SEK’s year-end report 2019: SEK attracts more customers
The Swedish economy slowed in 2019 and we are now seeing the tangible effects of an economic downturn on the export industry. Despite the above, SEK has noted a marked increase in clients and higher demand for financing. Several new offers were launched during the year with a focus on green financing.
Despite the economic slowdown, SEK has been successful in attracting new clients. The number of clients increased 20 percent in 2019, a considerably increase compared to
2018. SEK has made a successful transition during the year, where we broadened our target group and addressed more companies than before, especially medium-sized companies.
“We have been significantly more active in our customer processing, both existing and new ones. With an increased customer focus, we have improved our work with developing offers that meet our customers’ needs,” says Catrin Fransson, CEO of SEK.
In the last quarter of the year, SEK launched two new product offers, green loans and financing for the transition to fossil-free energy.
SEK has offered green financing since 2015 and is now taking the next step by introducing a green interest-rate curve for all loan products. In addition to a lower interest rate, the borrower receives a green stamp which shows that the company contributes to the UN Global Sustainability Goals.
The second offer pertains to financing investments made by industry to realign their operations and reduce emissions from fossil fuels. SEK can finance everything from climate-smart energy solutions to sustainable transportation, including public transport and maritime transportation.
“SEK aims to be positive force for climate change. We have extensive international experience of working with renewable energy, which often comprises projects that need long-term financing together with insight to be able to manage project risks. This is a major advantage when we support Swedish initiatives in this area,” says Catrin Fransson, CEO of SEK.
Results January–December 2019 (compared with January–December 2018)
• New lending Skr 74.5 billion (2018: Skr 57.0 billion)
• Net interest income Skr 1,717 million (2018: Skr 1,442 million)
• Operating profit Skr 1,304 million (2018: Skr 852 million)
• Net profit Skr 1,027 million (2018: Skr 648 million)
• Return on equity was 5.5 percent (2018: 3.6 percent)
• The total capital ratio amounted to 20.6 percent (12/2018: 20.1 percent)
• Basic and diluted earnings per share Skr 257 (2018: Skr 162)
Press contact
Catharina Henriksson, Head of Press and Public Affairs
+46 76-677 59 09
catharina.henriksson@sek.se
About SEK
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.
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