Interim report for the first three quarters 2013

Solid demand for Export finance
Demand for lending from SEK was high in the first nine months of 2013, despite
some normalization in the second and third quarters compared with the large
volumes in the first three months of the year. Total new lending in the first
nine months amounted to Skr 46.3 billion, which is an increase of Skr 4.0
billion over the corresponding period in 2012.

-   2013 has seen stabilization in the global economy, even though uncertainty
remains In the third quarter of the year we experienced a continuous good demand
for SEK´s offer of export finance, says president Peter Yngwe.

Volumes for new end-customer finance were considerable in the first nine months
of the year, amounting to Skr 34.2 billion, which is an increase of Skr 1.9
billion over the same period in the previous year. SEK continues to experience
relatively high volumes of corporate lending. SEK's corporate lending for the
first nine months of the year amounted to Skr 12.1 billion. This is an increase
of Skr 2.1 billion over the corresponding period in 2012.

-   SEK’s role as a lender will remain important, especially local currencies,
end-customer financing and in large transactions over long loan periods, says
SEK´s president Peter Yngwe.

Net interest revenues amounted to Skr 1,192.4 million (9M12: Skr 1,466.1
million). During the first nine months of 2013 our borrowing costs have
increased due to the fact that a large volume of structured borrowings were
prematurely terminated early this year. This structured borrowing has mainly
been replaced with simple borrowing arrangements, which leads to higher funding
costs. The margin for liquidity placements, that prepare for future lending, has
decreased. Both these factors have affected net interest revenues negatively.

  · Operating profit amounted to Skr 924.1 million (Skr 590.3 million). The
increase was mainly attributable to higher net results of financial
transactions, which amounted to Skr 106.2 million (9M12: Skr -502.0 million).
Net results of financial transactions for the period includes a gain amounting
to Skr 374.8 million due to the repurchase of certain of our subordinated debt.
  · The return on equity after tax was 6.6 percent (3.9 percent)
  · Operating profit, excluding changes in fair value, was Skr 1,472.9 million
(Skr 1,393.3 million)
  · The core Tier-1 capital ratio was 20.3 procent (19.8 percent at the end of
2012)



Contacts:
Edvard Unsgaard, Head of Communications, SEK +46 706 21 84 88