”Länsförsäkringar has Sweden’s most satisfied retail bank and mortgage customers according to the Swedish Quality Index. The strong local presence combined with an attractive offering is the basis of our success. The Länsförsäkringar Alliance is owned by the customers and, thus, it is gratifying that we were named “2011 Bank of the Year.” The bank is growing across all product areas. Loans are continuing to grow with a high level of credit quality. The financial situation is excellent and allows us to remain well-equipped in the uncertain economic environment,” says Rikard Josefson, President of Länsförsäkringar Bank.
The year in brief, Group
- Operating profit rose 12% to SEK 385 M (345)
- The return on equity amounted to 4.8% (5.0).
- Net interest income increased 27% to SEK 1,728 M (1,363).
- Loan losses remained low and amounted to SEK 48 M (42), net, corresponding to a loan loss of 0.04% (0.03).
- Business volumes rose 8% to SEK 251 billion (232).
- Deposits rose 19% to SEK 50 billion (42).
- The Tier 1 ratio according to Basel II was 12.1% (11.8) and the capital adequacy ratio was 14.0% (13.5).
- The number of customers increased 8% to 889,000 (826,000) and the number of bank cards rose 15% to 306,000 (266,000).
- Länsförsäkringar, which was named “2011 Bank of the Year” in December, had Sweden’s most satisfied retail bank and mortgage customers.
Figures in parentheses pertain to 2010.
The full report is available attached.
For further information please contact:
Rikard Josefson, President, Länsförsäkringar Bank AB,
+46 (0)8-588 410 75, +46 (0)70-206 69 55
Anders Borgcrantz, Vice Executive President and CFO, Länsförsäkringar
Bank AB, +46 (0)8-588 412 51, +46 (0)73-964 12 51
Christer Baldhagen, Senior Vice President Corporate Communications,
+46 (0)8-588 415 01, +46 (0)70-579 70 66
The Länsförsäkringar Alliance comprises 23 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.