Nordic banks – Statistical update – Swedish lending, May 2026

Research evidence excerpt

Nordic banks – Statistical update – Swedish lending, May 2026

Financials

Swedish lending statistics – May 2026

Corporate bank lending +2.0% y-o-y and household mortgage lending +3.1%

• Total lending was up 3.1% y-o-y (corporate lending +3.0% and retail lending +3.1%) and up 0.5% m-o-m.

– Last month, total lending was up 3.0% y-o-y (corporate lending +2.9% and retail lending +3.0%)

• Bank (non-mortgage) lending was up 1.6% y-o-y (corporate +2.6% and retail -0.9%) and up 1.2% m-o-m.

– Last month, bank lending was up 1.6 % y-o-y (corporate lending +2.6% and retail lending -0.9%)

• Mortgage lending was up 2.6% y-o-y (corporate lending +0.4% and retail lending +3.1%) and up 0.2% m-o-m.

– Last month, mortgage lending grew by 2.7% y-o-y (corporate lending +1.0% and retail lending +3.1%)

• Corporate lending in the banks and mortgage institutions (excl. repos) increased 2.0% y-o-y. Nordea compares positively with

its Swedish corporate loan book up 10.4% y-o-y in May. In the other banks, corporate lending in Sweden was up 5.5% y-o-y

in Swedbank, up 1.0% in SEB and down 1.5% in Handelsbanken.

• The household mortgage lending market was up 3.1% y-o-y. The large cap banks showed mixed y-o-y growth rates with

Nordea (+5.1%) comparing positively. Handelsbanken’s loan book was up 1.7% y-o-y, while Swedbank’s was up 1.3%. Lastly,

SEB’s household mortgage lending book was up 0.8% y-o-y.

• The avg. deposit margins were slightly down (6-8bps) m-o-m, both in the corporate and household segments.

• To conclude, corporate lending grew by 2.0% y-o-y while household mortgage lending grew by 3.1%. We also note that

Nordea continued to excel vs. its large cap peers. In terms of corporate lending, Nordea (and Swedbank) outgrew the market,