Swedbank

Swedbank's market capitalisation (end of period) fell 3.98% to USD 16,133 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank stock traded at 141 per share at the end of third quarter of 2019 implying a market capitalization of USD 16,133 mil. ...

Swedbank's npls (as % of loans) rose 9.25% yoy to 0.782% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's non-performing loans reached 0.782% of total loans at the end of 2019-09-30, up from 0.716% compared to the previous y...

Swedbank's net profit fell 15.6% yoy to SEK 4,663 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank made a net profit of SEK 4,663 mil under revenues of SEK 12,515 mil in the third quarter of 2019, down 15.6% and up ...

Profit Statement 2016 2017 2018
Net Interest Income SEK mil 23,664 24,878 25,398
Net Fee Income SEK mil 11,333 12,206 12,836
Other Income SEK mil 5,920 9,039 10,414
Total Revenues SEK mil 40,917 46,123 48,648
Staff Cost SEK mil 9,376 9,945 10,284
Operating Profit SEK mil 25,290 30,008 31,613
Provisions SEK mil 1,367 1,285 521
Net Profit SEK mil 19,539 19,350 21,162
Balance Sheet 2016 2017 2018
Interbank Loans SEK mil 81,057 55,793 75,982
Customer Loans SEK mil 1,458,390 1,510,150 1,587,650
Debt Securities SEK mil 205,969 164,884 335,679
Total Assets SEK mil 2,154,200 2,212,640 2,246,090
Shareholders' Equity SEK mil 129,705 133,572 137,609
Interbank Borrowing SEK mil 94,338 91,221 96,192
Customer Deposits SEK mil 782,031 846,902 920,109
Issued Debt Securities SEK mil 868,927 869,712 838,544
Ratios 2016 2017 2018
ROE % 15.4 14.7 15.6
ROA % 0.908 0.886 0.949
Costs (As % Of Assets) % 0.726 0.738 0.764
Costs (As % Of Income) % 38.2 34.9 35.0
Capital Adequacy Ratio % 31.8 30.7 21.5
Net Interest Margin % 1.10 1.14 1.14
Loans (As % Of Deposits) % 186 178 173
NPLs (As % Of Loans) % 0.554 0.567 0.705
Provisions (As % Of NPLs) % 46.4 45.3 53.6
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 27,002 26,852 24,656
Share Price (End Of Period) 219 197 197
Price/Earnings (P/E) 12.5 11.4 10.4
Price/Book Value (P/BV) 1.89 1.65 1.60
Dividend Yield % 6.01 6.59 7.19
Earnings Per Share (EPS) 17.5 17.3 18.9
Book Value Per Share 116 119 123
Dividend Per Share 13.2 13.0 14.2

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summary Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                      
Net Interest Income SEK mil                                         20,361 22,029 22,642 22,993 23,664    
Total Revenues SEK mil                                         39,410 40,422 42,810 42,103 40,917    
Operating Profit SEK mil                                         22,850 23,774 25,208 25,716 25,290    
Net Profit SEK mil                                         14,304 12,901 16,447 15,727 19,539    
balance sheet                                                      
Interbank Loans SEK mil                                         133,431 130,216 176,431 121,083 81,057    
Customer Loans SEK mil                                         1,190,910 1,216,970 1,341,900 1,379,290 1,458,390    
Debt Securities SEK mil                         ... ...             146,306 190,193 180,708 176,244 205,969    
Total Assets SEK mil                                         1,846,860 1,824,100 2,121,300 2,148,860 2,154,200    
Shareholders' Equity SEK mil                                         103,186 109,705 117,373 123,342 129,705    
Interbank Borrowing SEK mil                                         162,196 161,081 214,279 162,967 94,338    
Customer Deposits SEK mil                                         557,898 598,667 660,911 743,988 782,031    
Issued Debt Securities SEK mil                                         781,761 736,434 853,969 851,148 868,927    
ratios                                                      
ROE %                                         14.2 12.1 14.5 13.1 15.4    
ROA %                                         0.772 0.703 0.834 0.737 0.908    
Costs (As % Of Assets) %                                         0.894 0.907 0.892 0.768 0.726    
Costs (As % Of Income) %                                         42.0 41.2 41.1 38.9 38.2    
Capital Adequacy Ratio %                                         19.0 20.1 25.5 30.3 31.8    
Net Interest Margin %                                         1.10 1.20 1.15 1.08 1.10    
Interest Income (As % Of Revenues) %                                         51.7 54.5 52.9 54.6 57.8    
Fee Income (As % Of Revenues) %                                         24.4 25.1 26.2 26.6 27.7    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             55.8 58.0 58.3 57.3 60.0    
Equity (As % Of Assets) %                                         5.59 6.01 5.53 5.74 6.02    
Loans (As % Of Deposits) %                                         213 203 203 185 186    
Loans (As % Assets) %                                         64.5 66.7 63.3 64.2 67.7    
NPLs (As % Of Loans) %                                         1.16 0.614 0.467 0.436 0.554    
Provisions (As % Of NPLs) %                                         61.4 53.5 52.0 55.8 46.4    
valuation                                                      
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ...                     17,917 30,912 27,619 24,503 27,002    
Number Of Shares (Average) mil       ... ... ... ... ... ... ...                     1,102 1,106 1,111 1,113 1,116    
Share Price (End Of Period) ... ... ... ... ... ... ... ... ... ...                     106 180 194 186 219    
Earnings Per Share (EPS)       ... ... ... ... ... ... ...                     13.0 11.7 14.8 14.1 17.5    
Book Value Per Share       ... ... ... ... ... ... ...                     93.6 99.2 106 111 116    
Dividend Per Share       ... ... ... ... ... ... ...                     8.25 10.0 11.3 10.7 13.2    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ...               ...     8.15 15.4 13.1 13.2 12.5    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ...                     1.13 1.81 1.84 1.68 1.89    
Dividend Yield % ... ... ... ... ... ... ... ... ... ...                     7.80 5.59 5.82 5.74 6.01    
Earnings Per Share Growth % ...     ... ... ... ... ... ... ... ...                   24.9 -10.2 27.0 -4.61 23.9    
Book Value Per Share Growth % ...     ... ... ... ... ... ... ... ...                   7.78 5.91 6.56 4.83 4.88    
income statement Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                      
Interest Income SEK mil                                         50,769 44,216 41,357 35,308 31,438    
Interest Cost SEK mil                                         30,142 21,939 18,410 11,990 8,521    
Net Interest Income SEK mil                                         20,361 22,029 22,642 22,993 23,664    
Net Fee Income SEK mil                                         9,614 10,132 11,204 11,199 11,333    
Other Income SEK mil                                         9,435 8,261 8,964 7,911 5,920    
Total Revenues SEK mil                                         39,410 40,422 42,810 42,103 40,917    
Staff Cost SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             9,238 9,651 10,259 9,395 9,376    
Depreciation SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             852 739 718 672 629    
Other Cost SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             6,470 6,258 6,625 6,320 5,622    
Operating Cost SEK mil                                         16,560 16,648 17,602 16,387 15,627    
Operating Profit SEK mil                                         22,850 23,774 25,208 25,716 25,290    
Provisions SEK mil                                         -185 60.0 419 594 1,367    
Extra and Other Cost SEK mil                                         3,569 4,359 3,763 4,751 162    
Pre-Tax Profit SEK mil                                         19,466 19,355 21,026 20,371 23,761    
Tax SEK mil                                         4,157 4,099 4,301 4,625 4,209    
Minorities SEK mil                                         8.00 15.0 16.0 13.0 13.0    
Net Profit SEK mil                                         14,304 12,901 16,447 15,727 19,539    
Dividends SEK mil                                         9,090 11,100 12,537 11,880 14,695    
growth rates                                                      
Net Interest Income Growth % ...                                       6.26 8.19 2.78 1.55 2.92    
Net Fee Income Growth % ...                                       0.177 5.39 10.6 -0.045 1.20    
Total Revenue Growth % ...                                       10.9 2.57 5.91 -1.65 -2.82    
Operating Cost Growth % ...                                       64.0 0.531 5.73 -6.90 -4.64    
Operating Profit Growth % ...                                       -10.2 4.04 6.03 2.02 -1.66    
Pre-Tax Profit Growth % ...                                       26.2 -0.570 8.63 -3.12 16.6    
Net Profit Growth % ...                                       21.8 -9.81 27.5 -4.38 24.2    
market share                                                      
Market Share in Revenues %                 ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Net Profit % ... ...                                     0 0 0 0 0   ...
Market Share in Employees % ...               ... ... ... ... ... ...             0 0 0 0 7.40   ...
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
balance sheet Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                      
Cash SEK mil                                         130,058 59,382 113,768 186,312 121,347    
Interbank Loans SEK mil                                         133,431 130,216 176,431 121,083 81,057    
Customer Loans SEK mil                                         1,190,910 1,216,970 1,341,900 1,379,290 1,458,390    
Mortgage Loans SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       640,756 657,217 697,308 733,382 783,528    
Consumer Loans SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       116,796 120,121 134,134 136,468 148,992    
Corporate Loans SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       435,449 441,388 497,163 504,081 524,543    
Debt Securities SEK mil                         ... ...             146,306 190,193 180,708 176,244 205,969    
Fixed Assets SEK mil ... ... ... ... ... ...                             18,078 16,798 16,972 15,671 16,143    
Total Assets SEK mil                                         1,846,860 1,824,100 2,121,300 2,148,860 2,154,200    
Shareholders' Equity SEK mil                                         103,186 109,705 117,373 123,342 129,705    
Of Which Minority Interest SEK mil                                         154 165 170 179 190    
Liabilities SEK mil                                         1,743,670 1,714,400 2,003,920 2,025,510 2,024,500    
Interbank Borrowing SEK mil                                         162,196 161,081 214,279 162,967 94,338    
Customer Deposits SEK mil                                         557,898 598,667 660,911 743,988 782,031    
Retail Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 441,817   ...
Corporate Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 340,214   ...
Sight Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 563,049 648,521 712,212    
Term Deposits SEK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 97,862 95,467 69,819    
Issued Debt Securities SEK mil                                         781,761 736,434 853,969 851,148 868,927    
Other Liabilities SEK mil                                         241,819 218,215 274,765 267,410 279,202    
asset quality                                                      
Non-Performing Loans SEK mil                                         13,938 7,499 6,281 6,035 8,095    
Gross Loans SEK mil                                         1,199,470 1,220,980 1,345,160 1,382,660 1,462,140    
Provisions SEK mil                                         -185 60.0 419 594 1,367    
growth rates                                                      
Customer Loan Growth % ...                                       1.87 2.19 10.3 2.79 5.73    
Retail Loan Growth % ... ... ...   ... ... ... ... ... ... ...                   2.04 2.61 6.96 4.62 7.20    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     1.38 2.57 6.10 5.17 6.84    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     5.81 2.85 11.7 1.74 9.18    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     -0.822 1.36 12.6 1.39 4.06    
Total Asset Growth % ...                                       -0.550 -1.23 16.3 1.30 0.249    
Shareholders' Equity Growth % ...                                       5.15 6.32 6.99 5.09 5.16    
Customer Deposit Growth % ...                                       1.92 7.31 10.4 12.6 5.11    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
Corporate Deposit Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...
market share                                                      
Market Share in Customer Loans %                 ... ... ... ... ... ...             24.5 23.9 24.0 23.2 23.2    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             16.8 17.0 18.7 19.8 19.7    
Market Share in Retail Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Consumer Loans % ... ...     ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             25.9 25.3 25.2 24.6 24.8    
Market Share in Total Assets %                 ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Customer Deposits %                 ... ... ... ... ... ...             22.0 21.0 21.1 20.3 20.4    
Market Share in Retail Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             0 0 0 0 0   ...
Market Share in Corporate Deposits % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             16.4 18.0 18.7 16.8 17.6    
ratios Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                      
ROE %                                         14.2 12.1 14.5 13.1 15.4    
ROA %                                         0.772 0.703 0.834 0.737 0.908    
Costs (As % Of Assets) %                                         0.894 0.907 0.892 0.768 0.726    
Costs (As % Of Income) %                                         42.0 41.2 41.1 38.9 38.2    
Capital Adequacy Ratio %                                         19.0 20.1 25.5 30.3 31.8    
Tier 1 Ratio %                                         18.1 19.6 22.4 26.9 28.7    
Net Interest Margin %                                         1.10 1.20 1.15 1.08 1.10    
Interest Spread % ...                                       1.02 1.14 1.11 1.06 1.04    
Asset Yield %                                         2.74 2.41 2.10 1.65 1.46    
Cost Of Liabilities % ...                                       1.72 1.27 0.990 0.595 0.421    
Payout Ratio %                                         76.3 86.6 76.6 75.7 75.4    
Interest Income (As % Of Revenues) %                                         51.7 54.5 52.9 54.6 57.8    
Fee Income (As % Of Revenues) %                                         24.4 25.1 26.2 26.6 27.7    
Other Income (As % Of Revenues) %                                         23.9 20.4 20.9 18.8 14.5    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...             7,649 8,644 8,241 6,939 6,115    
Cost Per Employee (Local Currency) SEK per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...             51,802 56,379 58,624 56,353 53,512    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             55.8 58.0 58.3 57.3 60.0    
Equity (As % Of Assets) %                                         5.59 6.01 5.53 5.74 6.02    
Loans (As % Of Deposits) %                                         213 203 203 185 186    
Loans (As % Assets) %                                         64.5 66.7 63.3 64.2 67.7    
NPLs (As % Of Loans) %                                         1.16 0.614 0.467 0.436 0.554    
Provisions (As % Of NPLs) %                                         61.4 53.5 52.0 55.8 46.4    
Provisions (As % Of Loans) %                                         0.719 0.330 0.243 0.244 0.257    
Cost of Provisions (As % Of Loans) %                                         -0.016 0.005 0.033 0.044 0.096    
other data Unit 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                      
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... ...             753 721 709 658 603   ...
Employees ...                                       14,861 14,265 14,583 13,893 14,601    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ...             753 721 709 658 603 ... ...
Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             7.78 7.80 7.93 7.84 7.95 ... ...
E-Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...             7.00 7.20 7.50 7.10 7.30 ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 85.2 87.2 91.1    

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Swedbank's corporate loans rose 1.58% yoy to SEK 566,631 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's loans reached SEK 1,621,400 mil in the third quarter of 2019, down from SEK 1,621,690 mil when compared to the previous quarter and up from SEK 1,580,270 mil when compared to the same period of last year. Historically, the bank’s loans re...

Swedbank's net interest margin rose 6.15% yoy to 1.05% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's net interest margin amounted to 1.05% in the third quarter of 2019, down from 1.07% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 1.22% in 4Q2013 and an all time low of 0.832% ...

Swedbank's price/earnings (P/E) fell 23.7% yoy to 8.50 in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank stock traded at 141 per share at the end third quarter of 2019 implying a market capitalization of USD 16,133 mil. Since the end of 3Q2014, the stock has depreciated by -21.6 % implying an annual average growth of -4.75 %. In absolute terms, the value of the ...

Swedbank's capital adequacy ratio fell 33.3% yoy to 21.4% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's capital adequacy ratio reached 21.4% at the end of third quarter of 2019, up from 20.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 32.5% in 2Q2017 and an all time low of 17.9% in 2Q2010. Th...

Swedbank's net interest income rose 3.64% yoy to SEK 6,556 mil in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank generated total banking revenues of SEK 12,515 mil in the third quarter of 2019, up 1.81% when compared to the same period of last year and down 2.83% when compared to the previous quarter. Historically, the bank’s revenues containing of ...

Swedbank's share price (end of period) fell 35.7% yoy to 141 in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank stock traded at 141 per share at the end of third quarter of 2019 implying a market capitalization of USD 16,133 mil. Over the last five years, the stock has depreciated by -21.6 % implying an annual average growth of -4.75 %. In absolute terms, the value of ...

Swedbank's customer loan growth fell 55.2% yoy to 2.57% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's customer loan growth reached 2.57% in 2019-09-30, down from 5.75% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 10.3% in 2014-12-31 and an all time low of -8.48% in 2010-12-31. In the last deca...

Swedbank's Cost of Risk rose 29.3% yoy to 0.025% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's Cost of Risk (loan loss provisions as % of total assets) amounted to 0.025% in the third quarter of 2019, up from 0.018% when compared to the previous quarter. Historically, the bank’s cost of risk reached an all time high of 1.66% in 4Q2011 and a...

Swedbank's equity (as % of assets) fell 1.88% yoy to 5.34% in 3Q2019

By Helgi Analytics - November 18, 2019

Swedbank's Equity reached 5.34% of total assets in the 3Q2019, down from 5.44% for the previous year. As a share of net customer loans, the ratio amounted to 8.28% at the end of the third quarter of 2019. ...

Swedbank's net profit rose 9.36% to SEK 21,162 mil in 2018

By Helgi Analytics - November 18, 2019

Swedbank made a net profit of SEK 21,162 mil under revenues of SEK 48,648 mil in 2018, up 9.36% and 5.47% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of SEK 21,162 mil in 2018 and an all time low of SEK -10...

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Finance

Swedbank has been growing its revenues and asset by 1.86% and 2.17% a year on average in the last 10 years. Its loans and deposits have grown by 2.12% and 6.11% a year during that time and loans to deposits ratio reached 173% at the end of 2018. The company achieved an average return on equity of 10.8% in the last decade with net profit growing 6.87% a year on average. In terms of operating efficiency, its cost to income ratio reached 35.0% in 2018, compared to 40.0% average in the last decade.

Equity represented 6.13% of total assets or 8.67% of loans at the end of 2018. Swedbank's non-performing loans were 0.705% of total loans while provisions covered some 53.6% of NPLs at the end of 2018.

Valuation

Swedbank stock traded at 197 per share at the end of 2018 resulting in a market capitalization of USD 24,656 mil. Over the previous five years, stock price rose by 9.75% or 1.88% a year on average. That’s compared to an average ROE of 14.7% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 10.4x and price to book value (PBV) of 1.60x in 2018.

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