SBAB Bank (SBAB) investor relations material

Business model and growth

• Founded in 1985 and 100% owned by the Kingdom of Sweden; fifth-largest Swedish mortgage lender with a low-risk residential portfolio.

• Online and telephone retail service, complemented by Booli housing and household-finance services; corporate lending focuses on property companies, housing developers and tenant-owner associations.

• Customer satisfaction ranked #1 for residential mortgages for seven consecutive years and property loans for eight consecutive years.

• Lending reached SEK 550.8bn at 30 Sep 2026, up 1.1% YoY; deposits were SEK 277.0bn, up 4.6% YoY.

Credit portfolio and asset quality

• Residential mortgages were SEK 386.8bn, or 70.2% of lending, with average LTV of 60%; property companies were SEK 98.8bn at 58% LTV and tenant-owner associations SEK 60.2bn at 31% LTV.

• Jan–Sep 2026 credit losses were SEK 12mn, with a 0.00% credit loss ratio; Stage 3 loans were 0.15% at 30 Sep 2026.

• Underwriting includes stressed-rate affordability assessments; mortgage lending is concentrated in Swedish metropolitan, university and growth regions.

• Covered-bond pool had SEK 395.5bn of cover assets and a 33.1% overcollateralisation ratio; additional eligible lending of SEK 141.4bn could be transferred into the pool.

Financial performance

• Jan–Sep 2026 operating profit was SEK 2.059bn and ROE was 9.7%; net interest income fell 2.8% YoY as lending margins remained compressed.

• Jan–Sep costs declined 2.9% YoY despite continued investment; C/I ratio was 35.9%, down 0.3 pp YoY.

• Q3 2026 net interest income was SEK 1.201bn, down 5.5% QoQ; NIM was 0.72%.

• Q3 ROE was 8.9% and C/I ratio 38.4%; low credit losses and cost discipline supported profitability amid lower rates and margin pressure.