January - March 2008

January - March 2008

Profit for first quarter 2008 in line with first quarter 2007
Profit for the period amounted to SEK 2,900m (2,910)
Earnings per share amounted to SEK 5.63 (5.65)
The return on equity decreased to 16.8 percent (18.9)
The cost/income ratio was 0.53 (0.51)
Net interest income increased by 16 percent to SEK 5,241m (4,501)
Loan losses amounted to SEK 288m (49), corresponding to a loan loss ratio of
0.10 percent (0.02)
The tier 1 capital ratio was 8.2 percent (8.5 on December 31, 2007) according to
the new rules and 6.5 percent (6.2) according to the transition rules.

Profit for first quarter 2008 decreased by 7 percent compared with fourth
quarter 2007
Profit for the period decreased by 7 percent to SEK 2,900m (3,108)
Earnings per share decreased to SEK 5.63 (6.03)
The return on equity was 16.8 percent (18.8)
The cost/income ratio was 0.53 (0.51)
Income decreased by 5 percent and expenses by 2 percent
Loan losses amounted to SEK 288m (238), corresponding to a loan loss ratio of
0.10 percent (0.09).

Comment by the CEO:
The first quarter of 2008 gave us reason to be positive but included challenges
as well. On the positive side, Swedbank's core business with households and
corporations continued growing strongly in all markets. We are also pleased to
see that the gradual slowdown in the Baltic countries has continued at the pace
we had expected.
Among the challenges were the international credit markets, where the price of
risk continued to rise. Developments have to some extent affected the valuation
of the bank's assets and, as a result, its earnings. The relatively small
changes in Swedbank's case are unrealized, and when markets normalize this
should have a correspondingly positive impact. A slowdown in merger and
acquisition activity in Sweden and Norway during the first quarter resulted in
lower commission income. However, the prospects of higher activity in the
remainder of the year are considered positive.

Swedbank's vision is to be the leading financial institution in the markets
where we are present. Swedbank has 9 million retail customers and 600,000
corporate customers with more than 459 branches in Sweden, 300 branches in the
Baltic countries and another 190 branches in Ukraine. The group is also present
in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Marbella, Moscow, New York,
Oslo, Shanghai, St. Petersburg and Tokyo. As of December 2007 the group had
total assets of SEK 1,600 billion and approximately 22,000 employees. For more
information about Swedbank, please visit www.swedbank.com.