Eksportfinans' board approved the company's financial report for the first quarter of 2018 on Thursday May 3, 2018.
Net interest income was NOK 35 million in the first quarter of 2018, compared to NOK 62 million for the first quarter of 2017. The decrease was mainly due to a lower level of interest generating assets.
Profit for the first quarter of 2018 was NOK 14 million, compared to negative NOK 152 million for the first quarter of 2017. The difference is mainly due to changed accounting principles following the implementation of IFRS 9 as of January 1, 2018.
Total comprehensive income was negative NOK 14 million for the first quarter of 2018, compared to negative NOK 152 million for the first quarter of 2017. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt.
Total assets amounted to NOK 20.0 billion at March 31, 2018, compared to NOK 22.4 billion at December 31, 2017 and NOK 33.0 billion at March 31, 2017. The reduction was due to scheduled repayments of debt.
The core capital ratio was 98.5 percent at March 31, 2018, compared to 94.2 percent at December 31, 2017 and 66.7 percent at March 31, 2017. At March 31, 2018, Eksportfinans had liquidity reserves totaling NOK 6.5 billion.
During April 2018, the company sold its entire ABS portfolio to the market generating a gain of NOK 45 million. The proceeds have been reinvested in the company’s liquidity reserve portfolio, thereby further strengthening the company’s liquidity.
Facts about Eksportfinans ASA
Eksportfinans manages a solid 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 substantial 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.