STRONG GROWTH IN ASSETS UNDER MANAGEMENT

STRONG GROWTH IN ASSETS UNDER MANAGEMENT

JANUARY - DECEMBER

•	OPERATING REVENUE SEK 768 (818) MILLION

•	OPERATING PROFIT SEK 177 (278) MILLION

•	OPERATING PROFIT EXCL ACQUISITION EFFECT IN HQ DIRECT SEK 177 (193) MILLION

•	PROFIT AFTER TAX SEK 134 (246) MILLION

•	DILUTED EARNINGS PER SHARE SEK 4.8 (9.0)

•	OPERATING MARGIN 23 (34) PERCENT

•	ASSETS UNDER MANAGEMENT INCREASED SEK 30.8 BILLION SINCE THE START OF THE YEAR
TO SEK 85.1 (54.3) 
BILLION, OF WHICH NET INFLOW SEK 8.0 (5.0) BILLION

•	PROPOSED DIVIDEND SEK 6.00 (6.00) PER SHARE


COMMENTS FROM CEO MIKAEL KÖNIG

Conditions for conducting traditional market making have changed dramatically in
recent time. Reduced spreads between bid and ask prices, greatly deteriorated
liquidity, and an increased proportion of computer-controlled trade have
resulted in lower margins. For full year 2009 the trading operations therefore
show negative operating earnings of SEK -29 (-49) million. This is far from
satisfactory and overshadows the positive developments in other parts of the
group during the fourth quarter.

In HQ Private Banking our consistent efforts are having the desired effect and
we are continually strengthening our market position. Net inflow during the
fourth quarter was as much as SEK 2.8 (1.3) billion, which represents annualised
organic growth of 18 percent. In addition to continued attractive asset
management outcomes, both in emerging markets and on the Swedish market, volumes
from external distribution are contributing to an increasing extent.

From the start of 2010 we have had a new organisational structure, and the
strategic work during 2010 will be largely about emphasising our three business
areas: Investment Banking, Private Banking and Asset Management. Within the
newly formed HQ Asset Management we have brought together our entire asset
management organisation, including the increasingly important area of
alternative investments. We have recently strengthened our team in this area and
we see an attractive business situation in the real estate sector, as a
consequence of new realities and needs following the credit crisis.

At the end of the year HQ Bank was managing some SEK 85 billion, which is level
with our all-time high from 2007, and an increase of SEK 30.8 billion, or 57
percent, since the preceding year-end. We therefore enter 2010 with a
considerably higher, more stable and broader income base than in the previous
year.


For further information please contact Mikael König, CEO, telephone +46 8 696 17
00.