Contiuned strong momentum on all markets


Interim report January - March 2007

Contiuned strong momentum on all markets

Stable net profit for first quarter 2007 compared with fourth quarter 2006
•	Net profit for the period amounted to SEK 2,910m (2,913) 
•	Earnings per share amounted to SEK 5.65 (5.65) 
•	The return on equity amounted to 18.9 percent (19.8) 
•	The cost/income ratio improved to 0.51 (0.52) 
•	Net interest income increased by 5 percent to SEK 4,501m (4,303) 
•	Operating profit amounted to SEK 3,807m (3,887) 
•	Loan losses amounted to SEK 49m (-72). 
•	The tier 1 capital ratio, according to new capital adequacy rules, amounted to
6.8 percent (6.5 percent according to previous framework on December 31, 2006).

Net profit for the period increased by 28 percent compared with first quarter
2006
•	Net profit for the period increased by 28 percent to SEK 2,910m (2,270) 
•	Earnings per share increased to SEK 5.65 (4.41) 
•	The return on equity increased to 18.9 percent (16.6) 
•	The cost/income ratio improved to 0.51 (0.56) 
•	Net interest income increased by 28 percent to SEK 4,501m (3,506) 
•	Operating profit increased by 34 percent to SEK 3,807m (2,843) 
•	Loan losses were unchanged at SEK 49m (50). 

The CEO comments on the first quarter

“2007 has begun positively for Swedbank. Net interest income increased for the
fourth consecutive quarter at the same time that net commissions remained
strong. Swedish Banking, Baltic Banking and Swedbank Markets all developed
positively, which is helping to generate stable profits. 

Concerns of an overheating economy in the Baltics during the first quarter have
contributed to greater awareness among decision-makers and the public. This has
led to signs of a slowdown in lending growth in the region. Our judgement of the
development in the Baltics is continued positive.

Preparations to complete the acquisition of TAS-Kommerzbank are proceeding
according to plan with respect to both government approvals and operational
preparations. We expect the acquisition to be finalized during the third quarter
this year.

Through an agreement whereby it will take over approximately SEK 170bn in assets
from the insurance company Folksam, Swedbank Robur has strengthened its position
as one of the leading fund managers in the Nordic region. Swedbank Robur's
strong performance, which recently received recognition from Morningstar, among
others, has been an important factor in winning new business.

During the year we will continue our journey to become a service leader. Several
exciting new initiatives are under way, particularly in the savings area, which
will benefit our customers.”






Swedbank's vision is to be the leading financial institution in the markets
where we are present. Swedbank has 8.9 million retail customers and 459,000
corporate customers in Sweden, Estonia, Lithuania and Latvia. In Sweden the
group has more than 470 branches, with another 290 branches in the Baltic
countries. The group is also present in Copenhagen, Helsinki, Kaliningrad, Kiev,
Luxembourg, Marbella, Moscow, New York, Oslo, Shanghai, St. Petersburg and
Tokyo. As of December 2006 the group had total assets of SEK 1,400 billion and
approximately 17,000 employees. For more information about Swedbank, please
visit www.swedbank.com.

Attachments

04252142.pdf