Nordnet's interim report for the period January-September 2014.
Highlights from the third quarter:
- Launch of the social investing network Shareville
- The Super funds available on all Nordic markets
- Continued strong underlying growth of customers and net savings
Nordnet's interim report for the period January-September 2014.
Highlights from the third quarter:
- Launch of the social investing network Shareville
- The Super funds available on all Nordic markets
- Continued strong underlying growth of customers and net savings
Roadshow, London, Jan Liden, CEO and Mikael Inglander, CFOSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Roadshow, London, Jan Liden, CEO and Mikael Inglander, CFOSwedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Here's our example of a kick-ass executive summary to catch the attention of investors. Here's our original blog post on this: http://massdmg.com/2012/02/5-steps-to-an-awesome-executive-summary/
Duane Schafer – Microsoft BI Practice Manager at Perficient answers the question, "How do I decide which technology to give to a specific user group?” Delivery options include: Traditional BI, Self-service BI, Collaboration and Management
How do I Raise Capital? - Lecture at University of OxfordSia Houchangnia
Dr Ricardo Schäfer and Sia Houchangnia from the Seedcamp investment team, were invited to give a lecture at the Oxford University Saïd Business School, as part of its flagship lecture series Building a Business. The lecture was given to 200 students interested in learning more about starting a business and the key principles of how to do so. The topic of this lecture is on How to Raise Capital.
The lecture was filmed and you can watch the video here:
https://youtu.be/KWjtRikKDLE?list=PLtXf43N26ZiefSYP5o2GmMnN6V_WYkUe3
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Danske Bank Nordic Bank Seminar, June 2010Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
EU to save banks but abandon state if Greece rejects austeritySEBgroup
The EU will save its banks but abandon the state if Greece rejects austerity in the upcoming vote on 17 June, SEB’s chief strategist Johan Javeus projects in a presentation where he outlines what might lie ahead for the recession-hit country. Recent opinion polls suggest the country will get a pro-austerity government, but the final outcome is far from certain and since Greek law does not allow more polls until the election, Europe will be flying blind for a couple of weeks.
Economic growth has led to lower employment and combined with earnings from abroad and remittances this has added a significant amount of funds to households’ disposable income in all three Baltic countries, SEB’s latest Baltic Household Outlook shows.
SEB sees 25 per cent chance of Riksbank cutSEBgroup
SEB’s experts see a 25 per cent chance the Riksbank will cut its repo rate by 25 basis points to 1.25 per cent at Wednesday’s rate decision. An investor survey done by SEB shows only 8 per cent of respondents foresee a rate cut and in an internal survey among SEB’s own fixed income traders and experts, 18 per cent says they believe the rate will be cut. The alternative to a cut is an unchanged repo rate.
SEB-report: EU financial transactions tax unlikely to passSEBgroup
The European Commission will present a proposal for a Tobin tax on financial transactions this autumn. Implementation of this tax is unlikely as both Sweden and the UK oppose it. It would be easier to find support for a stability levy, writes SEB economist Andreas Johnson in a note published Wednesday.
SEB:s Boprisindikator visar att hushållen är mindre positiva till bostadsmark...SEBgroup
Färre än tidigare tror på stigande bostadspriser och fler tror på fallande priser. Det visar SEB:s Boprisindikator för juni, som faller tillbaka jämfört med förra månaden.
Svenskarna är mindre nöjda med välfärden jämfört med sina nordiska grannar. Det visar SEB:s nya välfärdsindex som bygger på tolv olika frågor om tilltron till välfärdstjänster och trygghetssystemen.
In this edition of Fixed Income Insights, SEB's experts take a closer look at recent developments in the eurozone debt issue and conclude that the political system will continue to ensure a crisis is avoided. Market implications include continued upward pressure in intra-EMU spreads up until the EU summit in June, further macroeconomic concerns, volatility and lower risk appetite. With an acute crisis averted, the experts believe the ECB will continue to raise rates gradually, delivering its next hike in July followed by another in the fall.
The dollar has come under pressure as the Federal Reserve remains on hold for an extended period. SEB’s strategists say in the latest issue of Currency Strategy that it is likely that the dollar continues to remain weak. They do however note that we are closer to see the dollar finding some traction versus other G10 currencies. The bank’s experts forecast a slow grind lower in the euro/Swedish krona echange rate.
The savings stock of Swedes on December 31 2010 amounted to SEK 10,169 billion, an increase by 180 billion during the last quarter. Net savings during the quarter amounted to SEK 49 billion.
At SEB, sustainable development means building a sustainable business as a bank. In the Corporate Sustainability Report 2010 you can read more about what SEB has done and what priorities the bank has for the future. Sustainability is meant to become an integrated part of SEB business, a core competence by 2012. It is a very high ambition.
SEB-report: Consumption, exports boost eastern European economiesSEBgroup
Eastern European economies will strengthen in 2011 on the back of greater household purchasing power and competitive exports, states SEB's Eastern European Outlook released Wednesday. Overall, economic conditions will strengthen across the region over the next two years, with exports driving growth this year.
SEB's first take on the Japanese earthquakeSEBgroup
SEB’s experts believe effects on financial markets and the economy will be short lived while nuclear problems pose a big risk.
The economists have assembled a chart package on possible economic effects from the Japanese earth quake. Among others they have included charts on growth and financial markets after Kobe quake, hurricane Katrina 2005 and the 9-11 terror attacks 2001. There are also some charts on the Japanese energy sector, implications for oil prices and Japanese holdings of US bonds.
Their main scenario remains that the impact on growth will be limited and that central banks will hike according to plans. They also discuss a risk scenario for growth and central banks if the nuclear damage should deteriorate.
2. Highlights Q2 2016
Increased market uncertainty put
further pressure on interest rates
and equity markets
Robust capital position and
strong asset quality
Higher customer demand for risk
management services in a
volatile environment
2
3. Profit & Loss, (SEK m) H1 2016 H1 2015 % H1 2016 H1 2015 %
Total Operating income 20,838 23,436 -11 21,358 22,534 -5
Total Operating expenses -10,748 -11,002 -2 -16,697 -11,002 52
Profit before credit losses 10,090 12,434 -19 4,661 11,532 -60
Net credit losses etc. -581 -490 19 -581 -490 19
Operating profit 9,509 11,944 -20 4,080 11,042 -63
Underlying* Reported
Key figures Underlying *H1 2016 H1 2015 Reported H1 2016 H1 2015
Return on Equity, % 10.9 14.2 3.3 12.9
Cost/income ratio 0.52 0.47 0.78 0.49
Earnings per share, SEK 3.46 4.33 1.02 3.92
CET1 ratio B3, % 18.7 17.2
Leverage ratio B3, % 4.7 4.4
Credit loss level, % 0.07 0.06
* Note: Excluding one-off items: income of SEK -0.9bn in H1 2015, income of SEK +0.5bn and costs of SEK -5.9bn in H1 2016
Financial summary
3
4. Financial summary
Excl. one-off items*
* Note: Excluding one-offs of SEK -5.9bn in Q1 and +0.5bn in Q2
4
% Q2-15 %
Total Operating income 10,616 10,222 4 11,898 -11
Total Operating expenses -5,332 -5,416 -2 -5,518 -3
Profit before credit losses 5,284 4,806 10 6,380 -17
Net credit losses etc. -268 -313 -14 -226 19
Operating profit 5,016 4,493 12 6,154 -18
Q2-16 Q1-16
Profit and loss (SEK m)
4.6
4.1
1.7
0.2
45%
38%
15%
2%
Operating income by type, Q2 2016 vs. Q1 2016 (SEK bn)
Net interest
income
Net fee and
commissions
Net financial
income
Q1-16Q2-16 Q1-16Q2-16 Q1-16Q2-16
Income distribution 2016
Net other
income
Q1-16Q2-16
5. Net interest income development
SEK bn, excl. one-off*
Net interest income
Jan-Jun 2016 vs. Jan-Jun 2015
Net interest income type
Q2 2014 – Q2 2016
4.0 4.4 4.6
Q2-14 Q2-15 Q2-16
0.7
0.2
0.5
Q2-14 Q2-15 Q2-16
0.2 0.0
-0.4
Q2-14 Q2-15 Q2-16
Deposits
Funding & other
Lending
* Excluding SEK -82m Swiss withholding tax in Q2 2015.
9.7
9.3
Jan-Jun 2015 Jan-Jun 2016
-4%
5
6. 0.4 0.4 0.4
Q2 -14 Q2 -15 Q2-16
1.8 2.2 1.8
Q2-14 Q2-15 Q2-16
2.6 2.5 2.7
Q2-14 Q2-15 Q2-16
Custody and mutual funds
Payments, cards, lending, deposits & guarantees
Advisory, secondary markets and derivatives
1.3
2.1
0.8
Q2-14 Q2-15 Q2-16
Net fee and commission income development
SEK bn
Net fee and commissions
Jan-Jun 2016 vs. Jan-Jun 2015
Gross fee and commissions by income type
Q2 2014 – Q2 2016
-19%
9.9
8.0
Jan-Jun 2015 Jan-Jun 2016
Life insurance fees
6
7. 3.5
3.1
Jan-Jun 2015 Jan-Jun 2016
1.2
1.0
0.8
1.7 1.8
1.2
1.6
1.4
1.7
Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16
Net financial income development
SEK bn, excl. one-off*
NFI and total Markets result Q1 2013 – Q1 2015
Net financial income
Jan-Jun 2016 vs. Jan-Jun 2015
Net financial income development
Q2 2014 – Q2 2016
Reduced volatility
10
20
30
40
0
50
100
150
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
EUR 5Y CDS
VIX S&P 500 volatility
-12%
* Excluding SEK -820m Swiss withholding tax in Q2 2015.
7
8. Average quarterly income (SEK bn)
9.2 9.4 9.8 10.4 11.0 11.3
10.4
Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 Jan-Jun
2016
Average quarterly expenses (SEK bn)
5.8 5.9 5.7 5.6 5.5 5.5 5.4
Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 Jan-Jun
2016
Average quarterly profit before credit losses (SEK bn)
Notes: Excluding one-offs (restructuring in 2010, bond buy-back and IT impairment in 2012, sale of MasterCard shares and
Euroline in 2014, Swiss withholding tax in 2015, Goodwill impairment, other one-off cost items and SEB Baltic VISA transaction in
2016) . Estimated IAS 19 costs in 2010.
3.4 3.5 4.1
4.8 5.5 5.7
5.0
Avg 2010 Avg 2011 Avg 2012 Avg 2013 Avg 2014 Avg 2015 Jan-Jun
2016
Operating leverage
excluding one-offs
8
11. Example Transform: Delivery Highlights Q2 2016
Digitisation Tink
Youth App
Simplification
Channel
Transformation
New Private
Banking
Platform
Annual letters
digitised
Payment Infra
Centralised
German
Customers
migrated to
global
platform
New Fund
Account System
11
12. (SEK bn) 2009 2015 Jan-Jun 2016
Non-performing loans 28.6bn 8.0bn 8.0bn
NPL coverage ratio 65% 62% 64%
Net credit loss level 0.92% 0.06% 0.07%
Customer deposits 750bn 884bn 944bn
Liquidity resources >10% ~25% ~25%
Liquidity coverage ratio N.A. 128% 129%
CET 1 ratio (Basel 3) 11.7% 18.8% 18.7%
Total capital ratio (Basel 3) 14.7% 23.8% 23.5%
Leverage ratio (Basel 3) N.A. 4.9% 4.7%
Strong asset quality and balance sheet
Assetquality
Fundingand
liquidity
Capital
Basel 2.5
Basel 2.5
12
13. Going forward
Continued disciplined execution
Increased emphasis on resilience and long-term
perspective in challenging economic climate
Focus on meeting changing
customer behaviour
13