First half-year 2019 financial results

13/08/2019 - Stock exchange notice

On August 13, 2019 the board of directors in Eksportfinans approved the financial report for first half-year 2019.

Net interest income was NOK 70 million in the first half-year of 2019, compared to NOK 68 million in the same period of 2018. The increase was mainly due to a higher floating interest rate in Norwegian kroner (NIBOR). 

Profit for the first half-year of 2019 was NOK 53 million, compared to NOK 55 million in the same period of 2018.

Total comprehensive income was NOK 30 million in the first half-year of 2019, compared to negative NOK 17 million in the corresponding period of 2018. 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 14.8 billion at June 30, 2019, compared to NOK 19.4 billion at June 30, 2018. The reduction was due to scheduled repayments of debt.

The core capital adequacy was 118.2 percent at June 30, 2019, compared to 102.0 percent at June 30, 2018. On June 30, 2019, Eksportfinans had a continued robust liquidity situation with liquidity reserves totaling NOK 5.3 billion.

 

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