Interim report for the first quarter of 2013

Increased demand for export credits

SEK continues to play an important role in the Swedish export industry, with very high lending volumes to exporters and their customers in the first quarter of the year.

In the first three months, SEK’s total volume of new lending amounted to Skr 24.8 billion, which is an increase of Skr 13.6 billion on the year-earlier period. The total volume of outstanding offers remains high, amounting at the end of the period to Skr 50.9 billion, which is a decrease of Skr 8.6 billion since the end of 2012.

"The volumes of end-customer finance from SEK were high in the first quarter as several major export transactions were carried out at the beginning of the year. Although the capital market has offered SEK’s customers good financing opportunities, demand for SEK’s direct finance has been strong," said SEK President Peter Yngwe.

SEK’s total borrowing for the period was more than Skr 25.9 billion and was conducted in a variety of currencies, in different geographic markets and with an average maturity well in accordance with SEK´s needs.

"We have seen signs in early 2013 of several banks being prepared once again to increase their lending and of there being slightly more access to venture capital than previously. There are, however, still significant limitations on access to financing with long-term maturities. We therefore believe SEK’s role as a lender will remain important throughout the year. This is indicated in particular by the flow of new credit inquiries to SEK in the first quarter," said SEK President Peter Yngwe.

Net interest revenues for the first three months of the year amounted to Skr 427.5 million, which is a decrease with 15.4 percent compared with the previous year.

• Operating profit for the first three months of the year decreased to Skr 212.3 million (738.9).
• Return on equity after tax amounted to 4.5 percent, compared with 15.4 percent in the corresponding period last year.
• Operating profit, excluding unrealized changes in value, amounted to Skr 350.8 million, compared with Skr 601.1 million in the same period of 2012.
• The core Tier-1 capital ratio was 20.7 percent at the end of the period (19.8 at year-end 2012).

 Contact : Peter Yngwe, CEO, +46 703 97 88 47