SOURCE: AB Svensk Exportkredit

June 22, 2009 17:02 ET

SEK: Increased lending and improved earnings

STOCKHOLM, SWEDEN--(Marketwire - June 22, 2009) -


Demand for financing from Swedish companies remains high, and SEK's lending to Swedish trade and industry increased significantly during the first quarter. SEK's operating profit (IFRS) for the period increased by Skr 253.3 million.

  * The volume of new customer financing amounted to Skr 21.8 billion
    (17.2)
  * The volume of outstanding offers for new credits increased by 103
    percent to Skr 55.6 billion (Y-e: Skr 27.4 billion)
  * Operating profit (IFRS) for the first quarter, after impairments,
    amounted to Skr 367.6 million (114.3)
  * Adjusted operating profit (Core Earnings), after impairments,
    amounted to Skr 477.7 million (133.3)
  * New borrowing amounted to Skr 16.6 billion (29.0)

SEK's operating profit (IFRS) for the first quarter increased by 222 percent compared with the same period in 2008, and amounted to Skr 367.6 million. Demand for financing from the export industry remains very high and SEK's new lending amounted to Skr 21.8 billion, an increase of 27 percent compared with the first quarter of 2008. The Swedish government's strengthening of SEK's lending capacity at the end of 2008 has been successful and was an important decision for the Swedish export industry. The aggregate amount of outstanding offers for new credits totaled Skr 55.6 billion at the end of the period, an increase of 103 percent compared with year-end 2008.

"I'm pleased that, despite the global financial crisis, we are able to significantly increase our lending to Swedish companies and, in doing so, play an important role in increasing the international competitiveness of the Swedish export industry. Our strong position provide reassurance for Swedish business and are the result of constant and focused work to help Swedish business through difficult market situations," said SEK's President Peter Yngwe.

Despite the turmoil in the markets, SEK's funding operations have been successful. Total new borrowing amounted to Skr 16.6 billion. Although this is a decrease of Skr 12.4 billion on the same period of the previous year, it is still a high level in view of the market conditions. The high volume of new borrowing has meant that SEK has been able to cover its customers' financing requirements despite the significant increase in demand. The credit facility of Skr 100 billion with which the Swedish government provided SEK at the beginning of 2009 has not been used, and is still ready to be utilized.

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


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

http://hugin.info/138134/R/1324239/310962.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



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Contact Information

  • For further information please contact
    Peter Yngwe
    SEK's President
    +46 8 613 83 00

    Johan Winlund
    Head of Communications
    +46 8 613 84 88