Swedbank Q1 2006

Swedbank Q1 2006Jan Lidén,

President and CEO

2

Group results Q1SEK M Q1 2006 Q1 2005 Change, %Net interest income 3,777 3,939 – 4Net commissions 2,098 1,530 37Net gains and losses on financial items at fair value 260 377 – 31Other income 408 428 – 5Total income 6,543 6,274 4Staff costs – 1,812 – 1,697 7Profit-based staff costs – 292 – 183 60Other expenses – 1,546 – 1,453 6 Total expenses – 3,650 – 3,333 10Profit before loan losses 2,893 2,941 – 2Loan losses – 50 – 99 – 49Operating profit 2,843 2,842 0Tax & minorities – 573 – 754 – 24Profit for the period (attributable) 2,270 2,088 9

3

Net Interest Income –items affecting comparabilitySEK M

• Changes Q1 2006, – IFRS accrual of Baltic loan commissions -75– Accrual of Baltic loan book revaluation -96

• Q1 2005 (if restated)– KIAB -39– EnterCard -71

4

Net interest income 2,752 822 185 8Net commissions 1,040 352 326 382Other income 332 185 287 30Total income 4,124 – 5% 1,359 32% 798 51% 420 23%Staff costs – 998 – 352 – 290 – 73 Other expenses – 1,154 – 299 – 160 – 80 Total expenses – 2,152 – 8% – 651 39% – 450 61% – 153 2%Profit before loan losses 1,972 708 348 267Loan losses 6 – 57 4Operating profit 1,978 2% 651 25% 352 41% 267 39%Allocated equity 26,621 7,654 3,619 1,670Return on equity % 21.4 31.2 24.4 46.0

Changes refer to comparison with Q1 2005

Business area results Q1Asset

Swedish Baltic Swedbank Mgmt. &SEK M Banking Banking Markets Insurance

5

SEK M Q1 2006 Q1 2005 Change, %Net interest income 2,752 3,163 – 13 Net commissions 1,040 881 18Other income 332 284 17Total income 4,124 4,328 – 5Staff costs – 998 – 1,041 – 4Other expenses – 1,154 – 1,297 – 11Total expenses – 2,152 – 2,338 – 8 Profit before loan losses 1,972 1,990 – 1Loan losses 6 – 60Operating profit 1,978 1,930 2Allocated equity 26,621 24,501Return on equity % 21.4 22.7Total assets SEK bn 775 729

Swedish Banking results Q1

6

Swedish market sharesChange in percentage points

10%

31%

-8%Asset Management

+1%54%Individual Pension Savings*

-2%23%Equity linked bonds

+7%

+5%

19%

28%

Corporate loans

Private mortgages

Q1 06Market share

+8%Retail deposits

Changeyoy

New selling, March, 2006

Q1 05Market share

18%

23%

53%

25%

12%

23%

*As of December 31, 2005

7

Swedish mortgage margin pressure

7 bps

0.60

0.70

0.80

0.90

1.00

1.10

1.20

Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006

7 bps

* Spintab investment margins (See Spintab Q1 2006)** Spintab new contractual margins (total front book)

***

8

Swedish volume growth(SEK billion)

0

50

100

150

200

250

300

350

400

Q1 2006Q4 2005Q3 2005Q2 2005Q1 2005

Growth yoy

Deposits 5%

Fund management+31%

Lending to private individuals +10%

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SEK M Q1 2006 Q1 2005 Change, %Net interest income 822 652 26Net commissions 352 234 50Other income 185 142 30Total income 1,359 1,028 32Staff costs – 352 – 255 38 Other expenses – 299 – 213 40Total expenses – 651 – 468 39 Profit before loan losses 708 560 26Loan losses – 57 – 41 39 Operating profit 651 519 25Allocated equity 7,654 6,268Return on equity % 31.2 30.8Total assets SEK bn 143 94

Baltic Banking (Operations) results Q1

10

Baltic Banking growth Q1

Deposits

Lending

-22%-26121Russia

38%6691,749Lithuania

1,170

2,329

5,368

31.03.05

42%2,244Baltic

49%578Latvia

44%1,027Estonia

yoy%

yoychange

EUR inmillions

264

1,683

1,507

2,973

6,418

31.03.05

63%4,046Baltic

62%1,037Lithuania

99%263Russia

85%1,286Latvia

49%1,450Estonia

yoy%yoychange

EUR inmillions

95

2,418

1,748

3,356

7,612

31.03.06

527

2,721

2,793

4,424

10,464

31.03.06

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Baltic market shares

23%+1%25%

+5%36%*+2%54%*

+2%+2%13%*+1%51%*Corporate deposits

+4%

Changeyoy

39%

Market share

LithuaniaLatviaEstonia

29%*

Market share

63%*

Market share

-Retail deposits

Changeyoy

Changeyoy

0%0%51%Lending

44%Pension II

22%Corporate deposits

Changeyoy

Market share

LithuaniaLatviaEstoniaMarket share

Market share

-1%-1%Retail deposits

Changeyoy

Changeyoy

Stock March 2006

-1%

* As of February, 2006

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Lending

3.15%2.81%

3.22%

2.58%

2.06%1.96%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06

Estonia Latvia Lithuania

Deposits

1.11%

0.84%

1.74%

1.53%

1.15%

0.93%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06

Estonia Latvia Lithuania

Baltic Banking margins

13

Baltic Banking profit growthOperating profit (SEK M)

0

100

200

300

400

500

600

700

Q12006

Q42005

Q32005

Q22005

Q12005

Q42004

Q32004

Q22004

Q12004

Q42003

Q32003

Q22003

Q12003

Q42002

Q32002

Q22002

Q12002

+ 25% yoy

14

Profit growth in the four Baltic business units and in Swedish BankingQ1, 2006 vs. Q1, 2005, SEK M

319

195

115

9

2,245

Estonia Latvia Lithuania Russia Swedish Banking incl Asset Management

12%-73%35%85%28%

Operating profit and profit growth yoy

15

Group net commissions

SEK M Q1 2006 Q1 2005 Change, %Payment processing 602 587 3Lending commissions 129 89 45Brokerage 301 111Asset management 914 702 30Insurance commissions 118 96 23Other commissions 34 – 55Total commissions, net 2,098 1,530

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SEK M Q1 2006 Q1 2005 Change

Financial instruments classifiedas trading and derivatives 238 246 – 8Prepayment fees, loans and receivables 22 27 – 5Exchange rates effects 0 104 – 104Total 260 377 – 117

Group net profit on financial items at fair value

17

SEK M Q1 2006 Q1 2005 SEK M %Group 3,650 3,333 317 10 Staff costs 2,104 1,880 224 12Adminstrative expenses 1,391 1,317 74 5Depreciation/amortization 155 136 19 14

Staff costs 2,104 1,880 224 12Of which

Baltic Banking 351 255 96 38First Securities 125 125

Change

Group expenses

18

Baltic Banking expenses

5000

5500

6000

6500

7000

7500

8000

Q12006

Q42005

Q32005

Q22005

Q12005

Q42004

Q32004

Employees + 19% yoy(Cost/employee +16%)

80

90

100

110

120

130

140

150

160

170

180

Q12006

Q42005

Q32005

Q22005

Q12005

Q42004

Q32004

Expenses +39% yoyand staff costs +38%

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Tier 1 ratio

target6.5%6.7%

0%1%2%3%4%5%6%7%8%9%

2000

2001

2002

2003

2004

Q1-200

5Q2-2

005

Q3-200

5Q4-2

005

Q1-200

6

- 0.2% points yoy

20

Key figures

Q1 2006 Q1 2005Return on equity, % 16.6 18.5Earnings per share, SEK 4.41 4.07Equity per share, SEK 108.66 90.31C/I ratio before loan losses 0.56 0.53Loan loss ratio, net % 0.02 0.05Share of doubtful claims, % 0.09 0.18Provision ratio for doubtful claims, % 188 151Capital adequacy ratio, % 9.7 10.5Primary capital ratio, % 6.5 6.7

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Recent developments

• AGM decided change of name

• Mikael Inglander appointed CFO and Bengt-Erik Lindgren appointed Head of Stockholm Region, as of May 1, 2006

• Office in Shanghai being upgraded to branch

• St Petersburg opened on March 24, 2006

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Calendar of events 2006

• Q2 – August 10th

• Capital Markets Day – September 6th (in Stockholm)

• Q3 – October 26th

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Thank you!