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NIB
NIB - Annual Results 2005   21.3.2006 14:35:27
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
NIB’s lending on steady rise in 2005

NIB’s lending on steady rise in 2005

 

The year 2005 was positive for the Nordic Investment Bank (NIB). The Bank’s lending expanded at a rapid pace and loan disbursements were higher than in any previous year.

 

NIB’s net interest income rose to EUR 169 million in 2005, up from EUR 163 million in 2004. The bank’s profit for 2005 amounted to EUR 165 million, down from EUR 172 million the year before. The difference is due to lower profits from market revaluation of the Bank’s trading portfolio. The Board of Directors proposes that EUR 55 million, the same amount as in the previous year, be paid as dividends to the Bank’s member countries.

 

Disbursements of new loans reached EUR 2,092 million (2004: EUR 1,348 million) and new loan agreements amounted to EUR 2,616 million (1,657). At the end of the year, loans outstanding rose by 14% year-on-year to EUR 11,717 million (10,279).

 

NIB’s borrowing outstanding amounted to EUR 14,456 million (12,355) at the end of 2005. The Bank successfully launched its fourth USD 1 billion global benchmark issue.

 

The quality of the Bank’s portfolios, taken as a whole, continues to be very high. The net effect of credit losses and recoveries was positive at EUR 0.1 million.

 

Three new member countries

As of 1 January 2005, Estonia, Latvia and Lithuania joined NIB as new members. The membership enlargement has also involved the adoption of new constituent documents and the establishment of a new governing body, the Board of Governors, in which all eight member countries—Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden—are represented by their ministers of finance and economy.

 

Lending to manufacturing industry and infrastructure

The volume of lending in the member countries reached an all-time high: NIB entered into 55 loan agreements with the total amount of EUR 1,653 million, up from EUR 1,165 million the year before.

 

Manufacturing industry accounted for more than one third and the energy sector for more than one fourth of loans agreed in the member countries during the year. NIB provided loans to environment-friendly and energy-saving investments, for instance in the pulp and paper industry in Finland and Sweden, and a number of cross-border corporate acquisitions. Among the loans to the energy sector, NIB financed the construction of the first power link between the electricity networks in the Baltic countries and the Nordic region.

 

Outside the membership area, NIB entered into 29 new loan agreements: EUR 545 million went to 15 individual projects and EUR 417 million to 14 loan programmed in cooperation with financial and other intermediaries. At year-end 2005, the Bank had loans outstanding in 29 non-member countries. Lending outside the membership area was mostly focused on financing of infrastructure investments, mainly within the sectors of energy, transport and communications. During the year, the Bank had particularly active lending in Poland, China, Vietnam and Brazil.

 

Environmental projects

Financing environmental investment is one of the cornerstones of NIB’s lending operations. During the year, 26 new environmental loans for a total of EUR 336 million were granted. Of the loans disbursed during the period, environmental loans accounted for 17%. In financing environmental projects in the areas adjacent to the member countries, the Bank has assumed an active role in the Northern Dimension Environmental Partnership (NDEP). As lead bank, NIB coordinated the financial structuring of the first completed NDEP project, the construction of the Southwest Wastewater Treatment Plant in St. Petersburg, Russia. The plant was inaugurated in September 2005.

 

New President and CEO

On 1 April 2005, Johnny Åkerholm (Finland) took up the position of President and Chief Executive Officer. He succeeded Jón Sigurðsson (Iceland), who had been NIB’s President and CEO since April 1994.

 

 

NIB’s Financial Statements for 2005 are available on http://annual.nib.int

 

Key figures

(in EUR million)

2005

2004

Net interest income

169

163

Profit

165

172

Loans disbursed

2,092

1,348

Loan agreements

2,616

1,657

Loans outstanding

11,717

10,279

New debt issues

2,059

1,808

Debts evidenced by certificates

14,456

12,355

Net liquidity

3,101

2,876

Total assets

18,178

16,363

Equity/total assets (%)

10.7

10.9

Profit/Average equity (%)

8.9

10.1

 

 

 

Number of employees

150

147

 

 

NIB is a multilateral 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 call Mr Johnny Åkerholm, President and CEO, on +358 9 18001,

or Ms Jamima Löfström, Information Manager, on +358 9 180 0291 or +358 40 581 7208.               

 

www.nib.int

 


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