NIB Reports Strong First Quarter Performance and Expands Green Financing Initiatives

NIB Reports Strong First Quarter Performance and Expands Green Financing Initiatives

(IN BRIEF) The Nordic Investment Bank (NIB) announces a robust performance for the first quarter of 2024, with close to EUR 1 billion in new lending signed and EUR 643 million disbursed. The bank’s annual meeting of the Board of Governors in Tallinn resulted in the approval of audited financial statements for 2023 and a EUR 63 million dividend payment to member countries, emphasizing a commitment to climate action, productivity, innovation, and regional resilience. Notably, NIB achieved a 26% increase in net profit, reaching EUR 82 million, attributed to higher net interest income. The expansion of NIB’s financing activities, particularly in driving the green transition, is underscored by the signing of an InvestEU guarantee amendment with the European Commission, extending across all Nordic and Baltic member countries. With a focus on sustainable development, NIB continues to play a pivotal role in financing projects both within and outside its member countries, contributing to the advancement of economic and environmental objectives in the region and beyond.

(PRESS RELEASE) HELSINKI, 26-Apr-2024 — /EuropaWire/ — During the first three months of 2024, NIB signed close to EUR 1 billion in new lending and disbursed EUR 643 million. The lending was distributed across various sectors and countries, including the Bank’s first disbursements to InvestEU loans.

On 22 March, the annual meeting of the Board of Governors of NIB was held in Tallinn. The Governors approved the Bank’s audited financial statements for 2023 and the dividend payment of EUR 63 million to the Nordic and Baltic member countries. The Governors also issued a statement calling for the Bank to maximise its contribution to climate and nature, productivity and innovation, and the security and resilience of the Nordic-Baltic region.

“The message from our owners was clear. Nordic and Baltic countries are stronger together, and NIB’s mission, given by the Bank’s owner countries, remains valid. With our shared commitment, we can navigate these uncertain times, and with NIB’s long-term lending, we are continuing to work towards a more sustainable future together with our clients,” says André Küüsvek, NIB President and CEO.

During the first quarter of 2024, all loans disbursed financed projects that achieved a “good” or “excellent” mandate rating, exceeding the target of 95%.

NIB raised EUR 4 billion in new funding during the first quarter of 2024. On 21 February, NIB priced a five-year USD 1.5 billion global benchmark bond, its first USD benchmark of the year. The issue had a final orderbook of more than USD 4.5 billion, the largest ever for NIB.

Net profit increased by 26% from EUR 65 million to EUR 82 million, compared to the same period in 2023. The increase in net profit is mainly due to higher net interest income.

During the quarter, the European Commission and NIB signed an InvestEU guarantee amendment whereby NIB also becomes the implementing partner for Norway and Iceland. With Norway and Iceland joining, the guarantee now extends across all NIB’s Nordic and Baltic member countries. This expansion enables us to enhance our financing activities, particularly in driving the green transition.

NIB Q1 2024 Interim Management Statement

*  Unaudited figures
** See page 8 of the interim management statement for mandate fulfilment explanation
*** See page 18 of the interim management statement 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.

Media Contacts:

André Küüsvek
President & CEO
+358 10 618 001
info@nib.int

Kim Skov Jensen
Vice President & CFO
+358 10 618 0209
kim.jensen@nib.int

Jukka Ahonen
Senior Director, Head of Communications
+358 10 618 0295
jukka.ahonen@nib.int

SOURCE: Nordic Investment Bank