The improved operating result is principally attributed to the positive development of lending volumes. Loans for small houses and condominium units from SEB BoLån AB increased by SEK 20.7 billion. Our market share of private housing loans was 14.8 per cent as at the end of December 2004, compared with 14.3 per cent the previous year. Total credit volume for SEB BoLån AB increased by SEK 21.1 billion. The positive credit losses result is attributed to the recoveries and dissolution of previous reserves for losses.
The year-end balance-sheet total was SEK 173.8 billion (SEK 155.9 billion). The capital ratio was 9.48 per cent (10.32).
The operating result is reported excluding distribution and sales costs.
| | Result (SEKbn) | 2004 | 2003 | | | Other information | 2004 | 2003 |
| | | | | | | | | |
| | Net interest income | 1 750 | 1 556 | | | Lending to | | |
| | Other income | 10 | 28 | | | the public | 168 700 | 147 582 |
| | | | | | | | | |
| | Total operating income | 1 760 | 1 584 | | | Number of loans | 384 349 | 353 770 |
| | Costs | -7 | -18 | | | | | |
| | | | | | | | | |
| | Profit/loss before credit losses | 1 753 | 1 566 | | | | | |
| | | | | | | | | |
| | Credit losses | 12 | 51 | | | | | |
| | | | | | | | | |
| | Operating profit | 1 765 | 1 617 | | | | | |
The SEB Group is a North European financial group for corporate customers, institutions and private individuals, with 670 branch offices around Sweden, Germany, the Baltic States and Poland. SEB has more than 5 million customers, of whom 1.9 million are e-banking customers. On 30 December 2004, the Group's total assets amounted to SEK 1,591bn while its assets under management totalled SEK 886 bn. The Group is represented in some 20 countries around the world and has a staff of about 18,000. Read more about SEB at www.sebgroup.com.