Interim Report January – March 2015 STOCKHOLM 23 APRIL 2015

"We operate in exceptional times, where negative interest rates have turned economic relationships upside down, impacting customer behaviour. Also in these times our well diversified business mix led to increased operating profit."

Annika Falkengren

Interim Accounts – the first quarter 2015

Result

(Numbers compared with the first quarter 2014)

Operating profit SEK 5.8bn (4.9). Net profit SEK 4.7bn (3.9).
Operating income SEK 11.6bn (10.4) and operating expenses SEK 5.6bn (5.3).
Net credit losses SEK 0.2bn (0.3). Credit loss level 0.05 per cent (0.07).
Return on equity 13.8 per cent (12.6) and earnings per share SEK 2.12 (1.77).

Volumes

(Numbers compared with 31 March 2014)

Lending to the public amounted to SEK 1,417bn (1,330).
Deposits from the public amounted to SEK 1,020bn (904).
Assets under management amounted to SEK 1,832bn (1,504).

Capital and liquidity

(Numbers compared with 31 March 2014)

The Common Equity Tier 1 capital ratio was 16.6 per cent (15.7).
The leverage ratio was 4.1 per cent (4.1).
The Liquidity Coverage Ratio (LCR) was 124 per cent (137).
The core liquidity reserve amounted to SEK 569bn and the total liquid resources amounted to SEK 773bn.

President's comment

It has indeed been a special first quarter with several countries in Europe experiencing negative interest rates. In Sweden, Riksbanken became the first central bank in the world to set its formal policy rate below zero. Global growth is still not in sync and the present interest rate environment has spurred higher volatility in asset prices and FX rates. In addition, tension has increased following increased fears of Greece exiting the euro. We operate in exceptional times, where negative interest rates have turned economic relationships upside down. A development that calls for caution; there is no history book to turn to.

Taking a long-term perspective key to sustainable profitability

SEB's operating profit increased to SEK 5.8bn reflecting that we deliver step by step on our long-term business plan. We are confident that our customers appreciate our way of building broad and deep relationships taking a long-term perspective in how we offer our services and financial advice. In the first quarter, all income lines increased with total operating income up by 11 per cent compared to a year ago and up 5 per cent compared to the previous quarter (excluding a one-off gain in the fourth quarter). Operating expenses amounted to SEK 5.6bn; in line with our annual cost-cap of below SEK 22.5bn for 2015 and 2016. With the Common Equity Tier 1 capital ratio at 16.6 per cent, return on equity reached 13.8 per cent.

Market sentiment impact customer behaviour

In the prevailing environment with negative interest rates in a number of SEB's home markets, business sentiment remained subdued. As in recent quarters, with the exception for property management there was a lack of broad-based demand for corporate credit – among small as well as large corporate customers. Even though large corporates continued to tap the bond market for financing, the high level of event driven corporate activities seen last year was seasonally lower. However, corporate customers' demand for hedging and risk management products increased on the back of the heightened volatility levels.

Institutional and private customers showed a sustained interest in equity markets and were also more inclined to demand more advisory services. In Sweden, the housing market is still impacted by the strong urbanisation trend. Housing prices have continued to increase and the mortgage market grew by 6 per cent in the quarter. Over the past year we have grown in line with or just below the market. We have been in the forefront to induce a stronger amortisation culture and as of the first quarter more than 90 per cent of all new loans with a loan-to-value of above 70 per cent amortised.

Customer behaviour is increasingly more digital. This quarter our customers in Sweden made more than 30 million visits and interactions through our mobile services. In the long-term savings area we can now offer digital signatures and screen sharing in terms of pension and life insurance advisory services.

The Baltic countries showed continued resilience to the Russia-Ukraine conflict as well as import sanctions. While private consumption has remained robust, overall loan demand is low.

High asset quality

SEB is a corporate bank with a unique two thirds of our credit exposure on corporate customers. Customers who we know well. Asset quality remained stable and strong with a credit loss level of 5 basis points and a coverage ratio of 55 per cent.

The relationship bank in our part of the world

We are investing and spending more time with our customers and we continuously strive to develop and invest in better offerings to meet customers' long-term needs in cost and capital efficient ways. This was recently evidenced when Moody's announced rating actions on a number of banks, where SEB's senior unsecured rating is on review for upgrade to Aa3. To us in SEB, banking is all about having a long-term perspective. We continue to build resistance in capital and liquidity to be able to serve our customers and meet their needs at all times. Our direction to be the relationship bank in our part of the world remains firm, all for the benefit of our customers and shareholders.

Income +11 %
Expenses +4 %	Q1 2015

ROE 13.8 %
CET1 16.6 %	Q1 2015

Operating and net profit

Operating profit amounted to SEK 5,790m (4,855) and net profit (after tax) amounted to SEK 4,651m (3,884).

Operating income

Total operating income amounted to SEK 11,612m (10,443).

Net interest income increased by 3 per cent to

SEK 4,946m (4,818).

	Q1	Q4	Q1
SEK m	2015	2014	2014
Customer-driven NII	4 559	4 703	4 638
NII from other activities	387	307	180
Total	4 946	5 010	4 818

The Swedish central bank introduced a negative repo rate which was -0.25 per cent at the end of the quarter. The impact of the repo rate cuts on the customer-driven net interest income on deposits was partly offset by increased loan and deposit volumes and lending margins. The customer-driven net interest income decreased by 2 per cent compared with the first quarter 2014 and decreased by SEK 144m compared with the previous quarter.

Net interest income from other activities increased by SEK 207m compared with the first quarter 2014 and by SEK 80m from the previous quarter.

Net fee and commission income amounted to SEK 4,274m (3,728), an increase of SEK 546m, of which performance fees increased by SEK 360m to SEK 377m. The appreciation of the equity markets and the net inflow of asset under management led to increased fee income. The level of event-driven corporate activities (mergers, acquisitions, new issues, initial public offerings, etc.) decreased somewhat compared to the exceptional fourth quarter 2014.

Net financial income increased by SEK 176m to SEK 1,255m (1,079). Client demand for hedging and risk management products within fixed income and currency trading operations grew. Market volatility levels reflected central banks' interventions in general, the Swedish and Danish central banks' implementation of negative interest rates and that the Swiss central bank ceased locking the franc to the euro. Net financial income increased by SEK 912m compared to the fourth quarter 2014 which was a quarter with exceptionally low volatility and activity.

Net life insurance income increased by 15 per cent to SEK 940m year-on-year (818). The increase was primarily a result of higher fund values, but also of higher premium volumes, especially in Sweden. Income in traditional insurance products in Sweden and Denmark also improved compared to last year, due to favourable financial markets.

Net other income amounted to SEK 197m (0) and consisted of hedge accounting effects and other items. Compared to the fourth quarter 2014, net other income decreased by 90 per cent, since there was a capital gain from the divestment of Euroline AB before year-end.

Operating expenses

Total operating expenses amounted to SEK 5,558m (5,338), an increase of 4 per cent compared to the corresponding quarter 2014. Pension costs increased when lower discount rates (due to the falling interest rates) for the pension obligations were applied.

The operating expenses are in line with the cost cap of SEK 22.5bn annually, which is applicable for 2015 and 2016.

Credit losses and provisions

Net credit losses amounted to SEK 188m (258). The credit loss level was 5 basis points (7).

Non-performing loans (NPL) amounted to SEK 11,004m (9,243). Non-performing loans consist of individually assessed impaired loans which amounted to SEK 7,264m, portfolio assessed loans past due >60 days which amounted to SEK 3,523m and restructured loans which amounted to SEK 217m.

The total reserve ratio for individually assessed impaired loans and the NPL coverage ratio was 57 (90) per cent and 55 (73) per cent, respectively. Reserves for recent nonperforming loans are lower since the risk in these exposures is mitigated by high-quality collateral.

Income tax expense

Total income tax expense was SEK 1,139m (971).

SEB's income tax expense reflects that the business is conducted in various geographies. In Sweden, which constitutes 53 per cent of operating profit, the statutory tax rate is 22 per cent. Based on the current geographical earnings mix, including deferred tax accounting and tax exempt income, the effective tax rate for the first quarter was 20 per cent. The tax rate is in line with SEB's expected tax rate for the year.

Other comprehensive income

The other comprehensive income amounted to SEK -401m (1,175).

The net revaluation of the defined benefit pension plans had a negative effect of SEK -767m compared to a positive effect of SEK 143m in the first quarter 2014. The revaluation change was a net of the effect from decreased discount rates in Sweden and Germany and a positive effect from the revaluation of the plan assets. In the first quarter, the discount rate in Sweden was lowered to 1.6 per cent (3.8) and the German discount rate to 1.4 per cent (3.1).

The net effect from the valuation of balance sheet items that may subsequently be reclassified to the income statement, e.g. cash-flow hedges and available-for-sale financial assets, was positive in the amount of SEK 366m (1,032), primarily due to temporary positive cash-flow hedge effects.

Comparative numbers - in parenthesis - for the income statement refer to the first quarter 2014. Business volumes are compared with the 31 March 2014, unless otherwise stated.

Business volumes

Total assets at the end of the period were SEK 2,979bn (2,651). Loans to the public amounted to SEK 1,417bn, an increase of SEK 87bn compared to one year ago.

	Mar	Dec	Mar
SEK bn	2015	2014	2014
Public administration	56	50	53
Private individuals	519	519	499
Corporate	712	689	660
Repos	108	76	96
Debt instruments	22	22	22
Loans to the public	1 417	1 356	1 330

SEB's total credit portfolio (which includes both on- and off-balance sheet volumes) amounted to SEK 2,190bn (1,916). There was a year-on-year growth in total household volumes of SEK 25bn. The combined corporate and property management credit portfolio increased by SEK 154bn year-onyear. The increase in the same segment of SEK 19bn since year-end was mainly due to the weakening krona.

Deposits from the public amounted to SEK 1,020bn, an increase of SEK 116bn compared to one year ago.

	Mar	Dec	Mar
SEK bn	2015	2014	2014
Public administration	79	62	79
Private individuals	246	246	224
Corporate	690	629	591
Repos	5	6	10
Deposits and borrowings from the public	1 020	943	904

Year-on-year, deposits from households increased by SEK 22bn and were unchanged compared to year-end 2014. Year-on-year, deposits from corporations increased by SEK 99bn, partly due to FX effects.

At the end of the first quarter, assets under management amounted to SEK 1,832bn (1,504). At year-end 2014 assets under management were 1,708. The net inflow of assets during the first quarter was SEK 25bn and the market value increased by SEK 99bn.

Assets under custody amounted to SEK 7,603bn (6,003).

Market risk

The trading business is customer flow-driven with low risk.

Value-at-Risk (VaR) in the trading operations averaged SEK 114m in 2015 (108 average first quarter 2014). On average, the Group is not expected to lose more than this amount during a period of ten trading days, with 99 per cent probability. Market volatilities relating to the central bank interventions, the negative interest rates and the defense of the Danish krona peg to the euro led to the increase in VaR during the first quarter.

Liquidity and long-term funding

SEB's loan-to-deposit ratio was 127 per cent (136), excluding repos and debt instruments. During the quarter, SEK 13bn of long-term funding matured (of which SEK 8bn was hybrid tier 1 capital) and SEK 14bn was issued. 85 per cent of the new

issuance constituted covered bonds and 15 per cent senior unsecured securities.

The core liquidity reserve at the end of the period amounted to SEK 569bn. The total liquid resources, including net trading assets and unutilised collateral in the cover pool, amounted to SEK 773bn.

The Liquidity Coverage Ratio (LCR), according to the rules adapted for Sweden by the Swedish Financial Supervisory Authority, must be at least 100 per cent in total and in EUR and USD, separately. At the end of the first quarter, the LCR was 124 per cent (137). The USD and EUR LCRs were 254 and 135 per cent, respectively.

The Bank is committed to a stable funding base. SEB's internal structural liquidity measure, which measures the proportion of stable funding in relation to illiquid assets, Core Gap, was 109 per cent.

Rating

In March 2015, Moody's announced rating actions on a number of banks, including SEB. SEB's senior unsecured rating is now A1 with a positive outlook. Moody's indicated that the rating is on review for upgrade to Aa3, based on the improved intrinsic credit strength of SEB.

Fitch rates SEB's long-term senior unsecured bonds as A+ with a positive outlook. It is Fitch's opinion that SEB's profitability and risk profile is increasingly in line with banks rated AA-.

SEB's long-term senior unsecured ratings of A+ by Standard & Poor's is on negative outlook. The reason for the negative outlook is Standard and Poor's view on the effects from the Bank Recovery and Resolution Directive and the Single Resolution Mechanism regulation on financial institutions in the EU.

Capital position

The Swedish Financial Supervisory Authority publishes its future expected capital requirements on banks on a quarterly basis. In January 2015 the requirements on SEB were a Common Equity Tier 1 capital ratio of 15.6 per cent and a total capital ratio of 20.1 per cent.

The following table shows the risk exposure amount and capital ratios according to Basel III.

	Mar	Dec	Mar
Own funds requirement, Basel III	2015	2014	2014
Risk exposure amount, SEK bn	623	617	588
Common Equity Tier 1 capital ratio, %	16.6	16.3	15.7
Tier 1 capital ratio, %	18.8	19.5	17.6
Total capital ratio, %	21.1	22.2	18.7
Leverage ratio, %	4.1	4.8	4.1

The risk exposure amount grew by SEK 35bn year-on-year and by SEK 6bn since year-end. During the first quarter the FX effects increased the risk exposure amount by SEK 5bn.

The Common Equity Tier 1 capital ratio improved by 0.9 percentage points year-on-year and by 0.3 percentage points since year-end, primarily driven by the net profit.

The total capital ratio decreased compared to year-end due to redemptions of two hybrid Tier 1 capital issues in March. The redemptions were pre-financed by a CRR/CRD IV compliant additional Tier 1 capital issue of USD 1.1bn in November 2014.

Long-term financial targets

SEB's long-term financial targets are to:

pay a yearly dividend that is 40 per cent or above of the earnings per share,
maintain a Common Equity Tier 1 capital ratio of around 150 bps above the requirement from the Swedish Financial Supervisory Authority (FSA), and
generate a return on equity that is competitive with peers.

In the long term, SEB aspires to reach a sustainable return on equity of 15 per cent.

The currently expected regulatory Common Equity Tier 1 requirement is 15.6 per cent. The capital requirements from the FSA will come fully in to force late 2015. At that point in time and based on the current understanding of the requirements and SEB's balance sheet as per 31 December 2014, it is estimated that SEB's capital target would be a pro forma Common Equity Tier 1 capital ratio of around 17 per cent to achieve the targeted 150 bps margin over the regulatory requirement.

Risks and uncertainties

SEB assumes credit, market, liquidity, IT and operational as well as life insurance risks. The risk composition of the Group, as well as the related risk, liquidity and capital management, are described in SEB's Annual Report for 2014 (see pp 28-33) and in the Capital Adequacy and Risk Management report for 2014. Further information is presented in the Fact Book on a quarterly basis.

The macroeconomic development remains uncertain, the large global economic imbalances remain and the potential reduction of liquidity support to financial markets from central banks may create direct and indirect effects that are difficult to assess. The market uncertainty has been impacted by the unfolding geopolitical development in Ukraine and the Middle East as well as by the uncertainty around the development of oil prices. In addition, there is uncertainty around the effects in the case that the current low or negative interest rates are prolonged and in particular around the financial and practical ramifications of the negative interest rates.

Realignment of management accounting

In order to ensure that the Basel III requirements are fully integrated throughout the organisation, SEB has since 2012 gradually adjusted the management accounting. In 2012, 2013 and 2014, SEK 16bn, 23bn and 10bn of additional capital, respectively, was allocated to the divisions from the central function – in total SEK 49bn. In 2015, another SEK 17bn was allocated.

Divestment of SEB Asset Management AG

In March, SEB signed an agreement to divest its German real estate investment management business, SEB Asset Management AG, to Savills plc., a British real estate services provider, for a consideration of up to EUR 21.5m in cash. SEB Asset Management AG manages assets of approximately EUR 10bn on behalf of investors. The completion of the sale is conditional upon regulatory approvals and is expected to close around the middle of 2015. The transaction will have a limited effect on profit and capital adequacy, before any goodwill allocation.

Acquisition and sale of own shares

At the Annual General Meeting on 25 March 2015, it was decided to authorise the Board to decide on the acquisition and sale of own shares for SEB's long-term equity-based programmes. The Board subsequently decided that a maximum of 40.5 million shares of Class A may be acquired and sold. The transactions may take place at one or several occasions during the period up until the Annual General Meeting in 2016.

Further information is available on www.sebgroup.com.

Stockholm, 23 April 2015

The President declares that the Interim Accounts for the first quarter 2015 provide a fair overview of the Parent Company's and the Group's operations, their financial positions and results and describe material risks and uncertainties facing the Parent Company and the Group.

Annika Falkengren President and Chief Executive Officer

Press conference and webcasts

The press conference at 9.30 am (local time) on 23 April 2015, at Kungsträdgårdsgatan 8 with President and CEO Annika Falkengren can be followed live in Swedish on www.sebgroup.com/sv/ir. A simultaneous translation into English will be available on www.sebgroup.com/ir. A replay will be available afterwards.

Access to telephone conference

The telephone conference at 1 pm (CEST) on 23 April 2015 with the President and CEO Annika Falkengren, the CFO Jan Erik Back and the Head of Investor Relations Jonas Söderberg, can be accessed by telephone, +44(0)20 7162 0177 or +46(0)8 5052 0114. Please quote conference id: 952623, and call at least 10 minutes in advance. A replay of the conference call will be available on www.sebgroup.com/ir.

Financial information calendar

14 July 2015	Interim report January-June 2015
21 October 2015	Interim report January-September 2015

Further information is available from:

Jan Erik Back, Chief Financial Officer Tel: +46 8 22 19 00 Jonas Söderberg, Head of Investor Relations Tel: +46 8 763 83 19, +46 73 521 02 66 Viveka Hirdman-Ryrberg, Head of Corporate Communications Tel: +46 8 763 85 77, +46 70 550 35 00

Skandinaviska Enskilda Banken AB (publ.) SE-106 40 Stockholm, Sweden Telephone: +46 771 62 10 00 www.sebgroup.com Corporate organisation number: 502032-9081

Additional financial information is available in SEB's Fact Book which is published quarterly on www.sebgroup.com/ir.

Accounting policies

This Interim Report is presented in accordance with IAS 34 Interim Financial Reporting. The Group's consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations of these standards as adopted by the European Commission. The accounting follows the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulation and general guidelines issued by the Swedish Financial Supervisory Authority: Annual Reports in Credit institutions and Securities Companies (FFFS 2008:25). In addition, the Supplementary Accounting Rules for Groups (RFR 1) from the Swedish Financial Reporting Board have been applied. The Parent company has prepared its accounts in accordance with Swedish Annual Act for Credit Institutions and Securities Companies, the Swedish Financial Supervisory Authority's regulations and general guidelines (FFFS 2008:25) on annual reports in credit institutions and securities companies and the Supplementary accounting rules

for legal entities (RFR 2) issued by the Swedish Financial Reporting Board.

From the financial year 2015 clarifications of several standards come into force. IAS 19 Employee Benefits has been amended regarding employee contributions in defined benefit plans, and an interpretation from IFRIC clarifies when to recognise a liability to pay a levy accounted for according to IAS 37 Provisions, contingent liabilities and contingent assets. Several standards have also been clarified within the Annual Improvements 2010-2012 and 2011-2013 Cycles. These changes have not had a material impact on the financial statements of the Group or on capital adequacy and large exposures.

In all other material aspects, the Group's and the Parent company's accounting policies, basis for calculations and presentations are unchanged in comparison with the 2014 Annual Report.

Review report

We have reviewed this report for the period 1 January 2015 to 31 March 2015 for Skandinaviska Enskilda Banken AB (publ.). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act for Credit institutions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our 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.

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 Swedish Annual Accounts Act for Credit institutions and Securities Companies regarding the Group, and with the Swedish Annual Accounts Act for Credit institutions and Securities Companies, regarding the Parent Company.

Stockholm, 23 April 2015

PricewaterhouseCoopers AB

Authorised Public Accountant Authorised Public Accountant Partner in charge

Peter Nyllinge Magnus Svensson Henryson

The SEB Group

Income statement – SEB Group

	Q1	Q4		Jan - Mar			Full year
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	4 946	5 010	-1	4 946	4 818	3	19 943
Net fee and commission income	4 274	4 553	-6	4 274	3 728	15	16 306
Net financial income	1 255	343		1 255	1 079	16	2 921
Net life insurance income	940	854	10	940	818	15	3 345
Net other income	197	2 003	-90	197	0		4 421
Total operating income	11 612	12 763	-9	11 612	10 443	11	46 936
Staff costs	-3 556	-3 414	4	-3 556	-3 461	3	-13 760
Other expenses	-1 523	-1 781	-14	-1 523	-1 431	6	-6 310
Depreciation, amortisation and impairment
of tangible and intangible assets	- 479	- 596	-20	- 479	- 446	7	-2 073
Total operating expenses	-5 558	-5 791	-4	-5 558	-5 338	4	-22 143
Profit before credit losses	6 054	6 972	-13	6 054	5 105	19	24 793
Gains less losses from tangible and
intangible assets	- 76	- 85	-11	- 76	8		- 121
Net credit losses	- 188	- 310	-39	- 188	- 258	-27	-1 324
Operating profit	5 790	6 577	-12	5 790	4 855	19	23 348
Income tax expense	-1 139	- 889	28	-1 139	- 971	17	-4 129
Net profit	4 651	5 688	-18	4 651	3 884	20	19 219
Attributable to minority interests							1
Attributable to shareholders	4 651	5 688	-18	4 651	3 884	20	19 218
Basic earnings per share, SEK	2.12	2.60		2.12	1.77		8.79
Diluted earnings per share, SEK	2.11	2.58		2.11	1.76		8.73

Statement of comprehensive income – SEB Group

	Q1	Q4			Jan - Mar
SEK m	2015	2014	%	2015	2014	%	Full year 2014
Net profit	4 651	5 688	-18	4 651	3 884	20	19 219

Items that may subsequently be reclassified to the income statement:
Available-for-sale financial assets	95	132	-28	95	407	-77	- 11
Cash flow hedges	498	945	-47	498	646	-23	3 094
Translation of foreign operations	- 227	398	-157	- 227	- 21		647
Items that will not be reclassified to the income statement:
Defined benefit plans	- 767	- 990	-23	- 767	143		-2 700
Other comprehensive income (net of tax)	- 401	485	- 183	- 401	1 175	- 134	1 030
Total comprehensive income	4 250	6 173	- 31	4 250	5 059	- 16	20 249
Attributable to minority interests		- 2	-100		1	-100
Attributable to shareholders	4 250	6 175	-31	4 250	5 058	-16	20 249

Balance sheet – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Cash and cash balances with central banks	202 537	103 098	244 830
Other lending to central banks	1 714	16 817	8 078
Loans to other credit institutions1)	117 977	90 945	114 412
Loans to the public	1 417 342	1 355 680	1 329 801
Financial assets at fair value2)	1 104 539	936 844	824 998
Available-for-sale financial assets2)	43 892	46 014	48 776
Held-to-maturity investments2)	90	91	87
Assets held for sale	1 400	841
Investments in associates	1 155	1 251	1 320
Tangible and intangible assets	26 890	27 524	29 102
Other assets	61 680	62 141	49 921
Total assets	2 979 216	2 641 246	2 651 325

Deposits from central banks and credit institutions	211 439	115 186	210 060
Deposits and borrowing from the public	1 020 177	943 114	903 706
Liabilities to policyholders	389 547	364 354	322 769
Debt securities	736 605	689 863	767 194
Other financial liabilities at fair value	360 673	280 763	227 113
Liabilities held for sale	240
Other liabilities	95 571	70 257	78 706
Provisions	3 167	2 868	2 196
Subordinated liabilities	33 113	40 265	20 497
Total equity	128 684	134 576	119 084
Total liabilities and equity	2 979 216	2 641 246	2 651 325

1) Loans to credit institutions and liquidity placements with other direct participants in interbank fund transfer systems.

2) Whereof bonds and other interest bearing securities: SEK 406,244m (343,964/471,398).

A more detailed balance sheet is included in the Fact Book.

Pledged assets, contingent liabilities and commitments – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Collateral pledged for own liabilities1)	591 323	437 991	401 523
Assets pledged for liabilities to insurance policyholders	389 547	364 354	322 768
Collateral and comparable security pledged for own liabilities	980 870	802 345	724 291

Other pledged assets and comparable collateral2)	173 880	127 792	137 206
Contingent liabilities	115 290	116 566	100 331
Commitments	710 597	559 575	531 109

1) Of which collateralised for covered bonds SEK 366,370m (359,276/348,147).

2) Securities lending SEK 85,151m (51,722/74,198) and pledged but unencumbered bonds SEK 79,435m (73,496/63,008).

Key figures – SEB Group

	Q1	Q4		Jan - Mar
	2015	2014	2015	2014	Full year 2014

Return on equity, %	13.81	17.26	13.81	12.62	15.25
Return on total assets, %	0.64	0.81	0.64	0.60	0.71
Return on risk exposure amount, %	2.99	3.79	2.99	2.64	3.23
Cost/income ratio	0.48	0.45	0.48	0.51	0.47
Basic earnings per share, SEK	2.12	2.60	2.12	1.77	8.79
Weighted average number of shares, millions1)	2 189	2 191	2 189	2 190	2 187
Diluted earnings per share, SEK	2.11	2.58	2.11	1.76	8.73
Weighted average number of diluted shares, millions2)	2 202	2 204	2 202	2 207	2 202
Net worth per share, SEK	66.22	68.13	66.22	60.45	68.13
Equity per share, SEK	58.76	61.47	58.76	54.60	61.47
Average shareholders' equity, SEK, billion	134.7	131.8	134.7	123.1	126.1
Credit loss level, %	0.05	0.09	0.05	0.07	0.09
Liquidity Coverage Ratio (LCR)3), %	124	115	124	137	115
Own funds requirement, Basel III
Risk exposure amount, SEK m	623 454	616 531	623 454	587 503	616 531
Expressed as own funds requirement, SEK m	49 874	49 322	49 874	47 000	49 322
Common Equity Tier 1 capital ratio, %	16.6	16.3	16.6	15.7	16.3
Tier 1 capital ratio, %	18.8	19.5	18.8	17.6	19.5
Total capital ratio, %	21.1	22.2	21.1	18.7	22.2
Number of full time equivalents4)	15 695	15 910	15 732	15 620	15 714
Assets under custody, SEK bn	7 603	6 763	7 603	6 003	6 763
Assets under management, SEK bn	1 832	1 708	1 832	1 504	1 708

1) The number of issued shares was 2,194,171,802. SEB owned 5,495,862 Class A shares for the equity based programmes at year end 2014. During 2015 842,112 shares have been sold. Thus, as at March 31 2015 SEB owned 4,653,750 Class A-shares with a market value of SEK 470m.

2) Calculated dilution based on the estimated economic value of the long-term incentive programmes.

3) According to Swedish FSA regulations for respective period.

4) Quarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

In SEB's Fact Book, this table is available with nine quarters of history.

Income statement on quarterly basis - SEB Group

	Q1	Q4	Q3	Q2	Q1
SEK m	2015	2014	2014	2014	2014
Net interest income	4 946	5 010	5 172	4 943	4 818
Net fee and commission income	4 274	4 553	3 814	4 211	3 728
Net financial income	1 255	343	654	845	1 079
Net life insurance income	940	854	829	844	818
Net other income	197	2 003	2 184	234	0
Total operating income	11 612	12 763	12 653	11 077	10 443

Staff costs	-3 556	-3 414	-3 392	-3 493	-3 461
Other expenses	-1 523	-1 781	-1 549	-1 549	-1 431
Depreciation, amortisation and impairment of tangible
and intangible assets	- 479	- 596	- 554	- 477	- 446
Total operating expenses	-5 558	-5 791	-5 495	-5 519	-5 338
Profit before credit losses	6 054	6 972	7 158	5 558	5 105
Gains less losses from tangible and intangible assets	- 76	- 85	- 20	- 24	8
Net credit losses	- 188	- 310	- 473	- 283	- 258
Operating profit	5 790	6 577	6 665	5 251	4 855
Income tax expense	-1 139	- 889	-1 192	-1 077	- 971
Net profit	4 651	5 688	5 473	4 174	3 884
Attributable to minority interests Attributable to shareholders	4 651	5 688	1 5 472	4 174	3 884
Basic earnings per share, SEK	2.12	2.60	2.50	1.90	1.77
Diluted earnings per share, SEK	2.11	2.58	2.48	1.89	1.76

Income statement by Division – SEB Group

	Merchant	Retail	Wealth
Jan-Mar 2015, SEK m	Banking	Banking	Management	Life	Baltic		Other Eliminations	SEB Group
Net interest income	2 070	1 898	148	- 10	515	334	- 9	4 946
Net fee and commission income	1 286	1 143	1 289		264	5	287	4 274
Net financial income	1 227	89	52		86	- 199		1 255
Net life insurance income				1 377			- 437	940
Net other income	63	4	9		- 7	130	- 2	197
Total operating income	4 646	3 134	1 498	1 367	858	270	- 161	11 612

Staff costs	- 932	- 705	- 340	- 317	- 179	-1 093	10	-3 556
Other expenses	-1 195	- 723	- 333	- 103	- 242	923	150	-1 523
Depreciation, amortisation and impairment
of tangible and intangible assets	- 23	- 18	- 9	- 245	- 19	- 166	1	- 479
Total operating expenses	-2 150	-1 446	- 682	- 665	- 440	- 336	161	-5 558
Profit before credit losses	2 496	1 688	816	702	418	- 66		6 054
Gains less losses from tangible and
intangible assets					- 76			- 76
Net credit losses	- 93	- 105	1		9			- 188
Operating profit	2 403	1 583	817	702	351	- 66		5 790

SEB's markets

SEB offers universal financial advice and services in Sweden and the Baltic countries. In Denmark, Finland, Norway and Germany, the bank's operations have a strong focus on corporate and investment banking based on a fullservice offering to corporate and institutional clients. In addition, SEB serves its corporate and institutional customers through its international network.

Distribution by country Jan - Mar											Operating profit
	Total operating income			Total operating expenses			Operating profit			in local currency
SEK m	2015	2014	%	2015	2014	%	2015	2014	%	2015	2014	%
Sweden	6 815	6 040	13	-3 607	-3 552	2	3 067	2 331	32	3 067	2 331	32
Norway	821	788	4	- 219	- 222	- 1	586	554	6	545	522	4
Denmark	1 054	829	27	- 311	- 256	21	732	563	30	581	475	22
Finland	465	411	13	- 191	- 169	13	274	240	14	29	27	7
Germany1)	668	737	- 9	- 401	- 396	1	267	338	- 21	28	38	- 26
Estonia	328	299	10	- 144	- 127	13	211	187	13	22	21	5
Latvia	236	243	- 3	- 129	- 123	5	96	78	23	10	9	11
Lithuania	398	388	3	- 190	- 186	2	126	167	- 25	13	19	- 32
Other countries and eliminations	827	708	17	- 366	- 307	19	431	397	9
Total	11 612	10 443	11	-5 558	-5 338	4	5 790	4 855	19

1) Excluding Treasury operations.

Targeted expansion in the Nordic countries and Germany continued
Positive effects from recent card acquisitions in Norway and Finland
Profitability for the Baltic segment as a whole improved

Comments on the first quarter

In Sweden, operating profit represented 53 per cent of the group total and increased by SEK 736m to SEK 3,067m yearon-year. Lending and deposit volumes increased year-on-year from continuous growth both in the private and corporate segment and net interest income generation was strong. Performance fees were also strong in the first quarter. The operating expenses increased by 2 per cent.

In Norway, operating profit increased by 6 per cent yearon-year. The beginning of the year was seasonally slow, but a number of activities and closed deals contributed to lifting operating income by 4 per cent year-on-year. Investment banking improved. There was a positive effect from the acquisition of DNB's corporate card portfolio. Operating income was supported by a stable level of net interest income from volume expansion and increased fee income.

In Denmark, business volumes with both existing and new customers in the Markets, Corporate Banking and Asset Management areas increased. The investment returns in the life insurance operations were strong. Operating expenses 2014 were affected by positive one-off items while the

underlying expense level was unchanged leading to an increase in operating profit of 30 per cent year-on-year.

In Finland, focus was on expanding the business with existing customers. Operating profit is supported by stable underlying income with one-off income from closing some larger deals in the first quarter. There was a positive effect from the acquisition of card portfolios from Nets. Operating profit increased by 14 per cent compared to 2014.

In Germany, operating profit was SEK 71m lower year-onyear. There was a one-off item related to interest liabilities on historic VAT payments. Underlying business improved and Markets was more active while corporate activity was lower than the last quarter 2014. SEB signed an agreement to divest its real estate investment management business, SEB Asset Management AG, to Savills plc. (see p6).

The Baltic operations were resilient to the development in Russia. In Lithuania operations following the year-end conversion to euro were smooth. See also the information on the Baltic division.

Merchant Banking

The Merchant Banking division offers commercial and investment banking services to large corporate and institutional clients, mainly in the Nordic region and Germany. Customers are also served through an extensive international presence.

	Q1	Q4			Jan- Mar		Full year
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	2 070	2 005	3	2 070	2 019	3	8 315
Net fee and commission income	1 286	1 811	- 29	1 286	1 405	- 8	6 169
Net financial income	1 227	441	178	1 227	968	27	2 817
Net other income	63	102	- 38	63	- 37		808
Total operating income	4 646	4 359	7	4 646	4 355	7	18 109
Staff costs	- 932	- 922	1	- 932	- 892	4	-3 654
Other expenses	-1 195	-1 149	4	-1 195	-1 154	4	-4 624
Depreciation, amortisation and impairment of
tangible and intangible assets	- 23	- 33	- 30	- 23	- 32	- 28	- 126
Total operating expenses	-2 150	-2 104	2	-2 150	-2 078	3	-8 404
Profit before credit losses	2 496	2 255	11	2 496	2 277	10	9 705
Gains less losses from tangible and intangible assets		- 1	- 100				- 13
Net credit losses	- 93	- 86	8	- 93	- 52	79	- 604
Operating profit	2 403	2 168	11	2 403	2 225	8	9 088
Cost/Income ratio	0.46	0.48		0.46	0.48		0.46
Business equity, SEK bn	61.6	52.4		61.6	50.7		52.3
Return on business equity, %	12.0	12.7		12.0	13.5		13.4
Number of full time equivalents1)	2 208	2 224		2 219	2 199		2 212

1) Ouarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Operating profit improved by 8 per cent
Customers sought hedging and risk management products in the volatile market
Negative interest rates in Sweden

Comments on the first quarter

ECB's stimulatory actions increased optimism in the eurozone. The US was somewhat less optimistic, but still on track to recovery. The Nordic economies benefited from the improved outlook in the eurozone but continued to face country specific challenges. The financial markets faced ground-breaking central bank measures in terms of negative interest rates in Sweden, and earlier in Denmark and Switzerland.

The central bank interventions continued to change the financial markets and tilted client demand towards risk management products. However, SEB's model of being a fullservice financial advisor proved viable. The effects of negative interest rates started to be incorporated into the business model.

Operating income for the first quarter amounted to SEK 4,646m, which was an increase of 7 per cent year-onyear. This was primarily driven by increased demand for currency and interest rate products. Operating expenses increased by 3 per cent to SEK 2,150m (2,078), mainly related to currency effects. Net credit losses were SEK 93m (52) reflecting a continued high asset quality with a credit loss level of 6 basis points. Operating profit amounted to SEK 2,403m, an increase of 8 per cent versus last year.

Markets increased operating income compared to the first quarter last year. Client demand for hedging and risk management products increased following the heightened volatility levels in light of central bank actions covering negative interest rates and currency pegs. This affected both fixed income operations and FX. The equities business continued to capitalise on the equity capital market activities but showed a somewhat lower level of income.Transaction Banking performed in line with the first quarter last year despite the challenging environment where volume growth compensated for lower and in some cases negative interest rates. Assets under custody amounted to SEK 7,603bn (6,003). Corporate & Investment Banking started the year seasonally slower with a marginal improvement compared to the first quarter last year. The earnings composition changed somewhat with a lower level of completed advisory-driven activities and a higher level of lending related activities.

SEB continued to focus on improving efficiency in order to enable investments to meet client demand, leverage on the current digitisation trend as well as advising customers in managing the new regulatory framework.

Retail Banking

The Retail Banking division offers full banking and advisory services to private individuals and small and medium-sized corporate customers in Sweden, as well as card services in four Nordic countries.

Income statement

	Q1	Q4			Jan- Mar
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	1 898	1 976	- 4	1 898	2 062	- 8	8 141
Net fee and commission income	1 143	1 125	2	1 143	982	16	4 232
Net financial income	89	81	10	89	80	11	318
Net other income	4	31	- 87	4	48	- 92	121
Total operating income	3 134	3 213	- 2	3 134	3 172	- 1	12 812
Staff costs	- 705	- 680	4	- 705	- 674	5	-2 701
Other expenses	- 723	- 774	- 7	- 723	- 723	0	-2 943
Depreciation, amortisation and impairment of
tangible and intangible assets	- 18	- 17	6	- 18	- 13	38	- 63
Total operating expenses	-1 446	-1 471	- 2	-1 446	-1 410	3	-5 707
Profit before credit losses	1 688	1 742	- 3	1 688	1 762	- 4	7 105
Gains less losses from tangible and intangible assets
Net credit losses	- 105	- 118	- 11	- 105	- 135	- 22	- 483
Operating profit	1 583	1 624	- 3	1 583	1 627	- 3	6 622
Cost/Income ratio	0.46	0.46		0.46	0.44		0.45
Business equity, SEK bn	34.0	25.2		34.0	24.4		24.6
Return on business equity, %	14.3	19.9		14.3	20.6		20.7
Number of full time equivalents1)	3 305	3 417		3 297	3 334		3 370

1) Ouarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

The interest rate environment impacted operating profit
The number of SMEs that chose SEB as home bank exceeded 150,000 for the first time
Customers made more than 30 million visits and interactions through mobile services

Comments on the first quarter

For the first time, the Swedish central bank set the repo rate below zero. Meanwhile, the rules regarding amortisation of mortgages were clarified by the Swedish Financial Supervisory Authority. This is a situation where both private and corporate customers require plentiful advice around both savings and financing.

The number of customers in the segment small and medium-sized companies that chose SEB as their home bank exceeded for the first time 150,000. However, the corporate customers' demand for financing was low during the quarter. Year-on-year corporate lending remained stable at SEK 169bn.

Operating income decreased by 1 per cent compared with the first quarter of 2014, driven primarily by the challenging interest rate environment. Net interest income decreased by 8 per cent. Net fee and commission income increased by 16 per cent, primarily due to increased fund commissions, but also from the insurance and card operations. Operating expenses amounted to SEK 1,446m (1,410). Credit losses decreased and amounted to SEK 105m in the quarter (135).

The effect on the result from the sale of Euroline was counteracted by the acquired card portfolios from Nets in Finland and DNB in Norway. With an increase in transaction turnover, the card-related operating profit increased by 11 per cent.

In the low interest rate environment in Sweden, customers continued to increase their savings. Private savings in mutual funds increased by SEK 2.5bn and total deposits from companies and private customers increased by SEK 16bn compared to the first quarter 2014. Retail mortgage lending growth continued but amortisation requirements lowered the growth rate.

Customers continue to use apps as their main point of entry to SEB. During the first quarter there were approximately 30 million visits through this channel (private individuals and small and medium-sized companies), which is the highest number of visitors so far during a single quarter. In March, SEB was named best online bank among the major Swedish banks by Internetworld.

Wealth Management

The Wealth Management division offers a full spectrum of asset management and advisory services to institutions and high net-worth individuals, including the leading Nordic private banking offering.

Income statement

	Q1	Q4			Jan- Mar
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	148	146	1	148	183	- 19	685
Net fee and commission income	1 289	1 197	8	1 289	849	52	3 884
Net financial income	52	29	79	52	51	2	152
Net other income	9	3	200	9	7	29	193
Total operating income	1 498	1 375	9	1 498	1 090	37	4 914
Staff costs	- 340	- 330	3	- 340	- 307	11	-1 216
Other expenses	- 333	- 388	- 14	- 333	- 332	0	-1 382
Depreciation, amortisation and impairment of
tangible and intangible assets	- 9	- 8	13	- 9	- 10	- 10	- 39
Total operating expenses	- 682	- 726	- 6	- 682	- 649	5	-2 637
Profit before credit losses	816	649	26	816	441	85	2 277
Gains less losses from tangible and intangible assets
Net credit losses	1	- 2	- 150	1			- 19
Operating profit	817	647	26	817	441	85	2 258

Cost/Income ratio	0.46	0.53		0.46	0.60		0.54
Business equity, SEK bn	9.9	8.5		9.9	9.0		8.6
Return on business equity, %	25.5	23.5		25.5	15.1		20.3
Number of full time equivalents1)	906	884		904	877		882

1) Ouarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Higher asset values and strong net inflows of assets under management contributed to increased operating profit
SEB Private Banking was awarded as the best Private Bank in Sweden by Euromoney
Agreement to divest the German real estate investment management business was signed

Comments on the first quarter

The market conditions from 2014 continued during the first quarter characterised by a sustained interest in the equity markets in combination with a continuous search for yield and returns in a historically low interest rate environment.

In this environment customers were increasingly interested in fund savings in general and, in particular, asset allocation products. They offer continuous active allocation, which provides security in a changeable environment. The strong equity market added to the already high customer activity in Private Banking while institutional investors continued, in the challenging interest rate environment, to search for yield outside the traditional asset classes; an area in which SEB continues to develop new products.

Total assets under management increased by 22 per cent compared to one year ago and amounted to SEK 1,756bn (1,436), as a result of higher net inflows in combination with the positive equity market development.

The operating profit of SEK 817m increased by 85 per cent compared with last year. Base commissions increased to SEK 845m as a result of the higher average asset values (723). Performance and transaction fees amounted to SEK 335m (21). Net interest income decreased as an effect of the low

interest rate environment. Brokerage fees remained stable at a high level. Operating expenses were 5 per cent higher compared to the first quarter last year.

There was a continued inflow of new customers within Private Banking in all markets and SEK 3bn in net new volumes were received during the first quarter (9). SEB was awarded by Euromoney as the best Private Bank in Sweden and for best services to Ultra High Net-Worth Clients in the Nordic and Baltics in 2015.

For Institutional Clients, the focus was on client activities regarding Tier 1 product launches for the second quarter, i.e. Private Equity III and Micro Loan. The year started positively with high client activity and several mandates were won. Net new volumes amounted to SEK 22bn.

The SEB Global fund was rewarded by Morningstar as the #1 equity fund for instance in Finland, Denmark and Germany.

SEB signed an agreement to divest its German real estate investment management business, SEB Asset Management AG.

Life

The Life division offers life insurance products with a focus on unit-linked and also traditional insurance for private individuals and corporate customers, mainly in Sweden, Denmark and the Baltic countries.

Income statement

	Q1	Q4			Jan- Mar
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	- 10	- 11	- 9	- 10	- 12	- 17	- 46
Net life insurance income	1 377	1 218	13	1 377	1 187	16	4 833
Total operating income	1 367	1 207	13	1 367	1 175	16	4 787
Staff costs	- 317	- 312	2	- 317	- 300	6	-1 225
Other expenses	- 103	- 141	- 27	- 103	- 96	7	- 508
Depreciation, amortisation and impairment of
tangible and intangible assets	- 245	- 265	- 8	- 245	- 228	7	- 988
Total operating expenses	- 665	- 718	- 7	- 665	- 624	7	-2 721
Profit before credit losses	702	489	44	702	551	27	2 066
Operating profit	702	489	44	702	551	27	2 066
Cost/Income ratio	0.49	0.59		0.49	0.53		0.57
Business equity, SEK bn	8.4	8.2		8.4	8.2		8.2
Return on business equity, %	29.0	20.7		29.0	23.3		21.9
Number of full time equivalents1)	1 304	1 301		1 302	1 324		1 309

1) Ouarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Operating profit increased by 27 per cent
Sales increasing in Sweden supported by enhanced product offering
Enhanced digital customer services

Comments on the first quarter

Continued strong development in equity markets and decreased interest rates during the quarter improved asset values in both the unit-linked and traditional portfolios.

SEB will re-open traditional insurance in Sweden in June 2015, thereby providing a complete range of solutions for long-term savings.

The tax deduction for individual private pension savings in Sweden is being phased out. A majority of the around 270,000 customers who are affected were informed about savings alternatives during the first quarter. Most of those who have taken action chose other forms of savings, primarily a new product called Pensionsspar Fond, an endowment insurance, and also ISK ("investeringssparkonto").

In March SEB as the first Swedish bank launched a new offering to the Swedish SME-market with sickness insurance and other insurance solutions for a full range employment coverage. Today approximately 85 per cent of the SME customers lack satisfactory protection in this area.

The Danish life operation is a forerunner when it comes to digital solutions. Using this experience, several initiatives were taken with the ambition to develop digitised customer meetings for the full division, for example screen sharing solutions.

Operating profit for the quarter increased by 27 per cent year-on-year to SEK 702m (551). Income in unit-linked related business grew by 19 per cent and continued to represent a major part of total income. The increase was primarily a result of higher fund values, but also of higher premium volumes, especially in Sweden. Income in traditional insurance products also improved compared to last year, due to favourable financial markets. In total, operating income increased by 16 per cent.

Expenses increased by 7 per cent due to increased sales and certain one-offs in the first quarter last year.

The weighted sales volume of new policies increased significantly– by 31 per cent to SEK 15bn – primarily in Sweden. The unit-linked related segment represented 83 per cent of sales (85) and the share of corporate paid policies decreased to 67 per cent (72).

Total premium income relating to both new and existing policies increased. Premium income for the year increased by 13 per cent and amounted to SEK 11bn.

The total fund value in the unit-linked related segment amounted to SEK 297bn, which was SEK 23bn higher than at the beginning of the year. The net inflow was SEK 1bn and the appreciation in value was SEK 22bn. Total assets under management amounted to SEK 602bn.

Baltic

The Baltic division provides full banking and advisory services to private individuals and small and medium-sized corporate customers in Estonia, Latvia and Lithuania. The Baltic real estate holding companies (RHC) are part of the division. The full Baltic geographical segmentation, including other activities in the region, is reported in SEB's Fact Book.

Income statement

	Q1	Q4			Jan- Mar
SEK m	2015	2014	%	2015	2014	%	2014
Net interest income	515	544	- 5	515	532	- 3	2 203
Net fee and commission income	264	282	- 6	264	246	7	1 065
Net financial income	86	73	18	86	75	15	295
Net other income	- 7	- 7	0	- 7	- 6	17	- 32
Total operating income	858	892	- 4	858	847	1	3 531
Staff costs	- 179	- 192	- 7	- 179	- 164	9	- 704
Other expenses	- 242	- 268	- 10	- 242	- 236	3	- 965
Depreciation, amortisation and impairment of
tangible and intangible assets	- 19	- 24	- 21	- 19	- 24	- 21	- 93
Total operating expenses	- 440	- 484	- 9	- 440	- 424	4	-1 762
Profit before credit losses	418	408	2	418	423	- 1	1 769
Gains less losses from tangible and intangible assets	- 76	- 82	- 7	- 76	8		- 107
Net credit losses	9	- 103	- 109	9	- 71	- 113	- 217
Operating profit	351	223	57	351	360	- 3	1 445

Cost/Income ratio	0.51	0.54		0.51	0.50		0.50
Business equity, SEK bn	8.5	8.3		8.5	9.2		8.9
Return on business equity, %	14.6	9.6		14.6	14.0		14.5
Number of full time equivalents1)	2 688	2 821		2 741	2 788		2 783

1) Ouarterly numbers are for last month of quarter. Accumulated numbers are average for the period.

Baltic Banking (excl RHC)

Operating profit	446	336	446	379	1 664
Cost/Income ratio	0.50	0.52	0.50	0.48	0.48
Business equity, SEK bn	8.1	7.9	8.1	8.8	8.5
Return on business equity, %	19.6	15.2	19.6	15.3	17.5

Return on business equity improved to 14.6 per cent
Baltic Innovation Lab events attended by more than 750 SME customers
Baltic countries resilient to the Russia-Ukraine conflict and import sanctions

Comments on the first quarter

The Baltic countries continued to show good resilience to the Russia-Ukraine conflict as well as Russia's food import sanctions and accentuated economic weakness. This was mainly because of favourable local economic conditions, including strong real household income that allowed robust private consumption. Falling energy and food prices helped to contain inflation across the region.

Loan volumes increased from March last year to SEK 103bn (101). Mortgage loan volumes stabilised over the last year, and corporate customers were reticent in entering into new financing. Lending margins remained relatively stable across the portfolio. Deposit volumes of SEK 89bn (77) rose compared to a year ago. In Lithuania, most of the Eurorelated increase in deposits remained, and deposits were up 18 per cent year-on-year.

Operating profit reduced by 3 per cent year-on-year. There was an impairment charge in the real estate holding

companies while credit losses were impacted by a reversal in Estonia relating to collective provisions. Operating profit for Baltic Banking increased by 18 per cent year-on-year and nonperforming loans declined by 19 per cent.

The number of home banking customers increased by 37,000 year-on-year. In Estonia, paperless services are now available in all SEB's branches. Innovation Lab events were held in all Baltic countries in March and more than 750 SME customers networked.

The real estate holding companies held assets at a total book value of SEK 2,399m (2,812). The first quarter operating loss was SEK 95m (18), due mainly to a SEK 90m impairment of assets that were reclassified.

EMEA Finance magazine named SEB as the Best Bank in Lithuania and the Best Bank and Best Broker in Estonia. SEB received the award for Best Sub-custodian in Lithuania from Global Investor.

The SEB Group

Net interest income – SEB Group

	Q1	Q4		Jan - Mar			Full year
SEK m	2015	2014	%	2015	2014	%	2014
Interest income	10 203	10 479	- 3	10 203	11 010	- 7	43 557
Interest expense	-5 257	-5 469	- 4	-5 257	-6 192	- 15	-23 614
Net interest income	4 946	5 010	- 1	4 946	4 818	3	19 943

An adjustment has been made in the presentation of finance lease agreements within net interest income. The comparative information has been restated.

Net fee and commission income – SEB Group

	Q1	Q4		Jan - Mar			Full year
SEK m	2015	2014	%	2015	2014	%	2014
Issue of securities and advisory	118	281	- 58	118	232	- 49	1 000
Secondary market and derivatives	635	529	20	635	482	32	2 439
Custody and mutual funds	2 315	2 114	10	2 315	1 753	32	7 573
Payments, cards, lending, deposits,
guarantees and other	2 439	2 861	- 15	2 439	2 396	2	10 406
Whereof payments and card fees	1 352	1 551	- 13	1 352	1 431	- 6	6 047
Whereof lending	648	892	- 27	648	652	- 1	2 785
Fee and commission income	5 507	5 785	- 5	5 507	4 863	13	21 418
Fee and commission expense	-1 233	-1 232	0	-1 233	-1 135	9	-5 112
Net fee and commission income	4 274	4 553	- 6	4 274	3 728	15	16 306
Whereof Net securities commissions	2 386	2 267	5	2 386	2 031	17	8 545
Whereof Net payments and card fees	845	896	- 6	845	787	7	3 416

Net financial income – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2015	2014	%	2015	2014	%	2014
Equity instruments and related derivatives	1 551	201		1 551	842	84	1 899
Debt instruments and related derivatives	-1 290	- 830	55	-1 290	- 442	192	-1 913
Currency and related derivatives	962	1 078	-11	962	649	48	3 091
Other	32	- 106	-130	32	30	7	- 156
Net financial income	1 255	343		1 255	1 079	16	2 921
Whereof unrealized valuation changes from
counterparty risk and own credit standing in
derivatives and own issued securities.	134	-36		134	- 81		-301

The result within Net financial income is presented on different rows based on type of underlying financial instrument.

For first quarter the positive effect from structured products offered to the public was approximately SEK 1,790m (Q4 2014: 165, Q1 2014: 620) in Equity related derivatives and Credit related derivatives SEK 190m (Q4 2014: 220, Q1 2014: 313) and a corresponding negative effect in Debt instruments and related derivatives SEK 1,970m (Q4 2014: 110, Q1 2014: 860).

Net credit losses – SEB Group

	Q1	Q4		Jan - Mar			Full year
SEK m	2015	2014	%	2015	2014	%	2014
Provisions:
Net collective provisions for individually
assessed loans	92	338	-73	92	- 28		459
Net collective provisions for portfolio
assessed loans	82	129	-36	82	75	9	414
Specific provisions	- 384	- 524	-27	- 384	- 120		-1 448
Reversal of specific provisions no longer required	148	52	185	148	74	100	279
Net provisions for off-balance sheet items		- 32	-100		- 11	-100	- 42
Net provisions	- 62	- 37	68	- 62	- 10		- 338
Write-offs:
Total write-offs	- 379	- 671	-44	- 379	- 363	4	-2 401
Reversal of specific provisions utilized
for write-offs	214	329	-35	214	90	138	1 229
Write-offs not previously provided for	- 165	- 342	-52	- 165	- 273	-40	-1 172
Recovered from previous write-offs	39	69	-43	39	25	56	186
Net write-offs	- 126	- 273	-54	- 126	- 248	-49	- 986
Net credit losses	- 188	- 310	-39	- 188	- 258	-27	-1 324

Statement of changes in equity – SEB Group

			Other reserves
SEK m	Share capital	Retained earnings	Available for-sale financial assets	Cash flow hedges	Translation of foreign operations	Defined benefit plans	Total Share holders' equity	Minority interests	Total Equity
Jan-Mar 2015
Opening balance	21 942	108 435	1 367	3 877	-1 370	292	134 543	33	134 576
Net profit		4 651					4 651		4 651
Other comprehensive income (net of tax)			95	498	-227	-767	-401		-401
Total comprehensive income		4 651	95	498	-227	-767	4 250		4 250
Dividend to shareholders		-10 400					-10 400		-10 400
Equity-based programmes1)		170					170		170
Change in holdings of own shares		88					88		88
Closing balance	21 942	102 944	1 462	4 375	-1 597	-475	128 651	33	128 684
Jan-Dec 2014 Opening balance Net profit Other comprehensive income (net of tax) Total comprehensive income Dividend to shareholders Equity-based programmes1) Change in holdings of own shares	21 942	97 704 19 218 19 218 -8 725 485 -247	1 378 -11 -11	783 3 094 3 094	-2 018 648 648	2 992 -2 700 -2 700	122 781 19 218 1 031 20 249 -8 725 485 -247	33 1 -1	122 814 19 219 1 030 20 249 -8 725 485 -247
Closing balance	21 942	108 435	1 367	3 877	-1 370	292	134 543	33	134 576
Jan-Mar 2014
Opening balance	21 942	97 704	1 378	783	-2 018	2 992	122 781	33	122 814
Net profit		3 884					3 884		3 884
Other comprehensive income (net of tax)			407	646	-22	143	1 174	1	1 175
Total comprehensive income Dividend to shareholders		3 884 -8 725	407	646	-22	143	5 058 -8 725	1	5 059 -8 725
Equity-based programmes1)
Change in holdings of own shares		100 -164					100 -164		100 -164
Closing balance	21 942	92 799	1 785	1 429	-2 040	3 135	119 050	34	119 084

Amounts under Other reserves may be reclassified in the future to the income statement under certain circumstances, e.g. if they are related to the sale of Available for sale financial assets, dissolved Cash flow hedges or Translation of foreign operations when SEB ceases to consolidate a foreign operation. Amounts related to Defined benefit plans will not be reclassified to the income statement.

1) The acquisition cost for the purchase of own shares is deducted from shareholders' equity. The item includes changes in nominal amounts of equity swaps used for hedging of equity-based programmes.

	Jan-Mar	Jan-Dec	Jan-Mar
Number of shares owned by SEB, million	2015	2014	2014
Opening balance	5,5	14,4	14,4
Repurchased shares		2,3
Sold/distributed shares	-0,8	-11,2	-1,4
Closing balance	4,7	5,5	13,0

Market value of shares owned by SEB, SEK m	470	547	1 151

In accordance with the decision by the Annual General Meeting, SEB holds own shares of Class A for the long-term equity-based programmes. The transactions may take place at one or several occasions during the year.

Cash flow statement – SEB Group

		Jan - Mar		Full year
SEK m	2015	2014	%	2014
Cash flow from operating activities	107 124	50 788	111	- 148 500
Cash flow from investment activities	495	- 430		4 310
Cash flow from financing activities	- 7 323	- 2 494	194	8 527
Net increase in cash and cash equivalents	100 296	47 864	110	- 135 663
Cash and cash equivalents at the beginning of year	105 848	213 388	- 50	213 388
Exchange rate differences on cash and cash equivalents	5 379	- 1 379		28 123
Net increase in cash and cash equivalents	100 296	47 864	110	- 135 663
Cash and cash equivalents at the end of period1)	211 523	259 873	- 19	105 848

1) Cash and cash equivalents at the end of period is defined as Cash and cash balances with central banks and Loans to other credit institutions payable on demand.

Financial assets and liabilities – SEB Group

	31 Mar 2015		31 Dec 2014		31 Mar 2014
	Carrying		Carrying		Carrying
SEK m	amount	Fair value	amount	Fair value		amount Fair value
Loans	1 707 447	1 727 019	1 533 550	1 549 504	1 662 257	1 665 057
Equity instruments	150 954	150 954	129 074	129 074	165 071	165 071
Debt instruments	411 795	411 994	352 369	352 573	365 683	365 615
Derivative instruments	334 931	334 931	273 511	273 511	148 335	148 335
Financial assets - policyholders bearing the risk	280 940	280 940	258 945	258 945	226 902	226 902
Other	45 391	45 391	43 557	43 557	31 666	31 666
Financial assets	2 931 458	2 951 229	2 591 006	2 607 164	2 599 914 2 602 646

Deposits	1 182 966	1 185 876	1 007 257	1 005 514	1 113 767	1 120 442
Equity instruments	12 867	12 867	15 237	15 237	45 253	45 253
Debt instruments	847 934	878 301	806 986	827 052	833 379	834 765
Derivative instruments	295 421	295 421	237 712	237 712	134 583	134 583
Liabilities to policyholders - investment contracts	281 791	281 791	259 275	259 275	228 533	228 533
Other	72 601	72 601	35 417	35 417	35 718	35 718
Financial liabilities	2 693 580	2 726 857	2 361 884	2 380 207	2 391 233 2 399 294

SEB has aggregated its financial instruments by class taking into account the characteristics of the instruments. The fair value of each class of financial assets and liabilities are compared with its carrying amount. A description of the characteristics of the classes can be found in note 39 in the Annual Report 2014.

Assets and liabilities measured at fair value – SEB Group

SEK m		31 Mar 2015				31 Dec 2014
		Valuation	Valuation					Valuation
		technique	technique				Valuation	technique
	Quoted prices	using	using non		Quoted prices		technique using	using non
	in active	observable	observable			in active	observable	observable
	markets	inputs	inputs			markets	inputs	inputs
Assets	(Level 1)	(Level 2)	(Level 3)	Total		(Level 1)	(Level 2)	(Level 3)	Total
Financial assets - policyholders bearing the risk	270 670	8 034	2 236	280 940		249 543	7 335	2 067	258 945
Equity instruments at fair value	120 809	17 333	13 179	151 321		101 814	15 139	12 635	129 588
Debt instruments at fair value	185 467	194 827	1 173	381 467		145 703	174 255	1 198	321 156
Derivative instruments at fair value	6 903	311 496	16 533	334 932		5 020	258 520	9 971	273 511
Investment properties			7 317	7 317				7 497	7 497
Total	583 849	531 690	40 438	1 155 977		502 080	455 249	33 368	990 697
Liabilities
Liabilities to policyholders - investment contracts	271 545	8 016	2 229	281 790		249 914	7 305	2 056	259 275
Equity instruments at fair value	12 386	38	443	12 867		14 714	48	475	15 237
Debt instruments at fair value	16 233	45 263		61 496		16 657	40 705		57 362
Derivative instruments at fair value	8 503	270 888	16 030	295 421		6 826	221 226	9 660	237 712
Other financial liabilities		20 772		20 772					0
Total	308 667	344 977	18 702	672 346		288 111	269 284	12 191	569 586

Fair value measurement

The objective of fair value measurement is to arrive at the price at which an orderly transaction would take place between market participants at the measurement date under current market conditions.

The Group has an established valuation process and control environment for the determination of fair values of financial instruments that includes a review, independent from the business, of valuation models and prices. If the validation principles are not adhered to, the Head of Group Finance shall be informed. Exceptions of material and principal importance require approval from the GRMC (Group Risk Measurement Committee) and the ASC (Accounting Standards Committee).

In order to arrive at the fair value of a financial instrument SEB uses different methods; quoted prices in active markets, valuation techniques incorporating observable data and valuation techniques based on internal models. For disclosure purposes, financial instruments carried at fair value are classified in a fair value hierarchy according to the level of market observability of the inputs. Risk Control classifies and continuously reviews the classification of financial instruments in the fair value hierarchy. The valuation process is the same for financial instruments in all levels.

An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. The objective is to arrive at a price at which a transaction without modification or repackaging would occur in the principal market for the instrument.

Fair value is generally measured for individual financial instruments, in addition portfolio adjustments are made to cover the credit risk. To reflect counterparty risk and own credit risk in OTC derivatives, adjustments are made based on the net exposure towards each counterpart. These adjustments are calculated on a counterparty level based on estimates of exposure at default, probability of default and recovery rates. Probability of default and recovery rate information is generally sourced from the CDS markets. For counterparties where this information is not available, or considered unreliable due to the nature of the exposure, alternative approaches are taken where the probability of default is based on generic credit indices for specific industry and/or rating.

When valuing financial liabilities at fair value own credit standing is reflected.

In order to arrive at the fair value of investment properties a market participant's ability to generate economic benefit by using the asset in its highest and best use are taken into account. The highest and best use takes into account the use of the asset that is physically possible, legally permissible and financially feasible. The current use of the investment properties in SEB is in accordance with the highest and best use. The valuation of investment properties is described in the Accounting policies in Annual Report 2013. The valuation of the investment properties is performed semi-annually, they are presented and approved by the board in each real estate company. The valuation principles used in all entities are in accordance with regulations provided by the local Financial Supervisory Authorities (FSA) which is in accordance with international valuation principles and in accordance with IFRS.

Level 1: Quoted market prices

Valuations in Level 1 are determined by reference to unadjusted quoted market prices for identical instruments in active markets where the quoted prices are readily available and the prices represent actual and regularly occurring market transactions on an arm's length basis.

Examples of Level 1 financial instruments are listed equity securities, debt securities, and exchange-traded derivatives. Instruments traded in an active market for which one or more market participants provide a binding price quotation on the balance sheet date are also examples of Level 1 financial instruments.

Level 2: Valuation techniques with observable inputs

In Level 2 valuation techniques, all significant inputs to the valuation models are observable either directly or indirectly. Level 2 valuation techniques include using discounted cash flows, option pricing models, recent transactions and the price of another instrument that is substantially the same.

Examples of observable inputs are foreign currency exchange rates, binding securities price quotations, market interest rates (Stibor, Libor, etc.), volatilities implied from observable option prices for the same term and actual transactions with one or more external counterparts executed by SEB. An input can transfer from being observable to being unobservable during the holding period due to e.g. illiquidity of the instrument. Examples of Level 2 financial instruments are most OTC derivatives such as options and interest rate swaps based on the Libor swap rate or a foreign-denominated yield curve. Other examples are instruments for which SEB recently entered into transactions with third parties and instruments for which SEB interpolates between observable variables.

Level 3: Valuation techniques with significant unobservable inputs

If the fair value of financial instruments includes more than one unobservable input, the unobservable inputs are aggregated in order to determine the classification of the entire instrument. The level in the fair value hierarchy Level 3 valuation techniques incorporate significant inputs that are unobservable. These techniques are generally based on extrapolating from observable inputs for similar instruments, analysing historical data or other analytical techniques. Examples of Level 3 financial instruments are more complex OTC derivatives, long dated options for which the volatility is extrapolated or derivatives that depend on an unobservable correlation. Other examples are instruments for which there is currently no active market or binding quotes, such as unlisted equity instruments and private equity holdings and investment properties.

within which a financial instrument is classified is determined on the basis of the lowest level of input that is significant to the fair value in its entirety.

Assets and liabilities measured at fair value – continued - SEB Group

Significant transfers and reclassifications between levels

Transfers between levels may occur when there are indications that market conditions have changed, e.g. a change in liquidity. The Valuation/Pricing committee of each relevant division decides on material shifts between levels.

	Closing	Gain/loss in	Gain/loss in Other									Closing
	balance	Income	comprehensive					Transfers into	Transfers out	Reclassifi	Exchange rate	balance
Changes in level 3	31 Dec 2014	statement	income	Purchases	Sales	Issues	Settlements	Level 3	of Level 3	cation	differences	31 Mar 2015

Assets
Financial assets - policyholders bearing the risk	2 067	24		1 804	-1 613						-46	2 236
Equity instruments at fair value	12 635	836		495	-577			12	-4		-218	13 179
Debt instruments at fair value	1 198	211		247	-461						-22	1 173
Derivative instruments at fair value	9 971	7 047		272	-415		-47				-295	16 533
Investment properties	7 497	4		3	-24						-163	7 317
Total	33 368	8 122	0	2 821	-3 090	0	-47	12	-4	0	-744	40 438
Liabilities
Liabilities to policyholders - investment contracts	2 056	24	0	1 798	-1 602						-47	2 229
Equity instruments at fair value	475	33	-61	0	0						-4	443
Debt instruments at fair value	0	0	0	0	0						0	0
Derivative instruments at fair value	9 660	5 886	-38	799	-74		80				-283	16 030
Total	12 191	5 943	-99	2 597	-1 676	0	80	0	0	0	-334	18 702

Sensitivity of Level 3 assets and liabilities to unobservable inputs

The table below illustrates the potential Profit or Loss impact of the relative uncertainty in the fair value of assets and liabilities that for their valuation are dependent on unobservable inputs. The sensitivity to unobservable inputs is assessed by altering the assumptions to the valuation techniques, illustrated below by changes in index-linked swap spreads, implied volatilities, credit spreads or comparator multiples. It is unlikely that all unobservable inputs would be simultaneously at the extremes of their ranges of reasonably possible alternatives. There have been no significant changes during 2015.

	31 Mar 2015				31 Dec 2014
SEK m	Assets	Liabilities	Net	Sensitivity	Assets	Liabilities	Net	Sensitivity
FID - swaps1)	847	-1 263	-416	35	1 041	-976	65	33
FID - swaptions2)	64	-8	56	15	102	-7	95	18
WM Portfolio COP3)	147		147	29			0
Venture Capital holding and similar holdings3)	1 840	-443	1 397	277	1 864	-475	1 389	279
Insurance holdings- Financial instruments4 6)	11 487	-288	11 199	1 593	10 989	-128	10 861	1 524
Insurance holdings - Investment properties5 6)	7 317		7 317	732	7 497		7 497	750

1) Sensitivity from a shift of index-linked swap spreads by 5 basis points.

2) Implied volatilities up by 5 percentage points.

3) Valuation is estimated in a range of reasonable outcomes. Sensitivity analysis is based on 20 per cent shift in market values.

4) Sensitivity analysis is based on a shift in private equity of 20 per cent (20), structured credits 10 per cent (10) and derivative market values of 10 per cent (10).

5) Sensitivity from a shift of investment properties fair values of 10 per cent (10).

6) The sensitivity show changes in the value of the insurance holdings which do not at all times affect the P/L of the Group since any surplus in the traditional life portfolios are consumed first.

Financial assets and liabilities subject to offsetting or netting arrangements –		SEB Group
----------------------------------------------------------------------------------	--	-----------

	Financial assets and liabilities subject to offsetting or netting arrangements		Other
				Related arrangements			instruments in balance sheet
			Net amounts in	Master netting	Collaterals received/		not subject to netting	Total in
SEK m	Gross amounts	Offset	balance sheet	arrangements	pledged	Net amounts	arrangements	balance sheet
31 Mar 2015
Derivatives	330 141	-4 570	325 571	-214 884	-51 194	59 493	9 360	334 931
Reversed repo receivables	129 168	-9 907	119 261	-17 901	-11 862	89 498	7 206	126 467
Securities borrowing	53 905		53 905	-8 644	-45 261		12 854	66 759
Client receivables	48 836	-48 834	2			2	8 287	8 289
Assets	562 050	-63 311	498 739	-241 429	-108 317	148 993	37 707	536 446
Derivatives	298 029	-4 570	293 459	-125 908	-62 609	104 942	1 961	295 420
Repo payables	28 405	-9 907	18 498	-17 371	-67	1 060	1 391	19 889
Securities lending	41 475		41 475	-8 644	-30 326	2 505	11 235	52 710
Client payables	48 834	-48 834					21 135	21 135
Liabilities	416 743	-63 311	353 432	-151 923	-93 002	108 507	35 722	389 154
31 Dec 2014
Derivatives	278 687	-6 916	271 771	-194 316	-46 678	30 777	1 740	273 511
Reversed repo receivables	93 230	-9 412	83 818	-7 130	-73 562	3 126	6 961	90 779
Securities borrowing	24 599		24 599	-10 979	-10 719	2 901	5 835	30 434
Client receivables	5 915	-5 915					9 398	9 398
Assets	402 431	-22 243	380 188	-212 425	-130 959	36 804	23 934	404 122

Derivatives	243 719	-6 916	236 803	-194 316	-35 519	6 968	909	237 712
Repo payables	16 623	-9 412	7 211	-7 130	-82	-1	4 211	11 422
Securities lending	23 417		23 417	-10 979	-9 318	3 120	11 045	34 462 7 402
Client payables Liabilities	5 915 289 674	-5 915 -22 243	267 431	-212 425	-44 919	10 087	7 402 23 567	290 998

31 Mar 2014 Derivatives	138 326	-6 404	131 922	-100 552	-40 279	-8 909	16 412	148 334
Reversed repo receivables	126 911	-7 396	119 515	-30 959	-83 552	5 004	6 640	126 155
Securities borrowing	50 696	-6 177	44 519	-23 140	-20 771	608	5 875	50 394
Client receivables	14 928	-14 928					15 529	15 529
Assets	330 861	-34 905	295 956	-154 651	-144 602	-3 297	44 456	340 412

Derivatives	127 095	-6 404	120 691	-100 552	-29 732	-9 593	13 892	134 583
Repo payables	26 956	-7 396	19 560	-30 959	-4 503	-15 902	8 991	28 551
Securities lending	26 666	-6 177	20 489	-23 140	-3 526	-6 177	9 859	30 348
Client payables	14 928	-14 928					13 386	13 386
Liabilities	195 645	-34 905	160 740	-154 651	-37 761	-31 672	46 128	206 868

The table shows financial assets and liabilities that are presented net in the balance sheet or with potential rights to off-set associated with enforceable master netting arrangements or similar arrangements, together with related collateral.

Financial assets and liabilities are presented net in the balance sheet when SEB has legally enforceable rights to set-off, in the ordinary cause of business and in the case of bankruptcy, and intends to settle on a net basis or to realize the assets and settle the liabilities simultaneously. Repos with central counterparty clearing houses that SEB has agreements with and client receivables and client payables are examples of instruments that are presented net in the balance sheet.

Financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements that are not presented net in the statement of financial position are arrangements that are usually enforceable in the case of bankruptcy or default but not in the ordinary course of business or arrangements where SEB does not have the intention to settle the instruments simultaneously.

Assets and liabilities that are not subject to offsetting or netting arrangements, i.e. those that are only subject to collateral agreements, are presented as Other instruments in balance sheet not subject to netting arrangements.

Reclassified portfolios – SEB Group

	Q1	Q4			Jan - Mar		Full year
SEK m	2015	2014		2015	2014		2014

Reclassified
Opening balance	13 428	13 485	0	13 428	18 845	-29	18 845
Amortisations	-1 251	- 615	103	-1 251	-1 688	-26	-4 340
Securities sold	- 16	- 14	14	- 16	-1 038	-98	-2 294
Accrued coupon	- 2	- 2		- 2	5	-140	- 7
Exchange rate differences	668	574	16	668	143		1 224
Closing balance*	12 827	13 428	- 4	12 827	16 267	-21	13 428
* Market value	12 422	13 537	-8	12 422	16 211	-23	13 537
Fair value impact - if not reclassified
In Other Comprehensive Income (AFS origin)	- 45	3		- 45	10		168
In Income Statement (HFT origin)		- 2	-100		- 23	-100	- 25
Total	- 45	1		- 45	- 13		143
Effect in Income Statements**
Net interest income	37	34	9	37	62	-40	199
Net financial income	257	342	-25	257	134	92	814
Other income	- 7	- 2		- 7	3		- 1
Total	287	374	-23	287	199	44	1 012

** The effect in the Income Statement is the profit or loss transactions from the reclassified portfolio reported gross. Net interest income is the interest income from the portfolio without taking into account the funding costs. Net financial income is the foreign currency effect related to the reclassified portfolio but does not include the off-setting foreign currency effects from financing activities. Other income is the realised gains or losses from sales in the portfolio.

Non-performing loans – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014

Individually assessed impaired loans
Impaired loans, past due > 60 days	6 730	6 541	4 463
Impaired loans, performing or past due < 60 days	534	250	287
Total individually assessed impaired loans	7 264	6 791	4 750
Specific reserves	- 2 865	- 2 834	- 2 483
for impaired loans, past due > 60 days	- 2 623	- 2 708	- 2 307
for impaired loans, performing or past due < 60 days	- 242	- 126	- 176
Collective reserves	- 1 290	- 1 387	- 1 799
Impaired loans net	3 109	2 570	468
Specific reserve ratio for individually assessed impaired loans	39.4%	41.7%	52.3%
Total reserve ratio for individually assessed impaired loans	57.2%	62.2%	90.1%
Net level of impaired loans	0.29%	0.29%	0.16%
Gross level of impaired loans	0.47%	0.49%	0.33%
Portfolio assessed loans
Portfolio assessed loans past due > 60 days	3 523	3 534	4 139
Restructured loans	217	274	354
Collective reserves for portfolio assessed loans	- 1 828	- 1 936	- 2 190
Reserve ratio for portfolio assessed loans	48.9%	50.8%	48.7%
Reserves
Specific reserves	- 2 865	- 2 834	- 2 483
Collective reserves	- 3 118	- 3 323	- 3 989
Reserves for off-balance sheet items	- 88	- 87	- 297
Total reserves	- 6 071	- 6 244	- 6 769
Non-performing loans
Non-performing loans*	11 004	10 599	9 243
NPL coverage ratio	55.2%	58.9%	73.2%
NPL % of lending	0.72%	0.76%	0.64%

* Impaired loans + portfolio assessed loans past due > 60 days + restructured portfolio assessed loans

Seized assets – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Properties, vehicles and equipment	1 459	1 945	2 996
Shares	46	48	46
Total seized assets	1 505	1 993	3 042

Assets and liabilities held for sale – SEB Group

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Other assets	1 400	841
Total assets held for sale	1 400	841	0
Other liabilities	240
Total liabilities held for sale	240	0	0

SEB has signed an agreement to sell the German real estate investment management business within Wealth Management divison. The SEB Group external assets of SEK 272m and liabilities of SEK 240m in SEB Asset Management AG are reclassified as assets and liabilities held for sale in accordance with IFRS 5. Furthermore, through the continuation of the divestment plan for investment properties within Baltic Division introduced during 2014, additional properties are reclassified as assets held for sale until the derecognition at concluded sales agreement. The net amount of these activities reclassified during first quarter was SEK 287m. The impairment loss recognised in association with the reclassifications of assets amounted to SEK 57m.

SEB consolidated situation

Capital adequacy analysis for SEB consolidated situation

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014

Own funds
Common Equity Tier 1 capital	103 300	100 569	92 051
Tier 1 capital	117 452	120 317	103 254
Total own funds	131 840	136 899	109 716
Own funds requirement
Risk exposure amount	623 454	616 531	587 503
Expressed as own funds requirement	49 874	49 322	47 000
Common Equity Tier 1 capital ratio	16.6%	16.3%	15.7%
Tier 1 capital ratio	18.8%	19.5%	17.6%
Total capital ratio	21.1%	22.2%	18.7%
Own funds in relation to own funds requirement	2.64	2.78	2.33
Regulatory Common Equity Tier 1 capital requirement including buffer	10.0%	7.0%	7.0%
of which capital conservation buffer requirement	2.5%	2.5%	2.5%
of which systemic risk buffer requirement	3.0%
Common Equity Tier 1 capital available to meet buffer 1)	12.1%	11.8%	11.2%
Transitional floor 80% of capital requirement according to Basel I
Minimum floor own funds requirement according to Basel I	81 615	79 581	75 105
Own funds according to Basel I	131 975	136 015	109 091
Own funds in relation to own funds requirement Basel I	1.62	1.71	1.45
Leverage ratio
Exposure measure for leverage ratio calculation	2 866 392	2 505 146	2 557 449
of which on balance sheet items	2 463 488	2 165 651	2 275 149
of which off balance sheet items	402 904	339 495	282 299
Leverage ratio	4.1%	4.8%	4.1%

1) CET1 ratio less minimum capital requirement of 4.5% excluding buffers. In addition to the CET1 requirements there is a total capital requirement of additional 3.5%.

Internally assessed capital requirement

As per 31 March 2015, the internally assessed capital requirement amounted to SEK 63bn (61 at year-end). The internal capital requirement is assessed using SEB's internal models for economic capital and is not fully comparable to the estimated capital requirement published by the Swedish Financial Supervisory Authority due to differences in assumptions and methodologies.

Own funds for SEB consolidated situation

	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Shareholders equity	21 942	21 942	21 942
Retained earnings	53 370	45 167	44 922
Accumulated other comprehensive income and other reserves	48 688	48 215	48 269
Independently reviewed interim profits 1)	4 651	19 219	3 884
Minority interests	33	33	33
Total equity according to balance sheet	128 684	134 576	119 050
Deductions related to the consolidated situation and other foreseeable charges	-5 209	-12 743	-5 679
Common Equity Tier 1 capital before regulatory adjustments 2)	123 475	121 833	113 371
Additional value adjustments	-1 199	-1 314	-667
Intangible assets	-12 170	-12 168	-12 273
Deferred tax assets that rely on future profitability	-558	-603	-606
Fair value reserves related to gains or losses on cash flow hedges	-4 375	-3 877	-1 429
Negative amounts resulting from the calculation of expected loss amounts	-134	-188	-570
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	263	400
Defined-benefit pension fund assets			-2 375
Direct and indirect holdings of own CET1 instruments	-1 341	-1 294	-955
Securitisation positions with 1,250% risk weight	-661	-594	-1 007
Adjustments relating to unrealised gains (AFS)		-1 626	-1 438
Total regulatory adjustments to Common Equity Tier 1	-20 175	-21 264	-21 320
Common Equity Tier 1 capital	103 300	100 569	92 051
Additional Tier 1 instruments	9 511	8 545
Grandfathered additional Tier 1 instruments	4 641	11 203	11 203
Tier 1 capital	117 452	120 317	103 254
Tier 2 instruments	16 243	16 552
Grandfathered Tier 2 instruments	720	1 533	7 842
Net provisioning amount for IRB-reported exposures		1 072	1 195
Holdings of Tier 2 instruments in financial sector entities	-2 575	-2 575	-2 575
Tier 2 capital	14 388	16 582	6 462
Total own funds	131 840	136 899	109 716

1) On 11 March 2014 the Swedish Financial Supervisory Authority approved SEB´s application to use the net profit in measuring own funds on condition that the responsible auditors (PwC) can confirm the surplus, that the surplus is calculated in accordance with applicable accounting frameworks, that predictable costs and dividends have been deducted in accordance with EU regulation No 575/2013 and that the calculation was made in accordance with EU regulation No 241/2014.

2) New Swedish capital reporting regulations (FFFS 2014:12) apply from August 2014. Own funds requirements shall be reported according to a given format. The Common Equity Tier 1 capital is presented on a consolidated basis, and differs from total equity according to IFRS. The insurance business contribution to equity is excluded and there is a dividend deduction calculated according to Regulation (EU) No 575/2013 (CRR).

Total own funds decreased due to the redemptions of two Tier 1 capital issues (EUR 500m and USD 423m) in 2015. The redemptions were pre-financed by a CRR/CRD IV compliant additional Tier 1 capital issue of USD 1.1bn in 2014.

Risk exposure amount for SEB consolidated situation

	31 Mar		31 Dec		31 Mar
SEK m	2015		2014			2014


	Risk exposure	Own funds	Risk exposure	Own funds	Risk exposure	Own funds
Credit risk IRB approach	amount	requirement 1)	amount	requirement 1)	amount	requirement 1)
Exposures to institutions	36 741	2 939	34 013	2 721	27 367	2 189
Exposures to corporates	340 119	27 210	344 576	27 566	328 514	26 281
Retail exposures	53 266	4 261	51 826	4 146	52 091	4 167
of which secured by immovable property	30 608	2 449	31 905	2 552	40 363	3 229
of which qualifying revolving retail exposures	326	26	1 498	120	1 320	106
of which retail SME	3 944	316	3 099	248	1 258	101
of which other retail exposures	18 388	1 471	15 324	1 226	9 150	731
Securitisation positions	3 490	279	5 035	403	5 017	401
Total IRB approach	433 616	34 689	435 450	34 836	412 989	33 038
Credit risk standardised approach
Exposures to central governments or central banks	577	46	743	59	280	22
Exposures to regional governments or local authorities	38	3	40	3	116	9
Exposures to public sector entities	6		7	1	7	1
Exposures to institutions	2 309	185	1 222	98	705	56
Exposures to corporates	14 605	1 168	16 743	1 339	14 320	1 146
Retail exposures	17 021	1 362	16 593	1 327	21 971	1 758
Exposures secured by mortgages on immovable property	4 186	335	4 161	333	3 939	315
Exposures in default	616	49	634	51	1 613	129
Exposures associated with particularly high risk	1 892	151	1 791	143	2 083	167
Securitisation positions			40	3	18	1
Exposures in the form of collective investment undertakings (CIU)	50	4	48	4	41	3
Equity exposures	2 339	187	2 371	190	2 084	167
Other items	9 321	746	10 216	817	8 478	678
Total standardised approach	52 960	4 236	54 609	4 368	55 655	4 452

Market risk
Trading book exposures where internal models are applied	34 114	2 729	25 144	2 012	23 587	1 887
Trading book exposures applying standardised approaches	21 055	1 684	18 813	1 505	26 498	2 120
Foreign exchange rate risk	4 155	332	5 010	401	4 827	386
Total market risk	59 324	4 745	48 967	3 918	54 913	4 393
Other own funds requirements
Operational risk advanced measurement approach	48 394	3 872	48 126	3 850	39 542	3 163
Settlement risk			42	3	5	0
Credit value adjustment	9 605	768	9 286	743	10 069	806
Investment in insurance business	15 525	1 242	15 525	1 242	11 949	956
Other exposures	4 030	322	4 526	362	2 382	191
Total other own funds requirements	77 554	6 204	77 505	6 200	63 946	5 116
Total	623 454	49 874	616 531	49 322	587 503	46 999

1) Own funds requirement 8% of risk exposure amount according to Regulation (EU) No 575/2013 (CRR).

Risk exposure amount	SEK bn
Balance 31 December 2014	617
Volume and mix changes	-11
Currency effect	6
Process and regulatory changes	2
Risk class migration	-1
Market and underlying operational risk changes	10
Balance 31 March 2015	623

During the first quarter total risk exposure increased partly as a consequence of the weakening Swedish krona. A continued improvement of the quality of existing exposures through migration and volume and mix changes limited the increase. Volatility in the currency market acted in the opposite direction by increasing the measure of market risk. More conservative processes for measuring credit risk added somewhat to the increase in the risk exposure amount.

Average risk-weight

The following table summarises average risk-weights (risk exposure amount divided by exposure at default, EAD) for exposures where the risk exposure amount is calculated according to the internal ratings based (IRB) approach. Repos and securities lending transactions are excluded from the analysis since they carry low risk-weight and can vary considerably in volume, thus making numbers less comparable.

IRB reported credit exposures (less repos and securities lending)	31 Mar	31 Dec	31 Mar
Average risk-weight	2015	2014	2014

Exposures to institutions	22.1%	23.5%	22.2%
Exposures to corporates	34.9%	36.2%	37.7%
Retail exposures	9.9%	9.7%	10.6%
of which secured by immovable property	6.5%	6.9%	9.1%
of which qualifying revolving retail exposures	42.0%	7.5%	7.0%
of which retail SME	69.3%	54.6%	43.4%
of which other retail exposures	29.2%	35.0%	38.8%
Securitisation positions	30.0%	43.5%	38.4%

In the first quarter, Swedish card related exposures were moved from qualifying revolving retail exposures to other retail. The remaining qualifying revolving retail exposures relate to Estonia and Latvia with a risk-weight of 42 per cent.

Skandinaviska Enskilda Banken AB (publ.)

Income statement – Skandinaviska Enskilda Banken AB (publ.)

In accordance with FSA regulations	Q1	Q4		Jan - Mar			Full year
SEK m	2015	2014	%	2015	2014	%	2014
Interest income	8 118	8 213	-1	8 118	8 889	-9	34 788
Leasing income	1 335	1 334	0	1 335	1 355	-1	5 442
Interest expense	-4 458	-4 553	-2	-4 458	-5 526	-19	-20 447
Dividends	1 345	1 217	11	1 345	272		3 375
Fee and commission income	2 945	3 347	-12	2 945	2 629	12	11 090
Fee and commission expense	- 636	- 556	14	- 636	- 424	50	-1 855
Net financial income	1 031	36		1 031	902	14	2 121
Other income	257	455	-44	257	210	22	1 714
Total operating income	9 937	9 493	5	9 937	8 307	20	36 228

Administrative expenses	-3 343	-3 664	-9	-3 343	-3 450	-3	-13 909
Depreciation, amortisation and impairment
of tangible and intangible assets	-1 361	-1 340	2	-1 361	-1 250	9	-5 157
Total operating expenses	-4 704	-5 004	-6	-4 704	-4 700	0	-19 066
Profit before credit losses	5 233	4 489	17	5 233	3 607	45	17 162

Net credit losses	- 139	- 193	-28	- 139	- 141	-1	-1 065
Impairment of financial assets		-1 770 -100				- 49 -100	-2 721
Operating profit	5 094	2 526	102	5 094	3 417	49	13 376

Appropriations	514	274	88	514	201	156	966
Income tax expense	-1 101	- 45		-1 101	- 700	57	-2 072
Other taxes	12	- 16	-175	12	3		19
Net profit	4 519	2 739	65	4 519	2 921	55	12 289

Statement of comprehensive income – Skandinaviska Enskilda Banken AB (publ.)

	Q1	Q4			Jan - Mar		Full year
SEK m	2015	2014	%	2015	2014	%	2014
Net profit	4 519	2 739	65	4 519	2 921	55	12 289

Items that may subsequently be reclassified to the income statement:
Available-for-sale financial assets	84	118	-29	84	430	-80	863
Cash flow hedges	499	945	-47	499	646	-23	3 095
Translation of foreign operations	34	- 25		34	4		- 3
Other comprehensive income (net of tax)	617	1 038	-41	617	1 080	-43	3 955
Total comprehensive income	5 136	3 777	36	5 136	4 001	28	16 244

Balance sheet -	Skandinaviska Enskilda Banken AB (publ.)
-----------------	------------------------------------------	--	--	--

Condensed	31 Mar	31 Dec	31 Mar
SEK m	2015	2014	2014
Cash and cash balances with central banks	166 113	59 170	231 008
Loans to credit institutions	218 326	194 285	184 339
Loans to the public	1 116 365	1 056 807	1 034 772
Financial assets at fair value	642 633	511 738	475 810
Available-for-sale financial assets	15 270	16 042	19 239
Held-to-maturity investments	90	91	87
Investments in associates	987	921	1 088
Shares in subsidiaries	53 467	54 294	52 816
Tangible and intangible assets	42 107	41 471	40 594
Other assets	53 996	51 323	34 706
Total assets	2 309 354	1 986 142	2 074 459

Deposits from credit institutions	268 290	144 776	264 387
Deposits and borrowing from the public	779 156	706 452	660 957
Debt securities	730 361	682 519	758 163
Financial liabilities at fair value	312 642	247 510	211 578
Other liabilities	76 087	49 956	56 221
Provisions	163	173	75
Subordinated liabilities	33 113	40 191	20 429
Untaxed reserves	23 103	23 102	23 694
Total equity	86 439	91 463	78 955
Total liabilities, untaxed reserves and shareholders' equity	2 309 354	1 986 142	2 074 459

Pledged assets, contingent liabilities and commitments - Skandinaviska Enskilda Banken AB (publ.)

		31 Mar
2015	2014	2014
		338 323
		124 988
	98 966	81 907
		363 960
	31 Mar 438 567 161 400 115 705 472 038	31 Dec 366 518 116 228 382 324

Capital adequacy - Skandinaviska Enskilda Banken AB (publ.)

		31 Mar	31 Dec	31 Mar
SEK m		2015	2014	2014

Own funds
	Common Equity Tier 1 capital	86 517	83 027	95 803
	Tier 1 capital	100 669	102 775	107 006
	Total own funds	115 057	118 480	114 902
Own funds requirement
	Risk exposure amount	534 485	513 426	494 802
	Expressed as own funds requirement	42 759	41 074	39 584
	Common Equity Tier 1 capital ratio	16.2%	16.2%	19.4%
	Tier 1 capital ratio	18.8%	20.0%	21.6%
	Total capital ratio	21.5%	23.1%	23.2%
	Own funds in relation to capital requirement	2.69	2.88	2.90
	Regulatory Common Equity Tier 1 capital requirement including buffers	7.0%	7.0%	7.0%
	of which capital conservation buffer requirement	2.5%	2.5%	2.5%
	Common Equity Tier 1 capital available to meet buffers 1)	11.7%	11.7%	14.9%

1) CET1 ratio less minimum capital requirement of 4.5% excluding buffers. In addition to the CET1 requirements there is a total capital requirement of additional 3.5%.

The internally assessed capital requirement for the parent company amounted to SEK 56bn (52 at year-end).

This is SEB

Mission	To help people and businesses thrive by providing quality advice and financial resources.
Vision	To be the trusted partner for customers with aspirations.
Values	Guided by our Code of Business Conduct and our core values: professionalism, commitment, mutual respect and continuity.
Customers and markets	3,000 large corporations and institutions, 400,000 SMEs and 4 million private customers bank with SEB. They are mainly located in eight markets around the Baltic Sea.
Brand promise	Rewarding relationships.
Corporate objectives	The leading Nordic bank for corporates and institutions.
	The top universal bank in Sweden and the Baltic countries.
Strategic value-driving priorities	Long-term customer relationships – build and develop relationships based on the customers' long-term needs with a holistic perspective.
	Growth in areas of strength – pursue growth in three selected core areas – large corporations and financial institutions in the Nordic countries and Germany, small and medium-sized companies in Sweden, and a holistic savings offering.
	Resilience and flexibility – ensure the financial strength needed to demonstrate stability and resilience as well as the flexibility to adapt operations in a cost-efficient manner to the prevailing market conditions.
People	Around 16,000 highly skilled people serving customers from locations in some 20 countries; covering different time zones, securing reach and local market knowledge.
History	Over 150 years of business, building trust and sharing knowledge. The Bank has always acted responsibly in society promoting entrepreneurship, international outlook and long-term relationships.

Additional financial information is available in SEB's Fact Book which is published quarterly on www.sebgroup.com/ir

AI assistant

SEB — Interim / Quarterly Report 2015

2966_rns_2015-04-23_a7cd1abe-1361-43aa-a72b-fcd341ce4ff4.pdf

Interim Report January – March 2015 STOCKHOLM 23 APRIL 2015

Interim Accounts – the first quarter 2015

Result

Volumes

Capital and liquidity

President's comment

Taking a long-term perspective key to sustainable profitability

Market sentiment impact customer behaviour

High asset quality

The relationship bank in our part of the world

Operating and net profit

Operating income

Operating expenses

Credit losses and provisions

Income tax expense

Other comprehensive income

Business volumes

Market risk

Liquidity and long-term funding

Rating

Capital position

Long-term financial targets

Risks and uncertainties

Realignment of management accounting

Divestment of SEB Asset Management AG

Acquisition and sale of own shares

Stockholm, 23 April 2015

Press conference and webcasts

Access to telephone conference

Financial information calendar

Further information is available from:

Accounting policies

Review report

Stockholm, 23 April 2015

The SEB Group

Income statement – SEB Group

Statement of comprehensive income – SEB Group

Balance sheet – SEB Group

Pledged assets, contingent liabilities and commitments – SEB Group

Key figures – SEB Group

Income statement on quarterly basis - SEB Group

Income statement by Division – SEB Group

SEB's markets

Comments on the first quarter

Merchant Banking

Comments on the first quarter

Retail Banking

Income statement

Comments on the first quarter

Wealth Management

Income statement

Comments on the first quarter

Life

Income statement

Comments on the first quarter

Baltic

Income statement

Comments on the first quarter

The SEB Group

Net interest income – SEB Group

Net fee and commission income – SEB Group

Net financial income – SEB Group

Net credit losses – SEB Group

Statement of changes in equity – SEB Group

Cash flow statement – SEB Group

Financial assets and liabilities – SEB Group

Assets and liabilities measured at fair value – SEB Group

Fair value measurement

Level 1: Quoted market prices

Level 2: Valuation techniques with observable inputs

Level 3: Valuation techniques with significant unobservable inputs

Assets and liabilities measured at fair value – continued - SEB Group

Significant transfers and reclassifications between levels

Sensitivity of Level 3 assets and liabilities to unobservable inputs

Reclassified portfolios – SEB Group

Non-performing loans – SEB Group

Seized assets – SEB Group

SEB Interim / Quarterly Report 2015