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Press release January 23, 2024

SEK’s Year-end report 2023: New customers, record high net interest income and unchanged costs

SEK posted record high net interest income for the fourth quarter and for the entire year. At the same time, the operating expenses remained unchanged compared to the previous year. Net profit increased 7 percent year-on-year. Return on equity totaled 5.6 percent for 2023, which means SEK achieved the profitability target of 5 percent return on equity. New lending for the full year totaled Skr 80 billion, which was a higher volume than the historical average.

In the fourth quarter, interest rates remained high in the Swedish economy, while inflation slowed. The period of policy rate hikes is possibly over and we are more likely entering a period of a stabilization or lowered interest rates, which should be positive for the economy. The Swedish krona remains weak, but showed some signs of recovery in the autumn.

“Our latest Export Credit Trends Survey revealed that many Swedish exporters do not view a weak krona as entirely positive. For example, a weaker exchange rate leads to higher costs for input goods that are often imported. A somewhat stronger krona could benefit Swedish exports.”

Magnus Montan, CEO of SEK

In 2023 net interest income increased a full 33 percent, resulting in the highest net interest income in the company’s history. Despite continued high inflation in 2023, SEK’s operating expenses remained unchanged yearon-year thanks to active efforts with streamlining the efficiency of our operations. In the fourth quarter, SEK’s provisions for expected credit losses were high and totaled Skr 585 million for the full year. These provisions mainly pertained to three individual exposures. SEK’s net profit for 2023 increased 7 percent year-on-year and totaled Skr 1,244 million. SEK has a profitability target of 5 percent return on equity. Profitability amounted to 5.6 percent for 2023 despite high provisions for expected credit losses, largely as a result of the strong underlying net interest income.

“This is very pleasing and I am proud that SEK increased its net profit and posted record-high net interest income.”

Magnus Montan, CEO of SEK

SEK achieved new lending of Skr 80 billion for the full year, an increase compared to the historical average. SEK’s strategy is to become a driving force in the climate transition, and the share of sustainability classified lending increased during the fourth quarter from 14.8 to 15.7 percent, and for the full year from 12.0 to 15.7 percent.

“We are entering a new year dominated by considerable uncertainty and perhaps more than we have witnessed in a very long time. Russia’s war in Ukraine shows no signs of ending. The war between Israel and Hamas has been ongoing for three months with a large number of civilians casualties and with negative effects on trade flows in the Red Sea. We are in an economic downturn which further contributes to the uncertainty. SEK’s position as a long-term and stable financial partner is more important than ever before. SEK is well capitalized and has good liquidity readiness to be able to meet the needs of the Swedish export industry’s financing needs.”

Magnus Montan, CEO of SEK

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

  • New lending Skr 80.2 billion (2022: Skr 133.2 billion)
  • Net interest income Skr 2,895 million (2022: Skr 2,179 million)
  • Operating profit Skr 1,568 million (2022: Skr 1,471 million)
  • Net profit Skr 1,244 million (2022: Skr 1,166 million)
  • Lending portfolio growth 3.6 percent (2022: 15.3 percent)
  • After-tax return on equity 5.6 percent (2022: 5.5 percent)
  • Total capital ratio 21.3 percent (year-end 2022: 20.6 percent)
  • Basic and diluted earnings per share Skr 312 (2022: Skr 292)

Year-end Report 2023

  1. Year-end Report 2023

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