Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 26 Aug 22

Exhibit IX

Interim Financial Report JANUARY–JUNE 2022 Q2

Table of contents 3 President and CEO's comments 4 Highlights 4 Key figures and ratios 5 Operating and financial review 5 Total comprehensive income 8 Financial position 10 Financial statements 10 Statement of comprehensive income 11 Statement of financial position 13 Statement of changes in equity 14 Cash flow statement 16 Notes to the interim financial statements 16 Note 1 - Segment information 18 Note 2 - Net interest income 18 Note 3 - Net profit on financial operations 19 Note 4 - Expected credit loss 19 Note 5 - Net loan losses 20 Note 6 - Lending outstanding 20 Note 7 - Debts evidenced by certificates 21 Note 8 - Classification of financial instruments 23 Note 9 - Fair value of financial assets and liabilities 26 Note 10 - Basis of preparation 26 Ratio definitions 28 Report on Review of Interim Financial Report INTERIM FINANCIAL REPORT / 2

As the war rages on in Ukraine, the need for the Nordic and Baltic region to accelerate the green transition and become independent of Russian oil and gas has become even more urgent. This was also the message by Simon Kollerup, Minister for Industry, Business and Financial Affairs of Denmark when he chaired the Board of Governors meeting in May. He also highlighted NIB’s role in making these goals a reality and in transforming the hard-to- abate sectors that must go green as well. At the meeting the Bank’s 2021 annual financial statements and a dividend payment of EUR 40 million were approved. It should be noted that the Bank has very limited direct exposure towards Russia and Belarus. NIB ceased financing new projects in Russia in 2014 and no new loans have been signed in Belarus since 2012. The indirect exposure to our borrowers continues to be closely monitored and we do not at this stage anticipate any significant impact on the credit quality of our loan portfolio. The Bank is in a strong financial position as confirmed by our triple-A rating which was reaffirmed by Standard & Poor’s and Moody’s in April. NIB’s credit rating, the highest possible from rating agencies, reflects the Bank's high asset quality, solid liquidity and capital adequacy, strong balance sheet and ownership. During the first six months of 2022, the Bank has seen a substantial increase in demand for NIB financing. A total of EUR 2,203 million in new lending was agreed and EUR 2,142 million was disbursed compared to EUR 664 million and EUR 1,266 million respectively, in 2021. The increased activity can be attributed mainly to two things. Firstly, it is typical that during times of turbulence, International Financial Institutions such as NIB experience higher demand. Uncertainty in the financial markets had already increased before the war with inflationary pressures and expectations for rate hikes from central banks. Secondly, the increased activity also reflects the implementation of the new business strategy which the Board approved in President & CEO's comments January–June 2022 2021. Our strategy execution is proceeding accordingly to plan in 2022 and has also been supported by client interactions initiated last year. Therefore, even in the changed external circumstances, we are already seeing a tangible impact of strategy implementation. The new lending was distributed across various industries and countries and included sustainability linked loans (SLL), a Covid-19 response loan and NIB’s first purchase of a bond eligible under the Minimum Requirement for own funds and Eligible Liabilities (MREL) issued by a financial institution, more details of which can be found here. To meet the demand for our financing, the Bank has raised EUR 5.5 billion in new funding in the first half of 2022. Amongst other transactions, NIB issued its inaugural NIB Environmental Bond (NEB) denominated in Danish Kroner (DKK). The eight-year DKK 2 billion bond was mainly invested by domestic ESG focused investors. The Bank has now issued a total of EUR 6.2 billion in environmental bonds under its NEB Framework since 2011. The net profit for the period January to June amounted to EUR 39 million compared to EUR 82 million in 2021. The decrease is mainly due to unrealised fair value losses on financial instruments used for hedging purposes. However, net interest income and operational profit are better than planned. Further details regarding the financial performance can be found in the Operating and Financial Review on page 5-9. As stated previously, we are ready to support the efforts of our clients and member countries to deal with the current geopolitical and economic challenges. André Küüsvek, President & CEO INTERIM FINANCIAL REPORT / 3

During the first six months of 2022, the Bank has seen a significant increase in demand for NIB financing. A total of EUR 2,203 million in new lending was agreed and EUR 2,142 million was disbursed compared to EUR 664 million and EUR 1,266 million respectively, in 2021. The net profit for the six-month period amounted to EUR 39 million compared to EUR 82 million in 2021. This decrease in profit is mainly due to higher unrealised losses on financial instruments used for hedging purposes. The underlying profit was better than expected with net interest income and commission fee income higher than in 2021. The Bank is in a strong financial position as confirmed by our triple-A rating which was reaffirmed by Standard & Poor’s and Moody’s in April. Also in April, NIB purchased its first bond eligible under the Minimum Requirement for own funds and Eligible Liabilities (MREL) issued by a financial institution. Such investments and bond purchases meet NIB’ strategy to enhance its client value proposition and in developing capital markets. By supporting the local banks, NIB indirectly supports small and medium sized enterprises. In the first half of 2022, NIB also did more sustainability linked loans following up on the first loans done of this type in 2021. During the first half of 2022, NIB qualified as one of the first implementing partners to the InvestEU programme, a EUR 26.2 billion European Union guarantee aimed at mobilising over EUR 372 billion in additional investments to support sustainable investment, innovation, and job creation in Europe during 2021-2027. NIB expects to participate in the InvestEU programme with a total lending capacity of up to EUR 480 million initially and is currently negotiating the EU guarantee terms with the European Commission. On 5 May, the annual meeting of the Board of Governors for NIB approved the Bank’s annual accounts for 2021 and a payment of EUR 40 million dividends. Highlights Key figures and ratios In millions of euro unless otherwise specified Jan-Jun 2022* Jan-Jun 2021* Jan-Dec 2021 Net interest income 104 102 201 Profit before net loan losses 31 68 133 Net profit 39 82 159 Lending disbursed 2,142 1,266 2,440 Lending agreed 2,203 664 1,852 Mandate fulfilment ** 98% 98% 97% Lending outstanding 22,616 22,260 22,313 Total assets 39,884 38,319 37,553 New debt issues 5,540 4,855 7,028 Debts evidenced by certificates 32,898 32,084 31,526 Total equity 3,976 3,936 3,999 Equity/total assets *** 10.0 % 10.3 % 10.6 % Profit/average equity *** 1.9 % 4.2 % 4.1 % Cost/income *** 47.6 % 28.1 % 27.9 % Number of employees at period end 226 224 221 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements ** See page 9 for mandate fulfilment explanation *** See page 26 for ratio definitions INTERIM FINANCIAL REPORT / 4

Total comprehensive income January–June 2022 compared to January–June 2021 NET PROFIT The net profit for the period January–June 2022 amounted to EUR 38.7 million, compared to EUR 82.5 million, in the same period last year. Total operating income decreased from EUR 94.1 million to EUR 58.9 million mainly due to unrealised fair value losses on financial instruments used for hedging purposes which is explained further under the section Net loss/ profit on financial operations. Total operating expenses increased by EUR 1.6 million to EUR 28.1 million. Net loan losses for the period resulted in a positive amount of EUR 7.8 million compared to a positive amount of EUR 14.8 million in 2021. NET INTEREST INCOME Net interest income for the period increased from EUR 101.9 million to EUR 103.6 million. Net interest income on lending activities increased by EUR 1.0 million from EUR 80.9 million to EUR 81.9 million due to higher loan volumes and margins. The net interest income on treasury activities of EUR 21.7 million was EUR 0.7 million higher than in 2021 due to increases in the market interest rate level. NET FEE AND COMMISSION INCOME Net fee and commission income for the period January–June 2022 was EUR 1.8 million higher than in 2021 due to the higher volume of loans agreed and disbursed. Operating and financial review NET COMMISSION INCOME AND FEES EUR m 5.0 4.0 3.0 2.0 1.0 NET PROFIT FOR THE PERIOD EUR m 160 120 80 40 0 120.0 100.0 80.0 60.0 40.0 20.0 NET INTEREST INCOME EUR m H1'20 H2'20 H1'21 H2'21 H1'22 0.0 H1'20 H2'20 H1'21 H2'21 H1'22 0 H1'20 H2'20 H1'21 H2'21 H1'22 Lending Treasury INTERIM FINANCIAL REPORT / 5

NET LOSS/PROFIT ON FINANCIAL OPERATIONS The loss on financial operations amounted to EUR 48.9 million compared to a loss of EUR 10.4 million in the same period last year. This result includes realised net gains of EUR 4.4 million and unrealised net losses of EUR 53.4 million compared to realised net profits of EUR 3.5 million and unrealised net losses of EUR 13.9 million in 2021. Against a backdrop of rising inflation, fears of a recession and the turbulent geopolitical environment, risk aversion led to spread widening in financial markets throughout the first half of the year. This generated unrealised valuation losses on interest rate hedges, and the Liquidity and Lending Bond portfolios. The unrealised valuation gains and losses on assets in the Bank’s liquidity portfolio arise from changes in credit spreads. The Bank maintains a large liquidity portfolio, which it invests in high quality bonds. When credit spreads widen, this results in negative valuations on the bonds. In periods of financial turbulence credit spreads tend to rise, which also affects NIB’s high quality bonds. As the Bank intends to hold the bonds to maturity, so that they are not sold based on the current exit market value, the valuation gains and losses are expected to reverse, as the bonds will settle at par. The unrealised valuation gains and losses on interest rate hedges mainly arise from the change of the interest rate spreads that are embedded in the Bank’s funding and lending transactions. When the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest rate risk using swaps, in which the fixed rate is swapped to the short-term money market floating rates referred to as the IBORs. In keeping with what NIB believes is industry best practice, the valuation of these swaps is based on a risk-free discounting rate called OIS (Overnight Interest rate Swap). The changes in spread between the risk-free rates (the OIS rates) and the relevant IBORs applicable to each such swap creates unrealised valuation gains and losses. It should be noted that as the Bank intends to hold these transactions to maturity, so that they are not sold for a price based on their exit market value, these valuation gains and losses are not expected to be realised as the transactions will settle at par. TOTAL OPERATING EXPENSES Total operating expenses amounted to EUR 28.1 million, an increase of EUR 1.6 million compared the corresponding period in 2021. Personnel costs increased by EUR 0.6 million and the administrative expenses of EUR 7.5 million were as expected higher than the 2021 level of EUR 6.6 million, as activities have increased due to the easing of Covid restrictions. NET LOAN LOSSES Following the outbreak of Covid-19, the global operating environment deteriorated and as a result, the Bank adjusted the macro-financial scenarios used to calculate the expected credit loss (“ECL”) provision. Due to uncertainties regarding the robustness of the ECL model in such a stressed environment, management applied an additional overlay of EUR 30 million. During 2021, the macro-financial scenarios improved, resulting in a decrease of the ECL provision, NET LOAN LOSSES EUR m 20 10 0 -10 -20 -30 -40 TOTAL OPERATING EXPENSES EUR m 0 -5 -10 -15 -20 -25 -30 NET PROFIT ON FINANCIAL OPERATIONS EUR m 100 80 60 40 20 0 -20 -40 -60 Realised Unrealised H1'20 H2'20 H1'21 H2'21 H1'22 H1'21 H1'20 H2'21 H2'20 H1'22 H1'21 H1'20 H2'21 H2'20 H1'22 INTERIM FINANCIAL REPORT / 6

however the overlay was maintained. During 2022, the Bank implemented a new and more sophisticated ECL model resulting in an increase in the ECL provisions of approximately EUR 20 million. As uncertainities regarding the economic outcome of Covid-19 diminished and considering that the model is now more robust, the management overlay of EUR 30 million has been released. The net impact from the model change together with other movements resulted in a gain of EUR 14.8 million on performing loans. During the first half of 2022, the Bank also recovered losses on a fully impaired loan and the Bank fully impaired loans in Belarus and Russia which resulted in a net loss of EUR 7.0 million on non-performing loans. The net result was a reversal on loan loss provisions of EUR 7.8 million. There have been no significant observed changes in the credit quality of the overall loan portfolio and apart from loans to Russia and Belarus, there were no new non-performing loans during the period. During the first half of 2022, the Bank wrote off old loans of EUR 79.3 million, however this had no impact on net profit as these loans had been fully impaired some years ago. OTHER COMPREHENSIVE INCOME The Bank separates the foreign currency basis spread from financial instruments used in fair value hedge accounting and this separated amount is recorded in “Other comprehensive income” (OCI) which amounted to a loss of EUR 22.8 million for the first half of 2022 compared to a loss of EUR 8.4 million in 2021. This recorded loss was due to the widening of the Cross Currency Basis spreads, which negatively affect the valuation of basis swaps used to convert funding currencies into lending currencies. During the first half of the year, the basis spread of many currencies has widened against the Euro. For financial liabilities recorded at fair value through profit or loss, valuation changes due to changes in own credit spreads need to be recorded in OCI. For the six-month period ending 30 June 2022, the Bank recorded a positive impact from these changes of EUR 1.0 million compared to EUR 1.5 million in 2021. The resulting total comprehensive profit for the period amounted to EUR 17.0 million, compared to EUR 75.7 million in 2021. INTERIM FINANCIAL REPORT / 7

LENDING OUTSTANDING The lending outstanding amounted to EUR 22,615.8 million. This comprises EUR 22,219.8 million of loans outstanding and investments of EUR 395.9 million in Lending Bonds. The total disbursements and investments during the period amounted to EUR 2,141.6 million, which is EUR 875.2 million higher than for the same period in 2021. More information regarding loans agreed can be found on our website at Agreed Loans. Total lending outstanding, excluding exchange rate and valuation effects, increased from EUR 22,312.6 million at 31 December 2021 to EUR 23,294.6 million. The book value amounted to EUR 22,615.8 million due to foreign exchange movements and fair valuations/hedge accounting effects of EUR -217.0 million and EUR -461.8 million, respectively. Financial position LENDING HIGHLIGHTS In millions of euro unless otherwise specified Jan- Jun* 2022 Jan- Jun* 2021 2021 2020 2019 2018 Loans agreed excluding green bond investments 2,095 586 1,683 5,632 3,186 4,269 Green bond investments 108 78 169 34 131 61 Total disbursements 2,142 1,266 2,440 4,853 2,676 4,047 Number of loan agreements in period 31 13 36 59 55 58 Number of green bond investments in period 6 8 14 4 9 3 Lending outstanding 22,616 22,260 22,313 21,727 18,931 19,065 Member countries 22,187 21,714 21,827 21,098 18,055 17,960 Non-member countries 493 702 635 798 996 1,222 Loan impairment provision -64 -157 -150 -169 -119 -117 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements DEVELOPMENT OF LENDING OUTSTANDING DURING 2022 EUR m 25,000 24,000 23,000 21,000 20,000 217 430 951 2,142 22,313 22,000 Prepaym. Hedge Acc Impairm. FX changes Other* Jun’22 Book value Dec’21 Disb. Amort. Book value * Fair valuation of lending bonds and hedging accounting. 221 13 32 22,616 INTERIM FINANCIAL REPORT / 8

FUNDING By the end of June, the Bank had raised EUR 5,540.4 million in new funding compared to EUR 4,854.9 million in the first half of 2021. The strategy for 2022 is to complete benchmark transactions in US dollars and Euros, complemented with other public and private issues in order to maintain a diversified portfolio of currencies and a global investor base. The Bank will also continue issuing NIB Environmental Bonds. NIB’s updated funding plan for 2022 is EUR 8.0-9.0 billion. On 11 January, NIB priced its first transaction of the year, a three-year GBP 500 million benchmark. The transaction has since been increased with a further GBP 200 million, taking the new total to GBP 700 million. On 20 January, the Bank issued its inaugural NIB Environmental Bond denominated in Danish Kroner. The eight-year DKK 2 billion bond was mainly invested by domestic ESG focused investors. The Bank has now issued a total of EUR 6.2 billion in environmental bonds under its NEB Framework since 2011. On 29 March NIB issued its first global USD benchmark for the year of USD 1.25 billion with a maturity of 3 years. During the first half of the year the Bank has issued bonds in eleven different currencies. A full list of funding transactions can be found on our website at Funding Transactions. DEBT DEVELOPMENT DURING 2022 EUR m 36,000 35,000 34,000 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 Dec’21 Book value New Issues 1611 32,898 756 3,214 5,540 31,526 Amort. Call & Buy backs Other FX changes Hedge Acc. Jun’22 Book value 73 MISSION FULFILMENT NIB’s vision is for a prosperous and sustainable Nordic−Baltic region. All projects proposed for financing undergo an assessment of their potential impact on productivity and the environment of the member country area. This mission fulfilment is rated on a five-grade scale from “negative” to “excellent”. In response to the Covid-19 pandemic, NIB provided “response loans” to alleviate the economic and social consequences of the crisis. These response loans are tracked separately and are not included in the standard mandate rating. During the first half of 2022, projects achieving a “good” or “excellent” mandate rating accounted for 98% of the total amount of loans disbursed which exceeded the target of 90%. 27 INTERIM FINANCIAL REPORT / 9

In thousands of euro NOTE Jan-Jun 2022* Jan-Jun 2021* Jan-Dec 2021 Interest income from financial assets measured at amortised cost 117,645 99,867 197,089 Interest income from financial assets measured at fair value 11,303 3,233 4,159 Interest expense -25,358 -1,249 145 Net interest income (2) 103,590 101,851 201,393 Commission income and fees received 5,464 3,745 9,199 Commission expense and fees paid -1,007 -1,098 -2,165 Net fee and commission income 4,456 2,647 7,034 Net loss/profit on financial operations (3) -48,941 -10,386 -23,663 Foreign exchange gains and losses -158 13 13 Total operating income 58,947 94,125 184,777 Expenses General administrative expenses Personnel expenses -16,288 -15,653 -29,182 Other administrative expenses -7,451 -6,580 -12,766 Depreciation -4,313 -4,190 -9,545 Total operating expenses -28,053 -26,423 -51,493 Profit before loan losses 30,895 67,701 133,284 Net loan losses (4) (5) 7,834 14,791 25,874 Net profit for the period 38,729 82,492 159,158 Other comprehensive income Items that will be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -22,762 -8,356 -21,612 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value 1,031 1,521 329 Total other comprehensive income -21,731 -6,835 -21,283 Total comprehensive income 16,998 75,657 137,876 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. INTERIM FINANCIAL REPORT / 10

Statement of financial position In thousands of euro NOTE 30 Jun 2022* 30 Jun 2021* 31 Dec 2021 ASSETS Cash and cash equivalents 3,161,596 2,633,953 1,826,451 Placements with credit institutions 3,522,497 3,988,069 3,881,023 Debt securities 8,713,306 7,988,134 8,291,062 Other 4,262 6,532 8,661 12,240,065 11,982,735 12,180,747 Loans outstanding (6) 22,219,843 22,009,213 21,975,146 Intangible assets 6,676 9,891 7,524 Tangible assets, property and equipment 34,213 36,099 35,632 Other assets Derivatives 1,928,003 1,225,676 1,254,828 Other assets 62,300 193,179 31,916 1,990,303 1,418,855 1,286,744 Accrued interest and fees receivable 231,704 227,836 241,145 TOTAL ASSETS 39,884,400 38,318,581 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. INTERIM FINANCIAL REPORT / 11

In thousands of euro NOTE 30 Jun 2022* 30 Jun 2021* 31 Dec 2021 LIABILITIES AND EQUITY Liabilities Short-term amounts owed to credit institutions 780,295 708,453 751,697 Owed to credit institutions, total 780,295 708,453 751,697 Debts evidenced by certificates (7) 32,897,859 32,084,082 31,525,985 Other liabilities Derivatives 1,909,908 1,051,061 1,052,474 Other liabilities 137,733 362,087 39,426 2,047,641 1,413,149 1,091,900 Accrued interest and fees payable 182,971 176,480 185,171 Total liabilities 35,908,765 34,382,163 33,554,753 Equity 3,975,635 3,936,418 3,998,637 TOTAL LIABILITIES AND EQUITY 39,884,400 38,318,581 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. INTERIM FINANCIAL REPORT / 12

In thousands of euro PAID-IN CAPITAL STATUTORY RESERVE GENERAL CREDIT RISK FUND PROFIT AVAILABLE FOR APPROPRIATION CHANGES IN OWN CREDIT RISK ON LIABILITIES RECORDED AT FAIR VALUE COST OF HEDGING RESERVE TOTAL Equity at 31 December 2020 845,543 686,325 2,139,544 164,695 -3,376 28,030 3,860,761 Profit for the period - - - 82,492 - - 82,492 Other comprehensive income - - - - 1,521 -8,356 -6,835 Total comprehensive income 0 0 0 82,492 1,521 -8,356 75,657 Transactions with owners in their capacity as owners Appropriation of profit - 150,559 14,136 -164,695 - - 0 Equity at 30 June 2021 845,543 836,884 2,153,680 82,492 -1,855 19,674 3,936,418 Profit for the period - - - 76,666 - - 76,666 Other comprehensive income - - - - -1,192 -13,256 -14,448 Total comprehensive income 0 0 0 76,666 -1,192 -13,256 62,218 EQUITY AT 31 DECEMBER 2021 845,543 836,884 2,153,680 159,158 -3,047 6,418 3,998,637 Profit for the period - - - 38,729 - - 38,729 Other comprehensive income - - - - 1,031 -22,762 -21,731 Total comprehensive income 0 0 0 38,729 1,031 -22,762 16,998 Transactions with owners in their capacity as owners Dividends - - - -40,000 - - -40,000 Appropriation of profit - - 119,158 -119,158 - - 0 EQUITY AT 30 JUNE 2022 845,543 836,884 2,272,838 38,729 -2,016 -16,344 3,975,635 The accompanying notes are an integral part of these financial statements. Statement of changes in equity INTERIM FINANCIAL REPORT / 13

In thousands of euro Jan-Jun 2022* Jan-Jun 2021* Jan-Dec 2021 Cash flows from operating activities Net profit for the period 38,729 82,492 159,158 Adjustments: Unrealised gains/losses of financial assets and liabilities held at fair value 56,762 1,923 -9,169 ECL non-lending activities 1,337 -240 -323 Depreciation and write-down in value of tangible and intangible assets 4,313 4,190 9,545 Change in accrued interest and fees (assets) 9,441 6,464 -8,948 Change in accrued interest and fees (liabilities) -2,207 -1,305 10,584 Net loan losses (ECL lending activities) -7,834 -14,791 -25,874 Adjustment to hedge accounting -4,748 12,361 37,966 Other adjustments to the period´s profit 4,480 664 -104 Adjustments, total 61,544 9,266 13,676 Lending Disbursements of loans -2,034,557 -1,188,037 -2,270,722 Repayments of loans 1,165,627 803,858 1,975,518 Capitalisations, redenominations, index adjustments, etc. 3,257 141 1,390 Lending, total -865,672 -384,038 -293,815 Cash flows from operating activities, total -765,399 -292,280 -120,980 Cash flows from investing activities Placements and debt securities Purchase of debt securities -1,685,055 -1,012,796 -2,191,647 Sold and/or matured debt securities 1,057,490 774,782 1,645,287 Placements with credit institutions 412,666 -1,999,874 -2,002,565 Other financial placements -26 -19 51 Placements and debt securities, total -214,926 -2,237,908 -2,548,873 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. Cash flow statement INTERIM FINANCIAL REPORT / 14

In thousands of euro Jan-Jun 2022* Jan-Jun 2021* Jan-Dec 2021 Other items Acquisition of intangible assets -1,762 -674 -1,617 Acquisition of tangible assets -132 -231 -1,810 Change in other assets -2,162 -31,600 -1,431 Other items, total -4,057 -32,505 -4,858 Cash flows from investing activities, total -218,983 -2,270,413 -2,553,732 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 5,515,846 4,728,674 7,027,535 Redemptions -3,283,974 -2,034,024 -5,073,812 Debts evidenced by certificates, total 2,231,872 2,694,650 1,953,722 Other items Long-term placements from credit institutions - Change in swap receivables excluding fair value changes 56,065 2,284 92,626 Change in swap payables excluding fair value changes 21,919 12,825 147,890 Change in other liabilities 5,649 227,344 -2,491 Dividend paid -40,000 - - Other items, total 43,633 242,453 238,025 Cash flows from financing activities, total 2,275,505 2,937,103 2,191,747 CHANGE IN CASH AND CASH EQUIVALENTS, NET 1,291,123 374,410 -482,964 Opening balance for cash and cash equivalents, net 1,074,754 1,546,591 1,546,591 Exchange rate adjustments 15,424 4,500 11,127 Closing balance for cash and cash equivalents, net 2,381,301 1,925,500 1,074,754 Additional information to the statement of cash flows Interest income received 138,390 107,461 192,300 Interest expense paid -27,559 -390 9,696 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions. INTERIM FINANCIAL REPORT / 15

Note 1: Segment information In thousands of euro LENDING ASSET AND LIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 81,919 11,101 10,570 21,671 103,590 Commission income and fees received 5,235 228 - 228 5,464 Commission expense and fees paid -10 -996 -1 -997 -1,007 Net profit on financial operations -16,617 2,422 -34,746 -32,324 -48,941 Foreign exchange gains and losses 0 -158 0 -158 -158 Operating expenses -16,857 -7,837 -3,359 -11,196 -28,053 Net loan losses 7,834 - - 0 7,834 Profit for period ended 30 June 2022 61,505 4,759 -27,535 -22,776 38,729 Notes to the interim financial statements INTERIM FINANCIAL REPORT / 16

In thousands of euro LENDING ASSET AND LIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 80,926 12,033 8,892 20,925 101,851 Commission income and fees received 3,683 62 0 62 3,745 Commission expense and fees paid -25 -1,067 -7 -1,074 -1,098 Net profit on financial operations 2,334 -18,567 5,846 -12,721 -10,386 Foreign exchange gains and losses 0 13 0 13 13 Operating Expenses -17,294 -6,391 -2,739 -9,130 -26,423 Net loan losses 14,791 0 0 0 14,791 Profit for period ended 30 June 2021 84,415 -13,916 11,992 -1,924 82,492 In thousands of euro LENDING ASSET AND LIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 162,443 22,205 16,745 38,951 201,393 Commission income and fees received 9,003 195 0 195 9,199 Commission expense and fees paid -48 -2,108 -9 -2,117 -2,165 Net profit on financial operations 4,852 -37,955 9,440 -28,515 -23,663 Foreign exchange gains and losses 0 13 0 13 13 Operating expenses -33,768 -12,407 -5,317 -17,725 -51,493 Net loan losses 25,874 - - 0 25,874 Profit for year ended 31 December 2021 168,356 -30,056 20,859 -9,197 159,158 INTERIM FINANCIAL REPORT / 17

Note 2: Net interest income In thousands of euro Jan-Jun 2022 Jan-Jun 2021 Jan-Dec 2021 Cash and cash equivalents -7,176 -9,722 -17,446 Placements with credit institutions -7,657 -6,153 -17,024 Debt securities 21,686 17,263 33,515 Loans outstanding 122,019 101,492 201,862 Other interest income 76 220 341 Total, interest income 128,948 103,100 201,248 Of which, interest income from financial assets measured at amortised cost 117,645 99,867 197,089 Short-term amounts owed to credit institutions 2,051 3,252 7,686 Long-term amounts owed to credit institutions - - - Short-term repurchase agreements 33 - - Debts evidenced by certificates -219,472 -181,451 -382,637 Swap contracts and other interest expenses, net 192,030 176,949 375,096 Total, interest expense -25,358 -1,249 145 Of which, interest expense from financial liabilities meas- ured at amortised cost -37,832 -9,893 -12,147 Net interest income 103,590 101,851 201,393 Note 3: Net loss/profit on financial operations In thousands of euro Jan-Jun 2022 Jan-Jun 2021 Jan-Dec 2021 Financial instruments held at fair value, realised gains and losses 4,392 3,529 4,776 Financial instruments held at fair value, unrealised gains and losses -56,762 -1,810 9,169 Financial instruments held at amortised cost, realised gains and losses 19 17 34 Expected credit loss on financial placements -1,337 240 323 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges 4,748 -12,361 -37,966 Net loss/profit on financial operations -48,941 -10,386 -23,663 INTERIM FINANCIAL REPORT / 18

Note 5: Net loan losses In thousands of euro Jan-Jun 2022 Jan-Jun 2021 Jan-Dec 2021 Change in expected credit loss on performing loans 14,848 14,558 25,383 Change in expected credit loss on non-perform- ing loans -7,014 233 491 Decrease of provisions to cover realised loan losses -79,331 - - Realised loan losses 79,331 - - Net loan losses 7,834 14,791 25,875 In the period Jan-Jun 2022 the bank had realised losses of EUR 79,331 thousand which had no impact to the income statement as the loans were fully impaired in previous years. There were no realised losses for the periods Jan-Jun 2021 or Jan-Dec 2021. In thousands of euro STAGE 1 STAGE 2 STAGE 3 TOTAL Balance at 31 December 2020 51,747 48,314 72,545 172,606 Transfer to Stage 1 1,572 -1,572 - 0 Transfer to Stage 2 -139 139 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,434 357 - 1,791 Amortisations and repayments -1,008 -1,071 - -2,080 Impact of remeasurment on existing assets -14,986 477 -233 -14,742 Foreign exchange adjustments and other changes - - 2,297 2,297 Net change income statement -13,127 -1,671 2,065 -12,733 Balance at 30 June 2021 38,620 46,643 74,610 159,873 Transfer to Stage 1 1,890 -1,890 - 0 Transfer to Stage 2 -181 181 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,973 3 - 1,976 Amortisations and repayments -1,828 -1,712 - -3,540 Impact of remeasurment on existing assets -8,371 -974 233 -9,112 Foreign exchange adjustments and other changes - - 3,247 3,247 Net change income statement -6,517 -4,391 3,480 -7,429 Balance at 31 December 2021 32,103 42,252 78,090 152,445 Transfer to Stage 1 - - - 0 Transfer to Stage 2 -945 945 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 9,604 29 - 9,632 Amortisations and repayments -1,345 -2,076 - -3,421 Impact of remeasurment on existing assets 5,619 -25,341 9,788 -9,934 Foreign exchange adjustments and other changes - - 1,528 1,528 Net change income statement 12,933 -26,443 11,316 -2,195 Realised losses - - -79,331 -79,331 Balance at 30 June 2022 45,036 15,808 10,075 70,919 Note 4: Expected credit loss ECL - STATEMENT OF FINANCIAL POSITION In thousands of euro 30 Jun 2022 30 Jun 2021 31 Dec 2021 Loans outstanding 63,626 157,118 149,853 Other receivables 0 1,735 1,822 Commitments (recorded in other liabilities) 5,687 668 502 Financial placements 1,605 352 268 Total 70,919 159,873 152,445 ECL - STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Jun 2022 Jul-Dec 2021 Jan-Jun 2021 Net result on financial operations (Note 3) -1,337 84 240 Net loan losses (Note 5) 7,834 11,083 14,791 Foreign exchange gains and losses -4,302 -3,739 -2,297 Total recognised in income statement 2,195 7,429 12,733 INTERIM FINANCIAL REPORT / 19

Note 6: Lending outstanding In thousands of euro Jan-Jun 2022 Jan-Jun 2021 Jan-Dec 2021 Opening Balance 22,312,579 21,726,644 21,726,644 Disbursements 2,141,646 1,266,429 2,439,727 Amortisations -951,166 -681,933 -1,534,556 Prepayments -221,462 -121,925 -440,962 Changes in expected credit losses 13,020 14,230 25,148 Foreign exchange movements -217,032 153,670 248,567 Fair value adjustments -28,412 332 -1,477 Hedge accounting adjustments -430,192 -97,743 -149,188 Other -3,201 -117 -1,324 Closing balance 22,615,780 22,259,588 22,312,579 Loans outstanding 22,219,843 22,009,213 21,975,146 Lending bonds 395,937 250,375 337,433 Total Lending 22,615,780 22,259,588 22,312,579 In thousands of euro Jan-Jun 2022 Jan-Jun 2021 Jan-Dec 2021 Opening Balance 31,525,985 29,071,696 29,071,696 New debt issues 5,540,371 4,854,884 7,027,535 Amortisations -3,213,664 -2,019,914 -4,763,800 Calls and buy backs -72,827 -9,786 -299,348 Foreign exchange movements 755,668 574,776 1,222,213 Fair value adjustments -29,060 494 -7,951 Hedge accounting adjustments -1,611,130 -385,041 -720,310 Other 2,516 -3,027 -4,050 Closing balance 32,897,859 32,084,082 31,525,985 Note 7: Debts evidenced by certificates INTERIM FINANCIAL REPORT / 20

In thousands of euro AMORTISED COST (AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVA- TIVES FOR HEDGING TOTAL Financial assets Cash and cash equivalents 2,575,886 585,710 - 3,161,596 Financial placements with credit institutions 2,376,847 1,145,650 - 3,522,497 Debt securities 2,467,038 6,246,268 - 8,713,306 Other financial placements 4,262 - 4,262 Loans outstanding 22,212,547 7,296 - 22,219,843 Derivatives - 1,320,976 607,027 1,928,003 Total 30 June 2022 29,632,318 9,310,162 607,027 39,549,507 Financial liabilities Short-term amounts owed to credit institutions 780,295 - - 780,295 Debt securities issued 32,427,630 470,229 32,897,859 Derivatives - 67,175 1,842,733 1,909,908 Total 30 June 2022 33,207,925 537,405 1,842,733 35,588,062 Note 8: Classification of financial instruments In thousands of euro AMORTISED COST (AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVA- TIVES FOR HEDGING TOTAL Financial assets Cash and cash equivalents 1,353,320 1,280,633 - 2,633,953 Financial placements with credit institutions 8,217 3,979,851 - 3,988,069 Debt securities 1,794,003 6,194,131 - 7,988,134 Other financial placements - 6,532 - 6,532 Loans outstanding 21,995,473 13,740 - 22,009,213 Derivatives - 435,224 790,452 1,225,676 Total 30 June 2021 25,151,014 11,910,112 790,452 37,851,577 Financial liabilities Short-term amounts owed to credit institutions 708,453 - - 708,453 Debt securities issued 31,614,655 469,427 - 32,084,082 Derivatives - 318,728 732,333 1,051,061 Total 30 June 2021 32,323,108 788,155 732,333 33,843,596 INTERIM FINANCIAL REPORT / 21

In thousands of euro AMORTISED COST (AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVA- TIVES FOR HEDGING TOTAL Financial assets Cash and cash equivalents 1,122,221 704,230 - 1,826,451 Financial placements with credit institutions 588,525 3,292,498 - 3,881,023 Debt securities 1,949,519 6,341,544 - 8,291,062 Other financial placements - 8,661 - 8,661 Loans outstanding 21,965,507 9,639 - 21,975,146 Derivatives - 606,132 648,696 1,254,828 Total 31 Dec 2021 25,625,771 10,962,705 648,696 37,237,172 Financial liabilities Short-term amounts owed to credit institutions 751,697 - - 751,697 Debt securities issued 31,053,233 472,751 - 31,525,985 Derivatives - 193,898 858,576 1,052,474 Total 31 Dec 2021 31,804,931 666,650 858,576 33,330,156 INTERIM FINANCIAL REPORT / 22

Note 9: Fair value of financial assets and liabilities 30 Jun 2022 30 Jun 2021 31 Dec 2021 In thousands of euro CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE Financial assets Cash and cash equivalents 3,161,596 3,161,596 2,633,953 2,633,953 1,826,451 1,826,451 Financial placements with credit institutions 3,522,497 3,522,497 3,988,069 3,988,069 3,881,023 3,881,228 Debt securities 8,713,306 8,623,907 7,988,134 8,026,013 8,291,062 8,322,816 Other financial placements 4,262 4,262 6,532 6,532 8,661 8,661 Loans outstanding 22,219,843 21,938,680 22,009,213 22,297,076 21,975,146 22,245,361 Derivatives 1,928,003 1,928,003 1,225,676 1,225,676 1,254,828 1,254,828 Total 39,549,507 39,178,945 37,851,577 38,177,318 37,237,172 37,539,346 Financial liabilities Short-term amounts owed to credit institutions 780,295 780,295 708,453 708,453 751,697 751,697 Debt securities issued 32,897,859 32,905,290 32,084,082 32,126,072 31,525,985 31,569,951 Derivatives 1,909,908 1,909,908 1,051,061 1,051,061 1,052,474 1,052,474 Total 35,588,062 35,595,493 33,843,596 33,885,586 33,330,156 33,374,122 INTERIM FINANCIAL REPORT / 23

LEVEL OF FAIR VALUE MEASUREMENT FOR FINANCIAL INSTRUMENTS 30 Jun 2022 30 Jun 2021 31 Dec 2021 In thousands of euro LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 Financial assets Cash and cash equivalents 3,161,596 - - 2,633,953 - - 1,826,451 - - Financial placements with credit institutions - 3,522,497 - 3,988,069 - - 3,881,228 - Debt securities 8,614,711 - 9,196 8,011,686 - 14,327 8,311,225 - 11,591 Other financial placements - - 4,262 - - 6,532 - - 8,661 Loans outstanding - 21,931,375 7,305 - 22,283,333 13,744 - 22,235,716 9,645 Derivatives - 1,898,451 29,552 - 1,167,118 58,558 - 1,211,303 43,525 Total 11,776,307 27,352,322 50,315 10,645,639 27,438,519 93,161 10,137,676 27,328,247 73,423 Financial liabilities Short-term amounts owed to credit institutions 77 780,218 - - 708,543 - - 751,697 - Debt evidenced by certificates - 32,260,495 644,795 - 31,438,516 687,556 - 30,954,592 615,358 Derivatives - 1,532,317 377,591 - 735,021 316,040 - 659,025 393,449 Total 77 34,573,030 1,022,386 0 32,881,990 1,003,596 0 32,365,315 1,008,807 INTERIM FINANCIAL REPORT / 24

CHANGES IN FAIR VALUES CATEGORISED AT LEVEL 3 In thousands of euro DEBT O SECURITIES THER FINANCIAL PLACEMENTS LOANS OUTSTANDING DERIVATIVE ASSETS LEVEL 3, TOTAL ASSETS DEBT EVIDENCED BY CERITIFICATES DERIVATIVE LIABILITIES LEVEL 3, TOTAL LIABILITIES 31 December 2020 16,561 8,907 14,777 68,652 108,896 684,615 281,153 965,768 New trades - 19 - - 19 50,732 657 51,389 Matured, buy backs and calls - - - - 0 -28,089 -6,901 -34,990 Amortisation -2,468 - -2,034 -10,743 -15,245 - - 0 Capitalisations - - - - 0 - 11,404 11,404 Inflation adjustments - - 1,245 -1,298 -52 1,298 -1,245 52 Changes in fair values 235 -2,394 265 163 -1,731 -2,015 226 -1,788 Exchange rate adjustments - - -510 1,784 1,274 -18,985 30,746 11,761 30 June 2021 14,327 6,532 13,744 58,558 93,161 687,556 316,040 1,003,596 New trades - -70 - 84 13 2,460 -1,037 1,423 Matured, buy backs and calls - - - -211 -211 -21,273 -5,175 -26,448 Amortisation -2,836 - -2,092 -3,112 -8,040 -54,162 - -54,162 Capitalisations - - - 994 994 2,076 20,033 22,109 Inflation adjustments - - 469 -5,317 -4,848 -7,912 -469 -8,381 Changes in fair values 99 2,200 218 -4,794 -2,276 9,636 28 9,664 Exchange rate adjustments - - -2,693 -2,678 -5,371 -3,024 64,028 61,005 31 December 2021 11,591 8,661 9,645 43,525 73,423 615,358 393,449 1,008,807 New trades - 26 - - 26 130,720 4,380 135,100 Matured, buy backs and calls - - - -4,634 -4,634 -84,610 -3,692 -88,302 Amortisation -2,354 - -2,392 -9,581 -14,327 -35,299 - -35,299 Capitalisations - - - - 0 3,836 10,915 14,751 Inflation adjustments - - 650 -8,604 -7,955 -8,604 -650 -9,254 Changes in fair values -41 -4,426 92 -24,668 -29,043 -56,189 63 -56,126 Exchange rate adjustments - - -690 33,515 32,825 79,583 -26,874 52,709 30 June 2022 9,196 4,262 7,305 29,552 50,315 644,795 377,591 1,022,386 Financial assets Financial liabilities INTERIM FINANCIAL REPORT / 25

Note 10: Basis of preparation These interim financial statements are presented in accordance with IAS 34 “Interim Financial Reporting”. The accounting policies and methods of computation are the same as described in Note 1 of NIB’s Financial Report 2021. The International Accounting Standards Board (IASB) has amended a number of standards, however they have not had any significant impact on the Bank's financial statements. There have been no material changes in relation to transactions with related parties compared to those described in Note 25 "Related party disclosures" in the 2021 IFRS financial statements. RATIO DEFINITIONS Equity/total assets = Total equity at reporting date Total assets at reporting date Profit/average equity = Annualised profit for the period Average equity for the period Cost/income = Total operating expenses for the period Total operating income for the period INTERIM FINANCIAL REPORT / 26

HELSINKI, 25 AUGUST 2022 Julie Sonne Ole Hovland (Chair of the Board) Merle Wilkinson (Deputy Chair of the Board) Pekka Morén Esther Finnbogadóttir Līga Kļaviņa Jurgita Uzielienė Hans Lindblad André Küüsvek (President & CEO) INTERIM FINANCIAL REPORT / 27

Review Opinion To the Board of Directors of Nordic Investment Bank INTRODUCTION We have reviewed the interim financial report of Nordic Investment Bank consisting of statement of financial position as of June 30, 2022 and the related statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of this interim financial report in accordance with IAS 34. Our responsibility is to express a conclusion on this interim financial report based on our review. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of the interim financial report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial report does not present fairly, in all material respects, the financial position of the entity as at June 30, 2022, and of its financial performance and its cash flows for the six-month period then ended in accordance with IAS 34. Helsinki, 25 August 2022 Ernst & Young Oy Authorized Public Accountant Firm Ernst & Young AB Authorized Public Accountant Firm Terhi Mäkinen Authorized Public Accountant Mona Alfredsson Authorized Public Accountant Report on Review of Interim Financial Report INTERIM FINANCIAL REPORT / 28

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