Swedbank 2010

Swedbank’s profit amounted to SEK 7.4bn in 2010. This is an increase of SEK 18bn compared with 2009. The improvement was mainly due to significantly lower credit impairments in the Baltic countries, Russia and Ukraine. During the second half of 2010 higher interest rates had a positive impact on Swedbank’s net interest income.

New financial targets

Swedbank’s Board of Directors decided in early 2011 to introduce a profitability target and a capitalisation target as well as to amend the bank’s dividend policy.

The return on equity shall amount to 15 per cent. For 2010, the return was 8.1 per cent.

Financial targets

Follow-up

Our priorities in 2010 were to reduce risks in the bank, adapt operations to lower business volumes and take a comprehensive approach to responsibilities, governance and control.

Follow-up of priorities 2010

2011

Our priorities in 2011 shifts focus from crisis management to optimi-
sing operating effectiveness. We shall also grow in prioritised areas.

Priorities 2011

Statement

Prior to 2010 we expected a gradually rising profit trend. In fact, we now see that profit for the full-year was stronger than anticipated, largely thanks to the recovery in the Baltic countries, which resulted in significantly lower credit impairments.

Read the statement

Video

CEO Michael Wolf summarises the year.

See the video