Stadshypotek's interim report January - June 2009>
Stadshypotek's interim report January - June 2009
(Thomson Reuters ONE) - FINANCIAL PERFORMANCEJanuary - June 2009 compared with January - June 2008Stadshypotek's operating profits went up by SEK 1,155m to SEK 3,020m(1,865). As of August 2008, Stadshypotek's branch in Norway isincluded in the figures and this made a contribution of SEK 211m inthe first half of the year. Excluding the branch in Norway, operatingprofits rose by SEK 944m. Net interest income increased by SEK 1,349mof which SEK 229m was attributable to the branch in Norway. Theincrease in net interest income was due to higher volumes and toimproved margins, partly because the company's good position in thefunding market resulted in low funding costs. Net gains/ losses onfinancial operations decreased by SEK 175m to SEK 31m (206). This wasmainly because unrealised changes in market value of financial assetsand liabilities subject to hedge accounting and derivatives in thesame period of the previous year were positively affected by risingmarket interest rates.Expenses were SEK 106m (90). Net loan losses were SEK 22m (28), whichcorresponds to a loan loss ratio of -0.01% (-0.01) of lending. Beforededuction of the provision for probable loan losses, the volume ofbad debts was SEK 143m (247). SEK 50m (62) of the bad debts werenon-performing loans, while SEK 93m (185) were loans on which theborrowers pay interest and amortisation, but which are considereddoubtful. In addition, there were non-performing loans of SEK 807m(490) that are not assessed as being bad debts. After deductions forspecific provisions totalling SEK -51m (-76) and provisions by groupof SEK -11m (-) for probable loan losses, bad debts totalled SEK 81m(171).Q2 2009 compared with Q1 2009Stadshypotek's operating profits for the second quarter of 2009increased by SEK 178m to SEK 1,599m (1,421). Excluding the branch inNorway, operating profits rose by SEK 173m.Net interest income was SEK 1,592m (1,493), of which SEK 117m (112)was attributable to the branch in Norway. The underlying increase ofSEK 94m is partly due to higher volumes on the private and corporatemarkets and to increased margins in the corporate market, but also tothe company's healthy position in the funding market. The averagemargin in the private market during the quarter was 0.64% (0.66). Netgains/losses on financial operations increased by SEK 67m to SEK 49m(-18).GROWTH IN LENDINGStadshypotek's lending volume continued to increase during theperiod. Loans to the public increased during the first six months bySEK 34bn to SEK 650bn (615). Compared with the same period in theprevious year, lending volumes increased by SEK 104bn, of which SEK47bn was attributable to the branch in Norway. Stadshypotek's shareof the private market in Sweden was approximately 25% and for thecorporate market, it was some 30%.CAPITAL RATIOThe capital ratio according to Basel II was 36.5% (39.8) while theTier 1 capital ratio according to Basel II was 25.4% (28.2). Furtherinformation concerning capital adequacy is provided in the 'Capitalbase and Capital requirement' section.RATINGStadshypotek's rating remained unchanged, with a "stable outlook".Stadshypotek Long-term Short-termMoody's Aa1 P-1Standard & Poor's AA- A-1+Fitch AA- F1+Covered bondsMoody's AaaACCOUNTING POLICIESThe accounts comply with the IASB accounting standards adopted by theEU. The regulations of the Annual Accounts Act for CreditInstitutions and Securities Companies and the directives issued bythe Swedish Financial Supervisory Authority are also applied.The accounting policies are unchanged compared to the latest annualreport.Stockholm, 21 July 2009Lars KahnlundChief executiveThe full report including tables can be downloaded from the followinglink:http://hugin.info/133307/R/1330010/314202.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.07.2009 - 11:00 Uhr
Sprache: Deutsch
News-ID 3787
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 326 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Stadshypotek's interim report January - June 2009>"
steht unter der journalistisch-redaktionellen Verantwortung von
Stadshypotek (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
