Länsförsäkringar Hypotek: Interim Report January - March 2011

– Länsförsäkringar continues to grow and capture market shares. Retail mortgages in the Swedish market are continuing to rise, although at a lower pace mainly due to higher market interest rates. The number of customers is increasing and more retail mortgage customers are choosing Länsförsäkringar as their primary bank. Net interest income and profitability strengthened during the period. Credit quality remains high with a low percentage of impaired loans and recoveries exceeding net loan losses. The liquidity situation is favourable and refinancing was very successful, says Göran Laurén, President of Länsförsäkringar Hypotek AB.

The period in brief

• Loans rose 16% to SEK 82 billion (70).
• Operating profit increased 48% to SEK 45 M (30).
• Net interest income rose 82% to SEK 125 M (68).
• Recoveries exceeded loan losses and amounted to SEK 1 M (2), net.
• The Tier 1 ratio according to Basel II was 19.5% (17.8) and the capital adequacy ratio was 21.9% (21.0).
• The number of customers rose 10% to 152,000 (138,000).

Figures in parentheses pertain to the same period in 2010. 

The full report is available attached.

Contact information:

Göran Laurén, President, Länsförsäkringar Hypotek AB
Phone: +46 8 588 410 73, +46 73 964 10 73

Anna-Lena Löfvenberg, Investor Relations Manager, Länsförsäkringar Bank AB
Phone: +46 8 588 415 16, +46 73 964 15 16

Christer Baldhagen, Director of Corporate Communications Länsförsäkringar AB
Phone: +46 8-588 415 01, +46 70 579 70 66

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