Eksportfinans' financial results for 2021

16/02/2022 - Press release

On February 16, 2022 the board of directors in Eksportfinans approved the financial results for the financial year 2021.

Net interest income was NOK 93 million for 2021, compared to NOK 138 million for 2020. The decrease was mainly due to a reduced loan portfolio, combined with slightly lower interest rate levels in Norwegian kroner (NIBOR).   

The result for the year 2021 after tax was negative NOK 156 million, compared to a positive result of NOK 44 million for 2020. The reason for the negative result in 2021 is a write down on part of a deferred tax benefit of NOK 177 million. As the deferred tax asset is deducted from the regulatory capital, the write down will have no effect on the capital adequacy of Eksportfinans.

Total comprehensive income was negative NOK 213 million for 2021, compared to negative NOK 14 million for 2020. The decrease was mainly due to the write down of the deferred tax benefit as explained above.

Total assets amounted to NOK 10.7 billion at December 31, 2021, compared to NOK 13.8 billion at December 31, 2020. The reduction was due to scheduled repayments.

The core capital ratio was 156.6 percent at December 31, 2021, compared to 124.5 percent at December 31, 2020. As the result for the year is negative, there is no room for distributing dividends in 2022.

At year-end 2021, Eksportfinans had liquidity reserves totaling NOK 7.9 billion.

Eksportfinans’ financial reports and other information are available on www.eksportfinans.com.

 

Facts about Eksportfinans ASA

Eksportfinans manages a portfolio of loans to the Norwegian export industry and foreign buyers of Norwegian capital goods. The company has not granted new loans since the government established a fully state owned entity responsible for new officially supported export loans in 2012. Eksportfinans’ loans are guaranteed by Eksfin (Export Financing Norway) and/or banks. The company also manages a portfolio of international securities. The business is funded through bonds and commercial paper issued in the international capital markets. Eksportfinans was established in 1962 and is owned by banks operating in Norway and the Ministry of Trade, Industry and Fisheries on behalf of the Norwegian government. For more information about Eksportfinans, please see www.eksportfinans.com