On August 10, 2021 the board of directors in Eksportfinans approved the financial results for the second quarter of 2021.
Eksportfinans´ overall objective continued to be to maintain company value by managing its existing portfolio of loans and other commitments. The balance sheet continued to decrease in line with maturing loans, investments and debt according to plan.
Eksportfinans continued to increase its capitalization ratios in the second quarter of 2021. The over-capitalization of the company remains a key issue for the board.
Net interest income was NOK 46 million in the first half-year of 2021, compared to NOK 85 million in the same period of 2020. Profit for the first half-year of 2021 was NOK 11 million, compared to NOK 23 million in the same period of 2020. The decrease in net interest income and profit was mainly due to a reduced loan portfolio and lower floating interest rates in Norwegian kroner (NIBOR).
Total comprehensive income was negative NOK 44 million in the first half-year of 2021, compared to NOK 200 million in the first half-year 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 11.1 billion at June 30, 2021, compared to NOK 14.9 billion at June 30, 2020. The reduction was due to scheduled repayments of debt.
The core capital ratio was 151.6 percent at June 30, 2021, compared to 132.0 percent at June 30, 2020. On June 30, 2021, Eksportfinans had liquidity reserves totaling NOK 7.3 billion.
On June 29, 2021, Eksportfinans´ credit rating from S&P Global Ratings was upgraded from BBB+ to A- with a stable outlook. The rationale for the upgrade was the well-managed wind down of the company over the last decade, including reducing risk and complexities while building up a sizeable capital and liquidity buffer.
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