Länsförsäkringar Bank: Interim Report January - June 2016
”Länsförsäkringar Bank continued to perform positively and we can again report healthy growth with increased business volumes. The earnings trend is highly favourable and we are again reporting our best ever quarterly results, and at the same time maintaining a strong liquidity and capital situation. The continued high customer inflow confirms that customers appreciate our local presence and our focus on customer meetings combined with our market-leading digital services. In addition to having the most satisfied customers according to the Swedish Quality Index (SKI), we are also very proud to have won the award of “Mobile Bank of the Year” at Mobilgalan and the Web Service Award for “Best Mobile Site and App” during the first six months of the year. Our aim is to maintain our leading position in digital banking services” says Rikard Josefson, President of Länsförsäkringar Bank.
The year in brief, Group
- Operating profit increased 24.7% to SEK 697 M (559) and the return on equity strengthened to 9.8% (8.8).
- Net interest income increased 14.4% to SEK 1,615 M (1,411).
- Operating income rose 14.1% to SEK 1,510 M (1,323).
- Operating expenses increased 2.2% to SEK 780 M (763).
- Loan losses amounted to SEK 32 M (0*), net, corresponding to loan losses of 0.03% (0.00).
- Business volumes increased 11.6% to SEK 422.1 billion (378.2).
- Deposits rose 11.9% to SEK 87.6 billion (78.3).
- Lending increased 11.4% to SEK 213.0 billion (191.2).
- The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 20.3% (20.3%**) on 30 June 2016.
- The number of customers with Länsförsäkringar as their primary bank rose 9.0% to 398,000 (365,000), and the number of bank cards increased 10.6% to 492,000 (445,000).
*) The comparative figure includes the dissolution of reserves amounting to SEK 40 M.
**) Pertains to 31 March 2016.
Figures in parentheses pertain to the same period in 2015.
For further information please contact:
Rikard Josefson, President, Länsförsäkringar Bank AB,
+46 (0)8-588 410 75, +46 (0)70-206 69 55
Anders Borgcrantz, Executive Vice President and CFO, Länsförsäkringar
Bank AB, +46 (0)8-588 412 51, +46 (0)73-964 12 51
Martin Rydin, Vice Executive President, Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23
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.