.

===== SIDA 17 =====

Swedbank – Report for the Second quarter│ 2024│17 
Financial statements - Group 
Income statement, condensed 
 
 
Group Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Interest income 28 469 28 209 24 867 56 678 46 300 
Interest expense -16 304 -15 609 -12 099 -31 914 -21 596 
Net interest income (note 5) 12 165 12 599 12 768 24 764 24 704 
Net commission income (note 6) 4 169 3 976 3 811 8 145 7 472 
Net gains and losses on financial items (note 7) 911 682 524 1 593 1 441 
Net insurance income (note 8) 291 267 384 558 666 
Share of profit or loss of associates and joint ventures  189 128 250 316 421 
Other income 511 436 435 947 857 
Total income 18 237 18 087 18 173 36 324 35 560 
Staff costs 3 784 3 700 3 417 7 484 6 883 
Other general administrative expenses (note 9) 2 144 1 956 1 783 4 101 3 390 
Depreciation/amortisation of tangible and intangible assets 536 528 520 1 065 968 
Administrative fines 0 0 -3 0 887 
Total expenses 6 465 6 185 5 717 12 650 12 127 
Profit before impairments, bank taxes and resolution fees 11 772 11 902 12 456 23 674 23 433 
Impairment of tangible and intangible assets 32 0 11 32 11 
Credit impairment (note 10) -289 144 188 -145 965 
Bank taxes and resolution fees (note 11) 1 045 1 104 844 2 149 1 362 
Profit before tax 10 983 10 654 11 414 21 637 21 095 
Tax expense 2 388 2 226 2 291 4 614 4 412 
Profit for the period 8 595 8 428 9 123 17 023 16 683 
      
Earnings per share, SEK 7.64 7.49 8.11 15.13 14.84 
Earnings per share after dilution, SEK 7.61 7.47 8.09 15.08 14.80

===== SIDA 18 =====

Swedbank – Report for the Second quarter│ 2024│18 
Statement of comprehensive income, condensed 
 
 
Group Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Profit for the period reported via income statement 8 595 8 428 9 123 17 023 16 683 
Items that will not be reclassified to the income statement      
Remeasurements of defined benefit pension plans -805 969 1 062 164 1 310 
Share related to associates and joint ventures 
 
1 21 43 22 64 
Total -804 990 1 105 186 1 374 
Items that may be reclassified to the income statement      
Exchange rate differences, foreign operations -1 055 2 505 2 659 1 450 3 569 
Hedging of net investments in foreign operations 677 -1 627 -1 687 -950 -2 223 
Cash flow hedges -3 3 6 0 4 
Foreign currency basis risk -16 -11 1 -27 3 
Share of other comprehensive income of  
associates and joint ventures 1 12 19 13 -19 
Total -396 882 998 486 1 334 
Other comprehensive income for the period, net of tax -1 200 1 872 2 103 672 2 708 
Total comprehensive income for the period 7 395 10 300 11 225 17 695 19 391 
Total comprehensive income attributable to: 
Shareholders of Swedbank AB 7 395 10 300 11 225 17 695 19 391 
Non-controlling interests 0 0 1 0 0 
 
For the period January – June 2024 a gain after tax of 
SEK 164m (1 310) was recognised in other 
comprehensive income, relating to remeasurements of 
defined benefit pension plans. As per 30 June 2024 the 
discount rate used to calculate the closing pension 
obligation was 3.67 per cent, compared with 3.69 per 
cent per 31 December 2023. The inflation assumption 
was 1.63 per cent compared with 1.57 per cent per 31 
December 2023. The fair value of plan assets increased 
during 2024 by SEK 631m. In total, at 30 June 2024 the 
fair value of plan assets exceeded the obligation for 
funded defined benefit pension plans by SEK 2 470m, 
therefore the funded plans are presented as an asset.  
For January – June 2024 an exchange rate difference of 
SEK 1 450m (3 569) 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 13m (-19) 
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 gain of SEK 1 463m is not taxable. 
Most of the Group's foreign net investments are hedged 
against currency risk resulting in a loss after tax of  
SEK -950m (-2 223) for the hedging instruments.

===== SIDA 19 =====

Swedbank – Report for the Second quarter│ 2024│19 
Balance sheet, condensed 
 
 
Group 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Assets    
Cash and balances with central banks 316 886 252 994 358 417 
Treasury bills and other bills eligible for refinancing with central banks, etc. 210 505 178 619 270 034 
Loans to credit institutions  46 523 67 534 60 527 
Loans to the public  1 896 756 1 863 375 1 857 443 
Value change of the hedged assets in portfolio hedges of interest rate risk -5 905 -8 489 -17 544 
Bonds and other interest-bearing securities 96 759 58 841 58 627 
Financial assets for which customers bear the investment risk 374 766 319 795 311 831 
Shares and participating interests 45 322 34 316 32 638 
Derivatives (note 19) 23 973 39 563 53 702 
Intangible assets (note 15) 20 962 20 440 20 992 
Other assets 41 363 28 531 43 768 
Total assets 3 067 911 2 855 519 3 050 435 
    
Liabilities and equity    
Amounts owed to credit institutions (note 16) 92 587 72 054 132 893 
Deposits and borrowings from the public (note 17) 1 289 206 1 234 262 1 303 267 
Value change of the hedged liabilities in portfolio hedges of interest rate risk 160 209 0 
Financial liabilities for which customers bear the investment risk 375 653 320 609 312 145 
Debt securities in issue (note 18) 812 638 728 548 838 568 
Short positions, securities 28 366 17 297 26 392 
Derivatives (note 19) 32 557 73 453 49 098 
Insurance provisions 28 189 26 315 26 535 
Other liabilities 48 895 46 313 50 228 
Senior non-preferred liabilities (note 18) 119 174 104 828 86 799 
Subordinated liabilities (note 18) 40 843 32 841 39 855 
Total liabilities 2 868 269 2 656 730 2 865 780 
Equity 199 643 198 790 184 655 
Total liabilities and equity 3 067 911 2 855 519 3 050 435

===== SIDA 20 =====

Swedbank – Report for the Second quarter│ 2024│20 
Statement of changes in equity, condensed

===== SIDA 21 =====

Swedbank – Report for the Second quarter│ 2024│21 
Cash flow statement, condensed 
 
 
 
Group Jan-Jun Full year Jan-Jun 
SEKm 2024 2023 2023 
Operating activities    
Profit before tax 21 637 43 622 21 095 
Adjustments for non-cash items in operating activities -3 265 -1 952 44 
Income taxes paid -4 819 -5 443 -3 295 
Cash flow from operating activities before changes in operating assets and liabilities 13 553 36 227 17 844 
Increase (-) / decrease (+) in assets -105 686 -59 104 -137 394 
Increase (+) / decrease (-) in liabilities 154 401 -122 271 80 796 
Cash flow from operating activities 62 268 -145 148 -38 754 
    
Investing activities    
Acquisitions of and contributions to associates and joint ventures -39 -53 -53 
Dividend from associates and joint ventures 186 306 113 
Acquisitions of other fixed assets and strategic financial assets -192 -852 -440 
Disposals of/maturity of other fixed assets and strategic financial assets 49 181 104 
Cash flow from investing activities 4 -418 -276 
    
Financing activities    
Amortisation of lease liabilities -504 -799 -403 
Issuance of senior non-preferred liablities 12 156 46 580 28 361 
Redemption of senior non-preferred liablities -1 977 -1 665 -713 
Issuance of subordinated liabilities 6 811 9 339 9 339 
Redemption of subordinated liabilities -797 -10 316 -3 144 
Dividends paid -17 048 -10 964 -10 964 
Cash flow from financing activities -1 359 32 175 22 476 
Cash flow for the period 60 913 -113 391 -16 554 
    
Cash and cash equivalents at the beginning of the period 252 994 365 992 365 992 
Cash flow for the period 60 913 -113 391 -16 554 
Exchange rate differences on cash and cash equivalents 2 979 393 8 979 
Cash and cash equivalents at end of the period 316 886 252 994 358 417 
    
 
2024 
During the second quarter contributions were provided 
to the associated company Svenska e-fakturabolaget 
AB of SEK 16m.  
 
During the second quarter, additional shares in the joint 
venture P27 Nordic Payments Platform AB of SEK 23m. 
Thereby, the ownership amounts to 20,83 percent.  
 
 
 
 
 
 
2023 
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 Second 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. 
 
Issued accounting standards not yet 
applied 
Presentation and Disclosures in Financial Statements 
(IFRS 18)  
The International Accounting Standards Board (IASB) 
has published IFRS 18 Presentation and Disclosures in 
Financial Statements, which is not yet applied by 
Swedbank.  
 
IFRS 18 was issued in April 2024. The standard will be 
effective from January 1, 2027, and has not yet been 
adopted by the European Union. The new standard 
replaces IAS 1 and introduces new requirements 
primarily for the presentation of financial statements 
and disclosures about certain performance measures. 
 
Impact on the Group's financial statements is currently 
being assessed. 
 
Amendments to the Classification and Measurement of 
Financial Instruments (IFRS 9 and IFRS 7) 
The International Accounting Standards Board (IASB) 
has published amendments to the Classification and 
Measurement of Financial Instruments, IFRS 9 and   
IFRS 7.  
 
The amendments mainly provide guidance on how to 
assess the contractual cash flows of a financial asset 
that include contingent features and related disclosure 
requirements. 
 
The amendments were issued in May 2024 and will be 
effective from January 1, 2026. They have not yet been 
adopted by the European Union. 
 
 
 
 
  
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 half year of 2024.

===== SIDA 23 =====

Swedbank – Report for the Second quarter│ 2024│23 
Note 4 Operating segments (business areas)
 
     Group   
January-June 2024 Swedish Baltic Corporates and Premium and Functions   
SEKm Banking Banking Institutions Private Banking and Other Eliminations Group 
Income statement        
Net interest income 9 016 9 145 6 619 908 -969 45 24 764 
Net commission income 3 721 1 682 1 986 854 -100 1 8 145 
Net gains and losses on financial items 133 271 987 15 188 0 1 593 
Other income¹ 652 339 61 11 1 960 -1 202 1 822 
Total income 13 522 11 438 9 653 1 788 1 079 -1 155 36 324 
Staff costs 998 1 003 1 130 293 3 718 -9 7 133 
Variable staff costs 30 62 66 8 185 0 351 
Other expenses 3 311 1 983 1 992 336 -2 376 -1 147 4 101 
Depreciation/amortisation of tangible and intangible 
assets 8 87 11 0 959 -0 1 065 
Total expenses 4 347 3 136 3 199 637 2 487 -1 155 12 650 
Profit before impairments, bank taxes and resolution fees 9 175 8 302 6 454 1 151 -1 408 -0 23 674 
Impairment of tangible and intangible assets     0         32     32 
Credit impairment -70 -9 -31 -31 -3 -0 -145 
Bank taxes and resolution fees 427 1 179 481 63 -0     2 149 
Profit before tax 8 818 7 132 6 005 1 119 -1 437 0 21 637 
Tax expense 1 673 1 450 1 214 202 75     4 614 
Profit for the period 7 145 5 682 4 791 918 -1 513 0 17 023 
Non-controlling interests 0                     0 
        
Net commission income        
Commission income        
Payment processing 226 319 475 5 222 -8 1 238 
Cards 1 083 1 104 1 596 19 -333     3 468 
Asset management and custody 3 302 323 1 191 816 -2 -176 5 456 
Lending 47 110 445 2 -0 -4 600 
Other commission income² 483 337 758 252 26 -8 1 847 
Total  5 141 2 192 4 464 1 094 -87 -196 12 609 
Commission expense 1 420 510 2 478 240 13 -197 4 464 
Net commission income 3 721 1 682 1 986 854 -100 1 8 145 
        
        Balance sheet, SEKbn        
Cash and balances with central banks 0 4 2     311 0 317 
Loans to credit institutions 5 1 144 0 272 -375 47 
Loans to the public 850 268 639 130 11 -1 1 897 
Interest-bearing securities     2 114     199 -8 307 
Financial assets for which customers bear the investment 
risk 294 2 30 48         375 
Investments in associates and joint ventures 6             2     8 
Derivatives     0 96     79 -151 24 
Tangible and intangible assets 2 13 -0 0 12 -0 26 
Other assets 19 154 29 3 332 -471 67 
Total assets 1 177 444 1 054 181 1 218 -1 006 3 068 
Amounts owed to credit institutions 5 0 359 0 93 -365 93 
Deposits and borrowings from the public 460 403 352 78 7 -10 1 289 
Debt securities in issue -0 2 1     818 -8 813 
Financial liabilities for which customers bear the 
investment risk 295 2 30 49         376 
Derivatives     0 103     80 -151 33 
Other liabilities 365     163 49 0 -472 106 
Senior non-preferred liabilities         -0     119 0 119 
Subordinated liabilities         -0     41     41 
Total liabilities 1 125 407 1 008 175 1 159 -1 006 2 868 
Allocated equity 52 36 46 6 59     200 
Total liabilities and equity 1 177 444 1 054 181 1 218 -1 006 3 068 
        
Key figures        
Return on allocated equity, % 26.7 32.2 20.2 29.6 -5.4 0.0 17.1 
Cost/income ratio 0.32 0.27 0.33 0.36 2.30 0.00 0.35 
Credit impairment ratio, % -0.02 -0.01 -0.01 -0.05 -0.01 0.00 -0.01 
Loan/deposit ratio, % 185 66 164 168 15    140 
Lending to the public, stage 3, SEKbn (gross) 4 1 4 0       10 
Loans to customers, total, SEKbn 850 268 551 130 1 0 1 799 
Provisions for loans to customers, total, SEKbn 1 1 4 0 0 0 7 
Deposits from customers, SEKbn 460 403 336 78 7 0 1 282 
Risk exposure amount, SEKbn 294 196 291 37 30    848 
Full-time employees 2 559 4 766 1 803 599 7 811 0 17 538 
Allocated equity, average, SEKbn 54 35 47 6 56 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 Second quarter│ 2024│24 
     Group   
January-June 2023¹ Swedish Baltic Corporates and Premium and Functions   
SEKm Banking Banking Institutions Private Banking and Other Eliminations Group 
Income statement        
Net interest income 10 438 8 569 6 566 1 082 -1 986 35 24 704 
Net commission income 3 514 1 672 1 786 684 -173 -12 7 472 
Net gains and losses on financial items 105 273 831 14 217 -0 1 441 
Other income² 748 438 82 22 1 568 -914 1 944 
Total income 14 805 10 952 9 265 1 803 -375 -891 35 560 
Staff costs 939 954 1 061 232 3 456 -9 6 633 
Variable staff costs 17 48 57 5 123 0 249 
Other expenses 3 073 1 550 1 866 287 -2 468 -882 3 390 
Depreciation/amortisation of tangible and intangible 
assets 10 92 12 0 854 -0 968 
Administrative fine     37         850     887 
Total expenses 4 039 2 644 2 995 524 2 815 -891 12 127 
Profit before impairments, bank taxes and resolution fees 10 765 8 308 6 270 1 279 -3 190 0 23 433 
Impairment of tangible and intangible assets     0         11     11 
Credit impairment 381 -55 622 9 8 0 965 
Bank taxes and resolution fees 438 373 480 60 11     1 362 
Profit before tax 9 947 7 990 5 169 1 210 -3 219 -0 21 095 
Tax expense 1 888 1 463 1 048 248 -235     4 412 
Profit for the period 8 059 6 526 4 121 961 -2 984 -0 16 683 
        
Net commission income        
Commission income        
Payment processing 225 337 472 6 205 -9 1 236 
Cards 1 064 1 098 1 464 16 -195 0 3 447 
Asset management and custody 2 796 295 1 014 641 -2 -158 4 585 
Lending 0 114 495 3 -1 -4 607 
Other commission income³ 562 307 696 214 7 -13 1 772 
Total  4 647 2 149 4 141 880 14 -184 11 647 
Commission expense 1 133 477 2 354 195 187 -172 4 176 
Net commission income 3 514 1 672 1 786 684 -173 -12 7 472 
        
Balance sheet, SEKbn        
Cash and balances with central banks 0 4 1     354     358 
Loans to credit institutions 4 0 194     258 -396 61 
Loans to the public 870 255 612 121 1 -1 1 857 
Interest-bearing securities     2 55     277 -5 329 
Financial assets for which customers bear the investment 
risk 244 2 25 40         312 
Investments in associates 6             2     8 
Derivatives     0 162     146 -255 54 
Tangible and intangible assets 2 13 -0 0 11 0 27 
Other assets 18 149 22 3 216 -363 45 
Total assets 1 145 426 1 070 164 1 265 -1 020 3 050 
Amounts owed to credit institutions 6 0 389     125 -388 133 
Deposits and borrowings from the public 464 387 382 75 3 -8 1 303 
Debt securities in issue -0 3 2     839 -5 839 
Financial liabilities for which customers bear the 
investment risk 245 2 25 40         312 
Derivatives     0 175     129 -255 49 
Other liabilities 378     46 42 1 -364 103 
Senior non-preferred liabilities         -0     87     87 
Subordinated liabilities         -0     40     40 
Total liabilities 1 093 393 1 019 158 1 223 -1 020 2 866 
Allocated equity 52 33 52 6 42     185 
Total liabilities and equity 1 145 426 1 070 164 1 265 -1 020 3 050 
        
Key figures        
Return on allocated equity, % 30.7 41.1 16.6 30.8 -15.4 0.0 18.6 
Cost/income ratio 0.27 0.24 0.32 0.29 -7.51 0.00 0.34 
Credit impairment ratio, % 0.09 -0.05 0.19 0.02 0.05 0.00 0.10 
Loan/deposit ratio, % 188 66 151 161 26 0 139 
Lending to the public, stage 3, SEKbn (gross) 2 2 3 0       6 
Loans to customers, total, SEKbn 870 255 556 121 1    1 803 
Provisions for loans to customers, total, SEKbn 2 1 4 0       7 
Deposits from customers, SEKbn 464 387 368 75 3 0 1298 
Risk exposure amount, SEKbn 346 171 259 14 29 0 819 
Full-time employees 2 417 4 706 1 686 513 7 543 0 16 865 
Allocated equity, average, SEKbn 53 32 50 6 39 0 179 
        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 from 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 Second 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 Second quarter│ 2024│26 
 Changes between previous reporting and new restated reporting  
     Group   
January-June 2023 Swedish Baltic Corporates and Premium and Functions   
SEKm Banking Banking Institutions Private banking and Other Eliminations Group 
Income statement        
Net interest income -2 722    1 639 1 082 1      
Net commission income -959    278 684 -3   
Net gains and losses on financial items -86    71 14 0   
Other income -34    -33 22 45   
Total income -3 800    1 955 1 803 42   
Staff costs -448    234 232 -19      
Variable staff costs -7    2 5 -1     
Other expenses -720 -1 393 287 41      
Total expenses -1 175 -1 630 524 21   
Profit before impairments, bank taxes and resolution 
fees -2 626 1 1 325 1 279 21   
Credit impairment -235    226 9 -0   
Bank taxes and resolution fees -119    59 60    
Profit before tax -2 272 1 1 041 1 210 21   
Tax expense -492    239 248 5   
Profit for the period -1 780 1 802 961 16   
        
Net commission income        
Commission income        
Payment processing -87    81 6       
Cards -117    78 16 23   
Asset management and custody -737    96 641      
Lending -19    19 3 -3   
Other commission income -395    181 214       
Total  -1 354    455 880 19   
Commission expense -395    177 195 23   
Net commission income -959    278 684 -3   
        
Balance sheet, SEKbn        
Loans to credit institutions -0    0     
Loans to the public -205    84 121    
Financial assets for which customers bear the 
  
-65    25 40      
Other assets -5     2 3 1   
Total assets -275     111 164 1   
Amounts owed to credit institutions -1    1       
Deposits and borrowings from the public -159    83 75 1   
Financial liabilities for which customers bear the 
investment risk -65    25 40      
Other liabilities -39     -3 42 -0   
Total liabilities -263     106 158 1   
Allocated equity -12    5 6      
Total liabilities and equity -275     111 164 1   
        
Key figures        
Return on allocated equity, % 0.0 0.0 1.6 30.8 0.1   
Cost/income ratio -0.01 0.00 0.00 0.29 -0.81   
Credit impairment ratio, % -0.02  0.04 0.19 0.00   
Loan/deposit ratio, % 14    -14 161 3   
Lending to the public, stage 3, SEKbn (gross) -1    1 0      
Loans to customers, total, SEKbn -205    84 121 0   
Provisions for loans to customers, total, SEKbn -1    1 0      
Deposits from customers, SEKbn -156    82 75 0   
Risk exposure amount, SEKbn -14       14 0   
Full-time employees -958    491 513 -46   
Allocated equity, average, SEKbn -12    5 6

===== SIDA 27 =====

Swedbank – Report for the Second quarter│ 2024│27 
Note 5 Net interest income
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Interest income      
Cash and balances with central banks 4 122 4 007 3 954 8 129 7 360 
Treasury bills and other bills eligible for refinancing with central banks, etc. 1 996 2 047 2 207 4 042 3 621 
Loans to credit institutions 770 835 799 1 605 1 490 
Loans to the public 23 391 23 075 19 225 46 466 35 993 
Bonds and other interest-bearing securities 595 552 474 1 147 863 
Derivatives¹ -364 -1 044 -182 -1 409 -308 
Other assets -10 -1 17 -11 28 
Total  30 500 29 470 26 494 59 970 49 047 
Transfer of trading-related interests reported in Net gains and losses 2 030 1 261 1 627 3 292 2 748 
Total interest income  28 469 28 209 24 867 56 678 46 300 
      
Interest expense      
Amounts owed to credit institutions -1 194 -1 280 -1 656 -2 474 -2 943 
Deposits and borrowings from the public -8 345 -8 381 -6 210 -16 727 -10 894 
of which deposit guarantee fees -151 -149 -183 -300 -340 
Debt securities in issue -7 335 -6 895 -6 718 -14 230 -12 578 
Senior non-preferred liabilities  -1 045 -922 -483 -1 967 -860 
Subordinated liabilities -607 -537 -453 -1 143 -827 
Derivatives¹ -209 127 1 625 -82 3 489 
Other liabilities -23 -24 -16 -47 -37 
Total  -18 757 -17 911 -13 911 -36 669 -24 650 
Transfer of trading-related interests reported in Net gains and losses -2 453 -2 302 -1 812 -4 755 -3 054 
Total interest expense  -16 304 -15 609 -12 099 -31 914 -21 596 
Net interest income 12 165 12 599 12 768 24 764 24 704 
Net investment margin before trading-related interests are deducted 1.51 1.54 1.62 1.52 1.58 
Average total assets 3 118 814 3 006 487 3 105 025 3 060 254 3 084 076 
Interest income on financial assets at amortised cost 28 337 28 018 25 216 56 355 46 704 
Interest expense on financial liabilities at amortised cost 17 639 17 166 14 910 34 806 27 011 
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 Second quarter│ 2024│28 
Note 6 Net commission income
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
      
Commission income      
Payment processing 618 620 635 1 238 1 236 
Cards 1 827 1 641 1 867 3 468 3 447 
Service concepts 450 420 401 870 792 
Asset management and custody  2 823 2 632 2 363 5 456 4 585 
Insurance 67 98 77 165 163 
Securities and corporate finance 205 198 167 404 366 
Lending 298 301 311 600 607 
Other 207 201 201 409 451 
Total commission income 6 496 6 113 6 022 12 609 11 647 
Commission expense      
Payment processing -395 -380 -415 -776 -780 
Cards -834 -762 -865 -1 596 -1 573 
Service concepts -46 -50 -43 -96 -90 
Asset management and custody  -754 -686 -626 -1 440 -1 204 
Insurance -98 -84 -76 -183 -145 
Securities and corporate finance -94 -99 -100 -193 -194 
Lending  -39 -24 -25 -63 -65 
Other -66 -52 -60 -117 -124 
Total commission expense -2 326 -2 137 -2 211 -4 464 -4 176 
Net commission income      
Payment processing 223 240 219 463 456 
Cards 993 879 1 002 1 872 1 874 
Service concepts 403 370 357 774 702 
Asset management and custody  2 069 1 947 1 737 4 016 3 380 
Insurance -31 13 1 -18 18 
Securities and corporate finance 111 99 67 211 173 
Lending  259 277 286 537 542 
Other 141 150 141 291 327 
Total net commission income 4 169 3 976 3 811 8 145 7 472

===== SIDA 29 =====

Swedbank – Report for the Second quarter│ 2024│29 
Note 7 Net gains and losses on financial items
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Fair value through profit or loss      
Shares and share related derivatives 286 370 25 657 12 
of which dividend 65 159 60 224 149 
Interest-bearing securities and interest related derivatives 697 1 101 380 1 798 851 
Financial liabilities -2 1 2 -1 2 
Financial assets and liabilities where the customers bear the 
investment risk, net 1 13 2 14 1 
Other financial instruments 0 -1 0 0 0 
Total fair value through profit or loss 983 1 485 408 2 468 866 
Hedge accounting      
Ineffectiveness, one-to-one fair value hedges       -53 3 -72 -50 14 
of which hedging instruments 2 000 -3 214 -3 441 -1 215 235 
of which hedged items -2 053 3 217 3 369 1 164 -221 
Ineffectiveness, portfolio fair value hedges 58 -6 45 52 127 
of which hedging instruments -2 326 -256 200 -2 582 -2 699 
of which hedged items 2 384 250 -155 2 635 2 826 
Ineffectiveness, cash flow hedges 20 -2 -1 18 -2 
Total hedge accounting 25 -5 -27 20 139 
Amortised cost      
Derecognition gain or loss for financial assets 25 3 17 28 28 
Derecognition gain or loss for financial liabilities -103 99 11 -5 20 
Total amortised cost -78 102 28 23 48 
Trading related interest      
Interest income 2 030 1 261 1 627 3 292 2 748 
Interest expense -2 453 -2 302 -1 812 -4 755 -3 054 
Total trading related interest -423 -1 041 -186 -1 463 -307 
Change in exchange rates 405 141 301 546 694 
Total  911 682 524 1 593 1 441

===== SIDA 30 =====

Swedbank – Report for the Second quarter│ 2024│30 
Note 8 Net insurance income 
 
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Insurance service revenue 1 202 1 210 1 060 2 412 2 102 
Insurance service expenses -791 -943 -690 -1 735 -1 488 
Insurance service result 411 267 370 678 614 
Result from reinsurance contracts held -20 1 -4 -19 -20 
Insurance finance income and expense -646 -1 517 -879 -2 163 -1 614 
Insurance result -255 -1 249 -514 -1 504 -1 019 
Return on financial assets backing insurance contracts with 
participation features 547 1 516 898 2 062 1 685 
Total 291 267 384 558 666 
 
Note 9 Other general administrative expenses
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Premises 97 98 126 194 247 
IT expenses 934 836 730 1 770 1 362 
Telecommunications and postage 28 36 30 65 62 
Consultants 267 286 224 553 446 
Compensation to savings banks 53 53 55 106 110 
Other purchased services 345 325 278 670 545 
Travel 40 26 36 66 63 
Entertainment 11 6 9 16 16 
Supplies 18 16 16 33 39 
Advertising, PR and marketing 175 71 91 246 124 
Security transport and alarm systems 17 21 17 38 34 
Repair/maintenance of inventories 41 37 34 79 65 
Other administrative expenses 102 120 112 222 223 
Other operating expenses 18 25 26 42 55 
Total 2 144 1 956 1 783 4 101 3 390

===== SIDA 31 =====

Swedbank – Report for the Second quarter│ 2024│31 
Note 10 Credit impairment 
 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Credit impairments for loans at amortised cost      
Credit impairments - stage 1 -33 -167 -95 -200 164 
Credit impairments - stage 2 -379 -22 168 -402 624 
Credit impairments - stage 3 -329 261 54 -69 58 
Credit impairments - purchased or originated credit impaired 0 -1 1 0 1 
Total -742 71 128 -671 848 
Write-offs 617 105 117 722 174 
Recoveries -182 -55 -51 -236 -100 
Total 435 51 66 486 75 
Total - credit impairments for loans at amortised cost -307 122 194 -185 923 
      
Credit impairments for loan commitments and guarantees      
Credit impairments - stage 1 -51 5 -2 -45 33 
Credit impairments - stage 2 63 -51 -4 11 17 
Credit impairments - stage 3 6 68 0 74 -8 
Total - credit impairments for loan commitments and 
guarantees 18 23 -6 40 42 
      
Total credit impairments -289 144 188 -145 965 
Credit impairment ratio, % -0.06 0.03 0.04 -0.01 0.10 
 
 
Disposal of loans 
During the second quarter 2024 a portfolio of loans to 
private persons was disposed. The loans were either 
classified in stage 3 or were previously written off.  
The disposal of the loans in stage 3 resulted in write 
offs amounting to SEK 505m together with reversals of 
credit impairment provisions amounting to SEK 496m. 
The disposal of loans previously written of resulted in 
recoveries amounting to SEK 145m. 
 
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 946m (SEK 996m at 31 
March 2024, SEK 1 324m at 31 December 2023) and are 
allocated as SEK 505m in stage 1 and SEK 441m in 
stage 2 (SEK 525m in stage 1, SEK 471m in stage 2 at 
31 March 2024). Customers and industries are reviewed 
and analysed considering the current situation, 
particularly in more vulnerable sectors. During the 
second quarter, the main changes were that post-model 
expert credit adjustments for the Retail sector and 
Property management sector were decreased whilst 
post-model expert credit adjustments for Agriculture, 
forestry, fishing sector and Manufacturing sector 
increased. The most significant post-model 
adjustments at 30 June 2024 were in the Property 
management, Manufacturing and Agriculture, forestry, 
fishing sectors.

===== SIDA 32 =====

Swedbank – Report for the Second 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 Second quarter│ 2024│33 
  
 
Incorporation of forward-looking macroeconomic scenarios 
The Swedbank Economic Outlook was published on  
18 April 2024 and the baseline scenario was updated by 
Swedbank Macro Research as of 10 June 2024. 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 30 June 2024.
  
 
30 June 2024 Positive scenario  Baseline scenario  Negative scenario 
 2024 2025 2026  2024 2025 2026  2024 2025 2026 
Sweden            
GDP (annual % change) 0.8 3.8 2.5  0.5 2.8 2.8  -1.3 -5.2 2.4 
Unemployment (annual %) 8.4 8.2 7.6  8.4 8.3 7.7  8.5 10.4 11.0 
House prices (annual % change) 0.2 5.1 6.8  0.1 4.4 6.5  -3.5 -11.7 3.4 
Stibor 3m (%) 3.79 2.65 2.11  3.72 2.44 2.10  3.46 0.69 0.29 
Estonia             
GDP (annual % change) -0.5 4.2 2.8  -1.0 2.8 3.0  -3.3 -7.1 1.0 
Unemployment (annual %) 7.4 6.2 5.3  7.5 6.6 5.8  8.1 11.5 14.3 
House prices (annual % change) -2.6 5.4 6.4  -3.1 2.8 4.5  -10.5 -24.7 -2.9 
Latvia            
GDP (annual % change) 1.5 3.3 3.5  1.4 2.8 2.9  -0.4 -5.9 0.9 
Unemployment (annual %) 6.6 5.9 5.7  6.7 6.1 6.0  7.5 11.0 12.3 
House prices (annual % change) -1.4 6.0 6.0  -2.6 3.8 5.3  -9.5 -26.2 -8.6 
Lithuania            
GDP (annual % change) 2.1 3.2 2.2  1.8 2.5 2.3  -0.4 -7.1 1.2 
Unemployment (annual %) 7.1 5.9 5.5  7.3 6.7 6.6  7.6 10.5 14.8 
House prices (annual % change) 2.8 6.2 5.9  1.7 3.7 4.9  -8.8 -28.1 -5.3 
Global indicators            
US GDP (annual %) 2.5 2.3 1.7  2.3 1.4 1.5  1.2 -3.3 0.1 
EU GDP (annual %) 1.0 2.3 1.3  0.7 1.5 1.4  -0.8 -5.7 0.4 
Brent Crude Oil (USD/Barrel) 83.8 80.4 76.1  83.1 79.0 75.4  72.4 48.1 58.9 
Euribor 6m (%) 3.58 2.39 1.73  3.47 2.14 1.72  3.34 0.22 0.02 
 
Global growth remains weak, but development is varied 
across regions and countries. After the summer, 
European economies will start to recover as inflation 
normalises and interest rates decline. US growth, on the 
other hand, is expected to slow slightly later this year 
and in 2025, as a result of less fiscal stimulus and lags 
from tight monetary policy. 
 
Geopolitical risks remain elevated. The situation in the 
Middle East could lead to higher oil prices. Natural gas 
prices have stayed low, however, and at current levels, 
energy prices are not driving inflation. Some commodity 
prices and freight costs have started to rise, which 
could complicate the path to normal inflation and 
further delay central bank rate cuts. 
 
 
In Sweden, GDP growth will gradually increase in the 
second half of this year as real wages, and hence 
household consumption, increase. Next year, growth will 
pick up further, and GDP will increase by close to 3%. 
The labour market will weaken further this year before 
employment increases again next year as growth picks 
up. 
 
In 2024, GDP is expected to grow modestly in Latvia and 
Lithuania and fall further in Estonia. Growth is likely to 
pick up and be broad-based in 2025. Exports and 
manufacturing have been the weakest spot, and 
external demand is expected to pick up toward the end 
of the year.

===== SIDA 34 =====

Swedbank – Report for the Second 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 
 Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Swedish bank tax 277 276 292 553 584 
Lithuanian bank tax 438 508 325 946 325 
Latvian bank tax 111 107 0 218 0 
Resolution fees 219 213 227 432 453 
Total 1 045 1 104 844 2 149 1 362 
 
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.

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Swedbank – Report for the Second 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 Second quarter│ 2024│36

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Swedbank – Report for the Second 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 Second 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.

===== SIDA 39 =====

Swedbank – Report for the Second quarter│ 2024│39 
Loan commitments and financial guarantees  
 
The tables below provide a reconciliation of credit impairment provisions for loan commitments and financial guarantees. 
 
  
 
 
 
Note 14 Credit risk exposures
 
 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Assets    
Cash and balances with central banks 316 886 252 994 358 417 
Interest-bearing securities 307 264 237 460 328 661 
Loans to credit institutions 46 523 67 534 60 527 
Loans to the public 1 896 756 1 863 375 1 857 443 
Derivatives 23 973 39 563 53 702 
Other financial assets 19 865 7 972 21 273 
Total assets 2 611 268 2 468 899 2 680 024 
Contingent liabilities and commitments    
Guarantees 42 702 43 835 45 012 
Loan commitments 258 737 249 422 268 579 
Total contingent liabilities and commitments 301 439 293 257 313 591 
Total  2 912 707 2 762 156 2 993 615

===== SIDA 40 =====

Swedbank – Report for the Second quarter│ 2024│40 
Note 15 Intangible assets 
 
 Indefinate useful life Definate useful life Total 
 Goodwill & Brand Other intangible assets    
 Jan-Jun Full year Jan-Jun Jan-Jun Full year Jan-Jun Jan-Jun Full year Jan-Jun 
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  717 1 265 764 717 1 265 764 
Amortisation for the period    -412 -641 -336 -412 -641 -336 
Impairment for the period 0   -32 -81 -11 -32 -81 -11 
Sales and disposals 0 0  0 0 -3 0 0 -3 
Exchange rate differences 249 11 689 0 1 3 249 12 692 
Closing balance 14 110 13 861 14 538 6 852 6 580 6 453 20 962 20 440 20 992 
 
During the second quarter of 2023, an impairment of SEK 32m was made in relation to internally developed software, which will no longer 
be used. There were no additional indications of 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
 
 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Central banks 13 984 10 098 21 688 
Banks 62 304 46 540 90 446 
Other credit institutions 6 521 8 161 6 337 
Repurchase agreements 9 779 7 256 14 422 
Total 92 587 72 054 132 893 
 
Note 17 Deposits and borrowings from the public
 
 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Private customers 728 085 702 565 715 700 
Corporate customers 554 076 527 863 581 997 
Total deposits from customers 1 282 162 1 230 428 1 297 697 
Cash collaterals received 3 094 3 470 5 117 
Swedish National Debt Office 114 94 69 
Repurchase agreements - Swedish National Debt Office 1 3 0 
Repurchase agreements  3 835 268 383 
Total borrowings 7 044 3 835 5 570 
Deposits and borrowings from the public 1 289 206 1 234 262 1 303 267

===== SIDA 41 =====

Swedbank – Report for the Second quarter│ 2024│41 
Note 18 Debt securities in issue, senior non-preferred 
liabilities and subordinated liabilities
 
 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Commercial papers 322 497 263 334 364 025 
Covered bonds 369 045 345 615 345 014 
Senior unsecured bonds 120 570 118 238 127 654 
Structured retail bonds 526 1 361 1 875 
Total debt securities in issue 812 638 728 548 838 568 
Senior non-preferred liabilities 119 174 104 828 86 799 
Subordinated liabilities 40 843 32 841 39 855 
Total  972 655 866 217 965 222 
    
 Jan-Jun Full-year  Jan-Jun 
Turnover 2024 2023 2023 
Opening balance 866 217 872 976 872 976 
Issued 376 625 893 599 520 547 
Repurchased -6 131 -20 295 -7 577 
Repaid -297 690 -899 951 -456 023 
Interest, change in fair values or hedged items in fair value hedges and 
changes in exchange rates 33 634 19 888 35 298 
Closing balance 972 655 866 217 965 222 
 
Note 19 Derivatives  
 Nominal amount Positive fair value Negative fair value 
 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 2024 2023 2023 2024 2023 2023 
Derivatives in hedge accounting          
One-to-one fair value hedges 612 108 558 527 576 955 4 531 6 415 694 15 489 15 654 30 464 
Portfolio fair value hedges 333 826 352 036 356 900 6 810 9 665 18 300 1 113 503 1 
Cash flow hedges 8 369 8 188 8 681 768 596 1 113    
Total  954 303 918 751 942 536 12 109 16 676 20 107 16 602 16 157 30 465 
Non-hedge accounting derivatives 35 087 320 33 026 557 33 542 667 883 110 887 411 1 249 556 895 096 925 558 1 241 788 
Gross amount 36 041 622 33 945 308 34 485 203 895 219 904 087 1 269 663 911 698 941 715 1 272 253 
Offset amount    -871 246 -864 523 -1 215 961 -879 141 -868 262 -1 223 155 
Total    23 973 39 563 53 702 32 557 73 453 49 098 
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 Second 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 Second quarter│ 2024│43

===== SIDA 44 =====

Swedbank – Report for the Second 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

===== SIDA 45 =====

Swedbank – Report for the Second quarter│ 2024│45 
fair value is established with significant elements of 
Swedbank’s own internal assumptions. The carrying 
amount of the holdings in Visa Inc. C amounted as per 
30 June 2024 to SEK 579m (SEK 534m 31 December 
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 
 
 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Loans used as collateral for covered bonds¹ 397 653 381 369 382 836 
Assets recorded in register on behalf of insurance policy holders 390 723 335 375 328 232 
Other assets ledged for own liabilities 122 793 151 763 142 009 
Other assets pledged 17 223 18 253 17 197 
Assets pledged 928 393 886 760 870 274 
    
Nominal amounts    
Guarantees 42 702 43 835 45 012 
Other 107 77 72 
Contingent liabilities   42 808 43 911 45 084 
    
Nominal amounts    
Loans granted not paid 204 165 192 919 211 500 
Overdraft facilities granted but not utilised 54 572 56 503 57 079 
Commitments 258 737 249 422 268 579 
    
1) The pledge is defined as the borrower’s nominal debt including accrued interest and refers to the loans of the total available 
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 2024, 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 Second 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 
 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 2024 2023 2023 
Financial assets and liabilities, which have been offset or are 
subject to netting       
Gross amount  1 059 921 1 036 690 1 407 287 999 225 1 035 778 1 365 235 
Offset amount -944 414 -951 626 -1 292 356 -952 309 -955 365 -1 299 550 
Net amounts presented in the balance sheet 115 507 85 064 114 932 46 916 80 414 65 685 
Related amounts not offset in the balance sheet       
Financial instruments, netting arrangements 24 278 21 929 22 305 14 236 21 930 22 306 
Financial Instruments, collateral 81 708 45 980 58 489 11 281 19 294 20 740 
Cash collateral 4 573 7 460 26 306 10 784 38 055 19 095 
Total amount not offset in the balance sheet 110 559 75 369 107 100 36 300 79 279 62 142 
Net amount 4 949 9 695 7 832 10 615 1 135 3 543 
 
 
The amount offset for derivative assets includes offset 
cash collateral of SEK 7 296m (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 191m (13 281), derived 
from the balance sheet item Loans to credit institutions.

===== SIDA 47 =====

Swedbank – Report for the Second 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.  
 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 
Consolidated situation, SEKm 2024 2024 2023 2023 2023 
Available own funds      
Common Equity Tier 1 (CET1) capital  170 511 166 143 160 659 156 880 152 511 
Tier 1 capital  192 269 187 988 174 848 171 844 167 442 
Total capital  212 259 208 908 195 648 192 499 193 791 
Risk-weighted exposure amounts      
Total risk exposure amount 847 922 859 345 847 121 837 943 819 021 
Capital ratios as a percentage of risk-weighted exposure amount      
Common Equity Tier 1 ratio  20.1 19.3 19.0 18.7 18.6 
Tier 1 ratio 22.7 21.9 20.6 20.5 20.4 
Total capital ratio  25.0 24.3 23.1 23.0 23.7 
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 2.7 2.3 
     of which: to be made up of CET1 capital 1.8 1.8 1.8 1.8 1.5 
     of which: to be made up of Tier 1 capital  2.1 2.1 2.1 2.1 1.8 
Total SREP own funds requirements 10.7 10.7 10.7 10.7 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       
Institution-specific countercyclical capital buffer 1.7 1.7 1.7 1.6 1.6 
Systemic risk buffer  3.1 3.1 3.1 3.1 3.1 
Global Systemically Important Institution buffer       
Other Systemically Important Institution buffer  1.0 1.0 1.0 1.0 1.0 
Combined buffer requirement  8.3 8.3 8.3 8.2 8.2 
Overall capital requirements  19.0 18.9 19.0 18.9 18.4 
CET1 available after meeting the total SREP own funds requirements  13.8 13.0 12.4 12.3 12.6 
Leverage ratio      
Total exposure measure 2 874 539 2 957 209 2 689 307 2 876 831 2 892 936 
Leverage ratio, % 6.7 6.4 6.5 6.0 5.8 
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 676 585 691 200 709 683 722 060 717 976 
Cash outflows, total weighted value  480 805 499 465 521 325 536 211 537 832 
Cash inflows, total weighted value  56 832 58 558 58 123 55 863 55 578 
Total net cash outflows, adjusted value 423 974 440 907 463 202 480 347 482 255 
Liquidity coverage ratio, % 160.9 158.2 154.2 151.0 149.8 
Net stable funding ratio      
Total available stable funding 1 748 751 1 781 575 1 720 299 1 722 723 1 741 688 
Total required stable funding 1 413 022 1 415 898 1 390 353 1 420 508 1 415 740 
Net stable funding ratio, % 123.8 125.9 123.7 121.3 123.0 
1) The liquidity coverage ratio has been re-calculdated 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 Second quarter│ 2024│48 
   
Common Equity Tier 1 capital 30 Jun 31 Dec 30 Jun 
Consolidated situation, SEKm 2024 2023 2023 
    Shareholders' equity according to the Group's balance sheet 199 612 198 760 184 627 
Anticipated dividend -8 511 -17 049 -8 342 
Value changes in own financial liabilities  -113 -150 -294 
Cash flow hedges -9 -9 -17 
Additional value adjustments  -461 -609 -605 
Goodwill -14 123 -13 874 -14 551 
Deferred tax assets -15 -25 -38 
Intangible assets -3 663 -4 470 -4 669 
Insufficient coverage for non-performing exposures -58 -61 -12 
Deductions of CET1 capital due to Article 3 CRR -139 -140 -134 
Shares deducted from CET1 capital  -49 -46 -41 
Pension fund assets -1 961 -1 667 -3 412 
Total  170 511 160 659 152 511 
 
 
Risk exposure amount 30 Jun 31 Dec 30 Jun 
Consolidated situation, SEKm 2024 2023 2023 
    Credit risks, standardised approach 59 299 59 387 55 743 
Credit risks, IRB 403 161 374 538 351 224 
Default fund contribution 350 335 149 
Settlement risks #N/A #N/A #N/A 
Market risks 17 242 16 592 17 122 
Credit value adjustment 1 609 2 986 1 981 
Operational risks 96 123 96 123 79 995 
Additional risk exposure amount, Article 3 CRR  17 320 29 234 73 086 
Additional risk exposure amount, Article 458 CRR  252 817 267 925 239 720 
Total  847 922 847 121 819 021 
 
 
 SEKm  % 
Capital requirements¹ 30 Jun 31 Dec 30 Jun  30 Jun 31 Dec 30 Jun 
Consolidated situation, SEKm / % 2024 2023 2023  2024 2023 2023 
Capital requirement Pillar 1 138 061 138 023 132 353  16.3 16.3 16.2 
  of which Buffer requirements² 70 227 70 254 66 831  8.3 8.3 8.2 
Capital requirement Pillar 2³ 22 640 22 618 18 592  2.7 2.7 2.3 
Pillar 2 guidance 4 240 4 236 8 190  0.5 0.5 1.0 
Total capital requirement including Pillar 2 
guidance 164 940 164 877 159 135  19.5 19.5 19.4 
Own funds 212 259 195 648 193 791     
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 30 Jun 31 Dec 30 Jun  30 Jun 31 Dec 30 Jun 
Consolidated situation, SEKm / % 2024 2023 2023  2024 2023 2023 
Leverage ratio requirement Pillar 1 86 236 80 679 86 788  3.0 3.0 3.0 
Leverage ratio Pillar 2 guidance 14 373 13 447 13 018  0.5 0.5 0.5 
Total capital requirement including Pillar 2 
guidance 100 609 94 126 99 806  3.5 3.5 3.5 
Tier 1 capital 192 269 174 848 167 442     
1) Swedbank's calculation based on the SFSA's announced leverage ratio requirements, including Pillar 2 requirements and Pil lar 2 guidance.

===== SIDA 49 =====

Swedbank – Report for the Second 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 30 June 2024, the internal capital assessment for 
Swedbank’s consolidated situation amounted to 
SEK 50.8bn (SEK 50.5bn as of 31 December 2023). The 
capital to meet the internal capital assessment, i.e. the 
Total capital, amounted to SEK 212.3bn (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 35.2bn (SEK 34.4bn 
as of 31 December 2023) and the total capital 
amounted to SEK 154.7bn (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.
 
 
Economic growth and outlook 
Economic growth in the Nordic and Baltic regions 
shows subtle signs of recovery, although being 
highly dependent on the global economy that is 
affected by several uncertainties. Future trade 
policies and various geopolitical tensions may 
negatively impact growth. 
 
Interest rate trends and monetary policy 
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 monitors operational risks and focuses on 
areas where the risks are considered highest. Swedbank 
works continuously to ensure high service availability 
for its customers and conducts regular cyber resilience 
tests. The threat landscape, as a consequence of the 
geopolitical situation, keeps information security and 
cybersecurity in focus.  
 
Swedbank continuously invests in and improves 
technology, as well as implements controls in our 
digital channels to combat financial crime and 
protect our customers. Swedbank has even a close 
collaboration within the Swedish Bankers’ 
Association with the goal of creating common 
guidelines for customer protection against fraud. 
 
 
Anti-money laundering and Counter terrorist 
financing and other compliance risks

===== SIDA 50 =====

Swedbank – Report for the Second quarter│ 2024│50 
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. 
 
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. 
     
30 June 2024 < 5 yrs 5-10 yrs > 10 yrs Total 
SEK -960 -171 340 -791 
Foreign currencies 257 118 -80 295 
Total -703 -53 260 -496 
     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. 
     
30 June 2024 < 5 yrs 5-10 yrs > 10 yrs Total 
SEK 631 -640 331 322 
Foreign currencies -994 281 -102 -815 
Total -363 -359 229 -493 
     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. Partly owned savings banks are important associates.

===== SIDA 51 =====

Swedbank – Report for the Second quarter│ 2024│51 
Note 28 Swedbank’s share 
 
 30 Jun 31 Dec 30 Jun 
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 -6 687 262 -7 209 322 -7 209 322 
Number of outstanding ordinary shares on the closing 
day 1 125 318 460 1 124 796 400 1 124 796 400 
    SWED A    
Last price, SEK 218.10 201.70 181.85 
Market capitalisation, SEKm 245 431 226 871 204 544 
  
During 2024, within Swedbank's share-based compensation programme, Swedbank AB transferred 457 264 shares at no cost to 
employees. 
       Q2 Q1 Q2 Jan-Jun Jan-Jun 
Earnings per share 2024 2024 2023 2024 2023 
Average number of shares       
Average number of shares before dilution 1 125 300 646 1 125 014 707 1 124 725 789 1 125 157 676 1 124 218 171 
Weighted average number of shares for potential 
ordinary shares that incur a dilutive effect due to share-
based compensation programme 3 656 521 3 121 382 2 438 823 3 638 487 2 761 392 
Average number of shares after dilution 1 128 957 167 1 128 136 089 1 127 164 612 1 128 796 163 1 126 979 563 
      
Profit, SEKm      
Profit for the period attributable to shareholders of 
Swedbank 8 594 8 428 9 122 17 022 16 683 
Earnings for the purpose of calculating earnings per 
share 8 594 8 428 9 122 17 022 16 683 
      
Earnings per share, SEK      
Earnings per share before dilution 7.64 7.49 8.11 15.13 14.84 
Earnings per share after dilution 7.61 7.47 8.09 15.08 14.80

===== SIDA 52 =====

Swedbank – Report for the Second quarter│ 2024│52 
Financial statements - 
Swedbank AB 
Income statement, condensed 
 
Parent company Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Interest income 
 
22 675 22 275 21 495 44 950 39 631 
Interest expense -16 825 -16 611 -14 093 -33 437 -25 404 
Net interest income 5 849 5 663 7 402 11 513 14 227 
Dividends received 3 394 5 627 1 370 9 021 7 632 
Net commission income 1 812 1 764 1 736 3 575 3 434 
Net gains and losses on financial items 1 013 266 528 1 279 870 
Other income 1 199 1 096 965 2 295 1 888 
Total income 13 267 14 416 12 001 27 683 28 051 
Staff costs 3 156 3 103 2 885 6 259 5 768 
Other expenses 1 939 1 829 1 709 3 768 3 266 
Depreciation/amortisation and impairment of tangible and intangible 
fixed assets 1 320 1 304 1 379 2 624 2 644 
Administrative fines¹     -40   850 
Total expenses 6 415 6 236 5 933 12 651 12 529 
Profit before impairments, Swedish bank tax and resolution fees 6 852 8 180 6 068 15 032 15 523 
Credit impairments, net -287 109 123 -178 670 
Impairment of financial assets²     125   125 
Swedish bank tax and resolution fees 335 337 339 672 676 
Operating profit  6 804 7 734 5 481 14 538 14 052 
Tax expense 1 365 951 1 243 2 316 2 343 
Profit for the period 5 439 6 783 4 238 12 222 11 709 
      1) During the first quarter 2023 a provision was made related to the Office of Foreign Assets Control (OFAC) of SEK 40m. During the sec ond 
quarter an agreement was reached with OFAC. The provision was reversed and has been recognised in Swedbank AS in Latvia.  
2) Impairment of financial assets refers to impairment of Invidem AB.  
 
Statement of comprehensive income, condensed 
  
 
Parent company Q2 Q1 Q2 Jan-Jun Jan-Jun 
SEKm 2024 2024 2023 2024 2023 
Profit for the period reported via income statement 5 439 6 783 4 238 12 222 11 709 
Total comprehensive income for the period 5 439 6 783 4 238 12 222 11 709

===== SIDA 53 =====

Swedbank – Report for the Second quarter│ 2024│53 
Balance sheet, condensed 
 
Parent company 30 Jun 31 Dec 30 Jun 
SEKm 2024 2023 2023 
Assets    
Cash and balances with central banks 166 061 116 547 234 262 
Loans to credit institutions  832 628 817 011 809 882 
Loans to the public  486 027 471 612 470 075 
Interest-bearing securities 310 985 235 641 325 547 
Shares and participating interests 86 993 77 642 70 847 
Derivatives 31 988 49 650 72 216 
Other assets 44 700 37 196 41 678 
Total assets 1 959 381 1 805 299 2 024 506 
    
Liabilities and equity    
Amounts owed to credit institutions 218 516 152 479 218 979 
Deposits and borrowings from the public 908 818 864 906 928 412 
Value change of the hedged liabilities in portfolio hedges of 
interest rate risk 188 209     
Debt securities in issue 439 087 378 554 486 051 
Derivatives 49 655 96 284 86 510 
Other liabilities and provisions 56 999 44 476 60 136 
Senior non-preferred liabilities 119 174 104 828 86 799 
Subordinated liabilities 40 843 32 841 39 855 
Untaxed reserves 12 362 12 362 5 367 
Equity  113 740 118 359 112 396 
Total liabilities and equity 1 959 381 1 805 299 2 024 506 
    
Pledged collateral 122 577 151 609 141 994 
Other assets pledged 17 223 18 253 17 197 
Contingent liabilities 76 107 88 535 92 978 
Commitments 243 095 235 739 252 600

===== SIDA 54 =====

Swedbank – Report for the Second quarter│ 2024│54 
Statement of changes in equity, condensed 
 
Parent company       
SEKm       
 Restricted equity  Non-restricted equity  
       
January-June 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           207 207 
Total comprehensive income for the period           12 222 12 222 
Closing balance 30 June 2024 24 904 5 968  13 206 69 662 113 740 
       
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-June 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           149 149 
Total comprehensive income for the period           11 709 11 709 
Closing balance 30 June 2023 24 904 5 968  13 206 68 318 112 396 
 
Cash flow statement, condensed 
 
Parent company Jan-Jun Full-year Jan-Jun 
SEKm 2024 2023 2023 
Cash flow from operating activities 39 043 -137 536 -17 520 
Cash flow from investing activities 11 325 5 794 13 589 
Cash flow from financing activities -854 32 975 22 879 
Cash flow for the period 49 514 -98 767 18 948 
Cash and cash equivalents at beginning of period 116 547 215 314 215 314 
Cash flow for the period 49 514 -98 767 18 948 
Cash and cash equivalents at end of period 166 061 116 547 234 262

===== SIDA 55 =====

Swedbank – Report for the Second quarter│ 2024│55 
Capital adequacy 
 
 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 
Parent company, SEKm 2024 2024 2023 2023 2023 
Available own funds      
Common equity tier 1 (CET1) capital 113 273 111 949 109 148 106 441 106 100 
Tier 1 capital 135 032 133 793 123 336 121 405 121 031 
Total capital 154 670 153 667 142 832 140 837 146 348 
Risk-weighted exposure amounts      
Total risk exposure amount 441 696 435 166 427 077 414 671 393 039 
Capital ratios as a percentage of risk-weighted exposure amount      
Common equity tier 1 ratio 25.6 25.7 25.6 25.7 27.0 
Tier 1 ratio 30.6 30.7 28.9 29.3 30.8 
Total capital ratio 35.0 35.3 33.4 34.0 37.2 
Additional own funds requirements to address risks other than the risk of 
excessive leverage as a percentage of risk-weighted exposure amount      
Additional own funds requirements to address risks other than the risk of 
excessive leverage 1.2 1.2 1.2 1.2 2.1 
     of which: to be made up of CET1 capital 0.8 0.8 0.8 0.8 1.4 
     of which: to be made up of Tier 1 capital 0.9 0.9 0.9 0.9 1.6 
Total SREP own funds requirements 9.2 9.2 9.2 9.2 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 1.7 1.6 1.7 1.7 1.6 
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 4.2 4.1 4.2 4.2 4.1 
Overall capital requirements 13.4 13.4 13.4 13.4 14.2 
CET1 available after meeting the total SREP own funds requirements 20.4 20.5 20.3 20.4 21.1 
Leverage ratio      
Total exposure measure 1 459 154 1 571 858 1 308 778 1 532 147 1 529 710 
Leverage ratio, % 9.3 8.5 9.4 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 550 102 571 529 588 366 595 633 581 236 
Cash outflows, total weighted value 489 366 504 906 530 163 547 814 547 225 
Cash inflows, total weighted value 50 064 51 895 51 162 50 033 50 918 
Total net cash outflows, adjusted value 439 302 453 011 479 001 497 781 496 308 
Liquidity coverage ratio, % 125.9 126.8 123.5 120.0 117.5 
Net stable funding ratio      
Total available stable funding 1 057 450 1 095 569 1 033 099 1 044 967 1 039 516 
Total required stable funding 623 768 614 594 596 745 601 829 589 546 
Net stable funding ratio, % 169.5 178.3 173.1 173.6 176.3 
1) The liquidity coverage ratio has been re-calculdated 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 Second quarter│ 2024│56 
Risk exposure amount 30 Jun 31 Dec 30 Jun     
Parent company, SEKm 2024 2023 2023     
Credit risks, standardised approach 130 835 125 798 115 135     
Credit risks, IRB 204 306 196 446 182 355     
Default fund contribution 350 335 149     
Settlement risks #N/A #N/A #N/A     
Market risks 17 149 16 690 17 063     
Credit value adjustment 1 575 2 940 1 977     
Operational risks 50 860 50 860 42 408     
Additional risk exposure amount, Article 3 CRR  200 500 25 558     
Additional risk exposure amount, Article 458 CRR  36 423 33 508 8 394     
Total 441 696 427 077 393 039     
        
        
 SEKm  % 
Capital requirements¹ 30 Jun 31 Dec 30 Jun  30 Jun 31 Dec 30 Jun 
Parent company, SEKm / % 2024 2023 2023  2024 2023 2023 
Capital requirement Pillar 1 53 705 51 942 47 554  12.2 12.2 12.1 
  of which Buffer requirements² 18 369 17 775 16 111  4.2 4.2 4.1 
Capital requirement Pillar 2³ 5 433 5 253 8 254  1.2 1.2 2.1 
Total capital requirement including Pillar 2 guidance 59 138 57 195 55 808  13.4 13.4 14.2 
Own funds 154 670 142 832 146 348  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 30 Jun 31 Dec 30 Jun  30 Jun 31 Dec 30 Jun 
Parent company, SEKm / % 2024 2023 2023  2024 2023 2023 
Leverage ratio requirement Pillar 1 43 775 39 263 45 891  3.0 3.0 3.0 
Total leverage ratio requirement including Pillar 2 guidance 43 775 39 263 45 891  3.0 3.0 3.0 
Tier 1 capital 135 032 123 336 121 031  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 Second 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 6. 
 
 
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 figures1, 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 6. 
 
 
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 6. 
 
 
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 Second 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 Second 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-June 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, 15 July 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 Second quarter│ 2024│60 
Review report 
Introduction 
We have reviewed the condensed interim financial information (interim report) of Swedbank AB (publ) as of 30 June 2024 
and the six-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, 16 July 2024 
 
                                                 PricewaterhouseCoopers AB 
 
 
 
 
Anneli Granqvist                                                                               Martin By 
Authorised Public Accountant                                                       Authorised Public Accountant 
Auditor in charge

===== SIDA 61 =====

Swedbank – Report for the Second 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 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