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Q1 2013 results

First quarter 2013 – Operating profit SEK 3,717m (3,650)

“The small and medium-sized corporates that are more directed towards the domestic Swedish economy have been more active. Lending to SMEs increased by 9 per cent compared to a year ago and we have attracted 3 400 new SME customers since year-end.”

“We continue to have strong resilience. Our liquid resources amount to 25 per cent of total assets. Also capital ratios have strengthened to 13.8 per cent (Basel 3) Common Equity Tier 1 ratio. Non-performing loans are below one per cent of total lending and the net credit loss level remains below 0.1 per cent.”

Operating income amounted to SEK 9.6bn, which was unchanged from the first quarter last year. Operating expenses, at SEK 5.6bn, were 3 per cent lower from a year ago. Operating profit amounted to SEK 3.7bn.

Provisions for credit losses amounted to SEK 0.3bn, corresponding to a net credit loss level of 7 bps.

The liquidity coverage ratio was 111 per cent, the core liquidity reserve amounted to SEK 410bn and the total liquid resources were SEK 685bn.

The Core Tier 1 capital ratio was 15.3 per cent according to current regulation. According to Basel 3, the Common Equity Tier 1 ratio was 13.4 per cent and including the proposed dividend from the life business, it was 13.8 per cent.

Return on equity was 11.0 per cent and earnings per share SEK 1.37.