The Swedish local government debt office, Kommuninvest i Sverige AB, reports stable results and a strengthening of capital, according to its interim report for the first six months of 214.
Operating profit rose to SEK 419 (330) million and Kommuninvest reported a leverage ratio of 1.16 (0.96) per cent. At 30 June, lending amounted to SEK 211 (209) billion.
Comments by Tomas Werngren, President and CEO
– Both profit for the period and the capital measures taken by Kommuninvest’s owners show that Kommuninvest is well prepared for the leverage ratio requirement for financial institutions, which is to be introduced in 2018.
– Lending to Swedish municipalities and county councils and municipal companies is developing satisfactorily, particularly since our prices currently include a margin for the build-up of capital.
Summary of the first six months
• Balance sheet total SEK 286,672.2 (277,458.7) million
• Lending SEK 210,760.3 (208,644.0) million
• Net interest income SEK 466.7 (483.7) million
• Operating profit SEK 419.0 (329.6) million
• Equity SEK 2,708.9 (1,727.6) million
• Leverage ratio 1.16 (0.96) percent
• Rating: AAA (S&P), Aaa (Moody’s)
• 1 (4) new member
Comparative earnings figures relate to the same six month period last year (1 January-30 June 2013). Comparative balance sheet figures relate to 31 December 2013.
Kommuninvest i Sverige AB is owned by Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, financing advice, skills development and cooperation. Kommuninvest is the largest supplier of credit to Swedish local governments.
Contact persons for enquiries
President & CEO Tomas Werngren, tel. +46 70 645 06 69
Deputy CEO Maria Viimne, tel. +46 70 333 69 02
Head of Media Relations Björn Bergstrand, tel. +46 70 886 94 76 or email@example.com