On November 3, 2020, the board of directors in Eksportfinans approved the financial results for the third quarter of 2020.
Net interest income was NOK 29 million for the third quarter of 2020, compared to NOK 43 million in the same period of 2019. The decrease was mainly due to a reduced loan portfolio, combined with a lower floating interest rate in Norwegian kroner (NIBOR).
Profit for the third quarter of 2020 was NOK 3 million, compared to NOK 27 million in the same period of 2019. In the third quarter of 2020, the company recorded a realized loss of NOK 24 million related to break costs on three non-performing guaranteed loans where the guarantor does not cover these costs. In addition, the company has made a provision of NOK 2 million for write-down on an additional loan and for potential future losses on the remaining portfolio.
Total comprehensive income was minus NOK 115 million in the third quarter of 2020, compared to NOK 23 million in the corresponding period of 2019. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt.
Total assets amounted to NOK 14.9 billion at September 30, 2020, the same amount as at September 30, 2019.
The core capital adequacy ratio was 128.9 percent at September 30, 2020, compared to 111.6 percent at September 30, 2019. On September 30, 2020, Eksportfinans had a continued robust liquidity situation with liquidity reserves totaling NOK 9.4 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