PRESS RELEASE: Interim Report January-September 2018 - Exporters have good access to funding
The global economy continues to trend favorably, although the growth is slowing down. Exporters hold strong financial positions and their access to funding through the bank and capital markets remains favorable. SEK’s efforts to attract new clients were successful during the year. The focus on medium-sized companies has been the primary driver generating new businesses.
New lending for the first nine months of the year, was lower than in the prior year period at Skr 39.3 billion.
“Lower new lending rates are partly due to exporters’ ability to finance themselves in the banking and capital markets” says Catrin Fransson CEO at SEK.
Year-on-year, net interest income in the first nine months declined to Skr 1,064 million. Net interest income was negatively impacted including a higher resolution fee and higher borrowing costs in the beginning of the year.
Operating profit for the first nine months of the year was down slightly year-on-year at Skr 597 million.
Over the past nine months, SEK has deepened its partnerships with other export promoters in the Swedish government’s Team Sweden initiative. This applies mainly to regional export collaboration — at both national and regional levels.
”We have a very good collaboration with actors such as Almi, Business Sweden and EKN. This gives us increased visibility and thus generates greater opportunities to offer financing to Sweden’s export industry” says Catrin Fransson.
Financial performance Jan–Sept 2018 (Compared to Jan-Sept 2017)
• New lending amounted to Skr 39.3 billion (9M17: Skr 77.8 billion)
• Net interest income was Skr 1 064 million (9M17: Skr 1 278 million)
• Operating profit was Skr 597 million (9M17: Skr 666 million)
• Net profit was Skr 454 million (9M17: Skr 509 million)
• The return on equity amounted to 3.4 percent (9M17: 3.9 percent)
• Earnings per share before and after dilution amounted to Skr 114 (9M17: Skr 128)
• The total capital ratio was 20.1 percent at the end of the period (year-end 2017: 23.0 percent