STOCKHOLM, Sweden, Feb. 26, 2002 (PRIMEZONE) -- SBAB's annual report 2001:Financial result for 2001
SBAB reports a net operating income of SEK 541 million for 2001, which is 15 percent higher than the previous year's net figure (469 million). The result represents an after-tax return on equity capital of 9.6 percent (8.9 percent).
SBAB's Board and Managing Director propose a dividend to the owner of SEK 120 million for 2001.
After the dividend, the capital ratio will be 9.5 percent (9.7 percent) and the primary capital ratio 7.0 percent (6.8 percent).
Lending
The loan portfolio amounted to SEK 137 430 million. SBAB's market share of the total retail market (owner-occupied homes, tenant-owner apartments, holiday cottages) increased to 7.5 percent. SBAB's portfolio of retail market loans amounted to SEK 31 949 million at year-end. In addition, retail market loans totaling SEK 9 600 million were securitized during the year through a MBS-transaction (Mortgage Backed Securities). New lending in the retail market amounted to SEK 15 666 million.
SBAB's market share of the total property-company market (multi-family housing) was around 21 percent. SBAB's portfolio of property-company market loans amounted to SEK 105 509 million at year-end.
Loan losses
Loan losses had a negative effect of SEK 55 million on the result.
Funding
SBAB's long-term objective is to achieve an approximately even distribution between international and domestic funding. SEK, JPY, U.S.$ and EUR are strategic currencies in SBAB's funding.
Housing loans on internet
SBAB's operations are increasingly based on internet solutions and internet has become an important distribution channel for housing loans. Substantial resources have therefore been allocated to IT-development also in 2001 in order to combine cost efficiency with ready accessibility and a high service level for borrowers. Around 60 percent of loan applications within the retail market stem from Internet.
Prospects for 2002
The aims and strategies set for SBAB's operations in 2001 will continue to apply for 2002. The annual result for 2002 is expected to be at least at the same level as in 2001.
Summary for the SBAB Group 2001 2000
Net operating income, SEK million 541 469
Loan losses, SEK million 55 14
Capital ratio, % 9.5 9.7
Primary capital ratio, % 7.0 6.8
Equity ratio, % 2.9 2.7
Return on equity capital 9.6 8.9
Problem loans after provisions, SEK million 277 542
Income/expenditure ratio, excluding loan losses 2.3 2.2
Income/expenditure ratio, including loan losses 2.0 2.1
Rating, long-term debt
Standard & Poor's AA- AA-
Moody's A1 A1
Rating, short-term debt
Standard & Poor's A-1+ A-1+
Moody's P-1 P-1
Lending, SEK million 137 430 139 734
Securitized loans, SEK million 18 522 9 497
Number of employees 368 365
Annual General Meeting
The Annual General Meeting will take place on Thursday, March 21, 2002 in Stockholm
Questions will be answered by:
Christer Malm, Managing Director +46 8 614 4301Peter Gertman, Deputy Managing Director +46 8 614 4315Goran Lauren, Chief Financial Officer +46 8 614 3840Annelise Jansson, Head of Information +46 8 614 4355Ricard Grundwall, Financial Manager +46 8 614 4326
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