The financial results for the first quarter 2023 were approved by the board of directors of Eksportfinans on June 1, 2023.
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.
Net interest income was NOK 57 million in the first quarter of 2023, compared to NOK 25 million in the same period of 2022. The increase was mainly due to higher floating interest rates in Norwegian kroner (NIBOR).
Total comprehensive income was NOK 54 million in the first quarter of 2023, compared to negative NOK 27 million in the first quarter of 2022. The fluctuations 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 9.2 billion at March 31, 2023, compared to NOK 9.0 billion at December 31, 2022 and NOK 10.4 billion at March 31, 2022.
The core capital ratio was 186.3 percent at March 31, 2023, compared to 178.3 percent at December 31, 2022 and 162.5 percent at March 31, 2022. In May 2023 the Norwegian FSA declined the company’s application to disburse NOK 3 billion of its surplus capital to the owners. The substantial over-capitalization continues to be a key issue for the board, and it will continue to pursue different attempts to optimize the capital structure.
On March 31, 2023, Eksportfinans had liquidity reserves totaling NOK 6.9 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