Correction: Länsförsäkringar Bank: Year-end report 2007
The Year-end report 2007 from Länsförsäkringar AB was unfortunately released under the wrong company name. Länsförsäkringar AB Year-end report 2007 should have been Länsförsäkringar Bank Year-end report 2007.
– 2007 was the best year in our history, with the strongest volume growth and earnings to date within all areas. Länsförsäkringar’s focus on service, personal meetings and strong local presence, combined with the attractive total offering is giving results. Our customers are also the most satisfied retail bank and mortgage customers, a proof that we have succeeded in our ambitions. We will continue in full force along our established path, says Anders Borgcrantz, Acting President of Länsförsäkringar Bank.
Summary:
• Income before loan losses amounted to SEK 290 (236) M and operating income amounted to SEK 238 M (198), an increase of 20%.
• Revenue was up 8% to SEK 1,106 M (1,023).
• Net interest income rose by 10% to SEK 1,017 M (927).
• Operating expenses increased by 4% to SEK 816 M (787).
• The cost/income ratio declined to 0.74 (0.77).
• Loan losses remained low, amounting to SEK 51 M (38).
• Return on equity after standard tax was 5.0% (4.6).
• Lending to the public increased 24% to SEK 67 billion (54) and deposits from the public rose 22% to SEK 30 billion (24).
• Mortgage lending by the subsidiary Länsförsäkringar Hypotek rose by 30% to SEK 48 billion (37).
• Fund volumes amounted to SEK 65 billion (62), an increase of 5%.
• Issued securities increased to SEK 46 billion (32), of which covered bonds amounted to SEK 37 billion.
• Länsförsäkringar has the most satisfied retail bank customers and the most satisfied mortgage customers according to the Swedish Quality Index 2007.
• The number of customers rose to 665,000 (640,000).
Figures in parentheses pertain to 2006.
All comparative figures have been restated in accordance with IFRS.
The full report is available at www.lansforsakringar.se/info
For further information, contact:
Anders Borgcrantz,
Acting President, Länsförsäkringar Bank AB
+46 (0)8-588 412 51
+46 (0)73-96 412 51
Mattias Nordin
Finance Manager Länsförsäkringar Bank AB
+46 (0)8-588 409 08
+46 (0)73-96 409 08
Christer Baldhagen,
Senior Vice President Corporate Communications Länsförsäkringar AB
+46 (0)8-588 415 01
+46 (0)70-579 70 66