Interim report for the first three quarters 2013

Solid demand for Export finance

Demand for lending from SEK was high in the first nine months of 2013, despite some normalization in the second and third quarters compared with the large volumes in the first three months of the year. Total new lending in the first nine months amounted to Skr 46.3 billion, which is an increase of Skr 4.0 billion over the corresponding period in 2012.

-   2013 has seen stabilization in the global economy, even though uncertainty remains In the third quarter of the year we experienced a continuous good demand for SEK´s offer of export finance, says president Peter Yngwe.

Volumes for new end-customer finance were considerable in the first nine months of the year, amounting to Skr 34.2 billion, which is an increase of Skr 1.9 billion over the same period in the previous year. SEK continues to experience relatively high volumes of corporate lending. SEK's corporate lending for the first nine months of the year amounted to Skr 12.1 billion. This is an increase of Skr 2.1 billion over the corresponding period in 2012.

-   SEK’s role as a lender will remain important, especially local currencies, end-customer financing and in large transactions over long loan periods, says SEK´s president Peter Yngwe.

Net interest revenues amounted to Skr 1,192.4 million (9M12: Skr 1,466.1 million). During the first nine months of 2013 our borrowing costs have increased due to the fact that a large volume of structured borrowings were prematurely terminated early this year. This structured borrowing has mainly been replaced with simple borrowing arrangements, which leads to higher funding costs. The margin for liquidity placements, that prepare for future lending, has decreased. Both these factors have affected net interest revenues negatively.

• Operating profit amounted to Skr 924.1 million (Skr 590.3 million). The increase was mainly attributable to higher net results of financial transactions, which amounted to Skr 106.2 million (9M12: Skr -502.0 million). Net results of financial transactions for the period includes a gain amounting to Skr 374.8 million due to the repurchase of certain of our subordinated debt.
• The return on equity after tax was 6.6 percent (3.9 percent)
• Operating profit, excluding changes in fair value, was Skr 1,472.9 million (Skr 1,393.3 million)
• The core Tier-1 capital ratio was 20.3 procent (19.8 percent at the end of 2012)
   
  

  
Contacts:
Edvard Unsgaard, Head of Communications, SEK +46 706 21 84 88

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