NIB Annual Report 2024
Summary
In 2024, NIB continued to deliver on its mission and faced strong demand for its sustainable long-term lending despite a somewhat dampened investment climate in the region.
During 2024, the Bank paid out EUR 4.4 billion (EUR 3.4 billion in 2023) to its clients. Only in 2020 have disbursements been higher due to Covid-19 response.
The Bank’s net profit for the year increased to EUR 256 million, driven by the record high net interest income. NIB’s Board of Directors proposes to distribute EUR 76 million in dividends to the Bank’s Nordic and Baltic member countries.
Message from the President and CEO
“As we reflect on the past year, it is evident that the world continues to be characterized by significant uncertainty. With the ongoing war by Russia in Ukraine, the geopolitical tensions continue to affect our lives, and at the same time the external developments have brought our region closer together. For us at NIB it has been clear that we need to work harder to promote the safety and security of the Nordic-Baltic region without losing sight of investments into our productivity and the environment,” writes André Küüsvek, NIB President and CEO.
Lending in 2024
A large share of disbursements went to the energy sector reflecting the Nordic-Baltic region’s climate goals and accelerated transition towards energy independence and security. Almost all mandate rated projects were assessed as having a high impact on the region’s productivity and/or environment.
The Bank also paid out significant amounts to electricity transmission and distribution developments, transportation related projects and R&D programmes of large industrial member country companies. During 2024, NIB also disbursed a record amount of sustainability-linked loans.
EUR 4,353 million lending disbursed
99.9% mandate fulfilment
292,000 tonnes of net CO2e reduced or avoided
Funding in 2024
During the year, NIB raised EUR 1.9 billion more in funding compared to 2023. The growth was mainly due to higher redemptions and high lending activities. By the end of 2024, NIB’s total outstanding debt financing amounted to EUR 36 billion.
EUR 9.1 billion raised in new funding
95 transactions
12 different currencies
EUR 1.7 billion raised in NEB
New NEB Framework launched
Largest single NEB issuance
2024 marked a record high total NEB issuance volume and the largest single NEB issuance ever launched. During the year, NIB introduced an updated NEB framework, reflecting the latest developments and finetuning the scope of eligible categories. The framework received a “Dark Green” Second Opinion from S&P Global Ratings.
Stakeholder dialogue
In the Board of Governors meeting in March, the Nordic-Baltic owner countries called on the Bank to maximise its contribution to the region’s productivity and innovation, climate and nature, and security and resilience.
As security and resilience is a new area for NIB, the Bank updated its Sustainability Policy and started to build a pipeline for possible defence-related projects.
In 2024, NIB continued to implement the strategy approved by the Board of Directors at the end of 2021. By building on its AAA/Aaa credit rating, a cornerstone of its business model, NIB demonstrated its ability to navigate the challenging economic landscape, achieving both high disbursements and record net interest income.
NIB and the Republic of Latvia signed a Host Country Agreement to formalise the status of NIB’s regional hub in Riga. During 2025, NIB will operationalise the Riga hub with the goal of increasing its activity in the Baltics and promoting cross-border investment in the Nordic-Baltic region.
Contacts
Jens Hellerup
Senior Director
Head of Funding & Investor Relations
+358 10 618 0340
Luca De Lorenzo
Senior Director
Head of Sustainability & Mandate
+358 10 618 0297
Jukka Ahonen
Senior Director
Head of Communications
+358 10 618 0295