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. SEB's organisation
President & CEO
Annika Falkengren
Group Credits & Internal Audit
Group Risk Control
Johan Andersson Agneta Brevenhag
Merchant Banking Retail Banking Wealth Life
Management
Magnus Carlsson Bo Magnusson Anders Mossberg
Fredrik Boheman
Business Support/Group Staff
Per-Arne Blomquist / Ingrid Engström / Hans Larsson
4
5. Share of operating profit
Jan – Mar 2008
Germany Wealth Merchant
Life
Management
Sweden Banking
Lithuania 4%
12%
12%
Latvia
16%
7%
32%
Estonia 1%
4%
Finland
58%
8%
40%
Denmark 6%
Norway
Retail Banking
Geography - Adjusted for Other
Divisions - Adjusted for Other
5
6. Ratings of SEB 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 Positive Stable
Last Action Outlook change Upgrade Outlook change Initial
rating
Date Jul-07 Oct-06 Jul-06 Dec-06
6
7. Key figures
SEB Group
Change
SEKm Excluding
Q1 Q1 portfolios
2008 2007 Q1 – Q1
Operating income 8,802 -14% -5%
Operating expenses -6,027 4%
Operating profit 2,410 - 42% -20%
Net profit 1,848 - 43%
Return on Equity, % 9.6 19.0 13.2
Cost / income ratio 0.69 0.57 0.62
Credit loss level, % 0.13 0.10
Core capital ratio, Basel II, %* 8.85 8.33
Core capital ratio, Basel I, % 7.96 7.87
RWA, Basel II, SEKbn 817 753
* Basel II including transitional rules
7
8. Key figures
SEB Group
Change
SEKm
Q1 Q4 Jan – Dec
2008 2007 2007
Operating income 8,802 -12% 40,440
Operating expenses -6,027 2% -23,194
Operating profit 2,410 -47% 17,01
Net profit 1,848 -51% 13,642
Return on Equity, % 9.6 20.2 19.3
Cost / income ratio 0.69 0.59 0.57
Credit loss level, % 0.13 0.13 0.11
Core capital ratio, Basel II, %* 8.85 892 8.63
Core capital ratio, Basel I, % 7.96 8.15 8.15
RWA, Basel II, SEKbn 817 8.63 842
* Basel II including transitional rules
8
9. Profit and loss account
Q1 2008 vs. Q1 2007
SEKm Q1 Q1 Change
2008 2007 %
Net interest income 4,223 3,767 12
Net fee and commissions 3,801 4,277 -11
Net financial income -161 1,311 -112
Net life insurance income 713 743 -4
Net other income 226 95 138
Total operating income 8,802 10,193 -14
Staff costs -3,899 -3,796 3
Other expenses -1,756 -1,678 5
Depreciation of assets -372 -328 13
Total operating expenses -6,027 -5,802 4
Gain/loss tangible/intangible assets 3 -
Net credit losses etc -368 -234 57
Operating profit 2,410 4,157 -42
Net profit 1,848 3,262 -43
9
10. Profit and loss account
Q1 2008 vs. Q4 2007
SEKm Q1 Q4 Change Jan – Dec
2008 2007 % 2007
Net interest income 4,223 4,375 -3 15,998
Net fee and commissions 3,801 4,129 -8 17,051
Net financial income -161 420 -138 3,239
Net life insurance income 713 766 -7 2,933
Net other income 226 345 -34 1,219
Total operating income 8,802 10,035 -12 40,440
Staff costs -3,899 -3,787 3 -14,921
Other expenses -1,756 -1,782 -1 -6,919
Depreciation of assets -372 -359 4 -1,354
Total operating expenses -6,027 -5,928 2 -23,194
Gain/loss tangible/intangible assets 3 787 -100 788
Net credit losses etc -368 -313 18 -1,016
Operating profit 2,410 4,581 -47 17,018
Net profit 1,848 3,757 -51 13,642
10
12. Net interest income analysis
SEB Group Q1 2007 vs. Q1 2008
SEKm
16
142
83
353
-138
4,223
3,767
Q1 2007 Lending Lending Deposit Deposit Funding & Q1 2008
margin volume margin volume other
12
13. Net interest income analysis
SEB Group Q4 2007 vs. Q1 2008
SEKm
86 -273
34 -71
72
4,375 4,223
Q4 2007 Lending Lending Deposit Deposit Funding & Q1 2008
margin volume margin volume other
13
14. Net interest and Net fee and
commission income
SEB Group, SEKm
5,000
4,000
3,000
2,000
1,000
0
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1-
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08
Net interest income Net fee and commissions
14
15. Fee and commission income
Gross quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm
Capital market driven
Non-capital
Value driven –
2,500 market driven
performance
driven
2,000 Securities
transaction
driven *
1,500
1,000 Deal
driven
500
0
New issues & Secondary Custody & Payment, cards, Other
advisory market & mutual funds structured
derivatives lending,
deposits,
* Q2 2006 adjusted for gross
commission on security lending, guarantees
SEK 200m
15
16. Net financial, Other and Life
insurance income
Quarterly development Q1 2004 – Q1 2008 SEB Group, SEKm
1,600
1,400
1,200
1,000
800
600
400
200
0
Net financial income Net life insurance income Net other income
-200
-400
16
17. Cost development per quarter
Quarterly development Q1 2004 – Q1 2008* SEB Group, SEKm
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000 **
500
0
Staff costs Other expenses Restructuring costs
* Include capitalisation of acquisition cost in Life from Q1 2005 – onwards
** One-off charges of SEK 890m in Q4 2005
17
18. Cost management
Total expenses, Q1 2008 vs. Q1 2007
SEK 625m
33
308 from the start
of 2007
46
177 260
79
6,027
5,802
Q1 2007 Inflation Investments Depreciation Variable Cost before Efficiency Redundancy Q1 2008
salaries efficiency gains cost
gains
18
19. Return on equity
SEB Group, per cent
20.8
19.3
13.2 excluding
15.8 * portfolios
14.7
9.6
2004 2005 2006 2007 Q1 2008
* 17.0 excluding one-off charges of SEK 890m in Q4 2005
19
20. Cost/income ratio
SEB Group
0.62 excluding
portfolios
* 0.69
0.65 0.65
0.58 0.57
2004 2005 2006 2007 Q1 2008
* 0.62 excluding one-off charges of SEK 890m in Q4 2005
20
23. Assets under management
SEB Group, SEKbn
Assets under management year-end 2007 1,370
Inflow 69 (5%)
Outflow -62 (-5%)
Acquisition/disposal net 17
Change in value -63 (-5%)
Assets under management March 2008 1,331 *
* Of which:
Retail Banking 85
Wealth Management 1,256
Life 443
23
24. SEB Group net inflow AuM
Jan – Mar 2008, SEKbn
-0.5
0.3 -2.5
2.6
7.3
7.2
Sweden Other Germany Baltic Other & Group
Nordic countries Elim
& Poland
24
25. Balance sheet
Mar 2008 Dec 2007 Mar 2007
Cash and balances with central banks 17,728 96,871 11,866
Loans to credit institutions 308,822 263,012 232,935
Loans to the public 1,098,597 1,067,341 1,016,519
Financial assets at fair value 694,111 661,223 684,290
Available-for-sale financial assets 196,848 170,137 125,166
Held-to-maturity investments 1,868 1,798 2,053
Asset held for sale / Discontinued operations 952
Investment in associates 1,314 1,257 1,134
Tangible and intangible assets 25,452 24,697 23,328
Other assets 53,823 58,126 37,879
Total assets 2,398,563 2,344,462 2,136,122
Deposits by credit institutions 455,707 421,348 427,367
Deposits and borrowings from the public 764,567 750,481 669,646
Liabilities to policyholders 213,046 225,916 213,289
Debt securities 499,622 510,564 457,442
Financial liabilities at fair value 256,961 216,390 174,757
Other liabilities 87,273 97,519 80,419
Provisions 1,338 1,536 1,863
Subordinated liabilities 42,990 43,989 45,325
Total equity 77,059 76,719 66,014
Total liabilities and equity 2,398,563 2,344,462 2,136,122
25
26. Relationship Deposits from and
Lending to the public 2001 – 2008
Deposits to loans ratio
100%
90%
80%
70%
60%
50%
40%
30%
2001 2002 2003 2004 2005 2006 2007 Q1
2008
26
27. Funding structure
SEB Group, March 2008
SEK 1,598bn
Schuldscheins and
Mortgage covered
CPs/CDs
Reg Bonds
bonds, Sweden
10%
2%
9%
Mortgage covered
bonds, Germany
Deposits – General
2%
Public
42%
Public covered
bonds, Sweden
7%
Senior debt
3%
Deposits –
Subordinated debt
Interbank
3%
22%
* Over collateral within covered pools SEK 60bn
27
28. Capital adequacy
SEB Group
Core capital ratio, % Total capital ratio, %
Basel II
Basel I
11.5 11.1
11.0
10.8
10.5 10.0%
10.3
10.2
Basel I
8.9
8.6
8.2
8.0
7.9 7.8 7.5 8.0 %
Dec Dec Dec Dec Dec Dec Mar
2002 2003 2004 2005 2006 2007 2008
SEKbn
Capital base 52.7 54.7 58.7 76.2 85.8 93.0 91.0
Basel I
Risk-w. Assets 503 535 570 704 741 842 817
909
28
30. Credit exposure
– on and off balance
SEKbn
Mar 2008 (Dec 2007) Nordic German Baltic Total
Corporates 425 (416) 73 (72) 84 (85) 581 (572)
Property
Management 104 (100) 85 (87) 24 (24) 213 (210)
Households 302 (292) 88 (87) 56 (55) 446 (434)
Public Administration 18 (18) 74 (66) 4 (3) 96 (88)
Total non-banks 849 (826) 320 (312) 168 (166) 1,336 (1,304)
Banks 199 (187) 68 (58) 2 (3) 269 (248)
Total 1,048 (1,013) 387 (369) 170 (169) 1,605 (1,552)
30
31. Credit exposure
– on and off balance
SEKbn
Dec-05 Dec-06 Dec-07 Mar-08
Corporates 494 485 572 581
Property Management 192 191 210 213
Households 319 374 434 446
Public Administration 125 97 88 96
Total non-banks 1,130 1,146 1,304 1,336
Banks 198 169 248 269
Total 1,328 1,315 1,552 1,605
31
32. Credit Exposure – on and off balance
SEB Baltic Banks, SEKbn
SEB Estonia SEB Latvia SEB Lithuania
78,6
76,4
23
22
56,3 Banks
51,1 50,6
13
41,4 41,1 11 11 Public
39,8
41,3
19 Administration
19 7
33,6
9
30,8 14 14
14 Households
25,0 5
10
8 7
10 5 5
8 41 42
7 4 35 Property
5 3
25
23 23 Management
21 20
17 18
14 14
Corporate
Dec Dec Dec Mar Dec Dec Dec Mar Dec Dec Dec Mar
'05 '06 '07 '08 '05 '06 '07 '08 '05 '06 '07 '08
2006 2007 Q1 2006 2007 Q1 2006 2007 Q1
+39% +19% +40% +18% -1% +47% +30% +3%
-1%
Growth rates adjusted for SEK/EUR changes
32
33. Credit exposure – Households
SEKbn
Mortgage Other
446
434
374
319 106
104
105
79
340
330
269
240
Dec 2005 Dec 2006 Dec 2007 Mar 2008
33
34. Credit exposure
– Property management
SEKbn
Commercial Multi-family
213
210
192 191
74
75
81
91
139
135
110
101
Dec 2005 Dec 2006 Dec 2007 Mar 2008
34
35. Credit exposure – Emerging markets
SEKbn Dec 2005 Dec 2006 Dec 2007 Mar 2008
Asia 9.4 8.2 10.0 10.8
China 3.0 3.0 3.9 4.7
Hong Kong 2.7 2.1 2.2 1.8
Korea 1.3 1.0 1.2 1.4
India 1.1 0.8 1.1 1.2
Latin America 1.7 1.4 1.9 1.8
Brazil 0.9 0.8 1.3 1.2
Eastern and Central Europe 4.7 5.2 9.2 8.6
Russia 2.9 2.6 5.2 4.5
Africa and Middle East 4.2 4.0 2.5 4.4
Saudi Arabia 0.5 0.6 0.4 1.3
Total – Gross 20.0 18.8 23.6 25.5
Reserves 0.4 0.3 0.1 0.1
Total – Net 19.6 18.5 23.4 25.4
% of Total Credit Portfolio 1.5% 1.4% 1.5% 1.6%
Note: SEB subsidiaries domiciled in emerging market countries, the domestic (i.e. non cross-border)
exposure is excluded from the above figures.
35
36. Impaired loans and reserves
SEKm
Dec 2005 Dec 2006 Dec 2007 Mar 2008
Impaired loans
Non-performing, gross (60 days) 7,957 7,123 7,619 7,775
Performing, gross 1,144 1,403 772 778
Impaired loans, gross 9,101 8,526 8,391 8,553
Specific reserves 4,787 4,234 3,787 3,669
Collective reserves 2,283 2,170 2,602 2,703
Off-balance sheet reserves 268 215 209 202
Total reserves 7,338 6,619 6,598 6,574
Reserve ratio 77.7% 75.1% 76.1% 74.5%
Specific reserve ratio 52.6% 49.7% 45.1% 42.9%
36
41. SEB Bond Portfolio*
31 March, 2008, SEK bn
ABS
18%
Cover pool
21%
Merchant Banking 222
Group Treasury 120
Other divisions 18 Financials
Corp,
22%
Gov't etc
Total 360 18%
Covered
bonds
21%
*Net of short and fully matched positions;
excluding holdings in the insurance business
41
43. Bond investment portfolio – status
31 March, 2008
Structured credits Financial institutions
Reduced volume: SEK 63bn (71) Unchanged volume: SEK 55bn (55)
AAA-rating: 98.3% (99.3) Rapid credit spread widening
MTM losses highly dependent on MTM losses on all financial holdings,
seniority, underlying assets and not only investment banks
vintage
Covered bonds etc. SEK 14bn (5)
Q3 07 Q4 07 Q1 08 Acc
MTM (SEKm) P/L -779 -990 -872 -2,641
Equity -291 -407 -1,630 -2,328
-1,070 -1,397 -2,502 -4,969
43
44. Bond investment portfolio – strategy
31 March, 2008, SEKbn
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)
Q1 08
Q4 07
41 43
SEK bn
30 29
26 29
26
Held for trading 20
(MTM over income)
11
5 Available for sale
3
(MTM over equity)
0
ABS Financial Covered ABS Financial Covered
institutions bonds etc. institutions bonds etc.
44
45. Distribution of Investment portfolio
31 March, 2008
Financial institutions Structured credits
SEK 55bn SEK 63bn Direct and
indirect
RMBS
exposure
DE 4% 35%
IT 6% SE 2%
FI 2%
NL 7% Sub
Other 8%
prime 3%
FR 10%
ABS
18%
CMO
13%
US 25%
ES 18%
CDO 7%
CMBS
7% CLO
UK 18% 17%
45
46. Main characteristics of structured
credits portfolio (ABS portfolio)
31 March, 2008
A high quality investment portfolio initiated 1998 with fixed income
securities eligible as central bank collateral
Total volume SEK 63bn (71) - # of positions 740 (748)
98.3% of the portfolio is rated Aaa/AAA
– 10 rating actions in our tranches since summer 2007 (Q1 08: #7)
by Moody’s and Standard & Poor’s
– Well diversified across products, asset classes and geographies
– Cash-flow based – only one synthetic transaction ($10.5m)
Mark-to-market prices applied to all 740 positions
– No level 3 assets
Current average remaining maturity ~4 years.
Current annual amortisation rate is SEK ~10 bn
46
47. Please note:
A restatement of the divisional financial reporting has
been carried out in conjunction with the Q1 2008
report as previously announced.
Please consult www.sebgroup.com for more
information.
Divisions
47
52. Summary per division
Jan – Mar 2008
Merchant Retail Wealth
Banking Banking Management Life Other Group
Operating profit, SEKm 1,008 1,254 509 368 -729 2,410
Business equity, SEKbn 27.0 25.3 ** 6.6 7.5 76.6 *
Return on equity, % 10.8 15.3 22.2 17.3 9.6
Cost / income ratio 0.65 0.62 0.57 0.61 0.69
RWA, SEKbn, Basel II 372 361 38 46 817
RWA, SEKbn, Basel I 441 395 27 46 909
Tax Rate 28% 23% 28% 12%
* Average shareholders' equity
** Where of Sweden 7.4bn Estonia 3.3bn, Latvia 3.1bn, Lithuania 4.4bn, Germany 4.5bn and Cards 2.6bn.
52
53. RoE and Cost/Income ratio per division
Return on Equity per division, per cent
50
40
30
20
10
0
Merchant Retail Banking Wealth Life* Group
Banking Management
Jan – Mar 2007 Jan – Mar 2008
Cost/income ratio per division
1.00
0.80
0.60
0.40
0.20
0.00
Merchant Retail Banking Wealth Life Group
Banking Management
Jan – Mar 2007 Jan – Mar 2008
* Based on operating result
53
54. Merchant Banking
Highlights
Magnus Carlsson
Head of
Operating profit of SEK 1,008m in
Merchant Banking
spite of weaker capital markets and
investment portfolio mark-to-market
losses of SEK 872m
Jan – Mar 2008 Δ 2007
SEKm
Increased volatility and lower risk
Total income 2,929 -29%
appetite but some recovery in
Interest, net 1,525 15% margins
Commission, net 1,241 -20%
After a very strong start to the year,
Financial, net 119 -90%
the worsened conditions in the
second part of the quarter eventually
Total expenses -1,895 -4%
had some chilling effect on investor
Credit losses, net -29 -73%
activity
Operating profit 1,008 -50%
Focus on growth investments
RoE, % 10.8 22.0 through internal efficiencies
C/I 0.65 0.48
54
59. Global Transaction Services
SEKm Income Expenses
900
800
700
600
500
400
300
200
100
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
Operating profit
400
300
200
100
0
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
2007 and 2008 including Baltics
59
60. Custody volume development
Assets under custody, SEKbn No of transactions/day
7,000 160,000
140,000
6,000
120,000
5,000
100,000
4,000
80,000
3,000
60,000
2,000
40,000
1,000 20,000
0
0
2004 2005 2006 2007 2008
60
61. Merchant Banking
Market shares Nordic & Baltic Stock Exchanges Q1 2008*
SEB
8.5%
Enskilda
Glitnir 6.0%
Carnegie 4.4%
Evli 3.1%
Danske 2.5%
*Source: The Nordic Stock exchanges
61
62. Merchant Banking
Syndicated loans, 12-months rolling
Swedish syndicated loans league Nordic syndicated loans league
(and bookrunner %) (and bookrunner %)
Apr 2007 – Mar 2008 Apr 2007 – Mar 2008
EUR 0 4 8 12 16
EUR 0 2 4 6
bn
bn
Nordea 17,6%
18.5%
SEB
17.1%
SHB 10.9%
Citi
13.7%
Citi DnB NOR 9.5%
13.6%
RBS 6,1%
RBS
4.1%
Nordea
5,7%
SHB
2.0%
BNP
5,6%
SEB
Source: Dealogic Analytics
62
63. Merchant Banking– Recent rankings
World’s Best Developed Market Banks 2008, no. 1 in Sweden
April 2008 World’s Best Emerging Market Banks 2008 Central and Eastern Europe, no. 1 in Latvia
and Lithuania
February 2008 Best Arranger Structured Products, Sweden
Euroweek February 2008 Best Arranger Nordic Loans, Syndicated Loans and Leveraged Finance Awards 2007
Prospera January 2008 No.1 stockbroker in the Nordic region
Global Finance Best Bank for Cash, Liquidity and Risk Management, Nordic Region
January 2008 Best Trade Finance bank, Nordic Region, Sweden and Lithuania
Best Foreign Exchange Bank and Provider in the Nordic countries and Lithuania
TMI Best bank for Cash Management, Nordic Region
January 2008
Best Bank for supply Chain Finance, Nordic Region
FX Week January 2008 Best bank for international currency forecasts in 2007
Global Custodian November 2007 Top rated in Central and Eastern Europe (2007 Emerging Markets Agent Bank Review)
October 2007 Top rated in all four Nordic markets (2007 Major Market Agent Bank Review )
Euromoney No. 1 for Overall Customer Satisfaction in Europe (No.2 globally)
October 2007 No. 1 Globally in level of commitment to Cash Management Business
No. 9 Globally in market share for International Cash Management
Euromoney Best at commercial real estate banking, Nordic and Baltic region
September 2007
Best at commercial real estate investment banking, Nordic and Baltic region
Prospera September 2007 No.1 for corporate finance in the Nordic region
Best for cash management in Nordic-Baltic region
Euromoney Best for investor services in Nordic-Baltic region
July 2007
Best equities house in Nordic-Baltic region
Best for FX in Nordic-Baltic Region
Extel June 2007 Best research house in the Nordic countries
Risk Magazine March 2007 Best derivatives dealer in Sweden
63
64. Retail Banking
Highlights
Bo Magnusson
Head of
Strong net interest income across all
Retail Banking
business areas offsets lower security-
related fees, income +5%
Profit before credit losses +3%
Jan – Mar 2008 Δ 2007
SEKm
Decrease in operating profit due to
Total income 4,100 5%
higher credit losses, mainly driven by
Interest, net 2,551 12% increased provisions in Estonia
Commission, net 1,431 -6%
Re-branding to SEB completed in
Estonia, Latvia, Lithuania
Total expenses -2,535 6%
SEB Way ongoing across division,
Credit losses, net -311 155%
further increased sales focus going
Operating profit 1,254 -11%
forward
RoE, % 15.3 17.5
C/I 0.62 0.61
64
66. Share of income and result by area
Jan – Mar 2008, per cent of total
Income Operating profit
Cards Cards
Sweden
Sweden
15%
14%
Lithuania
37%
13% 46%
Lithuania
Latvia 8% 24%
8% 11% 1%
20% 3%
Estonia Latvia
Germany
Estonia Germany
66
67. Business volume development by area
SEKbn Q1 2008 change vs. Q1 2007 (local currency)
Other lending Deposits
Mortgages
59 145 12%
227 12%
Sweden 11%
22 45 15%
-2% 4%
61
Germany
20
28 10%
19% 12%
Estonia 14
17
25 10%
15% 8%
Latvia 10
30
48 10%
59% 26%
Lithuania 13
Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes
67
68. Deposit breakdown Transaction account private
Percent of total deposits Transaction account corporate & public
13%
25%
41%21%
Savings account private
Savings account corporate & public
Retail Total Sweden Germany
2%
8% 8%
17%
26%
36%
58%
24%
42%
51%
24% 4%
Estonia Latvia Lithuania
9%
17% 20% 20% 20% 24%
31%
19%
24%
36%
44% 36%
68
69. Development of lending market SEB
Swedbank
shares – Baltics DnB Nord
Parex Banka
Per cent, Dec 2004 – Feb 2008 Sampo
Nordea
Estonia* Latvia Lithuania
50% 50%
50%
40% 40%
40%
30% 30%
30%
20%
20%
20%
10%
10%
10%
0%
0%
0%
* Hansabank & Sampo as per Dec 2007
69
70. Retail Sweden
Δ 2007
SEKm Jan – Mar 2008 Highlights
Total income 1,545 1% Strong net interest income offsets
decreasing security-related fees
Interest, net 1,085 8%
Stable mortgage margins and
Commission, net 393 -15%
continued volume growth
Total expenses -962 6% 1,900 new SME customers
(1,300 Q1 2007)
Credit losses, net -10 -62%
Insurance sales +20% compared to
Operating profit 573 -5%
Q1 2007
Expenses affected by increased
RoE, % 22.3 24.0
pension cost
C/I 0.62 0.59
Total lending 285,862 +12%
Total deposits 144,657 +12%
70
76. Retail Germany
Δ 2007 Highlights
SEKm Jan – Mar 2008
Total income 824 -3% Reduced profitability due to lower
customer activity within securities-
Interest, net 480 2%
related-areas
Commission, net 340 -9%
Higher sales of mortgages (+25%) and
consumer lending (+5%) vs. Q1 2007
Total expenses -759 1%
Successful campaign for custody
Credit losses, net -27 -13%
account attracting 5,000 new accounts
Operating profit 38 -44%
(+35% vs. year-end 2007)
New account product launched
RoE, % 2.7 5.1
receiving significant media attention
C/I 0.92 0.88
Total lending 80,906 -4%
Total deposits 46,829 10%
76
77. Business volume development
Retail Germany, EURbn
Other lending
Mortgages* Deposits
8 8 8
7 7 7
6 6 6
5 5 5
4 4 4
3 3 3
2 2 2
1 1 1
0
0 0
Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1
Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4Q1 Q2 Q3Q4Q1
-05 -06 -07 -08
-05 -06 -07 -08 -05 -06 -07 -08
Figures above present Mortgage, lending and deposits from private individuals and SME
* Effected by amortizations on large historical sales volumes, partly sold through external sales organizations
77
79. Retail Estonia
Δ 2007
SEKm Jan – Mar 2008 Highlights
Total income 309 3% Lower business activity than
precedent quarters
Interest, net 211 4%
Credit growth -1% during quarter,
Commission, net 86 6%
decreasing lending market share
Higher loan losses due to collective
Total expenses -136 25%
credit provisions
Credit losses, net -166 1300%
Strong focus on credit quality,
Operating profit 7 -96% including increase of loans overdue
Cost increase affected by real
RoE, % 0.7 17.3 estate sale Q4 2007, continued
C/I 0.44 0.36 investments in sales capacity, and
high salary inflation
Re-branding to SEB completed
Total lending 42,282 +14%
SEB Way ongoing
Total deposits 20,325 +11%
79
80. Business volume development
Retail Estonia, EURbn Corporate
Private
Mortgages Other lending Deposits
3 3
3
2 2
2
1
1 1
0
0 0
Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1
Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1
-05 -06 -07 -08
-05 -06 -07 -08 -05 -06 -07 -08
Mortgages defined as home loans to
private individuals
Note: Figures include SEB:s large corporate business volumes
80
82. Retail Latvia
Δ 2007
SEKm Jan – Mar 2008 Highlights
Lower business activity than precedent
Total income 327 23%
quarters
Interest, net 273 43%
Credit growth -1% during quarter,
Commission, net 44 -41%
decreasing lending market share
Strong focus on credit quality, including
Total expenses -150 22% increase of loans overdue
Credit losses, net -38 376% Continued strong focus on long-term
savings, structured deposit volumes
Operating profit 139 4%
+30% during Q1
Cost increase affected by real estate
RoE, % 15.3 14.3
sale Q4 2007, continued investments
C/I 0.46 0.46 in sales capacity, and high salary
inflation
Total lending 35,604 +13% Re-branding to SEB completed
Total deposits 17,484 +12% SEB Way ongoing
82
83. Business volume development
Corporate
Retail Latvia, EURbn
Private
Other lending
Mortgages Deposits
3 3
3
2
2 2
1
1
1
0
0
0
Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1
Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1
Q1 Q2Q3 Q4 Q1 Q2Q3Q4 Q1 Q2 Q3Q4 Q1
-05 -06 -07 -08
-05 -06 -07 -08
-05 -06 -07 -08
Mortgages defined as home loans to
private individuals
Note: Figures include SEB:s large corporate business volumes
83
84. Market share development
Retail Latvia February, per cent Corporate
Private
Mortgages Deposits
20 20
15 15
10
10
5
5
0
0
Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3Q4Q1
Q1 Q2Q3Q4 Q1 Q2Q3Q4Q1 Q2Q3Q4Q1
-05 -06 -07 -08
-05 -06 -07 -08
Mortgage market share for home loans
to private individuals
84
85. Retail Lithuania
Δ 2007 Highlights
SEKm Jan – Mar 2008
Total income 528 24% Controlled credit growth continued,
+3% during quarter
Interest, net 412 31%
Commission, net 91 4% Lower activity in commission area
compared to precedent quarter
Total expenses -201 18% Continued expansion of distribution
Credit losses, net -19 25% capacity
Operating profit 308 28% Cost increase affected by real
estate sale Q4 2007, continued
RoE, % 23.7 18.2 investments in sales capacity, and
high salary inflation
C/I 0.38 0.40
Re-branding to SEB completed
Total lending 60,980 +32%
SEB Way ongoing
Total deposits 27,957 +11%
85
86. Business volume development
Retail Lithuania, EURbn Corporate
Private
Mortgages Other lending Deposits
6 6
6
5 5
5
4 4
4
3 3
3
2
2 2
1 1
1
0
0 0
Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1
Q1 Q2 Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3 Q4Q1 Q1 Q2Q3Q4 Q1 Q2 Q3Q4Q1 Q2Q3Q4 Q1
-05 -06 -07 -08
-05 -06 -07 -08 -05 -06 -07 -08
Mortgages defined as home loans to private individuals
Note: Figures include SEB:s large corporate business volumes
86
88. Cards
Highlights
Δ 2007
SEKm Jan – Mar 2008
Total income 567 6% Continued underlying business
growth, turnover +6%
Interest, net 90 1%
Several new large customers gained
Commission, net 469 8%
across countries, e.g. Statoil
Sweden
Total expenses -327 1%
Strong cost discipline, cost +1%
Credit losses, net -51 66%
Increased losses due to higher
Operating profit 189 6%
levels of fraud
RoE, % 21.0 24.6
C/I 0.58 0.61
88
90. Wealth Management
Fredrik Boheman Highlights
Head of Good income given the market
Wealth Management
Good net sales in PB, SEK +6bn (4)
Assets under management
Jan – Mar 2008 Δ 2007
SEKm
SEK 1,256bn, -2% since year end
Total income 1,229 0%
SEB kept capturing volumes, incl.
Interest, net 242 30%
shift to alternative products, on a
Commission, net 958 -6% continued weak net sales market for
Swedish mutual funds, SEK +1,5bn
Total expenses -695 14% vs. total market of SEK -19,7bn.
Operating profit 509 -17% Cost increased due to consolidation
of Key Asset Management and
RoE, % 22.2 32.2 other investments in alternative
products
C/I 0.57 0.50
90
91. Share of income and result by area
Jan – Mar 2008; percent of total
Income Operating result
Institutional Private Institutional Private
Clients Banking Clients Banking
18%
32%
68% 82%
91
97. Total net sales per quarter
SEKbn
25
3.0
20
2.9
2.6
15
0.8
2.3
10 19.7 1.0 4.1
16.4 3.5
15.5
13.6
10.9
5 5.8
9.4
7.6 6.3
2.0
0
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08
IC PB
The figures are not eliminated. Restated for transfer of Foundations & Companies from PB to IC.
Finland is split between IC and PB as of Q1 2008.
97
98. Mutual funds per product type
Wealth Management, Mar 2008 (Dec 2007)
Total amount SEK 497bn (SEK 514bn)
24.8%
35.8%
Equity funds 35.8% (42.4%)
Fixed income funds 24.8% (24.2%)
Balanced funds 11.8% (12.3%)
11.8%
Alternative funds 27.6% (21.1%)
27.6%
Note: Key Asset Mgmt is included from Q1-08 but not restated 2007
98
