Länsförsäkringar Bank: Interim Report January-March 2016
”It is highly gratifying that we can present yet another quarter in which the bank continued to perform positively on a broad front and with a continuous inflow of new customers. The strong earnings trend continued and we could again report our best quarterly results. Business volumes and net interest income performed strongly, while loan losses remained low. The key to our success is the tremendous work carried out locally at the regional insurance companies which yields in our high customer satisfaction. Our strong local presence is also supplemented with an attractive digital offering and at the beginning of the year our mobile app was named the best in the bank market. We are continuing to make investments to consolidate and further develop our position as the leader in digital services as a complement to our strong local presence. This year, the bank is celebrating its 20thanniversary and we are very proud of its fantastic journey and the strong position that it has achieved during this time” says Rikard Josefson, President of Länsförsäkringar Bank.
The period in brief, Group
- Operating profit increased 22% to SEK 341 M (279) and the return on equity strengthened to 9.7% (9.1).
- Net interest income increased 15% to SEK 789 M (685).
- Operating income increased 17% to SEK 744 M (634).
- Operating expenses increased 8% to SEK 383 M (355).
- Loan losses amounted to SEK 20.2 M (0.3*), net, corresponding to loan losses of 0.04% (0.00).
- Business volumes increased 8.9% to SEK 404.5 billion (371.5).
- Deposits increased 11.4% to SEK 84.5 billion (75.9).
- Lending increased 12.3% to SEK 205.9 billion (183.4).
- The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 20.3% on 31 March 2016.
- The number of customers with Länsförsäkringar as their primary bank rose 9% to 390,000 (358,000), and the number of bank cards increased 10% to 476,000 (433,000).
*) The comparative figure includes the dissolution of reserves amounting to SEK 20 M.
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.