Secure in uncertain times: Landshypotek Bank Annual Report for 2023

Landshypotek Bank’s Annual Report for 2023, which is published today, reflects a year of great uncertainty in the world around us, at the same time as the bank continued to provide stability and security for its customers. Landshypotek strengthened its market position in financing farm and forest properties over the year, and remains the safe choice for informed mortgage customers as well as a challenger in the savings market. The bank has continued to take the lead on green bonds that highlight Swedish sustainable forestry.

“During the year, we have been able to focus on our customers, adapt to market conditions and work with activities that build for the future. Previous lending growth and the past year’s deposit growth has strengthened our earnings,” says Per Lindblad, CEO of Landshypotek Bank.

Landshypotek, which celebrated a decade as a bank in 2023, is now a larger bank. As a result of previous years’ lending growth together with this year’s growth in deposits, the bank posted an operating profit of SEK 636 million – the best in the bank’s history. The Landshypotek Bank’s surplus goes back to Landshypotek Ekonomiska Förening, the cooperative association through which all customers who borrow for farm and forest properties own the bank.

Based on these earnings, the bank’s Board has resolved to distribute a record-high Group contribution of SEK 263 million (197) to the cooperative association. Based on the Group contribution, the Association Board has proposed a dividend to farming and forestry customers of SEK 244 million (compared with SEK 180 million last year). This is the largest Group contribution and proposed dividend in Landshypotek’s history. Each customer who borrows on an agricultural property participates in the dividend, which thereby strongly contributes to Sweden’s farming and forestry.

In addition to summarising and describing the bank’s financial development and performance, the Annual Report from Landshypotek Bank also includes sustainability and corporate governance reports. Moreover, it presents the bank’s Pillar III report. Read the report in full on the bank’s website. The annual report also offers insights on conditions in farming and forestry and the financial markets. Landshypotek Ekonomisk Förening is also presenting its Annual Report today. The Report describes, inter alia, how the Association has continued initiatives over the past year to strengthen Landshypotek’s role in Swedish farming and forestry and to add value to being a member and owner of Landshypotek Bank.

Landshypotek has engaged substantially in social activities during the year. Moreover, the bank also refinanced a green bond that set a world record for greenium (green premium) during the year, thereby demonstrating the high interest in and positive investor sentiment towards Swedish sustainable forests.

It is now time for the regional meetings where the bank’s representatives and the Association Board meet the owners – farming and forestry customers – across the country to discuss the year and developments. A resolution will be passed on the dividend at the Association Meeting on 7 May.

The full report is attached.

Annual Report at a glance — figures for Landshypotek Bank 2023

  • Operating profit amounted to SEK 636 million (548).
  • The underlying operating profit, excluding the net result of financial transactions, was SEK 649 million (546).
  • Net interest income amounted to SEK 1,230 million (1,087).
  • Costs totalled SEK 589 million (551).
  • Net credit losses positively impacted earnings with recoveries of SEK 5 million (recoveries: 4).
  • Loans to the public amounted to SEK 104.8 billion (105.7).
  • Deposits from the public amounted to SEK 29.1 billion (23.5).

Landshypotek Bank AB is required to disclose this information pursuant to the Securities Market Act (2007:528). This information was submitted for publication on 13 March 2024 at 8:00 a.m. (CET).

For more information, please contact:

Jonas Feinberg, Press Officer,, +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 34,000 farming and forestry customers, who are organised as a cooperative association. The bank has almost 240 employees located at branches across Sweden.