Interim Report Jan - Jun 2010

Satisfactory business volumes in stabilized markets


SEK presents an operating profit (IFRS) amounting to Skr 515 million for the first six months of 2010. Results and business volumes are satisfactory, despite a decrease in new lending volumes and profit compared to the year before. 

  • Operating profit (IFRS) amounted to Skr 515.0 million for the first six months of 2010 (1H09: Skr 1,355.8 million)
  • Adjusted operating profit (Core Earnings) amounted to Skr 607.6 million for the first six months of 2010 (1H09: Skr 918.0 million) 
  • The volume of new customer financing amounted to Skr 28.2 billion for the first six months of 2010 (1H09: Skr 58.3 billion)
  • The outstanding volume of offers for credits at period-end was Skr 77.5 billion (Skr 84.5 billion at the end of 2009)
The decrease in profit is primarily due to changes in the valuation of unrealized assets and debts. Lower net interest income and costs relating to the Swedish government’s stability fund, which also includes the cost related to 2009, also had a negative effect on the result.

The volume of customer financing was lower compared to the same period 2009. The markets, and the demand of financing, are now starting to stabilize. This resulted in SEK’s lending volumes decreasing, but in historical terms they are still relatively high.

– SEK continues to successfully provide long term financing to the Swedish export industry, even though the volumes are lower than last year which was a crisis year, says Peter Yngwe, President of SEK. It is important that we continue our co-operation with the banks and other financial institutions so that we jointly can offer Swedish export companies the best conditions for making successful export deals.

SEK has conducted business with a number of new customers during the period. Furthermore, in order to offer long term financing to SME’s in a better and more efficient way, SEK has, signed agreements with Sparbanken Gripen and North Star Europe.

For further information, please contact:
Johan Winlund, Head of Communications at SEK, +46 8 613 84 88

Interim Report Jan - Jun 2010