Anders Kvist
Ulf Grunnesjö


                    Investor
                presentation
                        2008




  ...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
SEB – the key to
North-European markets
SEB has…
  an attractive platform
  high customer satisfaction
  stable profit gro...
SEB history




          1800                            1900                         2000
                              ...
SEB’s market franchise
Customer segmentation, 2007                      Customer survey
Distribution of income
           ...
…with a different income mix
          0%   20%   40%   60%   80%   100%

                                              Ne...
SEB's franchise
Merchant Banking
● #1 Nordic stock broker
● #1 Nordic and Baltic investment bank
● #1 Nordic and Baltic ca...
Ratings of
  Skandinaviska Enskilda Banken AB
  Rating target set by SEB Board at AA

                     Moody’s        ...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
Highlights Q2 2008

  Income regained strength – second
  best quarter ever
  – High business activity
  – Limited portfol...
Key figures
                                                   Net Interest Income
 SEB Group                             ...
SEB Group
Operating profit, Income and Expenses
SEKm
                                                                     ...
Share of operating profit
    Jan – Jun 2008




                                                Wealth               Merc...
Operating profit per division
  Jan – Jun 2008 vs. Jan – Jun 2007               Excl.
  SEKm                              ...
High business activity – Merchant Banking
Merchant Banking: Operating Income              Portfolio valuations, SEKm
SEKm ...
High business activity – long-term savings
Swedish mutual funds: net inflows                      Life – Total sales
Jan-J...
High business activity – Retail Sweden
Retail Sweden household mortgages                       Retail Sweden, SME segment
...
SEB in Germany
 SEB in Germany: Operating profit             Retail Germany: Operating profit
 SEKm                       ...
Cost development


   ~4% total cost growth due to acquisitions, pensions and One IT Roadmap
   SEK 202m in efficiency gai...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
Credit exposure - on and off balance
SEK 1,631bn


          By geography                               By sector
        ...
Credit exposure
– on and off balance
 SEKbn

Jun 2008 (Dec 2007)        Nordic       German        Baltic       Total

Cor...
Corporate credit exposure – by industry
Total SEK 616bn

                                                                 ...
Property management – by geography
Credit exposure - Total SEK 229bn

                                                  Co...
Level of Net Credit Losses, %
(incl. change in collective provisions)

                                             Estoni...
Impaired loans and reserves
SEKm


                                  Dec 2005 Dec 2006 Dec 2007   Jun 2008
Impaired loans
...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
Baltic countries:
economic slowdown accelerates
Annual GDP growth
Per cent            Estonia          Latvia            L...
Credit losses increase in Estonia
Group credit exposure          Net credit losses (incl. change in collective provisions)...
Credit Exposure
     – Baltic Banks on and off balance
     SEKbn
        SEB Estonia                 SEB Latvia          ...
Development of lending market                      SEB
                                                         Swedbank
 ...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
SEB Bond Portfolio*
 30 June, 2008, SEKbn



                                                                 ABS
        ...
Bond investment portfolio – status
   30 June, 2008 (31 December, 2007)
Structured credits                     Financial i...
Bond investment portfolio – financial effects
   30 June, 2008, SEKm
Structured credits                             Financ...
Bond investment portfolio – strategy
      Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios
 ...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
A range of short and long term funding
options

  Short Term Funding programmes   Long Term Funding programmes
    CP Prog...
Funding structure
SEB Group, June 2008
SEK 1,605bn
                                                          Mortgage cove...
Deposit Development
Deposits from the public                                   Lending to the public
SEKbn                ...
Net liquidity position across maturities
      30 June, SEKbn

250
                                                       ...
Capital adequacy
     SEB Group
                        Core capital ratio, %            Total capital ratio, %
          ...
Looking ahead

                ●   Strong capital and liquidity
                ●   Top line growth
                ●   Co...
Outline

          Overview of the SEB Group

          Earnings

          Asset quality

          Baltics

          Bo...
Key figures
SEB Group
                                                        Change
                                 Q2  ...
Profit and loss account
Q2 2008 vs. Q2 2007
SEKm                                      Q2       Q2    Change   Excluding
  ...
Balance sheet
                                          Jun 2008    Mar 2008    Jun 2007
Cash and balances with central ba...
Economic forecasts
 SEB Forecasts          GDP (%)                            Inflation (%)
            2006 2007 2008 200...
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SEB Debt Investor Presentation Q2 2008 Anders Kvist

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SEB Debt Investor Presentation Q2 2008 Anders Kvist

  1. 1. Anders Kvist Ulf Grunnesjö Investor presentation 2008 1
  2. 2. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 2
  3. 3. SEB – the key to North-European markets SEB has… an attractive platform high customer satisfaction stable profit growth several leading positions ...a strong customer base 2,500 customers are large companies and financial institutions 400,000 SME customers 5 million private customers 3
  4. 4. SEB history 1800 1900 2000 2004 Codan – Denmark 2004 Codan – Denmark 1856 Stockholms Enskilda Bank 1972 Stockholms Enskilda Bank 1856 Stockholms Enskilda Bank founded and Skandinaviska Banken 2004 Bank Agio – founded 2004 Bank Agio – merge Ukraine Ukraine 1864 Skandinaviska Banken 1864 Skandinaviska Banken 1982 SEB International founded in Gothenburg 2005 Privatbanken founded in Gothenburg 2005 Privatbanken 1997 Trygg Hansa – Norway – Norway 1998 Acquisition of three 2006 SEB 150 years 2006 SEB 150 years Baltic banks 2007 Merger SEB BoLån 2007 Merger SEB BoLån 1999 BfG – Germany and SEB AB and SEB AB 2007 Factorial Bank - 2007 Factorial Bank - Ukraine Ukraine 4
  5. 5. SEB’s market franchise Customer segmentation, 2007 Customer survey Distribution of income 100 100% Important relation- 80% ships/ customers % 60% Large Institutional corporates clients and 40% Sweden banks – Nordic region 20% 0% 0 DnB NORDanske Nordea SHB Swedbank SEB Bank 100 Retail- Nordic Retail Germany 0 Retail-Baltic Retail GB/Ireland Difference from Merchant B AM 100 the average, % Life 5
  6. 6. …with a different income mix 0% 20% 40% 60% 80% 100% Net interest SEB income Net fee & Swedbank commissions SHB Net financial income Nordea Net life insurance income DnB NOR Net other income Danske Bank 6
  7. 7. SEB's franchise Merchant Banking ● #1 Nordic stock broker ● #1 Nordic and Baltic investment bank ● #1 Nordic and Baltic cash manager ● #1 Custody Nordic and Baltic markets ● #1 Scandinavian currencies Wealth Management ● #1 Nordic and Baltic private bank ● #2 Nordic asset manager Life and pension ● #1 Nordic unit-linked business Retail ● #2 Baltic region 7
  8. 8. Ratings of Skandinaviska Enskilda Banken AB Rating target set by SEB Board at AA Moody’s S&P Fitch DBRS Bank Senior Rating Short Term P-1 A-1 F-1 R-1 (middle) Long Term Aa2 A+ A+ AA (low) Outlook Positive Stable Stable Stable Last Action Outlook change Upgrade Outlook change Initial rating Date Jul-07 Oct-06 Jul-08 Dec-06 8
  9. 9. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 9
  10. 10. Highlights Q2 2008 Income regained strength – second best quarter ever – High business activity – Limited portfolio losses Strong capitalisation and liquidity Higher costs due to continued investments and sales activities Increased credit losses in Estonia 10
  11. 11. Key figures Net Interest Income SEB Group SEKbn Q2 Jan-Jun 4.4 4.4 4.2 3.9 3.9 2008 2008 Operating income 10,403 19,205 Of which: Net interest income 4,421 8,644 Net fee and commissions 3,909 7,710 Q2 -07 Q3 -07 Q4 -07 Q1 -08 Q2 -08 Net financial income 1,161 1,000 Operating profit Operating expenses 6,445 12,472 SEKbn 4.6* 4.6 Operating profit 3,507 5,917 3.7 3.5 3.8 Return on Equity, % 15.2 12.4 2.4 Cost / income ratio 0.62 0.65 Credit loss level, % 0.17 0.15 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Core capital ratio, % Basel II 8.64 8.64 * Including sales of Baltic properties of SEK 785m 11
  12. 12. SEB Group Operating profit, Income and Expenses SEKm Excluding portfolios Income Expenses Operating profit 6,000 12,000 ** 5,000 10,000 * 4,000 8,000 3,000 6,000 2,000 4,000 2,000 1,000 0 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 Cost/income ratio Return on equity SEB Group SEB Group, per cent Excluding portfolios C/I ratio Excluding portfolio losses 21.1 Return on Equity 20.8 0.69 0.65 0.65 0.62 19.3 0.58 15.8 0.57 15.5 14.7 0.62 0.62 13.2 15.2 0.55 9.6 2004 2005 2006 2007 Q1 2008 Q2 2008 2004 2005 2006 2007 Q1 2008 Q2 2008 * One-off charges of SEK 890m in Q4 2005 ** Including sales of Baltic properties in Q4 2007 of SEK 785m 12
  13. 13. Share of operating profit Jan – Jun 2008 Wealth Merchant Germany Life Management Sweden Banking 10% 14% 13% Lithuania 12% 42% 48% Latvia 6% 35% 2% 5% Estonia 5% 8% Finland Denmark Retail Banking Norway Geography - Adjusted for Other Divisions - Adjusted for Other 13
  14. 14. Operating profit per division Jan – Jun 2008 vs. Jan – Jun 2007 Excl. SEKm portfolio ROE Change losses vs. Jan-Jun 2007 Jan-Jun 2008 Merchant -31% (-8%) 15.6% (20.7%) Banking -17% 14.7% Retail Banking Wealth -32% 20.2% Jan-Jun 2008 Management Jan-Jun 2007 -18% 15.9% Life 0 1,000 2,000 3,000 4,000 14
  15. 15. High business activity – Merchant Banking Merchant Banking: Operating Income Portfolio valuations, SEKm SEKm Accumulated Q2 07 Q1 08 Q2 08 since Q2 08 Q3 07 2,000 Income -66 -2,707 Equity -56 -2,384 Total -122 -5,091 Portfolios 1,000 Q2 08 Available Held for 89% for sale trading 11% (MTM over (MTM over 0 income) equity) Trading & Corporate Global Capital Banking Transaction Markets Services 15
  16. 16. High business activity – long-term savings Swedish mutual funds: net inflows Life – Total sales Jan-Jun, SEKbn SEKbn 3.8 13.3 12.0 12.0 11.9 10.7 9.7 -3.0 -7.2 -8.5 -13.3 Q1-07 Q2 Q3 Q4 Q1-08 Q2 Robur SHB Nordea SEB Others Private Banking – Net sales SEKbn 5.8 4.9 4.1 3.5 2.9 2.6 Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 16
  17. 17. High business activity – Retail Sweden Retail Sweden household mortgages Retail Sweden, SME segment Lending, SEK billions Cash management customers (thousands) 90 207 201 196 189 183 176 173 80 + 5,200 70 60 Income growth +6% 50 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 2005 2006 2007 2008 Growth +2.3% +3.9% +3.1% +3.6% +2.3% +3.5% rates 17
  18. 18. SEB in Germany SEB in Germany: Operating profit Retail Germany: Operating profit SEKm SEKm 136 134 74 843 60 807 -22 189 -226 -244 H1 07 H2 H1 08 H1 05 H2 H1 06 H2 H1 07 H2 H1 08 SEB Group Operating profit Distribution of German Op. profit Other Jan – Jun 2008 Other Jan – Jun 2008 countries business 86% 91% 14% 9% Germany Retail Geography - Adjusted for Other 18
  19. 19. Cost development ~4% total cost growth due to acquisitions, pensions and One IT Roadmap SEK 202m in efficiency gains achieved in H1 Cost management program 2007 - 2009 Achieved Target SEK -748m SEK 1.5 – 2.0bn * 2007 2008 2009 2010 * 19
  20. 20. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 20
  21. 21. Credit exposure - on and off balance SEK 1,631bn By geography By sector Baltic Banks Public Corporate German administration 14% 11% 6% 24% 38% 28% 65% 14% Households Property Nordic management 21
  22. 22. Credit exposure – on and off balance SEKbn Jun 2008 (Dec 2007) Nordic German Baltic Total Corporates 447 (416) 84 (72) 85 (85) 616 (572) Property Management 111 (100) 92 (87) 25 (24) 229 (210) Households 314 (292) 91 (87) 58 (55) 463 (434) Public Administration 19 (18) 71 (66) 5 (3) 95 (88) Total non-banks 892 (826) 338 (312) 173 (166) 1,403 (1,304) Banks 175 (187) 50 (58) 3 (3) 227 (248) Total 1,067 (1,013) 388 (369) 176 (169) 1,631 (1,552) 22
  23. 23. Corporate credit exposure – by industry Total SEK 616bn 616 573 10% 19% 463 458 12% 10% 28% 18% 3% Finance and insurance Wholesale and retail Dec Dec Dec Jun Transportation Other service sectors 2005 2006 2007 2008 Construction Manufacturing Other 23
  24. 24. Property management – by geography Credit exposure - Total SEK 229bn Commercial Multi-family 6% 1% 2% 229 3% 210 192 191 Sweden 36% 82 Finland 75 Norway 81 91 Germany Estonia Latvia Lithuania 147 135 45% Other 110 101 3% 4% Dec Dec Dec Jun 2005 2006 2007 2008 24
  25. 25. Level of Net Credit Losses, % (incl. change in collective provisions) Estonia 1.68 Latvia 0.48 Lithuania 0.17 0.80 Baltics 0.73 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2003 2004 2005 2006 2007 Q1 Q2 2008* 2008* Germany Baltics Nordics SEB Group * Annualised 25
  26. 26. Impaired loans and reserves SEKm Dec 2005 Dec 2006 Dec 2007 Jun 2008 Impaired loans Non-performing, gross (60 days) 7,957 7,123 7,619 8,247 Performing, gross 1,144 1,403 772 846 Impaired loans, gross 9,101 8,526 8,391 9,093 Specific reserves 4,787 4,234 3,787 3,810 Collective reserves 2,283 2,170 2,602 2,696 Off-balance sheet reserves 268 215 209 170 Total reserves 7,338 6,619 6,598 6,676 Reserve ratio 77.7% 75.1% 76.1% 71.5% 26
  27. 27. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 27
  28. 28. Baltic countries: economic slowdown accelerates Annual GDP growth Per cent Estonia Latvia Lithuania 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 (f) 2009 (f) -5 Imports Year-on-year percentage change 60 60 50 50 40 40 The Baltics: Imports diving in 30 30 Estonia and Latvia 20 20 10 10 0 0 -10 -10 -20 -20 -30 -30 01 02 03 04 05 06 07 08 Estonia Latvia Lithuania Source: Reuters EcoWin 28
  29. 29. Credit losses increase in Estonia Group credit exposure Net credit losses (incl. change in collective provisions) Total exposure = SEK 1,631bn Q1 2007 - Q2 2008, SEKm 250 200 150 Non-Baltic 100 89% 50 0 Estonia Latvia Lithuania SEB Group excl. Baltics 60 days past due in SEB’s portfolio Per cent Estonia Latvia 2.0% Estonia 1.5% 3% Latvia 1.0% Lithuania 3% 0.5% 5% 0.0% Jun Dec Jun Dec Jun 2006 2007 2008 29
  30. 30. Credit Exposure – Baltic Banks on and off balance SEKbn SEB Estonia SEB Latvia SEB Lithuania Total 83 76 Banks 24 56 22 Public 50 51 42 Administration 41 41 13 12 11 Households 34 19 20 7 14 14 14 10 8 8 Property 5 5 43 8 41 4 35 Management 22 21 21 21 18 17 Corporate Dec Dec Jun '08 Dec Dec Jun '08 Dec Dec Jun '08 '06 '07 '06 '07 '06 '07 2006 2007 2008 1H 2006 2007 2008 1H 2006 2007 2008 1H +40% +18% +3% +47% +30% +8% +38% +17% +2% Growth rates in local currency 30
  31. 31. Development of lending market SEB Swedbank shares – Baltics DnB Nord Parex Banka Per cent, Dec 2004 – May 2008 Sampo Nordea Estonia* Latvia Lithuania 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% 0% * Swedbank & Sampo as per Q1 2008 31
  32. 32. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 32
  33. 33. SEB Bond Portfolio* 30 June, 2008, SEKbn ABS 18% Cover pool 24% Merchant Banking 193 Group Treasury 135 Other divisions 10 Corp, Financials Gov't etc 27% 10% Total 338 Covered bonds 21% *Net of short and fully matched positions; excluding holdings in the insurance business 33
  34. 34. Bond investment portfolio – status 30 June, 2008 (31 December, 2007) Structured credits Financial institutions Volume: SEK 61bn (71) Volume: SEK 53bn (55) AAA-rating: 97.2% (99.3) MTM losses on all financial holdings, not only investment banks MTM losses highly dependent on seniority, underlying assets and vintage Covered bonds etc. SEK 12bn (5) 2007 Q1 08 Q2 08 Acc MTM (SEKm) P/L -1,769 -872 -66 -2,707 Equity -698 -1,630 -56 -2,384 -2,467 -2,502 -122 -5,091 34
  35. 35. Bond investment portfolio – financial effects 30 June, 2008, SEKm Structured credits Financial institutions 2007 Q1 08 Q2 08 Acc 2007 Q1 08 Q2 08 Acc P/L -563 -78 -26 -667 P/L -1,056 -794 -41 -1,891 Equity -72 -438 -52 -561 Equity -626 -990 -15 -1,631 -635 -515 -78 -1,228 -1,682 -1,784 -66 -3,522 + Covered bonds etc accumulated -341 2007 Q1 08 Q2 08 Acc MTM (SEKm) P/L -1,769 -872 -66 -2,707 Equity -698 -1,630 -56 -2,384 -2,467 -2,502 -122 -5,091 35
  36. 36. Bond investment portfolio – strategy Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios Reduce subprime holdings, primarily in the HFT portfolio Reduce the credit spread risk through partial hedging (ITRAXX) Held for trading Available for sale SEK bn (MTM over income) (MTM over equity) Q1 08 Q2 08 Q4 07 51 49 43 41 30 29 26 29 26 20 10 11 11 5 4 3 1 0 Structured Financial Covered Structured Financial Covered Structured Financial Covered credits institutions bonds etc. credits institutions bonds etc. credits institutions bonds etc. 36
  37. 37. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 37
  38. 38. A range of short and long term funding options Short Term Funding programmes Long Term Funding programmes CP Programmes CD’s – Sweden – Yankee CD – France – London Branch – Global CP Senior unsecured bonds ECP – Germany – Sweden USCP Structured bonds US Extendible Covered bonds – Germany CD’s Public (Pfandbriefe) Mortgage (Pfandbriefe) – Yankee CD – Sweden (Säkerställda Obligationer) – London Branch Subordinated debt/Hybrid Tier 1 38
  39. 39. Funding structure SEB Group, June 2008 SEK 1,605bn Mortgage covered Schuldscheins and bonds, Sweden Reg Bonds CPs/CDs 9% 3% 9% Mortgage covered bonds, Germany 2% Deposits – General Public covered Public bonds, Germany 42% 8% Senior debt 4% Subordinated debt 3% Deposits – Interbank 20% * Over collateral within covered pools SEK 78bn 39
  40. 40. Deposit Development Deposits from the public Lending to the public SEKbn SEKbn 800 1,200 700 1,000 600 800 500 600 400 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2005 2006 2007 2008 2005 2006 2007 2008 Deposits to loans ratio Deposits to loans ratio 90% 70% 50% 30% 2001 2002 2003 2004 2005 2006 2007 Q2 2008 40
  41. 41. Net liquidity position across maturities 30 June, SEKbn 250 SEB is match- 200 funded approx. one year SEK 113bn in long-term funding 150 raised in H1 2008 Examples of transactions: 100 April: Euro covered bond at spread of 17 bps 50 May/June: Euro floating rate notes at spread of 48 bps 0 -50 1 week 2 weeks 4 weeks 2 months 3 months 4 months 5 months 6 months 9 months 12 months 41
  42. 42. Capital adequacy SEB Group Core capital ratio, % Total capital ratio, % Basel II Basel I 11.5 11.0 10.8 10.8 10.5 9.6% 10.3 10.2 Basel I 8.6 8.6 8.2 8.0 7.9 7.8 7.5 7.7% Dec Dec Dec Dec Dec Dec Jun 2002 2003 2004 2005 2006 2007 2008 SEKbn Capital base 52.7 54.7 58.7 76.2 85.8 93.0 93.8 Basel I Risk-w. Assets 503 535 570 704 741 842 871 972 42
  43. 43. Looking ahead ● Strong capital and liquidity ● Top line growth ● Continued investments ● Cost efficiency 43
  44. 44. Outline Overview of the SEB Group Earnings Asset quality Baltics Bond portfolios Funding and capitalisation Appendices 44
  45. 45. Key figures SEB Group Change Q2 Jan-Jun Q1 Q2 Jan-Jun SEKm 2008 2008 2008 2007 2007 Operating income 10,403 19,205 18% -3% -8% Operating expenses 6,445 12,472 7% 10% 7% Operating profit 3,507 5,917 46% -23% -32% Net profit 2,809 4,657 52% -20% -31% Return on Equity, % 15.2 12.4 9.6 20.7 19.8 Cost / income ratio 0.62 0.65 0.69 0.55 0.56 Credit loss level, % 0.17 0.15 0.13 0.12 0.11 Basel II Core capital ratio, % 8.64 8.64 8.85 8.45 8.45 Risk-weighted assets, SEKbn 871 871 817 783 783 45
  46. 46. Profit and loss account Q2 2008 vs. Q2 2007 SEKm Q2 Q2 Change Excluding 2008 2007 % portfolios Net interest income 4,421 3,939 12 Net fee and commissions 3,909 4,544 -14 Net financial income 1,161 1,345 -14 Net life insurance income 642 642 - Net other income 270 249 8 Total operating income 10,403 10,719 -3 -2% Staff costs -3,993 -3,774 6 Other expenses -2,098 -1,768 19 Depreciation of assets -354 -342 4 Total operating expenses -6,445 -5,884 10 Gain/loss tangible/intangible assets 1 -1 Net credit losses etc -452 -280 61 Operating profit 3,507 4,554 -23 -22% Net profit 2,809 3,522 -20 46
  47. 47. Balance sheet Jun 2008 Mar 2008 Jun 2007 Cash and balances with central banks 27,557 17,728 26,063 Loans to credit institutions 219,111 308,822 224,899 Loans to the public 1,132,374 1,098,597 1,047,546 Financial assets at fair value 597,723 694,111 682,881 Available-for-sale financial assets 247,245 196,848 134,115 Held-to-maturity investments 2,266 1,868 2,051 Investment in associates 1,361 1,314 1,122 Tangible and intangible assets 26,177 25,452 23,076 Other assets 50,335 53,823 45,955 Total assets 2,304,149 2,398,563 2,187,708 Deposits by credit institutions 397,601 455,707 413,283 Deposits and borrowings from the public 757,904 764,567 715,037 Liabilities to policyholders 211,938 213,046 218,958 Debt securities 506,564 499,622 454,651 Financial liabilities at fair value 229,285 256,961 198,920 Other liabilities 83,129 87,273 75,717 Provisions 1,265 1,338 1,747 Subordinated liabilities 41,664 42,990 39,094 Total equity 74,799 77,059 70,301 Total liabilities and equity 2,304,149 2,398,563 2,187,708 47
  48. 48. Economic forecasts SEB Forecasts GDP (%) Inflation (%) 2006 2007 2008 2009 2006 2007 2008 2009 Denmark* 3.6 1.9 1.0 0.7 1.9 1.7 3.0 2.5 Finland* 4.9 4.4 2.4 1.9 1.3 1.6 3.3 2.6 Norway 4.8 6.0 3.2 1.9 2.3 0.8 3.2 2.4 Sweden 4.4 2.9 2.1 1.3 1.4 2.2 3.6 2.6 Germany* 2.9 2.5 2.1 1.4 1.8 2.3 2.8 2.1 Euro zone* 2.9 2.6 1.6 1.1 2.2 2.1 3.5 2.2 Estonia* 11.2 7.1 -0.5 1.5 4.4 6.6 9.8 4.0 Latvia* 12.2 10.3 0.5 1.5 6.7 10.1 15.5 8.8 Lithuania* 7.7 8.8 5.5 4.0 3.8 5.8 11.5 8.0 Russia 7.4 8.1 7.3 6.5 9.7 9.0 13.0 10.0 Ukraine 7.0 7.3 6.0 5.5 9.1 12.8 20.6 13.4 Sources: National statistical agencies, SEB * Harmonised consumer price index 48
  49. 49. 49

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