Interim report 1 2017: Healthy lending in the first quarter
SEK’s first quarter was characterized by high levels of activity. New lending for the first quarter totaled Skr 17.5 billion (Q1 2016: Skr 21.1 billion), which is slightly lower year-on-year. The number of transactions exceeded previous levels. Initiatives to attract new customers continues according to plan, and SEK has attracted new customers in both customer groups, large and medium-sized companies.
“It is gratifying that the efforts to diversify both the customer base and the customer offering are continuing to generate results. In the first quarter, our lending showed a healthy distribution of business with companies in diverse industries, and included both existing and new customers as well as different types of financing solutions,” says SEK’s CEO Catrin Fransson.
SEK’s contribution to the realization of the government’s export strategy involves an increased focus on export financing to emerging countries and closer cooperation with the other export promotion agencies in Team Sweden.
During the quarter, SEK had favorable access to finance markets and has issued a five-year, USD 1.4 billion benchmark bond, which was well received by investors.
The operating profit for the first quarter was Skr 257 million (Q1 2016: Skr 310 million). Net interest income and expenses were in line with last year. Net interest income was negatively impacted by a higher resolution fee, which was offset by lower borrowing costs and rising interest income from credits. The earnings decline was mainly due to a decline in the net result of financial transactions.
“We are continually well prepared to assist the Swedish export industry with financial solutions and to thereby strengthen Swedish exporters’,” concludes SEK’s CEO Catrin Fransson.
Results January-March 2017
- New lending amounted to Skr 17.5 billion (Q1 2016: Skr 21.1 billion)
- Net interest income was Skr 430 million (Q1 2016: Skr 429 million)
- Operating profit totaled Skr 257 million (Q1 2016: Skr 310 million)
- Net profit was Skr 196 million (Q1 2016: Skr 245 million)
- The return on equity amounted to 4.6 percent (Q1 2016: 5.8 percent).
- The total capital ratio amounted to 21.5 percent at the end of the period (Q1 2016: 25.1 percent)
- Earnings per share before and after dilution amounted to Skr 49 (Q1 2016: Skr 62)
Edvard Unsgaard, Head of Communication
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