Stadshypotek's interim report January - March 2010
(Thomson Reuters ONE) -
FINANCIAL PERFORMANCE
Q1 2010 compared with Q1 2009
Stadshypotek's operating profit was SEK 1,373 million (1,421), a decrease of SEK
48 million compared with the corresponding period of the previous year. Net
interest income was SEK 1,432 million (1,493), of which SEK 119 million (112)
was attributable to the branch in Norway. The decrease in operating profit was
thus partly due to the net interest income being SEK 61 million lower than the
corresponding period in the previous year. Net gains/losses on financial
operations were SEK -13 million (-18).
Expenses were SEK 54 million (53). Recoveries exceeded new loan losses and the
net amount recovered was SEK 12 million (5), which corresponds to a loan loss
ratio of -0.01 percent (0.00). After deduction of the provision for probable
loan losses, the volume of impaired loans was SEK 111 million (194). SEK 44
million (64) of the impaired loans were non-performing loans, while SEK 67
million (130) were loans on which the borrowers pay interest and amortisation,
but which are nevertheless considered impaired. In addition, there were
non-performing loans of SEK 512 million (773) that are not assessed as being
impaired loans. After deductions for specific provisions totalling SEK -48
million (-69) and provisions by group of SEK -7 million (-14) for probable loan
losses, impaired loans totalled SEK 56 million (111).
Q1 2010 compared with Q4 2009
Stadshypotek's operating profit for the first quarter of 2010 went up by SEK 32
million to SEK 1,373 million (1,341). Net interest income was SEK 1,432 million
(1,414), of which SEK 119 million (130) was attributable to the branch in
Norway. The average margin on the private market in Sweden was unchanged
compared with the fourth quarter of 2009 at 0.65 percent. Net gains/losses on
financial operations were SEK -13 million (-12).
GROWTH IN LENDING
Loans to the public increased during the first quarter by SEK 13 billion to SEK
698 billion (685). Compared with 31 March 2009, the increase in lending volume
was SEK 70 billion. Stadshypotek's share of the private market in Sweden was
approximately 25 percent and its share of the corporate market in Sweden was
approximately 30 percent.
CAPITAL RATIO
The capital ratio according to Basel II was 42.3 percent (37.7) while the Tier
1 ratio calculated according to Basel II was 30.8 percent (26.2). Further
information concerning capital adequacy is provided in the 'Capital base and
Capital requirement' section.
Rating
Stadshypotek's rating remained unchanged, with a stable outlook.
Stadshypotek
Covered bonds Long-term Short-term
Moody's Aaa - P-1
Standard & Poor's AA- A-1+
Fitch AA- F1+
Accounting policies
The accounts comply with the IASB accounting standards adopted by the EU. The
regulations of the Annual Accounts Act for Credit Institutions and Securities
Companies and the directives issued by the Swedish Financial Supervisory
Authority are also applied. The accounting policies are unchanged compared to
the latest annual report.
Stockholm, 28 April 2010
Lars Kahnlund
Chief executive
[HUG#1409159]
Interim report January - March 2010: http://hugin.info/133307/R/1409159/361796.pdf
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2010 - 10:01 Uhr
Sprache: Deutsch
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