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Länsförsäkringar Bank: Interim report January-June 2012

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”The banking operations are continuing to grow, earnings are increasing and the return on equity is strengthening. The bank launched its first credit card for private individuals in June. Net interest income is increasing, primarily due to improved margins. The number of customers is rising and more customers are choosing Länsförsäkringar as their primary bank. The strong growth in deposits is particularly gratifying. We also strengthened our market position in lending and the credit quality of the loan portfolio is very high. The new regulations for banking operations have been further clarified and the bank is well-positioned in relation to the new rules,” says Rikard Josefson, President of Länsförsäkringar Bank.

The period in brief, Group

  • Operating profit increased 49% to SEK 270 M (181).
  • Return on equity strengthened to 6.3% (4.7).
  • Net interest income rose 23% to SEK 1,003 M (814).
  • Loan losses remain low and amounted to SEK 43 M (24), net, corresponding to loan losses of 0.06% (0.04).
  • Business volumes increased 8% to SEK 266 billion (247).
  • Deposits rose 28% to SEK 57 billion (45).
  • The Core Tier 1 ratio amounted to 12.3% (11.5). The Tier 1 ratio amounted to 12.9% (12.1) and the capital adequacy ratio to 14.9% (14.1).
  • The number of customers increased 7% to 921,000 (857,000) and the number of bank cards rose 12% to 321,000 (287,000).

Figures in parentheses pertain to the comparable period 2011.

The full report is available attached.

For further information please contact:

Rikard Josefson, President, Länsförsäkringar Bank AB,
+46 (0)8-588 410 75, +46 (0)70-206 69 55

Anders Borgcrantz, Vice Executive President and CFO, Länsförsäkringar
Bank AB, +46 (0)8-588 412 51, +46 (0)73-964 12 51

Anna-Lena Löfvenberg, Investor Relations, Länsförsäkringar Bank AB,
+46 (0)8-588 415 16, +46 (0)73-964 15 16

The Länsförsäkringar Alliance comprises 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring and total solutions for reliable mortgage transactions are offered through Länsförsäkringar Fastighetsförmedling.

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