Länsförsäkringar Bank: Year-end Report 2010

“The bank continued to grow in all areas during the fourth quarter and our market position was strengthened. Growth in the number of customers is continuously improving. Net interest income, operating profit and profitability rose and the bank’s rating remained unchanged with a stable outlook. Growth, favourable credit quality and profitability show that the bank represents stability and low-risk operations. Länsförsäkringar has Sweden’s strongest financial brand, as well as Sweden’s most satisfied retail bank and mortgage customers. We are well equipped for a new year during which we will strengthen our savings offering,” says Mats Ericsson, President of Länsförsäkringar Bank AB.

The year in brief, Group

• According to the 2010 Swedish Quality Index, Länsförsäkringar had Sweden’s most satisfied retail bank customers and Sweden’s most satisfied retail mortgage customers.
• Operating profit increased 34% to SEK 345 M (258).
• Net interest income rose 19% to SEK 1,363 M (1,148).
• Loan losses remained low and amounted to SEK 60 M (50), net, corresponding to a loan loss of 0.05% (0.05).
• Business volumes rose 14% to SEK 232 billion (204).
• The Tier 1 ratio according to Basel II was 11.8% (12.5) and the capital adequacy ratio was 13.5% (14.8).
• The number of customers rose 9% to 826,000 (759,000) and the number of bank cards increased 19% to 266,000 (223,000).
• The number of customers with Länsförsäkringar as their principal bank increased 15% to 223,000 (194,000) and the number of products per customer is increasing.

Figures in parentheses pertain to the same period in 2009. 

The full report is available attached.

For further information please contact:

Mats Ericsson, President, Länsförsäkringar Bank AB
Phone: +46 8 588 409 63, +46 73 964 09 63
mats.ericsson@lansforsakringar.se

Anders Borgcrantz, Deputy for the President and CFO, Länsförsäkringar Bank AB
Phone: +46 8 588 412 51, +46 73 964 12 51
anders.borgcrantz@lansforsakringar.se

Christer Baldhagen, Director of Corporate Communications Länsförsäkringar AB
Phone: +46 8-588 415 01, +46 70 579 70 66
christer.baldhagen@lansforsakringar.se

lansforsakringar.se/financialbank

The Länsförsäkringar Alliance comprises 24 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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