INTERIM REPORT JANUARY–MARCH 2009
- OPERATING PROFIT, NOT INCLUDING ”NET RESULT OF FINANCIAL TRANSACTIONS”, AMOUNTED TO MSEK 28.8 (47.9)
The change in profit is explained by lower net interest income and a decline in recoveries. Net interest income for the first quarter of 2009 amounted to MSEK 74.0, a drop by MSEK 12.2 compared to the corresponding year-ago period. The lower net interest income is explained primarily by lower market rates, which meant a lower return on the portion of equity invested in lending operations. Also reported are recoveries during the first quarter of 2008 in the amount of MSEK 5.2. There is no corresponding item for the first quarter of 2009.
- LOAN VOLUME AMOUNTED TO MSEK 41,881 (40,122)
Loans outstanding increased by 1.4 percent during the period, to MSEK 41,881. The loan volume increased by 1.0 percent during the corresponding year-ago period. The increase in growth in 2009 is explained by increased activity in the market. There is great interest in purchasing additional land as well as investment in buildings and machinery.
- LOAN LOSS LEVEL 0.01 PERCENT (–0.05 PERCENT)
Loan losses during the first quarter 2009 amounted to MSEK 0.8, equivalent to 0.01 percent of loans outstanding. During the corresponding period 2008, recoveries exceeded loan losses and Landshypotek reported recoveries of MSEK 4.7, equivalent to –0.05 of loans outstanding. As of 31 March 2009, doubtful credits amounted to MSEK 7.4 (5.0), equivalent to 0.02 percent (0.01 percent) of loans outstanding..
- CAPITAL ADEQUACY WAS 38.3 PERCENT; TIER 1 CAPITAL ADEQUACY WAS 34.7 PERCENT
Based on the Basel II capital adequacy rules, Landshypotek has a very strong capital situation. Transitional rules remain in effect during 2009; under the transitional rules Landshypotek has capital adequacy of 9.6 percent and Tier 1 capital adequacy of 8.7 percent.
- THE COMPREHENSIVE PROFIT FOR THE PERIOD AMOUNTED TO MSEK 26.3 (34.1)
Strandvägen 1, P.O. Box 14092, SE-104 41 Stockholm, Sweden. Tel +46 8 459 04 00. Fax +46 8 459 04 21. www.landshypotek.se