SOURCE: AB Svensk Exportkredit

May 05, 2008 06:03 ET

SEK: High borrowing and lending volumes for SEK in the first quarter

STOCKHOLM, SWEDEN--(Marketwire - May 5, 2008) -

Despite the continued turmoil and liquidity squeeze in the global capital market, SEK delivered stable earnings for the first quarter due to high business volumes. Also SEK's borrowing remains active.

  * Core earnings for the first quarter were Skr 133.3 million
  * Operating profit (IFRS) was Skr 161.6 million (160.5)
  * The volume of new customer financing solutions was Skr 17.2
    billion (13.5)
  * Increase in the volume of export credits and lending to the
    financial sector
  * Successful borrowing totalling Skr 29.0 billion (34.2)

SEK's core earnings totalled Skr 133.3 million for the first three months of the year, versus Skr 144.2 million for the same period in the previous year. SEK's lending increased in the first quarter, with the volume of new customer financing solutions totalling Skr 17.2 billion -- an increase of Skr 3.7 billion on the first quarter of 2007. The main drivers behind these large volumes were export credits and lending to the financial sector. The increase to the financial sector contributed indirectly to funding of small and medium-sized companies via Nordic financial institutions. The volume of credits, outstanding and undisbursed, amounted to Skr 134.7 billion at the end of the period, compared with Skr 118.1 billion the previous year.

- Swedish exports are doing well and our increased business volumes demonstrate that we play an important part of the success of Swedish companies. Our business model, comprising low credit risk, low market risk and low liquidity risk, has enabled us to strengthen our market position despite the market turmoil and, thereby, to fulfill our mission in a highly successful way. SEK's high liquidity is especially important for the Swedish export industry during those times when other sources of financing are harder to find, says Peter Yngwe, President of SEK.

SEK remained an active borrower in the first quarter. Borrowing in the first quarter totalled Skr 29.0 billion; Skr 5.2 billion less than in the same period in 2007, which was a record year.

For further information please contact Peter Yngwe, President of SEK, on +46 (0)8-613 83 00, or Johan Winlund, Head of Communications on +46 (0)8-613 84 88.

The full report including tables can be downloaded from the enclosed link:

Interim report for the first quarter 2008:

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