SEK’s year-end report 2024: Growing client base and historically high operating profit

In 2024, SEK posted net interest income exceeding Skr 3 billion for the first time, alongside a historically high operating profit of over Skr 2 billion. Throughout the year, SEK successfully delivered on its mission to support the Swedish export industry, achieving a profitability level of 7.1 percent, well above the target of over 5 percent return on equity. At the same time, SEK’s client base grew and now consists of more than 200 Swedish exporters, marking an important milestone for the company.

SEK’s new lending amounted to Skr 22.1 billion (29.1) for the fourth quarter of 2024 and to Skr 90.3 billion for the full-year, up from Skr 80.2 billion compared with 2023. Net interest income amounted to Skr 778 million (771) for the quarter and to Skr 3,058 million for the full year, compared with Skr 2,895 million for 2023. This was a record for net interest income, which for the first time in the company’s history exceeded Skr 3 billion. Net profit for the quarter was Skr 556 million (217) and profitability measured as return on equity was 9.2 percent (3.8).

“Despite a cautious investment climate, SEK’s client base continued to grow during 2024. Additionally, we posted a historically high operating profit and a record-high net interest income. SEK’s role as a key financing partner for the export industry continues to grow,” says SEK’s CEO Magnus Montan.

In the fourth quarter, the Swedish economy was characterized by falling interest rates and inflation close to the Riksbank’s target of 2 percent. The lower interest rates benefits Swedish companies by reducing financing costs and increases the likelihood of new investments being made. Despite high uncertainty Swedish companies have a positive outlook for the future. In SEK’s December 2024 Export Credit Trends Survey, a full 93 percent of Swedish exporters stated that they expect an increased or unchanged export order intake over the next 12 months.

“The value of Swedish exports represents more than 50 percent of Sweden’s GDP. In the current uncertain market it is crucial to continue to promote increased Swedish exports. I am therefore very pleased that SEK continued to grow its client base, in line with our ambition to increase our support for the Swedish export industry,” says Magnus Montan.

Results January–December 2024 (compared with January–December 2023)

• New lending Skr 90.3 billion (2023: Skr 80.2 billion)
• Net interest income Skr 3,058 million (2023: Skr 2,895 million)
• Operating profit Skr 2,121 million (2023: Skr 1,568 million)
• Net profit Skr 1,683 million (2023: Skr 1,244 million)
• Lending portfolio growth 0.0 percent (2023: 3.6 percent)
• After-tax return on equity 7.1 percent (2023: 5.6 percent)
• Total capital ratio 22.2 percent (year-end 2023: 21.3 percent)
• Basic and diluted earnings per share Skr 422 (2023: Skr 312)

For more information, please contact:

Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85

Jens Hedar, acting Chief Financial Officer, Tel: +46 70 343 83 44

About SEK 
The Swedish Export Credit Corporation (SEK) is a commercially driven, state-owned company that provides financing to Swedish exporters, their subcontractors, subsidiaries, and international buyers of Swedish products and services. SEK’s financing supports company growth, creating new jobs and driving economic growth in Sweden. Additionally, SEK promotes the transition to a more sustainable society, both within Sweden and globally.