Exhibit IX

Interim Management Statement
January to April 2017

Nordic Investment Bank Interim Management Statement January–April 2017

Table of Contents

Ratios and key figures	3
President and CEO’s comment	4
Operating and financial review
Comprehensive income	5
Financial position	7
Financial statements
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Cash flow statement	13
Basis of preparation	14
Ratio definitions	14

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Nordic Investment Bank Interim Management Statement January–April 2017

Ratios and key figures

in EUR millions unless otherwise specified	Apr 2017*			Apr 2016*			Dec 2016
Net interest income		80			75			242
Profit before net loan losses		103			56			232
Net profit		110			51			212
Loans disbursed		781			627			3,373
Loans agreed		610			865			4,363
Mandate fulfilment **		91	%		100	%		96	%
Loans outstanding		16,681			15,658			16,640
Total assets		28,824			27,481			30,178
New debt issues		2,543			2,470			6,700
Debts evidenced by certificates		22,926			21,156			23,907
Total equity		3,398			3,157			3,275
Equity/total assets ***		11.8	%		11.5	%		10.9	%
Profit/average equity ***		9.9	%		4.9	%		6.7	%
Cost/income ***		14.2	%		23.8	%		16.1	%
Number of employees (average during the period)		192			190			192

* Unaudited figures, to be read in conjunction with NIB’s 2016 audited financial statements.

** See page 8 for mandate fulfilment explanation.

*** See page 14 for ratio definitions.

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Nordic Investment Bank Interim Management Statement January–April 2017

Comments on NIB’s financial figures for January–April 2017

The flow of deals in NIB’s lending continued to be at a high level, with a total of EUR 781 million in loans disbursed (Jan–Apr 2016: EUR 627 million). New loans agreed totalled EUR 610 million (Jan–Apr 2016: EUR 865 million).

Demand for long-term financing from the municipal sector in the Bank’s member countries has been a main driver. Proceeds have been used for upgrading and replacing infrastructure in the areas of water supply and wastewater treatment, as well as energy efficiency in public buildings, energy generation and distribution. Also in the private sector, NIB experienced good demand for long-term financing with loans disbursed to financial intermediates for on-lending to SMEs and to large member country corporates for investments in R&D.

The profit for the period amounted to EUR 110 million, up from EUR 51 million in the same period a year ago. The increase in earnings was primarily attributable to unrealised gains on financial operations of EUR 35 million, compared to unrealised losses of EUR 5 million in 2016. The unrealised gains arise from valuations of interest rate and currency swaps, which are used for hedging market risks in funding and loan transactions. The unrealised gains will reverse as the underlying financial transactions reach maturity.

The underlying profit (excluding net profit and loss on financial operations) increased by EUR 17 million to EUR 71 million. This increase was mainly attributed to a reversal of loan impairments and higher net interest income.

During the first four months, the Bank carried out 32 new funding transactions and raised EUR 2.5 billion, which accounts for close to half of this year’s funding plan. In January, the Bank issued its first USD benchmark for the year: a five-year, USD 1.25 billion global issue.

Given the good loan pipeline the deal flow and new disbursements are expected to continue at the same pace for the rest of the year.

Henrik Normann

President & CEO

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Nordic Investment Bank Interim Management Statement January–April 2017

Operating and financial review

Jan-Apr 2017 compared to Jan-Apr 2016

Total comprehensive income

The net profit totalled EUR 110.3 million, up from EUR 50.8 million in the same period last year.

Total operating income increased from EUR 73.8 million in 2016 to EUR 120.2 million. Total operating expenses decreased by EUR 0.5 million to EUR 17 million, resulting in profit before net losses reaching EUR 103.2 million (Jan–Apr 2016: EUR 56.3 million).

Net profit from financial operations increased by EUR 42.7 million and was the main driver for the increase in operating income. The net profit on financial operations for the period Jan–Apr 2017 of EUR 39.4 included unrealised fair value gains of EUR 35.2 million and realised gains of EUR 4.2 million. The unrealised gains will reverse as the underlying financial transactions reach maturity. Other drivers include a EUR 5.1 million increase in interest income and loan impairment reversals of EUR 7.1 million.

The Bank separates the foreign currency basis spread from financial instruments used in fair value hedging and this separated amount recorded in “Other comprehensive income” (OCI) amounted to EUR 12.4 million. In 2016, the amount was EUR -37.5 million with additional cash flow hedge reserve movements of EUR -3.1 million. The resulting total comprehensive income for the period amounted to EUR 122.7 million compared to EUR 10.2 million in 2016.

Net interest income

Net interest income for the period amounted to EUR 80.2 million (Jan–Apr 2016: EUR 75.2 million). The adverse impact of the negative interest rates has been mitigated by increased volumes of loans outstanding compared to the same period in 2016.

Net commission income and fees

Fee and commission income was EUR 0.7 million compared to EUR 2.0 million in 2016.

Tertial net profit

EUR m

Tertial net interest income

EUR m

Tertial net commission income and fees

EUR m

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Nordic Investment Bank Interim Management Statement January–April 2017

Net profit on financial operations

The profit on financial operations totalled EUR 39.4 million, up EUR 42.7 million on a year ago. The result comprises realised profit of EUR 4.2 million and unrealised profit of EUR 35.2 million. The unrealised profit is driven by positive valuation effects from spread tightening as well as hedge accounting valuations. These gains are expected to reverse as the underlying transactions reach maturity.

Total operating expenses

Total operating expenses were in line with the previous year. The Bank continues to focus on costs to ensure an efficient cost/income ratio.

Net loan losses

Net loan losses decreased in the period under review due to loan impairment reversals. The credit quality of the total loan portfolio remains high, and the Bank continues to adopt a conservative approach to loan impairment provisions.

Other comprehensive income

The Bank separates the foreign currency basis spread from financial instruments used in fair value hedging and this separated amount is recorded in OCI. The valuation of foreign currency basis spread will be zero upon maturity and, therefore, the amount recorded in OCI will not be reclassified to the income statement.

Tertial net profit on financial operations

EUR m

Tertial total operating expenses

EUR m

Tertial net loan losses

EUR m

* The net loan loss gain for the period ended April 2017 is due to loan impairment reversals.

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Nordic Investment Bank Interim Management Statement January–April 2017

Financial position

(in EUR millions)	Apr 2017*		Apr 2016*		Dec 2016
Cash and cash equivalents		3,686		3,687		4,456
Financial placements		6,538		6,059		6,600
Loans outstanding		16,681		15,658		16,640
Derivatives		1,636		1,801		2,157
Other assets		283		276		325
Total assets		28,824		27,481		30,178
Equity		3,398		3,157		3,275
Owed to credit institutions		1,007		939		1,329
Debts evidenced by certificates		22,926		21,156		23,907
Derivatives		1,322		1,352		1,444
Other liabilities		171		877		223
Total liabilities and equity		28,824		27,481		30,178

* Unaudited figures, to be read in conjunction with NIB’s 2016 audited financial statements.

Loans outstanding

Total loans outstanding amounted to EUR 16,681 million which is EUR 1,023 million higher than at 30 April 2016. Total loans agreed in the period amounted to EUR 610 million, which is EUR 255 million less than for the same period in 2016; however, demand for NIB’s long-term financing remains strong and total disbursements are expected to increase in the coming months.

Lending

in EUR millions, unless otherwise specified	Apr 2017		2016		2015		2014
Loans agreed, including green bond investments, according to business areas:		610		4,363		2,830		2,389
- Energy and environment		29		1,534		710		630
- Infrastructure , transportation and telecom		—		1,198		823		557
- Industries and services		444		912		996		926
- Financial institutions and SMEs		136		720		301		277
Loans disbursed, total		781		3,373		2,716		2,274
Number of loan agreements, incl. green bond investments		12		66		45		45
Repayments/prepayments		549		2,465		2,351		2,005
Loans outstanding and guarantees		16,681		16,640		15,627		15,156
- Member countries		14,994		14,831		13,347		12,705
- Non-member countries		1,722		1,851		2,341		2,506
Net loan losses		7		-20		-3		-21

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Nordic Investment Bank Interim Management Statement January–April 2017

Loans outstanding development during 2017 (EUR millions)

Total loans outstanding excluding exchange rate and valuation effects increased from EUR 16,640 million to EUR 16,879 million. The book value amounted to EUR 16,681 million due to foreign exchange and hedge accounting effects of EUR 178 million and EUR 21 million, respectively.

Mission fulfilment

Projects financed by the Bank are expected to contribute to the Bank’s mission of improving competitiveness and the environment in the Nordic–Baltic countries. Before approval is given in each individual case, all eligible investments are scrutinised and rated against the criteria developed on the basis of the Bank’s mission. In 2017, loans achieving a “good” or “excellent” mandate rating accounted for 91% of the total amount of loans agreed. Some 44% of the new lending is classified as environmental.

Mandate rating for agreed loans

(excluding lending green bond purchases)

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Nordic Investment Bank Interim Management Statement January–April 2017

Funding

The funding plan for 2017 is EUR 4.5 billion. The strategy for 2017 is to complete between one and three benchmark transactions in US dollars and/or euros, complemented by other public and private issues in order to maintain a diversified portfolio of currencies and a global investor base.

During the period, NIB raised EUR 2,543 million (Jan–Apr 2016: EUR 2,470 million) in new funding through 32 new bond issues. The Bank’s first global benchmark of the year was issued on 24 January. The five-year, USD 1.25 billion issue pays a semi-annual coupon of 2.125%, offering a spread of +23.5 basis points over the reference UST 2%, due in December 2021. This was equivalent to 17 basis points over mid swaps. During the first months of 2017, NIB also increased outstanding public issues by GBP 250 million and AUD 145 million. In the Nordic currencies, NOK 500 million and SEK 500 million were raised. In addition, private placements in ARS, BRL, EUR, INR, TRY and USD were issued.

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Nordic Investment Bank Interim Management Statement January–April 2017

Statement of comprehensive income

EUR 1,000	Jan-Apr 2017*		Jan-Apr 2016*		Jan-Dec 2016
Interest income		100,254		102,415		311,856
Interest expense		-20,017		-27,231		-70,047
Net interest income		80,237		75,183		241,809
Commission income and fees received		1,980		3,096		13,124
Commission expense and fees paid		-1,269		-1,072		-2,025
Net fee and commission income		711		2,024		11,099
Net profit/loss on financial operations		39,417		-3,312		23,292
Foreign exchange gains and losses		-126		-52		22
Total operating income		120,238		73,842		276,222
Expenses
General administrative expenses
Personnel expenses		-11,454		-11,362		-28,637
Other administrative expenses		-4,959		-5,471		-13,617
Depreciation		-625		-736		-2,319
Total operating expenses		-17,037		-17,570		-44,573
Profit before loan losses		103,200		56,272		231,649
Net loan losses		7,103		-5,441		-19,839
Net profit for the period		110,304		50,831		211,810
Other comprehensive income**
Items that will not be reclassified to income statement
Valuation of cross currency basis spread		12,388		-37,508		-28,202
Items that will be reclassified to income statement
Net change in cash flow hedge reserve		—		-3,125		—
Total other comprehensive income		12,388		-40,633		-28,202
Total comprehensive income		122,693		10,199		183,608

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2016.

** The movement in the fair value of cross currency basis spreads if 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 cross-currency basis spreads will be zero at maturity.

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Nordic Investment Bank Interim Management Statement January–April 2017

Statement of financial position

EUR 1,000	30 Apr 2017*		30 Apr 2016*		31 Dec 2016
ASSETS
Cash and cash equivalents		3,686,416		3,687,423		4,455,860
Financial placements
Placements with credit institutions		8,771		8,471		8,771
Debt securities		6,511,382		6,028,544		6,572,244
Other		17,449		22,080		18,901
		6,537,602		6,059,095		6,599,916
Loans outstanding		16,680,661		15,657,593		16,640,030
Intangible assets		2,917		—		938
Tangible assets, property and equipment		27,234		27,706		26,723
Other assets
Derivatives		1,636,182		1,801,309		2,156,921
Other assets		18,651		24,582		12,589
		1,654,833		1,825,891		2,169,510
Accrued interest and fees receivable		234,339		223,346		285,353
TOTAL ASSETS		28,824,003		27,481,054		30,178,330
LIABILITIES AND EQUITY
Liabilities
Short-term amounts owed to credit institutions		992,617		921,340		1,310,873
Long-term amounts owed to credit institutions		14,882		18,000		17,973
		1,007,498		939,340		1,328,846
Repurchase agreements		—		717,212		—
Debts evidenced by certificates
Debt securities issued		22,846,736		21,095,828		23,825,644
Other debt		79,743		60,077		81,745
		22,926,479		21,155,905		23,907,389
Other liabilities
Derivatives		1,321,795		1,352,191		1,444,341
Other liabilities		11,786		12,052		11,355
		1,333,581		1,364,242		1,455,696
Accrued interest and fees payable		158,647		147,659		211,294
Total liabilities		25,426,205		24,324,358		26,903,225
Equity		3,397,797		3,156,696		3,275,105
TOTAL LIABILITIES AND EQUITY		28,824,003		27,481,054		30,178,330

* Unaudited figures, to be read in conjunction with NIB’s audited financial statements for 2016.

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Nordic Investment Bank Interim Management Statement January–April 2017

Statement of changes in equity

EUR 1,000	Paid-in capital		Statutory Reserve		General Credit Risk Fund		Special Credit Risk Fund PIL		Funds available for appropriation		Hedging Reserve		Total
Equity at 31 December 2015		418,602		686,325		1,430,252		395,919		215,398		0		3,146,497
Profit for the period		—		—		—		—		50,831		—		50,831
Other comprehensive income		—		—		—		—		—		-40,633		-40,633
Total comprehensive income		0		0		0		0		50,831		-40,633		10,199
Transaction with owners in their capacity as owners
Appropriations between reserve funds		—		—		110,398		50,000		-160,398		—		0
Equity at 30 April 2016		418,602		686,325		1,540,651		445,919		105,831		-40,633		3,156,696
Profit for the period		—		—		—		—		160,979				160,979
Other comprehensive income		—		—		—		—				12,430		12,430
Total comprehensive income		0		0		0		0		160,979		12,430		173,409
Transaction with owners in their capacity as owners
Dividends		—		—		—		—		-55,000		—		-55,000
Equity at 31 December 2016		418,602		686,325		1,540,651		445,919		211,810		-28,202		3,275,105
Profit for the period		—		—		—		—		110,304		—		110,304
Other comprehensive income		—		—		—		—		—		12,388		12,388
Total comprehensive income		0		0		0		0		110,304		12,388		122,693
Transaction with owners in their capacity as owners
Appropriations between reserve funds		—		—		156,810		—		-156,810		—		0
Equity at 30 April 2017		418,602		686,325		1,697,461		445,919		165,304		-15,814		3,397,797

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Nordic Investment Bank Interim Management Statement January–April 2017

Cash flow statement

EUR 1,000	Jan-Apr 2017		Jan-Apr 2016		Jan-Dec 2016
Cash flows from operating activities
Net profit for the period		110,304		50,831		211,810
Adjustments:
Unrealised gains/losses of financial assets held at fair value		-28,674		-3,144		1,548
Depreciation and write-down in value of tangible and intangible assets		625		736		2,319
Change in accrued interest and fees (assets)		51,014		75,631		13,625
Change in accrued interest and fees (liabilities)		-52,647		-75,141		-11,506
Net loan losses		-7,103		5,441		19,839
Adjustment to hedge accounting		-9,119		7,798		-4,271
Other adjustments to the period’s profit		2,918		2,850		-628
Adjustments, total		-42,988		14,171		20,926
Lending
Disbursements of loans		-781,386		-627,128		-3,373,252
Repayments of loans		549,247		606,243		2,464,579
Capitalisations, redenominations, index adjustments, etc.		-418		-1		-32
Exchange rate adjustments		178,124		37,127		-110,135
Lending, total		-54,433		16,241		-1,018,840
Cash flows from operating activities, total		12,884		81,244		-786,103
Cash flows from investing activities
Placements and debt securities
Purchase of debt securities		-949,100		-803,263		-2,287,945
Sold and matured debt securities		961,841		833,895		1,843,682
Placements with credit institutions		—		-550		-850
Other financial placements		1,332		—		2,714
Exchange rate adjustments, etc.		47,809		25,436		-47,891
Placements and debt securities, total		61,882		55,518		-490,290
Other items
Acquisition of intangible assets		-1,979		—		-938
Acquisition of tangible assets		-1,136		-83		-682
Change in other assets		-5,149		-1,042		10,698
Other items, total		-8,264		-1,125		9,078
Cash flows from investing activities, total		53,618		54,394		-481,212
Cash flows from financing activities
Debts evidenced by certificates
Issues of new debt		2,543,225		2,470,388		6,700,059
Redemptions		-3,040,611		-3,399,482		-3,823,944
Exchange rate adjustments		-521,712		-539,890		380,563
Debts evidenced by certificates, total		-1,019,097		-1,468,984		3,256,678
Other items
Long-term placements from credit institutions		-3,091		—		-27
Change in swap receivables		541,892		756,950		265,363
Change in swap payables		-37,825		-132,106		-86,468
Change in other liabilities		432		2,106		1,409
Dividend paid		—		—		-55,000
Other items, total		501,408		626,950		125,277
Cash flows from financing activities, total		-517,689		-842,034		3,381,955
CHANGE IN CASH AND CASH EQUIVALENTS, NET		-451,188		-706,396		2,114,639
Opening balance for cash and cash equivalents, net		3,144,987		1,030,348		1,030,348
Closing balance for cash and cash equivalents, net		2,693,799		323,952		3,144,987
Additional information to the statement of cash flows
Interest income received		151,267		178,046		325,481
Interest expense paid		-72,665		-102,373		-81,553

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Nordic Investment Bank Interim Management Statement January–April 2017

Basis of preparation

This unaudited Interim Management Statement is not presented in accordance with IAS 34 Interim Financial Reporting.

The accounting policies and methods of computation are largely the same as described in Note 1 to the Financial Report 2016; however, the disclosure is significantly less.

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

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