2008 in summary
Financial summary 2008
Profit for the year amounted to SEK 10 887m (11 996), excluding impairment of goodwill SEK
12 290m.
Earnings per share amounted to SEK 19.44 (21.78), excluding impairment of goodwill SEK 21.95.
The return on equity was 15.2 percent (18.9), excluding impairment of goodwill 17.1 percent.
Net interest income increased by 13 percent to SEK 21 702m (19 157).
Net commission income decreased by 11 percent to SEK 8 830m (9 880).
Net gains and losses on financial items increased by 39 percent to SEK 2 351m (1 691).
Expenses increased by 8 percent to SEK 18 085m (16 719) excluding impairment of goodwill. Impairment of goodwill for Ukrainian Banking amounted to SEK 1 403m after an impairment was identified.
Provisions for loan losses amounted to SEK 3 156m (619).
The effective tax rate decreased to 19 percent (22) excluding impairment of goodwill.
Business volumes
– Lending rose by 13 percent
– Deposits rose by 6 percent
– Fund volume decreased by 19 percent
The Board of Directors proposes that no dividend will be paid for the financial year 2008 (SEK 9.00 per ordinary share).
Important events 2008
Swedbank implemented a rights issue for SEK 12.4bn in the autumn of 2008. The issue was finalized in January 2009.
The National Debt Office approved Swedbank’s application to participate in the Swedish state’s guarantee programme.
Swedbank appointed Michael Wolf as President and CEO. Michael Wolf formally begins his new position on 1 March 2009.
Last autumn Hansabank began changing its name in the Baltic countries to Swedbank.
The operations in Lerum were transferred to Sparbanken Alingsås and seven branches in the municipalities of Osby and Hässleholm were transferred to Sparbanken 1826.
Selected full-service branches extended their opening hours to Saturdays.
In a reputational survey by Nordic Brand Academy, Swedbank was named the best company in banking and financial services in 2008.
In 2008, Hansa Net Bank was appointed the best Internet bank in central and eastern Europe in three categories by the international financial journal Global Finance.
In the 2008 Company Barometer conducted by Universum Communications, Swedbank was ranked for the second consecutive year as the most popular financial company to work for by Swedish business students.
In Folksam’s annual survey of large Swedish companies, Swedbank was ranked the most gender-equal company.