Interim report for the third quarter 2015

Swedbank's President and CEO, Michael Wolf comments:  “Efficiency improvements are progressing faster than expected and are now allowing us to invest more to enhance customer value"

Third quarter compared with second quarter 2015

  • Improved net interest income despite lower market interest rates
  • Continued lending growth in Sweden and Baltic countries
  • Weaker stock market reduced net commission income
  • Lower net gains and losses on financial items at fair value caused by wider credit spreads and lower customer activity
  • Successful cost control allows investments to be made at an earlier stage. The goal to reduce total expenses to SEK 16bn for 2016 remains unchanged
  • Continued high credit quality
  • Stronger capitalisation
  • Negative sales trend continues for funds
Financial information Q3 Q2 Jan-Sep Jan-Sep
SEKm 2015 2015 % 2015 2014 %
Total income 9 234 9 315 -1 28 167 29 925
-6
   of which net interest income 5 811
5 704
2 17 234
16 833
2
Total expenses 3 879 4 047
-4 12 094
13 309 -9
Profit before impairments 5 355
5 268
2 16 073
16 616
-3
Impairment of intangible assets 254 254 1
Credit impairments 130 6 195 165 18
Tax expense 1) 1 012
1 538
-34 3 651
3 301
11
Profit for the period attributable to the shareholders of Swedbank AB 3 928
3 666
7 11 914
12 652 -6
Earnings per share total operations, SEK, after dilution 3.51 3.30 10.69 11.40
Return on equity, total operations, % 13.5 13.4 13.8 15.6
C/I-ratio 0.42 0.43 0.43 0.44
Common Equity Tier 1 capital ratio, % 23.0 22.4 23.0 20.7
Credit impairment ratio, %
0.04 0.00 0.02 0.02
1)   One-off tax expense of SEK 447m during second quarter 2015.

Swedbank AB (publ) is required to disclose this information pursuant to the Swedish Securities Markets Act (2007:528), the Swedish Financial Instruments Trading Act (1991:980) and/or the regulatory framework  of Nasdaq Stockholm). This information was sent to be published on 20 October 2015 at 07.00 CET.

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Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 600 000 corporate customers and organisations with 172 branches in Sweden and 122 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 June, 2019 the group had total assets of SEK 2 480 billion. Read more at www.swedbank.com