SEK Interim Report 1 2014

Healthy demand for export finance from SEK

Demand for long-term financing from SEK was healthy in the first quarter of 2014, although volumes did not reach the same record-high levels seen in the first quarter of 2013. SEK's new lending to Swedish exporters and their customers amounted to Skr 18.6 billion in the quarter (new lending in the first quarter of 2013 was Skr 24.8 billion, which was unusually strong; new lending in the first quarter of 2012 was Skr 11.2 billion).

SEK continues to play a significant role for exporters and financing is still an important issue.

“The first quarter saw CRR (Capital Requirements Regulation) begin to apply. SEK is monitoring the impact of these changes on the financial sector carefully and how they affect the willingness of banks to provide lending for Swedish exports. There is a concern in the market about access to financing for small and medium enterprises (SMEs), and this was also highlighted by SEK’s most recent Export Credit Trends Survey, says SEK President, Peter Yngwe.

• New lending to and for Swedish exporters was Skr 18.6 billion (24.8)
• Net interest income amounted to Skr 352.3 million (427.5)
• Operating profit for the period amounted to Skr 517.8 million (212.3). The increase is mainly due to net earnings from financial transactions amounting to Skr 309.7 million (-86.3), which was partly offset by lower net interest income.
• The return on equity was 10.6 percent (4.5).
• The outstanding volume of offers for credits at the end of the period was Skr 56.6 billion (Skr 65.5 billion at the end of 2013) 
• The Core Tier-1 capital ratio was 16.9 percent, according to CRR, at the end of the period (19.5 percent according to Basel II at the end of 2013).

Following publication of this report, Peter Yngwe will be stepping down from his post at the annual general meeting on April 28, 2014.

“I have had 30 wonderful years at SEK, the last 17 as President, during which I have witnessed the impressive development of Swedish exports. Access to competitive and reliable long-term financing has become increasingly important for export sales. I would like to sincerely thank everyone who has worked towards the success of Swedish exports and SEK’s ability to contribute,” says Peter Yngwe.

“I would like to thank Peter Yngwe for his good and long-standing work in the company and welcome Catrin Fransson who takes over as President in connection with SEK's annual general meeting on April 28, 2014,” says SEK's Chairman of the Board Lars Linder-Aronson.

Read the full interim report here.
Contact: Edvard Unsgaard, Chief Communications Officer, +46 (0)706-21 84 88

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