Finnvera Oyj Reports Positive Financial Growth in Q1 2024

Finnvera Oyj, a Finnish financial institution, declared a profitable first quarter in 2024, with a significant improvement from a loss in the same period last year. The company noted a net profit of EUR 54 million in contrast to a EUR 39 million loss in 2023. Key financial indicators such as the equity ratio and expense-income ratio also showed positive developments.

The reduced financial granting compared to the previous year was evident with domestic loans and guarantees at EUR 0.2 billion and export-related guarantees at EUR 1.6 billion. Despite lower loan and guarantee volumes, Finnvera maintained stable loss provisions, marking confidence in the current risk assessment. A noteworthy improvement was seen in Finnvera’s Net Promoter Score, indicating high customer satisfaction.

CEO Pauli Heikkilä touched on the ongoing recession in Finland and the moderated increase in risk indicators in domestic operations. Finnvera's strategic response includes continued support for sectors like cruise shipping that are rebounding from pandemic disruptions and extending export credit guarantees to Finnish businesses operating in Ukraine.

The company's commitment to promoting sustainable development through its financing activities aligns with the goals of the Paris Climate Agreement. Looking ahead, while the economic outlook posits gradual recovery, uncertainties remain with the expectation of key interest rate reductions toward the end of the year.