Stadshypotek's interim report January-September 2009
(Thomson Reuters ONE) - FINANCIAL PERFORMANCEJanuary - September 2009 compared with January - September 2008Stadshypotek's operating profits went up by SEK 1,735m to SEK 4,420m(2,685). As of August 2008, Stadshypotek's branch in Norway isincluded in the figures and this made a contribution of SEK 287m.Excluding the branch in Norway, operating profits rose by SEK 1,448m.Net interest income increased by SEK 1,917m of which SEK 307m wasattributable to the branch in Norway. The increase in net interestincome was due to higher volumes and higher margins as a result ofthe company's good position in the funding market. Net gains/losseson financial operations decreased by SEK 111m to SEK -89m (22).Expenses were SEK 154m (138). Recoveries and writebacks exceeded newloan losses, and the net amount recovered was SEK 28m (88), whichcorresponds to a loan loss ratio of -0.01% (-0.02) of lending. Afterdeduction of the provision for probable loan losses, the volume ofimpaired loans fell to SEK 127m (230). SEK 50m (38) of the impairedloans were non-performing loans, while SEK 77m (192) were loans onwhich the borrowers pay interest and amortisation, but which arenevertheless considered doubtful. In addition, there werenon-performing loans of SEK 652m (604) that are not assessed as beingimpaired loans. After deductions for specific provisions totallingSEK -49m (-66) and provisions by group of SEK -11m (-) for probableloan losses, net impaired loans totalled SEK 67m (164).Q3 2009 compared with Q2 2009Stadshypotek's operating profits for the third quarter of 2009 wentdown by SEK 199m to SEK 1,400m (1,599). Excluding the branch inNorway, operating profits fell by SEK 214m.Net interest income was SEK 1,568m (1,592), of which SEK 132m (117)was attributable to the branch in Norway. Excluding the branch inNorway, net interest income fell by SEK 38m. The average margin inthe private market during the quarter was 0.63% (0.64). Netgains/losses on financial operations decreased by SEK 169m to SEK-120m (49).GROWTH IN LENDINGStadshypotek's lending volume continued to increase during theperiod. Loans to the public increased during the period by SEK 49bnto SEK 664bn (615). Compared to 30 September 2008, lending volumeincreased by SEK 59bn. Stadshypotek's share of the private market inSweden was approximately 25% and its share of the corporate market inSweden was approximately 30%.CAPITAL RATIOThe capital ratio according to Basel II was 37.0% (34.5) while theTier 1 capital ratio according to Basel II was 25.8% (24.5). Furtherinformation concerning capital adequacy is provided in the 'Capitalbase and Capital requirement' section.RATINGStadshypotek's rating remained unchanged, with a "stable outlook".Stadshypotek Covered bonds Long-term Short-termMoody's Aaa - P-1Standard & Poor's AA- A-1+Fitch AA- F1+ACCOUNTING 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, 28 October 2009Lars KahnlundChief executiveThis interim report has not been examined by the company's auditors.The report can be downloaded from the following link:http://hugin.info/133307/R/1350711/326093.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 11:01 Uhr
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