The Nordic Investment Bank (NIB) said on February 16 it earned a profit of €165mn in 2020, a 9.3% decrease on year.
In 2020, NIB paid out €4.853bn in loans, significantly more than the €2.676bn paid out in 2019, NIB said. Of this, €1.47bn were response loans aimed at alleviating the social and economic consequences of the COVID-19 pandemic in the bank’s member countries.
According to NIB, the board of directors proposes to the board of governors that no dividend is to be paid to the bank’s member countries for the year 2020.
NIB was founded by the five Nordic countries in 1975, and the Baltic states became members of the bank in 2005. The bank is currently co-owned by Estonia, Iceland, Latvia, Lithuania, Norway, Sweden, Finland and Denmark. NIB is headquartered in Helsinki. According to the rating agencies Standard & Poor's and Moody's, the bank has the highest possible credit rating of AAA/Aaa.
NIB finances long-term private and public sector projects both in the owner countries and abroad. The volume of NIB's loan portfolio is over €20bn. The bank has been operating in Estonia since 1994 and has financed investment projects totalling more than €1.5bn.
Related Articles
Poland’s Orlen signs deal to supply Ukraine with LNG
Ukraine’s Naftogaz will purchase 100mn cubic metres of LNG from Poland’s Orlen, Ukraine’s biggest state-owned energy firm announced on March 7. The LNG will be transported from cargoes ... more
Swedbank Estonia CEO says Lithuania's bank taxes spooked investors' and foreign banks’ interest
Olavi Lepp, CEO of Swedbank’s Estonian branch, stated that Lithuania’s recently imposed temporary bank solidarity levy has dampened interest among new banks and foreign investors in the ... more
Citadele Bank profit in Baltics in H1 plummets 21% y/y to €50.9mn
Citadele, a pan-Baltic bank, reported a 21% decrease in net profit for the first half of 2024, totalling €50.9 million compared to €64.5 million in the same period last year, BNS, a Baltic ... more
Most Read
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
1 month ago
-
Scandal surrounding Hungarian central bank’s investments spreads to Polish developer GTC
29 days ago
-
Trump Ukraine envoy Witkoff dismisses Starmer’s Ukraine ceasefire plan, parrots Kremlin talking points
1 month ago
-
Israeli IDF troops engage in ground battle in Syria as airstrikes hit Palmyra
29 days ago
-
COMMENT: Why Iran remains wary of Trump's negotiation overtures
30 days ago