Eksportfinans' financial results for the third quarter of 2021

02/11/2021 - Press release

On November 2, 2021 the board of directors in Eksportfinans approved the financial results for the third 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´ core capital ratio was 148.9 percent at September 30, 2021, compared to 128.9 percent at September 30, 2020.  The substantial over-capitalization of the company remains a key issue for the board.

Net interest income was NOK 20 million in the third quarter of 2021, compared to NOK 29 million in the same period of 2020. The decrease in net interest income was mainly due to a reduced loan portfolio and floating interest rates in Norwegian kroner (NIBOR) being fixed to lower rates in the third quarter of 2021 compared to the same period of 2020.

Profit for the third quarter of 2021 was NOK 9 million, compared to NOK 3 million in the same period of 2020. This was mainly due to a loss and write-down on loans in the third quarter of 2020.

Total comprehensive income was NOK 23 million in the third quarter of 2021, compared to minus NOK 115 million in the third 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 11.0 billion at September 30, 2021, compared to NOK 14.9 billion at September 30, 2020. The reduction was due to scheduled repayments of debt.

On September 30, 2021, Eksportfinans had liquidity reserves totaling NOK 7.2 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