The financial results for the first three quarters of 2023 were approved by the board of directors of Eksportfinans on November 7, 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 68 million in the third quarter of 2023, compared to NOK 37 million in the same period of 2022. In the first nine months of 2023 net interest income amounted to NOK 187 million, compared to NOK 94 million in the first nine months of 2022. The increase in net interest income was mainly due to higher floating interest rates in Norwegian kroner (NIBOR) in the third quarter of 2023 compared to the same period of 2022. Profit in the first three quarters of 2023 was NOK 133 million, compared to negative NOK 55 million in the same period of 2022. The main reasons for the increase are higher interest rates, improved credit markets and realized profit from repurchasing own debt.
Total assets amounted to NOK 7.9 billion at September 30, 2023, compared to NOK 9.0 billion at December 31, 2022 and NOK 9.5 billion at September 30, 2022.
The core capital adequacy ratio was 171.1 percent at September 30, 2023, compared to 178.3 percent at December 31, 2022 and 126.7 percent at September 30, 2022.
On September 30, 2023, Eksportfinans had liquidity reserves totaling NOK 5.8 billion.
In the board’s opinion Eksportfinans continues to be overcapitalized, and it remains a key issue to pursue different initiatives and solutions to optimize the capital structure.
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