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.
|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|
|Mandate fulfilment (%)||98%||99%||98%|
|New debt issues||4,855||5,047||7,540|
|Debts evidenced by certificates||32,084||29,617||29,072|
|Equity/total assets (%)||10.3%||10.3%||10.9%|
|Profit/average equity (%)||4.2%||0.8%||4.4%|
|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.
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