Year-end report 2010; SBAB's net interest income rose 16% to SEK 1,762 million (1,519)

SBAB's CEO Eva Cederbalk comments on the results:

"SBAB's  operations  performed  well  with  a  continued  positive  trend in net
interest income combined with low costs and low loan losses."

Operating profit
The  high growth  in lending  during the  year contributed  to a 16% increase in
SBAB's net interest income compared with the preceding year, while expenses rose
5%. The  loan  loss  rate  remained  very  low at 0.02% (0.06). SBAB's operating
profit  declined compared with the preceding year to SEK 785 million (1,289) due
to the net result of financial instruments measured at fair value declining to a
negative SEK 289 million (positive: 495).

Summary of Jan-Dec 2010 compared with Jan-Dec 2009
  * Net interest income rose 16% to SEK 1,762 million (1,519), as a result of
    favourable portfolio performance.
  * Operating profit amounted to SEK 785 million (1,289).
  * The net result of financial instruments developed negatively. Assets
    recognized at fair value in the liquidity portfolio and the total impact of
    hedge accounting had a more negative impact on profit in 2010 than in the
    preceding year.
  * Loan losses remained low and amounted to SEK 40 million (loss: 107). The
    loan loss rate was 0.02% (0.06).
  * Deposits increased to SEK 6.1 billion (4.7).
  * Lending totalled SEK 249.1 billion (226.0).
  * SBAB's market share in retail lending was 8.1% (8.0).
  * Without taking the transitional regulations into account, the capital
    adequacy ratio was 22.4% (19.7) and the Tier 1 capital ratio 19.1% (15.9).
    If the transitional regulations are taken into account, the capital adequacy
    ratio was 10.2% (9.2) and the Tier 1 capital ratio was 8.7% (7.4).

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.

SBAB's year-end report 2010 is downloadable from: http://www.sbab.se

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

Lena Hedlund, Chief Communication Officer, SBAB,
+46-8-614 38 49, +46-70-858 07 25, lena.hedlund@sbab.se


SBAB offers residential mortgages and savings via the Internet and telephone,
and also grants loans to the corporate sector. SBAB's mission is to operate a
profitable business that contributes to sharpening competition in the Swedish
residential mortgage market. For further information, visit us at www.sbab.se

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