Länsförsäkringar Bank: January-March 2023

“The global economic outlook improved slightly during the first quarter, while the risk of an imminent economic downturn continued. The central banks pursued their efforts to curb inflation and continued to raise interest rates, even though we are probably starting to see rates peak. At the same time, the risks in the banking sector on an international scale became a focal point in the quarter, resulting in a certain level of turmoil in the finance markets. In other worlds, much uncertainty remains in the world.

In these uncertain times, it is reassuring to be a bank with low risks and the strength of our local profile close to customers. We continue to see the importance of supporting our customers by providing different forms of banking services and transactions, and not least savings, in order to create financial security and opportunities for Länsförsäkringar’s customers. Households are naturally feeling the impact of rising interest rates and higher costs, but based on our conservative credit assessments, we are comfortable with the credit quality of the loan portfolio and can see that our customers are highly resilient. The mortgage market clearly slowed during the quarter but despite this it is gratifying that we are continuing to capture market shares. We see this as a sign that customers appreciate our local presence. Business volumes remained favourable, with high mortgage volumes, positive net inflows in funds and stable deposit volumes. Earnings remained strong and credit quality was very high. We have a strong financial position with a broad deposit base from our customers and our low risk profile in terms of liquidity and interest-rate risks, and we are well prepared for any recurring turmoil in the finance markets. This is an important foundation for our growth and our opportunities to help customers with their private finances and financial topics”, says Sven Eggefalk, President of Länsförsäkringar Bank

The period in brief, Group:

  • Operating profit rose 14% to SEK 582 M (512) and the return on equity amounted to 9.0% (8.3).
  • Net interest income increased 51% to SEK 1,816 M (1,202).
  • Net commission income, excluding remuneration to the regional insurance companies, was largely unchanged at SEK 354 M (355).
  • Operating income increased 7% to 1,262 M (1,174).
  • Operating expenses increased 6% to SEK 605 M (570).
  • Credit losses amounted to SEK -21 M (4), net, corresponding to a credit loss level of -0.03% (0.00), due to the net decline in the loss allowance.
  • Operating profit was impacted by fees levied of SEK 95 M (88) during the period, of which risk tax comprised SEK 63 M.
  • Business volumes increased 1% to SEK 834 billion (824).
  • Deposits increased 1% to SEK 151 billion (150).
  • Lending increased 4% to SEK 370 billion* (354).
  • The fund volume declined 2% to SEK 314 billion (320).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 14.7% (15.4**) on 31 March 2023.


Figures in parentheses pertain to the same period in 2022.
*  Loans to the public excluding deposits with the Swedish National Debt Office and similar items.
** Pertains to 31 December 2022.

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For further information, please contact:

Sven Eggefalk, President Länsförsäkringar Bank AB

+46 (0)8-588 414 37, +46 (0)70-240 47 04


Martin Rydin, CFO Länsförsäkringar Bank AB,

+46 (0)8-588 412 79, +46 (0)73-964 28 23


Andreas Larsson, Head of Investor Relations Länsförsäkringar Bank AB,

+46 (0)10-4987029, +46 (0)720-84 36 34




This report contains such information that Länsförsäkringar Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 25 April 2023 at 12:00 p.m. CEST.

The Länsförsäkringar Alliance is comprised of 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and life and non-life insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring, total solutions for reliable mortgage transactions through Länsförsäkringar Fastighetsförmedling, and financing services such as leasing, instalment payments, and loans through Wasa Kredit


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