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

Exhibit VIII

Financial information

January–April 2016

(unaudited)

Nordic Investment Bank Financial information January–April 2016

Table of contents

Key figures	3
Comments on NIB’s financial figures January–April 2016	4
Income statement	5
Statement of comprehensive income	5
Statement of financial position	6
Statement of changes in equity	7
Cash flow statement	8

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Nordic Investment Bank Financial information January–April 2016

Key figures

(in EUR million unless otherwise specified)	Apr 2016*		Apr 2015*		Dec 2015
Net interest income		75		80		247
Profit/loss		51		79		215
Loans disbursed		627		405		2,716
Loans agreed		865		447		2,830
Loans outstanding		15,658		15,301		15,627
Guarantee commitments		—		—		—
New debt issues		2,470		2,196		4,276
Debts evidenced by certificates		21,156		21,957		20,862
Total assets		27,481		28,579		27,311
Equity/total assets (%)		11.5		10.7		11.5
Profit/average equity (%)		4.9		7.8		7.0
Number of employees (average during the period)		190		190		188

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2015 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2016

Comments on NIB’s financial figures January–April 2016

The flow of deals in NIB’s lending continued to be at a high level, with a total of EUR 865 million in loans agreed (Jan–Apr 2015: EUR 447 million). Disbursements totalled EUR 627 million (Jan–Apr 2015: EUR 405 million).

The growth was driven, in particular, by increased demand for long-term financing in the municipal sector in the Bank’s member countries for the purpose of upgrading and replacing infrastructure in the areas of water supply and wastewater treatment, as well as energy generation and distribution.

The profit for the period amounted to EUR 51 million, down from EUR 79 million in the same period a year ago. The decrease in earnings was primarily attributable to an unrealised net loss on financial operations of EUR 3 million, compared to a net profit of EUR 9 million in January–April 2015. Also, the net interest income and loan impairments

deviated negatively by EUR 5 million and EUR 8 million, respectively.

In new funding, the Bank carried out fourteen transactions and raised EUR 2.5 billion, which accounts for close to half of this year’s funding plan. In February, the Bank issued its first USD dollar benchmark for the year, a three-year, USD 1.25 billion global issue. A two-year, floating-rate note of USD 500 million was also issued under the global programme in April. In January, the Bank continued to issue NIB Environmental Bonds, with a five-year, SEK 1 billion transaction.

Given the loan pipeline and following the normal yearly pattern, disbursements are expected to accelerate in the latter part of the year.

Henrik Normann

President & CEO

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Nordic Investment Bank Financial information January–April 2016

Income statement

EUR 1,000

	Jan–Apr 2016*		Jan–Apr 2015*		Jan–Dec 2015
Interest income		102,415		116,638		338,781
Interest expense		-27,231		-36,418		-92,005
Net interest income		75,183		80,221		246,776
Commission income and fees received		3,096		4,388		12,218
Commission expense and fees paid		-1,072		-1,331		-2,212
Net profit/loss on financial operations		-3,312		8,869		11,521
Foreign exchange gains and losses		-52		374		82
Operating income		73,842		92,520		268,385
Expenses
General administrative expenses		16,833		14,869		41,740
Depreciation		736		1,358		8,737
Impairment of loans		5,441		-2,824		2,509
Total expenses		23,011		13,403		52,987
PROFIT/LOSS FOR THE PERIOD		50,831		79,118		215,398

Statement of comprehensive income

EUR 1,000

	Jan-Apr 2016*		Jan-Apr 2015*		Jan-Dec 2015
Profit/loss for the period		50,831		79,118		215,398
Other comprehensive income/expense
Movement in hedging reserve:**
Cross-currency basis spreads of hedging swaps		-37,508		—		—
Value adjustments of cash flow hedges		-3,125		—		—
Total other comprehensive income for the period		-40,633		—		—
Total comprehensive income for the period		10,199		79,118		215,398

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2015 and the notes thereto.

** The movement in fair value of cross-currency basis spreads of hedging swaps is recognised in the hedging reserve. The effective portion of net change in fair value hedging instruments of cash flow hedges is also recognised in the hedging reserve. These swaps will be held to maturity and the unrealised gains and losses due to the cross-currency basis spreads will be restored by maturity.

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Nordic Investment Bank Financial information January–April 2016

Statement of financial position

EUR 1,000

		30 Apr 2016*		��	30 Apr 2015*		31 Dec 2015
ASSETS
Cash and cash equivalents			3,687,423			3,988,651		2,666,070
Financial placements
Placements with credit institutions			8,471			7,171		7,921
Debt securities			6,028,544			6,005,664		6,080,069
Other			22,080			23,316		22,023
			6,059,095			6,036,151		6,110,012
Loans outstanding			15,657,593			15,301,456		15,626,946
Intangible assets			—			5,073		—
Tangible assets, property and equipment			27,706			28,059		28,360
Other assets
Derivatives			1,801,309			2,941,999		2,557,979
Other assets			24,582			22,712		23,103
			1,825,891			2,964,711		2,581,083
Accrued interest and fees receivable			223,346			255,157		298,977
TOTAL ASSETS			27,481,054			28,579,259		27,311,447
LIABILITIES AND EQUITY
Liabilities
Amounts owed to credit institutions
Short-term amounts owed to credit institutions			921,340			1,980,289		1,448,888
Long-term amounts owed to credit institutions			18,000			—		18,000
			939,340			1,980,289		1,466,888
Repurchase agreements			717,212			—		122,556
Debts evidenced by certificates
Debt securities issued			21,095,828			21,881,272		20,802,164
Other debt			60,077			75,304		59,860
			21,155,905			21,956,575		20,862,024
Other liabilities
Derivatives			1,352,191			1,391,447		1,480,736
Other liabilities			12,052			9,493		9,946
			1,364,242			1,400,940		1,490,682
Accrued interest and fees payable			147,659			176,238		222,800
Total liabilities			24,324,358			25,514,042		24,164,950
Equity
Authorised and subscribed capital	6,141,903
of which callable capital	-5,723,302
Paid-in capital	418,602		418,602			418,602		418,602
Reserve funds
Statutory Reserve			686,325			686,325		686,325
General Credit Risk Fund			1,540,651			1,430,252		1,430,252
Special Credit Risk Fund PIL			445,919			395,919		395,919
Appropriation to dividend payment			55,000			55,000		—
Profit/loss for the period			50,831			79,118		215,398
Other comprehensive income for the period			-40,633			—		—
Total equity			3,156,696			3,065,216		3,146,497
TOTAL LIABILITIES AND EQUITY			27,481,054			28,579,259		27,311,447

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2015 the notes thereto.

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Nordic Investment Bank Financial information January–April 2016

Statement of changes in equity

EUR 1,000

	Paid-in capital		Statutory Reserve		General Credit Risk Fund		Special Credit Risk Fund PIL		Payments to the Bank’s statutory reserve and credit risk funds		Appropriation to dividend payment		Hedging reserve		Profit/loss for the period		Total
Equity at 31 December 2014		418,602		686,325		1,275,041		395,919		0		0		0		210,211		2,986,099
Appropriations between reserve funds						155,211						55,000				-210,211		0
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Dividend payment																		0
Comprehensive income for the period 1/1–30/04/2015																79,118		79,118
Equity at 30 April 2015		418,602		686,325		1,430,252		395,919		0		55,000		0		79,118		3,065,216
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Dividend payment												-55,000						-55,000
Comprehensive income for the period 1/5–31/12/2015																136,281		136,281
Equity at 31 December 2015		418,602		686,325		1,430,252		395,919		0		0		0		215,398		3,146,497
Appropriations between reserve funds						110,398		50,000				55,000				-215,398		0
Paid-in capital																		0
Called-in authorised and subscribed capital																		0
Payments to the Bank’s Statutory Reserve and credit risk funds, receivable																		0
Dividend payment																		0
Comprehensive income for the period 1/1–30/4/2016														-40,633		50,831		10,199
Equity at 30 April 2016		418,602		686,325		1,540,651		445,919		0		55,000		-40,633		50,831		3,156,696

Only the year-end figures are audited, to be read in conjunction with NIB’s audited financial statements for 2015 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2016

Cash flow statement

EUR 1,000

	Jan-Apr 2016*		Jan-Apr 2015*		Jan-Dec 2015
Cash flows from operating activities
Profit/loss from operating activities		50,831		79,118		215,398
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-3,144		-5,027		13,865
Depreciation and write-down in value of tangible and intangible assets		736		1,358		8,737
Change in accrued interest and fees (assets)		75,631		50,432		6,613
Change in accrued interest and fees (liabilities)		-75,141		-54,548		-7,986
Impairment of loans		5,441		-2,824		2,509
Adjustment to hedge accounting		7,798		123		-20,667
Other adjustments to the period’s profit		2,850		2,498		376
Adjustments, total		14,171		-7,989		3,447
Lending
Disbursements of loans		-627,128		-405,433		-2,715,757
Repayments of loans		606,243		649,909		2,350,532
Capitalisations, redenominations, index adjustments, etc.		-1		8		-51
Exchange rate adjustments		37,127		-377,366		-247,764
Lending, total		16,241		-132,882		-613,039
Cash flows from operating activities, total		81,244		-61,753		-394,193
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-803,263		-1,117,712		-2,168,290
Sold and matured debt securities		833,895		653,105		1,614,972
Placements with credit institutions		-550		-600		-1,350
Other financial placements		—		811		2,699
Exchange rate adjustments, etc.		25,436		-53,995		-59,523
Placements and debt securities, total		55,518		-518,391		-611,491
Other items
Acquisition of intangible assets		—		-504		-1,005
Acquisition of tangible assets		-83		-446		-2,551
Change in other assets		-1,042		1,682		5,676
Other items, total		-1,125		731		2,120
Cash flows from investing activities, total		54,394		-517,660		-609,372
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,470,388		2,195,733		4,276,138
Redemptions		-3,399,482		-1,371,963		-3,636,669
Exchange rate adjustments		-539,890		1,165,449		884,174
Debts evidenced by certificates, total		-1,468,984		1,989,220		1,523,643
Other items
Long-term placements from credit institutions		—		—		18,000
Change in swap receivables		756,950		-655,005		-441,813
Change in swap payables		-132,106		37,988		218,769
Change in other liabilities		2,106		2,733		3,186
Dividend paid		—		—		-55,000
Paid-in capital and reserves		—		—		—
Other items, total		626,950		-614,284		-256,858
Cash flows from financing activities, total		-842,034		1,374,936		1,266,784
CHANGE IN CASH AND CASH EQUIVALENTS, NET		-706,396		795,523		263,219
Opening balance for cash and cash equivalents, net		1,030,348		767,129		767,129
Closing balance for cash and cash equivalents, net		323,952		1,562,652		1,030,348
Additional information to the statement of cash flows
Interest income received		178,046		167,070		345,394
Interest expense paid		-102,373		-90,966		-99,991

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 2015 and the notes thereto.

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Nordic Investment Bank Financial information January–April 2016

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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