A successful 2022 reflected in Landshypotek Bank’s Annual Report
Landshypotek Bank’s Annual Report for 2022, presented today, reflects a successful year for the bank in its two roles – as a challenger in the mortgage and savings markets, and as the bank for farmers and foresters. In all business areas in 2022 – mortgages, farm and forestry lending as well as savings – the bank grew faster than the market.
In the Annual Report, which includes the Corporate Governance Report and Sustainability Report, Landshypotek reflects on a year in a turbulent operating environment, for a business with a stable track record of strong growth in the market. Through growing faster than the market, the bank strengthened its leading position in farming and forestry lending and as the conscious choice for houseowners in the know.
“The strong financial performance is the result of day-to-day strategically conscious work that has led to us becoming a safer and better bank that is serving more customers,” says Per Lindblad, CEO of Landshypotek Bank.
In 2022, the bank passed the SEK 100 billion mark in lending before reaching almost SEK 106 billion. At the end of the year, Landshypotek had loans outstanding of SEK 78.5 billion to owners of farm and forest properties and more than SEK 27 billion to mortgage customers. In addition, the bank has posted record-breaking growth in savings. Savings volume increased SEK 8 billion, the vast majority of which was in the last four months of the year. Given the growing volumes, for the first time, net interest income for the year surpassed SEK 1 billion.
“The growth confirms the opportunities and confirms the strength of our initiatives. For a long time, we have systematically worked to improve from a customer perspective and to be able to meet more customers and different customer groups. We are building our bank for the long term. Our growth journey is about managing and developing a great, sustainable and long-term bank for our customers and owners,” says Per Lindblad.
Landshypotek Bank is owned by its farming and forestry loan customers and organised as a cooperative association. The surplus is used to continue the bank’s development and to distribute a dividend to the owners, namely the farming and forestry customers. As a result of the strong earnings, the bank’s Board has resolved to distribute a Group contribution to the owner association totalling SEK 197 million. Based on the Group contribution, the Association Board has proposed a dividend of SEK 180 million (compared with SEK 157 million based on 2021’s earnings). This is the largest Group contribution and proposed dividend in Landshypotek’s history.
It is now time for regional meetings where bank representatives and the Association Board meet the owners across the country to discuss the year and developments. A resolution will be passed on the dividend at the Association Meeting on 20 April.
The Annual Report also includes the Sustainability Report and the Corporate Governance Report. Landshypotek Bank is also presenting its Pillar III Report. All of these documents are available in full on the bank’s website.
Annual Report at a glance — figures for Landshypotek Bank 2022
- Operating profit amounted to SEK 548 million (471).
- The underlying operating profit, excluding the net result of financial transactions, was SEK 546 million (486).
- Net interest income amounted to SEK 1,087 million (972).
- Costs totalled SEK 551 million (498).
- Net credit losses positively impacted earnings with recoveries of SEK 4 million (recoveries: 5).
- Loans to the public amounted to SEK 105.6 billion (94.0).
- Deposits from the public totalled SEK 23.5 billion (15.3).
Please find attached, the Annual Report including the sustainability and corporate governance reports. Direct link to the website with the Annual Report including the sustainability and corporate governance reports.
Landshypotek Bank AB is required to disclose this information pursuant to the Securities Market Act (2007:528). This information was submitted for publication on 17 March 2022 at 8:00 a.m. (CET).
For more information, please contact:
Jonas Feinberg, Press Officer, jonas.feinberg@landshypotek.se, +46 70 349 24 10
Per Lindblad, CEO of Landshypotek Bank, can be contacted through Jonas Feinberg.
About Landshypotek Bank
Landshypotek was founded in 1836 and is currently one of the ten largest lending banks in Sweden. The bank is deemed systemically important for the farming and forestry industries. Historically, lending has focused on customers for farming and forestry, but now also includes homeowner mortgages and savings. Landshypotek Bank is owned by some 35,500 farming and forestry customers, who are organised as a cooperative association. The bank has almost 210 employees located at branches across Sweden.