Länsförsäkringar Bank AB (publ) Year-end report 2003
Länsförsäkringar Bank AB (publ) Year-end report 2003 2003 in brief · Lending to the general public increased by 51% to SEK 30.0 billion (19.9). Deposits from the general public rose by 15% to SEK 17.0 billion (14.7). · Mortgage loans by Länsförsäkringar Hypotek rose by 106% to SEK 16.2 billion (7.8). Länsförsäkringar captured 10% of the growth in the housing mortgage during 2003. · Operating income amounted to SEK 103.8 M (32.7) before loan losses and SEK 64.9 M (19.5) after loan losses. Loan lasses remain at a low level. Probable and confirmed loan losses correspond to 0.13% (0.07) of total lending volume. · Revenues rose by 27% to SEK 822.2 M (649.3). · Administrative expenses increased by 15% to SEK 736.4 M (641.0). · Net interest income rose by 30% to SEK 700.7 M (537.8). · The target level for total capital adequacy was raised at the end of the year from 9.25% to 10.5% (+/- 0.5%). A target level for the Tier 1 ratio was set at 8.5% (+/- 0.5%). At yearend, capital adequacy was 13.00% (8.08) and the Tier 1 ratio was 9.95% (7.45). · The bank received a capital contribution of SEK 1,600 M during the year. · During the year, an MTN program was issued in addition to a syndicated term loan and revolving credit. · Länsförsäkringar received 59,000 new bank customers during the year. The number of customers that have current account, cards, savings and loans with the bank increased by 63% during 2003. · An increasing number of customers are discovering the benefits of having all their banking and insurance with Länsförsäkringar. At year- end, 10% (8) of private home customers were also bank customers. · Länsförsäkringar's bank customers are among the most satisfied in Sweden, according to the 2003 Swedish Quality Index. The bank has the highest ratings of all banks for the best-value banking services and the most loyal bank customers. For additional information, contact: Tomas Johansson +46 8-588 419 82 CEO Länsförsäkringar Bank +46 73-96 419 82 tomas.johansson@lansforsakringar.se Christer Baldhagen, Senior Vice President +46 8-588 415 01 Corporate Communications Länsförsäkringar AB +46 70-579 70 66 christer.baldhagen@lansforsakringar.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/20/20040220BIT00230/wkr0001.doc http://www.waymaker.net/bitonline/2004/02/20/20040220BIT00230/wkr0002.pdf The full report