Eksportfinans' financial results for the first quarter of 2022

10/05/2022 - Press release

On May 10, 2022 the board of directors in Eksportfinans approved the financial results for the first quarter of 2022.

Net interest income was NOK 25 million in the first quarter of 2022, compared to NOK 23 million in the same period of 2021. The increase was mainly due to higher floating interest rates in Norwegian kroner (NIBOR).

 Profit for the first quarter of 2022 was negative NOK 31 million, compared to positive NOK 9 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 was negative NOK 27 million in the first quarter of 2022, compared to negative NOK 43 million in the first quarter of 2021. The fluctuations in these figures are due to unrealized gains and losses on securities and lending, and unrealized gains and losses on Eksportfinans’ own debt.

Total assets amounted to NOK 10.4 billion at March 31, 2022, compared to NOK 11.2 billion at March 31, 2021. The reduction was due to scheduled repayments of debt.

The core capital ratio was 162.5 percent at March 31, 2022, compared to 156.6 percent at December 31, 2021 and 148.1 percent at March 31, 2021. The increase since year-end was due to a reduction in total assets. The substantial over-capitalization continues to be a key issue for the board.

On March 31, 2022, Eksportfinans had liquidity reserves totaling NOK 7.7 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