The first half of 2024 was marked by continued economic uncertainty and inflation concerns. The challenges in the operating environment did not affect MuniFin’s performance, and we were able to successfully carry out our core mandate of ensuring the availability of affordable financing for our customers.
Municipal finances are expected to deteriorate in 2024 as temporary non-recurring benefits that strengthened the municipal finances fade out. We finance wellbeing services counties within the yearly EUR 400 million limit set for us by the Municipal Guarantee Board. After the first 18 months of operations, the wellbeing services counties are in a difficult financial position. In the affordable social housing sector, financing needs were high.
The Group’s net operating profit excluding unrealised fair value changes* increased by 9.6% in January–June and amounted to EUR 89 million. Net interest income* grew by 3.4% (2.2%) propelled mostly by rising short-term
market rates and totalled EUR 129 million (EUR 124 million). Net operating profit
excluding unrealised fair value changes was also boosted by lower expenses than in
comparison period.
*Alternative performance measure
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