SEK plays important role in uncertain market The debt crisis continues to affect the financial markets. It has remained difficult for many companies to obtain long-term financing in the first half of 2012, which increased the importance of SEK's complementary role in the market. Financial sector reforms are also making it increasingly difficult for companies to borrow on long term. The volume of new lending in the first half of 2012 amounted to Skr 28.5 billion, which was an increase of Skr 3.0 billion from the first half of 2011. The outstanding volume of offers for credits amounted to Skr 70.4 billion at the end of the first six months, which is an increase of 9.5 percent on the same period in 2011. "Inquiries received by SEK from both Swedish exporters and banks are increasing. We can offer competitive financing, and it's reassuring for exporters to know that we take no refinancing risk since we match our lending and borrowing. This means that the financing they receive from SEK has already been secured by funding over the same period," said SEK President Peter Yngwe. SEK has in spite of turbulence been able to carry out successful issues, including a 5-year bond for USD 1 billion, which was well received and subscribed by investors around the world. "This uncertainty will remain for a long time and the need for a stable and efficient export system will be large. We have a solid position and a good and close relation with the Swedish export companies. In order to fully reach out to exporters, we also need to develop our cooperation with banks and other financial organizations. Our message is that we want to work more closely with the financial institutions and that we have significant capacity to help Swedish exporters," said SEK President Peter Yngwe. SEK's operations are performing well. Net interest revenues for the first six months amounted to Skr 1,010.5 million (878.4), an increase of 15 percent on the previous year. * Operating profit amounted to Skr 921.0 million (956.9) * Return on equity after tax was 9.5 percent (11.6) * Operating profit, excluding unrealized changes in fair value, amounted to Skr 953.1 million (797.8). * The common equity tier-1 capital adequacy ratio was 19.3 percent at the end of the period (19.6 percent at the end of 2011). Contact: Edvard Unsgaard, dp Head of Communications +46 721 768 516 [HUG#1628326]
Svensk Exportkredit AB (SEK) : Interim report Q2 2012
| Source: Svensk Exportkredit, AB