STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
AB Svensk Exportkredit (LSE:88LX) (STO:SEKSNOR12) (NYSE:EEH) (CSE:SEKBRIC14)
SEK has focused on deepening business relations with our clients during the third quarter. Our new lending to Swedish exporters and their customers amounted to Skr 45.2 billion (9M15: Skr 83.0 billion) during the first three quarters. End-customer finance totaled Skr 31.3 billion (9M15: Skr 69.5 billion) and the total volume of corporate lending was Skr 13.9 billion (9M15: Skr 13.5 billion).
“We have built excellent partnerships with Swedish banks and, through complementing each other’s services, we can provide customers with outstanding joint support,” says SEK’s CEO Catrin Fransson.
SEK has also continued initiatives with the government’s export strategy and the export promotion agencies in Team Sweden in the third quarter.
“During the quarter, our work with Team Sweden was focused on regional export centers, which we expect will strengthen our local presence, allowing us to create deeper relationships with companies. In accordance with the government’s export strategy, the Swedish Agency for Economical and Regional Growth has created a digital entrance program for exporters at www.verksamt.se/utland, to provide companies with a comprehensive overview of the various services offered by the export promotion agencies.”
The operating profit for the first three quarters was Skr 789 million (9M15: Skr 1,193 million). This decline was primarily attributable to investments in the development of risk measurement and to unrealized changes in market value. Net interest revenue was up slightly year-on-year at Skr 1,290 million (9M15: Skr 1,234 million). SEK is strongly capitalized with a total capital ratio of 23.5 percent and healthy liquidity. Accordingly, we are well prepared to assist Swedish exporters with financial solutions and to thereby strengthen Swedish exporters’ competitiveness.
Financial performance January–September 2016
· Net interest revenue was Skr 1,290 million (9M15: Skr 1,234 million).
· Operating profit was Skr 789 million (9M15: Skr 1,193 million).
· Net profit was Skr 614 million (9M15: Skr 927 million)
· New lending amounted to Skr 45.2 billion (9M15: Skr 83.0 billion).
· The return on equity amounted to 4.8 percent (Year-end 2015: 7.2 percent).
· The total capital ratio was 23.5 percent at the end of the period (Year-end 2015: 24.5 percent).
· Earnings per share before and after dilution amounted to Skr 154 (9M15: Skr 232)
For more information, please read the attached report.
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