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Svensk Exportkredit AB (SEK) (SE) - Export industry shows strong demand for long-term financing

Swedish exporters demand for long-term financing from SEK has remained strong, with the number of completed transactions increasing in the latter part of the first half of 2011. SEK delivered strong operating profit (IFRS) for the period.

  • Operating profit (IFRS) for the first six months of 2011 amounted to Skr 956,9 million (515,0)
  • Adjusted operating profit (Core Earnings) for the first six months of 2011 amounted to Skr 797,8 million (607.6)
  • The volume of new customer financing solutions for the first six months of 2011 amounted to Skr 25.5 billion (28.2)

SEK's new lending in the first six months of 2011 amounted to approximately Skr 25.5 billion, compared with Skr 28.2 billion in the first six months of 2010.

"Since the Swedish economy depends on the success of the Swedish exporters, we need to continue to improve their conditions so that they can develop their international competitiveness. There is a risk that new regulations, in terms of Basel 3, could restrict the range of financing available on the market. SEK's complementary role in the market will therefore grow in importance in order to ensure access to long-term financing for exporters, and their customers, going forward," said SEK President Peter Yngwe.

Operating profit was strong, amounting to Skr 956,9 million for the first six months of 2011, compared with Skr 515,0 million for the same period in 2010. The increase in earnings is mainly due to realized and unrealized changes in fair value including the sale of the property Jakob Större 13.

For questions please contact Johan Winlund, Head of Communications at SEK on +46 8 613 84 88.

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