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Länsförsäkringar Hypotek: Interim report January-September 2010

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“The trend in net interest income was positive during the period as a result of volume increases, a higher market interest-rate level and pricing that was adapted to the cost situation in the borrowing market. Länsförsäkringar’s market position as the fifth largest mortgage institution was strengthened and the number of customers rose. Nearly eight of ten retail mortgage customers, also have Länsförsäkringar as their principal bank. It is thus highly gratifying that Länsförsäkringar has Sweden’s most satisfied banking customers in the retail market, according to the Swedish Quality Index 2010. Credit quality remains favourable and refinancing activities have been effective, which means that the liquidity situation also remained strong,” says Anders Borgcrantz, President of Länsförsäkringar Hypotek AB. 

The period in brief

  • Loans rose 21% to SEK 77 billion (64).
  • Operating profit increased 5% to SEK 116 M (111).
  • Net interest income rose 25% to SEK 288 M (230).
  • The third quarter’s net interest income was up 115% to SEK 126 M (59).
  • Recoveries exceeded loan losses and amounted to SEK 3 M (5).
  • The Tier 1 ratio according to Basel II was 18.3% (18.2) and the capital adequacy ratio was 20.8% (22.8).
  • Covered bonds in the nominal amount of SEK 40 billion (29) were issued during the period.
  • The number of customers rose 13 percent to 146,000 (129,000).

Figures in parentheses pertain to the same period in 2009. 

The full report is available attached. 

For further information please contact: 

Anders Borgcrantz, President, Länsförsäkringar Hypotek AB
Phone: +46 8 588 412 51, +46 73 964 12 51
anders.borgcrantz@lansforsakringar.se
Göran Laurén, Deputy for the President and CFO, Länsförsäkringar Hypotek AB
Phone: +46 8 588 410 73, +46 73 964 10 73
goran.lauren@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/financialhypotek


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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