The geopolitical situation remains uncertain and the market is characterized by volatility. During the first quarter of the year, SEK signed new credit and guarantee commitments of Skr 15 billion and delivered a return on equity of 6.7 percent. With a robust financial position and continued customer confidence, SEK is focusing on growth and prioritized sectors to continue supporting Swedish exports in a rapidly changing environment.
Stable net interest income in an uncertain global environment
The year began with increased geopolitical tensions, which has contributed to more conservative investment decisions by companies and a more restrained market environment. Despite this, SEK signed new credit and guarantee commitments of Skr 15.3 billion, which can be compared with Skr 12.0 billion in the corresponding quarter last year. After a cautious start to the year, activity increased in March. Net interest income amounted to Skr 684 million (3M25: Skr 710 million). Compared with the same period last year, the outcome is mainly explained by a lower average Swedish short-term interest rate, as well as a stronger Swedish krona. Net profit amounted to Skr 400 million (3M25: Skr 458 million) and the return on equity amounted to 6.7 percent (3M25: 7.6 percent).
Global environment and market
The war in the Middle East has contributed to rising oil and gas prices and thus increased volatility in the capital markets. At its most recent meeting, the Riksbank left the key interest rate unchanged at 1.75 percent, while also highlighting that the risks of higher inflation are significant. Rising energy prices are increasing companies' transport and production costs. At the same time, conditions remain favorable for financing exporters' customers and supporting local establishments of Swedish companies in foreign markets, as the geopolitical situation and climate-related transition are creating business opportunities for Swedish companies and Swedish infrastructure, which can contribute to increased demand for financing.
Strategic infrastructure projects and new customers
During the quarter, SEK welcomed four new customers across a range of sectors sectors, including the investment company Latour, demonstrating the continued demand for SEK's offerings. SEK also completed a transaction in Nigeria, one of Team Sweden's focus markets for strategic infrastructure projects. With a strong financial position, SEK continues to support customers and businesses in a rapidly changing world.
Results January-March 2026 (January-March 2025)
Net interest income Skr 684 million (3M25: Skr 710 million)
Operating profit Skr 504 million (3M25: Skr 577 million)
C/I ratio 29 percent (3M25: 27 percent)
After-tax return on equity 6.7 percent (3M25: 7.6 percent)
Lending portfolio growth YTD -0.6 percent (3M25: -5.5 percent)
New credit and guarantee commitments Skr 15.3 billion (3M25: Skr 12.0 billion)
Total capital ratio 23.0 percent (year-end 2025: 23.1 percent)
For more information, contact:
Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85
Tobias Hornberger, Chief Financial Officer, mobile: +46 70 848 13 85
About SEK
The Swedish Export Credit Corporation (SEK) is a commercially driven, state-owned company that provides financing to Swedish exporters, their subcontractors, subsidiaries, and international buyers of Swedish products and services. SEK's financing supports the growth of companies, creating new jobs and driving economic activity in Sweden. Additionally, SEK promotes the transition to a more sustainable society, both within Sweden and globally. Find out more: www.sek.se.
