On May 7, 2019 the board of directors in Eksportfinans approved the financial report for first quarter 2019.
Net interest income was NOK 32 million in the first quarter of 2019, compared to NOK 35 million in the same period of 2018. The decrease was mainly due to the reduction of interest generating assets.
Profit for the first quarter of 2019 was NOK 26 million, compared to NOK 14 million in the same period of 2018. In the first quarter of 2019, this figure consisted mainly of unrealized gains on Eksportfinans’ securities and lending portfolio.
Total comprehensive income was negative NOK 29 million in the first quarter of 2019, compared to negative NOK 14 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 17.7 billion at March 31, 2019, compared to NOK 20.0 billion at March 31, 2018. The reduction was due to scheduled repayments of debt.
The core capital adequacy was 108.6 percent at March 31, 2019, compared to 98.5 percent at March 31, 2018. On March 31, 2019, Eksportfinans had liquidity reserves totaling NOK 7.5 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