SEK’s interim report January–March 2019:SEK launches a new offer and increase the clientbase
Growth in the global economy is continued healthy with high resource utilization and low unemployment. This is reflected in SEK’s new lending in the first quarter which was Skr 13.3 billion, slightly an increase compared to the same period in the previous year.
Swedish exporters retain an optimistic export outlook. Companies are satisfied with export order stocks but have a less optimistic view on the profitability from export sales.
SEK’s strategy is to expand the offering toward more clients, mainly medium-sized companies, but also to deepen and broaden business with existing clients.
“We are highly active in developing our offering. We have just launched the simplified loan product “Enkla exportlånet,” which is aimed at exporting companies and their suppliers. The offer includes a cooperation with the European Investment Fund and is designed so that established and innovative companies with a turnover between Skr 200-1000 million can apply for loans up to Skr 65 million at favorable interest rates,” says Catrin Fransson, CEO at SEK.
In the first quarter, SEK increased its client base by five percent.
“Understanding clients’ needs is fundamental if we are to prepare a relevant offering. We have close dialogues with our clients and develop new offerings in collaboration. This meets tangible needs and increase customer benefit,” explains Catrin Fransson.
In the first quarter, SEK’s new lending was Skr 13.3 billion, which was slightly an increase compared to the same period in the previous year. Year-on-year, net interest income was higher and totaled Skr 395 million.
Operating profit for the period was up significantly year-on-year at Skr 352 million (3M18: Skr 180 million).
Results January-March 2019 (compared with January–March 2018)
• New lending Skr 13.3 billion (3M18: Skr 13.0 billion).
• Net interest income Skr 395 million (3M18: Skr 382 million)
• Operating profit Skr 352 million (3M18: Skr 180 million)
• Net profit Skr 274 million (3M18: Skr 136 million)
• Return on equity was 5.9 percent (3M18: 3.1 percent)
• The total capital ratio amounted to 19.8 percent (year-end 2018: 20.1 percent).
• Basic and diluted earnings per share Skr 69 (3M18: Skr 34)
Catharina Henriksson, Head of Press and Public Affairs
+46 76-677 59 09
SEK’s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. SEK finances Swedish exporters and buyers of Swedish products and services. The business focus is on large and medium-sized companies. SEK provides long term funding and the loans can be disbursed in different currencies.