Länsförsäkringar Bank: Interim Report January - March 2011
– The bank is continuing to grow in all areas, even though market growth is declining. Focus is intensifying on the different forms of savings and the products have been developing well. We are strengthening our position in agricultural loans and hold a market share of nearly 8%. The number of customers is increasing and more customers are choosing Länsförsäkringar as their primary bank. Net interest income is increasing due to such reasons as rising market interest rates, and profitability is strengthening. Growth in loans is healthy and credit quality remained very high with low loan losses and a low percentage of impaired loans, says Anders Borgcrantz, President of Länsförsäkringar Bank AB.
The period in brief, the Group
- Operating profit increased 38% to SEK 94 M (68).
- Net interest income rose 35% to SEK 391 M (290).
- Loan losses remained low and amounted to SEK 12 M (18), net, corresponding to a loan loss of 0.04% (0.07).
- Business volumes rose 12% to SEK 237 billion (211).
- The Tier 1 ratio according to Basel II was 11.8% (11.6) and the capital adequacy ratio was 13.5% (13.5).
- The number of customers rose 8% to 840,000 (775,000) and the number of bank cards increased 18% to 276,000 (234,000).
- The number of customers with Länsförsäkringar as their primary bank increased 16% to 232,000 (200,000) and the number of products per customer is increasing.
Figures in parentheses pertain to the same period in 2010.
Anders Borgcrantz, President, Länsförsäkringar Bank AB
Phone: +46 8 588 412 51, +46 73 964 12 51
Göran Laurén, CFO, Länsförsäkringar Bank AB
Phone: +46 8 588 410 73, +46 73 964 10 73
Christer Baldhagen, Director of Corporate Communications Länsförsäkringar AB
Phone: +46 8-588 415 01, +46 70 579 70 66