Interim Report 1 2016: Strong first quarter for SEK

SEK has experienced a strong first quarter with healthy demand for all types of financing solutions. Our clients mainly need export credits and, in addition to high levels of new lending we have also issued a substantial number of offers. Our new lending to Swedish exporters and their customers amounted to Skr 21.1 billion (1Q15: Skr 10.8 billion) during the quarter. End-customer finance totaled Skr 17.9 billion (1Q15: Skr 8.2 billion) and the total volume of corporate lending was Skr 3.2 billion (1Q15: Skr 2.6 billion).

“Compared with the first quarter of 2015, we noted a general increase in inquiries from Swedish exporters. This could be partly attributable to uncertainty in the capital markets and relatively healthy demand among Swedish exporters. We are continuing to focus on broadening the customer base and developing our customer offering,” says SEK’s CEO Catrin Fransson.

SEK is also continuing to develop initiatives under Team Sweden.
“Among other initiatives, we participated in a delegation to India together with other export promotion agencies and Sweden’s Prime Minister Stefan Löfven. We have also developed our regional presence, firstly through our representative office in Gothenburg and, secondly through initiating a partnership, together with the Swedish Export Credits Guarantee Board, with an external company that will provide information about the export credit system and market our services in Northern Sweden,” says SEK’s CEO Catrin Fransson.

At the end of the first quarter, operating profit was Skr 310 million (1Q15: Skr 343 million), and at Skr 429 million (1Q15: Skr 419 million) net interest revenue was slightly higher than the corresponding quarter last year. SEK has a strong capitalization with a total capital ratio of 23.7 percent and healthy liquidity. This means we are well-prepared to assist more customers with financing solutions and, thereby, play our part in strengthening the competitiveness of Swedish exporters.

First quarter of 2016

• New lending amounted to Skr 21.1 billion (1Q15: Skr 10.8 billion)
• Net interest revenue was Skr 429 million (1Q15: Skr 419 million)
• Operating profit totaled Skr 310 million (1Q15: Skr 343 million)
• Net profit was Skr 245 million (1Q15: Skr 262 million)
• The return on equity amounted to 5.8 percent (1Q15: 6.4 percent).
• Operating profit excluding the net result of financial transactions totaled Skr 274 million (1Q15: Skr 297 million)
• The volume of lending offers outstanding totaled Skr 42.5 billion (1Q15: Skr 57.1 billion) at the end of the quarter
• The total capital ratio was 23.7 percent at the end of the period (1Q15: 24.5 percent).
• Earnings per share before and after dilution amounted to Skr 62 (1Q15: Skr 66)

Read more in the attached report.

Contacts: Edvard Unsgaard
Head of Communication, + 46-8-613 84 88

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