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”Länsförsäkringar Bank is continuing to perform positively and we started the year with another quarter featuring strong earnings and good cost control. Business volumes are continuously increasing in all areas and the balance between savings and lending remains favourable, at the same time as the credit quality of the loan portfolio is high and credit losses are very low. The inflow of new customers remains stable and our market shares continue to increase gradually. This clearly shows that customers appreciate our local presence and our business offering, and view Länsförsäkringar as an attractive choice on the market. During the quarter, we completed the project of replacing the bank’s IT platform with the new core banking system BaNCS. The system was implemented during the first weekend of April and will further improve our opportunities to meet customers in the digital arena. All in an effort to continue to develop our customer meetings and offer customers a complete banking and insurance offering, regardless of channel”, says Sven Eggefalk, President of Länsförsäkringar Bank.
The year in brief, Group
- Operating profit increased 11% to SEK 492.8 M (443.3) and the return on equity amounted to 10.2% (10.5).
- Net interest income increased 4% to SEK 1,127 M (1,082).
- Operating income increased 11% to SEK 979.8 M (883.1).
- Operating expenses increased 7% to SEK 457.4 M (426.3).
- Credit losses amounted to SEK 29.6 M (13.4), net, corresponding to a credit loss level of 0.04% (0.03).
- Business volumes increased 12% to SEK 591.0 billion (529.5).
- Deposits rose 9% to SEK 109.8 billion (100.4). Lending increased 10% to SEK 294.3 billion (268.6).
- The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.0% (15.7*) on 31 March 2019.
- The number of customers with Länsförsäkringar as their primary bank rose 11%. The number of bank cards increased 10%.
- In March 2019, Morningstar named Länsförsäkringar Best Fund House Overall Sweden 2019.
- According to the 2018 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank remains the player on the banking market with the most satisfied retail customers. Länsförsäkringar Bank also has the most satisfied mortgage customers according to the 2018 Swedish Quality Index.
Figures in parentheses pertain to the same period in 2018.
* Pertains to 31 December 2018.
For further information, please contact:
Sven Eggefalk, President Länsförsäkringar Bank AB
+46 (0)8-588 414 37, +46 (0)70-240 47 04
Anders Borgcrantz, CFO, Länsförsäkringar Bank AB,
+46 (0)8-588 412 51, +46 (0)73-964 12 51
Martin Rydin, Head of Treasury Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23
Stefan Karkamanis, Investor Relations, Länsförsäkringar Bank AB
+46 (0)8-588 402 90, +46 (0)72-310 00 80
This is information that Länsförsäkringar Bank AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 12:00 CET on 26 April 2019.