André Küüsvek, NIB president & CEO. Photo: Marjo Koivumäki

27 Aug 2021

NIB publishes Interim Financial Report January–June 2021

On 27 August, NIB published its interim financial report for January–June 2021. During the first half of 2021, NIB agreed a total of EUR 664 million in new loans and disbursed EUR 1,266 million, compared to EUR 3,449 million and EUR 2,836 million respectively in the same period in 2020. The decrease in new loans was expected after last year’s record highs due to the Bank’s response to the Covid-19.

The net profit for the six-month period amounted to EUR 82 million compared to EUR 15 million in 2020. This increase in profit is mainly due to lower unrealised losses on financial instruments and reduced loan loss provisioning.

“The economic impact of Covid-19 has been alleviated by the unprecedented amount of monetary and fiscal stimuli increasing the global debt burden. The real economic effect of the virus is yet to be seen and this and future years may be even more challenging than 2020. NIB is well positioned to support member countries with these challenges due to its strong financial position and the statutory changes made in 2020,” says André Küüsvek, NIB President & CEO.

During the first six months of 2020, the Bank raised EUR 4,855 million in new funding. Amongst other transactions, NIB issued a USD 700 million five-year benchmark bond linked to the Secured Overnight Financing Rate (SOFR) index in May. This issue was the Bank’s first Alternative Risk Free Rate transaction.

NIB’s Interim Financial Report January–June 2021

Key figures and ratios
(in EUR million unless otherwise specified) Jan-Jun 2021 Jan-Jun 2020 Jan-Dec 2020
Net interest income 102 99 206
Profit before net loan losses 68 53 221
Net profit 82 15 165
Lending disbursed 1,266 2,836 4,853
Lending agreed 664 3,449 5,666
Mandate fulfilment (%) 98% 99% 98%
Lending outstanding 22,260 20,478 21,555
Total assets 38,319 35,803 35,422
New debt issues 4,855 5,047 7,540
Debts evidenced by certificates 32,084 29,617 29,072
Total equity 3,936 3,689 3,861
Equity/total assets (%) 10.3% 10.3% 10.9%
Profit/average equity (%) 4.2% 0.8% 4.4%
Cost/income (%) 28.1% 33.0% 19.1%
Number of employees at period end 224 228 222

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Michael Ryan, Acting Head of Finance, Head of Accounting,
at +358 10 618 0210,
Mr Jukka Ahonen, Head of Communications,
at +358 10 618 0295,