28 Oct 2021
NIB publishes Interim Financial Report January–September 2021
On 28 October, NIB published its interim financial report for January–September 2021. The Bank is in a strong financial position with solid capital and liquidity ratios.
The net profit for the nine-month period amounted to EUR 124 million compared to EUR 119 million in the same period in 2020. This increase in profit is mainly due to reduced loan loss provisioning offset by an increase in unrealised losses on financial operations.
During the nine months, NIB agreed a total of EUR 880 million in new loans and disbursed EUR 1,646 million, compared to EUR 3,941 million and EUR 3,482 million respectively in the corresponding period in 2020, which included response lending to alleviate the immediate social and economic consequences of the Covid pandemic in the Nordic and Baltic countries.
On 16 July, NIB and the AS “Kekava ABT” signed a 21-year loan agreement of EUR 61 million for co-financing the construction of the Kekava Bypass road project, which is to become the first major private-public partnership (PPP) project in Latvia.
“The Kekava Bypass project is the first major PPP project in Latvia, and thus, the project can give an incentive for other larger infrastructure projects in the region,” says André Küüsvek, President and CEO of NIB.
Also in July, Kim Skov Jensen was appointed Vice-President and Head of Treasury & Finance (CFO) at NIB. Mr Skov Jensen commenced his appointment on 18 of October.
“After working many years in commercial banking, I am proud to join the Nordic Investment Bank. NIB’s business model is based on sound banking principles and it has a very attractive mission to support the productivity and the environment of the Nordic and Baltic region. NIB is a strong financial institution and I look forward to be part of the team which is known for its professionalism and dedication”, says Kim Skov Jensen.
On 30 September, NIB’s Board of Directors approved the Bank’s updated Sustainability Policy. NIB has invited its stakeholders to a public consultation on the policy. The updated Sustainability Policy will enter into force after the public consultation process has been completed. The updated Sustainability Policy for public consultation can be found here.
|Key figures and ratios|
|(in EUR million unless otherwise specified)||Jan-Sep 2021||Jan-Sep 2020||Jan-Dec 2020|
|Net interest income||152.0||152.2||205.5|
|Profit before net loan losses||101.0||153.6||221.4|
|Mandate fulfilment (%)||98%||96%||98%|
|New debt issues||6,132.2||6,946.1||7,540.4|
|Debts evidenced by certificates||31,842.5||29,602.6||29,071.7|
|Equity/total assets (%)||10.5%||10.6%||10.9%|
|Profit/average equity (%)||4.2%||4.3%||4.4%|
|Number of employees at period end||224||224||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 Kim Skov Jensen, Chief Financial Officer, at +358 10 618 0209, firstname.lastname@example.org
Mr Jukka Ahonen, Head of Communications, at +358 10 618 0295, email@example.com