NIB reports big drop in new loans amid Covid-19 crisis
The Nordic Investment Bank has agreed a total of €256.8 million (€1,716.9 million in Q1, 2020) in new loans during the three-month period ending 31 March this year.
NIB published its unaudited interim management statement for the first quarter of 2021, revealing that it disbursed €725.3 million (€946.4 million in Q1, 2020).
The lender said the year-on-year decrease was expected after last year's record highs, due to the bank's response to the Covid-19 crisis. The net profit for the three-month period amounted to €35.1 million, compared to a loss of €112.7 million in the same period in 2020. The loss in 2020 resulted from unrealised losses on financial instruments when the financial markets experienced significant movements at the start of the Covid-19 outbreak. The bank has maintained its expected credit loss provision at a similar level as at 31 December, 2020. There have been no realised loan losses during the year to date.
