On February 15, 2023, the board of directors in Eksportfinans approved the financial results for the financial year 2022.
Net interest income was NOK 148 million for 2022, compared to NOK 93 million for 2021. The increase was mainly due to higher interest rates.
The result for the year 2022 after tax was negative NOK 9 million, compared to negative NOK 156 million for 2021. The reason for the negative result in 2022 was the volatility in financial markets.
Total comprehensive income was NOK 22 million for 2022, compared to negative NOK 213 million for 2021. The reasons for the improvement are unrealized gains related to own debt in 2022 and a write down of the deferred tax asset in 2021.
Total assets amounted to NOK 9.0 billion at December 31, 2022, compared to NOK 10.7 billion at December 31, 2021. The reduction was due to repayments of debt.
The core capital ratio was 178.3 percent at December 31, 2022, compared to 156.6 percent at December 31, 2021. The capitalization ratios at year-end 2022 are higher than in 2021 as some of the company’s derivatives matured in 2022. As the result for the year is negative, no dividends will be paid out in 2023.
At year-end 2022, Eksportfinans had short term liquidity reserves totaling NOK 6.6 billion.
Eksportfinans’ strategy to actively manage its existing portfolio of loans, other assets and liabilities, with the overall objective of maintaining company value, remains unchanged in 2023. Following a period of significant reductions in the balance sheet due to maturing loans, debt and investments, the balance sheet will continue to decrease at a slower pace going forward. The company is expecting to generate moderate positive results in the years to come.
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 Finance 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.no