Eksportfinans’ third quarter financial results 2018

11/2/2018 - Stock exchange notice

The board of directors in Eksportfinans has on November 2, 2018 approved the financial report for third quarter 2018.

Net interest income was NOK 100 million for the first three quarters of 2018, compared to NOK 154 million for the first three quarters of 2017. The decrease was mainly due to a lower level of interest generating assets.

Profit for the first nine months of 2018 was NOK 71 million, compared to negative NOK 287 million for the first nine months 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 NOK 11 million for the first three quarters of 2018, compared to negative NOK 287 million for the first three quarters of 2017. The fluctuations in these figures are primarily due to unrealized effects on Eksportfinans’ own debt.

Total assets amounted to NOK 18.8 billion at September 30, 2018, compared to NOK 22.4 billion at December 31, 2017 and NOK 24.0 billion at September 30, 2017. The reduction was due to scheduled repayments of debt.

The core capital ratio was 104.0 percent at September 30, 2018, compared to 94.2 percent at December 31, 2017 and 77.1 percent at September 30, 2017. At September 30, 2018, Eksportfinans had liquidity reserves totaling NOK 6.5 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

 

 

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