31 Oct 2019

NIB publishes interim management statement January–September 2019

NIB published its interim financial report for the nine-month period ending 30 September 2019. A total of EUR 1,608 million in new loans were agreed and EUR 1,799 million were disbursed.

As expected, the disbursements were lower than the historically high level of 2018. The net profit for the period amounted to EUR 123 million, down from EUR 141 million for the corresponding period in 2018.

NIB’s mission is to finance projects that contribute to the productivity and benefit the environment of the Nordic and Baltic countries. Before approval is given in each individual case, all eligible projects are evaluated and rated against criteria based on the Bank’s mission. By 30 September, loans achieving a “good” or “excellent” mandate rating accounted for 99% of loans agreed.

At its annual meeting on 24 May 2019, NIB’s Board of Governors approved amendments to the Bank’s statutes, which will be submitted to undergo the required national procedures of member countries. The intent of the amendments is to ensure continued adherence with sound banking principles and maintain NIB’s relevance to fulfil its mandate.

By end of September 2019, the Bank has raised EUR 3.8 billion in new funding through 39 new issues.

In September, NIB also launched a joint collaboration with Japan’s Government Pension Investment Fund (GPIF) to foster the growth of sustainable finance markets. GPIF requires its asset managers to include environmental, social and governance aspects into their investment decisions. The Fund is recognising and supporting investments in NIB’s Environmental Bond programme.

NIB’s interim management statement for January–September 2019   

Key figures and ratios

(in EUR million unless otherwise specified) Jan-Sep 2019* Jan-Sep 2018 Jan-Dec 2018
Net interest income 160 167 223
Profit before net loan losses 118 136 167
Net profit 123 141 173
       
Loans disbursed 1,799 2,606 4,047
Loans agreed 1,608 2,534 4,330
Mandate fulfilment 99% 88% 91%
       
Loans outstanding 18,627 18,508 19,065
Total assets 32,722 31,206 31,710
New debt issues 3,847 6,224 6,620
Debts evidenced by certificates 26,287 24,935 25,651
Total equity 3,673 3,536 3,578
       
Equity/total assets 11.2% 11.3% 11.3%
Profit/average equity 4.5% 5.3% 4.9%
Cost/income 23.7% 18.7% 20.6%
Number of employees (average during the period) 198 197 197

* Unaudited figures, to be read in conjunction with NIB's 2018 audited financial statements

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 Björn Ordell, Head of Risk & Finance and CFO, at +358 10 618 0210, bjorn.ordell@nib.int

Mr Jukka Ahonen, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int