The first quarter report for 2020 was approved by the board of directors in Eksportfinans on May 6, 2020.
Eksportfinans´ financial results for the first quarter of 2020 were affected by the situation that occurred in
the financial markets following the outbreak of the coronavirus. Although the underlying performance
was good, the company experienced higher unrealized losses on the securities- and lending portfolios, and
unrealized gains on Eksportfinans’ own debt.
Net interest income was NOK 50 million in the first quarter of 2020, compared to NOK 32 million in the
same period of 2019. The increase was mainly due to higher floating interest rates in Norwegian kroner
Profit for the first quarter of 2020 was negative NOK 79 million, compared to NOK 26 million in the same
period of 2019. The reduction was due to increased credit spreads in the securities- and lending portfolio.
Total comprehensive income was NOK 591 million in the first quarter of 2020, compared to negative NOK
29 million in the first quarter of 2019. 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 15.4 billion at March 31, 2020, compared to NOK 17.7 billion at March 31,
2019. The reduction was due to scheduled repayments of debt.
The core capital ratio was 118.9 percent at March 31, 2020, compared to 108.6 percent at March 31, 2019.
On March 31, 2020, Eksportfinans had liquidity reserves totaling NOK 8.8 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 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