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Länsförsäkringar Bank: Interim Report January - September 2018

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”We are delighted to once again announce that Länsförsäkringar Bank has Sweden’s most satisfied retail customers. At the start of October, the 2018 Swedish Quality Index named Länsförsäkringar Bank the player on the bank market with the most satisfied retail customers for the 13th time in the past 15 years. We firmly believe that the combination of our strong local presence and our market-leading digital services is the main reason for this recurring high customer satisfaction rating and is ultimately confirmation that customers appreciate our offering. Länsförsäkringar Bank’s positive performance continued. Net interest income performed strongly and the profitability of our business is high, while the very high credit quality of the loan portfolio was sustained. We are in the final stage of an intense period of IT-development that will enable a major shift in our ability to develop our digital offering in the future. The final stage of this project was charged to expenses for the current quarter and will also impact the subsequent quarter”, says Sven Eggefalk, President of Länsförsäkringar Bank.

The period in brief, Group

  • Operating profit increased 12% to SEK 1,310 M (1,166) and the return on equity amounted to 9.8% (9.8).
  • Net interest income rose 14% to SEK 3,328 M (2,926).
  • Operating income increased 17% to SEK 2,772 M (2,374).
  • Operating expenses amounted to SEK 1,398 M (1,173).
  • Credit losses amounted to SEK 63.9 M (34.8), net, corresponding to a credit loss level of 0.03% (0.02).
  • Business volumes increased 13% to SEK 563.8 billion (501.1).
  • Deposits rose 6% to SEK 105.1 billion (99.3). Lending increased 11% to SEK 280.4 billion (251.7).
  • Fund volumes increased 19% to SEK 178.3 billion (150.1).
  • The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 24.4% (24.7*) on 30 September 2018.
  • The number of customers with Länsförsäkringar as their primary bank rose 12% and the number of bank cards increased 11%.
  • According to the 2018 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank is again the player with the most satisfied retail customers.

    Figures in parentheses pertain to the same period in 2017.
    * Refers to 30 June 2018.

Read more
https://www.lansforsakringar.se/financial-bank/

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.

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