Landshypotek annual reports for 2024

Johan Ericson, CEO of Landshypotek Bank, comments: 

“2024 was a year of contrast. A lending market dominated by caution in the first half of the year returned to growth in the second half. We consistently grew lending to farmers and foresters, captured market shares and confirmed our position as the leading bank for financing Swedish farming and forestry. We experienced record high interest in our mortgages in the last quarter, when we also launched lending to owners of tenant-owner apartments.”

The bank grew its lending from almost SEK 105 billion to slightly more than SEK 111 billion and operating profit totalled SEK 489 million. 

Given the bank’s earnings and Group contribution, the Association Board of Landshypotek Ekonomisk Förening has proposed the distribution of a dividend to the members of SEK 207 million, which corresponds to 10 percent on each member contribution. The proposed dividend is being discussed at the Association’s regional meetings in March and a resolution will be taken at the Association Meeting on 29 April. 

“This year’s dividend level serves as affirmation of the Bank’s long-term strategy, which focuses on stability and growth. The proposed dividend demonstrates that a member’s investment in Landshypotek provides good returns, which provide a welcome boost for agricultural entrepreneurs across Sweden,” says Per-Olof Hilmér, Chairman of Landshypotek Ekonomisk Förening.

The annual reports present the activities of an ever-larger and growing bank and member organisation, with continued development of, inter alia, sustainability reporting. 

A few key events at Landshypotek in 2024:

• Normal harvest year – a relief for farmers. According to Landshypotek’s autumn summary, harvests were up year-on-year and of much higher quality due to more stable weather than last year.
• Positive climate impact. The positive climate impact of the bank’s credit portfolio was presented in the autumn. Emissions by Landshypotek’s loan customers and their operations were outweighed by their carbon uptake.
• Record-breaking dividend. A strong 2023 led to a record-breaking dividend to the owners. The cooperative association had never voted on a dividend as large as the SEK 244 million that went to the bank’s owners: its farming and forestry customers.
• Significant interest in the bank’s bonds. When Landshypotek issued an AT1 bond in May, it was quickly oversubscribed.
• Continued efforts to fight fraud. There were independent and industry-wide initiatives to focus on helping customers become more savvy about fraud, which is a major societal problem.
• Now a bank for owners of tenant-owner apartments as well. Since the autumn, owners of houses and tenant-owner apartments can apply for a mortgage from Landshypotek.
• New CEO. Johan Ericson takes over as CEO of the bank from Per Lindblad, who had been CEO for seven years.

Results in brief: 

• Operating profit amounted to SEK 489 million (636).
• The underlying operating profit, excluding the net result of financial transactions, was SEK 496 million (649).
• Net interest income amounted to SEK 1,078 million (1,220).
• Costs totalled SEK 603 million (589).
• Net credit losses impacted earnings with SEK 4 million (recoveries: 5).
• Loans to the public amounted to SEK 111.1 billion (104.8).
• Deposits from the public amounted to SEK 27.1 billion (29.1).

Read the full Annual Report for Landshypotek Bank (attached).

Landshypotek Bank AB is required to disclose this information pursuant to the Securities Market Act (2007:528). This information was submitted for publication on 12 March 2025 at 8.00 a.m. (CET).

For further information, please contact:

Jonas Feinberg, Press Officer Landshypotek Bank, +46 70 349 24 10, jonas.feinberg@landshypotek.se

Landshypotek – secure financing since 1836

Landshypotek was founded in 1836 and is currently one of the ten largest lending banks in Sweden. The bank is deemed systemically important for lending to the farming and forestry industries. The bank is growing rapidly in the homeowner mortgage and savings markets and remains the leading bank for financing farm and forest properties. Landshypotek Bank is owned by nearly 32,500 farming and forestry customers who are organised as a cooperative association. The bank has some 240 employees located at branches across Sweden.