SBAB's net operating income January-June amounted to SEK 263 million

SBAB's net operating income January-June amounted to      SEK 263 million

SBAB's net operating income for the first six months of 2008 amounted to SEK 263
million (SEK 418 million). The decreased net operating income is attributable to
the change in market value of SBAB's liquidity portfolio. Net operating income
adjusted for changes in market value in the liquidity portfolio amounted to SEK
439 million (SEK 411 million). 

- Stable net interest income and growth in our loan portfolios are contrib-uting
to a good development of SBAB's core operations. It is also very gratifying that
SBAB's savings products have attracted many new custom-ers, says Eva Cederbalk,
CEO.

Result
SBAB's net operating income for the first six months of 2008 amounted to SEK 263
mil-lion (SEK 418 million). Net interest income is higher than for the previous
period and the reduction in expenses has continued. Net operating income has
been negatively affected by the net income from financial instruments designated
at fair value.

Net operating income increased to SEK 625 million (SEK 612 million). Expenses
de-creased by 7% compared with the same period last year and amounted to        
        SEK 268 million (SEK 289 million).

The Liquidity Portfolio
SBAB's liquidity portfolio is a liquidity reserve, which is intended to manage
liquidity and funding risks. The portfolio amounted to SEK 28.9 billion (SEK
31.0 billion) and consists of assets classified as “Available-for-sale financial
assets”, SEK 21.7 billion                (SEK 0 billion), and “Securities valued
at fair value through profit or loss”, SEK 7.2 billion (SEK 31.0 billion).

All securities have the highest rating Aaa from Moody's, or AAA from Standard &
Poor's or AAA from Fitch, apart from two covered bonds with the ratings AAA/Aa2
and AAA/Aa1 respectively. SBAB's liquidity portfolio has no exposure to the
United States residential mortgage market. The bonds in the portfolio can be
pledged at the Riksbank or the  European Central Bank.


Lending
Lending to consumers totalled SEK 178,265 million compared with SEK 167,981
million at the beginning of the year. This increase is mainly attributable to
the acquisition of loans from the jointly-owned company FriSpar Bolån AB to SBAB
with the intention of enabling borrowing via covered bonds. The net increase for
the period amounts to      SEK 1,078 million. New lending to the consumer market
totalled SEK 9,965 million           (SEK 9,588 million). The consumer market
portfolio totalled SEK 114,607 million       (SEK 104,125 million).  SBAB's
market share of consumer market lending totalled 7.7% (8.1%). New lending to the
corporate market totalled SEK 5,696 million (SEK 5,293   million). The corporate
market portfolio totalled SEK 63,658 million (SEK 63,856 million). SBAB's market
share of corporate market lending amounted to 12.3% (13.4%).


Saving
SBAB introduced two new savings products in spring 2007: A savings account
(Spar-   konto) for both new and existing customers and the SBAB account
(SBAB-konto) for  customers with residential mortgages of at least SEK 1
million. SBAB's savings products have a very competitive deposit rate. Interest
is calculated from the first krona regard-less of the amount deposited and
withdrawals are free of charge. There has been a high level of demand for SBAB's
savings products and the amount deposited totalled          SEK 1,546 million
(SEK 759 million) on 30 June 2008. 


Funding
SBAB considers it very important to have a well-diversified funding portfolio.
This re-quires an active presence in the market and a flexible range of
products. As at 30 June, the total value of outstanding securities issued was
SEK 194,232 million (SEK 191,807 million). Funding through issuance of covered
bonds takes place in SBAB's wholly-owned subsidiary, The Swedish Covered Bond
Corporation. The credit rating institutes Moody's and Standard & Poor's have
established a credit rating of Aaa/AAA for the covered bonds issued.


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

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

Lena Hedlund, Chief Communication Officer SBAB
Telephone: +46 8 614 38 49 
Mobile: +46 708 58 07 25	
E-mail: lena.hedlund@sbab.se 

SBAB offers residential mortgages and savings via Internet and telephone and
provides corporate loans. SBAB's mandate is to act to ensure diversity and
competition in the Swedish residential mortgage market. More information can be
obtained at www.sbab.se