NIB in Q1-Q3: Stable financial results with high increase in new signed lending
During the first nine months of 2024, the Nordic Investment Bank (NIB) delivered net profit of EUR 198 million (EUR 195 million in the same period in 2023) and disbursed EUR 2.4 billion (EUR 2.0 billion). NIB’s new signed lending increased to EUR 3.2 billion compared to EUR 1.6 billion the same period last year.
During the third quarter, new lending was distributed across various sectors and countries and will finance investments in energy sector, digital transformation, and research and development, for example.
“Our financial performance and high level of activity indicates a good pipeline and therefore higher disbursements in the coming periods,” says André Küüsvek, NIB President and CEO. “We have maintained the stable trend in our financial results with a 1.2% higher net profit in the first nine months of 2024 compared with the same period in 2023. Net interest income ended at EUR 244 million which is a 12.6% increase compared to the same period last year.”
During the first nine months of 2024, 99.9% of loans disbursed financed projects that achieved a “good” or “excellent” mandate rating, exceeding the target of 95%.
To meet the demand for its financing, NIB has raised EUR 8.2 billion in new funding in the first three quarters of 2024, very close to the amount of EUR 8.5-9.5 billion in the funding plan for the full year.
In August, NIB released its updated NIB Environmental Bond (NEB) framework. Following this, in September, the Bank issued a five-year EUR 750 million NEB. The transaction was NIB’s largest green bond ever, evidencing the global investor community’s strong support for the Bank.
“In addition to our good financial performance, the quarter also marked another milestone for the Bank. NIB and the Republic of Latvia signed a Host Country Agreement to formalise the status of NIB’s regional hub in Riga. The agreement enters into force in November and drives forward the Bank's strategy to enhance its presence in the Baltics and increase investments in underserved market segments,” concludes Küüsvek.
| Key figures and ratios | |||||
| In millions of euro unless otherwise specified | Jan–Sep 2024* | Jan–Sep 2023* | YoY % change | Jan–Dec 2023 | |
| Net interest income | 244 | 216 | 12.6% | 299 | |
| Profit before net loan losses | 198 | 193 | 3.1% | 248 | |
| Net profit | 198 | 195 | 1.2% | 251 | |
| Lending disbursed | 2,442 | 2,050 | 19.1% | 3,446 | |
| New lending signed | 3,227 | 1,637 | 97.0% | 2,829 | |
| % of loans achieving good or above mandate ** | 99.9% | 99.8% | 0.1% | 99.8% | |
| Lending outstanding | 22,276 | 21,534 | 3.4% | 21,924 | |
| Total assets | 41,402 | 40,238 | 2.9% | 39,593 | |
| New debt issuance | 8,236 | 6,741 | 22.2% | 7,152 | |
| Debts evidenced by certificates | 34,422 | 32,049 | 7.4% | 32,190 | |
| Total equity | 4,483 | 4,281 | 4.7% | 4,350 | |
| Equity/total assets *** | 10.8% | 10.6% | 1.8% | 11.0% | |
| Net profit/average equity *** | 6.0% | 6.2% | -4.1% | 5.9% | |
| Cost/income *** | 17.8% | 17.3% | 3.1% | 18.8% | |
| Number of employees at period end | 253 | 245 | 3.3% | 244 | |
* Unaudited figures
** See page 8 of the report for an explanation of mandate fulfilment
*** See page 19 of the report ratio definitions
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
André Küüsvek, President & CEO, at +358 10 618 001, info@nib.int
Kim Skov Jensen, Vice President & CFO, at +358 50 473 4347, kim.jensen@nib.int
Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int