SBAB's January-December operating profit increased to SEK 1,289 million (585)
(Thomson Reuters ONE) - SBAB's operating profit increased compared with the preceding year and amountedto SEK 1,289 million (585). SBAB's total lending rose 23% to SEK 226.0 billion(184.0).SBAB's market share in the lending segment continued to rise and amounted to9.5% (8.6). SBAB's deposit volume also increased and amounted to SEK 4.7 billion(3.5). The loan loss rate remained very low at 0.06% (0.01)."We had a substantial inflow of customers during the year and experiencedconsiderable demand in our lending business at the same time as it is gratifyingto state that our loan losses were very low," says Eva Cederbalk, CEO of SBAB.Healthy earnings trendSBAB's operating profit increased compared with the preceding year and amountedto SEK 1,289 million (585). Net interest income continued to rise and amountedto SEK 1,519 million (931). The factors underlying the favourable earnings wereconsiderable demand for SBAB's lending operations and improved conditions forfunding in the international market. The item "Net income/expense from financialinstruments measured at fair value" amounted to income of SEK 495 million(expense: 26).Net interest income was adversely affected by costs of SEK 214 million (0)connected to issuances under the Swedish government's guarantee programme and bystability fees of SEK 46 million (0) in net commission income.Expenses increased to SEK 578 million (520), which was mainly due to a rise of31 in the average number of employees in order to deal with the increasedbusiness volumes, and to a provision of SEK 28 million (8) for the incentiveprogramme including socialsecurity expenses. Due to the considerable demand, the need for marketingactivities decreased during the yearand amounted to SEK 45 million (55). Theloan loss rate was only 0.06% (0.01). Loan losses remained very low and amountedto SEK 107 million (22), net.Continued increased inflow of customersBecause confidence in SBAB remains high, the inflow of new customers wassubstantial during the year. New lending totalled SEK 64.6 billion (32.4).Lending to the retail market totalled SEK 135.8 billion (116.8), with newlending amounting to SEK 36.4 billion (19.2). In this segment, SBAB's marketshare increased to 8.0% (7.5).Demand was also high for lending to the corporate market and tenant-ownerassociations. Lending to the corporate market and tenant-owner associationstotalled SEK 90.1 billion (67.1), with new lending amounting to SEK 28.2 billion(13.3). In this segment, SBAB's market share increased to 13.4% (11.4).Increased stability for funding activitiesSBAB attaches considerable importance to having a well-diversified fundingportfolio, which requires an active market presence and a flexible range ofproducts. The fourth quarter of 2009 was characterised by continued increasedstability in global money and capital markets.Early during the year, SBAB and SCBC were affiliated to the Swedish Government'sguarantee programme for medium-term funding. Issues under the Governmentguarantee programme were only conducted in SBAB and the outstanding issue volumeunder the programme totalled SEK 21.4 billion (-). In 2009, SBAB repurchasedgovernment-guaranteed securities with a nominal value of SEK 6.5 billion. Due tothe improved functioning of financial markets, SBAB and SCBC opted not to extendtheir participation in the guarantee programme.The total value of the outstanding securities in issue in the SBAB Group was SEK249.1 billion (198.6).SBAB's incentive programmeSBAB's incentive programme complies with the guidelines established by theowner. SBAB's Board of Directors will make a decision concerning payment fromthe 2009 incentive programme later during the spring of 2010. The SBAB Boardwill conduct a review of the incentive programme in view of the SwedishFinancial Supervisory Authority's new regulations and general guidelinesregarding remuneration policies in credit institutions, securities companies andfund management companies (FFFS 2009:6).Application for bank permitOn 18 December 2009, SBAB submitted an application to the Swedish FinancialSupervisory Authority requesting permission to conduct banking operations.For further information:Eva Cederbalk, CEO, SBABTelephone: +46-8-614 43 01Mobile: +46-70-523 23 02eva.cederbalk(at)sbab.se
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Datum: 05.02.2010 - 10:02 Uhr
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