The Swedish Financial Supervisory Authority approved Swedbank's
acquisition of Sparbanken Öresund on 16 May. On receipt of all the
authorisations, the acquisition was completed on 20 May and integration
work was begun. The acquired portions of Sparbanken Öresund are being
consolidated as of 21 May.
Preliminary financial impact on Swedbank's income statement during the
period 21 May to 30 June1 (SEKm).
Total
income
544
of which net interest income
53
of which net commission income 18
of which other income
473
of which badwill 2
461
Total
expenses
676
of which restructuring costs 2
591
Tax expense
2 -131
Profit after
tax
-5
1 Excluding the impact of Sparbanken Skåne, where Swedbank owns 22 per
cent.
2 Non-recurring items in connection with the acquisition, including
positive tax effect of SEK 130m.
Integration costs, in the form of restructuring costs, are somewhat
higher than what had previously been estimated. At the same time, larger
surplus values have been identified in the acquired operations which
entailed a somewhat larger badwill item.
The acquisition's impact on Swedbank's volumes and risk exposure amount
as of 30 June (SEKbn).
Loans to the
public 16
Deposits from the public
12
Risk exposure
amount 15
Sparbanken Öresund's H1 2014 estimated results3), if the acquisition had
not taken place (SEKm).
Total
income
544
of which net interest income
338
of which net commission income 142
of which other
income 63
Total
expenses
418
Tax
expense
22
Profit after tax
87
3 The actual results for the first 5 months of the year and forecast for
June. The 8 branches sold on to Sparbanken Skåne are included and
account for around SEK 200m of income, around SEK 45m of expenses and
around SEK 121m of profit after tax.
For further information, please contact:
Gregori Karamouzis, Head of Investor Relations, Swedbank tel: +46 727-40
63 38 or ir@swedbank.com
Swedbank promotes a sound and sustainable financial situation for the
many people, households and companies. Our vision is to contribute to
development "Beyond Financial Growth". As a leading bank in the home
markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide
range of financial services and products. Swedbank has 8 million retail
customers and around 556 000 corporate customers and organisations with
305 branches in Sweden and approximately 180 branches in the Baltic
countries. The group is also present in other Nordic countries, the US
and China. As of 31 December 2013 the group had total assets of SEK
1 820 billion. Read more at www.swedbank.com