Swedbank A

Earnings Release • Jul 16, 2015

Interim Report January - June

Interim Report January - June

Swedbank's President and CEO, Michael Wolf comments:

"The dialogue with customers is driving our digital offering. Through stable

profit, low risk and high cost efficiency, we create the capacity to invest in

our customers."

Interim report for the second quarter 2015

Second quarter compared with first quarter 2015

- Resilient result in low interest rate environment

- Good cost development

- Lending growth in all home markets

- Stable net interest income but pressure from lower market interest rates

- High customer activity strengthened net commission income

- Net gains and losses on financial items at fair value weighed down by

valuation effects in Group Treasury

- Continued good credit quality

- One-off tax effects resulted in extra tax expense of SEK 447m

- Higher capitalisation mainly due to revaluation of pension liability

- Accelerated pace of long-term funding

- Ratings upgrades by Moody's (Aa3) and S&P (A+)

Financial information Q2 Q1   Jan-Jun Jan-Jun

SEKm 2015 2015 % 2015 2014 %

Total income 9 315 9 618 -3 18 933 19 775 -4

of which net interest income 5 704 5 719 0 11 423 11 004 4

Total expenses 4 047 4 168 -3 8 215 9 145 -10

Profit before impairments 5 268 5 450 -3 10 718 10 630 1

Credit impairments 6 59 -90 65 -70

Tax expense 1 538 1 101 40 2 639 2 137 23

Profit for the period attributable 3 666 4 320 -15 7 986 8 092 -1

to the shareholders of Swedbank AB

Earnings per share total 3,30 3,88   7,18 7,30

operations, SEK, after dilution

Return on equity, total operations, 13,4 14,9   14,1 15,1

%

Return on equity, total operations, 15,0 14,9   14,8 15,1

excl one-off effect tax expense, %

C/I-ratio 0,43 0,43   0,43 0,46

Common Equity Tier 1 capital ratio, 22,4 20,5   22,4 20,9

%

Credit impairment ratio, % 0,00 0,02   0,01 -0,01