Highlights of Stadshypotek’s Annual Report January–December 2022

JANUARY–DECEMBER 2022 COMPARED WITH JANUARY–DECEMBER 2021

Stadshypotek’s operating profit decreased by SEK 190m, or 1%, to SEK 12,887m (13,077). Net interest income fell by SEK 676m to SEK 14,979, (15,655), mainly due to decreased margins for Swedish and Norwegian private loans.

Of the net interest income, SEK 852m (1,130) was attributable to the branch in Norway, SEK 557m (581) to the branch in Finland and SEK 512m (526) to the branch in Denmark. Excluding the branches, net interest income decreased by SEK 360m (+134). Net gains/losses on financial transactions decreased by SEK 100m to SEK -12m (88).

Expenses rose by SEK 98m to SEK -2,035m (-1,937). This increase was mainly attributable to an increase in the sales compensation paid to the parent company for the services performed by the branch office operations on behalf of Stadshypotek in relation to the sale and administration of mortgage loans.

Credit losses totalled SEK -63m (4). This amount includes expert-based calculations that take into account the geopolitical situation, and entailed an additional provision requirement of SEK -36m (-2), as well as updated macroeconomic assumptions amounting to SEK 29m (6). The credit loss ratio remained unchanged, at 0.00% of lending (0.00).

LENDING

Compared to the close of the corresponding period during the previous year, loans to the public increased by 3%, or SEK 40bn, and stood at SEK 1,566bn (1,526). In Sweden, loans to the public increased by 6%, or SEK 74bn, to SEK 1,376bn (1,302).

FUNDING

Issues of Stadshypotek’s benchmark programme loans in Swedish kronor totalled SEK 120.7bn (121.9) during the period. During the period, a nominal volume totalling SEK 89.2bn (95.5) matured or was repurchased. The carrying amount of outstanding Swedish kronor bonds was SEK 544.3bn (511.1) at the end of the period.

Issues of foreign currency bonds under the EMTCN programme totalled EUR 1.0bn (1.0). The outstanding volumes at the end of the period were nominally EUR 8.9bn (8.9) and GBP 0.7bn (0.7).

The outstanding volume in the US programme totalled USD – bn (1.3) at the end of the period. Issues in NOK totalled NOK – bn (8.0). The outstanding volume at the end of the period totalled NOK 24.0bn (29.0).

CAPITAL ADEQUACY

The total capital ratio according to CRD IV was 18.5% (18.3) while the common equity tier 1 ratio calculated according to CRD IV was 12.9% (12.6).

RATINGS

The rating remained unchanged during the year.

DISCONTINUED OPERATIONS

The operations in Denmark were divested during Q4 2022. Stadshypotek’s operations in Denmark and Finland constitute discontinued operations in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations.
 

Stockholm February 8 2023

David Haqvinsson
Chief Executive Stadshypotek AB

This information is of the type that Stadshypotek is obliged to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication through the agency of the contact person set out above, at 11:00 a.m. CET on 8 February 2023.

For more information about Stadshypotek please go to Handelsbanken.com
 

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