Nordic Investment Bank delivers strong half-year financial results

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During the first six months of 2024, NIB signed a total of EUR 2,642 million in new lending and disbursed EUR 1,896 million, compared to EUR 1,241 million and EUR 1,670 million respectively in the same period in 2023.

NIB had a strong first half of the year. The net profit for the period increased by 12.3%, from EUR 127 million to EUR 143 million, compared to the same period in 2023. The increase in net profit is mainly due to higher net interest income.

“The Bank’s financial results continued the positive trend we saw during the first quarter of the year. Our earnings continued to improve, and net interest income increased by 15.8% compared to the same period a year ago. This strong financial position is the foundation that will enable us to deliver our mission” says André Küüsvek, NIB President and CEO.

During the January–June period, new lending was distributed across various sectors and countries, including the Bank’s first disbursements to InvestEU loans. Close to 100% of loans disbursed financed projects that achieved a “good” or “excellent” mandate rating, exceeding the target of 95%.

“I’m pleased to say that after the busy spring period, our new signed lending reached over EUR 2.6 billion. The signed loans ranged from the healthcare sector to SMEs and to investments related to the green transition, supporting our customers and the whole Nordic-Baltic region with a high impact,” says Küüsvek.

To meet the demand for our financing, the Bank has raised EUR 6.4 billion in new funding so far in 2024. This includes a five-year USD 1.5 billion global benchmark bond with a final orderbook of more than USD 4.5 billion, the largest ever for NIB.

“We also discussed our strategic direction with our Board of Governors during the spring. In line with their guidance, we have revised our Sustainability Policy which entered into force in July after the public consultation. The revision includes a variety of subjects, ranging from defence to biodiversity,” says Küüsvek. The policy is available here.

NIB Interim Financial Report January-June 2024

Key figures and ratios
In millions of euro unless otherwise stated Jan–Jun 2024 Jan–Jun 2023 YoY % change Jan–Dec 2023
Net interest income 162 139 15.8% 299
Profit before net loan losses 147 123 19.0% 248
Net profit 143 127 12.3% 251
Lending disbursed 1,896 1,670 13.5% 3,446
New signed lending 2,642 1,241 112.9% 2,829
% of loans achieving good or above mandate * 99.9% 99.8% 0.1% 99.8%
Lending outstanding 22,182 21,326 4.0% 21,924
Total assets 41,615 39,102 6.4% 39,593
New debt issuance 6,445 4,689 37.4% 7,152
Debts evidenced by certificates 33,953 31,022 9.4% 32,190
Total equity 4,424 4,206 5.2% 4,350
Equity/total assets ** 10.6% 10.8% -1.2% 11.0%
Net profit/average equity ** 6.5% 6.2% 6.1% 5.9%
Cost/income ** 17.1% 18.5% -7.6% 18.8%
Number of employees at period end 257 237 8.4% 244

* See page 8 of the Interim financial report for mandate fulfilment explanation
** See page 26 of the Interim financial report for 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, [email protected]
Kim Skov Jensen, Vice President & CFO, at +358 10 618 0209, [email protected]
Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, [email protected]

Originally published on 14 August by Nordic Investment Bank.

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