Interim Report 2 2016: Positive business flow despite volatile market in the first half of 2016
SEK has had an intense first half of the year, with a positive business flow and a high internal rate of development. New lending to Swedish exporters and their customers amounted to Skr 36.4 billion (1H15: Skr 24.7 billion) during the first half of the year. Endcustomer finance amounted to Skr 23.7 billion (1H15: Skr 18.9 billion) and the total volume of corporate lending was Skr 12.7 billion (1H15: Skr 5.8 billion).
“During the first half of 2016, SEK succeeded in attracting several new customers. We also noted an increase in inquiries regarding export transactions in Africa, which was one of the markets named in the government’s export strategy” says SEK’s CEO Catrin Fransson.
SEK has recently conducted a survey that shows that SEK has a customer satisfaction rate of 93 percent. SEK has for the first time supplemented our client survey with an equivalent survey for the banks that we cooperate with.
“It is very pleasing to see that 100 percent of the 17 Swedish and international banks that were interviewed would recommend SEK to other banks. The survey answers from the export companies also revealed that SEK’s offer has been an important factor when our customers win their business, which gives us even more energy to reach out to more customers” says SEK’s CEO Catrin Fransson.
Operating profit for the first half of the year amounted to Skr 461 million (1H15: Skr 697 million). Net interest revenue totaled Skr 830 million (1H15: Skr 818 million), up slightly compared with the year-earlier period while the unrealized changes in market value affected earnings negatively. SEK has a strong capitalization with a total capital ratio of 22.8 (year-end 2015: 24.5 percent) percent and healthy liquidity. SEK are thus well equipped to supply Swedish export industry with financing solutions, thereby strengthening their competitiveness.
First six months of 2016
- Net interest revenues amounted to Skr 830 million (1H15: Skr 818 million)
- Operating profit amounted to Skr 461 million (1H15: Skr 697 million)
- Net profit amounted to Skr 360 million (1H15: Skr 533 million)
- New lending amounted to Skr 36.4 billion (1H15: Skr 24.7 billion)
- Return on equity amounted to 4.3 percent (1H15: 6.6 percent)
- The total capital ratio was 22.8 percent at the end of the period (24.5 percent at year-end 2015)
- Basic and diluted earnings per share amounted to Skr 90 (1H15: Skr 134)
Read more in the attached report.
Contact: Edvard Unsgaard
Head of Communication, + 46-8-613 84 88