Nordic Investment Bank 18-K/A Annual report (foreign governments) (amended)

Exhibit VI

NORDIC INVESTMENT BANK

Financial information
January-April 2010

(unaudited)

Nordic Investment Bank Financial information January-April 2010

Table of contents

Key figures	3
Comments	4
Statement of comprehensive income	5
Statement of financial position	6
Changes in equity	7
Cash flow statement	8

15 June 2010

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Nordic Investment Bank Financial information January-April 2010

Key figures

(in EUR million unless otherwise noted)	Apr 2010*		Apr 2009*		Dec 2009
Net interest income		78		69		219
Core earnings**		71		62		192
Profit		59		91		324
Loans disbursed		128		744		1,954
Loan agreements		183		450		1,417
Loans outstanding		13,886		13,740		13,763
Guarantee commitments		12		17		12
New debt issues		1,589		2,370		4,137
Debts evidenced by certificates		20,532		19,177		17,998
Total assets		24,784		23,502		22,423
Equity/total assets (%)		8.5		7.7		9.1
Number of employees (persons)		176		170		178

*	Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto
**	Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains/losses of the trading portfolio, credit losses and reversals thereof.

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Nordic Investment Bank Financial information January-April 2010

Comments

NIB’s financial figures January-April 2010

In the first four months of the year, the global economy has continued to recover, but recent events have revealed that the situation is not back to normal. The large funding needs of governments have rapidly become structural in nature. In such a situation, the role of IFIs such as NIB becomes even more important.

NIB’s operational results for January-April 2010 in terms of core earnings* amounted to EUR 71 million, up from EUR 62 million during the same period last year. NIB’s profit amounted to EUR 59 million. Positive valuations both on financial instruments in NIB’s trading portfolios and in hedge accounting contribute to the profit.

NIB’s balance sheet total at the end of the period was EUR 25 billion. Loans outstanding stood at EUR 14 billion, the same as per year-end 2009. Loan disbursements amounted to EUR 128 million, compared with EUR 744 million in January-April 2009. The main reason for the slow start can be traced back to the end of 2009, when a significant acceleration of disbursements took place. Furthermore, the liquidity among corporate clients has been very good from the beginning of the year and, in combination with cautious investments, the demand for financing has somewhat decreased. Impairments to the loan book amounted to EUR 42 million as per the end of April 2010 (January-April 2009: EUR 12 million).

In its lending operations, NIB has continued to put an increasing emphasis on financing projects complying with the Bank’s mandate. Some 70% of disbursements were in the focus sectors: the environment; energy; transport, logistics and communication; and innovation.

In the current circumstances, investors’ demand for quality benefits NIB with its Nordic assets and ownership and result in relatively lower funding costs for NIB’s customers. In January, the Bank issued a successful three-year USD 1 billion benchmark bond. During January-April 2010, NIB has raised EUR 1.6 billion in seven currencies.

NIB expects the demand for its loans to increase during the rest of the year and that the steady upward trend in its core earnings will continue.

Johnny Åkerholm
President and CEO

* Core earnings consist of the profit before adjustments to hedge accounting, realised and unrealised gains/losses of the trading portfolio, credit losses and reversals thereof.

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Nordic Investment Bank Financial information January-April 2010

Statement of comprehensive income
EUR 1,000

	Jan-Apr 2010*		Jan-Apr 2009*		Jan-Dec 2009
Interest income		137,569		269,506		603,038
Interest expense		-60,052		-200,197		-384,040
Net interest income		77,517		65,309		218,998
Commission income and fees received		1,049		2,754		8,909
Commission expense and fees paid		-937		-848		-2,843
Net profit/loss on financial operations		35,803		44,935		177,754
Foreign exchange gains and losses		641		-84		-733
Operating income		114,073		116,065		402,085
Expenses
General administrative expenses		11,126		11,050		30,601
Depreciation		1,593		1,630		5,074
Impairment of loans		42,257		12,129		42,511
Total expenses		54,977		24,809		78,186
PROFIT/LOSS FOR THE PERIOD		59,096		91,256		323,900
Value adjustments on the available-for-sale portfolio		133		-143		-3,533
Total comprehensive income		59,229		91,113		320,367

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank Financial information January-April 2010

Statement of financial position
EUR 1,000

		30 Apr 2010*		30 Apr 2009*		31 Dec 2009
ASSETS
Cash and cash equivalents			3,017,538		4,899,201		973,837
Financial placements
Placements with credit institutions			130,709		101,609		84,954
Debt securities			5,360,432		2,610,365		5,659,220
Other			23,109		14,352		19,999
			5,514,250		2,726,325		5,764,173
Loans outstanding			13,886,369		13,739,523		13,762,661
Intangible assets			6,135		6,701		6,703
Tangible assets, property and equipment			32,825		34,670		33,457
Other assets
Derivatives			1,936,004		1,705,989		1,463,803
Other assets			41,627		16,318		28,789
			1,977,631		1,722,307		1,492,592
Payments to the Bank’s reserves, receivable			11,519		23,997		17,758
Accrued interest and fees receivable			338,150		349,073		372,289
TOTAL ASSETS			24,784,417		23,501,796		22,423,470
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			640,813		771,747		452,395
Long-term amounts owed to credit institutions			184,093		142,419		201,052
			824,906		914,166		653,447
Debts evidenced by certificates
Debt securities issued			20,294,703		18,918,718		17,775,437
Other debt			237,082		258,183		222,117
			20,531,785		19,176,901		17,997,553
Other liabilities
Derivatives			1,046,223		1,298,235		1,423,870
Other liabilities			7,525		6,475		7,747
			1,053,749		1,304,710		1,431,617
Accrued interest and fees payable			264,438		284,962		290,544
Total liabilities			22,674,878		21,680,740		20,373,161
Equity
Authorised and subscribed capital	4,141,903
of which callable capital	-3,723,302
Paid-in capital	418,602		418,602		418,602		418,602
Reserve funds
Statutory Reserve	676,807
General Credit Risk Fund	550,757
Special Credit Risk Fund PIL	395,919
	1,623,483		1,623,483		1,287,105		1,293,344
Payments to the Bank’s reserves, receivable			11,519		23,997		17,758
Other value adjustments			-3,161		96		-3,294
Profit/loss for the period			59,096		91,256		323,900
Total equity			2,109,538		1,821,056		2,050,310
TOTAL LIABILITIES AND EQUITY			24,784,417		23,501,796		22,423,470
Guarantee commitments			12,500		16,667		12,500

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank Financial information January-April 2010

Changes in equity*
EUR 1,000

									Payments to
									the Bank’s
									Statutory
					General		Special		Reserve		Appropriation				Profit/loss
	Paid-in		Statutory		Credit		Credit Risk		and credit		to dividend		Other value		for the
	capital		Reserve		Risk Fund		Fund PIL		risk funds		payment		adjustments		period		Total
Equity at 31 December 2008		418,602		656,770		622,131		281,919		31,556		0		239		-281,273		1,729,943
Appropriations between reserve funds						-281,273										281,273		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				7,559						-7,559								0
Comprehensive income for the period 1/1—30/4/2009														-143		91,256		91,113
Equity at 30 April 2009		418,602		664,329		340,857		281,919		23,997		0		96		91,256		1,821,056
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				6,239						-6,239								0
Comprehensive income for the period 1/5—31/12/2009														-3,390		232,644		229,254
Equity at 31 December 2009		418,602		670,568		340,857		281,919		17,758		0		-3,294		323,900		2,050,310
Appropriations between reserve funds						209,900		114,000								-323,900		0
Paid-in capital																		0
Called in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable				6,239						-6,239								0
Comprehensive income for the period 1/1—30/4/2010														133		59,096		59,229
Equity at 30 April 2010		418,602		676,807		550,757		395,919		11,519		0		-3,161		59,096		2,109,538

* Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank Financial information January-April 2010

Cash flow statement
EUR 1,000

	Jan-Apr 2010*		Jan-Apr 2009*		Jan-Dec 2009
Cash flows from operating activities
Profit/loss from operating activities		59,096		91,256		323,900
Adjustments:
Market value adjustment, trading portfolio		-26,313		-23,900		-135,915
Impairment on accrued interest and matured financial assets				1,164
Depreciation and write-down in value of tangible and intangible assets		1,593		1,630		5,074
Change in accrued interest and fees (assets)		34,017		16,353		-5,699
Change in accrued interest and fees (liabilities)		-26,105		-47,945		-42,364
Impairment of loans		42,257		12,129		42,511
Adjustment to hedge accounting		-3,060		-22,112		-37,661
Other adjustments to the period’s profit		-12		-12		-36
Adjustments, total		22,377		-62,695		-174,090
Lending
Disbursements of loans		-128,009		-744,316		-1,953,924
Repayments of loans		362,124		302,971		1,326,496
Realised impairment losses on loans						16,630
Capitalisations, redenominations, index adjustments etc.		-151		-271		-865
Transfer of loans to other financial placements						8,584
Transfer of loans to claims in other assets						64,423
Exchange rate adjustments		-371,426		-234,614		-204,805
Lending, total		-137,462		-676,230		-743,461
Cash flows from operating activities, total		-55,989		-647,669		-593,651
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-1,243,559		-1,259,278		-2,934,459
Sold and matured debt securities		1,623,429		1,143,426		2,292,851
Placements with credit institutions		-45,674		-19,702		-3,182
Other financial placements		-2,978		-337		-9,369
Exchange rate adjustments etc.		-55,930		-6,719		-2,580
Placements and debt securities, total		275,288		-142,610		-656,739
Other items
Acquisition of intangible assets		-328		-713		-2,505
Acquisition of tangible assets		-65		-364		-807
Change in other assets		-2,828		-8,195		-130,076
Other items, total		-3,220		-9,273		-133,388
Cash flows from investing activities, total		272,068		-151,883		-790,127
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		1,588,798		2,370,276		4,136,814
Redemptions		-454,783		-1,414,159		-3,644,632
Exchange rate adjustments		1,229,621		746,604		281,597
Debts evidenced by certificates, total		2,363,636		1,702,721		773,780
Other items
Long-term placements from credit institutions		-16,959		63,312		121,945
Change in swap receivables		-344,061		-6,360		118,636
Change in swap payables		-369,429		-510,758		-487,173
Change in other liabilities		-222		1,271		2,543
Paid-in capital and reserves		6,239		7,559		13,798
Other items, total		-724,432		-444,976		-230,251
Cash flows from financing activities, total		1,639,204		1,257,745		543,529
CHANGE IN NET LIQUIDITY		1,855,283		458,194		-840,249
Opening balance for net liquidity		521,442		1,361,690		1,361,690
Closing balance for net liquidity		2,376,725		1,819,884		521,442
Additional information to the statement of cash flows
Interest income received		171,708		287,022		597,339
Interest expense paid		-86,158		-248,142		-426,403

The cash flow statement has been prepared using the indirect method and the cash flow items cannot be directly concluded from the statements of financial positions.

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2009 and the notes thereto

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Nordic Investment Bank Financial information January-April 2010

Nordic Investment Bank (NIB)
Fabianinkatu 34
P.O. Box 249
FI-00171 Helsinki, Finland

Telephone: +358 10 618 001
Fax: +358 10 618 0725
Internet: www.nib.int
E-mail: info@nib.int

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