Swedbank A

Earnings Release • Apr 28, 2015

Interim report January - March 2015

Interim report January - March 2015

Compared with fourth quarter 2014

· Ÿ  Improved result in exceptional market conditions

· Ÿ  Good cost control

· Ÿ  Continued lending growth in Sweden

· Ÿ  Stable net interest income but pressure from lower interest rates

· Ÿ  Lower net commission income due to seasonally lower customer activity,

less capital raising activity and lowered fund fees

· Ÿ  Net gains and losses on financial items at fair value benefited from high

activity in fixed income and FX trading

· Ÿ  Continued low credit impairments

· Ÿ  Continued strong capitalisation. Higher valuation of pension liabilities

and loan volume growth had a negative effect on the Common Equity Tier 1 capital

ratio

· Ÿ  Swedbank completed its first issuance of Additional Tier 1 Capital

instruments according to new European capital regulations to optimise its

capital structure

· Ÿ  International expansion in card acquiring through agreement with Finnish

customer

"I am pleased with how we handled the challenges in the first quarter. Our

strong financial starting point gives us the strength to continue to shape the

bank of the future", says Michael Wolf, President and CEO at Swedbank.

Financial information Q1 Q4   Q1

SEKm 2015 2014 % 2014 %

Total income         9 379       3    9 320      3

9 618

of which net interest income 5 719 5 809 -2 5 483 4

Total expenses 4 168 4 293 -3 4 226 -1

Profit before impairments 5 450 5 086 7 5 094 7

Credit impairments 59 254 -77 -100

Profit for the period attributable 4 320 3 795 14 3 953 8

to the shareholders of Swedbank AB

Earnings per share total 3,88 3,41   3,57

operations, SEK, after dilution

Return on equity, total 14,9 13,3   14,5

operations, %

C/I-ratio 0,43 0,46   0,45

Common Equity Tier 1 capital 20,5 21,2   18,3

ratio, %

Credit impairment ratio, % 0,02 0,07   -0,03

Please read the full report in the pdf document attached or at

www.swedbank.com/ir.