Eksportfinans’ underlying business operations performed well in the first half-year of 2011. Net interest income was a record NOK 732 million, which is NOK 38 million higher than in the first half-year of 2010.
High level of new disbursements of export related loans
New disbursements were NOK 14.9 billion in the first half-year of 2011, compared to NOK 15.3 billion for the corresponding period in 2010. The volume of outstanding export loans was NOK 103 billion at June 30, 2011 compared to NOK 99.8 billion at December 31, 2010 and NOK 94.5 billion at June 30, 2010.
The volume of Eksportfinans’ order book for export-related loans is solid. The probability adjusted order book was approximately NOK 30 billion at June 30, 2011, compared to NOK 31 billion at the end of the first half-year of 2010.
Investor interest
In May, Eksportfinans issued a five year global US dollar benchmark. Of the USD 1.25 billion transaction, 63 percent was bought by central banks.
Total new funding in the first half-year of 2011 amounted to NOK 33.7 billion through 244 individual bond issues compared to NOK 41.9 billion and 462 bond issues in the first half-year of 2010. Eksportfinans has a smaller funding requirement for 2011 and has therefore reduced issuance compared to previous periods.
Results
Eksportfinans had a total comprehensive income of NOK 110 million in the first half-year of 2011. The comparative total comprehensive income was NOK 176 million in the first half-year of 2010. Net profit excluding unrealized gains and losses was NOK 434 million in the first half-year of 2011, compared to NOK 415 million in the corresponding period in 2010. Net interest income was NOK 732 million in the first half-year of 2011. This was NOK 38 million higher than the corresponding period in 2010. The main reasons for the higher net interest income in 2011 is the preference share dividends expense accrued for in the first half of 2010.
Click here to read the report for the first half-year of 2011 (pdf).
Click here to read the press release (pdf).