Interim Report, first six months 2008

High business volumes marked the first six months

SEK has successfully completed its mission, to secure access to financial solutions for the Swedish export industry, during the first half of the year. Despite the global financial crisis SEK has been able to continue to offer companies financial solutions which have resulted in high business volumes and a good result for SEK.

• Core earnings for the first six months were Skr 381.2 million (284.6)
• Operating profit (IFRS) was Skr 466.3 million (265.6)
• The volume of new customer financing solutions was Skr 30.8 billion 27.2)
• Active new borrowing generated a volume of Skr 51.8 billion (71.8)

SEK’s core earnings totalled Skr 381.2 million for the first six months of the year, versus Skr 284.6 million for the same period in the previous year.  The volume of new customer financing solutions totalled Skr 30.8 billion, an increase of Skr 3.6 billion on the first half of 2007. The volume of outstanding and committed undisbursed credits amounted to Skr 141.3 billion at the end of the period, compared with Skr 119.6 billion at the end of June 2007.

Work on improving competitive opportunities for Swedish export companies continues. During the second quarter SEK signed a cooperation agreement with the Polish environmental protection bank BOS Bank with the aim of supporting and simplifying opportunities primarily for small and medium-sized Swedish export companies to compete on the Polish market. In addition, the Export Loan – which SEK provides financing for – has taken off in earnest and the volume of Export Loans granted now totals Skr 140 million.

-   We are pleased that we continue to demonstrate that SEK is a stable and reliable partner for the Swedish export industry. In addition, we continue to develop our offering, in particular for small and medium-sized Swedish export companies. The Export Loan, developed specifically for the small and medium-sized companies, gains in popularity and our cooperation with the Polish environmental protection bank BOS Bank will also provide the Swedish companies with improved competitiveness, says Peter Yngwe, SEK's CEO.

Despite the market’s low liquidity and turmoil SEK has been active in its borrowing and new borrowing totalled Skr 51.8 billion during the first half of the year.

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