SBAB's operating profit for January-June increased to SEK 549 million (263)

SBAB's operating profit for the first half of 2009 rose to SEK 549
million (263). The loan portfolio continues to grow and amounted to
SEK 202,141 million (183,959) on 30 June 2009. SBAB's market share
rose to 9.0% (8.6). SBAB's deposit volume also increased during the
period, amounting to SEK 4,185 million (3,542) at mid-year.
"It is gratifying that we have a large inflow of customers and very
high demand in our lending operations. We continue to capture market
share and our earnings trend is very strong," says SBAB's CEO, Eva
Cederbalk.

Results
Operating profit rose to SEK 549 million (263). Net interest income
rose during the period to SEK 655 million (625). Total operating
income increased to SEK 893 million (534), with the increase
attributable to a positive earnings effect from the liquidity
portfolio recognised at fair value and from derivatives held for
hedging purposes.
The company's strong business flow resulted in an increase in
expenses, which amounted to SEK 293 million (268). SBAB's loan losses
remained very low and amounted to SEK 51 million (3).

Lending
SBAB's volume trend remains strong and new lending during the first
six months of the year amounted to SEK 28,649 million (15,661).
Lending to the public totalled SEK 202,141 million (183,959). Lending
to the retail market amounted to SEK 125,091 million (116,823). New
lending was high and amounted to SEK 16,471 million (9,965). Due to
high demand, SBAB's share of the retail market increased to 7.7%
(7.5).
Demand for lending to the corporate market and tenant-owner
associations remained high. Lending to the corporate market and
tenant-owner associations amounted to SEK 77,050 million (67,136).
New lending totalled SEK 12,178 million (5,696). SBAB's market share
also increased in this segment to 12.2% (11.4).

Deposits
SBAB's deposits increased a full 18% to SEK 4,185 million (3,542) at
the end of the period. However, the rate of increase in demand for
SBAB's savings accounts declined somewhat as a result of falling
interest rates. SBAB offers two types of savings account with
straightforward terms targeted at private individuals. Interest is
credited from the very first krona regardless of the amount deposited
and withdrawals are free of charge. During the period, SBAB also
developed savings products targeted at tenant-owner associations.

Funding
SBAB attaches considerable importance to having a well-diversified
funding portfolio, which requires an active market presence and a
flexible range of products. At an early stage of the financial
crisis, SBAB decided to maintain very high access to funds and has
continuously acted in accordance with this aim. In relation to
earlier periods, the second quarter of 2009 was characterised by
increased stability in global money and capital markets. SBAB has
maintained healthy access to funds during every phase of the
financial crisis and has been able to achieve its goal of increasing
its share of long-term funding. SBAB and its subsidiary The Swedish
Covered Bond Corporation (SCBC) have joined the Swedish Government's
guarantee programme for medium-term funding. Issues have been
conducted within SBAB and the total outstanding issue volume under
the programme amounted to SEK 28,713 million (-).
The total value of outstanding securities issued was SEK 230,867
million (198,643).

Funding through issuance of covered bonds is effected through SBAB's
wholly owned subsidiary SCBC. The credit rating agencies Moody's and
Standard & Poor's have set a credit rating of Aaa/AAA for the covered
bonds issued.

All comparable figures in parentheses pertaining to income statement
items and new lending refer to the year-earlier period. For
comparable figures pertaining to balance sheet items, capital
adequacy and market share, the date of comparison is the preceding
year-end.


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

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