SBAB's operating profit for January-March increased to SEK 161 million (97)

SBAB's operating profit for the first quarter of 2009 rose to SEK 161
million (97). The credit portfolio continues to grow and amounted to
SEK 190,340 million (183,959). SBAB's market share rose to 8.7%
(8.6). SBAB's deposit volume also increased during the period,
amounting to SEK 3,988 million (3,542)."Our deposit and lending volumes continued to rise during the first
quarter of 2009. We have a large inflow of both residential mortgage
customers and savings customers, which shows that customers
appreciate clear, simple product terms," says SBAB's CEO, Eva
Cederbalk.


Results
Operating profit increased to SEK 161 million (97). Net interest
income amounted to SEK 307 million (305). Total operating income rose
to SEK 318 million (234). The improvement was primarily attributable
to lower net expenses due to unrealised changes in market value
compared with the year-earlier period. Net income from financial
items measured at fair value had a positive impact of SEK 7 million
(negative: 74) on operating profit. Expenses amounted to SEK 151
million (135) and loan losses continue to below and amounted to SEK 6
million (2).

Lending
SBAB's volume trend remains strong and new lending during the first
quarter amounted to SEK 11,358 million (6,191). Lending to the public
totalled SEK 190,340 million (183,959). Lending to the retail market
amounted to SEK 119,715 million (116,823). New lending amounted to
SEK 6,625 million (4,509). Due to high demand during the quarter,
SBAB's market share increased to 7.6% (7.5).
Corporate lending amounted to SEK 70,625 million (67,136). New
lending totalled
SEK 4,733 million (1,682). SBAB's market share also rose on the
corporate market, from 11.4% to 11.6%.

Deposits
Demand for SBAB's savings accounts was high and deposits at the end
of the period totalled SEK 3,988 million (3,542). SBAB offers two
types of savings accounts with straight forward terms. Interest is
credited from the very first krona regardless of the amount deposited
and all withdrawals are free of charge.


Funding
SBAB attaches considerable importance to having a well-diversified
funding portfolio.
This requires an active market presence and a flexible range of
products. At an early stage in the financial crisis, SBAB decided to
maintain very high access to liquid funds and has continuously acted
in accordance with this aim. The first quarter of 2009 was
characterised by continued high turbulence in the global money and
capital markets, which also affected the less exposed Swedish money
market. Despite the turmoil and reduced market liquidity, SBAB has
had healthy access to funds during every phase of the crisis. SBAB
has increased its share of long-term funding.
In February 2009, SBAB applied for participation in the Swedish
Government's guarantee programme for medium-term funding. SBAB issued
SEK 28 billion under the guarantee programme. The total value of the
outstanding issued securities was
SEK 217,258 million (198,643). Funding through the issuance of
covered bonds is effected through SBAB's wholly owned subsidiary The
Swedish Covered Bond Corporation (SCBC). The credit rating institutes
Moody's and Standard & Poor's continue to set a credit rating of
Aaa/AAA for the covered bonds issued.

Current events
On 22 April 2009, the Riksdag enacted Government bill (2008/09:104)
authorizing SBAB, in addition to its current operations, to also
conduct banking activities and other financial operations that have a
natural correlation with such activities pursuant to the Swedish
Banking and Finance Business Act (2004:297), as well as fund
operations
pursuant to the Swedish Investment Fund Act (2004:46).


For further information:
Eva Cederbalk, CEO, SBAB
Telephone: +46-8-614 43 01
Mobile: +46-70-523 23 02
eva.cederbalk@sbab.se

Per Balazsi, Head of Accounts and Risk, SBAB
Telephone: +46-8-614 43 24
Mobile: +46-733-68 43 24
per.balazsi@sbab.se