Interim Report January-September 2017

”Länsförsäkringar Bank is continuing to perform strongly and we can report our best ever quarterly results. It is tremendously gratifying that we are once again the single player on the bank market with the most satisfied retail customers and, for the first time, we also have the most satisfied corporate customers according to the Swedish Quality Index’s most recent survey that was published in the beginning of October (SKI 2017). The key to our success is the excellent work carried out locally at the regional insurance companies and that results in high customer satisfaction. The healthy customer inflow is confirmation that customers appreciate our strong local presence and focus on customer meetings combined with our market-leading digital banking services. We remain an attractive alternative for new bank customers and our market shares are increasing in both mortgage lending and household deposits, while business volumes trended positively in all product segments.” says Anders Borgcrantz, President of Länsförsäkringar Bank.

The period in brief, Group

  • A number of organisational changes were made on 1 January 2017 whereby operations were transferred from the Parent Company, Länsförsäkringar AB, to the Bank Group. A total of 116 full-time employees joined the Bank Group.
  • Operating profit increased 8% to SEK 1,166 M (1,077) and the return on equity amounted to 9.8% (10.0).
  • Net interest income rose 16% to SEK 2,926 M (2,519).
  • Operating income increased 11% to SEK 2,374 M (2,145).
  • Operating expenses amounted to SEK 1,173 M (1,033).
  • Loan losses amounted to SEK 34.8 M (35.2), net, corresponding to a loan loss level of 0.02% (0.02).
  • Business volumes increased 13% to SEK 501.1 billion (442.0).
  • Deposits rose 10% to SEK 99.3 billion (90.0). Lending increased 15% to SEK 251.7 billion (219.3).
  • The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 23.4% (22.8*) on 30 September 2017.
  • The number of customers with Länsförsäkringar as their primary bank rose 11% and the number of bank cards increased 12%.
  • According to the 2017 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank is the single player on the bank market with the most satisfied retail and corporate customers.

Figures in parentheses pertain to the same period in 2016.
* Refers to 30 June 2017.

For further information please contact:

Anders Borgcrantz, President, Länsförsäkringar
Bank AB, +46 (0)8-588 412 51, +46 (0)73-964 12 51

Martin Rydin, CFO, Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23

Stefan Karkamanis, Investor Relations, Länsförsäkringar Bank AB
+46 (0)8-588 402 90, +46 (0)72-147 22 93

The Länsförsäkringar Alliance comprises 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring and total solutions for reliable mortgage transactions are offered through Länsförsäkringar Fastighetsförmedling.


About Us

Länsförsäkringar is Sweden’s only customer-owned and locally established banking and insurance group. The customers in each of the counties in the country own their local and independent regional insurance company. The 23 regional bank and insurance companies cooperate in the jointly owned Länsförsäkringar AB, which conducts development and provides services within banking, life assurance, non-life insurance and animal insurance. Länsförsäkringar offers a broad range of insurance and banking services for individuals, companies and farming. All companies within the Länsförsäkringar Alliance are environmentally certified in accordance with ISO 14001.