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Press release July 15, 2021

SEK’s interim report January-June 2021: Increased demand for financing Swedish exporters’ foreign customers

The Swedish Export Credit Corporation (SEK) has noted higher new lending in the second quarter compared with the first. Demand for export credits and financing solutions for the transition towards a fossil-free world, continue to rise. Operating profit increased significantly and amounted to Skr 603 million for the first half of the year.

The export industry has posted a strong recovery from the COVID-19 pandemic and production is at full speed in certain areas. Comprehensive fiscal measures, high demand and vaccination programs are now being rolled out across most of the world, which is leading to positive effects and a strong future outlook.

Operating profit for the first half of the year was up significantly year-on-year at Skr 603 million (1H20:Skr 290 million). New lending for the first half of the year totaled Skr 38.1 billion, which was lower year-on-year (1H20: Skr 89.8 billion) in view of the need for financing having reached a record high in the first six months of 2020 due to the COVID-19 pandemic. Despite this, the company experienced higher net interest income which, combined with improved net results of financial transactions and lower provisions for expected credit losses, positively impacted earnings.

Even with lower needs for financing in total, demand for financing solutions for the environmental transition is high, particularly in terms of project financing and export credits, that is financing for Swedish exporters’ foreign customers. Demand for working capital for Swedish exporters also increased in the second quarter compared with the first, and lending from SEK’s offering of loans in local currency has doubled.

“During the pandemic, when export companies’ access to financing in the banking and capital markets was limited, SEK lent a record amount to secure companies’ liquidity. Now that the economic climate has turned, one of our main tasks is to finance the transition of industry with the aim of reducing climate emissions.”


During the quarter, SEK financed the heating technology company Nibe with the loan conditions linked to the company’s sustainability targets, and provided a loan to Exeger, which manufactures thin, flexible solar cells for consumer products. SEK also participated in the financing of one of Europe’s largest land-based wind farms, the Björnberget wind farm.

“Industry’s need to transition is considerable, and the conditions for investing in climate-positive transition are beneficial. Global growth forecasts are healthy, capital is readily available in the market and the demand for sustainable solutions is tremendous.”


Results January–June 2021 (compared with January–June 2020)

• New lending Skr 38.1 billion (1H20: Skr 89.8 billion)
• Net interest income Skr 953 million (1H20: Skr 874 million)
• Operating profit Skr 603 million (1H20: Skr 290 million)
• Net profit Skr 479 million (1H20: Skr 224 million)
• Volume of green bonds issued Skr 4.0 billion (1H20: Skr 2.2 billion)
• After-tax return on equity was 4.8 percent (1H20: 2.3 percent)
• The total capital ratio amounted to 23.3 percent (year-end 2020: 21.8 percent)
• Basic and diluted earnings per share Skr 120 (1H20: Skr 56)

Interim Report January–June 2021

  1. Interim Report January–June 2021

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