Skip to content
Press release October 28, 2022

SEK’s interim report January–September 2022: High demand for financing in challenging conditions

An uncertain operating environment, linked to Russia’s war in Ukraine, also dominated in the third quarter of the year. The volumes in the capital markets remain at a low level and demand for financing is high. SEK’s mission to provide finance for Sweden’s export industry becomes increasingly important in times of great uncertainty.

The strong business flow during the first half of the year continued in the third quarter. New lending for the first nine months amounted to Skr 98.4 billion, of which Skr 28.6 billion was lent in the third quarter. This entailed increases of 95 percent and 133 percent compared with the corresponding periods last year.

“We have noted a significant increase in working capital finance to Swedish exporters, but also in export credits to foreign borrowers. We have, among other things, financed the mineral fertilizer company Cinis Fertilizer’s first production plant for circular and fossil-free potassium sulfate, and in the Ivory Coast, SEK’s social loans enable infrastructure that secure access to water.”

Magnus Montan, CEO of Swedish Export Credit Corporation

To meet the increased demand for financing, in the third quarter, SEK raised borrowings of USD 1.25 billion through a two-year-fixed-rate bond and USD 800 million through a four-year floating rate note based on SOFR.

SEK posted profitability of 7.4 percent during the third quarter, representing a year-on-year increase of 1.1 percentage points. The increase was largely due to strong net interest income.

“Our focus on increasing the client base and offering more companies access to Sweden’s export credit system has been highly successful. The number of customers increased 8 percent over the first three quarters of the year, which is in line with this year’s target of a 10 percent increase.”

Magnus Montan, CEO of Swedish Export Credit Corporation

The company therefore has high liquidity for lending and is well prepared to continue meeting the future financing needs of Sweden’s export industry, even during highly uncertain times with highly
volatile financial markets and reduced market liquidity.

Results January–September 2022 (compared with January–September 2021)

  •  New lending Skr 98.4 billion (9M21: Skr 50.4 billion)
  • Net interest income Skr 1,531 million (9M21: Skr 1,425 million)
  • Operating profit Skr 850 million (9M21: Skr 1,005 million)
  • Net profit Skr 675 million (9M21: Skr 798 million)
  • New green lending Skr 7.1 million (9M21: –)
  • New green borrowing Skr 9.0 billion (9M21: Skr 6.1 billion)
  • After-tax return on equity 4.3 percent (9M21: 5.2 percent)
  • Total capital ratio 20.0 percent (year-end 2021: 21.6 percent)
  • Basic and diluted earnings per share Skr 169 (9M21: Skr 200)

Interim report January–September 2022

  1. Interim report January–September 2022

    Download pdf (opens in a new window)