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Länsförsäkringar Bank: Interim Report January-March 2015

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”Länsförsäkringar Bank continued to grow stably during the first quarter of the year. Business volumes increased and operating profit, net interest income and profitability strengthened. Lending, which grew primarily through mortgages to private individuals, increased and maintained a high level of credit quality, while loan losses remained very low. Funding was highly satisfactory and the liquidity situation is favourable. The bank received a shareholders’ contribution of SEK 500 M to further strengthen its capital base. Our focus on digital channels has continued to generate results – slightly more than 90% of customers use our popular app that offers banking, pension and insurance services. It is gratifying that for the bank to once again report its best ever quarterly results” says Rikard Josefson, President of Länsförsäkringar Bank.

The period in brief, Group

  • Operating profit increased 42% to SEK 279 M (197) and the return on equity strengthened to 9.1% (7.5).
  • Net interest income increased 17% to SEK 685 M (584).
  • Operating income increased 14% to SEK 634 M (557).
  • Operating expenses increased 3% to SEK 355 M (345).
  • Loan losses amounted to SEK 0 M (16), net, corresponding to loan losses of 0.00% (0.04).
  • Business volumes increased 16% to SEK 371.5 bn (321.5).
  • Deposits increased 9% to SEK 75.9 bn (69.8).
  • Lending increased 12% to SEK 183.4 bn (163.4).
  • Länsförsäkringar Bank received a shareholders’ contribution of SEK 500 M during the quarter.
  • The Bank Group’s Core Tier 1 ratio amounted to 17.4% on 31 March 2015.
  • The number of customers increased 4% to 933,000, the number of cards rose 9% to 433,000 and the number of deposit accounts increased 7%.

Figures in parentheses pertain to 2014.

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, Vice Executive President, Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23

Frida Adrian, Investor Relations Manager, Länsförsäkringar Bank AB,
+46 (08)-588 403 52, +46 (0)73-867 43 84

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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