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SEK: Record-high lending volumes in the first six months

ID: 1003792
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(Thomson Reuters ONE) - Continued very strong demand for long-term financing from the Swedishexport industry has resulted in record-high lending volumes for SEKin the first half of the year. New lending amounted Skr 58.3 billionduring the period, and SEK is now the single most important source offinancing for Swedish export credits. SEK's earnings benefitedgreatly from the high lending volumes and its successful fundingoperations. * The volume of new customer financing was Skr 58.3 billion (30.8) * The volume of outstanding offers amounted to Skr 72.5 billion (27.4 billion at the end of 2008) * New borrowing amounted to Skr 48.4 billion (51.8) * Operating profit (IFRS) for the first half of the year, including impairments, was Skr 1,355.8 million (413.3) * Adjusted operating profit (Core Earnings) for the first quarter, including impairments, was Skr 918.0 million (381.2)SEK's volume of new customer financing for the first half of the yearwas very high, amounting to Skr 58.3 billion, which is SEK's highestever half-year figure and an increase of Skr 27.5 billion on thefirst half of 2008. This large rise in volumes is primarily due tothe significant increase in volumes of export credits and lending toSwedish exporters and their customers. The volume of offers alsoincreased significantly, amounting to Skr 72.5 billion, compared withSkr 27.4 billion at the end of 2008.The high lending volumes and successful borrowing also resulted invery strong earnings for SEK for the first half of the year.Operating profit (IFRS) amounted to Skr 1,355.8 million, a markedincrease on the same period in 2008. Adjusted operating profit, coreearnings, amounted to Skr 918.0 million."The Swedish export industry continues to show a great need forlong-term financing solutions, which is clearly demonstrated by ourhigh volumes of deals and offers. The increased volumes also showthat the export industry needs a stable and reliable financialinstitution like SEK," said SEK President Peter Yngwe.SEK's funding operations have been successful during the period. Thevolume of new borrowing amounted to Skr 48.4 billion, despite thecontinued turmoil and lack of liquidity in the capital markets.For more information, please contact Johan Winlund, Head ofCommunications at SEK, +46 8 613 84 88.The full report including tables can be downloaded from the enclosedlink: announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Date: 08/31/2009 - 16:13
Language: English
News-ID 1003792
Character count: 0
Firma: AB Svensk Exportkredit
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Stadt: London


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