On August 16, 2022 the board of directors in Eksportfinans approved the financial results for the first half-year of 2022.
Net interest income was NOK 57 million in the first half-year of 2022, compared to NOK 46 million in the same period of 2021. The increase was mainly due to the continuous increase in floating interest rates in Norwegian kroner (NIBOR).
The result for the first half-year of 2022 was negative NOK 39 million, compared to positive NOK 11 million in the same period of 2021. The reason for the loss is unrealized losses on Eksportfinans’ securities and lending portfolio due to the volatility in the financial markets.
Total comprehensive income for the first half-year of 2022 was negative NOK 6 million, compared to negative NOK 44 million for the same period in 2021. The fluctuations in these figures are explained above.
Total assets amounted to NOK 10.5 billion at June 30, 2022, compared to NOK 11.1 billion at June 30, 2021. The reduction was due to scheduled repayments of debt.
The core capital ratio was 113.1 percent at June 30, 2022, compared to 156.6 percent at December 31, 2021 and 151,6 percent at June 30, 2021. The reduction since year-end was due to the new EU Banking Package that was implemented in Norwegian law on June 1, 2022. This included the CRD V Capital Requirements Directive which led to increased risk weighted assets related to the company’s derivatives exposure and thus lower capital adequacy.
The over-capitalization of the company is still substantial and continues to be a key issue for the board. In May 2022, the board sent an application to the Norwegian FSA to disburse NOK 3 billion of the company’s capital to the owners. This includes the NOK 1 billion applied for in 2019 where the company has yet to receive a response from the Government.
On June 30, 2022, Eksportfinans had liquidity reserves totaling NOK 7.5 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