Contents
Contents 2
Investment Summary 3
Cyclical downturn – differences in approach 5
Higher provisions met by reprising of risk 5
Preparing for higher capital levels and reduced rollover risk … 8
Valuation 12
Q2 Handelsbanken – still showing resilient asset quality 19
Profit & loss statement 23
Balance sheet & Cash flow 24
Q2 Nordea – Strong capital market gains… 25
Profit & loss statement 30
Balance sheet & Cash flow 31
Q2 SEB – Income supported by positive market conditions 32
Profit & loss statement 36
Balance sheet & Cash flow 37
Q2 Swedbank – Core income slightly weaker than expected 38
Profit & loss statement 42
Balance sheet & Cash flow 43
Q2 Danske Bank – Still impressive trading gains 44
Profit & loss statement 48
Balance sheet & Cash flow 49
Q2 DnB NOR – All in all roughly in line…. 50
Profit & loss statement 56
Balance sheet & Cash flow 57
Disclaimer 58
Contact information 61