Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document and Entity Information | |
Entity Registrant Name | SWEDISH EXPORT CREDIT CORP /SWED/ |
Entity Central Index Key | 0000352960 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2024 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (unaudited) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Condensed Consolidated Statement of Comprehensive Income (unaudited) | |||||||
Interest income | kr 4,981 | kr 5,079 | kr 4,724 | kr 10,060 | kr 8,767 | kr 19,438 | |
Interest expenses | (4,215) | (4,309) | (4,000) | (8,524) | (7,410) | (16,543) | |
Net interest income | 766 | 770 | 724 | 1,536 | 1,357 | 2,895 | |
Net fee and commission expense | (12) | (11) | (13) | (23) | (20) | (51) | |
Net results of financial transactions | (16) | (35) | (48) | (51) | (98) | 21 | |
Total operating income | 738 | 724 | 663 | 1,462 | 1,239 | 2,865 | |
Personnel expenses | (130) | (108) | (105) | (238) | (206) | (402) | |
Other administrative expenses | (60) | (57) | (59) | (117) | (115) | (222) | |
Depreciation and impairment of non-financial assets | (16) | (16) | (17) | (32) | (33) | (88) | |
Total operating expenses | (206) | (181) | (181) | (387) | (354) | (712) | |
Operating profit before credit losses | 532 | 543 | 482 | 1,075 | 885 | 2,153 | |
Net credit losses | 46 | (327) | (256) | (281) | (239) | (585) | |
Operating profit | 578 | 216 | 226 | 794 | 646 | 1,568 | |
Tax expenses | (119) | (45) | (47) | (164) | (133) | (324) | |
Net profit | [1] | 459 | 171 | 179 | 630 | 513 | 1,244 |
Items to be reclassified to profit or loss | |||||||
Derivatives in cash flow hedges | 24 | (8) | (39) | 16 | (28) | 63 | |
Tax on items to be reclassified to profit or loss | (5) | 2 | 8 | (3) | 6 | (13) | |
Net items to be reclassified to profit or loss | 19 | (6) | (31) | 13 | (22) | 50 | |
Items not to be reclassified to profit or loss | |||||||
Own credit risk | 22 | 75 | 12 | 97 | 21 | (23) | |
Revaluation of defined benefit plans | 1 | 1 | 0 | 2 | 0 | (6) | |
Tax on items not to be reclassified to profit or loss | (5) | (15) | (2) | (20) | (4) | 6 | |
Net items not to be reclassified to profit or loss | 18 | 61 | 10 | 79 | 17 | (23) | |
Total other comprehensive income | 37 | 55 | (21) | 92 | (5) | 27 | |
Total comprehensive income | [1] | kr 496 | kr 226 | kr 158 | kr 722 | kr 508 | kr 1,271 |
Basic earnings per share (in SEK per share) | [2] | kr 115 | kr 43 | kr 45 | kr 158 | kr 129 | kr 312 |
Diluted earnings per share (in SEK per share) | [2] | kr 115 | kr 43 | kr 45 | kr 158 | kr 129 | kr 312 |
[1] The entire profit is attributable to the shareholder of the Parent Company. Net profit divided by average number of shares, which amounts to 3,990,000 for each period. |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Condensed Consolidated Statement of Comprehensive Income (unaudited) | ||||||
Weighted average number of shares (in shares) | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 | 3,990,000 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (unaudited) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Assets | |||
Cash and cash equivalents | [1] | kr 11,860 | kr 3,482 |
Treasuries/government bonds | 8,216 | 11,525 | |
Other interest-bearing securities except loans | 57,358 | 41,561 | |
Loans in the form of interest-bearing securities | 49,447 | 51,227 | |
Loans to credit institutions | 12,846 | 19,009 | |
Loans to the public | 219,053 | 224,165 | |
Derivatives | 6,904 | 6,432 | |
Shares | 34 | ||
Tangible and intangible assets | 223 | 245 | |
Deferred tax asset | 9 | 13 | |
Other assets | 444 | 276 | |
Prepaid expenses and accrued revenues | 7,893 | 7,994 | |
Total assets | 374,287 | 365,929 | |
Liabilities and equity | |||
Borrowing from credit institutions | 3,660 | 3,628 | |
Debt securities issued | 323,508 | 314,108 | |
Derivatives | 7,267 | 12,637 | |
Other liabilities | 7,817 | 4,272 | |
Accrued expenses and prepaid revenues | 8,694 | 8,387 | |
Provisions | 21 | 51 | |
Total liabilities | 350,967 | 343,083 | |
Share capital | 3,990 | 3,990 | |
Reserves | 5 | (87) | |
Retained earnings | 19,325 | 18,943 | |
Total equity | [2] | 23,320 | 22,846 |
Total liabilities and equity | kr 374,287 | kr 365,929 | |
[1] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. The entire equity is attributable to the shareholder of the Parent Company. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity (unaudited) - SEK (kr) kr in Millions | Share capital | Hedge reserve | Own credit risk | Defined benefit plans | Retained earnings | Total | ||
Balance at the beginning of the period at Dec. 31, 2022 | kr 3,990 | kr (97) | kr (23) | kr 6 | kr 17,699 | kr 21,575 | ||
Net profit | 513 | 513 | [1] | |||||
Other comprehensive income | (22) | 17 | 0 | (5) | ||||
Total comprehensive income | (22) | 17 | 0 | 513 | 508 | [1] | ||
Balance at the end of the period at Jun. 30, 2023 | [2] | 3,990 | (119) | (6) | 6 | 18,212 | 22,083 | |
Balance at the beginning of the period at Dec. 31, 2022 | 3,990 | (97) | (23) | 6 | 17,699 | 21,575 | ||
Net profit | 1,244 | 1,244 | [1] | |||||
Other comprehensive income | 50 | (18) | (5) | 27 | ||||
Total comprehensive income | 50 | (18) | (5) | 1,244 | 1,271 | [1] | ||
Balance at the end of the period at Dec. 31, 2023 | [2] | 3,990 | (47) | (41) | 1 | 18,943 | 22,846 | |
Net profit | 630 | 630 | [1] | |||||
Other comprehensive income | 13 | 77 | 2 | 92 | ||||
Total comprehensive income | 13 | 77 | 2 | 630 | 722 | [1] | ||
Dividend | (248) | (248) | ||||||
Balance at the end of the period at Jun. 30, 2024 | [2] | kr 3,990 | kr (34) | kr 36 | kr 3 | kr 19,325 | kr 23,320 | |
[1] The entire profit is attributable to the shareholder of the Parent Company. The entire equity is attributable to the shareholder of the Parent Company. |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows in the Consolidated Group (unaudited) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Operating activities | |||||
Operating profit | kr 794 | kr 646 | kr 1,568 | ||
Adjustments for non-cash items in operating profit | |||||
Adjustments for non-cash items in operating profit | 843 | 892 | 1,259 | ||
Income tax paid | (268) | (256) | (528) | ||
Changes in assets and liabilities from operating activities | 10,935 | (7,918) | 3,545 | ||
Cash flow from operating activities | 12,304 | (6,636) | 5,844 | ||
Investing activities | |||||
Capital expenditures | (11) | (16) | (26) | ||
Cash flow from investing activities | (11) | (16) | (26) | ||
Financing activities | |||||
Change in senior debt | (3,052) | 7,011 | (8,900) | ||
Derivatives, net | (735) | 1,438 | 2,868 | ||
Dividend paid | (248) | ||||
Payment of lease liability | (14) | (14) | (28) | ||
Cash flow from financing activities | (4,049) | 8,435 | (6,060) | ||
Cash flow for the period | 8,244 | 1,783 | (242) | ||
Cash and cash equivalents at beginning of the period | 3,482 | [1] | 4,060 | 4,060 | |
Exchange-rate differences on cash and cash equivalents | 134 | (6) | (336) | ||
Cash and cash equivalents at end of the period | [1] | kr 11,860 | kr 5,837 | kr 3,482 | |
[1] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. |
Accounting policies
Accounting policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting policies | |
Accounting policies | Note 1. Accounting policies This condensed interim report is presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. The Consolidated Group’s consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), together with the interpretations from IFRS Interpretations Committee (IFRS IC). The IFRS standards applied by SEK are all endorsed by the European Union (EU). The accounting also follows the additional standards imposed by the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL) and the regulation and general guidelines issued by Finansinspektionen (the Swedish FSA), “Annual Reports in Credit Institutions and Securities Companies” (FFFS 2008:25). In addition to this, the supplementary accounting rules for groups (RFR 1) issued by the Swedish Financial Reporting Board have been applied. SEK also follows the state’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises. The accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2023 annual financial statements included in SEK’s 2023 Annual Report on Form 20-F. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK’s financial reporting. There are no IFRS or IFRS Interpretations Committee interpretations that are not yet applicable that are expected to have a material impact on SEK’s financial statements, capital adequacy or large exposure ratios. |
Net interest income
Net interest income | 6 Months Ended |
Jun. 30, 2024 | |
Net interest income | |
Net interest income | Note 2. Net interest income Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Interest income Loans to credit institutions 227 249 315 476 576 1,113 Loans to the public 2,506 2,522 2,180 5,028 4,134 9,181 Loans in the form of interest-bearing securities 604 628 606 1,232 1,119 2,448 Interest-bearing securities excluding loans in the form of interest-bearing securities 672 685 701 1,357 1,299 2,885 Derivatives 902 920 847 1,822 1,495 3,519 Administrative remuneration CIRR-system 64 65 66 129 127 261 Other assets 6 10 9 16 17 31 Total interest income 1 4,981 5,079 4,724 10,060 8,767 19,438 Interest expenses Interest expenses -4,152 -4,248 -3,939 -8,400 -7,288 -16,299 Resolution fee -26 -26 -24 -53 -47 -94 Risk tax -37 -35 -37 -71 -75 -150 Total interest expenses -4,215 -4,309 -4,000 -8,524 -7,410 -16,543 Net interest income 766 770 724 1,536 1,357 2,895 1 Interest income calculated using the effective interest method amounted to Skr 7,043 million during January-June 2024 (1H23: Skr 6,111 million). |
Net results of financial transa
Net results of financial transactions | 6 Months Ended |
Jun. 30, 2024 | |
Net results of financial transactions | |
Net results of financial transactions | Note 3. Net results of financial transactions Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Derecognition of financial instruments not measured at fair value through profit or loss 1 2 2 3 4 9 Financial assets or liabilities at fair value through profit or loss -36 -25 -54 -61 -93 33 Financial instruments under fair-value hedge accounting 20 -7 4 13 -9 -23 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -1 -5 0 -6 0 2 Total net results of financial transactions -16 -35 -48 -51 -98 21 |
Impairments
Impairments | 6 Months Ended |
Jun. 30, 2024 | |
Impairments | |
Impairments | Note 4. Impairments Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Expected credit losses, stage 1 36 48 -3 84 1 -36 Expected credit losses, stage 2 14 40 2 54 7 -40 Expected credit losses, stage 3 -7 -415 -256 -422 -249 -513 Established losses — -113 — -113 — — Reserves applied to cover established credit losses — 113 — 113 — — Recovered credit losses 3 0 1 3 2 4 Net credit losses 46 -327 -256 -281 -239 -585 June 30, 2024 December 31, 2023 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 237,063 31,377 9,210 277,650 284,060 Off-balance sheet exposures, before expected credit losses 50,646 19,420 5,223 75,289 62,446 Total, before expected credit losses 287,709 50,797 14,433 352,939 346,506 Loss allowance, loans -77 -7 -888 -972 -757 Loss allowance, off-balance sheet exposures 1 -8 -1 -2 -11 -38 Total loss allowance -85 -8 -890 -983 -795 Provision ratio (in percent) 0.03 0.02 6.17 0.28 0.23 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments and committed undisbursed loans, see Note 9. The table above shows the book value of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the Organisation for Economic Co-operation and Development (OECD), which explains the low provision ratio. Loss Allowance June 30, 2024 December 31, 2023 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -167 -61 -567 -795 -223 Increases due to origination and acquisition -17 -1 — -18 -137 Net remeasurement of loss allowance 78 0 -96 -18 15 Transfer to stage 1 0 0 — 0 0 Transfer to stage 2 0 0 — 0 -22 Transfer to stage 3 1 3 -331 -327 -491 Decreases due to derecognition 22 52 5 79 46 Decrease in allowance account due to write-offs — — 113 113 — Exchange-rate differences 1 -2 -1 -14 -17 17 Closing balance -85 -8 -890 -983 -795 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. Provisions for expected credit losses (ECLs) are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general risk of default in each geographic segment. The parameter is standard normally distributed where zero indicates a neutral economy as the economy has been on average, historically. The business cycle parameters for the base scenario are between 0.0 and 0.7 for the various probability of default (PD) segments. The base scenarios have been weighted at 80 percent, the downturn scenarios have been weighted at 10 percent, and the upturn scenarios have been weighted at 10 percent between the different PD-segments. Due to the current state of macroeconomic uncertainty, SEK has made an overall adjustment according to management’s overall assessment. This resulted in an increase of expected credit losses, which was calculated pursuant to SEK’s IFRS 9 model as of June 30, 2024. |
Financial assets and liabilitie
Financial assets and liabilities at fair value | 6 Months Ended |
Jun. 30, 2024 | |
Financial assets and liabilities at fair value | |
Financial assets and liabilities at fair value | Note 5. Financial assets and liabilities at fair value June 30, 2024 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 11,860 11,860 — Treasuries/governments bonds 8,216 8,216 — Other interest-bearing securities except loans 57,358 57,358 — Loans in the form of interest-bearing securities 49,447 50,578 1,131 Loans to credit institutions 12,846 13,054 208 Loans to the public 219,053 218,587 -466 Derivatives 6,904 6,904 — Shares 34 34 — Total financial assets 365,718 366,591 873 Borrowing from credit institutions 3,660 3,660 — Debt securities issued 323,508 323,585 77 Derivatives 7,267 7,267 — Total financial liabilities 334,435 334,512 77 December 31, 2023 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 3,482 3,482 — Treasuries/governments bonds 11,525 11,525 — Other interest-bearing securities except loans 41,561 41,561 — Loans in the form of interest-bearing securities 51,227 52,519 1,292 Loans to credit institutions 19,009 19,260 251 Loans to the public 224,165 223,759 -406 Derivatives 6,432 6,432 — Shares — — — Total financial assets 357,401 358,538 1,137 Borrowing from credit institutions 3,628 3,628 — Debt securities issued 314,108 313,931 -177 Derivatives 12,637 12,637 — Total financial liabilities 330,373 330,196 -177 Determination of fair value The determination of fair value is described in the annual financial statements included in SEK’s 2023 Annual Report on Form 20-F, see Note 1 (f) (vii) Principles for determination of fair value of financial instruments and (viii) Determination of fair value of certain types of financial instruments. Financial assets in fair value hierarchy Financial assets at fair value Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds — 8,216 — 8,216 Other interest-bearing securities except loans 19,727 37,631 — 57,358 Derivatives — 6,863 41 6,904 Shares 34 — — 34 Total, June 30, 2024 19,761 52,710 41 72,512 Total, December 31, 2023 18,191 41,272 55 59,518 Financial liabilities in fair value hierarchy Financial liabilities at fair value Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 14,551 3,986 18,537 Derivatives — 5,468 1,799 7,267 Total, June 30, 2024 — 20,019 5,785 25,804 Total, December 31, 2023 — 22,531 10,605 33,136 There were no transfers during the period (year-end 2023: transfers of Skr 11,291 million for debt securities issued and Skr -27 million for derivatives were made from level 3 to level 2). Financial assets and liabilities at fair value in Level 3, 2024 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2024 Purchases sales to Level 3 Level 3 or loss 1 income differences 2024 Debt securities issued -8,271 — 4,111 — — -104 -10 288 -3,986 Derivatives, net -2,279 — 1,001 — — 105 — -585 -1,758 Net assets and liabilities -10,550 — 5,112 — — 1 -10 -297 -5,744 Financial assets and liabilities at fair value in Level 3, 2023 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate December 31, Skr mn 2023 Purchases sales to Level 3 Level 3 or loss 1 income differences 2023 Debt securities issued -26,536 -180 10,202 -1,912 11,291 -1,927 -207 998 -8,271 Derivatives, net -4,516 — 1,416 — -27 1,419 — -571 -2,279 Net assets and liabilities -31,052 -180 11,618 -1,912 11,264 -508 -207 427 -10,550 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of June 30, 2024, amounted to a Skr -7 million loss (year-end 2023: Skr - 27 million loss) and are reported as net results of financial transactions. Uncertainty of valuation of Level 3 instruments As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by which spreads by basis Sensitivity analysis – level 3 assets and liabilities Assets and liabilities June 30, 2024 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -253 Correlation 0.12 – (0.12) Option Model 0 0 Interest rate 0 Correlation 0.12 – (0.12) Option Model 0 0 FX -1,362 Correlation 0.12 – (0.12) Option Model -20 20 Other -143 Correlation 0.12 – (0.12) Option Model 0 0 Sum derivatives, net -1,758 -20 20 Equity -196 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 Interest rate 0 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 FX -3,643 Correlation 0.12 – (0.12) Option Model 19 -19 Credit spreads 10BP – (10BP) Discounted cash flow 15 -15 Other -147 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 Sum debt securities issued -3,986 34 -34 Total effect on total comprehensive income 14 -14 Derivatives, net, December 31, 2023 -2,279 -22 22 Debt securities issued, December 31, 2023 -8,271 47 -47 Total effect on total comprehensive income, December 31, 2023 25 -25 The sensitivity analysis shows the effect that a shift in correlations or SEK’s own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points , respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation. Fair value related to credit risk Fair value originating from credit risk The period’s change in fair value originating (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) June 30, December 31, Jan-Jun Jan-Jun Skr mn 2024 2023 2024 2023 CVA/DVA, net 1 -34 -39 5 -2 OCA 2 42 -55 97 21 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2024 | |
Derivatives | |
Derivatives | Note 6. Derivatives Derivatives by category June 30, 2024 December 31, 2023 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,865 1,370 527,448 3,918 1,720 483,545 Currency-related contracts 3,039 5,501 165,267 2,509 9,789 158,019 Equity-related contracts — 253 310 5 1,002 3,722 Contracts related to commodities, credit risk, etc. — 143 7,022 — 126 5,533 Total derivatives 6,904 7,267 700,047 6,432 12,637 650,819 In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-related contracts, primarily to hedge risk exposure inherent in financial assets and liabilities. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt | |
Debt | Note 7. Debt Debt by category June 30, December 31, Skr mn 2024 2023 Currency-related contracts 5,206 6,368 Interest rate-related contracts 321,620 307,626 Equity-related contracts 195 3,594 Contracts related to commodities, credit risk, etc. 147 148 Total debt 327,168 317,736 of which denominated in: Skr 22,422 17,029 USD 209,782 200,222 EUR 61,246 61,325 AUD 12,044 11,934 GBP 9,654 9,304 JPY 3,995 8,139 Other currencies 8,025 9,783 The information is disclosed in accordance with FFFS 2014:21. |
CIRR-system
CIRR-system | 6 Months Ended |
Jun. 30, 2024 | |
CIRR-system | |
CIRR-system | Note 8. CIRR-system Pursuant to the company’s assignment as stated in its owner instruction issued by the Swedish government, SEK administers credit granting in the Swedish system for officially supported export credits (CIRR-system). SEK receives compensation from the Swedish government in the form of an administrative compensation, which is calculated based on the principal amount outstanding. The administrative compensation paid by the state to SEK is recognized in the CIRR-system as administrative remuneration to SEK. Refer to the following tables of the statement of comprehensive income and statement of financial positions for the CIRR-system, presented as reported to the owner. Interest expenses include interest expenses for loans between SEK and the CIRR-system which reflects the borrowing cost for the CIRR-system. Interest expenses for derivatives hedging CIRR-loans are also recognized as interest expenses, which differs from SEK’s accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses. In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of June 30, 2024, concessionary loans outstanding amounted to Skr 123 million (year-end 2023: Skr 174 million) and operating profit for the program amounted to Skr -4 million (1H23: Skr -10 million) for the period January-June 2024. SEK’s administrative compensation for administrating the concessionary credit program amounted to Skr 0 million (1H23: Skr 0 million). Statement of Comprehensive Income for the CIRR-system Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Interest income 576 586 577 1,162 1,128 2,329 Interest expenses -505 -523 -485 -1,028 -947 -1,904 Interest compensation — — — — — — Exchange-rate differences 0 1 1 1 1 1 Profit before compensation to SEK 71 64 93 135 182 426 Administrative remuneration to SEK -64 -65 -66 -129 -127 -260 Operating profit CIRR-system 7 -1 27 6 55 166 Reimbursement to (–) / from (+) the State -7 1 -27 -6 -55 -166 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2024 2023 Cash and cash equivalents 0 1 Loans 97,420 101,361 Derivatives 5,077 4,334 Other assets 228 179 Prepaid expenses and accrued revenues 2,036 1,711 Total assets 104,761 107,586 Liabilities 103,116 105,642 Derivatives 311 859 Accrued expenses and prepaid revenues 1,334 1,085 Total liabilities 104,761 107,586 Commitments Committed undisbursed loans 50,212 36,505 |
Pledged assets and contingent l
Pledged assets and contingent liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Pledged assets and contingent liabilities | |
Pledged assets and contingent liabilities | Note 9. Pledged assets and contingent liabilities June 30, December 31, Skr mn 2024 2023 Collateral provided Cash collateral under the security agreements for derivative contracts 4,668 11,098 Contingent liabilities 1 Guarantee commitments 8,189 7,471 Commitments 1 Committed undisbursed loans 67,100 54,975 1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. |
Capital adequacy and liquidity
Capital adequacy and liquidity situation | 6 Months Ended |
Jun. 30, 2024 | |
Capital adequacy and liquidity situation | |
Capital adequacy and liquidity situation | Note 10. Capital adequacy and liquidity situation The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS 2014:12, FFFS 2008:25 and FFFS 2010:7. For further information on capital adequacy and risks, see Note 30 to the annual financial statements included in SEK’s 2023 Annual Report on Form 20-F and see SEK’s 2023 Capital Adequacy and Risk Management (Pillar 3) Report. Capital Adequacy Analysis June 30, 2024 December 31, 2023 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 22.6 21.3 Tier 1 capital ratio 22.6 21.3 Total capital ratio 22.6 21.3 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. June 30, 2024 December 31, 2023 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,074 8.0 8,377 8.0 of which Tier 1 requirement of 6 percent 6,055 6.0 6,283 6.0 of which minimum requirement of 4.5 percent 4,541 4.5 4,712 4.5 Pillar 2 capital requirements 3 3,704 3.7 3,843 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 11,031 10.9 10,084 9.6 Capital buffer requirements 4,143 4.1 4,271 4.1 of which Capital conservation buffer 2,523 2.5 2,618 2.5 of which Countercyclical buffer 1,620 1.6 1,653 1.6 Pillar 2 guidance 5 1,514 1.5 1,571 1.5 Total risk-based capital requirement including Pillar 2 guidance 17,435 17.3 18,062 17.2 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential requirements for credit institutions and investment firms) and amending Regulation (EU) No 648/2012). 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 29, 2021. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. June 30, 2024 December 31, 2023 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 252,636 232,462 Off-balance sheet exposures 8,747 8,529 Total exposure measure 261,383 240,991 Leverage ratio 2 8.7% 9.3% 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. June 30, 2024 December 31, 2023 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,841 3.0 7,230 3.0 Pillar 2 guidance 2 393 0.2 361 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance 8,234 3.2 7,591 3.2 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021, notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. Own funds – Adjusting items June 30, December 31, Skr mn 2024 2023 Share capital 3,990 3,990 Retained earnings 18,382 17,403 Accumulated other comprehensive income and other reserves 240 234 Independently reviewed profit net of any foreseeable charge or dividend 454 972 Common Equity Tier 1 (CET1) capital before regulatory adjustments 23,066 22,599 Additional value adjustments due to prudent valuation 1 -91 -85 Intangible assets -26 -34 Fair value reserves related to gains or losses on cash flow hedges 34 47 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 26 28 Negative amounts resulting from the calculation of expected loss amounts -164 -221 Insufficient coverage for non-performing exposures -55 -12 Total regulatory adjustments to Common Equity Tier 1 capital -276 -277 Total Common Equity Tier 1 capital 22,790 22,322 Total Own funds 22,790 22,322 1 During the fourth quarter of 2023, SEK switched accounting method from the core approach to the simplified approach for prudent valuation in accordance with Article 4 of the Delegated Regulation (EU) no 2016/101. Minimum capital requirements exclusive of buffer June 30, 2024 December 31, 2023 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 4,767 4,756 381 4,219 4,206 337 Exposures in default 109 126 10 77 77 6 Total credit risk standardized method 4,876 4,882 391 4,296 4,283 343 Credit risk IRB method Central Governments 235,442 10,304 825 211,650 9,416 753 Financial institutions 2 33,896 5,989 479 33,236 6,580 526 Corporates 3 145,720 72,139 5,771 144,559 76,038 6,083 Assets without counterparty 367 367 29 284 284 23 Total credit risk IRB method 415,425 88,799 7,104 389,729 92,318 7,385 Credit valuation adjustment risk n.a. 1,974 158 n.a. 2,490 199 Foreign exchange risk n.a. 824 66 n.a. 1,174 94 Commodities risk n.a. 0 0 n.a. 7 1 Operational risk n.a. 4,442 355 n.a. 4,442 335 Total 420,301 100,921 8,074 394,025 104,714 8,377 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 6,106 million (year-end 2023: Skr 7,127 million), Risk exposure amount of Skr 1,574 million (year-end 2023: Skr 2,167 million) and Capital requirement of Skr 126 million (year-end 2023: Skr 173 million). 3 Of which related to specialized lending: EAD Skr 7,595 million (year-end 2023: Skr 7,315 million), Risk exposure amount of Skr 4,996 million (year-end 2023: Skr 5,757 million) and Capital requirement of Skr 400 million (year-end 2023: Skr 461 million). Credit risk For classification and quantification of credit risk, SEK uses the internal ratings-based (IRB) approach. Specifically, SEK applies the Foundation Approach. Under the Foundation Approach, the company determines the PD within one year for each of its counterparties, while the remaining parameters are established in accordance with CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision. Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach, and, instead, the standardized approach Credit valuation adjustment risk Credit valuation adjustment risk is calculated for all over-the-counter derivative contracts, except for credit derivatives used as credit protection and transactions with a qualifying central counterparty. SEK calculates this capital requirement according to the standardized approach Foreign exchange risk Foreign exchange risk is calculated according to the standardized approach scenario approach Commodities risk Capital requirements for commodity risk are calculated in accordance with the simplified approach standardized approach scenario approach Operational risk Capital requirement for operational risk is calculated according to the standardized approach three Transitional rules The capital adequacy ratios reflect the full impact of IFRS 9 as no transitional rules for IFRS 9 were utilized. Capital buffer requirements SEK expects to meet capital buffer requirements with Common Equity Tier 1 capital. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 1 percent to 2 percent as of June 22, 2023. As of June 30, 2024, the capital requirement related to relevant exposures in Sweden was 74 percent (year-end 2023: 73 percent) of the total relevant capital requirement regardless of location; this fraction is also the weight applied on the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. Buffer rates applicable in other countries may have effects on SEK, but as most capital requirements for SEK’s relevant credit exposures are related to Sweden, the potential effect is limited. As of June 30, 2024, the contribution to SEK’s countercyclical buffer from buffer rates in other countries was 0.13 percentage points (year-end 2023: 0.13 percentage points). SEK has not been classified as a systemically important institution by the Swedish FSA. The capital buffer requirements for systemically important institutions that came into force on January 1, 2016, therefore do not apply to SEK. Pillar 2 guidance The Swedish FSA will in connection with the Supervisory Review and Evaluation Process (SREP) determine appropriate levels for the institution’s own funds. The Swedish FSA will then inform the institution of the differences between the appropriate levels and requirements under the Supervisory Regulation, the Buffer Act and the Pillar 2 requirements. These notifications are called Pillar 2 guidance. The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement. Internally assessed economic capital June 30, December 31, Skr mn 2024 2023 Credit risk 7,302 7,350 Operational risk 434 434 Market risk 1,053 1,065 Other risks 158 199 Capital planning buffer 1,700 1,700 Total 10,647 10,748 SEK regularly conducts an internal capital adequacy assessment process, during which the company determines how much capital is needed in order to cover its risks. The result of SEK’s assessment of capital adequacy is presented above. For more information regarding the internal capital adequacy assessment process and its methods, see the Risk and Capital management section of SEK’s 2023 Annual Report on Form 20-F. Liquidity Coverage Ratio June 30, December 31, Skr bn, 12-month average 2024 2023 Total liquid assets 69.0 73.9 Net liquidity outflows 1 15.1 16.4 Liquidity outflows 26.1 29.3 Liquidity inflows 11.8 13.9 Liquidity Coverage Ratio 602% 605% 1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. Net Stable Funding Ratio June 30, December 31, Skr bn 2024 2023 Available stable funding 274.7 276.3 Requiring stable funding 205.9 210.5 Net Stable Funding Ratio 133% 131% Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61. Liquidity reserve 1 June 30, 2024 December 31, 2023 Skr bn Total Skr EUR USD Other Total Skr EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 24.8 8.0 6.7 10.1 — 24.1 8.0 3.9 11.9 0.3 Securities issued or guaranteed by municipalities or other public entities 24.7 5.8 6.1 12.8 — 16.5 5.0 4.7 6.8 — Covered bonds issued by other institutions 12.8 12.8 — — — 12.7 12.7 — — — Balances with National Debt Office 9.5 9.5 — — — 1.0 1.0 — — — Total liquidity reserve 71.8 36.1 12.8 22.9 — 54.3 26.7 8.6 18.7 0.3 1 The liquidity reserve is a part of SEK's liquidity investments. Information on Liquidity reserve is included in accordance with the Commission Delegated Regulation (EU) 2015/61. |
Exposures
Exposures | 6 Months Ended |
Jun. 30, 2024 | |
Exposures | |
Exposures | Note 11. Exposures Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in accordance with capital adequacy calculations, but before the application of credit conversion factors. Total net exposures by exposure class Credits & interest-bearing Committed undisbursed loans, securities derivatives, etc. Total June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central governments 165.9 45.9 159.1 46.3 60.1 73.8 46.8 67.2 226.0 51.1 205.9 49.8 Regional governments 17.6 4.9 11.9 3.5 0.6 0.7 0.7 1.0 18.2 4.1 12.6 3.0 Multilateral development banks 5.4 1.5 5.0 1.4 0.0 0.0 0.0 0.0 5.4 1.2 5.0 1.2 Public Sector Entity 1.0 0.3 — — — — — — 1.0 0.2 — — Financial institutions 27.6 7.6 25.8 7.5 6.4 7.9 7.5 10.8 34.0 7.7 33.3 8.1 Corporates 144.0 39.8 141.8 41.3 14.3 17.6 14.6 21.0 158.3 35.7 156.4 37.9 Equity exposures 0.0 0.0 — — — — — — 0.0 0.0 — — Total 361.5 100.0 343.6 100.0 81.4 100.0 69.6 100.0 442.9 100.0 413.2 100.0 Net exposure by region and exposure class, as of June 30, 2024 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.1 — 2.9 — 202.2 18.8 2.0 226.0 Regional governments — — — — — 17.9 0.2 0.1 18.2 Multilateral development banks — 0.6 — — — — 4.8 — 5.4 Public Sector — — — — — — 1.0 — 1.0 Financial institutions 0.1 — 0.0 2.4 0.0 18.2 13.3 — 34.0 Corporates 0.2 0.9 2.5 7.4 3.6 105.5 37.2 1.0 158.3 Equity exposures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total 0.3 1.6 2.5 12.7 3.6 343.8 75.3 3.1 442.9 Net exposure by region and exposure class, as of December 31, 2023 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.2 0.5 0.5 — 180.9 21.7 2.1 205.9 Regional governments — — — — — 11.2 1.3 0.1 12.6 Multilateral development banks — — — 1.0 — — 4.0 — 5.0 Public Sector — — — — — — — — — Financial institutions 0.1 — 0.1 1.8 — 18.3 13.0 — 33.3 Corporates 0.6 0.8 2.4 6.7 3.7 98.0 43.3 0.9 156.4 Equity exposures — — — — — — — — — Total 0.7 1.0 3.0 10.0 3.7 308.4 83.3 3.1 413.2 Net exposure to European countries, excluding Sweden June 30, December 31, Skr bn 2024 2023 France 16.5 16.1 Germany 13.1 9.4 Luxembourg 10.3 12.2 United Kingdom 8.6 7.1 Denmark 7.2 6.9 Finland 5.5 11.4 Norway 3.7 5.7 Belgium 3.0 3.7 The Netherlands 2.3 0.6 Poland 2.1 2.2 Ireland 1.7 2.2 Spain 1.1 2.6 Portugal 0.9 1.3 Switzerland 0.7 0.6 Austria 0.4 3.3 Serbia 0.3 0.4 Lithuania 0.2 0.1 Italy 0.2 0.2 Czech Republic 0.2 0.1 Estonia 0.2 0.1 Latvia 0.1 0.1 Iceland 0.1 0.1 Slovakia 0.0 0.1 Total 78.4 86.5 |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2024 | |
Transactions with related parties | |
Transactions with related parties | Note 12. Transactions with related parties Transactions with related parties are described in Note 27 to the annual financial statements in SEK’s 2023 Annual Report on Form 20-F. No material changes have taken place in relation to transactions with related parties compared to the description in SEK’s 2023 Annual Report on Form 20-F. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Jun. 30, 2024 | |
Events after the reporting period | |
Events after the reporting period | Note 13. Events after the reporting period No events with significant impact on the information in this report have occurred after the end of the reporting period. |
Accounting policies (Policies)
Accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting policies | |
Description of accounting policies and methods of computation followed in interim financial statements | The accounting policies, methods of computation and presentation of the Consolidated Group are, in all material aspects, the same as those used for the 2023 annual financial statements included in SEK’s 2023 Annual Report on Form 20-F. SEK analyzes and assesses the application and impact of changes in financial reporting standards that are applied within the Group. Changes that are not mentioned are either not applicable to SEK or have been determined to not have a material impact on SEK’s financial reporting. |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Net interest income | |
Schedule of net interest income | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Interest income Loans to credit institutions 227 249 315 476 576 1,113 Loans to the public 2,506 2,522 2,180 5,028 4,134 9,181 Loans in the form of interest-bearing securities 604 628 606 1,232 1,119 2,448 Interest-bearing securities excluding loans in the form of interest-bearing securities 672 685 701 1,357 1,299 2,885 Derivatives 902 920 847 1,822 1,495 3,519 Administrative remuneration CIRR-system 64 65 66 129 127 261 Other assets 6 10 9 16 17 31 Total interest income 1 4,981 5,079 4,724 10,060 8,767 19,438 Interest expenses Interest expenses -4,152 -4,248 -3,939 -8,400 -7,288 -16,299 Resolution fee -26 -26 -24 -53 -47 -94 Risk tax -37 -35 -37 -71 -75 -150 Total interest expenses -4,215 -4,309 -4,000 -8,524 -7,410 -16,543 Net interest income 766 770 724 1,536 1,357 2,895 1 Interest income calculated using the effective interest method amounted to Skr 7,043 million during January-June 2024 (1H23: Skr 6,111 million). |
Net results of financial tran_2
Net results of financial transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Net results of financial transactions | |
Schedule of net results of financial transactions | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Derecognition of financial instruments not measured at fair value through profit or loss 1 2 2 3 4 9 Financial assets or liabilities at fair value through profit or loss -36 -25 -54 -61 -93 33 Financial instruments under fair-value hedge accounting 20 -7 4 13 -9 -23 Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value -1 -5 0 -6 0 2 Total net results of financial transactions -16 -35 -48 -51 -98 21 |
Impairments (Tables)
Impairments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Impairments | |
Schedule of impairments | Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Expected credit losses, stage 1 36 48 -3 84 1 -36 Expected credit losses, stage 2 14 40 2 54 7 -40 Expected credit losses, stage 3 -7 -415 -256 -422 -249 -513 Established losses — -113 — -113 — — Reserves applied to cover established credit losses — 113 — 113 — — Recovered credit losses 3 0 1 3 2 4 Net credit losses 46 -327 -256 -281 -239 -585 |
Schedule of balances and reconciliation of changes in loss allowances by stages | June 30, 2024 December 31, 2023 Skr mn Stage 1 Stage 2 Stage 3 Total Total Loans, before expected credit losses 237,063 31,377 9,210 277,650 284,060 Off-balance sheet exposures, before expected credit losses 50,646 19,420 5,223 75,289 62,446 Total, before expected credit losses 287,709 50,797 14,433 352,939 346,506 Loss allowance, loans -77 -7 -888 -972 -757 Loss allowance, off-balance sheet exposures 1 -8 -1 -2 -11 -38 Total loss allowance -85 -8 -890 -983 -795 Provision ratio (in percent) 0.03 0.02 6.17 0.28 0.23 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments and committed undisbursed loans, see Note 9. Loss Allowance June 30, 2024 December 31, 2023 Skr mn Stage 1 Stage 2 Stage 3 Total Total Opening balance January 1 -167 -61 -567 -795 -223 Increases due to origination and acquisition -17 -1 — -18 -137 Net remeasurement of loss allowance 78 0 -96 -18 15 Transfer to stage 1 0 0 — 0 0 Transfer to stage 2 0 0 — 0 -22 Transfer to stage 3 1 3 -331 -327 -491 Decreases due to derecognition 22 52 5 79 46 Decrease in allowance account due to write-offs — — 113 113 — Exchange-rate differences 1 -2 -1 -14 -17 17 Closing balance -85 -8 -890 -983 -795 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. |
Financial assets and liabilit_2
Financial assets and liabilities at fair value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Sub-classifications of financial information | |
Schedule of financial assets and liabilities at fair value by class | June 30, 2024 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 11,860 11,860 — Treasuries/governments bonds 8,216 8,216 — Other interest-bearing securities except loans 57,358 57,358 — Loans in the form of interest-bearing securities 49,447 50,578 1,131 Loans to credit institutions 12,846 13,054 208 Loans to the public 219,053 218,587 -466 Derivatives 6,904 6,904 — Shares 34 34 — Total financial assets 365,718 366,591 873 Borrowing from credit institutions 3,660 3,660 — Debt securities issued 323,508 323,585 77 Derivatives 7,267 7,267 — Total financial liabilities 334,435 334,512 77 December 31, 2023 Surplus value (+)/ Skr mn Book value Fair value Deficit value (–) Cash and cash equivalents 3,482 3,482 — Treasuries/governments bonds 11,525 11,525 — Other interest-bearing securities except loans 41,561 41,561 — Loans in the form of interest-bearing securities 51,227 52,519 1,292 Loans to credit institutions 19,009 19,260 251 Loans to the public 224,165 223,759 -406 Derivatives 6,432 6,432 — Shares — — — Total financial assets 357,401 358,538 1,137 Borrowing from credit institutions 3,628 3,628 — Debt securities issued 314,108 313,931 -177 Derivatives 12,637 12,637 — Total financial liabilities 330,373 330,196 -177 |
Schedule of fair value measurement of assets | Financial assets at fair value Skr mn Level 1 Level 2 Level 3 Total Treasuries/governments bonds — 8,216 — 8,216 Other interest-bearing securities except loans 19,727 37,631 — 57,358 Derivatives — 6,863 41 6,904 Shares 34 — — 34 Total, June 30, 2024 19,761 52,710 41 72,512 Total, December 31, 2023 18,191 41,272 55 59,518 |
Schedule of fair value measurement of liabilities | Financial liabilities at fair value Skr mn Level 1 Level 2 Level 3 Total Debt securities issued — 14,551 3,986 18,537 Derivatives — 5,468 1,799 7,267 Total, June 30, 2024 — 20,019 5,785 25,804 Total, December 31, 2023 — 22,531 10,605 33,136 |
Schedule of fair value related to credit risk | Fair value originating from credit risk The period’s change in fair value originating (- liabilities increase/ + liabilities decrease) from credit risk (+ income/ - loss) June 30, December 31, Jan-Jun Jan-Jun Skr mn 2024 2023 2024 2023 CVA/DVA, net 1 -34 -39 5 -2 OCA 2 42 -55 97 21 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affects the fair value of financial liabilities measured at fair value through profit and loss. |
Level 3 | |
Sub-classifications of financial information | |
Schedule of financial assets and liabilities at fair value | Financial assets and liabilities at fair value in Level 3, 2024 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate June 30, Skr mn 2024 Purchases sales to Level 3 Level 3 or loss 1 income differences 2024 Debt securities issued -8,271 — 4,111 — — -104 -10 288 -3,986 Derivatives, net -2,279 — 1,001 — — 105 — -585 -1,758 Net assets and liabilities -10,550 — 5,112 — — 1 -10 -297 -5,744 Financial assets and liabilities at fair value in Level 3, 2023 Gains (+) and Gains (+) and losses (–) in Transfers losses (–) Other Exchange- January 1, Settlements & Transfers from through profit comprehensive rate December 31, Skr mn 2023 Purchases sales to Level 3 Level 3 or loss 1 income differences 2023 Debt securities issued -26,536 -180 10,202 -1,912 11,291 -1,927 -207 998 -8,271 Derivatives, net -4,516 — 1,416 — -27 1,419 — -571 -2,279 Net assets and liabilities -31,052 -180 11,618 -1,912 11,264 -508 -207 427 -10,550 1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of June 30, 2024, amounted to a Skr -7 million loss (year-end 2023: Skr - 27 million loss) and are reported as net results of financial transactions. |
Schedule of sensitivity analysis - level 3 | Assets and liabilities June 30, 2024 Range of estimates Unobservable for unobservable Sensitivity Sensitivity Skr mn Fair Value input input Valuation method max min Equity -253 Correlation 0.12 – (0.12) Option Model 0 0 Interest rate 0 Correlation 0.12 – (0.12) Option Model 0 0 FX -1,362 Correlation 0.12 – (0.12) Option Model -20 20 Other -143 Correlation 0.12 – (0.12) Option Model 0 0 Sum derivatives, net -1,758 -20 20 Equity -196 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 Interest rate 0 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 FX -3,643 Correlation 0.12 – (0.12) Option Model 19 -19 Credit spreads 10BP – (10BP) Discounted cash flow 15 -15 Other -147 Correlation 0.12 – (0.12) Option Model 0 0 Credit spreads 10BP – (10BP) Discounted cash flow 0 0 Sum debt securities issued -3,986 34 -34 Total effect on total comprehensive income 14 -14 Derivatives, net, December 31, 2023 -2,279 -22 22 Debt securities issued, December 31, 2023 -8,271 47 -47 Total effect on total comprehensive income, December 31, 2023 25 -25 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivatives | |
Schedule of derivatives | Derivatives by category June 30, 2024 December 31, 2023 Assets Liabilities Nominal Assets Liabilities Nominal Skr mn Fair value Fair value amounts Fair value Fair value amounts Interest rate-related contracts 3,865 1,370 527,448 3,918 1,720 483,545 Currency-related contracts 3,039 5,501 165,267 2,509 9,789 158,019 Equity-related contracts — 253 310 5 1,002 3,722 Contracts related to commodities, credit risk, etc. — 143 7,022 — 126 5,533 Total derivatives 6,904 7,267 700,047 6,432 12,637 650,819 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt | |
Schedule of debt | June 30, December 31, Skr mn 2024 2023 Currency-related contracts 5,206 6,368 Interest rate-related contracts 321,620 307,626 Equity-related contracts 195 3,594 Contracts related to commodities, credit risk, etc. 147 148 Total debt 327,168 317,736 of which denominated in: Skr 22,422 17,029 USD 209,782 200,222 EUR 61,246 61,325 AUD 12,044 11,934 GBP 9,654 9,304 JPY 3,995 8,139 Other currencies 8,025 9,783 |
CIRR-system (Tables)
CIRR-system (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
CIRR-system | |
Schedule of information about CIRR-system | Statement of Comprehensive Income for the CIRR-system Apr-Jun Jan–Mar Apr-Jun Jan-Jun Jan-Jun Jan-Dec Skr mn 2024 2024 2023 2024 2023 2023 Interest income 576 586 577 1,162 1,128 2,329 Interest expenses -505 -523 -485 -1,028 -947 -1,904 Interest compensation — — — — — — Exchange-rate differences 0 1 1 1 1 1 Profit before compensation to SEK 71 64 93 135 182 426 Administrative remuneration to SEK -64 -65 -66 -129 -127 -260 Operating profit CIRR-system 7 -1 27 6 55 166 Reimbursement to (–) / from (+) the State -7 1 -27 -6 -55 -166 Statement of Financial Position for the CIRR-system June 30, December 31, Skr mn 2024 2023 Cash and cash equivalents 0 1 Loans 97,420 101,361 Derivatives 5,077 4,334 Other assets 228 179 Prepaid expenses and accrued revenues 2,036 1,711 Total assets 104,761 107,586 Liabilities 103,116 105,642 Derivatives 311 859 Accrued expenses and prepaid revenues 1,334 1,085 Total liabilities 104,761 107,586 Commitments Committed undisbursed loans 50,212 36,505 |
Pledged assets and contingent_2
Pledged assets and contingent liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Pledged assets and contingent liabilities | |
Schedule of pledged assets and contingent liabilities | June 30, December 31, Skr mn 2024 2023 Collateral provided Cash collateral under the security agreements for derivative contracts 4,668 11,098 Contingent liabilities 1 Guarantee commitments 8,189 7,471 Commitments 1 Committed undisbursed loans 67,100 54,975 1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. |
Capital adequacy and liquidit_2
Capital adequacy and liquidity situation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Capital adequacy and liquidity situation | |
Schedule of capital adequacy | June 30, 2024 December 31, 2023 Capital ratios percent 1 percent 1 Common Equity Tier 1 capital ratio 22.6 21.3 Tier 1 capital ratio 22.6 21.3 Total capital ratio 22.6 21.3 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. June 30, 2024 December 31, 2023 Total risk-based capital requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 8 percent 2 8,074 8.0 8,377 8.0 of which Tier 1 requirement of 6 percent 6,055 6.0 6,283 6.0 of which minimum requirement of 4.5 percent 4,541 4.5 4,712 4.5 Pillar 2 capital requirements 3 3,704 3.7 3,843 3.7 Common Equity Tier 1 capital available to meet buffer requirements 4 11,031 10.9 10,084 9.6 Capital buffer requirements 4,143 4.1 4,271 4.1 of which Capital conservation buffer 2,523 2.5 2,618 2.5 of which Countercyclical buffer 1,620 1.6 1,653 1.6 Pillar 2 guidance 5 1,514 1.5 1,571 1.5 Total risk-based capital requirement including Pillar 2 guidance 17,435 17.3 18,062 17.2 1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential requirements for credit institutions and investment firms) and amending Regulation (EU) No 648/2012). 3 Individual Pillar 2 requirement of 3.67 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 29, 2021. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements ( 3.67 percent). 5 The Swedish FSA notified SEK on September 29, 2021, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.50 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement. |
Schedule of leverage ratio | June 30, 2024 December 31, 2023 Leverage ratio 1 Skr mn Skr mn On-balance sheet exposures 252,636 232,462 Off-balance sheet exposures 8,747 8,529 Total exposure measure 261,383 240,991 Leverage ratio 2 8.7% 9.3% 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. June 30, 2024 December 31, 2023 Total Leverage ratio requirement Skr mn percent 1 Skr mn percent 1 Capital base requirement of 3 percent 7,841 3.0 7,230 3.0 Pillar 2 guidance 2 393 0.2 361 0.2 Total capital requirement relating to Leverage ratio including Pillar 2 guidance 8,234 3.2 7,591 3.2 1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 29, 2021, notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. |
Schedule of own funds | June 30, December 31, Skr mn 2024 2023 Share capital 3,990 3,990 Retained earnings 18,382 17,403 Accumulated other comprehensive income and other reserves 240 234 Independently reviewed profit net of any foreseeable charge or dividend 454 972 Common Equity Tier 1 (CET1) capital before regulatory adjustments 23,066 22,599 Additional value adjustments due to prudent valuation 1 -91 -85 Intangible assets -26 -34 Fair value reserves related to gains or losses on cash flow hedges 34 47 Gains or losses on liabilities valued at fair value resulting from changes in own credit standing 26 28 Negative amounts resulting from the calculation of expected loss amounts -164 -221 Insufficient coverage for non-performing exposures -55 -12 Total regulatory adjustments to Common Equity Tier 1 capital -276 -277 Total Common Equity Tier 1 capital 22,790 22,322 Total Own funds 22,790 22,322 1 During the fourth quarter of 2023, SEK switched accounting method from the core approach to the simplified approach for prudent valuation in accordance with Article 4 of the Delegated Regulation (EU) no 2016/101. |
Schedule of minimum capital requirements exclusive of buffers | June 30, 2024 December 31, 2023 Minimum Minimum Risk exposure capital Risk exposure capital Skr mn EAD 1 amount requirement EAD 1 amount requirement Credit risk standardized method Corporates 4,767 4,756 381 4,219 4,206 337 Exposures in default 109 126 10 77 77 6 Total credit risk standardized method 4,876 4,882 391 4,296 4,283 343 Credit risk IRB method Central Governments 235,442 10,304 825 211,650 9,416 753 Financial institutions 2 33,896 5,989 479 33,236 6,580 526 Corporates 3 145,720 72,139 5,771 144,559 76,038 6,083 Assets without counterparty 367 367 29 284 284 23 Total credit risk IRB method 415,425 88,799 7,104 389,729 92,318 7,385 Credit valuation adjustment risk n.a. 1,974 158 n.a. 2,490 199 Foreign exchange risk n.a. 824 66 n.a. 1,174 94 Commodities risk n.a. 0 0 n.a. 7 1 Operational risk n.a. 4,442 355 n.a. 4,442 335 Total 420,301 100,921 8,074 394,025 104,714 8,377 1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 6,106 million (year-end 2023: Skr 7,127 million), Risk exposure amount of Skr 1,574 million (year-end 2023: Skr 2,167 million) and Capital requirement of Skr 126 million (year-end 2023: Skr 173 million). 3 Of which related to specialized lending: EAD Skr 7,595 million (year-end 2023: Skr 7,315 million), Risk exposure amount of Skr 4,996 million (year-end 2023: Skr 5,757 million) and Capital requirement of Skr 400 million (year-end 2023: Skr 461 million). |
Schedule of internally assessed economic capital excluding buffer | June 30, December 31, Skr mn 2024 2023 Credit risk 7,302 7,350 Operational risk 434 434 Market risk 1,053 1,065 Other risks 158 199 Capital planning buffer 1,700 1,700 Total 10,647 10,748 |
Schedule of liquidity coverage ratio | June 30, December 31, Skr bn, 12-month average 2024 2023 Total liquid assets 69.0 73.9 Net liquidity outflows 1 15.1 16.4 Liquidity outflows 26.1 29.3 Liquidity inflows 11.8 13.9 Liquidity Coverage Ratio 602% 605% 1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61. |
Schedule of net stable funding ratio | June 30, December 31, Skr bn 2024 2023 Available stable funding 274.7 276.3 Requiring stable funding 205.9 210.5 Net Stable Funding Ratio 133% 131% |
Summary of liquidity reserve | June 30, 2024 December 31, 2023 Skr bn Total Skr EUR USD Other Total Skr EUR USD Other Securities issued or guaranteed by sovereigns, central banks or multilateral development banks 24.8 8.0 6.7 10.1 — 24.1 8.0 3.9 11.9 0.3 Securities issued or guaranteed by municipalities or other public entities 24.7 5.8 6.1 12.8 — 16.5 5.0 4.7 6.8 — Covered bonds issued by other institutions 12.8 12.8 — — — 12.7 12.7 — — — Balances with National Debt Office 9.5 9.5 — — — 1.0 1.0 — — — Total liquidity reserve 71.8 36.1 12.8 22.9 — 54.3 26.7 8.6 18.7 0.3 1 The liquidity reserve is a part of SEK's liquidity investments. |
Exposures (Tables)
Exposures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Exposures | |
Schedule of exposures | Total net exposures by exposure class Credits & interest-bearing Committed undisbursed loans, securities derivatives, etc. Total June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Skr bn Amount % Amount % Amount % Amount % Amount % Amount % Central governments 165.9 45.9 159.1 46.3 60.1 73.8 46.8 67.2 226.0 51.1 205.9 49.8 Regional governments 17.6 4.9 11.9 3.5 0.6 0.7 0.7 1.0 18.2 4.1 12.6 3.0 Multilateral development banks 5.4 1.5 5.0 1.4 0.0 0.0 0.0 0.0 5.4 1.2 5.0 1.2 Public Sector Entity 1.0 0.3 — — — — — — 1.0 0.2 — — Financial institutions 27.6 7.6 25.8 7.5 6.4 7.9 7.5 10.8 34.0 7.7 33.3 8.1 Corporates 144.0 39.8 141.8 41.3 14.3 17.6 14.6 21.0 158.3 35.7 156.4 37.9 Equity exposures 0.0 0.0 — — — — — — 0.0 0.0 — — Total 361.5 100.0 343.6 100.0 81.4 100.0 69.6 100.0 442.9 100.0 413.2 100.0 Net exposure by region and exposure class, as of June 30, 2024 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.1 — 2.9 — 202.2 18.8 2.0 226.0 Regional governments — — — — — 17.9 0.2 0.1 18.2 Multilateral development banks — 0.6 — — — — 4.8 — 5.4 Public Sector — — — — — — 1.0 — 1.0 Financial institutions 0.1 — 0.0 2.4 0.0 18.2 13.3 — 34.0 Corporates 0.2 0.9 2.5 7.4 3.6 105.5 37.2 1.0 158.3 Equity exposures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total 0.3 1.6 2.5 12.7 3.6 343.8 75.3 3.1 442.9 Net exposure by region and exposure class, as of December 31, 2023 West European Central- Middle countries and East East/ Asia excl. North Latin excl. European Skr bn Africa Japan Japan America America Sweden Sweden countries Total Central governments 0.0 0.2 0.5 0.5 — 180.9 21.7 2.1 205.9 Regional governments — — — — — 11.2 1.3 0.1 12.6 Multilateral development banks — — — 1.0 — — 4.0 — 5.0 Public Sector — — — — — — — — — Financial institutions 0.1 — 0.1 1.8 — 18.3 13.0 — 33.3 Corporates 0.6 0.8 2.4 6.7 3.7 98.0 43.3 0.9 156.4 Equity exposures — — — — — — — — — Total 0.7 1.0 3.0 10.0 3.7 308.4 83.3 3.1 413.2 Net exposure to European countries, excluding Sweden June 30, December 31, Skr bn 2024 2023 France 16.5 16.1 Germany 13.1 9.4 Luxembourg 10.3 12.2 United Kingdom 8.6 7.1 Denmark 7.2 6.9 Finland 5.5 11.4 Norway 3.7 5.7 Belgium 3.0 3.7 The Netherlands 2.3 0.6 Poland 2.1 2.2 Ireland 1.7 2.2 Spain 1.1 2.6 Portugal 0.9 1.3 Switzerland 0.7 0.6 Austria 0.4 3.3 Serbia 0.3 0.4 Lithuania 0.2 0.1 Italy 0.2 0.2 Czech Republic 0.2 0.1 Estonia 0.2 0.1 Latvia 0.1 0.1 Iceland 0.1 0.1 Slovakia 0.0 0.1 Total 78.4 86.5 |
Net interest income (Details)
Net interest income (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Interest income was related to: | ||||||
Interest income | kr 4,981 | kr 5,079 | kr 4,724 | kr 10,060 | kr 8,767 | kr 19,438 |
Interest expenses | ||||||
Interest expenses | (4,152) | (4,248) | (3,939) | (8,400) | (7,288) | (16,299) |
Resolution fee | (26) | (26) | (24) | (53) | (47) | (94) |
Risk tax | (37) | (35) | (37) | (71) | (75) | (150) |
Total interest expenses | (4,215) | (4,309) | (4,000) | (8,524) | (7,410) | (16,543) |
Net interest income | 766 | 770 | 724 | 1,536 | 1,357 | 2,895 |
Interest income using effective interest method | 7,043 | 6,111 | ||||
Loans to credit institutions | ||||||
Interest income was related to: | ||||||
Interest income | 227 | 249 | 315 | 476 | 576 | 1,113 |
Loans to the public | ||||||
Interest income was related to: | ||||||
Interest income | 2,506 | 2,522 | 2,180 | 5,028 | 4,134 | 9,181 |
Loans in the form of interest-bearing securities | ||||||
Interest income was related to: | ||||||
Interest income | 604 | 628 | 606 | 1,232 | 1,119 | 2,448 |
Interest-bearing securities excluding loans in the form of interest-bearing securities | ||||||
Interest income was related to: | ||||||
Interest income | 672 | 685 | 701 | 1,357 | 1,299 | 2,885 |
Derivatives | ||||||
Interest income was related to: | ||||||
Interest income | 902 | 920 | 847 | 1,822 | 1,495 | 3,519 |
Administrative remuneration CIRR-system | ||||||
Interest income was related to: | ||||||
Interest income | 64 | 65 | 66 | 129 | 127 | 261 |
Other assets | ||||||
Interest income was related to: | ||||||
Interest income | kr 6 | kr 10 | kr 9 | kr 16 | kr 17 | kr 31 |
Net results of financial tran_3
Net results of financial transactions (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Net results of financial transactions | ||||||
Derecognition of financial instruments not measured at fair value through profit or loss | kr 1 | kr 2 | kr 2 | kr 3 | kr 4 | kr 9 |
Financial assets or liabilities at fair value through profit or loss | (36) | (25) | (54) | (61) | (93) | 33 |
Financial instruments under fair-value hedge accounting | 20 | (7) | 4 | 13 | (9) | (23) |
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | (1) | (5) | 0 | (6) | 0 | 2 |
Total net results of financial transactions | kr (16) | kr (35) | kr (48) | kr (51) | kr (98) | kr 21 |
Impairments (Details)
Impairments (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment details | |||||||
Established losses | kr (113) | kr (113) | |||||
Reserves applied to cover established credit losses | 113 | 113 | |||||
Recovered credit losses | kr 3 | 0 | kr 1 | 3 | kr 2 | kr 4 | |
Net credit losses | kr 46 | (327) | (256) | kr (281) | (239) | kr (585) | |
Loans and off balance | |||||||
Provision ratio | 0.28% | 0.28% | 0.23% | ||||
Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 352,939 | kr 352,939 | kr 346,506 | ||||
Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 277,650 | 277,650 | 284,060 | ||||
Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 75,289 | 75,289 | 62,446 | ||||
Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (983) | (983) | (795) | kr (223) | |||
Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (972) | (972) | (757) | ||||
Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | (11) | (11) | (38) | ||||
12-month expected credit losses | |||||||
Impairment details | |||||||
Net credit losses | kr 36 | 48 | (3) | kr 84 | 1 | (36) | |
Loans and off balance | |||||||
Provision ratio | 0.03% | 0.03% | |||||
12-month expected credit losses | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 287,709 | kr 287,709 | |||||
12-month expected credit losses | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 237,063 | 237,063 | |||||
12-month expected credit losses | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 50,646 | 50,646 | |||||
12-month expected credit losses | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (85) | (85) | (167) | ||||
12-month expected credit losses | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (77) | (77) | |||||
12-month expected credit losses | Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | (8) | (8) | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | |||||||
Impairment details | |||||||
Net credit losses | kr 14 | 40 | 2 | kr 54 | 7 | (40) | |
Loans and off balance | |||||||
Provision ratio | 0.02% | 0.02% | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 50,797 | kr 50,797 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 31,377 | 31,377 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 19,420 | 19,420 | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (8) | (8) | (61) | ||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (7) | (7) | |||||
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | (1) | (1) | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | |||||||
Impairment details | |||||||
Net credit losses | kr (7) | kr (415) | kr (256) | kr (422) | kr (249) | (513) | |
Loans and off balance | |||||||
Provision ratio | 6.17% | 6.17% | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | |||||||
Loans and off balance | |||||||
Loans and off balance | kr 14,433 | kr 14,433 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | 9,210 | 9,210 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Gross carrying amount | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | 5,223 | 5,223 | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | |||||||
Loans and off balance | |||||||
Loans and off balance | (890) | (890) | kr (567) | ||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Loans | |||||||
Loans and off balance | |||||||
Loans and off balance | (888) | (888) | |||||
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | Off-balance | |||||||
Loans and off balance | |||||||
Loans and off balance | kr (2) | kr (2) |
Impairments - Loss Allowance (D
Impairments - Loss Allowance (Details) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 SEK (kr) item | Dec. 31, 2023 SEK (kr) | |
Increase (decrease) in loss allowance | ||
Number of scenarios prepared for each PD curve | item | 3 | |
Weight of base scenario | 80% | |
Weight of downturn scenario | 10% | |
Weight of upturn scenario | 10% | |
Minimum | ||
Increase (decrease) in loss allowance | ||
Business cycle parameters for base scenario for PD segments | 0 | |
Maximum | ||
Increase (decrease) in loss allowance | ||
Business cycle parameters for base scenario for PD segments | 0.7 | |
Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | kr (795) | kr (223) |
Increases due to origination and acquisition | (18) | (137) |
Net remeasurement of loss allowance | (18) | 15 |
Transfer to stage 1 | 0 | 0 |
Transfer to stage 2 | 0 | (22) |
Transfer to stage 3 | (327) | (491) |
Decreases due to derecognition | 79 | 46 |
Decrease in allowance account due to write-offs | 113 | |
Exchange-rate differences | (17) | 17 |
Loans and off balance at end of period | (983) | (795) |
12-month expected credit losses | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (167) | |
Increases due to origination and acquisition | (17) | |
Net remeasurement of loss allowance | 78 | |
Transfer to stage 1 | 0 | |
Transfer to stage 2 | 0 | |
Transfer to stage 3 | 1 | |
Decreases due to derecognition | 22 | |
Exchange-rate differences | (2) | |
Loans and off balance at end of period | (85) | (167) |
Lifetime expected credit losses | Financial instruments not credit-impaired | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (61) | |
Increases due to origination and acquisition | (1) | |
Net remeasurement of loss allowance | 0 | |
Transfer to stage 1 | 0 | |
Transfer to stage 2 | 0 | |
Transfer to stage 3 | 3 | |
Decreases due to derecognition | 52 | |
Exchange-rate differences | (1) | |
Loans and off balance at end of period | (8) | (61) |
Lifetime expected credit losses | Financial instruments credit-impaired | Accumulated impairment | ||
Increase (decrease) in loss allowance | ||
Loans and off balance at beginning of period | (567) | |
Net remeasurement of loss allowance | (96) | |
Transfer to stage 3 | (331) | |
Decreases due to derecognition | 5 | |
Decrease in allowance account due to write-offs | 113 | |
Exchange-rate differences | (14) | |
Loans and off balance at end of period | kr (890) | kr (567) |
Financial assets and liabilit_3
Financial assets and liabilities at fair value (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | kr 365,718 | kr 357,401 |
Book value of financial liabilities | 334,435 | 330,373 |
Fair value of financial assets | 366,591 | 358,538 |
Fair value of financial liabilities | 334,512 | 330,196 |
Surplus value (+) /Deficit value (-), financial assets | 873 | 1,137 |
Surplus value (+) /Deficit value (-) financial liabilities | 77 | (177) |
Borrowing from credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 3,660 | 3,628 |
Fair value of financial liabilities | 3,660 | 3,628 |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 323,508 | 314,108 |
Fair value of financial liabilities | 323,585 | 313,931 |
Surplus value (+) /Deficit value (-) financial liabilities | 77 | (177) |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial liabilities | 7,267 | 12,637 |
Fair value of financial liabilities | 7,267 | 12,637 |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 11,860 | 3,482 |
Fair value of financial assets | 11,860 | 3,482 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 8,216 | 11,525 |
Fair value of financial assets | 8,216 | 11,525 |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 57,358 | 41,561 |
Fair value of financial assets | 57,358 | 41,561 |
Loans in the form of interest-bearing securities | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 49,447 | 51,227 |
Fair value of financial assets | 50,578 | 52,519 |
Surplus value (+) /Deficit value (-), financial assets | 1,131 | 1,292 |
Loans to credit institutions | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 12,846 | 19,009 |
Fair value of financial assets | 13,054 | 19,260 |
Surplus value (+) /Deficit value (-), financial assets | 208 | 251 |
Loans to the public | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 219,053 | 224,165 |
Fair value of financial assets | 218,587 | 223,759 |
Surplus value (+) /Deficit value (-), financial assets | (466) | (406) |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 6,904 | 6,432 |
Fair value of financial assets | 6,904 | kr 6,432 |
Shares | ||
Disclosure of detailed information about financial instruments | ||
Book value of financial assets | 34 | |
Fair value of financial assets | kr 34 |
Financial assets and liabilit_4
Financial assets and liabilities at fair value - Financial assets & liabilities reported at fair value in fair value hierarchy (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | kr 366,591 | kr 358,538 |
Fair value of financial liabilities | 334,512 | 330,196 |
Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 323,585 | 313,931 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 7,267 | 12,637 |
Financial liabilities at fair value through profit or loss | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 25,804 | 33,136 |
Financial liabilities at fair value through profit or loss | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 20,019 | 22,531 |
Financial liabilities at fair value through profit or loss | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 5,785 | 10,605 |
Financial liabilities at fair value through profit or loss | Debt securities issued | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 18,537 | |
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 14,551 | |
Financial liabilities at fair value through profit or loss | Debt securities issued | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 3,986 | |
Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 7,267 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 5,468 | |
Financial liabilities at fair value through profit or loss | Derivatives | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial liabilities | 1,799 | |
Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 72,512 | 59,518 |
Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 19,761 | 18,191 |
Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 52,710 | 41,272 |
Financial assets at fair value through profit or loss. | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 41 | 55 |
Treasuries/government bonds | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 8,216 | 11,525 |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 8,216 | |
Treasuries/government bonds | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 8,216 | |
Other interest-bearing securities except loans | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 57,358 | 41,561 |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 57,358 | |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 19,727 | |
Other interest-bearing securities except loans | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 37,631 | |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 6,904 | kr 6,432 |
Derivatives | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 6,904 | |
Derivatives | Financial assets at fair value through profit or loss. | Level 2 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 6,863 | |
Derivatives | Financial assets at fair value through profit or loss. | Level 3 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 41 | |
Shares | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 34 | |
Shares | Financial assets at fair value through profit or loss. | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | 34 | |
Shares | Financial assets at fair value through profit or loss. | Level 1 | ||
Disclosure of detailed information about financial instruments | ||
Fair value of financial assets | kr 34 |
Financial assets and liabilit_5
Financial assets and liabilities at fair value - Transfers made between both assets and liabilities (Details) - Level 3 kr in Millions | 12 Months Ended |
Dec. 31, 2023 SEK (kr) | |
Disclosure of detailed information about financial instruments | |
Transfers from level 3 | kr 11,264 |
Debt securities issued | |
Disclosure of detailed information about financial instruments | |
Transfers from level 3 | 11,291 |
Derivatives | |
Disclosure of detailed information about financial instruments | |
Transfers from level 3 | kr (27) |
Financial assets and liabilit_6
Financial assets and liabilities at fair value - Financial assets and liabilities at fair value in level 3 (Details) - SEK (kr) kr in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | kr (330,196) | |
Financial liabilities at end of period | (334,512) | kr (330,196) |
Level 3 | ||
Financial assets and liabilities at fair value in level 3 | ||
Financial assets and liabilities at fair value, at the beginning of period | (10,550) | (31,052) |
Purchases | (180) | |
Settlements & sales | 5,112 | 11,618 |
Transfers to level 3 | (1,912) | |
Transfers from level 3 | 11,264 | |
Gains (+) and losses (-) through profit or loss | 1 | (508) |
Gains (+) and losses (-) in Other comprehensive income | (10) | (207) |
Exchange-rate differences assets and liabilities | (297) | 427 |
Financial assets and liabilities at fair value, at the end of period | (5,744) | (10,550) |
Unrealized fair value changes | (7) | (27) |
Debt securities issued | Level 3 | ||
Reconciliation of changes in fair value measurement, liabilities | ||
Financial liabilities at beginning of period | (8,271) | (26,536) |
Purchases liabilities | (180) | |
Settlements & sales | 4,111 | 10,202 |
Transfers to level 3 | (1,912) | |
Transfers from level 3 | 11,291 | |
Gains (+) and losses (-) through profit or loss | (104) | (1,927) |
Gains (+) and losses (-) in Other comprehensive income | (10) | (207) |
Exchange-rate differences | 288 | 998 |
Financial liabilities at end of period | (3,986) | (8,271) |
Derivatives | Level 3 | ||
Financial assets and liabilities at fair value in level 3 | ||
Financial assets and liabilities at fair value, at the beginning of period | (2,279) | (4,516) |
Settlements & sales | 1,001 | 1,416 |
Transfers from level 3 | (27) | |
Gains (+) and losses (-) through profit or loss | 105 | 1,419 |
Exchange-rate differences assets and liabilities | (585) | (571) |
Financial assets and liabilities at fair value, at the end of period | kr (1,758) | kr (2,279) |
Financial assets and liabilit_7
Financial assets and liabilities at fair value - Assets and liabilities Sensitivity analysis - level 3 (Details) kr in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 SEK (kr) | Dec. 31, 2023 SEK (kr) | Dec. 31, 2022 SEK (kr) | |
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, correlations maximum positive relationship | 1 | ||
Sensitivity correlations maximum negative relationship | (1) | ||
Financial liabilities at fair value | kr (334,512) | kr (330,196) | |
Correlation input | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, input appreciation, assets | 0.12 | ||
Sensitivity, input depreciation, assets | 0.12 | ||
Sensitivity, input appreciation, liabilities | 0.12 | ||
Sensitivity, input depreciation, liabilities | 0.12 | ||
Credit spread input | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity, input appreciation, assets | 0.10% | ||
Sensitivity, input depreciation, assets | 0.10% | ||
Sensitivity, input appreciation, liabilities | 0.10% | ||
Sensitivity, input depreciation, liabilities | 0.10% | ||
Level 3 | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (5,744) | (10,550) | kr (31,052) |
Level 3 | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 14 | 25 | |
Level 3 | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (14) | (25) | |
Level 3 | Derivatives | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | (1,758) | (2,279) | (4,516) |
Level 3 | Derivatives | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (20) | (22) | |
Level 3 | Derivatives | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 20 | 22 | |
Level 3 | Derivatives | Equity risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (253) | ||
Level 3 | Derivatives | Equity risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Equity risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Interest rate | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr 0 | ||
Level 3 | Derivatives | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Currency risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (1,362) | ||
Level 3 | Derivatives | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr (20) | ||
Level 3 | Derivatives | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 20 | ||
Level 3 | Derivatives | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Net assets (liabilities) | kr (143) | ||
Level 3 | Derivatives | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Derivatives | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | (3,986) | (8,271) | kr (26,536) |
Level 3 | Debt securities issued | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | 34 | 47 | |
Level 3 | Debt securities issued | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Sensitivity impact on total comprehensive income | (34) | kr (47) | |
Level 3 | Debt securities issued | Equity risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (196) | ||
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Equity risk | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Equity risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Equity risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Interest rate | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Currency risk | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (3,643) | ||
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 15 | ||
Level 3 | Debt securities issued | Currency risk | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr (15) | ||
Level 3 | Debt securities issued | Currency risk | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 19 | ||
Level 3 | Debt securities issued | Currency risk | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr (19) | ||
Level 3 | Debt securities issued | Other | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Financial liabilities at fair value | kr (147) | ||
Level 3 | Debt securities issued | Other | Discounted cash flow | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | 10 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Other | Discounted cash flow | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Credit spreads (in basis points) | (10) | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Other | Option Model | Maximum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | 0.12 | ||
Sensitivity impact on total comprehensive income | kr 0 | ||
Level 3 | Debt securities issued | Other | Option Model | Minimum | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets | |||
Correlation | (0.12) | ||
Sensitivity impact on total comprehensive income | kr 0 |
Financial assets and liabilit_8
Financial assets and liabilities at fair value - Fair value related to credit risk (Details) - SEK (kr) kr in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
CVA/DVA, net | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | kr (34) | kr (39) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | 5 | kr (2) | |
OCA | |||
Fair value related to credit risk | |||
Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | 42 | kr (55) | |
The period's change in fair value originating from credit risk (+ income/ - loss) | kr 97 | kr 21 |
Derivatives (Details)
Derivatives (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about financial instruments | ||
Assets Fair value | kr 6,904 | kr 6,432 |
Liabilities Fair value | 7,267 | 12,637 |
Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 6,904 | 6,432 |
Liabilities Fair value | 7,267 | 12,637 |
Nominal amounts | 700,047 | 650,819 |
Interest rate-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 3,865 | 3,918 |
Liabilities Fair value | 1,370 | 1,720 |
Nominal amounts | 527,448 | 483,545 |
Currency-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 3,039 | 2,509 |
Liabilities Fair value | 5,501 | 9,789 |
Nominal amounts | 165,267 | 158,019 |
Equity-related contracts | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Assets Fair value | 5 | |
Liabilities Fair value | 253 | 1,002 |
Nominal amounts | 310 | 3,722 |
Contracts related to commodities, credit risk, etc. | Derivatives | ||
Disclosure of detailed information about financial instruments | ||
Liabilities Fair value | 143 | 126 |
Nominal amounts | kr 7,022 | kr 5,533 |
Debt (Details)
Debt (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt | ||
Debt | kr 327,168 | kr 317,736 |
Skr | ||
Debt | ||
Debt | 22,422 | 17,029 |
USD | ||
Debt | ||
Debt | 209,782 | 200,222 |
EUR | ||
Debt | ||
Debt | 61,246 | 61,325 |
AUD | ||
Debt | ||
Debt | 12,044 | 11,934 |
GBP | ||
Debt | ||
Debt | 9,654 | 9,304 |
JPY | ||
Debt | ||
Debt | 3,995 | 8,139 |
Other currencies | ||
Debt | ||
Debt | 8,025 | 9,783 |
Currency-related contracts | ||
Debt | ||
Debt | 5,206 | 6,368 |
Interest rate-related contracts | ||
Debt | ||
Debt | 321,620 | 307,626 |
Equity-related contracts | ||
Debt | ||
Debt | 195 | 3,594 |
Contracts related to commodities, credit risk, etc. | ||
Debt | ||
Debt | kr 147 | kr 148 |
CIRR-system - Subclassification
CIRR-system - Subclassifications of financial information (Details) - SEK (kr) kr in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||||||
Sub-classifications of financial information | ||||||||||||
Concessionary loans outstanding | kr 123 | kr 123 | kr 174 | |||||||||
Operating result of previous concessionary credit program | (4) | kr (10) | ||||||||||
Administrative compensation for concessionary loans | 0 | 0 | ||||||||||
Comprehensive income | ||||||||||||
Interest income | 4,981 | kr 5,079 | kr 4,724 | 10,060 | 8,767 | 19,438 | ||||||
Interest expenses | (4,215) | (4,309) | (4,000) | (8,524) | (7,410) | (16,543) | ||||||
Exchange-rate differences | (1) | (5) | 0 | (6) | 0 | 2 | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 11,860 | [1] | 5,837 | [1] | 11,860 | [1] | 5,837 | [1] | 3,482 | [1] | kr 4,060 | |
Derivatives | 6,904 | 6,904 | 6,432 | |||||||||
Other assets | 444 | 444 | 276 | |||||||||
Prepaid expenses and accrued revenues | 7,893 | 7,893 | 7,994 | |||||||||
Total assets | 374,287 | 374,287 | 365,929 | |||||||||
Derivatives | 7,267 | 7,267 | 12,637 | |||||||||
Accrued expenses and prepaid revenues | 8,694 | 8,694 | 8,387 | |||||||||
Total liabilities | 350,967 | 350,967 | 343,083 | |||||||||
Committed undisbursed loans | 67,100 | 67,100 | 54,975 | |||||||||
CIRR-System | ||||||||||||
Comprehensive income | ||||||||||||
Interest income | 576 | 586 | 577 | 1,162 | 1,128 | 2,329 | ||||||
Interest expenses | (505) | (523) | (485) | (1,028) | (947) | (1,904) | ||||||
Exchange-rate differences | 0 | 1 | 1 | 1 | 1 | 1 | ||||||
Profit before compensation to SEK | 71 | 64 | 93 | 135 | 182 | 426 | ||||||
Administrative remuneration to SEK | (64) | (65) | (66) | (129) | (127) | (260) | ||||||
Operating profit CIRR-system | 7 | (1) | 27 | 6 | 55 | 166 | ||||||
Reimbursement to (-) / from (+) the State | (7) | kr 1 | kr (27) | (6) | kr (55) | (166) | ||||||
Financial position | ||||||||||||
Cash and cash equivalents | 0 | 0 | 1 | |||||||||
Loans | 97,420 | 97,420 | 101,361 | |||||||||
Derivatives | 5,077 | 5,077 | 4,334 | |||||||||
Other assets | 228 | 228 | 179 | |||||||||
Prepaid expenses and accrued revenues | 2,036 | 2,036 | 1,711 | |||||||||
Total assets | 104,761 | 104,761 | 107,586 | |||||||||
Liabilities | 103,116 | 103,116 | 105,642 | |||||||||
Derivatives | 311 | 311 | 859 | |||||||||
Accrued expenses and prepaid revenues | 1,334 | 1,334 | 1,085 | |||||||||
Total liabilities | 104,761 | 104,761 | 107,586 | |||||||||
Committed undisbursed loans | kr 50,212 | kr 50,212 | kr 36,505 | |||||||||
[1] Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. |
Pledged assets and contingent_3
Pledged assets and contingent liabilities (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Collateral provided | ||
Cash collateral under the security agreements for derivative contracts | kr 4,668 | kr 11,098 |
Contingent liabilities | ||
Guarantee commitments | 8,189 | 7,471 |
Commitments | ||
Committed undisbursed loans | kr 67,100 | kr 54,975 |
Capital adequacy and liquidit_3
Capital adequacy and liquidity situation - Capital adequacy (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Capital adequacy | ||
Capital base requirement of 8 percent | 8% | |
of which Capital conservation buffer | 2.50% | |
Individual Pillar 2 requirement | 3.67% | |
Minimum capital requirement one | 4.50% | |
Minimum capital requirement two | 1.50% | |
Minimum capital requirement three | 2% | |
Additional capital pillar 2 guidance | 1.50% | |
Parent Company | ||
Capital adequacy | ||
Common Equity Tier 1 capital ratio | 22.60% | 21.30% |
Tier 1 capital ratio | 22.60% | 21.30% |
Total capital ratio | 22.60% | 21.30% |
Capital base requirement of 8 percent | kr 8,074 | kr 8,377 |
of which Tier 1 requirement of 6 percent | 6,055 | 6,283 |
of which minimum requirement of 4.5 percent | 4,541 | 4,712 |
Pillar 2 capital requirements | 3,704 | 3,843 |
Common Equity Tier 1 capital available to meet buffer requirements | 11,031 | 10,084 |
Capital buffer requirements | 4,143 | 4,271 |
of which Capital conservation buffer | 2,523 | 2,618 |
of which Countercyclical buffer | 1,620 | 1,653 |
Pillar 2 guidance | 1,514 | 1,571 |
Total risk-based capital requirement | kr 17,435 | kr 18,062 |
Capital base requirement of 8 percent | 8% | 8% |
of which Tier 1 requirement of 6 percent | 6% | 6% |
of which minimum requirement of 4.5 percent | 4.50% | 4.50% |
Pillar 2 capital requirements | 3.70% | 3.70% |
Common Equity Tier 1 capital available to meet buffer requirements | 10.90% | 9.60% |
Capital buffer requirements | 4.10% | 4.10% |
of which Capital conservation buffer | 2.50% | 2.50% |
of which Countercyclical buffer | 1.60% | 1.60% |
Pillar 2 guidance | 1.50% | 1.50% |
Total risk-based capital requirement | 17.30% | 17.20% |
Capital adequacy and liquidit_4
Capital adequacy and liquidity situation - Leverage ratio (Details) - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Total capital requirement relating to leverage ratio | ||
Capital base requirement | 3% | |
Parent Company | ||
Disclosure of credit risk exposure | ||
On-balance sheet exposures | kr 252,636 | kr 232,462 |
Off-balance sheet exposures | 8,747 | 8,529 |
Total exposure measure | kr 261,383 | kr 240,991 |
Leverage ratio | 8.70% | 9.30% |
Total capital requirement relating to leverage ratio | ||
Capital base requirement of 3 percent | kr 7,841 | kr 7,230 |
Pillar 2 guidance | 393 | 361 |
Total capital requirement relating to leverage ratio | kr 8,234 | kr 7,591 |
Capital base requirement of 3 percent | 3% | 3% |
Pillar 2 guidance | 0.20% | 0.20% |
Total capital requirement relating to leverage ratio | 3.20% | 3.20% |
Additional capital (pillar 2 guidance) of total leverage ratio exposure | 0.15% |
Capital adequacy and liquidit_5
Capital adequacy and liquidity situation - Own funds (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | kr 23,066 | kr 22,599 |
Regulatory adjustments to Common Equity Tier 1 capital | (276) | (277) |
Total Common Equity Tier-1 capital | 22,790 | 22,322 |
Own funds | 22,790 | 22,322 |
Share capital | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 3,990 | 3,990 |
Retained earnings | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 18,382 | 17,403 |
Accumulated other comprehensive income and other reserves | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 240 | 234 |
Independently reviewed profit net of any foreseeable charge or dividend | ||
Capital adequacy | ||
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 454 | 972 |
Additional value adjustments due to prudent valuation | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (91) | (85) |
Intangible assets | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (26) | (34) |
Fair value reserves related to gains or losses on cash flow hedges | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | 34 | 47 |
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | 26 | 28 |
Negative amounts resulting from the calculation of expected loss amounts | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | (164) | (221) |
Insufficient coverage for non-performing exposures | ||
Capital adequacy | ||
Regulatory adjustments to Common Equity Tier 1 capital | kr (55) | kr (12) |
Capital adequacy and liquidit_6
Capital adequacy and liquidity situation - Minimum capital requirements exclusive of buffers (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of credit risk exposure | ||
EAD | kr 420,301 | kr 394,025 |
Risk exposure amount | 100,921 | 104,714 |
Minimum capital requirements | 8,074 | 8,377 |
Credit risk | Standardized approach | ||
Disclosure of credit risk exposure | ||
EAD | 4,876 | 4,296 |
Risk exposure amount | 4,882 | 4,283 |
Minimum capital requirements | 391 | 343 |
Credit risk | Standardized approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 4,767 | 4,219 |
Risk exposure amount | 4,756 | 4,206 |
Minimum capital requirements | 381 | 337 |
Credit risk | Standardized approach | Exposures in default | ||
Disclosure of credit risk exposure | ||
EAD | 109 | 77 |
Risk exposure amount | 126 | 77 |
Minimum capital requirements | 10 | 6 |
Credit risk | IRB approach | ||
Disclosure of credit risk exposure | ||
EAD | 415,425 | 389,729 |
Risk exposure amount | 88,799 | 92,318 |
Minimum capital requirements | 7,104 | 7,385 |
Credit risk | IRB approach | Central Governments | ||
Disclosure of credit risk exposure | ||
EAD | 235,442 | 211,650 |
Risk exposure amount | 10,304 | 9,416 |
Minimum capital requirements | 825 | 753 |
Credit risk | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 33,896 | 33,236 |
Risk exposure amount | 5,989 | 6,580 |
Minimum capital requirements | 479 | 526 |
Credit risk | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 145,720 | 144,559 |
Risk exposure amount | 72,139 | 76,038 |
Minimum capital requirements | 5,771 | 6,083 |
Credit risk | IRB approach | Assets without counterparty | ||
Disclosure of credit risk exposure | ||
EAD | 367 | 284 |
Risk exposure amount | 367 | 284 |
Minimum capital requirements | 29 | 23 |
Counterparty risk in derivatives | IRB approach | Financial institutions | ||
Disclosure of credit risk exposure | ||
EAD | 6,106 | 7,127 |
Risk exposure amount | 1,574 | 2,167 |
Minimum capital requirements | 126 | 173 |
Specialized lending | IRB approach | Corporates | ||
Disclosure of credit risk exposure | ||
EAD | 7,595 | 7,315 |
Risk exposure amount | 4,996 | 5,757 |
Minimum capital requirements | 400 | 461 |
Credit valuation adjustment risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 1,974 | 2,490 |
Minimum capital requirements | 158 | 199 |
Currency risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 824 | 1,174 |
Minimum capital requirements | 66 | 94 |
Commodities risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 0 | 7 |
Minimum capital requirements | 0 | 1 |
Operational risk | ||
Disclosure of credit risk exposure | ||
Risk exposure amount | 4,442 | 4,442 |
Minimum capital requirements | kr 355 | kr 335 |
Capital adequacy and liquidit_7
Capital adequacy and liquidity situation - Operational risk and capital buffer requirements (Details) | 6 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 22, 2023 | Jun. 21, 2023 | |
Disclosure of credit risk exposure | ||||
Mandatory capital conservation buffer | 2.50% | |||
Sweden | ||||
Disclosure of credit risk exposure | ||||
Countercyclical buffer | 2% | 1% | ||
Parent Company | ||||
Disclosure of credit risk exposure | ||||
Mandatory capital conservation buffer | 2.50% | 2.50% | ||
Countercyclical buffer | 1.60% | 1.60% | ||
Parent Company | Sweden | ||||
Disclosure of credit risk exposure | ||||
Capital requirement exposure | 74% | 73% | ||
Parent Company | Foreign countries | ||||
Disclosure of credit risk exposure | ||||
Countercyclical buffer | 0.13% | 0.13% | ||
Parent Company | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Fiscal years for each business area to calculate income indicators | 3 years | |||
Parent Company | Minimum | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Capital requirement multiple factor | 15% | |||
Parent Company | Maximum | Standardized approach | Operational risk | ||||
Disclosure of credit risk exposure | ||||
Capital requirement multiple factor | 18% |
Capital adequacy and liquidit_8
Capital adequacy and liquidity situation - Internally assessed economic capital, Liquidity coverage ratio and Net stable funding ratio (Details) - Parent Company - SEK (kr) kr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of credit risk exposure | ||
Capital requirements | kr 22,790 | kr 22,322 |
Total liquid assets | 69,000 | 73,900 |
Net liquidity outflows | 15,100 | 16,400 |
Liquidity outflows | 26,100 | 29,300 |
Liquidity inflows | kr 11,800 | kr 13,900 |
Liquidity Coverage Ratio | 602% | 605% |
Available stable funding | kr 274,700 | kr 276,300 |
Requiring stable funding | kr 205,900 | kr 210,500 |
Net Stable Funding Ratio | 133% | 131% |
Internal credit grades | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 10,647 | kr 10,748 |
Internal credit grades | Credit risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 7,302 | 7,350 |
Internal credit grades | Operational risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 434 | 434 |
Internal credit grades | Market risk | ||
Disclosure of credit risk exposure | ||
Capital requirements | 1,053 | 1,065 |
Internal credit grades | Other | ||
Disclosure of credit risk exposure | ||
Capital requirements | 158 | 199 |
Internal credit grades | Capital planning buffer | ||
Disclosure of credit risk exposure | ||
Capital requirements | kr 1,700 | kr 1,700 |
Capital adequacy and liquidit_9
Capital adequacy and liquidity situation - Liquidity reserve (Details) - Liquidity risk - SEK (kr) kr in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Liquidity reserve | ||
Liquidity reserve | kr 71.8 | kr 54.3 |
SKR | ||
Liquidity reserve | ||
Liquidity reserve | 36.1 | 26.7 |
EUR | ||
Liquidity reserve | ||
Liquidity reserve | 12.8 | 8.6 |
USD | ||
Liquidity reserve | ||
Liquidity reserve | 22.9 | 18.7 |
Other currencies | ||
Liquidity reserve | ||
Liquidity reserve | 0.3 | |
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | ||
Liquidity reserve | ||
Liquidity reserve | 24.8 | 24.1 |
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | SKR | ||
Liquidity reserve | ||
Liquidity reserve | 8 | 8 |
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | EUR | ||
Liquidity reserve | ||
Liquidity reserve | 6.7 | 3.9 |
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | USD | ||
Liquidity reserve | ||
Liquidity reserve | 10.1 | 11.9 |
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks | Other currencies | ||
Liquidity reserve | ||
Liquidity reserve | 0.3 | |
Securities issued or guaranteed by municipalities or other public entities | ||
Liquidity reserve | ||
Liquidity reserve | 24.7 | 16.5 |
Securities issued or guaranteed by municipalities or other public entities | SKR | ||
Liquidity reserve | ||
Liquidity reserve | 5.8 | 5 |
Securities issued or guaranteed by municipalities or other public entities | EUR | ||
Liquidity reserve | ||
Liquidity reserve | 6.1 | 4.7 |
Securities issued or guaranteed by municipalities or other public entities | USD | ||
Liquidity reserve | ||
Liquidity reserve | 12.8 | 6.8 |
Covered bonds issued by other institutions | ||
Liquidity reserve | ||
Liquidity reserve | 12.8 | 12.7 |
Covered bonds issued by other institutions | SKR | ||
Liquidity reserve | ||
Liquidity reserve | 12.8 | 12.7 |
Balances with National Debt Office | ||
Liquidity reserve | ||
Liquidity reserve | 9.5 | 1 |
Balances with National Debt Office | SKR | ||
Liquidity reserve | ||
Liquidity reserve | kr 9.5 | kr 1 |
Exposures - Total net exposure
Exposures - Total net exposure (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Sub-classifications of financial information | ||
Net exposure | kr 442.9 | kr 413.2 |
Percentage of net exposures | 100% | 100% |
Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 226 | kr 205.9 |
Percentage of net exposures | 51.10% | 49.80% |
Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 18.2 | kr 12.6 |
Percentage of net exposures | 4.10% | 3% |
Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 5.4 | kr 5 |
Percentage of net exposures | 1.20% | 1.20% |
Public Sector Entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 1 | |
Percentage of net exposures | 0.20% | |
Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 34 | kr 33.3 |
Percentage of net exposures | 7.70% | 8.10% |
Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 158.3 | kr 156.4 |
Percentage of net exposures | 35.70% | 37.90% |
Equity exposures | ||
Sub-classifications of financial information | ||
Net exposure | kr 0 | |
Percentage of net exposures | 0% | |
Credits and interest-bearing securities | ||
Sub-classifications of financial information | ||
Net exposure | kr 361.5 | kr 343.6 |
Percentage of net exposures | 100% | 100% |
Credits and interest-bearing securities | Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 165.9 | kr 159.1 |
Percentage of net exposures | 45.90% | 46.30% |
Credits and interest-bearing securities | Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 17.6 | kr 11.9 |
Percentage of net exposures | 4.90% | 3.50% |
Credits and interest-bearing securities | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 5.4 | kr 5 |
Percentage of net exposures | 1.50% | 1.40% |
Credits and interest-bearing securities | Public Sector Entity | ||
Sub-classifications of financial information | ||
Net exposure | kr 1 | |
Percentage of net exposures | 0.30% | |
Credits and interest-bearing securities | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 27.6 | kr 25.8 |
Percentage of net exposures | 7.60% | 7.50% |
Credits and interest-bearing securities | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 144 | kr 141.8 |
Percentage of net exposures | 39.80% | 41.30% |
Credits and interest-bearing securities | Equity exposures | ||
Sub-classifications of financial information | ||
Net exposure | kr 0 | |
Percentage of net exposures | 0% | |
Committed undisbursed loans, derivatives, etc. | ||
Sub-classifications of financial information | ||
Net exposure | kr 81.4 | kr 69.6 |
Percentage of net exposures | 100% | 100% |
Committed undisbursed loans, derivatives, etc. | Central-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 60.1 | kr 46.8 |
Percentage of net exposures | 73.80% | 67.20% |
Committed undisbursed loans, derivatives, etc. | Regional-governments | ||
Sub-classifications of financial information | ||
Net exposure | kr 0.6 | kr 0.7 |
Percentage of net exposures | 0.70% | 1% |
Committed undisbursed loans, derivatives, etc. | Multilateral development banks | ||
Sub-classifications of financial information | ||
Net exposure | kr 0 | kr 0 |
Percentage of net exposures | 0% | 0% |
Committed undisbursed loans, derivatives, etc. | Financial institutions | ||
Sub-classifications of financial information | ||
Net exposure | kr 6.4 | kr 7.5 |
Percentage of net exposures | 7.90% | 10.80% |
Committed undisbursed loans, derivatives, etc. | Corporates | ||
Sub-classifications of financial information | ||
Net exposure | kr 14.3 | kr 14.6 |
Percentage of net exposures | 17.60% | 21% |
Exposures - Net exposure by reg
Exposures - Net exposure by region and class (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of credit risk exposure | ||
Net exposure | kr 442.9 | kr 413.2 |
Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 226 | 205.9 |
Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 18.2 | 12.6 |
Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.4 | 5 |
Public Sector | ||
Disclosure of credit risk exposure | ||
Net exposure | 1 | |
Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 34 | 33.3 |
Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 158.3 | 156.4 |
Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Middle East/Africa | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.3 | 0.7 |
Middle East/Africa | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0 |
Middle East/Africa | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Middle East/Africa | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.6 |
Middle East/Africa | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Asia excl. Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.6 | 1 |
Asia excl. Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.2 |
Asia excl. Japan | Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.6 | |
Asia excl. Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 0.8 |
Asia excl. Japan | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Japan | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.5 | 3 |
Japan | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.5 | |
Japan | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0.1 |
Japan | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.5 | 2.4 |
Japan | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
North America | ||
Disclosure of credit risk exposure | ||
Net exposure | 12.7 | 10 |
North America | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.9 | 0.5 |
North America | Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 1 | |
North America | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.4 | 1.8 |
North America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 7.4 | 6.7 |
North America | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Latin America | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.6 | 3.7 |
Latin America | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Latin America | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.6 | 3.7 |
Latin America | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 343.8 | 308.4 |
Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 202.2 | 180.9 |
Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 17.9 | 11.2 |
Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 18.2 | 18.3 |
Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 105.5 | 98 |
Sweden | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
West European countries excl. Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | 75.3 | 83.3 |
West European countries excl. Sweden | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 18.8 | 21.7 |
West European countries excl. Sweden | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 1.3 |
West European countries excl. Sweden | Multilateral development banks | ||
Disclosure of credit risk exposure | ||
Net exposure | 4.8 | 4 |
West European countries excl. Sweden | Public Sector | ||
Disclosure of credit risk exposure | ||
Net exposure | 1 | |
West European countries excl. Sweden | Financial institutions | ||
Disclosure of credit risk exposure | ||
Net exposure | 13.3 | 13 |
West European countries excl. Sweden | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 37.2 | 43.3 |
West European countries excl. Sweden | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | |
Central and East European countries | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.1 | 3.1 |
Central and East European countries | Central governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 2 | 2.1 |
Central and East European countries | Regional governments | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Central and East European countries | Corporates | ||
Disclosure of credit risk exposure | ||
Net exposure | 1 | kr 0.9 |
Central and East European countries | Equity exposures | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 0 |
Exposures - Net exposures Europ
Exposures - Net exposures European countries, excluding Sweden by exposure classes (Details) - Credit risk - SEK (kr) kr in Billions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of credit risk exposure | ||
Net exposure | kr 442.9 | kr 413.2 |
France | ||
Disclosure of credit risk exposure | ||
Net exposure | 16.5 | 16.1 |
Germany | ||
Disclosure of credit risk exposure | ||
Net exposure | 13.1 | 9.4 |
Luxembourg | ||
Disclosure of credit risk exposure | ||
Net exposure | 10.3 | 12.2 |
United Kingdom | ||
Disclosure of credit risk exposure | ||
Net exposure | 8.6 | 7.1 |
Denmark | ||
Disclosure of credit risk exposure | ||
Net exposure | 7.2 | 6.9 |
Finland | ||
Disclosure of credit risk exposure | ||
Net exposure | 5.5 | 11.4 |
Norway | ||
Disclosure of credit risk exposure | ||
Net exposure | 3.7 | 5.7 |
Belgium | ||
Disclosure of credit risk exposure | ||
Net exposure | 3 | 3.7 |
The Netherlands | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.3 | 0.6 |
Poland | ||
Disclosure of credit risk exposure | ||
Net exposure | 2.1 | 2.2 |
Ireland | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.7 | 2.2 |
Spain | ||
Disclosure of credit risk exposure | ||
Net exposure | 1.1 | 2.6 |
Portugal | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.9 | 1.3 |
Switzerland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.7 | 0.6 |
Austria | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.4 | 3.3 |
Serbia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.3 | 0.4 |
Lithuania | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.1 |
Italy | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.2 |
Czech Republic | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.1 |
Estonia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.2 | 0.1 |
Latvia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Iceland | ||
Disclosure of credit risk exposure | ||
Net exposure | 0.1 | 0.1 |
Slovakia | ||
Disclosure of credit risk exposure | ||
Net exposure | 0 | 0.1 |
Europe except Sweden | ||
Disclosure of credit risk exposure | ||
Net exposure | kr 78.4 | kr 86.5 |