Growth in the lending portfolio was 1.8 percent for the quarter (2Q22: 6.7 percent) and 5.2 percent for the first half of the year (1H22: 10.9 percent). Net interest income for the quarter totaled Skr 724 million, corresponding to an increase of 43 percent year-on-year, and for the six-month period net interest income totaled Skr 1,357 million (1H22: Skr 990 million). An increasing lending portfolio with a longer average maturity has contributed to higher and more stable net interest income. New lending for the second quarter amounted to Skr 22.1 billion, down on the corresponding period in 2022 (2Q22: Skr 45.4 billion). New lending has primarily declined to foreign buyers of Swedish goods and services, while new lending to Swedish exporters remains high.

“High inflation and high interest rates have resulted in many companies choosing to defer some investments, which affects our new lending for export credits and project financing. However, we are noting increased demand for financing for climate transition initiatives, and continued high activity within corporate lending to Swedish exporters.”

Magnus Montan, CEO of the SWEdish Export credit corporation

The green transition that is needed to limit global warming means that countries and companies need to adapt, both to reduce their climate impact and to reduce their climate-related risks. SEK aims to be a positive force in the transition and
during the second quarter increased the green and sustainability-linked lending by Skr 4.7 billion, quarter-on-quarter.

“This spring’s Export Credit Trends Survey found that seven out of ten Swedish exporters plan to invest in measures to reduce climate impact over the next 12 months, despite increasingly expensive financing. We view this positively at SEK, both from a climate perspective and due to its contribution to increasing the companies’ competitiveness.”

Magnus Montan, CEO of the SWEdish Export credit corporation

For the second quarter, net profit amounted to Skr 179 million (2Q22: Skr 171 million), where the loss allowance for expected credit losses and the net results of financial transactions negatively impacted earnings. One single deal
accounts for the majority of the increase in expected credit losses and currently we have not noted any strong indications of a need to increase provisions. Net profit for the six-month period was Skr 513 million (1H22: Skr 287 million).
Profitability was 4.7 percent for the first six months, which was up 1.9 percentage points year-on-year. To date this year, SEK has raised borrowings of Skr 80 billion with maturities over 1 year, which is a substantial increase compared with the same period in 2022. SEK remains well capitalized and with high liquidity to continue to meet Sweden’s export industry’s financing needs.

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

• New lending Skr 35.9 billion (1H22: Skr 69.8 billion)
• Net interest income Skr 1,357 million (1H22: Skr 990 million)
• Operating profit Skr 646 million (1H22: Skr 361 million)
• Net profit Skr 513 million (1H22: Skr 287 million)
• Lending portfolio growth 5.2 percent (1H22: 10.9 percent)
• After-tax return on equity 4.7 percent (1H22: 2.8 percent)
• Total capital ratio 20.1 percent (year-end 2022: 20.6 percent)
• Basic and diluted earnings per share Skr 129 (1H22: Skr 72)

For more information, please contact:

Stefan Friberg, Chief Financial Officer, Tel: +46 72-717 88 05
Jenny Wickman, press contact, Tel: +46 79-585 94 09