Länsförsäkringar Hypotek: January-June 2024

”Länsförsäkringar Hypotek’s mortgage business continued to perform well in the first half of 2024.

Despite relatively low activity in the mortgage market, Länsförsäkringar remained successful in the first half of the year and was the bank that reported the highest growth in mortgage lending. With a high level of activity locally, combined with the strength of our brand, we were able to continue to help existing and new customers.
Financial market sentiment was predominantly positive in the first half of the year, while we continued to see signs of a recession. The housing market has shown signs of recovery in the first half of the year, resulting in rising prices.
Inflation has now also started to fall and we saw a first interest rate cut by the Riksbank. However, households remained impacted by higher interest rates and costs of living, but our customers are continuing to show good resilience.
Länsförsäkringar Hypotek’s very high credit quality and strong financial position remain firm, and in light of this, we are convinced that we will be able to continue to offer security in people’s everyday lives. With our competitive mortgage offering and our strong local profile, we aim to continue to do new mortgage business with more and more of Länsförsäkringar's customers and to see volumes grow.”, says Anders Larsson, President of Länsförsäkringar Hypotek

The period in brief:

• Operating profit rose 18% to SEK 860 M (730) and the return on equity amounted to 8.0% (7.2).
• Net interest income increased 18% to SEK 1,372 M (1,163).
• Credit losses amounted to SEK 2 M (2), net, corresponding to a credit loss level of 0.00% (0.00).
• Operating profit was impacted by fees levied of SEK 128 M, of which risk tax comprised SEK 69 M.
• Lending increased 7% to SEK 326 billion (306).
• The Common Equity Tier 1 capital ratio amounted to 19.2% (19.2*) on 30 June 2024.

Figures in parentheses pertain to the same period in 2023.
* Refers to 31 December 2023.
 

Read more

https://www.lansforsakringar.se/financial-hypotek/

For further information, please contact:
 

Anders Larsson, President Länsförsäkringar Hypotek AB,

+46 (0)8 588 411 54, +46 (0)73 964 11 54

Martin Rydin, CFO Länsförsäkringar Bank AB,

+46 (0)8 588 412 79, +46 (0)73 964 28 23

Andreas Larsson, Head of Investor Relations Länsförsäkringar Bank AB,

+46 (0)10 498 7029, +46 (0)720 84 36 34

This report contains such information that Länsförsäkringar Hypotek AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 19 July 2024 at 12:00 p.m. CET.