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Länsförsäkringar Bank: Interim report January-June 2014

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”Länsförsäkringar continued to strengthen its position in the bank market with growing business volumes and strong net interest income and earnings. We are working continuously on offering customers a simple, clear and attractive alternative and we are at the forefront of digital services in terms of both service level and user-friendliness. At the end of the quarter, we were the first in the market to certify all of our mortgage advisors. The loan portfolio with primary growth in mortgages to private individuals, has very high credit quality. Financing in the funding market continued to be successful. New regulations are now being introduced rapidly and at full force. It is important that the rules are applied based on a thorough analysis so that, not least, terms of competition are taken into account”, says Rikard Josefson, President of Länsförsäkringar Bank.

The period in brief, Group

  • Operating profit rose 44% to SEK 428 M (297) and the return on equity strengthened to 8.0% (6.3).
  • Operating income increased 15% to SEK 1,168 M (1,015).
  • Net interest income rose 10% to SEK 1,208 M (1,095).
  • Operating expenses excluding additional impairment increased 5% to SEK 690 M (655).
  • Loan losses amounted to SEK –23 M (63), net, corresponding to loan losses of  –0.03% (0.07). See comments on the new settlement model for loan losses.
  • Business volumes rose 12% to SEK 334 billion (298).
  • Deposits increased 11% to SEK 73 billion (66).
  • Lending increased 7% to SEK 167 billion (157).
  • The Bank Group’s Core Tier 1 ratio according to Basel III was 16.0% on June 30, 2014.
  • The number of customers increased 4% to 906,000, the number of bank cards rose 10% to 406,000 and the number of deposit accounts increased 5%.

Figures in parentheses pertain to the comparative period 2013.

http://www.lansforsakringar.se/stockholm/om-oss/in-english/financial-reports/lansforsakringar-bank/

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

Martin Rydin, Investor Relations, Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23

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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Länsförsäkringar

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