Maria Caneman
Head of Investor Relations
Good morning. Welcome to Swedbank’s Q1 2026 Pre-close Call. I’m Maria Caneman. I am Head of Investor Relations here at Swedbank. [Operator Instructions] And we would like to start by informing you that this call is being recorded. And the script used for this call will be published on the Investor Relations website after the call. So this call will focus on the events during the first quarter, relevant public data and macro trends in our markets, and we’ll go through the macro indicators, P&L statement and comment on capital.
We would like to highlight that we, of course, only answer questions related to already disclosed information as well as public available data. To start off, there are 2 days less in this quarter compared to the previous one, resulting in a negative impact on NII and NCI. And looking at average day count effects, it’s around SEK 50 million per day on NII and SEK 20 million per day on NCI. On FX movements, as end of last week, that’s 27th of March, the Swedish krona had depreciated from end December versus the U.S. dollar and the euro. On average, quarter-to-date compared to last quarter, the krona appreciated versus both the dollar and the euro. And for P&L, the average quarter-on-quarter development is the relevant number to track.
The Riksbank policy rate was left unchanged at 1.75% during the quarter, and ECB kept its policy rate unchanged at 2%. As of 27th of March, on average quarter-to-date compared to the fourth quarter, the
