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SEK Interim Report 3 2014

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Stable new lending despite high risk appetite among banks

SEK’s new lending to Swedish exporters and their customers in the first nine months of the year amounted to Skr 42.8 billion (9M13: Skr 46.3 billion). Demand for finance is stable, despite good access to capital elsewhere. SEK´s new end-customer financing for the first nine months amounted to Skr 25.7 billion (9M13: Skr 34.2 billion). The volume of new corporate lending was Skr 17.1 billion (9M13: Skr 12.1 billion).

Risk appetite among banks was high during the period, and that could have decreased the demand for SEK´s offerings. Despite this, the volumes of new lending are stable. This is partly due to a need for long-term export financing. SEK has also been refinancing client maturities. SEK has also gained several new clients.

Net interest income for the third quarter was slightly higher than in the same quarter in 2013 as a result of both higher margins and higher average volumes.

- As a relatively new president of the company, I have continued to meet with our clients this autumn. It is especially important that our customers have strong access to funding in these slightly tougher economic conditions and that SEK has a good range of products for them and their customers. My impression is that we have a attractive offering and I am proud of the skilled team that SEK can provide to assist clients with their financial challenges. Clients greatly value SEK’s services and we need to continue developing so we can assist even more exporting companies with financial solutions. This shall be achieved together with our clients and in co-operation with and other financial institutions, says SEK´s President Catrin Fransson.

First nine months of 2014

  • New lending amounted to Skr 42.8 billion (9M13: Skr 46.3 billion)
  • Net interest revenues amounted to Skr 1,126.6 million (9M13: Skr 1,192.4 million)
  • Operating profit amounted to Skr 1,126.4 million (9M13: Skr 924.1 million)
  • Net profit amounted to Skr 873.6 million (9M13: Skr 714.5 million)
  • Return on equity amounted to 7.5 percent (9M13: 6.6 percent)
  • The outstanding volume of offers for loans at the end of the period amounted to Skr 57.9 billion (Skr 65.5 billion at year-end 2013)
  • The Common Equity Tier 1 capital ratio was 17.9 percent at the end of the period according to CRR (Capital Requirements Regulation) (19.5 percent at year-end 2013 according to Basel II)

CONTACT
Edvard Unsgaard, Head of Communications SEK.
+46-8-613 84 88

Tags:

sek AB Svensk Exportkredit

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