Swedbank Ab Class A · OMXSTO:SWED_A
Swedbank Ab Class A — Q2 2023 Earnings Presentation
78 slides from Swedbank Ab Class A's earnings presentation, Jul 18, 2023
Slide 1: Investor presentation Q2 2023
Slide 2: Disclaimer
● Certain statements made in this presentation are forward ● None of Swedbank AB or any of its directors, officers or looking statements. Such statements are based on current employees nor any other person accepts any liability expectations and are subject to several risks and uncertainties whatsoev
Slide 3: Agenda
This is Swedbank 4 Sustainability 12 Quarterly financial update 17 Asset quality 28 Capital considerations 37 Liquidity and funding 41 Cover pool data 49 Swedish and Baltic economy 56 Swedish housing and mortgage market 61 Appendix 66 © Swedbank 3
Slide 4: This is Swedbank
© Swedbank
Slide 5: Key financial targets and performance 2018-2022
30 16.1 14.7 13.2 13.3 8.9 20 20 Earnings per share, SEK 0 10 18.9 17.6 18.6 19.4 Return on equity, % 11.5 0 -20 Cost to income ratio 0.43 0.54 0.44 0.38 0.4 Credit impairment 26 ratio, bps 3 1 9 8 340bps buffer CET1 capital ratio, % 17.5 18.3 17.8 16.3 17.0 75 50 50 50 50 Dividend per share, SEK Di
Slide 6: Swedbank franchise at a glance
~82% of loan book Mortgages Savings Insurance Payment Swedbank Swedbank Swedbank franchise Loan-to-deposits CET1 capital buffer Hypotek Robur Insurance Mobile App Internet bank LCR NSFR ~14% of loan book Partnership Branches with 58 Customer 143 in Sweden Impairment ratio Savings centre 83 in the Ba
Slide 7: Vision and purpose
• By providing guidance on your terms • By helping you to be more sustainable • By supporting you in a proactive way • By making the difficult simple An attractive workplace for An efficient, profitable and A standardised, scalable employees with a culture based compliant bank and financial and stab
Slide 8: Status of investigations
● No ongoing investigations from Swedish authorities ● Estonian prosecutor – money laundering or criminal activity in Swedbank AS, maximum fine EUR 16m ● Ongoing investigations by U.S. authorities – DoJ, SEC and DFS New York – Settlement with OFAC in Q2 2023 resulting in a fine of SEK 37m ● Individu
Slide 9: Shifting focus - four clear business priorities
Shifting focus - four clear business priorities Leverage proven business model and pricing strategy Grow share of wallet for existing customers Grow business in prioritised segments Improve availability and operational excellence 2019 2020 2021 2022 2023 2024 2025 © Swedbank
Slide 10: Strategic direction and priorities
● Strategic Direction ● Prioritising business growth and profitability ● Strengthened governance ● Supporting customers’ sustainable transition and compliance ● Strengthening focus on core business ● Four clear business priorities ● Positive operational jaws and maintained low risk ● Capital calibra
Slide 11: Financial and business targets
No. of advisory Swedish private ≥1.0m in total 2025 meetings segment (280k 2021) Swedish midsized ~16% 2025 Corporate corporate segment2) (~13% 2021) market shares Latvia and Lithuania 25-30% 2030 corporate lending (~20% Q2 2022) Customers with Baltic private Double the long-term savings segment num
Slide 12: Sustainability
© Swedbank
Slide 13: Biodiversity, green advisory and regulatory
Biodiversity Green Advisory ● Analysing targets in the GBF1 to identify what ● In collaboration with Hemma4, our private is most relevant for our operations, to customers can now get free energy maximise impact calculations, advice on how to reduce energy ● Developing method to calculate biodiversit
Slide 14: Carbon neutrality and interim target setting
Task Force on Climate related 2050 Financial Disclosures Carbon neutrality and interim target setting Reporting according to recommendations since 2018 2040 Net-Zero Banking Alliance 2030 targets set and published in November 2022 Carbon neutral investments by Swedbank Robur1) Climate Action 100+ (S
Slide 15: 2030 financed emission reduction targets
● Mortgages: reduce the financed emission intensity by 39 per cent (kgCO2e/m2) ● Commercial real estate: reduce the financed emission intensity by 43 per cent (kgCO2e/m2) ● Oil & gas1): reduce the absolute financed emissions by 50 per cent (tCO2e) ● Power generation: reduce the financed emission int
Slide 16: Green and social assets
1.1 3.8 Green buildings 1.2 0.0 2.5 2.5 Clean transportation 0.2 Green assets 4.4 Renewable energy Social assets Pollution prevention and control Sustainable management of living natural resources Sustainable water and Sustainable asset register, growth per quarter, SEKbn wastewater management 67 51
Slide 17: Quarterly financial update
© Swedbank
Slide 18: Q2 2023 highlights
Total income, SEKbn QoQ +5% 20 TOTAL SEK 18.2bn 15 INCOME 10 5 0 ● Return on equity of Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 20.4 per cent Total expenses, SEKbn QoQ -11% ● Cost/Income ratio 0.31 8 TOTAL SEK 5.7bn ● Credit impairment ratio 6 EXPENSES 4 2 0 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 0.
Slide 19: Income statement Q2 2023
▲ ● Net profit SEK 9.1bn Net interest income 12 768 11 936 7% Net commission income 3 811 3 660 4% ● Cost/Income ratio 0.31 Net gains and losses 524 916 -43% ● Return on equity Other income 1 069 875 22% 20.4 per cent Total income 18 173 17 387 5% Total expenses 5 717 6 410 -11% of which administrat
Slide 20: Lending development
QoQ +0.7% QoQ +0.6% -3 1 175 1 181 1 174 15 1 803 1 791 7 3 1 788 0 -13 Q1 2023 Q2 excl. FX Q2 2023 -6 0 QoQ +0.6% 617 613 621 Q1 2023 Swedish C&I Baltic Group Q2 excl. FX FX Q2 2023 Banking Banking Functions Q1 2023 Q2 excl. FX Q2 2023 = Underlying development, i.e. excluding transfer of SEK 7bn fr
Slide 21: Deposit development
QoQ -0.4% QoQ +2.4% 716 -24 699 706 1 303 19 1 298 1 1 279 -5 -15 -5 Q1 2023 Q2 excl. FX Q2 2023 +4 -24 QoQ -3.6% 604 573 582 Q1 2023 Swedish C&I Baltic Group Q2 excl. FX FX Q2 2023 Banking Banking Functions Q1 2023 Q2 excl. FX Q2 2023 = Underlying development, i.e. excluding transfer of SEK 9bn fro
Slide 22: Net interest income
QoQ +7.0% ● NIM expansion – Mainly from Baltic Banking +832 836 225 12 768 11 936 2 -13 -218 Business-driven NII Q1 2023 Lending Deposit Margins Treasury & FX & Other Q2 2023 volumes volumes Other © Swedbank 22
Slide 23: Net commission income
QoQ +4.4% ● Cards seasonally higher ● Asset management +151 higher due to stock 94 3 811 market performance 130 3 660 -38 -34 ● Corporate Finance & Securities lower due to a strong Q1 Q1 2023 Cards & Asset Corporate Other Q2 2023 Payments Management Finance & Securities © Swedbank 23
Slide 24: Net gains and losses
● Strong Fixed income and FX trading with high client activity 558 65 524 ● Negative revaluation -18 24 effects in Treasury -105 Client trading Bond inventories Funding Liquidity Other Total NGL (Treasury) portfolio © Swedbank 24
Slide 25: Other income
QoQ +22% ● Net insurance increase driven by higher Other Associates +194 revenues and lower Net insurance claims 1 069 ● Higher income from 843 875 EnterCard and other 775 435 associates 415 422 514 398 250 171 382 194 261 384 235 282 118 117 14 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 © Swedbank 25
Slide 26: Expenses
QoQ -11% ● Expenses seasonally higher Underlying expenses Administrative fine and provision C/I ratio – In line with expectations 0.45 – Inflation headwind likely 0.38 0.35 0.37 to continue into 2024 0.31 6 410 ● Temporary bank fee in 5 720 5 602 890 Lithuania, SEK 325m 5 092 5 185 5 520 Q2 2022 Q3
Slide 27: Capital position CET1
● CET1 capital ratio of 18.6 per cent ● 100-300bps capital buffer 350bps buffer target range remains 18.3% 0.0% 0.6% 18.6% -0.3% ● Countercyclical buffer 15.2% increase of 1 per cent for Sweden (0.7 per cent impact) Q1 2023 Change in Profit after Other Q2 2023 CET1 capital Article 3 anticipated requ
Slide 28: Asset quality
© Swedbank
Slide 29: Credit impairments
● Updated macro forecasts – Slightly positive ● Stage migrations – From rating migrations 29 648 ● Expert portfolio adjustments – Released to meet rating & stage migrations -315 188 -153 -22 Macro Rating & stage Individual Expert portfolio Other Total credit scenarios © Swedbank migrations assessmen
Slide 30: Commercial real estate exposure
● Focus on strong cash flows and collateral ● Continuous dialogue with customers 11% 84 of which retail, SEK SEK 7bn 299bn 80% 99 ● Average LTV 9% of which hotels, 17 SEK 6bn − Property management, 40 53 per cent • Non-residential, 53 per cent Sweden Residential Baltics Commercial • Residential, 54
Slide 31: Property management: managing balance sheets
● Managing balance sheets 10% − Divestments of properties − Restructurings 8% 7.7% 7.2% 7.2% 7.4% − Capital injections 6% 7.2% 6.9% 6.9% 6.9% 7.0% − Bond buy-backs 4% Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 − Cancelled dividends − CAPEX reductions Interest Coverage Ratio (ICR)2) 3.3x −
Slide 32: Property management and residential loans by country
Sweden Sweden Estonia Estonia SEK Latvia SEK Latvia 90bn Lithuania 209bn Lithuania Norway Norway Finland Finland Loans carrying Loans carrying amount, SEKbn 89.9 84.3 0.1 0.1 0.0 0.0 5.4 amount, SEKbn 209.3 155.9 15.3 3.3 8.3 19.8 6.6 Average loan-to- Average loan-to- value 54% 54% n.a.1) n.a.1) n.a
Slide 33: Loans and provisions by stage
1 773 1 806 1 804 1 798 1 810 4.9 5.5 6.0 6.7 7.0 100% 6 6 6 6 6 100% 98% 80% 2.1 2.1 2.1 2.3 2.0 94 96% 124 138 168 60% 94% 189 2.0 2.4 2.9 3.1 40% 1.6 92% 1 626 90% 1 673 1 676 20% 1 660 1.2 1.4 1.5 1.7 1.7 1 624 88% 0% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 202
Slide 34: Corporate lending by industry
Agriculture, forestry, fishing 3.4 ● Property management Manufacturing 2.5 stands for 17 per cent of Public sector and utilities 1.9 Construction 1.2 total loans1) Retail and wholesale 2.3 Transportation 0.8 Shipping and offshore 0.4 Hotels and restaurants 0.4 Information and communication 1.1 Finan
Slide 35: Mortgage underwriting criteria
● Full recourse (very limited debt forgiveness possibilities) Swedbank’s underwriting criteria ● No securitisation (on balance sheet), no sub-prime market, no 3rd – In the repayment ability calculation, the interest party origination rate used is the higher of 6 % or the 5Y fixed mortgage interest r
Slide 36: Mortgage portfolio LTV and credit losses
20 20 16 16 95% of portfolio below 70% LTV 12 12 ● Average loan-to-value of 58 8 8 per cent 4 4 0 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 100 LTV per cent 0.50% 1000 ● Increasing over due loan 0.40% 800 0.30% >60 days, per cent, LHS >60 days,
Slide 37: Capital considerations
© Swedbank
Slide 38: Capital requirements and buffer
● CET1 capital ratio buffer ~350bps1), target of Buffer of ~ 350bps1) 100-300bps 15.2% 18.6% 1.8% 2.5% 19.4% 23.7% 12.2% ● REA increased by SEK 13bn to SEK 819bn 5.3 Pillar 2 Guidance ● Basel IV implementation 1 Leverage ratio req. & P2G to be initiated 2025 2.5 (3.45%) 4.4 1.6 Capital Conservation
Slide 39: MREL requirements
MREL requirements, % of REA 2) …met by, % of REA ● Policy on 39.3 implementation of 28.2 Eligible liabilities BRRDII requirements 12.1 1 from 1 Jan 2024 2.5 P2G 1 published by Swedish CCB 3.1 Subordinated eligible National Debt office OSII buffer 2.3 liabilities Systemic 11.7 (NDO) 18 Oct 20212) ris
Slide 40: Regulatory developments
● The SFSA has proposed to ● New guidelines to be fully ● Includes amendments to the remove the current commercial phased in by end of 2021 frameworks for calculating real estate risk weight floor from according to EBA decision credit risk, CVA, market risk and Pillar 2 and introduce it under operat
Slide 41: Liquidity and funding
© Swedbank
Slide 42: Liquidity reserve, LCR and NSFR
167% Liquidity Coverage Ratio 6 36 13 2 44 123% Net Stable Funding Ratio 316 352 267 307 >2Y Survival horizon Cash and balances with central banks SEK EUR USD OTHER Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities Extremely high quality covered b
Slide 43: Balance sheet composition
SEKbn Assets SEKbn Liabilities SEKbn 2 000 2 000 2 000 CET1 AT1 + Tier 2 Liabilities Senior non-preferred debt 1 800 1 800 1 800 Lithuania Senior preferred debt (comparison) Latvia 1 600 Estonia 1 600 1 600 1 400 Other corporate 1 400 1 400 lending, Sweden & other Nordic countries 1 200 1 200 1 200
Slide 44: Deposits and loan-to-deposit ratio
716 LTD-ratio 139% 583 +41% 410 1259 1298 1298 1131 920 954 306 Private Corporate On-demand Savings account 83% 89% 88% 92% 2018 2019 2020 2021 2022 H1 2023 62% 63% 61% 54% 4% 3% 3% 4% Sweden Estonia Latvia Lithuania Private SME Corporate © Swedbank 44
Slide 45: Deposit development and maturities
QoQ -0.4% 1 298 1 300 1 303 1 279 19 1 1 100 -5 -5 -15 900 Private deposits 700 Private deposits 500 300 Corporate deposits1) Corporate deposits1) 100 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2023 Swedish Baltic C&I Group Q2 excl. FX Q2 2023 Banking Banking Functions FX Less Lower 220 reliance fun
Slide 46: Funding profile and issuance
SEKbn Strong funding profile ● LCR 167% (EU 2015/61) 1 400 Outstanding volumes ● NSFR 123% (CRD2) 1 200 Q2 2022 Q2 2023 1 000 ● Issued SEK 104bn of long- 800 term funding in H1 2023 600 400 200 0 Covered bonds Senior preferred SNP Short-term Deposits programmes SEKbn Issued, long-term debt SEKbn Mat
Slide 47: Credit ratings
● On 24 March 2023, Moody's changed the outlook on Swedbank’s deposit and senior unsecured debt ratings from negative to stable. ● On June 20 2023, Fitch Ratings affirmed Swedbank's Long-Term Issuer Default Rating (IDR) 'AA-' and Viability Rating (VR) 'aa-'. The Outlook is Stable. According to Fitch
Slide 48: Senior debt issuance formats
● Senior preferred / Senior non-preferred format ● Major / opportunistic currencies ● Bullet format, FRN or Fixed ● EUR 20m equivalent minimum size ● Listing is optional ● Program formats available: – Senior unsecured debt (preferred/non-preferred): GMTN, potentially USD 144a format © Swedbank 48
Slide 49: Cover pool data
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) © Swedbank
Slide 50: Cover pool overview
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Rating, S&P / Moody’s AAA / Aaa Repayment structure 7 Total pool size SEK 1 098.0bn – Amortising 77% Geographic distribution Sweden 100% – Interest only 23% Current OC-level 204% Weighted average seaso
Slide 51: Cover pool loan types and geography
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Type of loans 30 Jun Geographical distribution, Sweden, per cent 30 Jun (based on loan volume) 2023 (based on loan volume) 2023 Residentials 92.3 North 6.8 of which Single-family housing 57.4 Norrbotte
Slide 52: LTV distribution
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation ● Weighted average LTV on property level 53% (www.coveredbondlabel.com ) LTV distribution per property1 LTV distribution by volume1, 2 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% 00-10 10-20 20-30 30-40 40-50 50-60 60-70
Slide 53: WA LTV per property type
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) WA LTV per property type1 Percentage of the pool Average LTV per loan type 120% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Substitute Single-family Tenant Tenant Multi-family Commercial Fores
Slide 54: Over-collateralisation
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) House price sensitivity of the cover pool ● Current OC-level of 204% 220% Q2 2023 ● 2% legal minimum requirement 200% Q2 2022* Min req. 2% ● Can withstand a severe house price drop 180% and still be ab
Slide 55: The Covered Bond Act
The Covered Bond Act entered into force on July 1, 2004, with most recent amendments effective as per July 8, 2022, and is over-sighted by the Swedish FSA. Its main characteristics are: Dual recourse to the issuer and cover pool Dynamic, regulated pool of assets, frequently monitored by the Sw
Slide 56: Swedish and Baltic economy
© Swedbank
Slide 57: Swedish economy key indicators
Key economic indicators1, 2022-2025 Most recent 2022 2023F 2024F 2025F Real GDP (calendar adjusted) 0.8 (Q1) 2.8 -0.9 -0.3 2.3 • Kingdom of Sweden rated CPI growth, average 9.3 (Jul) 8.3 8.7 3.8 1.4 Aaa/AAA/AAA CPIF growth, average 6.4 (Jul) 7.7 6.1 2.2 1.7 Unemployment rate (15-74), % of labor forc
Slide 58: Inflation, krona, lending and interest rates
Inflation heading down The krona weakens Headline inflation (CPI) and with fixed interest rate (CPIF) Krona (SEK), US dollar (USD), euro (EUR) and trade-weighted 14.0 index (KIX) 12.0 12 135 10.0 11 130 8.0 125 10 6.0 120 4.0 9 2.0 115 8 0.0 110 -2.0 7 105 -4.0 6 100 2012 2013 2015 2016 2017 2019 20
Slide 59: Baltic economies key indicators
Key economic indicators1, 2020-2024 Most recent 2023F 2024F 2025F Real GDP Estonia -3.2 (Q1) -2.0 2.0 3.0 Latvia 0.8 (Q1) 0.3 1.7 2.8 Ratings CPI growth, annual rate Lithuania Estonia -2.6 (Q1) -0.3 9.8 1.5 4.3 2.3 2.4 • Republic of Estonia: A1/AA-/A+ 9.2 (Jun) Latvia 7.9 (Jun) 9.0 2.0 2.5 • Republi
Slide 60: Economic sentiment
Economic sentiment Confidence indicators, sa, index represents deviations from long term average (=0) Estonia Latvia Lithuania 30 20 20 20 30 20 20 10 10 10 20 10 10 0 0 0 10 0 -10 0 0 -10 -10 -20 -10 -10 -10 -20 -20 -30 -20 -20 -40 -20 -30 -30 -30 -50 -30 -30 -40 -40 -40 -60 -50 -40 -70 -40 -50 -50
Slide 61: Swedish housing and mortgage market
© Swedbank
Slide 62: House price developments
Price developments flats and single family houses1) Valueguard index (2005 Jan = 100) 350 300 250 200 150 100 2007 2008rates (in2009 Annual growth percent) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 24 14 4 -6 -16 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 63: Housing transactions and prices
● Housing market transactions remain lower ● Seasonally adjusted prices increase in July, albeit at slowing rate Housing market transactions Housing prices Housing transactions Seasonally adjusted housing prices: July 2021 - July 2023 20000 (Monthly change in %) 2 18000 16000 1 14000 0 12000 10000 -
Slide 64: Mortgage growth and household debt service
● Mortgage volume growth rate declines ● Mortgage interest rates increase as the central bank policy rate is hiked ● Household debt service costs are rising Mortgage loan growth, housing prices and interest rate Household interest expenses percent of disposable income percent index 18 7.0 320.0 16 6
Slide 65: Population growth and household balance sheets
● Population grows while new housing stalls ● Balance sheets among households remain solid Population growth slows Strong household balance sheets Completed housing and population growth, no. of persons and housing, 1978-2022 Household loans as percentage of asset and income 80000 160000 195% 45% 70
Slide 66: Appendix
© Swedbank
Slide 67: Sustainability milestones
Launched fund Swedbank’s first Swedbank is the first First SRI mutual fund Swedbank acquired First listed Nordic Headquarters in investing in Group-wide savings bank launched – a majority stake in bank to receive ISO Stockholm received companies with sustainability report established in excluding se
Slide 68: Climate risk and TCFD material groups
Lending to TCFD material groups, SEKm 400 000 350 000 300 000 Support the increased investment need in the transition to a low carbon economy 250 000 200 000 Identify, measure and monitor transition and physical climate risks 150 000 100 000 Increase climate change awareness and enhance transparent
Slide 69: Sustainable financing
Sustainable financing1) 73 56 Outstanding green bonds2) 28 30 ESG bonds arranged by Swedbank3) 33 50 SFDR article 8 or 9 funds4) 100 100 1) Qualified loans for Swedbank Sustainable Funding Framework, sustainability-linked loans and other sustainable retail and corporate products (SEKbn) 2) Green bon
Slide 70: ESG ratings
2022 2021 2020 Bloomberg Gender Equality Index 75 69 77 CDP C B B Dow Jones Sustainability Index 76 84 81 EY SHE Index Sweden 82 82 - Fair Finance Guide 70 68 68 FTSE4Good ESG Rating 4.0 4.3 4.5 ISS Corporate Rating C (Prime) C (Prime) C (Prime) MSCI ESG Rating AA AA AA Sustainalytics ESG Risk Ratin
Slide 71: Macro scenarios
Positive scenario Baseline scenario 2 Negative scenario 2023 2024 2025 2023 2024 2025 2023 2024 2025 Sw eden GDP (annual % change) -0.6 1.3 2.6 -0.9 0.3 2.9 -3.8 -4.2 2.7 Unemployment (%) 3 7.3 8.0 7.9 7.4 8.2 8.2 8.0 10.7 11.2 House prices (annual % change) -12.2 -4.2 2.2 -12.2 -4.7 1.6 -17.6 -18.3
Slide 72: IFRS 9 staging of loans
Initial recognition, or no Significant increase in Evidence of impairment significant increase of credit risk credit risk Stage 3 loans Stage 1 loans Stage 2 loans Impairment amounting to Impairment amounting to lifetime expected credit lifetime expected credit losses Impairment amounting to losses
Slide 73: Capital requirement development
● CCyB impact includes assumed increase to 2.5 per cent in Sweden by mid-2024 and Realised impacts as of Q3 2022 announced increases in -0.6% ~15% other markets 1.3% ● P2R add-ons to reduce requirement following 13.7% 0.0% 0.3% -0.5% 0.8% implementation of IRB models CET1 SRB in P2R P2G CCyB: CCyB P
Slide 74: Expected excess capital generation
~ ● Expecting to generate ~300bps of capital in excess of management buffer of 200bps Assumed regulatory impacts ● Excess capital to be -300 distributed to shareholders 460 700 ● Details of distribution -300 -200 and reassessment of 200 dividend policy subject -130 to conclusion of US investigation
Slide 75: Liquidity coverage ratio assets
SEKm Level 1 assets 665 610 1 Cash and balances with central banks 352 187 2 Securities issued or guaranteed by sovereigns, central banks or MDBs and international organisations 266 786 Securities issued or guaranteed by municipalities public sector entities 2 456 Extremely high quality covered bond
Slide 76: Funding programmes
Swedbank AB 100% owned Swedbank Mortgage AB Program Limit Program Limit Long Term Long Term Global MTN USD 40bn Domestic Benchmark CB Unlimited*** USD Senior (144a / Reg.S) USD 15bn EMTN CB EUR 25bn AUD Senior** AUD 10bn Norwegian Benchmark CB Unlimited*** NSV (stand alone doc.) AUD Covered bonds**
Slide 77: Benchmark issuance
ISIN Product Tenor Currency Amount, mn Type Spread Value date Maturity date XS2443485565 SNP 5Y EUR 750 Fixed MS+73 February 17, 2022 February 17, 2027 XS2465622459 SP 3Y USD 850 Fixed T+82 April 4, 2022 April 4, 2025 ● The table excludes volumes XS2465622707 SP 3Y USD 400 FRN SOFR+91 April 4, 2022
Slide 78: Investor relations contacts
Annie Ho Magnus Alvesson Matilda Hellman Q3 Interim report 26 Oct 2023 Head of Investor Relations Equity & Credit Rating Equity & Credit Rating Mobile: +46 703 43 78 15 Mobile: +46 706 10 33 41 Mobile: +46 730 59 77 52 annie.ho@swedbank.com magnus.alvesson@swedbank.com matilda.hellman@swedbank.com P