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Press release April 24, 2023

SEK’s interim report January–March 2023: Strong result despite weaker demand

Following very strong business flows in 2022, SEK has noted a slightly lower new lending for the first quarter. While new lending to Swedish exporters remains high, new lending to foreign buyers of Swedish goods and services, were at lower levels.

In recent years, SEK has increased its lending portfolio, mainly regarding working capital and export credits and extended the duration of its lending portfolio, which contributed to more stable and higher earnings.

New lending for the first quarter amounted to Skr 13.8 billion, a decrease compared to the corresponding quarter last year (3M22: Skr 24.4 billion). New lending to Swedish exporters remained high, whereas new lending volumes to foreign buyers of Swedish goods and services were at low levels. However, we are noting continued strong demand for export credits and project financing. These transactions often have long lead times, which makes it difficult to predict when they will close.

“The global uncertainty in the operating environment and the shift towards higher interest rates, affects the willingness to invest. At the same time, demand for financing of defense, climate transition and energy projects has increased. In light of that, we remain optimistic about SEK’s business outlook for the remainder of the year.”

Magnus Montan, CEO of the Swedish Export Credit Corporation

SEK posted profitability of 6.1 percent for the first quarter, reflecting a year-on-year increase of 3.8 percentage points, driven by strong net interest income. Net interest income totaled Skr 633 million, corresponding to an increase of 31 percent year-on-year. The company also posted net profit of Skr 334 million, up 188 percent yearon-year.

The funding markets have shown a lower risk appetite during the quarter, but thanks to SEK’s strong reputation, the company has been able to raise borrowings of Skr 34 billion. Among other issues, SEK issued a USD 1.75 billion three-year fixed-rate bond and a Skr 1.5 billion green bond.

“Overall, SEK remains well capitalized and has high liquidity for meeting the financing needs of Sweden’s export industry.”

Magnus Montan, CEO of the Swedish Export Credit Corporation

Results January–March 2023 (compared with January–March 2022)

  • New lending Skr 13.8 billion (3M22: Skr 24.4 billion)
  • Net interest income Skr 633 million (3M22: Skr 485 million)
  • Operating profit Skr 420 million (3M22: Skr 148 million)
  • Net profit Skr 334 million (3M22: Skr 116 million)
  • After-tax return on equity 6.1 percent (3M22: 2.3 percent)
  • Total capital ratio 19.7 percent (year-end 2022: 20.6 percent)
  • Basic and diluted earnings per share Skr 84 (3M22: Skr 29)

Interim report January–March 2023

  1. Interim report January–March 2023

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