SwedbankSWED A
The Swedish bank with the most private customers, and the market leader in Estonia, Latvia and Lithuania. Swedbank lends to households and companies, with mortgages as the largest part, and owns the fund manager Swedbank Robur.
Swedbank had income of SEK 68.7bn in 2025. 64% was net interest income, the gap between what the bank earns on loans and what its money costs.
| Year | Net interest income | Net fees | Total income |
|---|---|---|---|
| 2019 | SEK 26.0bn | SEK 13.0bn | SEK 46.0bn |
| 2020 | SEK 26.9bn | SEK 12.8bn | SEK 45.7bn |
| 2021 | SEK 27.0bn | SEK 14.9bn | SEK 47.7bn |
| 2022 | SEK 33.1bn | SEK 14.1bn | SEK 52.0bn |
| 2023 | SEK 50.9bn | SEK 15.1bn | SEK 73.1bn |
| 2024 | SEK 49.3bn | SEK 16.7bn | SEK 74.1bn |
| 2025 | SEK 44.0bn | SEK 16.3bn | SEK 68.7bn |
About two thirds of income is net interest income. The rest is mainly fees for funds, cards and payments. A large share of mortgages and broad household deposits give the bank cheap and stable funding.
Latest report: January–September 2026
| Now | Year before | |
|---|---|---|
| Net interest income | SEK 33,991m | SEK 33,225m |
| Net commission income | SEK 13,338m | SEK 12,071m |
| Total income | SEK 53,164m | SEK 51,396m |
| Total expenses | SEK −22,153m, incl. 1,533 extraordinary | SEK −18,264m, after a VAT refund of 576 |
| Credit impairments, net | SEK +224m (net reversal) | SEK +389m (net reversal) |
| Profit for the period | SEK 22,789m | SEK 24,593m |
| Return on equity | 14.2% | 15.4% |
| Cost/income | 42% | 36% |
| Diluted earnings per share | SEK 20.16 | SEK 21.77 |
| CET1 ratio | 17.2% | 19.7% |
Source: Swedbank, interim report third quarter 2026, p. 2. Interim reports are not filed in ESEF, so these figures are read by hand from the report.
Net interest income and net fee income from the group income statement. Income = total operating income.
Of every 100 earned, 36 went to costs in 2025. Credit losses were a net reversal, worth 0.2 basis points of lending.
| Year | Costs | Cost/income | Credit losses (minus = reversal) | Basis points of lending |
|---|---|---|---|---|
| 2019 | SEK 20.0bn | 43% | SEK 1.5bn | 8.9 |
| 2020 | SEK 24.6bn | 54% | SEK 4.3bn | 25.8 |
| 2021 | SEK 20.8bn | 44% | SEK 170m | 1.0 |
| 2022 | SEK 20.8bn | 40% | SEK 1.5bn | 8.0 |
| 2023 | SEK 24.1bn | 33% | SEK 1.7bn | 9.0 |
| 2024 | SEK 25.4bn | 34% | −SEK 268m | −1.4 |
| 2025 | SEK 24.5bn | 36% | −SEK 34m | −0.2 |
Cost/income = total costs before credit losses divided by total income. Credit losses in basis points = the year's credit losses divided by lending to the public, times 10,000.
Return on equity was 15% in 2025. The dividend took 74% of earnings per share.
| Year | Net profit | Return on equity | EPS | DPS |
|---|---|---|---|---|
| 2019 | SEK 19.7bn | 14.2% | SEK 17.62 | SEK 14.22 |
| 2020 | SEK 12.9bn | 8.8% | SEK 11.55 | – |
| 2021 | SEK 20.9bn | 13.2% | SEK 18.62 | SEK 14.55 |
| 2022 | SEK 21.4bn | 12.6% | SEK 19.03 | SEK 11.25 |
| 2023 | SEK 34.1bn | 18.2% | SEK 30.35 | SEK 9.75 |
| 2024 | SEK 34.9bn | 16.7% | SEK 30.99 | SEK 15.15 |
| 2025 | SEK 32.8bn | 14.7% | SEK 29.14 | SEK 21.70 |
Return on equity = profit to shareholders divided by average equity over the year. Dividends paid from the cash flow statement.
Customer deposits cover 66% of lending. The CET1 ratio was 17.2%, against a requirement of 15.1%.
| Year | Lending | Deposits | Deposits / lending | Equity / assets |
|---|---|---|---|---|
| 2019 | SEK 1,652bn | SEK 954bn | 58% | 5.8% |
| 2020 | SEK 1,681bn | SEK 1,148bn | 68% | 6.0% |
| 2021 | SEK 1,703bn | SEK 1,266bn | 74% | 5.9% |
| 2022 | SEK 1,843bn | SEK 1,306bn | 71% | 6.2% |
| 2023 | SEK 1,863bn | SEK 1,234bn | 66% | 7.0% |
| 2024 | SEK 1,882bn | SEK 1,289bn | 68% | 7.3% |
| 2025 | SEK 1,989bn | SEK 1,303bn | 66% | 7.4% |
Capital ratios: Interim report third quarter 2026, p. 10: CET1 ratio 17.2%, requirement including Pillar 2 guidance 15.1%.
Competitive advantages, our assessment
Deposits from and lending to the public from the balance sheet. Capital ratios from the bank's interim report, with the page named in the sources.
The bank trades at 2.10 times tangible equity. That needs a return on equity of about 16%, for good. Last year: 15%.
| Required return | Return on equity needed |
|---|---|
| 8% | 14% |
| 9% | 16% |
| 10% | 18% |
Market value SEK 426bn against tangible equity, a price of 2.10 times.
Justified price to tangible equity = (return on equity minus growth) divided by (required return minus growth). Required return 9%, growth 2.5%.
The IVT terminal read on the weekly and daily charts: whether large money is buying or selling, where its cost line sits and what would change the picture.
The terminal read is part of membership. Become a member →
The measurable events that would show the picture is wrong, each with a level and a date.
Our summary in plain words, with the checkpoints we follow until the next report.
Read the rest free
What would break the case and our read, with the checkpoints we follow. Enter your email and they open straight away. Members unlock the terminal read at the same time.
We keep your email to send you the Nordic Files, including a note when a company we follow reports. You can unsubscribe whenever you like. Already a member? Use the email you subscribe with.
Where every number comes from
| Item | Amount | Period | Source |
|---|---|---|---|
| Total income | SEK 68.7bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:RevenueAndOperatingIncome |
| Net interest income | SEK 44.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:InterestRevenueExpense |
| Costs | SEK 24.5bn | 2025-12-31 | Annual report 2025 (ESEF)swed:ExpensesBeforeImpairmentBankTaxAndResolutionFees |
| Net profit, owners | SEK 32.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:ProfitLossAttributableToOwnersOfParent |
| Lending to the public | SEK 1,989.0bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:LoansAndAdvancesToCustomers |
| Equity | SEK 225.8bn | 2025-12-31 | Annual report 2025 (ESEF)ifrs-full:EquityAttributableToOwnersOfParent |
| CET1 ratio | 17.2% | 2026-09-30 | Interim report third quarter 2026, pp. 2 and 10 |
| CET1 requirement incl. Pillar 2 guidance | 15.1% | 2026-09-30 | Interim report third quarter 2026, p. 10 |
The figures come from the company's annual reports in the machine-readable ESEF format, via filings.xbrl.org and the Swedish financial regulator. The latest filing wins, so restated comparatives replace the originals. Anything not tagged in ESEF is given with its source and page.
General analysis and educational material, not personal investment advice and not a recommendation to buy or sell. The figures are mechanical and can be rebuilt from the company's public reports; the text is the author's judgement. Author's position in Swedbank: not disclosed. Data to 2025-12-31, price as of 2026-10-23.