Full Interim Report Q2 2016

Interim report for the second quarter 2016
Financial information
Q2
2016
SEKm
Total income
11 870
Q1
2016
Jan-Jun
2016
Jan-Jun
2015
9 306 28
21 176
18 933
12
-1
Net interest income
5 732
5 623
11 355
11 423
Net commission income
2 795
2 645
5 440
5 586
Net gains and losses on financial items at fair value 1)
877
400
1 277
402
2 466
638
3 104
1 522
Total expenses
4 020
3 988
8 008
8 215
-3
Profit before impairments
7 850
5 318 48
13 168
10 718
23
Other income 1)
Credit impairments
538
35
Tax expense 2)
1 037
961
573
65
1 998
2 639
Profit for the period attributable to the shareholders of Swedbank AB
6 270
-24
4 311 45
10 581
7 986
32
Earnings per share, continuing operations, SEK, after dilution
5.62
3.87
9.49
7.18
Return on equity, %
21.0
13.8
17.4
14.1
Return on equity %, underlying business
1)
13.9
C/I ratio
C/I ratio, underlying business
0.34
1)
13.9
0.43
0.41
0.38
0.43
0.42
Common Equity Tier 1 capital ratio, %
23.0
23.7
23.0
22.4
Credit impairment ratio, %
0.14
0.01
0.08
0.01
1)
One-off income from VISA, SEK 2 115m during second quarter 2016 whereof Net gains and losses on financial items at fair value SEK 457m
and Other income SEK 1 658m.
2)
One-off tax expense of SEK 447m during second quarter 2015.
Swedbank Interim report Q2 2016
Page 1 of 52
CEO Comment
Since I was appointed CEO, I have worked intensely to
establish our new organisation and appoint the
managers who, together with me, will help me to
implement our strategy. I have chosen an executive
management group with considerable experience in the
banking industry and at Swedbank, leaders who
understand and have truly embraced our corporate
culture and who have continuously met our goals. I have
also decided to establish a new unit, Digital Banking, to
focus on our digital offerings.
With a focus on customers
As digitisation increases, our customers have more
choice. We are therefore working continuously to launch
new digital functions that make everyday banking
simpler. Beginning this quarter mortgage borrowers can
apply for a loan commitment digitally and sign contracts
electronically. We are working at the same time to
improve the Internet Bank. During the quarter, for
example, we launched a test version of the new Internet
Bank for our corporate customers. In the Baltic countries
we now offer contactless card terminals for corporate
customers. To further improve availability for customers,
we also launched 24-hour service in our Telephone
Bank during the quarter, which has been very well
received.
Swedbank also launched an exciting collaboration
during the quarter with the social stock trading platform
SprinkleBit. Through similar partnerships, we will be
able to offer customers the option of consolidating all
their financial transactions at Swedbank.
We will continue to deliver world-class digital solutions
to our customers. As of June this includes the new
customers that the bank obtained through the
acquisition of Danske Banks retail banking business in
Lithuania and Latvia.
Strong financial results
Volatility in the financial markets increased during the
second quarter. The big event was that the British
people voted to leave the EU. I am convinced that the
challenges that the countries of the world face require
consensus and cooperation. I sincerely hope that
politicians, despite the referendum result, find ways to
continue to work together.
The markets reaction to the vote was significant. Stock
prices and interest rates fell, the FX market fluctuated
wildly and growth outlooks were revised down globally.
Central banks again have to find tools to stimulate the
economy. This probably means that the current low
interest rates will remain for even longer. The Swedish
and Baltic economies stand strong, but will still be
affected if global business activity is dampened due to
uncertainty.
Swedbank reported a strong financial result in this
environment. A broad-based increase in customer
Page 2 of 52
activity led to strong earnings during the quarter for

most product areas.
Increased lending volumes in Sweden and the Baltic
countries, coupled with higher lending margins,
strengthened net interest income in the face of
increased pressure on deposit margins. In Sweden
mortgage volumes continued to rise, while house prices
fell somewhat ahead of the introduction of the
amortisation requirement. The requirement will not solve
the housing shortage, however. Our politicians have
failed to reach agreement on the housing policy that
Sweden needs. If this situation continues, it could inhibit
long-term growth in Sweden.
Net commission income increased, partly because
Swedbank participated in more M&A activity and IPOs
that required funding and advice. Our successful focus
on the bond market (DCM) is reflected in Prosperas
annual survey, where Swedbank ranked first in advice
and sales in SEK issues.
Increased corporate activity led to a better result in fixed
income and FX trading despite the outcome of the
British referendum at the end of the quarter.
Credit quality remained solid in the Swedish and Baltic
loan portfolios. As previously announced, however, the
risks in oil-related sectors have increased and during
the quarter provisions increased for a few commitments
in these sectors. At the same time there were several
successful restructurings during the quarter, where the
owners contributed capital and the lenders delayed
amortisations and extended maturities. We continue to
work closely with our customers and together with other
lenders try to find solutions to the high pressure
situation that the oil-related sectors are currently in.
Offering stability in a challenging environment
Predictability and stability are vital in a turbulent and
uncertain world. I am very pleased therefore that the
quarters profit highlights the stable profitability, high
cost efficiency and strong capitalisation that Swedbank
stands for today. Fitch saw this as well and upgraded
our rating in May to AA-, which makes Swedbank one of
only a few commercial banks in the world with an
equivalent rating of AA from the three major ratings
agencies.
This position makes us resilient to outside economic
pressure and allows us, even in volatile times, to focus
on our customers.
Birgitte Bonnesen
President and CEO
Table of contents
Page
Overview
Market
Second quarter 2016 compared with first quarter 2016
Result
January-June 2016 compared with January-June 2015
Result
Volume trend by product area
Credit and asset quality
Operational risks
10
Funding and liquidity
10
Ratings
10
Capital and capital adequacy
10
Other events
11
Events after 30 June 2016
12
Business segments
Swedish Banking
13
Baltic Banking
15
Large Corporates & Institutions
17
Group Functions & Other
19
Eliminations
20
Group
Income statement, condensed
22
Statement of comprehensive income, condensed
23
Balance sheet, condensed
24
Statement of changes in equity, condensed
25
Cash flow statement, condensed
26
Notes
27
Parent company
46
Signatures of the Board of Directors and the President
51
Review report
51
Contact information
52
More detailed information can be found in Swedbanks Fact book, www.swedbank.com/ir, under
Financial information and publications.
Page 3 of 52
Financial overview
Income statement
SEKm
Q2
2016
Q1
2016
5 732
2 795
877
2 466
11 870
5 623
2 645
400
638
9 306
Staff costs
Other expenses
Total expenses
Impairment of tangible assets
Credit impairments, net
Operating profit
2 314
1 706
4 020
7 850
1
538
7 311
2 307
1 681
3 988
5 318
8
35
5 275
0
1
1
48
-88
Tax expense
1 037
961
Profit for the period from continuing operations
Net interest income

Net gains and losses on financial items at fair value
Other income
Total income
Q2
2015
%
2
6
5 704
2 842
82
687
9 315
28
0
-2
27
Jan-Jun
2016
Jan-Jun
2015
11 355
5 440
1 277
3 104
21 176
11 423
5 586
402
1 522
18 933
4 847
3 368
8 215
10 718
37
65
10 616
-5
1
-3
23
-76
%
-1
-3
12
-3
2
-1
49
-95
39
2 375
1 672
4 047
5 268
22
6
5 240
40
4 621
3 387
8 008
13 168
9
573
12 586
1 538
-33
1 998
2 639
-24
45
3 702
69
10 588
7 977
33
17
19
6 274
4 314
Profit for the period from discontinued operations, after tax
Profit for the period

Profit for the period attributable to the shareholders of
Swedbank AB
6 274
4 314
45
3 670
71
10 588
7 994
32
6 270
4 311
45
3 666
71
10 581
7 986
32
-32
Key ratios and data per share
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Return on equity, % 1)
21.0
13.8
13.4
17.4
14.1
5.65
3.89
3.34
9.54
7.21
5.62
3.87
3.32
9.49
7.16
0.34
0.43
0.43
0.38
0.43
107.4
113.3
103.1
107.4
103.1
Loan/deposit ratio, %
152
152
172
152
172

Tier 1 capital ratio, %
23.0
25.3
23.7
26.1
22.4
25.0
23.0
25.3
22.4
25.0
Total capital ratio, %

Share of impaired loans, gross, %
Total provision ratio for impaired loans, %
28.3
0.14
0.34
58
29.1
0.01
0.33
56
28.2
0.00
0.36
55
28.3
0.08
0.34
58
28.2
0.01
0.36
55
Liquidity coverage ratio (LCR), % 3)
138
148
136
138
136
Net stable funding ratio (NSFR), % 4)
108
107
101
108
101
Earnings per share before dilution,

continuing operations, SEK 2)
Earnings per share after dilution,
continuing operations, SEK 2)
C/I ratio
Equity per share, SEK
2)
Balance sheet data

SEKbn
Loans to the public, excluding the Swedish National Debt Office
and repurchase agreements
Deposits and borrowings from the public, excluding the
Swedish National Debt Office and repurchase agreements
Shareholders' equity
Total assets
Risk exposure amount
30 Jun
2016
31 Dec
2015
30 Jun
2015
1 420
1 371
1 358
936
119
2 476
744
123
2 149
26
-3
15
791
114
2 299
18
5
8
413
389
407
1) Average shareholders equity can be found on pages 79-80 in the Fact book.
2) The number of shares and calculation of earnings per share are specified on page 45.
3) LCR - calculated in accordance with FFFS 2012:6.
4) NSFR is governed by the EUs Capital Requirements Regulation (CRR). No weights have yet been established, however. Consequently, the measure
cannot be calculated based on current rules. NSFR is therefore considered an alternative performance measure. It is presented in accordance with
Swedbanks interpretation of the Basel Committees recommendation (BCBS295). In Swedbanks opinion, the presentation of this measure is relevant for
investors since it will be required in the near future and we already follow it as part of our internal governance.
The key ratios are based on profit and shareholders equity attributable to shareholders of Swedbank.
Key ratios and text comments regarding lending and deposits relate to volumes excluding Swedish National Debt Office and repos.
Page 4 of 52
Overview
Second quarter 2016

Compared with first quarter 2016
Market
Global economic concerns continue to dominate the
markets. The surprising outcome of the British
referendum on 23 June to leave the EU has forced
central banks around the world to ready themselves for
various types of supportive measures. The US central
bank, the Federal Reserve, decided not to raise interest
rates at its latest meeting in June in light of a weaker job
market and uncertainty about Brexit, which is very likely
to persist this autumn. This has also contributed to
falling bond yields in the US and Europe.
The US economy had a weak first quarter with GDP
growth of 1.1 per cent on an annualised basis at the
same time that the labour market slowed significantly in
April and May. However, during the second quarter
there were signs of a recovery in household
consumption and investments. The eurozones recovery
continued, with GDP growing 1.8 per cent on an
annualised basis, driven by increased domestic
demand. Oil prices rose during the quarter in the wake
of lower US oil production at the same time as global
consumption increased.
The Swedish economy continues to grow at a fast pace.
GDP growth for the first quarter was 4.2 per cent on a
calendar-adjusted basis compared with the same period
in 2015, driven by strong consumption and a big jump in
housing construction. Data released during the spring
point to continued strong performance. Although
unemployment fluctuated during the spring, the
underlying trend in the market remains strong. Labour
demand is high, and there are growing signs of
recruiting problems, most notably in the public sector
and construction. Household consumption has remained
strong so far thanks to the low interest rates, population
growth and strong job market. However, the Swedish
mortgage amortisation requirement introduced on 1
June is likely to have an impact going forward. There
are already signs that the housing market has cooled
off, though it is too early to draw any far-reaching
conclusions.
Economic performance in the Baltic countries has been
mixed. In Lithuania GDP grew by 2.3 per cent on an
annualised basis in the first quarter, the fourth
consecutive quarter of rising growth. In Estonia the
growth rate was practically unchanged at 1.7 per cent.
In Latvia the growth rate has gradually declined in the
last two quarters, with the economy growing with 2.3 per
cent in the first quarter of 2016. Increased growth in
household consumption has remained the most
important factor for GDP growth in the Baltic countries,
driven by strong wage growth combined with otherwise
low inflation.
The Stockholm stock exchange (OMXSPI) fell by 2.6
per cent in the second quarter. The Tallinn stock
exchange (OMXTGI) rose by 1.0 per cent, while the
exchanges in Riga and Vilnius gained 0.8 per cent and
0.5 per cent, respectively, in the same period.
Result
Swedbank reported a profit of SEK 6 270m in the
second quarter 2016, compared with SEK 4 311m in the
previous quarter. The increase is mainly due to the
finalisation of Visa Incs acquisition of Visa Europe
during the quarter, which resulted in tax-exempt income
of SEK 2 115m. The income, which consists of cash and
preference shares in Visa Inc, arose as a result of
Swedbanks membership in Visa Europe and Visa
Sweden Ekonomisk Frening, which in turn is a group
member of Visa Europe. Since Visa Sweden at a later
stage will distribute the proceeds to its co-owners,
including Swedbank, and the allocations have not yet
been determined, the final proceeds may differ slightly
from the above amount.
Excluding the income related to Visa Europe the profit
amounted to SEK 4 155m.
Income statement,
SEKm
Net interest income
Net gains and losses on financial items at
fair value
Share of profit or loss of associates
Other income
Total income
Total expenses
Impairments
Operating profit
Tax expense
Profit for the period attributable to the
shareholders of Swedbank AB
Return on equity
Cost/Income ratio
Q2 2016
One-off
income VISA
Underlying
business
Total
5 732
2 795
0
0
5 732
2 795
420
271
537
9 755
4 020
539
5 196
1 037
457
1 658
2 115
0
0
2 115
0
877
1 929
537
11 870
4 020
539
7 311
1 037
2 115
6 270
4 155
13.9
0.41
1)
21.0
0.34
2)
1) ROE excluding Visa income is considered an alternative performance measure

(6 270-2 115)*4/119 321. Average shareholder equity can be found on page 80 in
the Fact book. Swedbank believes the presentation of this is relevant to investors to
provide additional information to compare different periods.
2) C/I ratio excluding Visa income is considered an alternative performance measure
4 020/(11 870 2 115). Swedbank believes the presentation of this is relevant to
investors to provide additional information to compare different periods.
Profit before impairments amounted to SEK 7 850m

(5 318). The profit improved in all business segments.
The return on equity excluding income related to Visa
Europe increased to 13.9 per cent (13.8), while the
cost/income ratio improved to 0.41 (0.43).
Profit before
impairments
by business segment
excl FX effects
SEKm
Swedish Banking
Baltic Banking
Large Corporates &
Institutions
Total excl FX effects
FX effects
Total
Q2
2016
Q1
2016
Q2
2015
3 433
1 014
3 098
991
3 181
925
1 143
2 260
7 850
876
344
5 309
9
5 318
1 175
35
5 316
-48
5 268
7 850
Income increased by 28 per cent during the quarter to

SEK 11 870m (9 306), mainly because net gains and
losses on financial items at fair value rose and other
income was positively affected by the sale of Visa
Europe.
Page 5 of 52
Net interest income increased by 2 per cent to

SEK 5 732m (5 623). Higher lending volumes,
especially for Swedish mortgages, and higher lending
margins contributed to the increase but were offset by
slightly lower deposit margins.
Net commission income increased by 6 per cent to
SEK 2 795m (2 645). The increase was mainly due to
higher income from corporate finance after Swedbank
served as an advisor and guarantor in several major
IPOs. Real estate brokerage and other commissions
also contributed positively. Asset management income
increased by 1 per cent compared with the previous
quarter due to average market gains.
increased to SEK 877m (400), of which SEK 457m
related to the sale of Visa Europe, which positively
affected the profit for Group Treasury within Group
Functions & Other. Excluding this income, net gains and
losses on financial items within Group Treasury fell
since larger volumes of repurchased covered bonds
resulted in negative valuation effects. Net gains and
losses on financial items increased in Large Corporates
& Institutions as higher volatility in the stock market and
reduced credit spreads led to increased customer
activity.
Other income rose to SEK 2 466m (638), of which SEK
1 658m related to the sale of Visa Europe. The quarter
was also affected positively by one-off income in
Entercard.
Expenses increased by 1 per cent to SEK 4 020m
(3 988), mainly as a result of higher expenses for
consultants and travel. Staff costs increased somewhat
as variable compensation rose during the quarter.
Like the previous quarter, there was no impairment of
intangible assets, while impairment of tangible assets
amounted to SEK 1m (8).
Credit impairments increased to SEK 538m (35) due to
increased provisions for a few oil-related commitments
within Large Corporates & Institutions. Swedish Banking
reported recoveries, while Baltic Banking reported
losses.
The tax expense amounted to SEK 1 037m (961),
corresponding to an effective tax rate of 14.2 per cent
(18.2). The lower effective tax rate during the second
quarter was affected by the sale of shares in Visa
Europe, which Swedbank benefited from through its
membership in Visa Sweden and Visa Europe. As
previously estimated, the effective tax rate is expected
to be 19-21 per cent in the medium term.
The profit from discontinued operations amounted to
SEK 0m (0).
January-June 2016
Compared with January-June 2015
Result
The profit for the first six months of 2016 amounted to
SEK 10 581m, compared with SEK 7 986m in the same
period last year. Higher income due to the sale of Visa
Europe and lower expenses contributed to the increase.
Page 6 of 52
Income statement,
SEKm
Net interest income
Net gains and losses on financial items at
fair value
Other income
Total income
Total expenses
Impairments
Operating profit
Tax expense
Jan-jun 2016
One-off
income VISA
Underlying
business
Total
11 355
11 355
5 440
5 440
820
457
1 277
462
1 658
2 120
19 061
2 115
21 176
8 008
8 008
582
582
10 471
2 115
12 586
1 998
1 998
2 115
10 581
984
984
8 466
Return on equity
13.9
1)
17.4
Cost/Income ratio
0.42
2)
0.38
1) ROE excluding Visa income is considered an alternative performance measure

(10 581-2 115)*2/121 675. Average shareholder equity can be found on page 79 in
the Fact book. Swedbank believes the presentation of this is relevant to investors to
provide additional information to compare different periods.
2) C/I ratio excluding Visa income is considered an alternative performance measure
8 008/(21 176 2 115). Swedbank believes the presentation of this is relevant to
investors to provide additional information to compare different periods.
Changes in exchange rates raised profit by SEK 12m,

mainly because the Swedish krona depreciated on
average against the euro.
The return on equity excluding the income related to
Visa Europe was 13.9 per cent (14.1), while the
cost/income ratio improved to 0.42 (0.43).
Profit before impairments increased by 23 per cent to
SEK 13 168m (10 718), mainly due to the income from
the sale of Visa Europe, but also to the strong
performance of Swedish Banking and Baltic Banking.
Profit before
impairments
by business segment
excl FX effects
SEKm
Swedish Banking
Baltic Banking
Large Corporates &
Institutions
Total excl FX effects
FX effects
Total
Jan-Jun
2016
Jan-Jun
2015
SEKm
6 531
2 007
6 137
1 792
394
215
2 026
2 604
13 168
2 260
541
10 730
-12
10 718
-234
2 063
2 438
12
2 450
13 168
Income increased by 12 per cent to SEK 21 176m

(18 933), mainly due to increased income in Group
Functions & Other resulting from the sale of Visa
Europe. Income increased in Swedish Banking and
Baltic Banking but decreased in Large Corporates &
Institutions. Changes in exchange rates reduced income
by SEK 75m.
Net interest income fell by 1 per cent to SEK 11 355m
(11 423). Within Swedish Banking net interest income
increased as the positive effects of higher volumes and
increased margins on mortgage loans offset the lower
deposit margins. Net interest income also increased in
Baltic Banking, but decreased within Large Corporates
& Institutions and Group Treasury.
Net commission income fell by 3 per cent, from
SEK 5 586m to SEK 5 440m. The main reason was
lower asset management income, partly due to lower
assets under management resulting from a weaker
market and partly to last years reduction of
management fees, which took full effect in 2016. Lower

income from brokerage commissions as well as lending
and guarantees also contributed negatively.
Loans to the public excl.

increased to SEK 1 277m (402). The main reasons were
the sale of Visa Europe, a lower volume of repurchased
covered bonds and reduced credit spreads, which
positively affected the profit within Group Treasury. Net
gains and losses on financial items decreased within
Large Corporates & Institutions.
Loans, private mortgage

of which Sweden
of which Baltic countries
Loans, private other incl tenant-owner
associations
of which Sweden
Loans, corporate
of which Sweden
of which Norway
Total
Other income increased to SEK 3 104m (1 522) largely

due to the income related to Visa Europe.
Expenses decreased by 3 per cent to SEK 8 008m
(8 215). The biggest decrease was in Swedish Banking,
mainly as a result of the merger with Sparbanken
resund. Changes in exchange rates reduced
expenses by SEK 53m.
Impairment of intangible assets amounted to SEK 0m
(0). Impairment of tangible assets fell to SEK 9m (37).
Credit impairments increased to SEK 573m (65), mainly
due to higher credit impairments in Large Corporates &
Institutions, though Baltic Banking also reported credit
impairments. Swedish Banking reported net recoveries
during the period.
The tax expense amounted to SEK 1 998m (2 639),
corresponding to an effective tax rate of 15.9 per cent
(24.9). The tax rate is lower in 2016 because the same
period a year earlier was negatively affected by the tax
effect of a one-off dividend from the Estonian sub-group.
The second quarter of 2016 is also positively affected by
the tax-exempt income from the sale of Swedbanks
shares in Visa Europe through its membership in Visa
Sverige and Visa Europe.
The profit for discontinued operations amounted to
SEK 0m (17).
Volume trend by product area

Swedbanks main business is organised in two product
areas as of 1 June 2016: Group Lending & Payments
and Group Savings.
Lending
Total lending to the public, excluding repos and the
Swedish National Debt Office, increased by 2 per cent
compared with the first quarter, from SEK 1 386bn to
SEK 1 420bn, and by 5 per cent compared to the same
period last year.
the Swedish National Debt Office

and repurchase agreements, SEKbn
2016
30 jun
2016
31 mar
2015
30 jun
749
686
61
732
673
55
715
658
54
147
134
12
524
403
63
43
1 420
143
130
11
511
393
61
44
1 386
137
125
10
506
392
62
37
1 358
Lending to Swedish mortgage customers accounted for

the largest share of the increase, up SEK 13bn from the
previous quarter. At the end of the quarter the Swedish
mortgage portfolio amounted to SEK 686bn. The growth
rate in the Swedish mortgage market was high as many
customers took advantage of the opportunity to borrow
more against their current homes before the
amortisation requirement took effect. Mortgage volumes
in Baltic Banking increased in local currency during the
quarter to SEK 61bn (55). The portfolio grew by 25 per
cent in Lithuania, 5 per cent in Latvia and 1 per cent in
Estonia. The loan portfolio rose by SEK 3.7bn in
Lithuania and SEK 0.7m in Latvia due to the acquisition
of Danske Banks retail banking business.
The banks strategy to digitise mortgage lending and
apply the same prices regardless of channel was
supported during the year by a new customer friendly
process where mortgages can be renewed and rates
locked in through the Mobile Bank and Internet Bank.
When renewing digitally, customers receive an
individual rate based on the same pricing model used by
the branches and Telephone Bank. The change has
been positively received by customers.
The process of converting private mortgages from
Sparbanken resund to Swedbank is continuing. A
large share of private customers from Sparbanken
resund have mortgages with other lenders. To date
just over SEK 8bn has been transferred to Swedbank.
About SEK 14bn remains with the original lender. In the
last quarter of the year the remaining volumes are
scheduled to be transferred.
Other private lending including tenant-owner
associations grew by SEK 5bn during the quarter to
SEK 147bn. The largest increase was in lending to
tenant-owner associations, which rose by SEK 3bn to
SEK 106bn. Baltic Bankings volumes grew by
4 per cent in local currency.
Swedbanks Swedish consumer loan volume rose by
2 per cent during the quarter to SEK 25bn,
corresponding to a market share of about 10 per cent.
As part of a long-term focus, the bank has begun to fully
digitise the consumer loan flow. The Baltic consumer
loan portfolio grew during the quarter by 5 per cent in
local currency.
In total, corporate lending increased by SEK 13bn
during the quarter to SEK 524bn. Much of the growth
over an extended period has been in the real estate
sector. About 42 per cent of the outstanding volume was
related to properties. Corporate lending within Swedish
Page 7 of 52
Banking and Large Corporates & Institutions grew by

SEK 10bn during the quarter to SEK 461bn, driven by
exchange rate fluctuations and transaction related
business. In Baltic Banking corporate lending in local
currency increased by 1 per cent during the quarter to
SEK 63bn. The loan portfolio grew by 1 per cent in
Estonia and 4 per cent in Latvia, but decreased
somewhat in Lithuania.
The negative repo rate continues to affect the credit
portfolio. A large share of new lending constitutes of
products with base rate floor, which means that the
reference rate (Stibor) is set at 0 instead of a negative
rate. Otherwise there are signs of a slight shift toward
fixed rate loans.
For more information on lending, see page 42 of the
Fact book.
Payments
The number of payments has continued to rise a
combination of economic growth and the shift from cash
to cards and e-payments. Swish users from Swedish
banks now include over 4.5 million private customers
and around 74 000 corporate customers.
Number of cards
Issued cards, millon
of which Nordic countries
30 Jun
2016
7.9
4.1
3.8
31 Mar 30 Jun
2016
2015
7.8
4.1
3.7
7.6
3.9
3.7
The card issuance business continued to grow. The

number of corporate and consumer cards in issue in
Sweden rose. The banks many small business
customers continue to offer good potential to expand
this business. In the Baltic countries the number of
consumer cards increased somewhat due to product
mergers. Compared with the same period in 2015 the
value of payments with Swedbank cards in Sweden
increased by 11 per cent, at the same time that ATM
withdrawals dropped by 7 per cent. In the Baltic
countries, where Swedbank is working actively to
promote card payments, the value increased by 11 per
cent. In Sweden about 85 per cent of store payments
are made by card, and market growth is expected to
remain good. In Estonia the corresponding card
payment frequency is above 50 per cent. In Latvia and
Lithuania it is somewhat lower but steadily rising.
EU authorities have adopted several regulations that
affect banks and payment services. Their aim is to
accelerate the transition to digital payments. This is fully
in line with Swedbanks work to make account and
payment services available and easy to use in digital
channels.
The interchange fees regulation (IFR), which took effect
in 2015, adversely affects card issuance earnings but
benefits the acquiring business. In Sweden the
regulation strengthens Swedbanks income, since the
lower income from our own cardholders purchases is
offset by the acquisition of more card purchases from
merchants at a lower cost. Over time the price pressure
on retailers card fees will increase, due to which the
long-term financial effects of the new regulation are
difficult to determine today. In the Baltic countries
interchange fees are expected to be cut in half on debit
and credit cards, squeezing income for issuers.
Because of this, Swedbank is currently reviewing its
card pricing in the region. Swedbank is a net acquirer in
Page 8 of 52
the Baltics as well, which reduces the impact of the

lower card issuance income.
Among other regulations is the Payment Services
Directive (PSD2), which takes effect on 13 January
2018 at the latest. It introduces new competition to the
payments market, placing new demands on banks. With
the customers approval, these new providers can issue
payments, retrieve account information or link payment
instruments to the customers account in the bank.
There is a risk therefore that banks will see their
earnings from payment services decline at the same
time that costs rise. Though these players do not have
legal access to payment accounts until 2018, they are
already active, especially in Sweden but also in the
Baltic countries.
Just like these new players, Swedbank has an
opportunity to benefit from the new legislation. For
example, the bank can now offer a digital channel that
gives private customers a good overview of their day-today finances even if their payment account is with
another bank.
The IFR regulation means that retailers can choose to
accept any combination of debit cards, credit cards or
corporate cards. This means that in the future
customers may find that their cards are not accepted in
all stores. Merchants in Sweden are not expected to
introduce limited acceptance, but they may in Estonia,
Latvia and Lithuania.
Savings
Swedbanks deposits from the public increased by
SEK 27bn during the quarter to a total of SEK 936bn.
The increase was mainly attributable to Swedish
Banking and Baltic Banking.
Deposits from the public excl.
the Swedish National Debt Office
and repurchase agreements, SEKbn
Deposits, private
of which Sweden
Deposits, corporate
of which Sweden
of which other countries
Total
2016
30 jun
2016
31 mar
2015
30 jun
427
335
92
509
249
77
183
936
406
319
86
503
250
71
182
909
385
302
82
406
219
64
123
791
Deposits increased by SEK 25bn in Swedish Banking

and SEK 12bn in Baltic Banking during the quarter. The
market share for household deposits in Sweden was
stable at 20.8 per cent as of 31 May (20.8 per cent as of
31 December 2015), while the share for corporate
deposits rose to 20.7 per cent (19.3). For more
information on deposits, see each business area and
page 43 of the Fact book.
Asset management,
SEKbn
Assets under management
of which Sweden
of which Norway
Discretionary asset management
30 Jun
2016
726
687
36
4
367
31 Mar 30 Jun
2016
2015
717
680
33
4
358
765
730
31
4
352
Assets under management amounted to SEK 726bn

(SEK 717bn as of 31 March 2016), of which SEK 687bn
(680) relates to the Swedish operations. Discretionary
assets under management increased to SEK 367bn

(358). Swedbank Robur had a net outflow of SEK -3bn
(-4) in the Swedish fund market in the second quarter.
The market saw higher risk-taking with outflows from
bond funds and money market funds. Mixed funds and
corporate bond funds reported inflows. Sales activity
increased at the end of the second quarter due to Brexit.
Concerns among customers led to outflows from all
types of funds. The total net outflow in the market was
SEK 6bn during the period, of which SEK 4bn in equity
funds, SEK 5bn in mixed funds and SEK 6bn in fixed
income funds. Large deposits were reported during the
second quarter for occupational pensions from
insurance companies and the Swedish Pension Agency
relating to the annual contribution in December. The
market share for the second quarter was negative due
to the net outflows from Swedbank Robur. Swedbank
Robur is the largest competitor in Sweden, with a
market share of 21.3 per cent as of 30 June 2016
measured in fund assets under management.
Assets under management,
life insurance
SEKbn
Sweden
of which collective occupational
pensions
of which endowment insurance
of which occupational pensions
of which other
Baltic countries
30 Jun
2016
31 Mar 30 Jun
2016
2015
144
143
148
63
55
17
9
4
62
55
17
9
4
64
58
16
9
4
Swedbank was the seventh largest life insurance

company in Sweden as of 31 December 2015, with a
market share of about 7 per cent in premium payments
excluding capital transfers. The market share for
transferred capital was also nearly 7 per cent, putting
Swedbank in sixth place. Swedbank is the largest life
insurance company in Estonia and the second largest in
Lithuania. Its market shares as of 31 May were 39 and
23 per cent, respectively. The market share in Latvia
was 20 per cent. For the Baltic non-life business the
market shares for total premium income range between
3 and 15 per cent, with the highest in Estonia. In
homeowners and vehicle insurance Swedbank is the
market leader in Estonia with shares of 31 and
25 per cent, respectively. Non-life insurance is offered in
Sweden through the insurance company Tre Kronor.
Credit and asset quality

The Brexit referendum has led to increased turbulence
in the financial markets and greater uncertainty about
macroeconomic development. Internal analyses indicate
that the direct impact on Swedbanks credit portfolio will
be minor. The few customers that are dependent on
economic development in the UK will have a period to
adapt their businesses before the effects take hold.
Swedbanks credit quality is generally good with low
credit risks. Provisions for previously known risk
commitments in the oil-related sector increased in the
second quarter, while recoveries in Baltic Banking
declined, in line with what had been previously
announced. Oil prices recovered somewhat during the
quarter, but the long period of low prices and reduced
investment in the oil sector have affected oil -related
customers financial positions. Swedbank continues to
dialogue closely with its customers in oil-related
businesses while they restructure and reconstruct.
Page 9 of 52
Impaired loans increased during the quarter due to the

problems in the oil sector to 0.34 per cent (0.33) of total
lending. The provision ratio for impaired loans was
37 per cent (40). For more information on credit risk,
see pages 45-51 of the Fact book.
Credit impairments, net
by business segment
SEKm
Swedish Banking
Baltic Banking
Estonia
Latvia
Lithuania
Total
Q2
2016
Q1
2016
Q2
2015
-35
50
57
2
-9
-13
-42
-25
-18
1
48
-49
-9
-95
55
545
-22
538
97
-7
35
7
0
6
Credit impairments amounted to SEK 573m in the first

half-year (SEK 594m for the full-year 2015). Assets
taken over amounted to SEK 443m (SEK 441m as of 31
December 2015). For more information on assets taken
over, see page 50 of the Fact book.
On 1 June the Swedish Financial Supervisory Authority
(SFSA) introduced an amortisation requirement on new
mortgages. Its aim is to slow the debt build-up by
Swedish households in recent years in the wake of a
dramatic rise in housing prices, mainly in large cities.
Because Swedbank introduced guidelines similar to the
SFSAs a year ago to ensure that it maintains high
quality in its mortgage portfolio, the bank does not
expect its credit quality to be affected. The SFSAs new
rule has already had an impact on the housing market,
however, especially in Stockholm, where activity has
been significantly lower since its introduction. However,
it is too early to determine the long-term effect on
economic growth and real estate prices, which is why
further analyses must be conducted before additional
measures are taken. Internal and external analyses
show that the risk in the banks mortgage portfolio is low
thanks to our customers willingness to make payments
and low loan-to-value ratios.
During the second quarter 95 per cent of new
mortgages in the Swedish portfolio with a loan-to-value
ratio of over 70 per cent were being amortised,
compared with 94 per cent in the first quarter. Of new
loans with a loan-to-value ratio of between 50 and
70 per cent, 86 per cent were being amortised, an
increase from 82 per cent in the previous quarter.
Amortisations in the Swedish mortgage portfolio totalled
around SEK 11.5bn in the last 12-month period. The
average loan-to-value ratio for Swedbanks mortgages
was 56 per cent in Sweden (57 as of 31 December
2015), 48 per cent In Estonia (51), 97 per cent (98) in
Latvia and 73 per cent (79) in Lithuania, based on
property level. For more information, see pages 52-53 of
the Fact book.
Limited housing construction, coupled with low interest
rates, has contributed to price increases in the Swedish
commercial property market. Thanks to the measures
Swedbank introduced in 2015, with stricter loan
requirements adapted to the prevailing low interest
rates, the risk in the portfolio remains low. Lending to
Swedish property companies increased by 1 per cent
during the quarter to SEK 188bn.
Operational risks
There was one incident that affected our customers
during the second quarter, when Bankgirot had
problems with Swishs availability. Otherwise there were
only a few minor IT disruptions, none of which had much
impact on customers.
Funding and liquidity
Change in Common Equity Tier 1 capital, 2016, Swedbank

consolidated situation
SEKbn
110
6.5
100
93.9
94.9
94.6
-4.7
-0.1
IAS 19
Other CET1
change s
90
80
Swedbank was slightly less active in international bond

markets during the quarter, when a continued inflow of
deposits reduced the need for capital market funding.
During the first six month Swedbank issued SEK 104bn
in long-term debt whereof SEK 36bn in the second
quarter. Covered bond issues accounted for the large
part, SEK 75bn.
70
60
50
Q4 201 5
Q1 201 6
Pro fit
(consolida ted
situ atio n)
Anticipated
dividen d
Incr ease
Deposit volumes continued to increase in the second

quarter, because of which it is likely that the total issue
volume for 2016 will be lower than the original plan of
SEK 180bn at the beginning of the year. Nominal
maturities for the full-year 2016 amounted to SEK 110bn
at the beginning of the year. The issue plans are mainly
affected by changes in deposit volumes and lending
growth and are adjusted over the course of the year. As
of 30 June outstanding short-term funding amounted to
SEK 166bn. At the same time SEK 401bn was placed
with central banks. The liquidity reserve amounted to
SEK 492bn (443) as of 30 June. In addition, liquid
securities in other parts of the Group amounted to
SEK 98bn (129). The Groups liquidity coverage ratio
(LCR) was 138 per cent (148), and for USD and EUR
was 125 per cent and 151 per cent, respectively.
According to our interpretation of the Basel Committees
latest proposed Net Stable Funding Ratio (NSFR),
Swedbanks NSFR was 108 per cent (107). Long-term
funding, coupled with increased deposit volumes,
strengthened NFSR and reduced the banks structural
liquidity sensitivity. For more information on funding and
liquidity, see notes 15-17 on pages 35-36 and 62-78 of
the Fact book.
Ratings
In May Fitch Ratings upgraded Swedbank a notch to
AA- with a stable outlook. Swedbanks Viability Rating
(VR) was upgraded a notch as well, to aa-, and its
Short-Term IDR to F1+. The upgrade reflects
Swedbanks low-risk strategy since 2009. The rating is
based on the banks successful retail operations, high
quality lending and strong capitalisation.
Decrease
REA for credit valuation adjustments (CVA risk)

decreased by SEK 0.4bn due to lower exposures. REA
for market risks decreased by SEK 0.3bn. REA for
operational risks was unchanged during the quarter.
Change in REA, 2016, Swedbank consolidated situation
SEKbn
420
2.8
0.6
14.7
The Common Equity Tier 1 capital ratio was

23.0 per cent on 30 June (23.7 per cent as of 31 March
2016 and 24.1 per cent as of 31 December 2015).
Common Equity Tier 1 capital increased by SEK 0.3bn
during the quarter to SEK 94.9bn. The banks profit after
deducting the proposed dividend positively affected
Common Equity Tier 1 capital by SEK 1.8bn. The
revaluation of the estimated pension liability according
to IAS 19 reduced Common Equity Tier 1 capital by
about SEK 1.4bn, mainly due to a lower discount rate.
Page 10 of 52
413.4
-0.4
410
-2.8
398.8
390
380
Capital and capital adequacy
Q2 201 6
The risk exposure amount (REA) increased by SEK

14.6bn during the second quarter to SEK 413.4bn
(SEK 398.8bn as of 31 March 2015). REA for credit
risks increased by SEK 15.3bn. Increased exposures to
both corporate and private customers raised REA by
SEK 7.5bn. REA increased by SEK 4.1bn due to the
sale of Visa Europe. The reason is that the share of the
purchase price that will be distributed by Visa Sweden
Ekonomisk Frening at a later stage is risk weighted by
250 per cent until the proceeds are paid out to the
shareholders. Long-term credit quality in oil-related
sectors has further deteriorated, which contributed to
negative Probability of Default (PD) migrations of SEK
3.7bn. This was partly offset by positive PD migrations
in Swedish Banking. In total, migrations raised REA by
SEK 2.8bn during the second quarter due to PD
migrations. Increased collateral values had a positive
effect on Loss Given Default (LGD) and reduced REA
by SEK 2.8bn.
400
The upgrade makes Swedbank one of only a few

commercial banks in the world with a AA rating from all
three major ratings agencies: S&P, Moodys and Fitch.
-1.4
370
360
Incr ease
Decrease
-0.3
Uncertainty about capital regulations continues

Swedbank well positioned
Swedbanks total Common Equity Tier 1 capital
requirement decreased during the quarter to
20.3 per cent, compared with Swedbanks Common
Equity Tier 1 capital ratio of 23.0 per cent as of 30 June
2016. The requirement decreased because the required
risk weight floor for mortgages in Pillar 2 fell in relation
to the total risk exposure amount. The total requirement
takes into account Swedbanks Common Equity Tier 1
capital requirement for individual Pillar 2 risks of
0.9 per cent as well as all announced increases in
countercyclical buffer values, including the increase in
the Swedish countercyclical buffer value to 2.0 per cent
in March 2017.
In May the SFSA formally adopted the revised
requirements for Swedish banks internal risk-based
models, especially with regard to corporate risk weights,
as proposed in March. The revisions, which are
designed to improve the models, require banks to
anticipate a larger proportion of economic downturns in
their estimates of probability of default and to use a socalled maturity floor. The revised requirements will
negatively affect Swedbanks buffer through its
Common Equity Tier 1 capital requirement by an
estimated 0.9 percentage points. The SFSA is expected
to begin applying the revisions in its Supervisory Review
and Evaluation Process (SREP) for 2016, which should
be finalised in September and therefore affect
Swedbanks capital requirements beginning in the fourth
quarter 2016.
A new law on resolution (2015:1016) went into force in
February giving the authorities the tools to manage
failing banks. One of these tools allows the Swedish
National Debt Office to write down a banks liabilities in
order to absorb losses or convert the liabilities to equity
in order to recapitalise the bank. To ensure that the
banks have sufficient capital and liabilities that can be
written down or converted in a crisis, the new law on
resolution (2015:1016) include a minimum requirement
for own funds and eligible liabilities (MREL) that the
banks must meet.
In April the Swedish National Debt Office proposed a
calculation method for MREL and which instruments
banks can use to meet MREL. According to the
proposal, Swedbank would have to have MREL
compatible liabilities equivalent to its total capital
requirement. From 2018, when the Swedish National
Debt Office is proposing that MREL take effect, senior
unsecured debt will be considered MREL compatible
liabilities. Swedbank currently meets this requirement.
The Swedish National Debt Office has proposed,
however, that all or part of the banks MREL compatible
liabilities should, in due course, be subordinated to other
liabilities. The Swedish National Debt Office intends to
publish further information on subordination of debt in
early 2017.
Work on capital requirements is also being done at an
international level. The Basel Committee, among others,
is trying to improve the comparability of banks capital
ratios. This includes revisions to the standardised
approach for calculating capital requirements for credit,
market and operational risks, limits on the banks
opportunities to use internal models for credit risk, and
the possibility of a capital floor for banks that use
internal models. Owing to uncertainty about the new
requirements and how and when they will be
Page 11 of 52
implemented, it is still too early to draw any conclusions

about the possible impact on Swedbank. With robust
profitability and strong capitalisation, Swedbank is well
positioned to meet future changes in capital
requirements.
Leverage ratios are being evaluated internationally as
well, ahead of the possible introduction of a minimum
requirement in 2018. Swedbanks leverage ratio as of
30 June 2016 was 4.2 per cent (4.4 per cent as of 31
March 2016).
Other events
On 22 April the Board of Directors of Swedbank
appointed Birgitte Bonnesen as President and CEO of
Swedbank. She had previously served as Acting CEO
and Head of Swedish Banking.
On 29 April Elisabeth Beskow and Ola Laurin were
appointed co-Heads of the Large Corporates &
Institutions business area. Both are members of the
Group Executive Committee and report to CEO Birgitte
Bonnesen.
On 30 May Swedbank announced the formation of a
new unit for Digital Banking that will be responsible for
digital sales support, development and innovation. It
also announced that the product organisation Group
Products will be replaced by two product areas: Group
Savings and Group Lending & Payments. A new Group
function called the CEO Office was established as well
to support the CEO in strengthening customer and
employee satisfaction and to clarify the strategy and
way forward. In addition, a number of management
changes were presented. The new Group Executive
Committee consists of:
Birgitte Bonnesen, President and Chief

Executive Officer
Girts Brzi, acting co-Head of Digital

Banking
Elisabeth Beskow, co-Head of Large

Corporates & Institutions
Mikael Bjrknert, Chief Strategy Officer and

Head of CEO Office
Lars-Erik Danielsson, Chief Credit Officer

(reporting to the Chief Risk Officer)
Anders Ekedahl, Head of Group IT
Bjrn Elfstrand, Head of Group Savings
Lars Friberg, Head of Group HR
Cecilia Hernqvist, Chief Compliance Officer
Anders Karlsson, Chief Financial Officer
Leif Karlsson, Head of Group Lending &

Payments
Ola Laurin, co-Head of Large Corporates &

Institutions
Lotta Lovn, acting co-Head of Digital Banking
Helo Meigas, Chief Risk Officer
Priit Perens, Head of Baltic Banking
Christer Trgrdh, Head of Swedish Banking
Events after 30 June 2016

On 7 July the Norwegian media group Schibsted called
off its acquisition of the property website Hemnet, which
had been announced last December. The reason was
the Swedish Competition Authoritys opposition to the
deal in its current form. Through Fastighetsbyrn,
Swedbank owns 34 per cent of the shares in Hemnet
with an option to acquire an additional 8 per cent. As a
result of the cancelled deal, a capital gain for Swedbank
of around SEK 500m is no longer anticipated in 2016.
Page 12 of 52
Swedish Banking
Strong growth in mortgage volumes increased net interest income
Solid cost control and credit quality
More digital solutions
Income statement
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Net interest income

Other income
Total income
3 592
1 718
106
271
207
5 894
3 481
1 618
75
190
162
5 526
3
6
41
43
28
7
3 284
1 934
63
228
182
5 691
9
-11
68
19
14
4
7 073
3 336
181
461
369
11 420
6 477
3 704
117
506
410
11 214
9
-10
55
-9
-10
2
Staff costs
Variable staff costs
Other expenses
Depreciation/amortisation
Total expenses
825
37
1 574
25
2 461
3 433
861
23
1 519
25
2 428
3 098
-4
61
4
0
1
11
887
35
1 561
27
2 510
3 181
-7
6
1
-7
-2
8
1 686
60
3 093
50
4 889
6 531
1 810
89
3 123
55
5 077
6 137
-7
-33
-1
-9
-4
6
Credit impairments
Operating profit
-35
3 468
-13
3 111
11
48
3 133
11
-48
6 579
100
6 037
Tax expense
Swedbank AB
765
2 703
681
2 430
12
11
675
2 458
13
10
1 446
5 133
1 280
4 757
13
8
2 699
2 427
11
2 454
10
5 126
4 749
33
-13
20.4
229
-0.01
0.42
1 096
479
4 318
19.1
238
0.00
0.44
1 079
454
4 378
2
6
-1
18.9
246
0.02
0.44
1 052
428
4 671
4
12
-8
19.7
229
-0.01
0.43
1 096
479
4 318
18.4
246
0.02
0.45
1 052
428
4 671
4
12
-8
Non-controlling interests
Return on allocated equity, % 1)
Credit impairment ratio, % 2)
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
1) For information about average allocated equity see page 16 of the Fact book.
2) For more information about the Credit impairment ratio see page 48 of the Fact book.
Result
Second quarter 2016 compared with first quarter
2016
Profit increased by 11 per cent, from SEK 2 427m to
SEK 2 699m, thanks to higher net interest income and
net commission income.
Household deposit volume increased by SEK 15bn

during the quarter, partly as a result of a tax refund in
June. Swedbanks share of household deposits was
20.8 per cent as of 31 May (20.8 per cent as of 31
December 2015).
Net interest income rose to SEK 3 592m (3 481) due to

increased lending and deposit volumes as well as
higher mortgage margins. This was partly offset by
lower market interest rates, which adversely affected
deposit margins.
Corporate deposits within Swedish Banking increased

by SEK 10bn during the period, partly as a result of
increased volumes from the public sector. Swedbanks
market share, including corporate lending within Large
Corporates & Institutions, rose to 20.7 per cent as of 31
May (19.3 per cent as of 31 December 2015).
Household mortgage volume within Swedish Banking

amounted to SEK 687bn as of 30 June, up 2 per cent.
The increase was driven by higher property sales and
additional loans. As of 31 May the share of the years
net mortgage growth was 19 per cent and the total
market share was stable at 24.5 per cent (24.7 per cent
as of 31 December 2015).
Net commission income increased by 6 per cent, mainly

due to increased card commissions, income from asset
management and lending commissions, and increased
real estate brokerage income. The net flow for funds
was negative, with outflows from equity and fixed
income funds while mixed funds reported inflows.
Lending to corporates amounted to SEK 275bn (274), of

which SEK 127bn consisted of loans to property
management companies. The market share, including
corporate lending within Large Corporates & Institutions,
was unchanged at 18.6 per cent in May (18.6 per cent
as of 31 December 2015).
Page 13 of 52
The share of associates profit rose compared with the

previous quarter due to one-off income in Entercard.
Total expenses increased, with higher expenses to
compensate the savings banks for brokered loans and
internally purchased services from other units
accounting for most of the increase. Staff costs continue
to decrease as a result of fewer full-time positions.
Net recoveries of SEK 35m were recognised during the

second quarter, compared with net recoveries of
SEK 13m in the first quarter.
January-June 2016 compared with January-June
2015
The profit for the period increased by 8 per cent, from
SEK 4 749m to SEK 5 126m, due to increased income,
lower expenses and credit impairments.
Net interest income increased by 9 per cent mainly
through higher deposit volumes and mortgage margins.
This was partly offset by lower deposit margins.
Net commission income decreased by 10 per cent,
mainly due to lower asset management income, which
was affected by reduced fund fees and negative market
performance. Income from equity trading and structured
products decreased, partly offset by higher card and
payment commissions resulting from higher volumes.
The share of associates profit fell, mainly due to one-off
income related to Entercard and Sparbanken Skne in
the first half of 2015. Other income was lower than in
the previous year, which was positively affected by oneoff income from a property sale and the sale of Svensk
Fastighetsfrmedling.
Expenses decreased during the period, mainly related
to staff costs and expenses for IT management as a
result of the merger with Sparbanken resund.
Net recoveries of SEK 48m were recognised during the
period. In the same period of 2015 credit impairments of
SEK 100m were recognised.
Business development
During the quarter Swedish Banking introduced a new
regional organisation with five regions instead of six to
better harmonise how they work. This is necessary to
improve efficiency and meet the changing needs of
customers, who are managing more of their finances
through the banks digital channels and customer
centre. To accommodate this trend, we also launched
24-hour service in the Telephone Bank during the
quarter and continued to develop our digital offering.
A beta version of the new Internet Bank for businesses
has been made available to a limited group of
customers. Several new digital functions have been
added. Among other things, a simple way for mortgage
borrowers to apply for a loan commitment digitally. We
also launched e-signatures, where private customers
can speed up the process by signing contracts
electronically as well as store contracts and terms in the
Internet Bank.
In the savings area we rolled out a broad-based
advertising campaign during the period to promote
pension savings. Swedbank also started a collaboration
with SprinkleBit, a social networking platform for stock
investing, which will be presented to customers during
the second half-year.
In the area of lending we continue to work with
sustainable lending. Our existing internal guidelines
were already largely aligned with the mortgage
amortisation rules that took effect on 1 June. The
emphasis on consumer credit finance will continue.
During the quarter the focus was mainly on car loans
and loan consolidations in order to offer customers
better terms. On the corporate side the product range is
continuously being adapted to a market with negative
interest rates. Work is also underway to shorten lead
times through a simplified loan process mainly for small
and medium-sized companies.
Christer Trgrdh
Head of Swedish Banking
Sweden is Swedbanks largest market, with around 4 million private customers and more than 250 000 corporate
customers. This makes it Swedens largest bank by number of customers. Through our digital channels (Internet Bank
and Mobile Bank), the Telephone Bank and branches, and with the cooperation of savings banks and franchisees, we are
always available. Swedbank is part of the community. Branch managers have a strong mandate to act in their local
communities. The banks presence and engagement are expressed in various ways. A project called Young Jobs, which
has created several thousand trainee positions for young people, has played an important part in recent years. Swedbank
has 266 branches in Sweden.
Page 14 of 52
Baltic Banking
Increased lending strengthened net interest income
Higher customer activity contributed to improved net commission income
Improved functionality in our digital channels
Income statement
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Net interest income

Other income
Total income
954
498
53
128
1 633
934
483
46
119
1 582
2
3
15
8
3
865
524
45
102
1 536
10
-5
18
25
6
1 888
981
99
247
3 215
1 696
993
95
251
3 035
11
-1
4
-2
6
Staff costs
Other expenses
Total expenses
Credit impairments
Operating profit
225
15
351
28
619
1 014
0
50
964
208
20
331
30
589
993
0
-42
1 035
8
-25
6
-7
5
2
8
-17
1
-18
2
9
433
35
682
58
1 208
2 007
0
8
1 999
419
37
694
72
1 222
1 813
-1
-58
1 872
3
-5
-2
-19
-1
11
-7
209
18
348
34
609
927
1
-49
975
127
837
138
897
-8
-7
1 064
-89
-88
265
1 734
1 195
677
-78
837
897
-7
-89
1 734
677
16.7
85
0.16
0.38
136
159
3 962
17.8
86
-0.13
0.37
127
147
3 873
7
8
2
-1.8
92
-0.16
0.40
126
138
3 841
17.1
85
0.01
0.38
136
159
3 962
6.7
92
-0.09
0.40
126
138
3 841
Tax expense
Swedbank AB
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
-1
8
15
3
8
15
3
Result
2016
Profit fell by 7 per cent to SEK 837m (897). The
decrease is mainly due to higher expenses and credit
impairments, while income rose.
Net interest income increased by 2 per cent in local
currency due to higher lending volumes, while lending
margins were stable. Lending volumes increased by 5
per cent in local currency with a positive trend in all
three Baltic countries. Corporate lending increased by
1 per cent, while lending to private customers gained
9 per cent supported by the acquisition of Danske
Banks retail banking business in Latvia and Lithuania.
Deposits increased by 6 per cent in local currency.
Net commission income increased by 3 per cent in local
currency due to higher payment and card commissions
driven by seasonally higher customer activity.
Net gains and losses on financial items at fair value rose
by 17 per cent in local currency as a result of higher FX
trading activity.
Other income rose by 7 per cent in local currency due to
higher insurance-related income.
Page 15 of 52
Total expenses increased by 5 per cent in local currency

largely due to higher staff costs and marketing
expenses as well as a VAT refund in Lithuania in the
previous quarter.
Credit impairments amounted to SEK 50m (-42).
Estonia reported credit impairments of SEK 57m related
to a single commitment, while Latvias losses were
minor at SEK 2m. Lithuania reported net recoveries of
SEK 9m. Underlying credit quality remained stable.
2015
Profit increased by SEK 1 057m, mostly due to higher
tax expenses resulting from an extra dividend from the
Estonian sub-group in the previous year. Changes in
exchange rates reduced the profit for the period by SEK
21m.
Net interest income in local currency rose by 12 per
cent. The increase is due to higher lending volumes,
including in consumer finance, lower deposit guarantee
fees and somewhat higher margins on mortgages. To
offset the impact of negative interest rates, base rate
floors are applied. Exchange rate changes reduced net
interest income for the period by SEK 12m. Lending
volumes increased by 5 per cent in local currency.
Increases were reported in all three Baltic countries.
Deposit volumes grew by 13 per cent in local currency.
Net commission income in local currency was largely

stable. Higher customer activity strengthened payment
commissions. The number of card purchases rose by 11
per cent. At the same time net commission income was
negatively affected by the new regulation on card
interchange fees. Asset management commissions fell
due to lower management fees for mandatory pension
funds.

increased by 6 per cent in local currency.
During the quarter we continued to improve functionality

for private and corporate customers in our digital
channels. Our private customers appreciate the new
function that allows them to make bank transfers directly
from credit card accounts. Our customers in Latvia have
been using the new Internet Bank since early June
(Estonia and Lithuania will follow this autumn). Another
new feature is that PIN codes for new cards can now be
delivered through the Internet Bank.
Other income fell by 1 per cent in local currency, driven

by lower insurance-related income.
Total expenses were largely stable in local currency.
Lower expenses for IT and premises and the VAT
refund in Lithuania in the first quarter were offset by
higher staff costs, which rose due to annual salary
revisions.
Credit impairments amounted to SEK 8m, compared
with net recoveries of SEK 58m in the first half of 2015.
Baltic Banking continued to show solid performance in

the second quarter. The transfer of products and
services to Swedbank from Danske Banks retail
business in Latvia and Lithuania was successfully
completed in early June. We welcome these new
customers to Swedbank.
We are taking the next steps in developing Swedbanks

mobile banking functionality. Private customers can now
check all their card details as well as change card limits
and block cards in the mobile app.
Corporate customers are being offered new credit cards
with more flexible payment terms, and the first
contactless card terminals were launched. Moreover,
Swedbank has begun offering customers new portable
payment terminals for smartphones that make it easier
and less expensive for small businesses to accept card
payments.
According to an independent survey conducted by TNS
Emor, Swedbank is one of the most favourite brands in
the Baltic countries together with Google, Facebook,
and Maxima. Swedbank is the only brand in the financial
sector to rank among the ten most favourite in all three
Baltic countries.
Priit Perens
Head of Baltic Banking
Swedbank is the largest bank by number of customers in Estonia, Latvia and Lithuania, with around 4 million private
customers and over a quarter million corporate customers. According to surveys, Swedbank is also the most respected
company in the financial sector. Through its digital channels (Telephone Bank, Internet Bank and Mobile Bank) and
branches, the bank is always available. Swedbank is part of the local community. Its local social engagement is
expressed in many ways, with initiatives to promote education, entrepreneurship and social welfare. Swedbank has 35
branches in Estonia, 41 in Latvia and 67 in Lithuania. The various product areas are described on page 19.
Page 16 of 52

Increased net interest income due to higher volumes and lending margins
Higher activity strengthened net commission income
Provisions in the oil-related credit portfolio
Income statement
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Net interest income

Other income
Total income
827
610
545
21
2 003
764
498
403
25
1 690
8
22
35
-16
19
859
485
577
36
1 957
-4
26
-6
-42
2
1 591
1 108
948
46
3 693
1 718
977
1 163
71
3 929
-7
13
-18
-35
-6
Staff costs
Other expenses
Total expenses
357
58
430
15
860
1 143
1
356
52
385
14
807
883
6
0
12
12
7
7
29
-83
362
72
381
17
832
1 125
0
-1
-19
13
-12
3
2
713
110
815
29
1 667
2 026
7
720
154
792
33
1 699
2 230
0
-1
-29
3
-12
-2
-9
Credit impairments
Operating profit
545
597
97
780
-23
7
1 118
-47
642
1 377
23
2 207
-38
Tax expense
Swedbank AB
103
494
63
717
63
-31
20
1 098
-55
166
1 211
269
1 938
-38
-38
494
717
-31
1 098
-55
1 211
1 938
-38

Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Full-time employees
10.1
149
15.1
132
21.2
171
12.5
149
19.2
171
0.66
0.43
188
126
1 253
0.15
0.48
180
137
1 241
0.01
0.43
180
106
1 229
0.51
0.45
188
126
1 253
0.02
0.43
180
106
1 229
4
-8
1
4
19
2
4
19
2
Result
2016
Profit for the second quarter 2016 decreased by 31 per
cent to SEK 494m (717) compared with the first quarter
2016. Higher income was offset by increased expenses
and credit impairments.
Net interest income increased by 8 per cent, mainly due
to higher lending volumes and improved lending
margins. Underlying credit demand remained low, as did
overall activity. Lending volumes increased by 4 per
cent, driven by changes in exchange rates and
transaction-related activity. Margins on the loan portfolio
increased somewhat. Changes in exchange rates
positively affected volumes by SEK 2.6bn. Deposit
margins were stable, while deposit volumes decreased
by 8 per cent, mainly due to lower deposits from
financial institutions. Swedbank still only charges
financial institutions for deposits in a few currencies.
Net commission income increased by 22 per cent. The
increase mainly related to higher activity in corporate
finance, where Swedbank served as an advisor and
guarantor for several major IPOs. The market for lowrated Norwegian corporate bond issues has remained
sluggish in the wake of low oil prices and dampened
investment in the sector. Card income decreased. The
reason is that renegotiations with customers after Visa
Page 17 of 52
and MasterCard reduced their fees led to lower prices.

The lower fees had positively affected card income in
the first quarter.
Net gains and losses on financial items at fair value rose
to SEK 545m (403), an increase of 35 per cent. Volatility
in the stock market was a favourable factor, as were
lower credit spreads. The FX market also saw major
fluctuations, which caused corporate customers in
particular to become more active in their currency
hedging.
Compared with the previous quarter total expenses
increased by 7 per cent, mainly due to increased
expenses for IT development.
Credit impairments amounted to SEK 545m (97) in the
second quarter, corresponding to a credit impairment
ratio of 0.66 per cent. The credit impairments were
primarily attributable to increased provisions for
exposures in oil-related sectors. The investment level in
the oil sector is expected to remain low for an extended
period. Companies in offshore and other oil-related
sectors continue to take measures to manage this
situation. Swedbank closely dialogues with customers in
oil-related sectors, which mainly consist of listed
companies with relatively long-term customer contracts.

2015
Profit decreased by 38 per cent year-on-year, mainly
due to lower net gains and losses on financial items and
slightly lower net interest income, at the same time that
credit impairments increased.
Net interest income decreased by 7 per cent to SEK
1 591m. Lending volume was 4 per cent higher, while
margins in the loan portfolio declined. Changes in
exchange rates positively affected volume by SEK 1bn.
Net interest income related to deposits increased after
financial institutions started getting charged for negative
interest rates in the second quarter 2015, at the same
time that deposit volumes rose by 19 per cent.
Net commission income increased by 13 per cent to
SEK 1 108m. Card income has risen due to lower fees
for Visa and MasterCard. Swedbanks market share of
Swedish bond issues in SEK was 21 per cent (26 per
cent in 2015) and in Norway in NOK was 10 per cent
(16 per cent in 2015). This made Swedbank the second
largest issuer in Sweden and the fourth largest in
Norway. Income from bond issues decreased, partly
due to low activity in Norway, while M&A activity
remained high.
decreased to SEK 215m, down 18 per cent. The main
reason was that increased counterparty risk led to
negative credit valuation adjustments (CVA) on
derivative exposures to oil-related customers.
Total expenses decreased by 2 per cent compared with
the same period in 2015, mainly due to lower variable
staff costs.
At the end of the second quarter the focus was on
Brexit. In June the market was volatile in response to
opinion polls without a clear trend. Customers were
more cautious than expected, which indicates that they
had taken action ahead of the referendum. Uncertainty
about future developments remains, which could affect
customer activity going forward.
During the second quarter we continued to develop our
customer service model for large corporates, which has
resulted in a clearer segmentation based on customers
changing needs. Since Large Corporates & Institutions
was established in 2010, the number of customers has
grown quickly and the business area today has a broad
customer base. By adapting the service model, we are
now creating better opportunities to meet our customers
needs based on their businesses and the products they
want. The current focus is on the practical
implementation of the new service model.
During the quarter TNS Sifo Prospera published its
annual customer satisfaction survey of issuers in debt
capital markets. We are pleased that Swedbank ranked
first in overall performance among issuers in Sweden
and the Nordic region as a whole.
M&As performance in Norway was also positive during
the first half-year, and Swedbank shared first place in
terms of number of deals completed.
Elisabeth Beskow & Ola Laurin

Co-Heads of Large Corporates & Institutions
Credit impairments amounted to SEK 642m, compared

with SEK 23m in the first half of 2015. The impairments
were primarily attributable to increased provisions for
exposures to oil-related sectors. Large Corporates &
Institutions share of impaired loans was 0.46 per cent.
Large Corporates & Institutions is responsible for Swedbanks offering to customers with revenues above SEK 2 billion
and those whose needs are considered complex due to multinational operations or a need for sophisticated financing
solutions. They are also responsible for developing corporate and capital market products for other parts of the bank and
the Swedish savings banks. Large Corporates & Institutions works closely with customers, who receive advice on
decisions that create sustainable profits and growth. Large Corporates & Institutions is represented in Sweden, Norway,
Estonia, Latvia, Lithuania, Finland, Luxembourg, China, the US and South Africa.
Page 18 of 52

Income statement
SEKm
Q2
2016
Q1
2016
Jan-Jun
2016
Jan-Jun
2015
Net interest income

Other income
Total income
359
-36
169
1 658
230
2 380
444
39
-120
1
177
541
-19
803
3
49
1 659
407
2 921
1 532
-126
-972
1
377
812
-48
Staff costs
Other expenses
Total expenses
Credit impairments
Operating profit
746
51
-764
87
120
2 260
0
-22
2 282
749
37
-674
85
197
344
2
-7
349
0
38
13
2
-39
1 495
88
-1 438
172
317
2 604
2
-29
2 631
1 488
130
-1 535
191
274
538
38
0
500
0
-32
6
-10
16
Tax expense
42
2 240
79
270
-47
-221
235
121
2 510
-105
605

Swedbank AB
0
2 240
0
270
-32
203
0
2 510
17
622
Full-time employees
2 240
270
203
2 510
622
0
4 514
0
4 402
0
4 283
0
4 514
0
4 283
30
Q2
2015
696
-121
-601
0
189
163
-48
-70
745
47
-758
94
128
35
21
0
14
0
9
1
-7
-6
22
-95
Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings
banks. Expenses mainly relate to Group Lending & Payments, Group Savings and Group Staffs and are allocated to a large extent.

2016
Profit for continuing operations improved to SEK 2 240m
during the quarter (270), mainly due to a higher profit
within Group Treasury. The profit for Group Treasury
increased to SEK 2 178m (257).

2015
The profit for continuing operations improved to
SEK 2 510 during the quarter (605), mainly due to a
higher profit within Group Treasury. The profit for Group
Treasury increased to SEK 2 435m (627).
Net interest income decreased to SEK 359m (444). This

is mainly due to Group Treasury, where net interest
income fell to SEK 387m (453). The decrease is largely
due to earlier positions that have matured, that had
generated positive returns.
Net interest income fell to SEK 803m (1 532), of which

Group Treasurys net interest income amounted to SEK
840m (1 565). The decrease is mainly due to previously
taken positions that have matured and lower income
from the banks liquidity portfolio.

improved to SEK 169m (-120). Net gains and losses on
financial items within Group Treasury improved to
SEK 166m (-110), of which SEK 457m related to the
sale of Visa Europe. Excluding this effect, net gains and
losses on financial items fell due to the repurchase of a
higher volume of covered bonds during the quarter.

improved to SEK 49m (-972) due to a lower volume of
covered bond repurchases, tighter credit spreads and
the sale of Visa Europe. The share of profit or loss of
associates increased to SEK 1 658m (1), which is
explained by the sale of Visa Europe.
The share of profit or loss of associates increased to

SEK 1 658m (1) due to the sale of Visa Europe.
Expenses increased somewhat, mainly due to higher

expenses for IT and other expenses.
Expenses decreased, which was mainly a result of

lower IT and other expenses.

(0). Impairment of tangible assets decreased to SEK 2m
(38).

(0). Impairment of tangible assets fell to SEK 0m (2).
The profit for discontinued operations amounted to

SEK 0m (17).
Group Functions & Other consists of centralised business support units and the product areas Group Lending & Payments and Group
Savings. The centralised units serve as strategic and administrative support and comprise Accounting & Finance, Communication, Risk,
IT, Compliance, Public Affairs, HR and Legal. Group Treasury is responsible for the banks funding, liquidity and capital planning. Group
Treasury sets the prices on all internal deposit and loan flows in the Group through internal interest rates, where the most important
parameters are maturity, interest fixing period, currency and need for liquidity reserves.
Page 19 of 52
Eliminations
Income statement
Q2
2016
Q1
2016
Net interest income

Other income
Total income
0
5
4
-49
-40
0
7
-4
-36
-33
Staff costs
Other expenses
Total expenses
0
0
-40
0
-40
1
0
-34
0
-33
SEKm
%
-29
-36
-21
-18
-21
Q2
2015
0
20
-2
-50
-32
0
0
-32
0
-32
%
-75
2
25
25
25
Jan-Jun
2016
Jan-Jun
2015
0
12
0
-85
-73
0
38
-1
-94
-57
1
0
-74
0
-73
0
0
-57
0
-57
Group eliminations mainly consist of eliminations of internal transactions between Group Functions and the other business segments.
Page 20 of 52
%
-68
10
-28
-30
-28
Group
Page
22
23
24
25
26
Notes
Note 1 Accounting policies
27
Note 2 Critical accounting estimates
27
Note 3 Changes in the Group structure
27
Note 4 Operating segments (business areas)
28
Note 5 Net interest income
30
Note 6 Net commission income
31
Note 7 Net gains and losses on financial items at fair value
32
Note 8 Other expenses
33
Note 9 Credit impairments
33
Note 10 Loans
34
Note 11 Impaired loans etc.
35
Note 12 Assets taken over for protection of claims and cancelled leases
35
Note 13 Credit exposures
35
Note 14 Intangible assets
36
Note 15 Amounts owed to credit institutions
36
Note 16 Deposits and borrowings from the public
36
Note 17 Debt securities in issue
37
Note 18 Derivatives
37
Note 19 Financial instruments carried at fair value
38
Note 20 Pledged collateral
40
Note 21 Offsetting financial assets and liabilities
40
Note 22 Capital adequacy consolidated situation
41
Note 23 Internal capital requirement
44
Note 24 Risks and uncertainties
44
Note 25 Related-party transactions
45
Note 26 Swedbanks share
45
Parent company
46
46
47
48
48
Capital adequacy
49
More detailed information including definitions can be found in Swedbanks Fact book, www.swedbank.com/ir, under
Financial information and publications.
Page 21 of 52

Group
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Interest income
Interest expenses
Net interest income (note 5)
7 894
-2 162
5 732
8 431
-2 808
5 623
-6
-23
2
8 819
-3 115
5 704
-10
-31
0
16 325
-4 970
11 355
18 235
-6 812
11 423
-10
-27
-1
Commission income
Commission expenses
Net commission income (note 6)
4 011
-1 216
2 795
3 683
-1 038
2 645
9
17
6
4 240
-1 398
2 842
-5
-13
-2
7 694
-2 254
5 440
8 274
-2 688
5 586
-7
-16
-3
877
400
1 277
402
549
-346
203
505
-348
157
9
-1
29
504
-337
167
9
3
22
1 054
-694
360
1 031
-679
352
2
2
2
1 929
334
11 870
191
290
9 306
15
28
228
292
9 315
14
27
2 120
624
21 176
507
663
18 933
-6
12
Staff costs
Other expenses (note 8)
Total expenses
Credit impairments (note 9)
Operating profit
2 314
1 551
155
4 020
7 850
1
538
7 311
2 307
1 527
154
3 988
5 318
8
35
5 275
0
2
1
1
48
-88
4 847
3 017
351
8 215
10 718
37
65
10 616
-5
2
-12
-3
23
-76
Tax expense
1 037
961
6 274
4 314
Net gains and losses on financial items at fair value (note 7)

Insurance premiums
Insurance provisions
Net insurance
Other income
Total income

of which profit for the period from continuing operations
of which profit for the period from discontinued operations
of which profit for the period from continuing operations
82
-3
3
-10
-1
49
-95
39
2 375
1 500
172
4 047
5 268
22
6
5 240
40
4 621
3 078
309
8 008
13 168
9
573
12 586
1 538
-33
1 998
2 639
-24
45
3 702
69
10 588
7 977
33
-32
17
6 274
4 314
45
3 670
71
10 588
7 994
32
6 270
6 270
0
4 311
4 311
0
45
45
3 666
3 698
-32
71
70
10 581
10 581
0
7 986
7 969
17
32
33
4
4
3
3
33
33
4
4
0
0
7
7
8
8
-13
-13
5.65
3.89
3.34
9.54
7.21
5.62
3.87
3.32
9.49
7.16
5.65
3.89
3.32
9.54
7.23
5.62
3.87
3.30
9.49
7.18
SEK
Earnings per share, continuing operations, SEK
after dilution
Earnings per share, total operations, SEK
after dilution
19
Page 22 of 52

Group
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Profit for the period reported via income statement
6 274
4 314
45
3 670
71
10 588
7 994
32
-1 762
-58
401
-1 419
-2 355
-60
531
-1 884
-25
-3
-24
-25
4 192
122
-949
3 365
-4 117
-118
932
-3 303
1 742
49
-394
1 397
853
275
-257
1 128
-1 327
-666
-242
242
-908
1 081
-22
81
36
59
148
-3
0
44
0
30
0
-24
0
74
0
0
152
36
-1
-1
Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans
Share related to associates
Income tax
Total
Items that may be reclassified to the income statement
Exchange differences, foreign operations
Gains/losses arising during the period
Reclassification adjustments to income statement,
profit for the period from discontinued operation
Hedging of net investments in foreign operations:
Reclassification adjustments to income statement, profit for the
period from discontinued operations
Cash flow hedges:
net interest income
net gains and losses on financial items at fair value
-Reclassification adjustment to initial carrying amount
of hedged item
Share of other comprehensive income of associates
Income tax
Income tax
Reclassification adjustments to income statement, tax
Reclassification adjustments to income statement, profit for the
period from discontinued operations
25
47
-64
188
-272
-2
-60
365
-1 054
183
-1 701
99
-38
-69
3 296
548
-2 755
-370
1 027
Total comprehensive income for the period
5 220
2 613
100
6 966
-25
7 833
9 021
-13
Total comprehensive income attributable to the

5 216
2 610
100
6 962
-25
7 826
9 012
-13
33
-22
Total
Other comprehensive income for the period, net of tax
For 2016 an expense of SEK 3 303m (-1 397) was recognised in other comprehensive income after tax, including
remeasurements of defined benefit pension plans in associates. The 2016 expense arose primarily because market
interest rates fell from the beginning of the year. As of 30 June the discount rate, which is used to calculate the closing
pension obligation, was 2.49 per cent, compared with 3.53 per cent at the beginning of the year. The markets future
inflation expectations were unchanged compared with the beginning of the year. The inflation assumption was 1.62%.
The market value of assets under management decreased by SEK 746m during the first half year. As a whole, the
obligation for defined benefit pension plans exceeded the market value of the assets under management by SEK 2 576m.
For 2016 an exchange difference of SEK 1 128m (-1 327) was recognised for the Group's foreign net investments in
subsidiaries. In addition, an exchange rate difference of SEK 73m for the Group's foreign net investments in associates is
included in Share related to associates. The gain related to subsidiaries mainly arose because the Swedish krona
weakened against the euro. The total gain of SEK 1 201m is not taxable. Since the large part of the Group's foreign net
investments is hedged against currency risk, a loss of SEK 908m before tax arose for the hedging instruments, compared
with a year-earlier gain of SEK 1 081m.
The revaluation of defined benefit pension plans and translation of net investments in foreign operations can be volatile in
certain periods due to movements in the discount rate, inflation and exchange rates.
Page 23 of 52

Group
SEKm
Assets
Cash and balance with central banks
Loans to credit institutions (note 10)
Loans to the public (note 10)
Value change of interest hedged item in portfolio hedge
Interest-bearing securities
Financial assets for which customers bear the investment risk
Shares and participating interests
Investments in associates
Derivatives (note 18)
Intangible fixed assets (note 14)
Investment properties
Tangible assets
Current tax assets
Deferred tax assets
Pension assets
Other assets
Prepaid expenses and accrued income
Group of assets classified as held for sale
Total assets
Liabilities and equity
Amounts owed to credit institutions (note 15)
Deposits and borrowings from the public (note 16)
Financial liabilities for which customers bear the investment risk
Debt securities in issue (note 17)
Short positions, securities
Derivatives (note 18)
Current tax liabilities
Deferred tax liabilities
Pension provisions
Insurance provisions
Other liabilities and provisions
Accrued expenses and prepaid income
Subordinated liabilities
Liabilities directly associated with group of assets classified
as held for sale
Total liabilities
Equity
Equity attributable to shareholders of the parent company
Total equity
Total liabilities and equity
30 Jun
2016
31 Dec
2015
SEKm
356 146
129 696
1 511 090
2 478
160 236
146 885
19 432
6 975
99 314
14 060
0
1 929
3 139
180
0
19 081
5 373
0
2 476 014
186 312
86 418
1 413 955
1 009
165 162
153 442
11 074
5 382
86 107
13 690
8
1 981
1 662
192
1 274
14 677
6 362
148
2 148 855
169 834
43 278
97 135
1 469
-4 926
-6 557
8 358
1 593
13 207
370
-8
-52
1 477
-12
-1 274
4 404
-989
-148
327 159
91
50
7
166 872
955 794
147 595
915 707
16 757
82 900
810
2 142
2 576
1 809
28 672
12 206
22 702
150 493
748 271
157 836
826 535
8 191
68 681
105
3 071
17
1 728
22 715
13 243
24 613
16 379
207 523
-10 241
89 172
8 566
14 219
705
-929
2 559
81
5 957
-1 037
-1 911
0
2 356 542
14
2 025 513
181
119 291
119 472
2 476 014
179
123 163
123 342
2 148 855
-3
-4
75
30
15
3
-3
89
-6
30
-16
15
11
28
-6
11
30 Jun
2015
237 956
102 613
1 426 815
1 194
210 604
155 387
10 365
5 234
95 640
13 986
70
2 199
1 444
184
0
28 688
6 613
207
2 299 199
%
50
26
6
-24
-5
87
33
4
1
-12
-2
-33
-19
8
5
26
-8
-8
148 685
816 255
158 872
846 428
33 716
75 903
570
2 299
644
1 733
61 411
13 719
24 829
-14
331 029
16
12
2 185 076
2
-3 872
-3 870
327 159
1
-3
-3
15
174
113 949
114 123
2 299 199
4
5
5
8
21
-30
12
17
-7
8
-50
9
42
-7
4
-53
-11
-9
Balance sheet analysis

Total assets increased by SEK 327bn from 1 January 2016. Assets increased mainly due to higher cash and balances
with central banks, which rose by SEK 170bn. The increase is mainly attributable to higher deposits with the US Federal
Reserve and central banks in the euro system. Deposits and borrowings from the public rose by a total of SEK 208bn,
mainly volumes from US money market funds, which increased by SEK 146bn. Lending to credit institutions rose by SEK
43bn at the same time that amounts owed to them increased by SEK 16bn. Balance sheet items related to credit
institutions fluctuate over time depending on repos, among other things. The market value of derivatives increased on
both the asset and liability side, mainly due to large movements in interest rates and currencies. Excluding the National
Debt Office and repos, lending volumes increased by SEK 49bn. The increase primarily relate to Sweden. SEK 21bn of
the increase is attributable to mortgages in Sweden. The increase in securities in issue was mainly a result of higher
issued volumes compared with repaid short-term securities funding of SEK 57 bn and higher issued volumes compared
with repaid long-term securities funding of SEK 35bn.
Investments in associate increased by SEK 1 658m due to that the associate VISA Sweden sold its share in VISA Europe
to VISA Inc. See also page 5.
Page 24 of 52

Group
SEKm
Shareholders'
equity
Share
capital
Non-controlling
interests
Other
contributed
Exchange Hedging of net

differences, investments in
subsidiaries
foreign
equity1) and associates
operations
Cash
flow
hedges
Retained
earnings
Total
Total
equity
January-June 2015
Opening balance 1 January 2015
24 904
17 275
2 564
-1 801
-105
74 366
117 203
170
117 373
Dividends
-12 539
-12 539
-5
-12 544
Share based payments to employees

Deferred tax related to share based payments to
employees
Current tax related to share based payments to
employees
227
227
227
-42
-42
-42
63
63
63
Disposal of own shares for trading purposes
33
33
33
Acquired non-controlling interest

-8
-8
-8
-1 328
841
116
9 383
9 012
9 021
7 986
7 986
7 994
of which reported through profit or loss

of which reported through other comprehensive
income
Closing balance 30 June 2015
-1 328
841
116
1 397
1 026
1 027
24 904
17 275
1 236
-960
11
71 483
113 949
174
114 123
January-December 2015
24 904
17 275
2 564
-1 801
-105
74 366
117 203
170
117 373
Dividends
-12 539
-12 539
-5
-12 544

employees
413
413
413
-42
-42
-42
Current tax related to share based payments
63
63
63
33
33
33
Acquired non-controlling interest
-8
-8
-8
Associates' aquisition of non-controlling interest

-7
-7
-7
-1 728
1 097
122
18 556
18 047
14
18 061
15 727
15 727
13
15 740

income
Closing balance 31 December 2015
-1 728
1 097
122
2 829
2 320
2 321
24 904
17 275
836
-704
17
80 835
123 163
179
123 342
January-June 2016
24 904
17 275
836
-704
17
80 835
123 163
179
123 342
Dividends
-11 880
-11 880
-5
-11 885

employees
employees
208
208
208
-61
-61
-61
35
35
35
1 201
-707
54
7 278
7 826
7 833
10 581
10 581
10 588
1 201
-707
54
-3 303
-2 755
-2 755
24 904
17 275
2 037
-1 411
71
76 415
119 291
181
119 472

income
1)
Other contributed equity consists mainly of share premiums.
Page 25 of 52

Group
SEKm
Jan-Jun
2016
Full-year
2015
Jan-Jun
2015
12 586
0
-17
-3 479
-43 163
-94 526
-3 252
203 096
15 624
-16 034
32 404
103 239
20 371
-6
74
-4 660
27 173
-17 976
4 820
76 381
-19 342
30 492
-46 395
70 932
10 616
17
-379
-2 707
10 968
-27 201
-41 680
143 373
-21 588
11 888
22 986
106 293
0
0
252
31
283
245
-10
-3 021
516
-2 270
245
-10
-211
526
550
104 295
-85 169
463 413
-405 793
-11 885
64 861
229 220
-132 963
941 257
-1 019 742
-12 544
5 228
133 237
-70 551
396 982
-428 764
-12 545
18 359
Cash flow for the period
168 383
73 890
125 202
Cash and cash equivalents at the beginning of the period

Exchange rate differences on cash and cash equivalents
Cash and cash equivalents at end of the period
186 312
168 383
1 451
356 146
113 768
73 890
-1 346
186 312
113 768
125 202
-1 014
237 956
Operating activities
Operating profit
Profit for the period from discontinued operations
Adjustments for non-cash items in operating activities
Taxes paid
Increase/decrease in loans to credit institutions
Increase/decrease in loans to the public
Increase/decrease in holdings of securities for trading
Increase/decrease in deposits and borrowings from the public including retail bonds
Increase/decrease in amounts owed to credit institutions
Increase/decrease in other assets
Increase/decrease in other liabilities
Cash flow from operating activities
Investing activities
Business disposals
Acquisitions of and contributions to associates
Acquisitions of other fixed assets and strategic financial assets
Disposals/maturity of other fixed assets and strategic financial assets
Cash flow from investing activities
Financing activities
Issuance of interest-bearing securities
Redemption of interest-bearing securities
Issuance of commercial paper etc.
Redemption of commercial paper etc.
Dividends paid
Cash flow from financing activities
Page 26 of 52
Note 1 Accounting policies

The interim report has been prepared in accordance
with IAS 34, Interim Financial Reporting. The
condensed consolidated financial statements have also
been prepared in accordance with the
recommendations and statements of the Financial
Reporting Council, the Annual Accounts Act for Credit
Institutions and Securities Companies and the directives
of the SFSA.
The accounting policies applied in the interim report

conform to those applied in the Annual Report for 2015,
which was prepared in accordance with International
Financial Reporting Standards as adopted by the
European Union and interpretations thereof. There have
been no significant changes to the Groups accounting
policies set out in the 2015 Annual Report, except for
the changes as set out below.
The Parent Company report has been prepared in

accordance with the Annual Accounts Act for Credit
Institutions and Securities Companies, the directives of
the SFSA and recommendation RFR 2 of the Financial
Reporting Council.
Other IFRS changes

The amended standards which have been adopted
have not had a significant effect on the financial
position, results or disclosures of the Group or the
parent company. For more information about these,
refer to page 76 of the 2015 Annual Report.
Note 2 Critical accounting estimates

Presentation of consolidated financial statements in
conformity with IFRS requires the executive
management to make judgments and estimates that
affect the recognised amounts for assets, liabilities and
disclosures of contingent assets and liabilities as of the
closing day as well as the recognised income and
expenses during the report period. The executive
management continuously evaluates these judgments
and estimates, including assessing control over
investment funds, the fair value of financial instruments,
provisions for credit impairments, impairment testing of
Note 3 Changes in the Group structure

External
No significant changes to the Group structure occurred
during the first half year 2016.
Page 27 of 52
goodwill, deferred taxes and defined benefit pension

provisions. There have been no significant changes to
the basis upon which the critical accounting policies and
judgments have been determined compared with 31
December 2015.
Note 4 Operating segments (business areas)

Jan-Jun
2016
SEKm
Swedish
Banking
Baltic
Banking
Large
Corporates &
Institutions
Group
Functions
& Other
Eliminations
Group
7 073
3 336
181
461
369
11 420
95
1 888
981
99
0
247
3 215
0
1 591
1 108
948
0
46
3 693
34
803
3
49
1 659
407
2 921
181
0
12
0
0
-85
-73
-310
11 355
5 440
1 277
2 120
984
21 176
0
1 686
60
3 093
50
4 889
6 531
0
-48
6 579
433
35
682
58
1 208
2 007
0
8
1 999
713
110
815
29
1 667
2 026
7
642
1 377
1 495
88
-1 438
172
317
2 604
2
-29
2 631
1
0
-74
0
-73
0
0
0
0
4 328
293
3 078
309
8 008
13 168
9
573
12 586
Income statement
Net interest income
Other income
Total income
of which internal income
Staff costs
Other expenses
Total expenses
Credit impairments
Operating profit
Tax expense
Profit for the period from discontinued
operations, after tax
1 446
265
166
121
1 998
5 133
1 734
1 211
2 510
10 588
5 133
1 734
1 211
2 510
10 588
5 126
1 734
1 211
2 510
10 581
Cash and balances with central banks

Loans to credit institutions
Loans to the public
Bonds and other interest-bearing securities
Financial assets for which customers bear inv. risk
Derivatives
Total tangible and intangible assets
Other assets
Total assets
0
39
1 097
0
144
3
0
3
4
1 290
3
0
136
1
3
0
0
11
27
181
4
326
273
67
0
0
107
0
39
816
349
60
5
97
0
4
51
2
697
1 265
0
-295
0
-5
0
0
-59
0
-717
-1 076
356
130
1 511
160
147
7
99
16
50
2 476
Amounts owed to credit institutions

Deposits and borrowings from the public
Debt securities in issue
Financial liabilities for which customers bear inv. risk
Derivatives
Other liabilities
Total liabilities
Allocated equity
59
484
0
145
0
546
0
1 234
56
1 290
0
159
0
3
0
0
0
162
19
181
200
141
18
0
110
326
0
795
21
816
111
177
906
0
32
-7
23
1 242
23
1 265
-203
-5
-8
0
-59
-801
0
-1 076
0
-1 076
167
956
916
148
83
64
23
2 357
119
2 476
19.7
0.43
-0.01
229
1 097
479
189
4 318
17.1
0.38
0.01
85
136
159
78
3 962
12.5
0.45
0.51
149
188
126
124
1 253
16.7
0.11
-0.27
0
0
172
22
4 514
0.0
0.00
0.00
0
0
0
0
0
17.4
0.38
0.08
152
1 421
936
413
14 047

Balance sheet, SEKbn
Key figures
Return on allocated equity, %
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Risk exposure amount, Basel 3, SEKbn
Full-time employees
Page 28 of 52
Jan-Jun
2015
SEKm
Swedish
Banking
Baltic
Banking
Large
Corporates &
Institutions
Group
Functions
& Other
Eliminations
Group
6 477
3 704
117
506
410
11 214
88
1 696
993
95
0
251
3 035
0
1 718
977
1 163
0
71
3 929
60
1 532
-126
-972
1
377
812
177
0
38
-1
0
-94
-57
-325
11 423
5 586
402
507
1 015
18 933
1 810
89
3 123
55
5 077
6 137
0
100
6 037
419
37
694
72
1 222
1 813
-1
-58
1 872
720
154
792
33
1 699
2 230
0
23
2 207
1 488
130
-1 535
191
274
538
38
0
500
0
0
-57
0
-57
0
0
0
0
4 437
410
3 017
351
8 215
10 718
37
65
10 616
1 280
1 195
269
-105
2 639
4 757
677
1 938
605
7 977
Income statement
Net interest income
Other income
Total income
of which internal income
Staff costs
Other expenses
Total expenses
Credit impairments
Operating profit
Tax expense
Profit for the period from discontinued
operations, after tax
17
17
4 757
677
1 938
622
7 994
4 749
677
1 938
622
7 986

Loans to the public
Financial assets for which customers bear inv. risk
Derivatives
Total tangible and intangible assets
Other assets
Total assets
0
44
1 052
0
154
3
0
3
5
1 261
2
0
126
1
3
0
0
11
18
161
5
312
249
69
0
0
103
0
35
773
231
186
0
150
0
2
49
2
746
1 366
0
-439
0
-9
-2
0
-56
0
-756
-1 262
238
103
1 427
211
155
5
96
16
48
2 299

Financial liabilities for which customers bear inv. risk
Derivatives
Other liabilities
Total liabilities
Allocated equity
84
433
2
156
0
534
0
1 209
52
1 261
0
138
0
3
0
0
0
141
20
161
227
126
17
0
99
283
0
752
21
773
269
125
843
0
33
50
25
1 345
21
1 366
-431
-6
-16
0
-56
-753
0
-1 262
0
-1 262
149
816
846
159
76
114
25
2 185
114
2 299
0.5
0.02
245.53
1052
428
186
186
4 671
0.4
-0.09
91.62
126
138
76
76
3 841
0.4
0.02
170.75
180
106
125
125
1 229
0.3
0.00
0.08
0
119
20
20
4 283
0.0
0.00
0.00
0
0
0
0
0
0.4
0.01
171.68
1358
791
407
407
14 024

Balance sheet, SEKbn
Key figures
Return on allocated equity, %
Cost/income ratio
Loans, SEKbn
Deposits, SEKbn
Risk exposure amount, Basel 3, SEKbn
Full-time employees
Page 29 of 52
Operating segments accounting policies

Operating segment reporting is based on Swedbanks accounting policies, organisation and management
accounting. Market-based transfer prices are applied between operating segments, while all expenses within
Group functions are transfer priced at cost to the operating segments. The net of services purchased and sold
internally is recognised as other expenses in the income statements of the operating segments. Cross-border
transfer pricing is applied according to OECD transfer pricing guidelines.
The Groups equity attributable to shareholders is allocated to each operating segment taking into account capital
adequacy rules and estimated capital requirements based on the banks Internal Capital Adequacy Assessment
Process (ICAAP). All equity is allocated.
The return on equity for the operating segments is based on operating profit less estimated tax and noncontrolling interests in relation to average allocated equity.
Note 5 Net interest income

Group
SEKm
Q2
2016
Q1
2016
Q2
2015
31
7 627
172
226
272
8 328
62
7 684
226
432
252
8 656
-50
-1
-24
-48
8
-4
97
8 386
361
-145
224
8 923
434
7 894
225
8 431
93
-6
-122
-331
-131
-3 096
-228
1 784
-164
-153
-2 157
-111
-310
-124
-3 104
-263
1 155
-186
-169
-2 819
5
-2 162
Net interest income

Net interest margin
Interest income
Loans to the public
Derivatives
Other
Total interest income
of which interest income reported in net gains and losses on
financial items at fair value
Interest income according to income statement
Interest expenses
of which deposit guarantee fees
Derivatives
Other
of which government stabilisation fund fee
Total interest expenses
of which interest income reported in net gains and losses on
financial items at fair value
Interest expense according to income statement
Jan-Jun
2016
Jan-Jun
2015
180
17 199
779
-1
480
18 637
-48
-11
-49
21
-7
93
15 311
398
658
524
16 984
104
8 819
-10
659
16 325
402
18 235
64
-10
10
7
6
0
-13
54
-12
-9
-23
-83
-333
-155
-3 553
-271
1 309
-204
-185
-3 135
47
-1
-15
-13
-16
36
-20
-17
-31
-233
-641
-255
-6 200
-491
2 939
-350
-322
-4 976
-148
-793
-310
-7 427
-492
2 369
-392
-360
-6 883
57
-19
-18
-17
0
24
-11
-11
-28
-11
-2 808
-23
-20
-3 115
-31
-6
-4 970
-71
-6 812
-92
-27
5 732
5 623
5 704
11 355
11 423
-1
1.02
1.01
1.01
1.02
Page 30 of 52
0.99
%
-68
-9
-52
9
-9
Note 6 Net commission income

Group
SEKm
Q2
2016
Q1
2016
Commission income
Payment processing
Card commissions
Service concepts
Asset management and custody fees
Life insurance
Brokerage and other securities
Corporate finance
Lending
Guarantees
Deposits
Real estate brokerage
Non-life insurance
Other commission income
Total commission income
427
1 173
131
1 278
166
133
147
245
54
31
70
16
140
4 011
425
1 056
128
1 263
161
136
18
235
51
35
46
14
115
3 683
Commission expenses
Payment processing
Card commissions
Service concepts
Asset management and custody fees
Life insurance
Brokerage and other securities
Lending and guarantees
Non-life insurance
Other commission expenses
Total commission expenses
-255
-517
-4
-286
-45
-59
-19
-3
-28
-1 216
-239
-403
-4
-278
-45
-16
-19
-3
-31
-1 038
2 795
2 645
Total Net commission income
Page 31 of 52
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
420
1 215
123
1 462
182
197
83
250
57
39
71
18
123
4 240
2
-3
7
-13
-9
-32
77
-2
-5
-21
-1
-11
14
-5
852
2 229
259
2 541
327
269
165
480
105
66
116
30
255
7 694
837
2 275
257
2 923
337
395
133
519
117
83
142
35
221
8 274
2
-2
1
-13
-3
-32
24
-8
-10
-20
-18
-14
15
-7
0
0
-10
17
-254
-616
-4
-337
-51
-79
-19
-3
-35
-1 398
0
-16
0
-15
-12
-25
0
0
-20
-13
-494
-920
-8
-564
-90
-75
-38
-6
-59
-2 254
-514
-1 109
-8
-663
-100
-150
-38
-5
-101
-2 688
-4
-17
0
-15
-10
-50
0
20
-42
-16
2 842
-2
5 440
5 586
-3
%
0
11
2
1
3
-2
4
6
-11
52
14
22
9
7
28
0
3
0
Note 7 Net gains and losses on financial items at fair value

Group
SEKm
Q2
2016
Q1
2016
Valuation category, fair value through profit or loss

Shares and share related derivatives
of which dividend
Interest-bearing securities and interest related derivatives
Loans to the public
Financial liabilities
Other financial instruments
Total fair value through profit or loss
567
47
241
-375
30
-162
301
143
-22
286
-172
-32
36
261
-87
1 393
-1 480
0
-87
Hedge accounting
Ineffective part in hedge accounting at fair value
of which hedging instruments
of which hedged items
Ineffective part in hedging of net investments in
foreign operations
Total hedge accounting
Loan receivables at amortised cost
Q2
2015
Jan-Jun
2015
710
25
527
-547
-2
-126
562
214
310
373
-1 288
60
9
-632
15
-82
3 356
-3 438
6
-58
-57
21
-4 991
5 012
-169
4 749
-4 918
-1
-3 546
3 545
0
-82
-6
15
0
-169
7
6
27
-16
42
33
-31
Trading related interest

Interest income
Interest expense
Total trading related interest
435
5
440
225
-11
214
Change in exchange rates
362
429
Total net gains and losses on financial items

at fair value
877
400
1 128
531
-251
-131
877
400
93
34
98
-79
55
-67
-87
Jan-Jun
2016
287
226
155
-1 137
233
3
-459
-181
Financial liabilities valued at amortised cost
24
-92
41
-58
75
80
-21
-212
-21
104
-20
84
660
-6
654
402
-71
331
64
-92
98
367
638
-42
82
1 277
402
424
1 659
1 192
39
-382
-790
-52
1 277
402
-16
-6
Distribution by business purpose

Financial instruments for trading related business
Financial instruments intended to be held to contractual
maturity
Total
Page 32 of 52
92
-342
82
-27
Note 8 Other expenses

Group
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Premises and rents

IT expenses
Telecommunications and postage
Advertising, PR and marketing
Consultants
Compensation to savings banks
Other purchased services
Security transport and alarm systems
Supplies
Travel
Entertainment
Repair/maintenance of inventories
Other expenses
Total other expenses
266
424
37
72
92
238
175
17
26
65
13
23
103
1 551
268
449
33
62
70
222
164
16
23
48
10
31
131
1 527
-1
-6
12
16
31
7
7
6
13
35
30
-26
-21
2
271
433
37
67
70
214
145
21
32
52
11
26
121
1 500
-2
-2
0
7
31
11
21
-19
-19
25
18
-12
-15
3
534
873
70
134
162
460
339
33
49
113
23
54
234
3 078
551
882
81
152
144
393
299
39
59
93
21
50
253
3 017
-3
-1
-14
-12
13
17
13
-15
-17
22
10
8
-8
2
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
522
3
77
-247
144
-77
599
-244
295
-161
52
5
530
5
-165
1
68
10
365
-9
125
124
37
-26
161
-45
322
-379
-59
-116
592
-391
-31
170
914
-770
-90
54
484
-277
-220
-13
0
538
-7
35
-2
6
-7
573
-2
65
0.14
0.01
0.00
0.08
0.01
Note 9 Credit impairments

Group
SEKm
Provision for loans individually assessed
as impaired
Provisions
Reversal of previous provisions
Provision for homogenous groups of impaired loans, net
Total
Portfolio provisions for loans individually assessed
as not impaired
Write-offs
Established losses
Utilisation of previous provisions
Recoveries
Total
Credit impairments for contingent liabilities and other
credit risk exposures
Credit impairments
Page 33 of 52
-46
-3
90
243
-128
-149
-34
33
-60
89
-59
Note 10 Loans
30 Jun 2016
Group
SEKm
31 Dec 2015
Loans after
provisions
Carrying
amount
30 Jun 2015
Loans after
provisions
Carrying
amount
%
53
-88
52
38
26
Loans before
provisions
Provisions
Loans after
provisions
Carrying
amount
110 164
2 218
13 369
3 945
129 696
0
0
0
0
0
110 164
2 218
13 369
3 945
129 696
74 024
387
10 655
1 352
86 418
49
50
72 058
18 877
8 822
2 856
102 613
897 175
750 108
106 242
40 825
526 526
65 341
44 688
24 798
21 963
30 664
13 599
31 296
9 076
6 690
14 628
222 365
65 218
92 028
40 745
24 374
23 608
17 810
937
633
36
268
2 281
112
326
61
80
237
35
706
35
14
110
248
56
70
41
81
206
111
896 238
749 475
106 206
40 557
524 245
65 229
44 362
24 737
21 883
30 427
13 564
30 590
9 041
6 676
14 518
222 117
65 162
91 958
40 704
24 293
23 402
17 699
863 734
722 802
101 608
39 324
506 830
64 707
41 942
25 650
19 580
30 508
12 639
29 744
7 088
5 666
13 167
219 406
61 139
90 575
44 502
23 190
21 269
15 464
4
4
5
3
3
1
6
-4
12
0
7
3
28
18
10
1
7
2
-9
5
10
14
852 123
715 184
100 796
36 143
506 008
73 750
42 351
26 813
17 329
34 111
12 291
29 530
7 608
5 488
11 241
208 820
53 863
90 930
41 577
22 450
17 045
19 631
5
5
5
12
4
-12
5
-8
26
-11
10
4
19
22
29
6
21
1
-2
8
37
-10
1 423 701

Banks
Repurchase agreements, banks
Other credit institutions
Repurchase agreements, other credit institutions
Loans to the public
Private customers
Private, mortgage
Housing cooperatives
Private,other
Corporate customers
Agriculture, forestry, fishing
Manufacturing
Public sector and utilities
Construction
Retail
Transportation
Shipping and offshore
Hotels and restaurants
Information and communications
Finance and insurance
Property management
Residential properties
Commercial
Industrial and Warehouse
Other
Professional services
Other corporate lending
Loans to the public excluding the Swedish National Debt
Office and repurchase agreements
25
3 218
1 420 483
1 370 564
1 358 131
Swedish National Debt Office

Repurchase agreements,
Repurchase agreements, public
Loans to the public
6 779
6 779
8 726
-22
1 925
6 279
77 549
1 514 308
0
0
3 218
6 279
77 549
1 511 090
1 817
32 848
1 413 955
1 755
65 004
1 426 815
19
6
Loans to the public and credit institutions
1 644 004
3 218
1 640 786
1 500 373
1 529 428
Page 34 of 52
Note 11 Impaired loans etc.

Group
SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
Impaired loans, gross

Provisions for individually assessed impaired loans
Provision for homogenous groups of impaired loans
5 548
1 480
564
6 035
1 883
541
-8
-21
4
5 580
1 367
674
-1
8
-16
Impaired loans, net

of which private customers
of which corporate customers
Portfolio provisions for loans individually assessed as not impaired
Share of impaired loans, gross, %
Share of impaired loans, net, %
Provision ratio for impaired loans, %
3 504
1 253
2 251
1 174
0.34
0.21
37
3 611
1 380
2 231
957
0.40
0.24
40
-3
-9
1
23
-15
-13
-8
3 539
1 606
1 933
1 051
0.36
0.23
37
-1
-22
16
12
-6
-9
0
58
56
55
3 862
2 299
786
299
478
3 581
2 127
819
424
211
8
8
-4
-29
4 430
2 603
964
380
483
-13
-12
-18
-21
-1
Total provision ratio for impaired loans, % 1)

Past due loans that are not impaired
of which past due 5-30 days
of which past due more than 90 days
1)
Total provision i.e. all provisions for claims in relation to impaired loans, gross.
Note 12 Assets taken over for protection of claims and cancelled leases
Group
SEKm
Buildings and land
Other property taken over
Total assets taken over for protection of claims
Cancelled leases
Total assets taken over for protection of claims
and cancelled leases
of which acquired by Ektornet group
30 Jun
2016
31 Dec
2015
296
3
135
434
9
408
17
6
431
10
443
213
30 Jun
2016
%
-27
-82
30 Jun
2015
%
-53
-84
1
-10
624
19
13
656
52
441
708
-37
311
-32
530
-60
31 Dec
2015
30 Jun
2015
91 237 956
-3 210 604
50 102 613
7 1 426 815
15
95 640
20
32 764
16 2 106 392
50
-24
26
6
4
-33
8
3
11
10
25 876
255 552
281 428
44
2
6
16 2 387 820
-34
-83
Note 13 Credit exposures

Group
SEKm
Assets
Loans to the public
Derivatives
Other financial assets
Total assets
356 146 186 312

160 236 165 162
129 696
86 418
1 511 090 1 413 955
99 314
86 107
22 092
18 424
2 278 574 1 956 378
Contingent liabilities and commitments

Guarantees
Commitments
Total contingent liabilities and commitments
37 213
260 294
297 507
Total credit exposures
35 958
235 312
271 270
2 576 081 2 227 648
Page 35 of 52
Note 14 Intangible assets

Group
SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
12 272
12 272
12 010
12 010
2
2
12 076
12 076
2
2
581
617
-6
805
-28
812
395
1 788
630
433
1 680
29
-9
6
623
482
1 910
30
-18
-6
14 060
13 690
13 986
With indefinite useful life

Goodwill
Total
With finite useful life
Customer base
Internally developed software
Other
Total
Total intangible assets
Impairment testing of intangible assets

The annual test in 2015 did not lead to any impairment. As of 30 June 2016 there were no indicators of impairment.
Note 15 Amounts owed to credit institutions

Group
SEKm
Central banks
Banks
Other credit institutions
Repurchase agreements - banks
Repurchase agreements - other credit institutions
30 Jun
2016
31 Dec
2015
30 921
124 583
2 022
9 346
0
166 872
7 704
140 462
1 508
3
816
150 493
30 Jun
2016
30 Jun
2015
11
13 328
127 939
1 784
4 416
1 218
148 685
31 Dec
2015
30 Jun
2015
427 186
509 167
398 718
345 268
7
47
384 668
406 776
11
25
936 353
743 986
26
791 444
18
3
0
19 438
955 794
1
0
4 284
748 271
28
1
0
24 810
816 255
-22
17
-11
34
-3
13
12
Note 16 Deposits and borrowings from the public

Group
SEKm
Deposits from the public
Private customers
Corporate customers
Deposits from the public excluding the Swedish National Debt Office
and repurchase agreements
Repurchase agreements - Swedish National Debt Office
Repurchase agreements - public
Page 36 of 52
Note 17 Debt securities in issue

Group
SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
Commercial paper
Covered bonds
Senior unsecured bonds
Structured retail bonds
Total debt securities in issue
165 872
568 232
166 710
14 893
915 707
107 046
550 669
154 244
14 576
826 535
55
3
8
2
11
156 550
537 221
138 275
14 382
846 428
6
6
21
4
8
Turnover during the period
Jan-Jun
2016
Full year
2015
Jan-Jun
2015
Opening balance
Issued
Repurchased
Repaid
Change in market value or in hedged item in fair value hedge accounting
Changes in exchange rates
Closing balance
826 535
835 012
567 113 1 164 181
-14 281
-39 857
-474 304 -1 112 847
3 599
-13 349
7 045
-6 605
915 707
826 535
-1
-51
-64
-57
835 012
523 925
-21 377
-477 938
-13 552
358
846 428
11
Note 18 Derivatives
The Group trades derivatives in the normal course of business and to hedge certain positions with regard
to the value of equities, interest rates and currencies.
Nominal amount 30 Jun 2016
Remaining contractual maturity
Group
SEKm
Derivatives in fair value hedges
Derivatives in portfolio fair value
hedges
Derivatives in cash flow hedges
Other derivatives
Gross amount
Offset amount
Total
Nominal amount
2016
2015
30 Jun
31 Dec
Positive fair value

2016
2015
30 Jun
31 Dec
Negative fair value

2016
2015
30 Jun
31 Dec
< 1 yr.
1-5 yrs.
> 5 yrs.
112 887
338 136
59 544
510 567
506 684
23 061
18 038
24
452
40 500
12 875
5 771 643
5 937 905
-2 132 326
3 805 579
86 350
1 302
3 188 648
3 614 436
-1 620 824
1 993 612
11 400
8 062
677 144
756 150
-322 532
433 618
138 250
22 239
9 637 435
10 308 491
-4 075 682
6 232 809
129 375
22 239
9 434 393
10 092 691
-3 647 376
6 445 315
0
0
100 131
123 192
-23 878
99 314
166
0
81 854
100 058
-13 951
86 107
2 963
1 682
103 921
108 590
-25 690
82 900
1 601
2 303
79 167
83 523
-14 842
68 681
The amounts offset for derivative assets and derivative liabilities include cash collateral offsets of SEK 2 780m and
SEK 967m, respectively.
Page 37 of 52
-1
8
-33
-1
Note 19 Financial instruments at fair value

30 Jun 2016
Group
SEKm
Assets
Financial assets covered by IAS 39
Treasury bills etc.
Loans to the public
Value change of interest hedged items in portfolio hedge
Bonds and interest-bearing securities
Financial assets for which the customers bear the investment risk
Shares and participating interest
Derivatives
Other financial assets
Total
Investment in associates
Non-financial assets
Fair
value
Carrying
amount
356 146
58 204
129 696
1 518 776
2 478
102 122
146 885
19 432
99 314
22 092
2 455 145
356 146
58 122
129 696
1 511 090
2 478
102 114
146 885
19 432
99 314
22 092
2 447 369
6 975
21 670
Total
Liabilities
Financial liabilities covered by IAS 39
Financial liabilities for which the customers bear the investment risk
Derivatives
Short positions securities
Other financial liabilities
Total
Non-financial liabilities
Assets
Treasury bills etc.
Loans to the public
Financial assets for which the customers bearthe investment risk
Derivatives
Total
Difference
Carrying
amount
0
82
0
7 686
0
8
0
0
0
0
7 776
186 312
76 628
86 418
1 419 486
1 009
88 618
153 442
11 074
86 107
18 424
2 127 518
186 312
76 552
86 418
1 413 955
1 009
88 610
153 442
11 074
86 107
18 424
2 121 903
5 382
21 569
2 476 014
168 201
955 779
924 123
147 595
23 214
82 900
16 757
36 605
2 355 174
Total
Group
30 Jun 2016
SEKm
31 Dec 2015
Fair
value
166 872
955 794
915 707
147 595
22 702
82 900
16 757
36 605
2 344 932
11 610
Difference
0
76
0
5 531
0
8
0
0
0
0
5 615
2 148 854
1 329
-15
8 416
0
512
0
0
0
10 242
2 356 542
150 302
748 254
832 196
157 836
24 627
68 681
8 191
31 597
2 021 683
150 493
748 271
826 535
157 836
24 613
68 681
8 191
31 597
2 016 217
9 297
-191
-17
5 661
0
14
0
0
0
5 466
2 025 514
Instruments with
quoted market
prices in active
markets
(Level 1)
Valuation
techniques
using
observable
market data
(Level 2)
Valuation
techniques
using nonobservable
market data
(Level 3)
Total
26 005
0
0
56 037
146 885
19 156
56
248 139
31 725
6 163
249 720
42 620
0
133
99 188
429 549
0
0
0
0
0
143
70
213
57 730
6 163
249 720
98 657
146 885
19 432
99 314
677 901
0
0
3 433
9 346
19 525
22 943
147 595
82 828
0
282 237
0
0
0
0
0
9 346
19 525
26 376
147 595
82 900
16 757
302 499
Liabilities
Financial liabilities for which the customers bearthe investment risk
Derivatives
Total
72
16 757
20 262
The table above contains financial instruments measured at fair value by valuation level. The Group uses various
methods to determine the fair value for financial instruments depending on the degree of observable market data in
the valuation and activity in the market. Activity is continuously evaluated by analyzing factors such as differences in
bid and ask prices.
The methods are divided into three different levels:
Level 1: Unadjusted, quoted price on an active market
Level 2: Adjusted, quoted price or valuation model with valuation parameters derived from an active market
Level 3: Valuation model where a majority of valuation parameters are non-observable and based on internal
assumptions.
When financial assets and financial liabilities in active markets have market risks that offset each other, an average of
bid and ask prices is used as a basis to determine the fair values of the risk positions that offset each other. For any
open net positions, bid rates are applied for long positions and ask rates for short positions.
Page 38 of 52
The Group has a continuous process whereby financial instruments that indicate a high level of internal estimates or
low level of observable market data are captured. The process determines the way to calculate and how the internal
assumptions are expected to affect the valuation. In cases where internal assumptions have a material impact on fair
value, the financial instrument is reported in level 3. The process also includes an analysis and evaluation based on
the quality of the valuation data as well as whether a type of financial instrument is to be transferred between levels.
When transfers occur between fair value hierarchy levels those are reflected as taking place at the end of each quarter.
There were no transfers of financial instruments between valuation levels 1 and 2 during the quarter.
Group
31 Dec 2015
SEKm
Instruments with
quoted market
prices in an
active market
(Level 1)
Valuation
techniques
using
observable
market data
(Level 2)
Valuation
techniques
using nonobservable
market data
(Level 3)
Total
24 650
0
0
59 213
153 442
10 908
166
248 379
51 434
1 739
230 976
25 479
0
93
85 827
395 548
0
0
0
0
0
73
114
187
76 084
1 739
230 976
84 692
153 442
11 074
86 107
644 114
0
0
1 509
0
28
8 191
9 728
816
4 447
18 914
157 836
68 653
0
250 666
0
0
0
0
0
0
0
816
4 447
20 423
157 836
68 681
8 191
260 394
Assets
Treasury bills etc.
Loans to the public
Financial assets for which the customers bearthe investment risk
Derivatives
Total
Liabilities
Financial liabilities for which the customers bearthe investment risk
Derivatives
Total
Changes in level 3
Assets
Group
SEKm
January-June 2016
Purchases
Received VISAInc. C shares
Sale of assets
Maturities
Transferred from Level 1 to Level 3
Gains or losses
of which in the income statement, net gains and losses on financial
items at fair value
of which changes in unrealised gains or losses
for items held at closing day
Equity
instruments
Derivatives
Total
73
3
63
-3
0
0
0
0
0
7
114
0
0
0
-13
0
2
0
-5
-28
187
3
63
-3
-13
0
2
0
-5
-21
-28
-21
17
143
-29
70
-12
213
Level 3 primarily contains unlisted equity instruments and illiquid options. In connection with the sale of shares in
VISA Europe convertible preference shares in VISA Inc. were obtained. The shares are subject to selling restrictions
for a period of up to 12 years and under certain conditions may have to be returned. Because liquid quotes are not
available for the instrument, its fair value is established with significant elements of own internal assumptions and
reported in level 3 as equity instruments.The options hedge changes in the market value of hybrid debt instruments,
so-called structured products. Structured products consist of a corresponding option element and a host contract,
which in principle is an ordinary interest-bearing bond. When the Group evaluates the level on which the financial
instruments are reported, the entire instrument is assessed on an individual basis. Since the bond portion of the
structured products represents the majority of the financial instruments fair value, the internal assumptions used to
value the illiquid option element normally do not have a significant effect on the valuation and the financial instrument
is typically reported in level 2. However, the Group typically hedges the market risks that arise in structured products
by holding individual options. The internal assumptions in the individual options are of greater significance to the
individual instrument and these are reported as derivatives in level 3.
For all options included in level 3 an analysis is performed based on historical movements in contract prices. Given
this, it is not likely that future price movements will affect the market value for options in level 3 with more than +/SEK 50m.
Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have changed
in significance to the valuation.
Page 39 of 52
Changes in level 3
Assets
Group
SEKm
Equity
instruments
Derivatives
Total
77
4
-18
0
0
0
-2
0
-3
81
0
0
-18
5
158
-36
0
-10
158
4
-18
-18
5
158
-38
0
-13
-10
-10
-3
58
0
180
-3
238
January-June 2015
Purchases
Sale of assets
Maturities
Issues
Gains or losses
of which in the income statement, net gains and losses on financial
items at fair value
of which changes in unrealised gains or losses
for items held at closing day
Note 20 Pledged collateral

Group
SEKm
30 Jun
2016
Loan receivables
Financial assets pledged for policyholders
Other assets pledged
Pledged collateral
31 Dec
2015
845 286
819 551
144 796
145 410
51 410
43 361
1 041 492 1 008 322
30 Jun
2015
3
801 783
0
148 910
19
57 067
3 1 007 760
5
-3
-10
3
Note 21 Offsetting financial assets and liabilities

Assets
Group
SEKm
Liabilities
30 Jun
31 Dec
2016
2015
30 Jun
2016
31 Dec
2015
Financial assets and liabilities, which have been offset or are subject to netting or
similar agreements
Gross amount
Offset amount
Net amounts presented in the balance sheet
213 921
-28 311
185 610
134 805
-16 950
117 855
59
67
57
140 527
-30 123
110 404
88 752
-17 841
70 911
58
69
56
Related amounts not offset in the balance sheet

Financial instruments, netting arrangements
Financial Instruments, collateral
Cash, collateral
Total amount not offset in the balance sheet
59 204
77 484
20 064
156 752
44 698
32 614
19 915
97 227
32
44 698
3 041
15 653
63 392
32
1
61
59 204
17 216
12 542
88 962
28 858
20 628
40
21 442
7 519
Net amount
-20
40
The amounts offset for financial assets and financial liabilities include cash collateral offsets of SEK 2 780m and SEK
967m, respectively.
Page 40 of 52
Note 22 Capital adequacy, consolidated situation

Capital adequacy
SEKm
Shareholders' equity according to the Group's balance sheet
Anticipated dividend
Deconsolidation of insurance companies
Value changes in own financial liabilities
Cash flow hedges
Additional value adjustments 1)
Goodwill
Deferred tax assets
Intangible assets
Net provisions for reported IRB credit exposures
Shares deducted from CET1 capital
Defined benefit pension fund assets 2)
Common Equity Tier 1 capital
Additional Tier 1 capital
Total Tier 1 capital
Tier 2 capital
Total capital
Minimum capital requirement for credit risks, standardised approach
Minimum capital requirement for credit risks, IRB
Minimum capital requirement for credit risk, default fund contribution
Minimum capital requirement for settlement risks
Minimum capital requirement for market risks
Trading book
of which VaR and SVaR
of which risks outside VaR and SVaR
FX risk other operations
Minimum capital requirement for credit value adjustment
Minimum capital requirement for operational risks
Additional minimum capital requirement, Article 3 CRR
Minimum capital requirement 3)
Risk exposure amount credit risks
Risk exposure amount settlement risks
30 Jun
2016
31 Dec
2015
30 Jun
2015
119 291
75
-7 936
-194
4
-71
-840
-12 360
-106
-1 530
-1 391
-40
0
94 902
9 651
104 553
12 315
116 868
4 313
22 183
2
0
908
893
123 163
54
-11 828
-1 249
31
-17
-474
-12 097
-95
-1 438
-1 089
-42
-993
93 926
10 624
104 550
13 269
117 819
3 823
20 732
4
1
858
848
113 949
51
-5 989
-949
-7
-11
-484
-12 166
-81
-1 629
-1 433
-44
0
91 207
10 495
101 702
12 969
114 671
3 913
21 535
4
0
1 412
1 379
552
525
704
341
15
622
4 972
69
33 069
331 223
323
10
594
5 047
69
31 128
306 996
675
33
605
5 071
0
32 540
318 147
11 345
7 786
62 152
860
413 366
10 730
7 422
63 083
860
389 098
17 648
7 567
63 389
0
406 754
23.0
24.1
22.4

25.3
28.3
26.9
30.3
25.0
28.2
30 Jun
2016
31 Dec
2015
30 Jun
2015
11.0
4.5
2.5
1.0
3.0
18.5
10.7
4.5
2.5
0.7
3.0
19.6
10.1
4.5
2.5
0.1
3.0
17.9
30 Jun
2016
31 Dec
2015
30 Jun
2015
73 591
118 259
44 668
68 577
118 908
50 331
70 531
116 104
45 573
30 Jun
2016
31 Dec
2015
30 Jun
2015
Risk exposure amount market risks

Risk exposure amount credit value adjustment
Risk exposure amount operational risks
Additional risk exposure amount, Article 3 CRR
Capital buffer requirement 4)

%
CET1 capital requirement including buffer requirements
of which minimum CET1 requirement
of which capital conservation buffer
of which countercyclical capital buffer
of which systemic risk buffer
CET 1 capital available to meet buffer requirement 5)
Capital adequacy Basel 1 floor
SEKm
Capital requirement Basel 1 floor
Own funds Basel 3 adjusted according to rules for Basel 1 floor
Surplus of capital according to Basel 1 floor
Leverage ratio 6)
Tier 1 Capital, SEKm
Leverage ratio exposure, SEKm
Leverage ratio, %
1)
2)
3)
4)
5)
6)
104 553
104 550
101 702
2 460 715
4.2
2 102 284
5.0
2 264 851
4.5
Adjustment due to the implementation of EBAs technical standards on prudent valuation. The objective of these standards is to
determine prudent values of fair valued positions.
Net pension assets.
Total minimum capital requirement under Pillar 1, i.e. 8% of total risk exposure amount.
Buffer requirement according to Swedish implementation of CRD IV.
CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any CET1 items used to
meet the Tier 1 and total capital requirements.
Calculated according to applicable regulation at each respective reporting date.
Page 41 of 52
The consolidated situation for Swedbank as of 30 June

2016 comprised the Swedbank Group with the
exception of insurance companies. The Entercard
Group was included as well through the proportionate
consolidation method.
The note contains the information made public
according to the Swedish Financial Supervisory
Authority Regulation FFFS 2014:12, chap. 8. Additional
Swedbank
Consolidated situation
Credit risk, IRB
SEKm
Institutional exposures
Corporate exposures
Retail exposures
of which mortgage
of which other
Securitisation
Non credit obligation
Total credit risks, IRB
1)
periodic information according to Regulation (EU) No

575/2013 of the European Parliament and of the Council
on supervisory requirements for credit institutions and
Implementing Regulation (EU) No 1423/2013 of the
European Commission can be found on Swedbanks
website: https://www.swedbank.com/investorrelations/financial-information-and-publications/riskreport/index.htm
Exposure
value
30 Jun
31 Dec
2016
2015
91 774
505 171
1 005 451
909 587
95 864
0
62 370
1 664 766
108 019
471 163
974 908
882 979
91 929
160
62 686
1 616 936
Page 42 of 52
Average
risk weighting, %
30 Jun
31 Dec
2016
2015
16
36
7
5
27
0
13
17
15
35
7
5
28
8
11
16
Minimun capital
requirement1)
30 Jun
31 Dec
2016
2015
1 156
14 671
5 721
3 635
2 086
0
635
22 183
1 305
13 213
5 670
3 641
2 029
1
543
20 732
Risk exposure amount and Own funds requirement, consolidated situation

30 Jun 2016
SEKm
Credit risks, STD
Central government or central banks exposures
Regional governments or local authorities exposures
Public sector entities exposures
Multilateral development banks exposures
International organisation exposures
Corporate exposures
Retail exposures
Exposures secured by mortgages on immovable property
Exposures in default
Exposures associated with particularly high risk
Exposures in the form of covered bonds
Items representing securitisation positions
Exposures to institutions and corporates with a short-term credit assessment
Exposures in the form of units or shares in collective investment undertakings
Equity exposures
Other items
Credit risks, IRB
Corporate exposures
of which specialized lending in category 1
Retail exposures
of which mortgage lending
of which other lending
Securitisation
Non-credit obligation
Credit risks, Default fund contribution
Settlement risks
Market risks
Trading book
Credit value adjustment
Operational risks
of which Standardised approach
Total
Credit risks
The Internal Ratings-Based Approach (IRB) is applied
within the Swedish part of Swedbanks consolidated
situation, including the branch offices in New York and
Oslo but excluding EnterCard, several small
subsidiaries and certain exposure classes such as
exposures to national governments and municipalities.
IRB is also applied for the majority of Swedbanks
exposure classes in the Baltic countries.
When it acts as clearing member, Swedbank calculates
a capital base requirement for its pre-funded, qualifying
and non-qualifying central counterparty default fund
contributions.
The standard approach is applied to exposures,
excluding capital requirements for default fund
contributions, which are not calculated according to IRB.
Minimum capital
requirement
4 313
34
27
4
0
0
62
732
1 431
177
43
0
1
0
0
0
1 552
250
22 183
1 156
14 671
1
22
52
50
0
5 721
3 635
2 086
0
635
2
0
908
893
552
341
15
622
4 972
4 972
69
33 069
approval of the SFSA. The parent company has

received such approval and uses its internal VaR model
for general interest rate risks, general and specific share
price risks and foreign exchange risks in the trading
book. The approval also covers operations in the Baltic
countries with respect to general interest rate risks and
foreign exchange risks in the trading book. Foreign
exchange risks outside the trading book, i.e. in other
operations, are mainly of a structural and strategic
nature and are less suited to a VaR model.
These risks are instead estimated according to the
standardised approach, as per the Groups internal
approach to managing these risks.
Strategic foreign exchange risks mainly arise through
risks associated with holdings in foreign operations.
Market risks
Under current regulations capital adequacy for market
risks can be based on either a standardised approach or
an internal Value at Risk model, which requires the
Risk exposure
amount
53 911
419
335
52
0
0
776
9 144
17 893
2 214
543
0
7
0
0
0
19 404
3 124
277 283
14 449
183 386
11
279
646
621
0
71 511
45 436
26 075
0
7 937
29
0
11 345
11 162
6 894
4 268
183
7 786
62 152
62 152
860
413 366
Page 43 of 52
The risk of a credit value adjustment is estimated

according to the standardised approach and was added
after the implementation of the new EU regulation
(CRR).
Operational risk
Basel 1 floor
Swedbank calculates operational risk using the

standardised approach. The SFSA has stated that
Swedbank meets the qualitative requirements to apply
this method.
The transition rules state that the minimum capital

requirement must not fall below 80 per cent of the
requirement according to the older Basel 1 rules.
Note 23 Internal capital requirement

This note provides information on the internal capital
assessment according to chapter 8, section 5 of the
SFSAs regulation on prudential requirements and
capital buffers (2014:12). The internal capital
assessment is published in the interim report according
to chapter 8, section 4 of the SFSAs regulation and
general advice on annual reports from credit institutions
and investment firms (2008:25).
exposed to by quantifying their impact on the income

statement and balance sheet as well as the capital base
and risk-weighted assets. The purpose is to ensure
efficient use of capital. The methodology serves as a
basis of proactive risk and capital management.
As of 30 June 2016 the internal capital assessment for
Swedbanks consolidated situation amounted to
SEK 31.6bn (SEK 30.6bn as of 31 March 2016). The
capital to meet the internal capital assessment, i.e. the
capital base, amounted to SEK 116.9 (SEK 116.0bn as
of 31 March 2016) (see Note 22). Swedbanks internal
capital assessment using its own models is not
comparable with the estimated capital requirement that
the SFSA releases quarterly.
A bank must identify, measure and manage the risks

with which its activities are associated and have
sufficient capital to cover these risks. The purpose of the
Internal Capital Adequacy Assessment process (ICAAP)
is to ensure that the bank is sufficiently capitalised to
cover its risks and to conduct and develop its business
activities. Swedbank applies its own models and
processes to evaluate its capital requirements for all
relevant risks. The models that serve as a basis for the
internal capital assessment evaluate the need for
economic capital over a one year horizon at a 99.9%
confidence level for each type of risk. Diversification
effects between various types of risks are not taken into
account in the calculation of economic capital.
The internally estimated capital requirement for the

parent company is SEK 24.1bn (SEK 24.2bn as of 31
March 2016) and the capital base is SEK 95.2bn (SEK
95.6bn as of 31 March 2016) (see Note Capital
adequacy for parent company).
In addition to what is stated in this interim report, risk
management and capital adequacy according to the
Basel 3 framework are described in more detail in
Swedbanks annual report for 2015 as well as in
Swedbanks yearly Risk and Capital Adequacy Report,
available on www.swedbank.com.
As a complement to the economic capital calculation,

scenario-based simulations and stress tests are
conducted at least once a year. The analyses provide
an overview of the most important risks Swedbank is
Note 24 Risks and uncertainties

Swedbanks earnings are affected by changes in
the global marketplace over which it has no control,
including macroeconomic factors such as GDP,
asset prices and unemployment as well as changes
in interest rates, equity prices and exchange rates.
In addition to what is stated in this interim report,

detailed descriptions are provided in Swedbanks
2015 annual report and in the annual disclosure on
risk management and capital adequacy according
to Basel 2 rules, available on www.swedbank.com
Effect on value of assets and liabilities in SEK and foreign currency, including derivatives
if interest rates increase by 100bp, 30 Jun 2016
Group
SEKm
< 5 years
5-10 years
>10 years
Total
Swedbank,
the Group
-1 575
-216
51
-1 740
of which SEK
of which foreign currency
-1 662
87
95
-311
-34
84
-1 601
-139
Of which financial instruments at fair value

reported through profit or loss
-429
-68
40
-457
of which SEK
of which foreign currency
-545
116
149
-217
-54
94
-450
-7
Page 44 of 52
Note 25 Related-party transactions

During the period normal business transactions were
executed between companies in the Group, including
other related companies such as associates. Partly
owned savings banks are major associates.
Note 26 Swedbanks share

30 Jun
2016
SWED A
Share price, SEK
Number of outstanding ordinary shares
Market capitalisation, SEKm
31 Dec
2015
175.70
187.10
1 110 731 820 1 105 403 750
195 156
206 821
30 Jun
2016
Number of outstanding shares

Issued shares
SWED A
31 Dec
2015
30 Jun
2015
-6
193.30
0 1 105 403 324
-6
213 674
-9
0
-9
30 Jun
2015
1 132 005 722 1 132 005 722 1 132 005 722
Repurchased shares
SWED A
-21 273 902
-26 601 972
-26 602 398
Repurchase of own shares for trading purposes

SWED A
Number of outstanding shares on the closing day
1 110 731 820 1 105 403 750 1 105 403 324
Within Swedbank's share-based compensation programme, Swedbank AB has during Q1 2016 transferred 4 914 049
shares, and during Q2 2016 transferred 414 021 shares at no cost to employees.
Q2
2016
Earnings per share

Average number of shares
Average number of shares before dilution
Q2
2015
1 110 547 108 1 108 099 462 1 105 122 231
Weighted average number of shares for potential ordinary shares that

incur a dilutive effect due to share-based compensation programme
Average number of shares after dilution
Q1
2016
5 142 135
6 688 182
8 470 089
1 115 689 244 1 114 787 644 1 113 592 320
Jan-Jun
2016
Jan-Jun
2015
1 109 323 285 1 104 379 248
6 147 713
9 187 405
1 115 470 998 1 113 566 653
Profit, SEKm
Profit for the period attributable to shareholders of Swedbank
6 270
4 311
3 666
10 581
7 986
Earnings for the purpose of calculating earnings per share
6 270
4 311
3 666
10 581
7 986
Earnings per share before dilution
5.65
3.89
3.32
9.54
7.23
Earnings per share after dilution
5.62
3.87
3.30
9.49
7.18
Earnings per share, SEK
Page 45 of 52
Swedbank AB
Parent company
SEKm
Q2
2016
Q1
2016
Interest income
Interest expenses
Net interest income
Dividends received
Commission income
Commission expenses
Other income
Total income
Staff costs
Other expenses
Depreciation/amortisation and impairments of tangible
and intangible fixed assets
Total expenses
3 772
-705
3 067
3 172
2 366
-771
1 595
879
360
9 073
1 940
1 113
3 986
-1 188
2 798
9 956
2 127
-665
1 462
-370
284
14 130
1 926
1 155
-5
-41
10
-68
11
16
9
1 099
4 152
4 921
Impairment of financial fixed assets

Credit impairments
Operating profit
Appropriations
Tax expense
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
8 252
-2 122
6 130
6 709
4 683
-1 690
2 993
-139
549
16 242
3 973
2 144
-6
-11
-4
96
-4
-15
2
0
-24
7
-37
-2
-14
5
27
-36
1
-4
3 785
-927
2 858
5 057
2 418
-893
1 525
-73
295
9 662
1 954
1 053
22
-6
-1
6
7 758
-1 893
5 865
13 128
4 493
-1 436
3 057
509
644
23 203
3 866
2 268
1 090
4 171
9 959
1
0
-51
1 020
4 027
5 635
8
3
-13
2 189
8 323
14 880
2 114
8 231
8 011
4
1
86
26
500
4 395
61
86
9 812
-57
-60
-20
87
586
14 207
102
81
7 828
-15
-55
65
43
5 527
0
598
3 797
0
302
9 510
98
-60
-17
-42
5 586
-32
0
900
13 307
-33
172
7 689
73
17
43
-3
6
81

Parent company
SEKm
Q2
2016
Q1
2016
Q2
2015
Jan-Jun
2016
Jan-Jun
2015
Profit for the period reported via income statement
3 797
9 510
-60
5 586
-32
13 307
7 689
73
Items that will not be reclassified to the income statement

Remeasurements of defined benefit pension plans
Income tax
0
0
0
0
-1
0
0
0
0
0
Total
-1
0
0
0
0
0
0
0
0
0
0
-2
-2
Total
Other comprehensive income for the period, net of tax
3 797
9 510
13 307
7 696
Items that may be reclassified to the income statement

Cash flow hedges:
net interest income
-Reclassification adjustments to income statement,
net gains and losses on financial items at fair value
Group contributions paid
Income tax
Page 46 of 52
-60
5 592
-32
73

Parent company
SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
Assets
Cash and balance with central banks
Loans to the public
Derivatives
Other assets
Total assets
310 767
131 859
500 408
425 095
476 464
416 482
153 584
157 412
75 359
70 325
111 246
98 300
41 667
39 595
1 669 495 1 339 068
203 649
18
430 334
14
437 461
-2
207 278
7
70 519
13
106 603
5
49 737
25 1 505 581
53
16
9
-26
7
4
-16
11
Liabilities and equity

Derivatives
Other liabilities and provisions
Untaxed reserves
Equity
257 826
220 983
790 087
599 476
346 795
275 845
117 310
98 508
45 760
32 240
22 702
24 613
10 021
10 021
78 994
77 382
1 669 495 1 339 068
17
222 413
32
667 952
26
307 086
19
107 357
42
95 461
-8
23 882
0
10 010
2
71 420
25 1 505 581
16
18
13
9
-52
-5
0
11
11
18
-4
0
9
-7
-65
5
2
Pledged collateral
Other assets pledged
Contingent liabilities
Commitments
47 895
3 517
577 371
225 160
Page 47 of 52
40 671
3 666
575 291
205 982
51 482
10 140
548 052
220 414

Parent company
SEKm
Share capital
Share
premium
reserve
Statutory
reserve
Cash flow
hedges
Retained
earnings
Total
January-June 2015
24 904
13 206
5 968
-3
31 907
75 982
Dividend
-12 539
-12 539
33
33

employees
227
227
-35
-35

employees
56
56
7 696
7 696
24 904
0
13 206
0
5 968
0
-3
0
27 345
0
71 420
0

January-December 2015
24 904
13 206
5 968
-3
31 907
75 982
Dividend
-12 539
-12 539
33
33

employees
employees
413
413
-34
-34
57
57
13 467
13 470
24 904
13 206
5 968
33 304
77 382
Closing balance 31 December 2015

January-June 2016
24 904
13 206
5 968
33 304
77 382
Dividend
-11 880
-11 880

employees
employees
208
208
-53
-53
30
30
0
24 904
0
13 206
0
5 968
0
0
13 307
34 916
13 307
78 994


Parent company
SEKm
Jan-Jun
2016
Full-year
2015
Jan-Jun
2015
Cash flow from operating activities

Cash flow from investing activities
Cash flow from financing activities
108 618
17 694
52 596
97 570
6 911
-46 424
140 548
7 744
-18 445
178 908
58 057
129 847
Cash and cash equivalents at beginning of period

131 859
178 908
73 802
58 057
73 802
129 847
Cash and cash equivalents at end of period
310 767
131 859
203 649
Page 48 of 52
Capital adequacy
Capital adequacy, Parent company
SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
Common Equity Tier 1 capital

Additional Tier 1 capital
Tier 1 capital
Tier 2 capital
Total capital
73 245
9 642
82 887
12 291
95 179
68 222
10 614
78 836
13 249
92 085
67 548
10 487
78 035
12 776
90 811
Minimum capital requirement1)
25 133
24 395
25 392
314 163
304 943
317 404
23.3
26.4
30.3
22.4
25.9
30.2
21.3
24.6
28.6
30 Jun
2016
31 Dec
2015
30 Jun
2015
8.3
4.5
2.5
1.3
18.8
7.9
4.5
2.5
0.9
17.9
7.1
4.5
2.5
0.1
16.8
Capital adequacy transition rules Basel 1 floor4)

SEKm
30 Jun
2016
31 Dec
2015
30 Jun
2015
Capital requirement Basel 1 floor

Own funds Basel 3 adjusted according to rules for Basel 1 floor
Surplus of capital according to Basel 1 floor
29 157
95 721
66 564
26 021
92 538
66 517
28 512
91 322
62 810
Leverage ratio 5)
%
30 Jun
2016
31 Dec
2015
30 Jun
2015
82 887
2 335 226
3.5
1 414 356
5.9
78 836
1 986 593
4.0
1 094 371
7.2
78 035
2 152 105
3.6
1 292 435
6.0

Capital buffer requirement2)
%
CET1 capital requirement including buffer requirements
of which minimum CET1 requirement
of which capital conservation buffer
of which countercyclical capital buffer
CET 1 capital available to meet buffer requirement 3)
Tier 1 Capital, SEKm

Total exposure, SEKm
Leverage ratio, %,
Total exposure taking into account CRR article 429.7 6), SEKm
Leverage ratio taking into account CRR article 429.7 6), %
1)
Buffer requirement according to Swedish implementation of CRD IV.
CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any
CET1 items used to meet the Tier 1 and total capital requirements.
4)
Basel 1 floor based on the higher of the Basel 3 capital requirement and 80% of Basel 1 capital requirement. In the
latter case the own funds is adjusted according to CRR article 500.4.
5)
Calculated according to applicable regulation at each respective reporting date.
6)
Taking into account potential exemption according to CRR article 429.7 excluding certain intragroup exposures.
2)
3)
Page 49 of 52
Risk exposure amount and own funds requirement, parent company

30 Jun 2016
SEKm
Credit risks, STD
Central government or central banks exposures
Regional governments or local authorities exposures
Public sector entities exposures
Multilateral development banks exposures
International organisation exposures
Corporate exposures
Retail exposures
Exposures secured by mortgages on immovable property
Exposures in default
Exposures associated with particularly high risk
Exposures in the form of covered bonds
Items representing securitisation positions
Exposures to institutions and corporates with a short-term credit assessment
Exposures in the form of units or shares in collective investment undertakings
Equity exposures
Other items
Credit risks, IRB
Corporate exposures
of which specialized lending
Retail exposures
of which mortgage lending
of which other lending
Securitisation
Non-credit obligation
Credit risks, Default fund contribution
Settlement risks
Market risks
Trading book
Operational risks
of which standardised approach
Total
Page 50 of 52
Risk exposure
amount
82 522
70
74
45
0
0
1 611
8 049
3 488
758
155
0
0
0
0
0
67 241
1 031
176 472
16 270
132 558
0
20 975
2 775
18 200
0
6 669
29
0
11 266
11 065
6 917
4 148
201
7 757
35 659
35 659
458
314 163
Minimum capital
requirement
6 602
6
6
4
0
0
129
644
279
61
12
0
0
0
0
0
5 379
82
14 118
1 302
10 605
0
1 678
222
1 456
0
533
2
0
901
885
553
332
16
620
2 853
2 853
37
25 133
Signatures of the Board of Directors and the President

The Board of Directors and the President hereby certify that the interim report for January-June 2016 provides a fair and
accurate overview of the operations, position and results of the parent company and the Group and describes the
significant risks and uncertainties faced by the parent company and the companies in the Group.
Stockholm, 20 July 2016
Lars Idermark
Chair
Ulrika Francke
Deputy Chair
Bodil Eriksson
Board Member
Gran Hedman
Board Member
Peter Norman
Board Member
Pia Rudengren
Board Member
Karl-Henrik Sundstrm
Board Member
Siv Svensson
Board Member
Camilla Linder
Board Member
Employee Representative
Roger Ljung
Board Member
Employee Representative
Birgitte Bonnesen
President and CEO
Review report
Introduction
We have reviewed the interim report for Swedbank AB (publ) for the period 1 January-30 June 2016. The Board of
Directors and the President are responsible for the preparation and presentation of this interim report in accordance with
IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a
conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 Review of
Interim Financial Information performed by the companys auditors. A review consists of making inquiries, primarily with
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 ISA and other generally accepted auditing
practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us
aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review
does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report for the Group is
not, in all material aspects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities
Companies and as regards the parent company in accordance the Annual Accounts Act for Credit Institutions and
Securities Companies.
Stockholm, 20 July 2016

Deloitte AB
Svante Forsberg
Authorised Public Accountant
Page 51 of 52
Publication of financial information

The Groups financial reports can be found on www.swedbank.com/ir
Financial calendar 2016
Interim report for the third quarter
Year-end report
25 October 2016
2 February 2017
For further information, please contact:

Birgitte Bonnesen
President and CEO
Telephone +46 70 815 04 90
Anders Karlsson
CFO
Telephone +46 8 585 938 77
+46 72 736 15 61
Gabriel Francke Rodau

Acting Head of Communications
Telephone +46 8 585 921 07
+46 70 144 89 66
Claes Warrn
Press Officer
Telephone +46 8 585 926 11
+46 70 375 00 54
Gregori Karamouzis
Head of Investor Relations
Telephone +46 8 585 930 31
+46 72 740 63 38
Information on Swedbanks strategy, values and share is also available on www.swedbank.com
Swedbank AB (publ)
Registration no. 502017-7753
Landsvgen 40
SE-105 34 Stockholm, Sweden
Telephone +46 8 585 900 00
www.swedbank.com
[email protected]
Page 52 of 52

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Interim report for the second quarter 2016

Net interest income

Net commission income

Net gains and losses on financial items at fair value 1)

Profit before impairments

Profit for the period attributable to the shareholders of Swedbank AB

Earnings per share, continuing operations, SEK, after dilution

Return on equity %, underlying business

Common Equity Tier 1 capital ratio, %

Credit impairment ratio, %

One-off tax expense of SEK 447m during second quarter 2015.

Swedbank Interim report Q2 2016

Swedbank Interim report Q2 2016

activity led to strong earnings during the quarter for

Second quarter 2016 compared with first quarter 2016

January-June 2016 compared with January-June 2015

Volume trend by product area

Credit and asset quality

Funding and liquidity

Capital and capital adequacy

Events after 30 June 2016

Large Corporates & Institutions

Group Functions & Other

Statement of comprehensive income, condensed

Balance sheet, condensed

Statement of changes in equity, condensed

Cash flow statement, condensed

Signatures of the Board of Directors and the President

Swedbank Interim report Q2 2016

Profit for the period from continuing operations

Net interest income

Profit for the period from discontinued operations, after tax

Profit for the period

Key ratios and data per share

Common Equity Tier 1 capital ratio, %

Total capital ratio, %

Liquidity coverage ratio (LCR), % 3)

Net stable funding ratio (NSFR), % 4)

Earnings per share before dilution,

Balance sheet data

Swedbank Interim report Q2 2016

Second quarter 2016

1) ROE excluding Visa income is considered an alternative performance measure

Profit before impairments amounted to SEK 7 850m

Income increased by 28 per cent during the quarter to

Net interest income increased by 2 per cent to

1) ROE excluding Visa income is considered an alternative performance measure

Changes in exchange rates raised profit by SEK 12m,

Income increased by 12 per cent to SEK 21 176m

management fees, which took full effect in 2016. Lower

Loans to the public excl.

Net gains and losses on financial items at fair value

Loans, private mortgage

Other income increased to SEK 3 104m (1 522) largely

Volume trend by product area

the Swedish National Debt Office

Lending to Swedish mortgage customers accounted for

Swedbank Interim report Q2 2016

Banking and Large Corporates & Institutions grew by

The card issuance business continued to grow. The