AB Svensk Exportkredit`s (SEK) earnings for the first nine months of the year were strong. We have significant capacity to provide the Swedish export industry with large volumes of long-term financing if the economic situation in the financial markets deteriorates.
- Operating profit (IFRS) for the first nine months of 2011 amounted to Skr 1,210.2 million (9M10: Skr 971.7 million)
- Adjusted operating profit (Core Earnings, ie the result excluding unrealized changes in value) for the first nine months of 2011 amounted to Skr 1,107.7 million (9M10: Skr 1,048.6 million)
- The volume of new customer financing solutions for the first nine months of 2011 amounted to Skr 34.2 billion (9M10: Skr 39.1 billion) and the volume of outstanding offers for loans amounted to Skr 60.3 billion at the end of the first nine months of 2011 (Year-end 2010: Skr 86.6 billion)
- After-tax return on equity amounted to 9.8 percent for the first nine months of 2011 (9M10: 7.2 percent)
- Primary capital relation amounted to 22.6 percent at the end of the first nine months of 2011 (Year-end 2010: 22.4 percent)
"The Swedish export industry has high competitiveness. We now see a significantly higher risk of the economic situation in many of the world`s leading economies making it harder for Swedish exporters to access to finance. To support the export industry`s competitiveness SEK is continued ready to meet the significant increase in demand for long-term financing from Swedish exporters that could be the result if the situation deteriorates," said SEK President Peter Yngwe.
Operating profit was strong, amounting to Skr 1,210.2 million for the period, compared with Skr 971.7 million for the same period in 2010. The increase in earnings is mainly due to unrealized changes in fair value and a realized profit from the sale of SEK`s former office building. The result for the third quarter amounted to Skr 253.3 million, a decrease compared to the same period the previous year which is mainly due to unrealized changes in fair value.
For questions please contact Johan Winlund, Head of Communications at SEK on +46 8 613 84 88.
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Source: Svensk Exportkredit AB (SEK) via Thomson Reuters ONE