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Mats Torstendahl
Head of Retail Banking




                         Retail Banking
                          presentation

                              January – June
                                        2009
Organisation
                                                            President &
                                                               CEO

                                                        Annika Falkengren


 Group Credits &                                CFO                                                  Group IT
Group Risk Control
  Johan Andersson                           Jan Erik Back                                        Ulf Thorstensson
                                                                              Business
                                                                             Support &
     Compliance                            HR & Org. Dev.                                        Group Operations
                                                                             Group Staff
    Gent Jansson                           Ingrid Engström                                        Pia Warnerman
                                                                            Bo Magnusson,
                                                                             Deputy CEO
    Internal Audit                        Group Strategy &                                         Group Staff
                                           Business Dev.
 Agneta Brevenhag*                          Hans Larsson                                          Bo Magnusson




     Merchant                     Retail Banking              Wealth                 Life             Baltic
     Banking                                                Management
 Magnus Carlsson                  Mats Torstendahl      Fredrik Boheman        Anders Mossberg   Martin Johansson


* Reports directly to the Board
SEB's retail operations
H1: 2009


                         812 FTE's
                         3.2m cards
                                                 945 FTE's
                         #1 inom charge card
                                                 59 branches
 2 642 FTE's                                    #2 position, ~25%
 161 branches                                    market share
 #4 position, 10-15%
  market share


                                                     883 FTE's
                                                     60 branches
                                                     #2 position, ~15%
 1 716 FTE's                                          market share
 174 branches
 ~1% market share


                                                  1 411 FTE's
                                                  75 branches
                                                  # 1 position, ~30%
                                                   market share
Retail Sweden in short
                    Retail Sweden - Strong performance
                     Attractive customer base
                         – sustained growth in SME
                           and affluent segment

                     Proven earnings capacity
                         – 4% income growth H1-09 vs. H1-08
                         – Mortgage volumes +6% since year start

                     Competitive profitability
                         – 19% RoE in first half of 2009

                     Innovative product offerings
                         – Enkla firman, SME product of the year

                     Healthy credit quality
                         – Credit losses in H1
                           manageable: SEK 185m
Retail Sweden, H1 2009
SEK m            Jan – Jun 2009  2008   Highlights

Total income              3,231    4%      Both the SME and mass affluent
Interest, net             2,344    6%       segment has continued to develop
                                            well during 2009
Commission, net             727   -4%
                                            – 2,800 net new SME customers
Total expenses           -2,034    4%
                                            – 1,400 net new mass affluent customers
                                           Importance of lending is growing
Profit bef. credit losses 1,197   3%
                                            – Increasing margins and sustained
Credit losses, net         -185 462%          growth in lending volumes,
Operating profit          1,012 -10%          not least in mortgages
                                            – Sharply falling margins and limited
RoE, %                     19.0   22.0        growth in deposit volumes

C/I                        0.63   0.63     Although higher than previous year, credit
                                            loss-level is still reflecting good credit
                                            quality
Total lending          322,500     6%
Total deposits         155,000     4%
Financial performance over time
    Retail Banking Sweden
                                     Income      Expenses                                 SEK m
2 000

1 500

1 000

 500

   0
        Q1 07   Q2 07   Q3        Q4         Q1 08   Q2 08       Q3         Q4    Q1 09    Q2 09

                             Credit losses       Profit (after Credit losses)
  800
  600
  400
  200
    0
 -200
        Q1-07   Q2-07   Q3-07    Q4-07       Q1-08   Q2-08     Q3-08      Q4-08   Q1-09   Q2-09
Changes in income generation
NII Q3 ’08 – Q2 ’09, Retail Banking, Sweden



                             24%
   Mortgages      21%                    28%
                                                  35%

 Other lending    25%
                             28%
                                         30%
                                                  33%


     Deposits     54%        48%
                                         42%
                                                  33%


                 Q3 2008   Q4 2008     Q1 2009   Q2 2009
Mortgages private market
Total Sweden, volumes and margins

           Outstanding volume, SEK bn   Average margin
250                                                      1,25%


200                                                      1,00%


150                                                      0,75%


100                                                      0,50%


 50                                                      0,25%


  0                                                      0,00%
       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
      2006         2007        2008        2009
Mortgages private market
Retail Sweden, market share, per cent

                                        Sales              Volume

20

18

16

14

12

10
        Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4*     Q1    Q2      Q3     Q4     Q1     Q2
        06                          07                           08                          09


* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
Equities
Commissions re-bounce
Light in the tunnel….?                     +21%



                                   Q1 2009        Q2 2009
      Total commissions, net
                                Equity linked bonds
               -17%
                                           +26%



                                   Q1 2009        Q2 2009
                                Mutual funds
       YTD      YTD      YTD
       2007     2008     2009              +20%




                                   Q1 2009        Q2 2009
Change in expense level
– driven by pensions
Swedish Retail, H12009 vs. H12008, SEK m
                   Cost base         Increased pension cost
  2 200

  2 000
                                                      176
  1 800

  1 600
                     1 950
  1 400

  1 200

  1 000
              Total expenses H1-08           Total expenses H1-09

Number of FTEs:      2 865                            2 642
Credit losses
Retail Sweden Q1 ’07 – Q2 ’09, SEK m


120

100

 80

 60

 40

 20

  0

-20
      Q1    Q2    Q3    Q4    Q1    Q2    Q3    Q4    Q1    Q2
      '07   '07   '07   '07   '08   '08   '08   '08   '09   '09
Credit loss level
 Retail Sweden: H1 2009
           Component                                         Total:                              Credit loss level
                                                           185 MSEK

           Other loans to
           private individuals                                                                   56 bps

           Mortgage loans to                                                                     0.4 bps
           private individuals


           Loans to                                                                              28 bps
           corporates




Note: Including specific and collective provisions. Losses and loss level in relation to on and off balance exposure. Annualized rate.
Stabilising economy     Improve customer
but long and winding    experience &
road to recovery        satisfaction

SEB well positioned     Grow SME – not only
to support our          the micro segment
customers and
develop the business    Strengthen remote
in core areas           channels (e.g. OITR)

Swedish Retail is one   Leadership & employee
of these core areas     development
SEB Retail Banking 2009
Appendix
Business volume development
      Retail Sweden, SEK bn                                                   Corporate
                                                                              Private

         Mortgages                   Other lending*                Deposits
250                          250                          250


200                          200                          200


150                          150                          150


100                          100                          100


 50                           50                           50


  0                            0                            0
      Q2 Q4 Q2 Q4 Q2 Q4 Q2         Q2 Q4 Q2 Q4 Q2 Q4 Q2         Q2 Q4 Q2 Q4 Q2 Q4 Q2
      06    07    08    09         06    07    08    09         06    07    08    09
                             * Excluding leasing

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SEB Retail Banking 2009

  • 1. Mats Torstendahl Head of Retail Banking Retail Banking presentation January – June 2009
  • 2. Organisation President & CEO Annika Falkengren Group Credits & CFO Group IT Group Risk Control Johan Andersson Jan Erik Back Ulf Thorstensson Business Support & Compliance HR & Org. Dev. Group Operations Group Staff Gent Jansson Ingrid Engström Pia Warnerman Bo Magnusson, Deputy CEO Internal Audit Group Strategy & Group Staff Business Dev. Agneta Brevenhag* Hans Larsson Bo Magnusson Merchant Retail Banking Wealth Life Baltic Banking Management Magnus Carlsson Mats Torstendahl Fredrik Boheman Anders Mossberg Martin Johansson * Reports directly to the Board
  • 3. SEB's retail operations H1: 2009  812 FTE's  3.2m cards  945 FTE's  #1 inom charge card  59 branches  2 642 FTE's  #2 position, ~25%  161 branches market share  #4 position, 10-15% market share  883 FTE's  60 branches  #2 position, ~15%  1 716 FTE's market share  174 branches  ~1% market share  1 411 FTE's  75 branches  # 1 position, ~30% market share
  • 4. Retail Sweden in short Retail Sweden - Strong performance  Attractive customer base – sustained growth in SME and affluent segment  Proven earnings capacity – 4% income growth H1-09 vs. H1-08 – Mortgage volumes +6% since year start  Competitive profitability – 19% RoE in first half of 2009  Innovative product offerings – Enkla firman, SME product of the year  Healthy credit quality – Credit losses in H1 manageable: SEK 185m
  • 5. Retail Sweden, H1 2009 SEK m Jan – Jun 2009  2008 Highlights Total income 3,231 4%  Both the SME and mass affluent Interest, net 2,344 6% segment has continued to develop well during 2009 Commission, net 727 -4% – 2,800 net new SME customers Total expenses -2,034 4% – 1,400 net new mass affluent customers  Importance of lending is growing Profit bef. credit losses 1,197 3% – Increasing margins and sustained Credit losses, net -185 462% growth in lending volumes, Operating profit 1,012 -10% not least in mortgages – Sharply falling margins and limited RoE, % 19.0 22.0 growth in deposit volumes C/I 0.63 0.63  Although higher than previous year, credit loss-level is still reflecting good credit quality Total lending 322,500 6% Total deposits 155,000 4%
  • 6. Financial performance over time Retail Banking Sweden Income Expenses SEK m 2 000 1 500 1 000 500 0 Q1 07 Q2 07 Q3 Q4 Q1 08 Q2 08 Q3 Q4 Q1 09 Q2 09 Credit losses Profit (after Credit losses) 800 600 400 200 0 -200 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09
  • 7. Changes in income generation NII Q3 ’08 – Q2 ’09, Retail Banking, Sweden 24% Mortgages 21% 28% 35% Other lending 25% 28% 30% 33% Deposits 54% 48% 42% 33% Q3 2008 Q4 2008 Q1 2009 Q2 2009
  • 8. Mortgages private market Total Sweden, volumes and margins Outstanding volume, SEK bn Average margin 250 1,25% 200 1,00% 150 0,75% 100 0,50% 50 0,25% 0 0,00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2006 2007 2008 2009
  • 9. Mortgages private market Retail Sweden, market share, per cent Sales Volume 20 18 16 14 12 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4* Q1 Q2 Q3 Q4 Q1 Q2 06 07 08 09 * New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
  • 10. Equities Commissions re-bounce Light in the tunnel….? +21% Q1 2009 Q2 2009 Total commissions, net Equity linked bonds -17% +26% Q1 2009 Q2 2009 Mutual funds YTD YTD YTD 2007 2008 2009 +20% Q1 2009 Q2 2009
  • 11. Change in expense level – driven by pensions Swedish Retail, H12009 vs. H12008, SEK m Cost base Increased pension cost 2 200 2 000 176 1 800 1 600 1 950 1 400 1 200 1 000 Total expenses H1-08 Total expenses H1-09 Number of FTEs: 2 865 2 642
  • 12. Credit losses Retail Sweden Q1 ’07 – Q2 ’09, SEK m 120 100 80 60 40 20 0 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '07 '07 '07 '07 '08 '08 '08 '08 '09 '09
  • 13. Credit loss level Retail Sweden: H1 2009 Component Total: Credit loss level 185 MSEK Other loans to private individuals 56 bps Mortgage loans to 0.4 bps private individuals Loans to 28 bps corporates Note: Including specific and collective provisions. Losses and loss level in relation to on and off balance exposure. Annualized rate.
  • 14. Stabilising economy Improve customer but long and winding experience & road to recovery satisfaction SEB well positioned Grow SME – not only to support our the micro segment customers and develop the business Strengthen remote in core areas channels (e.g. OITR) Swedish Retail is one Leadership & employee of these core areas development
  • 17. Business volume development Retail Sweden, SEK bn Corporate Private Mortgages Other lending* Deposits 250 250 250 200 200 200 150 150 150 100 100 100 50 50 50 0 0 0 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 06 07 08 09 06 07 08 09 06 07 08 09 * Excluding leasing