Sweden’s economy remains relatively weak, but confidence in the future outlook has risen. Inflation has receded, the Riksbank implemented its first rate cut in May and is forecasting up to three additional rate cuts this year, with the next cut possibly as early as August.

“SEK’s latest Export Credit Trends Survey indicates that the expected easing of monetary policy has led to a brighter outlook for exporters. Hopefully, this will positively impact companies’ financial positions and willingness to invest,” says Magnus Montan, CEO of SEK.

SEK’s new lending for the period totaled Skr 52.1 billion, an increase compared with the first half of 2023 (1H23: Skr 35.9 billion). Net interest income increased 13.2 percent to Skr 1,536 million (1H23: Skr 1,357 million). Net profit for the period totaled Skr 630 million (1H23: Skr 513 million), up 23 percent year-on-year. Higher margins in the lending portfolio, in part attributable to the increased share of working capital finance to Swedish exporters, have contributed to the high net interest income and the strong net profit.

Working capital finance to Swedish customers and financing of Swedish companies’ export transactions both contributed to increased business volumes. The sustainability classified lending portfolio has trended positively since the start of the year, which is gratifying given SEK’s aim of being a positive force in the climate transition. Sustainability-classified lending increased to Skr 49.4 billion (year-end 2023: Skr 44.6 billion) corresponding to growth of 10.8 percent.

“Challenges in the operating environment in recent years have not dampened Swedish exporters’ sustainability focus, and seven out of ten companies are planning investments to reduce their climate impact,” says Magnus Montan.

Results January–June 2024 (compared with January–June 2023)
• New lending Skr 52.1 billion (1H23: Skr 35.9 billion)
• Net interest income Skr 1,536 million (1H23: Skr 1,357 million)
• Operating profit Skr 794 million (1H23: Skr 646 million)
• Net profit Skr 630 million (1H23: Skr 513 million)
• Lending portfolio growth -2.3 percent (1H23: 5.2 percent)
• After-tax return on equity 5.5 percent (1H23: 4.7 percent)
• Total capital ratio 22.6 percent (year-end 2023: 21.3 percent)
• Basic and diluted earnings per share Skr 158 (1H23: Skr 129)

For more information, please contact:
Katarina Daniels, Press and Communications Manager, Tel: +46 72 080 68 85
Jens Hedar, acting Chief Financial Officer, Tel: +46 70 343 83 44