Länsförsäkringar Bank: Interim Report January - March 2018
”We are pleased to say that Länsförsäkringar Bank continued to perform positively and once again we can report our best ever quarterly results. Business volumes are continuously increasing in all areas. We are maintaining a healthy balance between savings and lending in our business volumes, while the credit quality of the loan portfolio remains high. The number of customers is continuing to increase, showing that customers appreciate our local presence and focus on customer meetings combined with our market-leading digital services. As the new President of Länsförsäkringar Bank, I see excellent opportunities to continue our journey of growth in the Swedish bank market. Based on Länsförsäkringar strong brand and our unique market position, we have an excellent platform for continued expansion. The key to continued success is the tremendous work carried out locally at the regional insurance companies that ultimately results in our high levels of customer satisfaction – an area that we will always give the highest priority.”, says Sven Eggefalk, President of Länsförsäkringar Bank.
The period in brief, Group
- Operating profit increased 26% to SEK 443.3 M (352.5) and the return on equity strengthened to 10.5% (9.1).
- Net interest income increased 15% to SEK 1,082 M (940.0).
- Operating income increased 17% to SEK 883.1 M (753.8).
- Operating expenses rose 10% to SEK 426.3 M (386.2).
- Credit losses amounted to SEK 13.4 M (15.1), net, corresponding to a credit loss level of 0.03% (0.03).
- Business volumes increased 13% to SEK 529.5 billion (467.5).
- Deposits rose 9% to SEK 100.4 billion (91.9). Lending increased 16% to SEK 268.6 billion (232.2).
- The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 22.7% (23.3*) on 31 March 2018.
- The number of customers with Länsförsäkringar as their primary bank rose 10%. The number of bank cards increased 12%.
- According to the 2017 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank is the single player on the bank market with the most satisfied retail and corporate customers. Länsförsäkringar Bank also has the most satisfied mortgage customers and corporate customers for property loans according to the 2017 Swedish Quality Index.
Figures in parentheses pertain to the same period in 2017.
* Refers to 31 December 2017.
For further information, please contact:
Sven Eggefalk, President Länsförsäkringar Bank AB
+46 (0)8-588 414 37, +46 (0)70-240 47 04
Anders Borgcrantz, CFO, Länsförsäkringar Bank AB,
+46 (0)8-588 412 51, +46 (0)73-964 12 51
Martin Rydin, Head of Treasury Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23
Stefan Karkamanis, Investor Relations, Länsförsäkringar Bank AB
+46 (0)8-588 402 90, +46 (0)72-310 00 80
The Länsförsäkringar Alliance is comprised of 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and life and non-life insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring, total solutions for reliable mortgage transactions through Länsförsäkringar Fastighetsförmedling, and financing services such as leasing, instalment payments, and loans through Wasa Kredit.