Länsförsäkringar Bank: Interim report January – June 2005

8/30/2005 8:23 AM EST

”Länsförsäkringar’s banking operations continues to develop positively. Volumes are rising sharply, earnings are improving and we are focused on continued expansion and investments in the market in the year ahead. Our offering will become ever broader in the autumn now that the mutual fund operations are fully integrated with the bank”, says Tomas Johansson, President and CEO, Länsförsäkringar Bank

Summary:
• Operating income before loan losses rose by 39% to SEK 102.3 M (73.7). Operating
income after loan losses amounted to SEK 69.1 M (56.4).
• Revenue was up 10% to SEK 641.8 M (581.3).
• Administration expenses increased by 6% to SEK 539.5 M (507.6).
• Net interest income rose by 11% to SEK 434.7 M (392.9).
• Return on equity after standard tax was 3.9% (4.1).
• Lending to the public increased by 22% to SEK 43.1 billion (35.4). Deposits from the
public rose 7% to SEK 19.4 billion (18.1).
• Mortgage lending by the subsidiary Länsförsäkringar Hypotek rose by 33% to
SEK 27.2 billion (20.5).
• A capital contribution of SEK 300 M was received in the form of an unconditional
shareholders’ contribution.
• Capital adequacy was 11.93% (10.98) and the Tier 1 ratio 9.49% (8.40).
• Länsförsäkringar gained 37,000 new bank customers since June 2004, bringing the total
number of bank customers to 583,000 (546,000).

Figures in parentheses pertain to January – June 2004.

For further information, contact:

Tomas Johansson CEO Länsförsäkringar Bank
+46 8 588 419 82
+46 73 96 419 82
 

Christer Baldhagen Senior Vice President Corporate Communications
+46 8 588 415 01
+46 70 579 70 66