SBAB's operating profit for January-June increased to SEK 549 million
(263)
(Thomson Reuters ONE) - SBAB's operating profit for the first half of 2009 rose to SEK 549million (263). The loan portfolio continues to grow and amounted toSEK 202,141 million (183,959) on 30 June 2009. SBAB's market sharerose to 9.0% (8.6). SBAB's deposit volume also increased during theperiod, amounting to SEK 4,185 million (3,542) at mid-year."It is gratifying that we have a large inflow of customers and veryhigh demand in our lending operations. We continue to capture marketshare and our earnings trend is very strong," says SBAB's CEO, EvaCederbalk.ResultsOperating profit rose to SEK 549 million (263). Net interest incomerose during the period to SEK 655 million (625). Total operatingincome increased to SEK 893 million (534), with the increaseattributable to a positive earnings effect from the liquidityportfolio recognised at fair value and from derivatives held forhedging purposes.The company's strong business flow resulted in an increase inexpenses, which amounted to SEK 293 million (268). SBAB's loan lossesremained very low and amounted to SEK 51 million (3).LendingSBAB's volume trend remains strong and new lending during the firstsix months of the year amounted to SEK 28,649 million (15,661).Lending to the public totalled SEK 202,141 million (183,959). Lendingto the retail market amounted to SEK 125,091 million (116,823). Newlending was high and amounted to SEK 16,471 million (9,965). Due tohigh demand, SBAB's share of the retail market increased to 7.7%(7.5).Demand for lending to the corporate market and tenant-ownerassociations remained high. Lending to the corporate market andtenant-owner associations amounted to SEK 77,050 million (67,136).New lending totalled SEK 12,178 million (5,696). SBAB's market sharealso increased in this segment to 12.2% (11.4).DepositsSBAB's deposits increased a full 18% to SEK 4,185 million (3,542) atthe end of the period. However, the rate of increase in demand forSBAB's savings accounts declined somewhat as a result of fallinginterest rates. SBAB offers two types of savings account withstraightforward terms targeted at private individuals. Interest iscredited from the very first krona regardless of the amount depositedand withdrawals are free of charge. During the period, SBAB alsodeveloped savings products targeted at tenant-owner associations.FundingSBAB attaches considerable importance to having a well-diversifiedfunding portfolio, which requires an active market presence and aflexible range of products. At an early stage of the financialcrisis, SBAB decided to maintain very high access to funds and hascontinuously acted in accordance with this aim. In relation toearlier periods, the second quarter of 2009 was characterised byincreased stability in global money and capital markets. SBAB hasmaintained healthy access to funds during every phase of thefinancial crisis and has been able to achieve its goal of increasingits share of long-term funding. SBAB and its subsidiary The SwedishCovered Bond Corporation (SCBC) have joined the Swedish Government'sguarantee programme for medium-term funding. Issues have beenconducted within SBAB and the total outstanding issue volume underthe programme amounted to SEK 28,713 million (-).The total value of outstanding securities issued was SEK 230,867million (198,643).Funding through issuance of covered bonds is effected through SBAB'swholly owned subsidiary SCBC. The credit rating agencies Moody's andStandard & Poor's have set a credit rating of Aaa/AAA for the coveredbonds issued.All comparable figures in parentheses pertaining to income statementitems and new lending refer to the year-earlier period. Forcomparable figures pertaining to balance sheet items, capitaladequacy and market share, the date of comparison is the precedingyear-end.For further information:Eva Cederbalk, CEO, SBABTelephone: +46-8-614 43 01Mobile: +46-70-523 23 02eva.cederbalk(at)sbab.sePer Balazsi, Head of Accounts and Risk, SBABTelephone: +46-8-614 43 24Mobile: +46-733-68 43 24per.balazsi(at)sbab.se---END OF MESSAGE---http://hugin.info/1258/R/1334663/316917.pdfhttp://hugin.info/1258/R/1334663/316918.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.08.2009 - 11:01 Uhr
Sprache: Deutsch
News-ID 4721
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