Svensk Exportkredit AB (SEK) : Interim report Q2 2012

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








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