Eksportfinans' financial results for the first quarter of 2021

04/05/2021 - Press release

On May 4, 2021 the board of directors in Eksportfinans approved the financial results for the first quarter of 2021.

 

 

Net interest income was NOK 23 million in the first quarter of 2021, compared to NOK 50 million in the same period of 2020. The decrease was mainly due to a reduced loan portfolio and lower floating interest rates in Norwegian kroner (NIBOR).

Profit for the first quarter of 2021 was NOK 9 million, compared to negative NOK 79 million in the same period of 2020. The increase was mainly due to lower credit spreads in the securities- and lending portfolio.

Total comprehensive income was negative NOK 43 million in the first quarter of 2021, compared to NOK 591 million in the first quarter of 2020. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt caused by changes in credit spreads.

Total assets amounted to NOK 11.2 billion at March 31, 2021, compared to NOK 15.4 billion at March 31, 2020. The reduction was due to scheduled repayments of debt.

The core capital ratio was 148.1 percent at March 31, 2021, compared to 118.9 percent at March 31, 2020. On March 31, 2021, Eksportfinans had liquidity reserves totaling NOK 7.0 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 GIEK (The Norwegian Export Credit Guarantee Agency) 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 refer to www.eksportfinans.com