SEK Interim Report 1 2015

Lower new lending – but higher volume of outstanding offers
During the first quarter of 2015, the demand for long-term financing from SEK
was relatively low, but we have a higher volume of outstanding offers. Our new
lending to Swedish exporters and their customers during the first quarter
amounted to Skr 10.8 billion (1Q14: Skr 18.6 billion). End customer financing
amounted to Skr 8.2 billion (1Q14: Skr 11.7 billion) and the aggregate volume of
corporate lending amounted to Skr 2.6 billion (1Q14: Skr 6.9 billion). The
aggregate amount of outstanding offers at the end of the period was Skr 95.6
billion (year-end 2014: 78.4 billion).

-          This is a fairly good reflection of the market for Swedish exporters.
Access to financing is good, while the high volume of offers may indicate an
improvement for Swedish exports, says SEK´s CEO Mrs Catrin Fransson.

SEK has historically provided lending to the 100 largest Swedish exporting
companies. To broaden the base we have since 1st of January 2015, started a work
based on our complementary role in the market to reach out to medium-sized
businesses. We have focused in particular on those companies that have a
turnover of between approximately Skr 500 million and Skr four billion.

-          In our efforts, we have a close cooperation with Swedish banks at
both regional and local level and EKN, which is a key to success, says SEK’s CEO
Mrs Catrin Fransson.

Today, April 28, 2015, at the SEK’s Annual General Meeting, SEK´s owner (the
Swedish State) approved the revision of SEK´s financial targets and mission
objectives for SEK. The financial targets consist of a capital structure target
expressed as a Common Equity Tier 1 capital ratio (16%), a profitability target
expressed as return on equity (6%) and a dividend target expressed as a
percentage of net profit for the year (30%). In addition to targets, all state
-owned companies with social mission that aim to generate some kind of social
benefit also have mission objectives. SEK’s social mission is to administer the
CIRR system in order to support the Swedish export industry. SEK will monitor
the achievement of this objective through client surveys and through dialogue
with our stakeholders.

The owner instruction for SEK has also been revised. The revised ownership
instructions are clearer and more general and at the same time more dynamic,
which makes it easier for the company to develop the business in line with
market and customer needs change. The owner has also made a sustainability
analysis, which among others suggested that the company should implement further
international guidelines and clarify the objective of SEK's efforts to
contribute to sustainable development.

-          The new targets in combination with the revised owner instruction are
both challenging and exciting. This will provide us with a clear framework to
further develop our business and create benefits for more customers in
cooperation with other state export promotion institutions and commercial banks,
says SEK´s CEO Mrs Catrin Fransson.

January-March 2015

  · New lending amounted to Skr 10.8 billion (1Q14: Skr 18.6 billion)
  · Net interest revenues amounted to Skr 419 million (1Q14: Skr 352 million)
  · Operating profit amounted to Skr 343 million (1Q14: Skr 518 million)
  · Net profit amounted to Skr 262 million (1Q14: Skr 402 million)
  · Return on equity amounted to 6.4 percent (1Q14: 10.6 percent)
  · The outstanding volume of offers for loans at the end of the period amounted
to Skr 95.6 billion (Skr 78.4 billion at year-end 2013)
  · The Common Equity Tier 1 capital ratio was 17.8 percent at the end of the
period according to CRR (16.9 percent at year-end 2014 according to Basel II)