Interim Report 1 January - 30 June 2007

Interim Report 1 January - 30 June 2007

• During the second quarter, SBAB expanded its product range to also include
savings products for private customers.
• SBAB's credit portfolio amounted to SEK 169,660 million and is in level with
the closing credit volume in 2006.
• Net interest income amounted to SEK 612 million (SEK 628 million).
• Expenses have decreased to SEK 289 million (SEK 318 million).
• Net operating income increased to SEK 418 million (SEK 376 million).

Net operating income
SBAB's net operating income for the first half of 2007 totalled SEK 418 million
(SEK 376 million). The increase in net operating income is explained by lower
expenses and lower positive net loan losses compared with the corresponding
period last year.

Operating income
Net interest income totalled SEK 612 million (SEK 628 million). The residential
mortgage market is characterised by very stiff competition and a clear downward
marginal trend.
Net interest income has been positively affected by higher interest rates, which
have increased interest income on invested equity capital and payment flows.
Operating income is in level with the corresponding period last year, SEK 685
million (SEK 689 million).

Expenses
During the first half year, expenses totalled SEK 289 million (SEK 318 million),
a decrease of 9%. Compared with the corresponding period last year, SBAB's
development costs and staff costs have decreased. The introduction of the
savings products in the second quarter of the year has at the same time led to
increased marketing expenses.