SBAB's operating profit for January-September increased to SEK 1,091
million (345)
(Thomson Reuters ONE) - SBAB's operating profit for the first nine months of the year rose toSEK 1,091 million (345). The loan portfolio continued to grow,increasing 17% to SEK 215.1 billion (184.0). SBAB's share of thelending market continued to expand to 9.3% (8.6). SBAB's depositvolume during the period also rose to SEK 4.4 billion (3.5). Loanlosses totalled SEK 65 million, net (recoveries: 1)."SBAB had a highly favourable profit trend and low loan losses. It isalso extremely gratifying that we maintained a large inflow ofcustomers and continued to capture market shares," says SBAB's CEO,Eva Cederbalk.Significant improvement in operating profitSBAB's operating profit for the period increased to SEK 1,091 million(345). Net interest income continued to grow, amounting to SEK 1,062million (931). One contributing factor was the substantial increasein volumes in the lending operations. The positive performance of theliquidity portfolio also contributed to the improvement in operatingprofit. The item "Net income/expense from financial items measured atfair value" amounted to income of SEK 541 million (expense: 222).Expenses rose to SEK 421 million (373) due to the company's strongbusiness flow and the performance of SBAB's operations. Annualisedloan losses totalled a mere 0.047% (neg: 0.001). Loan losses remainedextremely low and amounted to SEK 65 million, net (recoveries: 1).Large inflow of customersSBAB maintained a substantial inflow of customers during the period.New lending increased significantly, amounting to SEK 47.0 billion(22.9). Total lending rose 17% to SEK 215.1 billion (184.0). Lendingto the retail market amounted to SEK 129.8 billion (116.8). Newlending totalled SEK 25.5 billion (14.3). SBAB's market share in thissegment increased to 7.9% (7.5). Demand for lending to the corporatemarket and tenant-owner associations was also high. Lending to thecorporate market and tenant-owner associations amounted to SEK 85.3billion (67.1). New lending totalled SEK 21.4 billion (8.6). SBAB'smarket share in this segment rose to 13.0% (11.4).New savings alternatives for the corporate market and tenant-ownerassociationsSBAB's deposits rose 25% to SEK 4.4 billion (3.5) at the end of theperiod. The high demand for SBAB's savings accounts declined somewhatas a result of falling interest rates. SBAB has broadened itsoperations in 2009 and now also offers deposits for the corporatemarket and tenant-owner associations. SBAB offers the corporatemarket and tenant-owner associations the following alternatives: SBABaccounts at floating interest rates, investment accounts at fixedinterest rates and special deposits with individual terms. SBABalready offers two types of savings accounts targeted at privateindividuals.More stable fundingSBAB attaches considerable importance to having a well-diversifiedfunding portfolio, which requires an active market presence and aflexible range of products. The third quarter of 2009 wascharacterised by increased stability in global money and capitalmarkets in relation to earlier periods. On 6 August, SBAB conductedan issue totalling EUR 1 billion under its EMTN programme. Fundingthrough the issuance of covered bonds is effected through SBAB'swholly owned subsidiary The Swedish Covered Bond Corporation (SCBC).The credit rating agencies Moody's and Standard & Poor's have set acredit rating of Aaa/AAA for the covered bonds issued.During the year, SBAB and SCBC joined the Swedish Government'sguarantee programme for medium-term funding. Issues under theguarantee programme were conducted exclusively in SBAB and theoutstanding issue volume totalled SEK 25.9 billion (-). SBABrepurchased government-guaranteed securities valued at SEK 1.3billion in September and SEK 4.9 billion in October. In view of theimprovement in financial markets, SBAB and SCBC opted not to extendtheir participation in the guarantee programme.The total value of outstanding securities issued in the SBAB Groupwas SEK 232.0 billion (198.7).For further information:Eva Cederbalk, CEO, SBABTelephone: +46-8-614 43 01Mobile: +46-70-523 23 02eva.cederbalk(at)sbab.seLena Hedlund, Chief Communication Officer, SBABTelephone: +46-8-614 38 49Mobile: +46-70-858 07 25lena.hedlund(at)sbab.sehttp://hugin.info/134519/R/1351335/326551.pdfhttp://hugin.info/134519/R/1351335/326552.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.10.2009 - 09:01 Uhr
Sprache: Deutsch
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