Länsförsäkringar Bank: Interim report, January-March 2004

Länsförsäkringar Bank Interim report, January-March 2004 Summary * Operating income amounted to SEK 32 M (15) before loan losses and SEK 28 M (6) after loan losses. * Mortgage loans by the subsidiary Länsförsäkringar Hypotek rose by 78% to SEK 18 billion (10). * Lending to the public increased by 42% to SEK 32 billion (23). Deposits from the public rose by 11% to SEK 18 billion (16). * Effective January 1, 2004, Länsförsäkringar Fondförvaltning AB is included in the Bank Group. * Revenues rose by 58% to SEK 278 M (176). Excluding Länsförsäkringar Fondförvaltning, the corresponding increase was 43%. * Administration expenses increased by 53% to SEK 247 M (161). Excluding Länsförsäkringar Fondförvaltning, the corresponding increase was 27%. * Net interest income rose by 24%. * Return on equity was 5.7% (1.8). * Capital adequacy amounted to 11.99% (8.52) and the Tier 1 ratio was 9.10% (7.94). * The number of bank customers amounted to 539,000 (including mutual fund customers). The number of customers who have their current account, cards, savings and loans with the bank increased by 50%. * The task of setting up an EMTN program was initiated during the period. "The bank shows continued strong growth in earnings and volumes. Operating income showed a very positive development. Lending rose by 42% and deposits by 11%. We have strengthened our position in the mortgage market, with 78% growth in mortgage lending during the past 12 months. Our focus on broadening customers' banking commitments has led to a doubling in the past year in the number of customers with a current account, cards, savings and loans with the bank, says Tomas Johansson, Managing Director, Länsförsäkringar Bank." You will find the report at www.lansforsakringar.se/info For further information, contact: Tomas Johansson +46 8 588 419 82 CEO Länsförsäkringar Bank +46 73 96 419 82 tomas.g.johansson@lansforsakringar.se Christer Baldhagen +46 8 588 415 01 Senior Vice President Corporate Communications +46 70 579 70 66 christer.baldhagen@lansforsakringar.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/04/23/20040423BIT00310/wkr0001.doc http://www.waymaker.net/bitonline/2004/04/23/20040423BIT00310/wkr0002.pdf The full report