KOMMUNINVEST HALF YEAR RESULTS 2010-06-30
THE FIRST SIX MONTHS, SUMMARY
• 5 (16) new members
• Balance sheet total SEK 190.9 billion
• Lending SEK 128.8 billion
• Operating profit SEK 195.1 million
Comment by Tomas Werngren, President and CEO
”Kommuninvest’s stable development continues. Our position as the Swedish Local Government Debt Office and leading lender to the local government sector has been further strengthened during the first six months.
The decision to strengthen the capital base by SEK 1 billion in the form of a subordinated loan was taken by the annual meeting of the Kommuninvest Cooperative Society in March 2010. Following subscription for the loan during late spring and summer we now know that the issue has been oversubscribed. Important work to anchor the capitalisation has been done by staff and elected politicians among our members.
Kommuninvest’s financial stamina and ability to provide our members with effective financing solutions in the long term remain very good.
| Financial summary | |||||
| 2010-06-30 | 2009-06-30 | 2009-12-31 | |||
| Net interest income, SEKm | 214.2 | 206.1 | 382.1 | ||
| Operating profit, SEKm | 195.1 | -65.3* | 335.0 | ||
| Profit for the period, SEKm | 105.3 | -62.0* | 170.6 | ||
| Balance sheet total, SEKbn | 190.9 | 155.9* | 183.1 | ||
| Lending, SEKbn | 128.8 | 114.7 | 123.6 | ||
| * Change of certain valuation and accounting principles means that comparative numbers for 2009 have been | |||||
| changed. The changes are due to the regulatory code FFFS 2009:11, issued by the Swedish Financial Supervisory Authority (Finansinspektionen) | |||||
For further information
Thomas Werngren, President and CEO, + 46 70 645 06 69
Maria Viimne, Deputy CEO, + 46 70 333 69 02
Anitha Holmberg, Head of Corporate Communications, +46 70 638 66 63
The report for the first six months 2010 will be published August 30 in Swedish, September 6 in English and September 10 in Japanese.