Year-end report 2010; SBAB's net interest income rose 16% to SEK 1,762 million (1,519)
(Thomson Reuters ONE) -
SBAB's CEO Eva Cederbalk comments on the results:
"SBAB's operations performed well with a continued positive trend in net
interest income combined with low costs and low loan losses."
Operating profit
The high growth in lending during the year contributed to a 16% increase in
SBAB's net interest income compared with the preceding year, while expenses rose
5%. The loan loss rate remained very low at 0.02% (0.06). SBAB's operating
profit declined compared with the preceding year to SEK 785 million (1,289) due
to the net result of financial instruments measured at fair value declining to a
negative SEK 289 million (positive: 495).
Summary of Jan-Dec 2010 compared with Jan-Dec 2009
* Net interest income rose 16% to SEK 1,762 million (1,519), as a result of
favourable portfolio performance.
* Operating profit amounted to SEK 785 million (1,289).
* The net result of financial instruments developed negatively. Assets
recognized at fair value in the liquidity portfolio and the total impact of
hedge accounting had a more negative impact on profit in 2010 than in the
preceding year.
* Loan losses remained low and amounted to SEK 40 million (loss: 107). The
loan loss rate was 0.02% (0.06).
* Deposits increased to SEK 6.1 billion (4.7).
* Lending totalled SEK 249.1 billion (226.0).
* SBAB's market share in retail lending was 8.1% (8.0).
* Without taking the transitional regulations into account, the capital
adequacy ratio was 22.4% (19.7) and the Tier 1 capital ratio 19.1% (15.9).
If the transitional regulations are taken into account, the capital adequacy
ratio was 10.2% (9.2) and the Tier 1 capital ratio was 8.7% (7.4).
All comparable figures in parentheses pertaining to income statement items and
new lending refer to the year-earlier period. For comparable figures pertaining
to balance sheet items, capital adequacy and market share, the date of
comparison is the preceding year-end.
SBAB's year-end report 2010 is downloadable from: http://www.sbab.se
For further information:
Eva Cederbalk, CEO, SBAB,
+46-8-614 43 01, +46-70-523 23 02,eva.cederbalk(at)sbab.se
Lena Hedlund, Chief Communication Officer, SBAB,
+46-8-614 38 49, +46-70-858 07 25, lena.hedlund(at)sbab.se
SBAB offers residential mortgages and savings via the Internet and telephone,
and also grants loans to the corporate sector. SBAB's mission is to operate a
profitable business that contributes to sharpening competition in the Swedish
residential mortgage market. For further information, visit us at www.sbab.se
SBAB 2010 Q4:
http://hugin.info/134519/R/1485299/420593.pdf
Press Release PDF:
http://hugin.info/134519/R/1485299/420381.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SBAB via Thomson Reuters ONE
[HUG#1485299]
Unternehmensinformation / Kurzprofil:
Datum: 04.02.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 51092
Anzahl Zeichen: 3603
contact information:
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Stockholm
Kategorie:
Business News
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