SBAB Year-end report 2013: Strong growth in customers but

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Feb 7, 2014 at 3:15 AM

SBAB Year-end report 2013: Strong growth in customers but lower earnings

(http://www.sbab.se/investor) SBAB’s CEO, Per Anders Fasth, comments: SBAB’s operating profit amounted to SEK 255 million for the fourth quarter and to SEK 1,085 million for the 2013 full-year. For the full-year, the return on equity was 9.5 percent. The capital base remained strong with a Core Tier 1 capital ratio of 23.3 percent. In the fourth quarter, earnings continued to be affected by competition in residential mortgages and real-estate lending, which led to pressure on margins in both the retail and corporate markets. Combined with an increase in costs, to some extent of a non-recurring nature, profit was lower than in preceding quarters. These results lead to greater demands on cost and capital efficiency, so that we can provide a strong customer offering while achieving healthy profitability. The strategy remains firm – customer experience is the key to success On 13 January 2014, Carl-Viggo Östlund was dismissed as CEO. SBAB’s strategy of broadening and developing its operations remains firm. This means that SBAB will also offer everyday banking services within payments and cards in addition to the current savings and loan products. I am convinced that customer experience is the key to success in the Swedish banking market. Part of that experience involves delivering new services and products in the most efficient manner possible, not least to be able to offer our customers attractive prices. The growth in customer numbers bodes well ahead of our upcoming bank launch During the final quarter of the year, strong customer growth persisted and SBAB’s popular savings accounts continued to attract customers. More than 50,000 new customers opened saving accounts over the year. Deposits increased by slightly more than SEK 18 billion, corresponding to a growth of 66 percent. SBAB’s market share of new deposits from households amounted to fully 22 percent. With more than 250,000 customers, we already have a firm foundation ahead of the forthcoming launch of our everyday banking services. Fourth quarter 2013 compared with third quarter 2013 · Profit excl. net result from financial instruments amounted to SEK 135 million (291) · Operating profit totalled SEK 255 million (246) · NII amounted to SEK 443 million (480) · Expenses totalled SEK 252 million (167) · Loan losses amounted to SEK 29 million (positive 7), corresponding to a loan loss level of 0.05 percent (-0.01) · Return on equity was 8.3 percent (8.3) · The Core Tier 1 capital ratio was 23.3 percent (25.8) without taking the transitional regulations into account and 6.9 percent (7.3) taking the transitional regulations into account January-December 2013 compared with Januari-December 2012 · Profit excl. net result from financial instruments amounted to SEK 1,046 million (1,101) · Operating profit totalled SEK 1,085 million (500) · NII amounted to SEK 1,963 million (1,941) · Expenses totalled SEK 815 million (728) · Loan losses amounted to positive SEK 7 million (loss 20), corresponding to a loan loss level of -0.00 percent (0.01) · Return on equity was 9.5 percent (4.2) · The Core Tier 1 capital ratio was 23.3 percent (16.4) without taking the transitional regulations into account and 6.9 percent (6.9) taking the transitional regulations into account SBAB’s year-end report for 2013 is available for download from: www.sbab.se/investor For further information, please contact: Per Anders Fasth, CEO SBAB +46 8-614 43 01, per.anders.fasth@sbab.se Adrian Westman, Communications Manager SBAB +46 8-614 43 29, +46 735-09 04 00, adrian.westman@sbab.se (adrian.westman@sbab.se) SBAB offers residential mortgages and saving products through the Internet and telephone, and also grants loans to the corporate sector and housing associations. By offering products and services that challenge and simplify, SBAB contributes to increased competition in the Swedish market. The company was founded in 1985 and is wholly owned by the Swedish Government. In 2012, the company’s lending volume amounted to SEK 258.7 billion and the deposit volume to SEK 45.9 billion. SBAB Bank has about 470 employees, of whom approximately 200 work at the headquarters in Stockholm. Learn more at www.sbab.se/english

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Seasonal Hiring Booms as Firms Eye Long-Term Talent

A Strategic Shift in Seasonal Hiring It ain't just about the holiday rush anymore, folks. Companies are waking up to the idea that seasonal gigs are more than a temporary Band-Aid. This year, nearly 2 out of 5 companies are planning to bring more seasonal folks into the fold compared to last year. That means a good dose of them are looking for longer-term value—like...

Banco Macro S.A. Plans $160B Share Buyback Initiative

Tapping into Share Buybacks in a Tumultuous Market Out of nowhere, Banco Macro S.A. has decided to whip up a share buyback program, a lifeline for their current market value. Let me tell you, the market's more volatile than a caffeinated squirrel these days, hitting the financial scenery harder than a hammer on a glass table. So, Banco Macro's taken a deep breath and...

Insurify's AI Gateway: A New Era in Insurance Shopping

Insurify's Game-Changing AI Agent Gateway In the insurance world, Insurify's latest move feels like a bull charging through a ticker tape parade. This Cambridge-based pioneer unveiled its AI Agent Gateway, aiming to put consumers back in the driver's seat. By connecting digital assistant agents to its platform, Insurify's making insurance shopping a bit less like pulling...

MetroScape: Local Roots Fuel Bold DFW Growth Plans

A Local Business with Big Aspirations Here's the deal, folks: Local guys Dr. Marc Nickell and Chris Brewer snatched up MetroScape Landscape like it was the last slice of grandma's pie. Why? Not just for the greenbacks—they're putting down roots in their very own backyard, the Dallas-Fort Worth area. What Does Local Really Mean? Look, it's one thing hitting up a...

Water UP! Celebrates Five Years, 61 Graduate So Far

Reflecting on Five Years of Water UP! New Jersey American Water's workforce development initiative, Water UP!, is painting a picture of success as it marks its fifth year. The program celebrated its 2026 graduating class at the Camden headquarters—a milestone with both numbers and faces as evidence of its impact. A Closer Look at the Journey It’s not just about a...

Infinite Electronics Reveals Cutting-Edge Connectivity at Electronica

Infinite Electronics Makes Waves at Electronica 2026 Let’s get down to brass tacks: Infinite Electronics is setting up one heck of a show at the electronica 2026 in Munich from November 10–13. They're not just there to give out free pens—these guys mean business with connectivity products that cover everything from drones to industrial automation. A Showcase of...

Temu Joins DBI to Boost Irish Digital Business Growth

You know it's a lively day when Temu, the big fish in the e-commerce pond, decides to dive into Ireland's digital waters by joining forces with Digital Business Ireland (DBI). Yeah, we're talking about more than just a handshake here. If you’re wondering why this matters, keep your ears open to the whispers of opportunity. Temu's addition isn't just a membership; it's a...

Nikon Unveils Game-Changing Zoom Lens for Pros

Nikon Raises the Bar with New Pro Zoom Lens Well, Nikon's done it again, folks. They've dropped the NIKKOR Z 120-300mm f/2.8 TC VR S lens, and it looks like they're giving photographers something to drool over. Now, before you start rolling your eyes, this isn't just another shiny gadget. This bad boy is lighter and faster than anything Nikon's thrown at us before, and it...

Lilly Taps AI for Alzheimer’s Research with SpeechDx

Some folks might just brush off a little forgetfulness as old age, but what if we could pinpoint Alzheimer's up front with just the way someone talks? That’s the big league play Eli Lilly's making by licensing the SpeechDx dataset from the Alzheimer's Drug Discovery Foundation (ADDF). This ain't your run-of-the-mill data—it's the largest harmonized longitudinal...

Minesto Charts Bold Tides with Dragon Farms Funding

Minesto’s making waves, folks, and it ain’t just its tech splashing around. This Swedish tidal power ace is strutting on the global stage, flexing some serious muscle with projects that mean business. From the dragon-taming Faroe Islands to the Irish coasts, they’re pushing the envelope on tidal energy, and investors might wanna take note. Dragon Power Unleashed:...