2018 Annual Report — Strong growth posted by the challenger Landshypotek Bank
Landshypotek Bank reports stronger results for 2018. The bank continues to grow in terms of customer base and volume. The impact of the new homeowner mortgage business area is increasingly noticeable in the results. Landshypotek Bank is continuing its transition toward becoming a broader bank for more people and is challenging as a bank with a difference in the Swedish banking market. This is clear from the bank’s Annual Report which is being published today.
Landshypotek Bank’s lending volume increased SEK 4 billion over the year and amounted to SEK 72.5 billion (68.5). Deposits also increased and totalled SEK 14.1 billion (12.7) at year end.
In 2018, the bank welcomed even more farming and forestry loan customers, savers and residential mortgage customers. The bank is continuing its transition toward becoming a broader bank for more people.
“2018 can be summed up as a year of healthy results and growth, and a year when considerable progress was made in preparing for the future. Our ability to generate results is stronger than in previous years. We are continuing to grow as the farmers’ and foresters’ bank. Our mortgage venture is for the long term, and is already starting to positively impact results,” says Per Lindblad, CEO of Landshypotek Bank.
The Annual Report provides more comments on and descriptions of the bank’s development over the past year. It also sets out Landshypotek Bank’s foundation as a bank with a difference, together with its innovative approach to digitalisation, its sustainability perspective, member and employee commitment as well as a value-driven assignment for Sweden’s farming and forestry.
Last summer’s drought dominated the year for many of the bank’s customers. As the farmers’ and foresters’ own bank, we have maintained close dialogues with customers, made individual assessments and identified the best solutions together with customers.
Landshypotek Bank is owned by its loan customers and organised as a cooperative association, Landshypotek Ekonomisk Förening. The bank’s profits are reinvested in operations and distributed to members.
The bank has decided to pay a Group contribution of SEK 158 million (170) to the association, which will shortly be proposing a dividend to its members.
“It is fantastic to work at a values-driven bank where it is clear where the profits go. It is an important part of our mission to continue to ensure that it is possible to run Swedish farming and forestry companies, to produce Swedish food and to have well-kept forests in Sweden. Our customers make Sweden a better place,” says Per Lindblad.
The information in this report is such that Landshypotek Bank AB is obligated to disclose in accordance with the Securities Market Act. This information was submitted for publication on 13 March at 9:00 a.m. (CET).
At a glance — figures for Landshypotek Bank 2018
- Operating profit amounted to SEK 387.6 million (339.2).
- The underlying operating profit, excluding the net result of financial transactions, was SEK 370.4 million (387.3).
- Net interest income amounted to SEK 799.0 million (800.4).
- Costs totalled SEK 425.8 million (402.5).
- Net credit losses resulted in a recovery of SEK 8.0 million (12.5).
- Lending amounted to SEK 72.5 billion (68.5).
- Deposits amounted to SEK 14.1 billion (12.7).
For further information and comments, please contact:
Sofie Essayh, Communication and Press Officer at Landshypotek Bank, +46 70-285 13 63
Per Lindblad, CEO of Landshypotek Bank, can be contacted through Sofie Essayh.