Nordic Investment bank racked up EUR 195m profit in Q3

During the first nine months of 2023, the Nordic Investment Bank (NIB), of which Latvia is one of the shareholders, delivered net profits of EUR 195 million (EUR 84 million in the same period in 2022) and disbursed EUR 2,050 million (EUR 2,883 million), it said November 1.

During the quarter, new loans were signed to finance marine decarbonisation and new renewable energy capacity and to strengthen the electricity distribution networks in the region.

In August, NIB strengthened its Baltic presence with a new office in Riga, as previously reported by LSM.

"The new office brings NIB closer to its Baltic stakeholders, supporting the Bank’s strategic objectives to further enhance the outreach in the region," the international financial institution said.

“It is of the utmost importance for NIB to identify the priorities of our member countries and how we can support them. We have held several stakeholder meetings and seminars to explore this after the summer. This continuous dialogue is particularly valuable, as we are facing large geopolitical challenges across the world that also affect our region. As an international financial institution, we play a stabilising role in our region while supporting our customers,” said André Küüsvek, NIB President and CEO.

To meet the demand for its financing, NIB has raised EUR 6.7 billion in new funding in the first nine months of 2023, including two global benchmark bonds in USD with large orderbooks and in September NIB issued a SEK 2 billion NIB Environmental Bond.

The net profit for the period from January to September increased by EUR 111 million compared to the same period in 2022. 

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. 

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