STOCKHOLM, Sweden, Feb. 22, 2002 (PRIMEZONE) -- Nordea Hypotek AB belongs to the Nordea Group and is a wholly owned subsidiary of Nordea Bank Sverige AB (publ). It operates as a credit market company, providing through the branch network of Nordea Bank Sverige, mainly long-term loans for the financing of real estates, municipalities and farming/forestry. Profit The operating profit for the fiscal year 2001 amounted to SEK 1 871 million (1 547), which is an increase of 21 % compared to previous year.
The higher profit was mainly due to increasing net interest income as a result of higher lending volume and lower operating expenses. The loan losses were almost non-existent and less than recoveries of provisions made previous years. Lending Lending expanded by SEK 11.5 billion (7.0 %) to SEK 176.3 billion. Distribution of total lending as at 2001-12-31:
Single-family homes 52 Tenant-owner units 7 Multi-family houses 18 Municipalities or municipal/Government guarantees 17 Others 6
The capital adequacy ratio was 10.60 % (10.96).
The annual report will be available on Nordea's homesites Nordea.com and Nordea.se.
Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through four business areas: Retail Banking, Asset Management and Life, Corporate and Institutional Banking and General Insurance. The Nordea Group has nearly 10 million customers, 1,260 bank branches and 125 insurance service centres in 21 countries. The Nordea Group is a world leader in Internet banking, with nearly 2.6 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen.
This information was brought to you by Waymaker http://www.waymaker.net