Swedbank: January - September 2007

Interim report for Swedbank (OTC:SWDBF) (STO:SWEDA) (LSE:SWK), October 24, 2007

January - September 2007

Profit for the period increased by 12 percent compared with first three quarters 2006

-- Profit for the period increased by 12 percent to SEK 8,888m (7,967)

-- Earnings per share increased to SEK 17.25 (15.46)

-- The return on equity was 19.0 percent (19.2)

-- The cost/income ratio improved to 0.51 (0.52)

-- Net interest income increased by 19 percent to SEK 13,898m (11,674)

-- Operating profit increased by 11 percent to SEK 11,476m (10,376)

-- Loan losses amounted to SEK 381m (-133)

-- The tier 1 capital ratio amounted to 6.2 percent according to the new rules (6.5 percent on December 31, 2006 according to the old rules)

Profit level for third quarter compared with second quarter 2007

-- Profit for the period decreased by 8 percent to SEK 2,866m (3,112)

-- Earnings per share amounted to SEK 5.57 (6.03)

-- The return on equity was 18.1 percent (19.9)

-- The cost/income ratio was 0.51 (0.50)

-- Net interest income increased by 5 percent to SEK 4,806m (4,591)

-- Operating profit decreased by 8 percent to SEK 3,669m (4,000)

-- Loan losses amounted to SEK 230m (102).

The CEO comments on the third quarter

Swedbank's business development remains strong. We are constantly gaining new customers, and volumes are increasing among those we already have, not least in Sweden. During the recent crisis in the international financial market Swedbank, with its low-risk profile, has stood strong and been only marginally affected. In the short term the level of activity has decreased in some parts of Swedbank Markets. The effects have otherwise been limited to a short-term impact on the valuation of certain assets and liabilities as well as an increase in the price of risk in the international credit market

During the last quarter we have seen, as expected, that the economy in Estonia is slowing, and several indications that Latvia is headed in the same direction. Swedbank expects the gradual slowdown to continue and that the imbalances that exist will eventually subside. In the long term prosperity in the Baltic economies will continue to approach the EU average.

The initial stage of the integration of TAS-Kommerzbank in Ukraine has been positive.

Read more at www.swedbank.com/ir or attached file below.

http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=58 3588&fn=wkr0001.pdf

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Swedbank's vision is to be the leading financial institution in the markets where we are present. Swedbank has 9 million retail customers and 500,000 corporate customers with more than 470 branches in Sweden, 290 branches in the Baltic countries and another 190 branches in Ukraine. The group is also present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Marbella, Moscow, New York, Oslo, Shanghai, St. Petersburg and Tokyo. As of December 2006 the group had total assets of SEK 1,400 billion and approximately 17,000 employees. For more information about Swedbank, please visit www.swedbank.com.

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