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Länsförsäkringar Bank (LB) investor relations material

Länsförsäkringar Bank Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary22 Jul, 2025

Executive summary

  • Operating profit for January–June 2025 declined 8% year-over-year to SEK 1,171 M, with return on equity at 8.1% compared to 9.2% last year.

  • Net interest income fell 12% to SEK 2,955 M, mainly due to lower market interest rates, while net commission income (excluding regional insurance remuneration) rose 7% to SEK 883 M.

  • Operating income increased 6% to SEK 3,042 M, driven by improved commission income; operating expenses rose 24% due to a one-off VAT recovery in the prior year, with underlying cost growth at 9%.

  • Credit losses remained low at SEK 86 M, corresponding to a credit loss level of 0.04%, with high credit quality maintained.

  • Business volumes grew 6% to SEK 1,031 billion, with lending up 5% and deposits up 8% year-over-year.

Financial highlights

  • Net interest income for the group was SEK 2,955 M, down 12% year-over-year; net commission income (excluding regional insurance remuneration) was SEK 883 M, up 7%.

  • Operating expenses increased 24% to SEK 1,575 M, mainly due to the absence of last year's SEK 176 M VAT recovery; excluding this, expenses rose 9%.

  • Credit losses amounted to SEK 86 M, down from SEK 121 M, with a credit loss level of 0.04%.

  • The cost/income ratio before credit losses and fees levied was 0.52, compared to 0.44 last year.

  • Common Equity Tier 1 capital ratio for the consolidated situation was 15.0% as of 30 June 2025.

Outlook and guidance

  • The economic outlook remains uncertain due to geopolitical turmoil, global trade policy uncertainty, and volatile financial markets.

  • The Swedish economy is expected to improve in 2025, but growth will be lower than previously forecast; inflation remains slightly high but is trending downward.

  • The acquisition of SAVR AB, a digital trading platform, is expected to strengthen the bank's position in the savings market, pending regulatory approval.

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Frequently asked questions

Länsförsäkringar Bank, established in 1996, is a Swedish retail bank that forms part of the Länsförsäkringar Alliance, a group known for its operations in banking and insurance within Sweden. The bank caters to both individual and business clients, offering a comprehensive suite of products and services. These include current and savings accounts, debit and credit cards, investment funds, consumer and mortgage loans, business loans, and insurance products. Its operations extend across Sweden, serving clients through both direct channels, such as branch and online banking, and indirect ones. The bank is headquartered in Stockholm, and its shares are not publicly listed as it is a part of the customer-owned Länsförsäkringar group.

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