KBN in Numbers

Financial key figures

(Amounts in NOK 1 000 000)	2023	2022	2021	2020	2019
Results
Net interest income	2 105	1 866	1 585	1 672	1 875
Core earnings¹	1 211	1 081	908	922	1 071
Profit after tax	1 432	(60)	1 208	1 159	1 283
Cost/income ratio (percent)²	15,6 %	15,8 %	16,4 %	16,3 %	14,0 %
Return on equity after tax³	7,9%	(0,8%)	7,1%	7,4%	9,5%
Return on equity after tax (core earnings)⁴	7,3%	6,6%	5,6%	6,3%	8,3%
Return on assets after tax⁵	0,3%	0,0%	0,3%	0,2%	0,3%
Loans to customers
New disbursements	53 429	39 261	48 547	57 699	53 825
Aggregate loans to customers⁶	354 052	328 401	323 018	318 235	309 758
12 month lending growth in percent⁷	7,8 %	1,7 %	1,5 %	2,7 %	2,5 %
Green loans to customers⁸	52 763	41 421	32 876	26 112	23 049
Share of green loans in lending portfolio	15,4 %	13,3 %	10,9 %	8,9 %	8,3 %
Share of municipalities with green loans⁹	40%	38%	36%	34%
Liquidity portfolio⁶	114 610	109 959	110 837	123 585	107 350
Debt securities issued
New long-term debt securities issued	76 935	86 994	96 550	107 822	72 508
Aggregate debt securities issued⁶	438 407	429 206	395 385	405 451	400 489
Total assets	522 203	492 450	473 064	498 327	460 778
Equity
Equity	21 684	18 903	19 081	18 538	16 401
Common equity Tier 1 capital adequacy ratio	17,4%	19,0%	18,8%	17,9%	17,4%
Leverage ratio	4,0%	3,9%	3,9%	3,7%	3,7%
Liquidity coverage ratio (LCR)¹⁰
Total	266%	261%	175%	191%	348%
NOK	87%	95%	71%	77%	73%
EUR	251%	441%	140%	200%	800%
USD	171%	242%	137%	188%	422%
AUD	1 253%	1 078%	1 082%	1 239%	Infinite
GBP	43 868%	1 958%	733%	97 768%	Infinite
Other key figures
Market share excl. Husbanken¹¹	51,1%	49,7%	51,4%	52,8%	52,9%
Percentage of women employed in KBN¹²	36,0%	43,0%	46,0%	41,0%	42,0%
Emissions in tons CO₂ equivalents¹³	111,5	79,7	40,3	74,5	191,8

Footnotes

¹Profit after tax adjusted for net unrealised gain/(loss) on financial instruments (in accordance with note 3) adjusted for estimated tax at 25% tax rate, and adjusted for Portion allocated to owners of additional Tier 1 capital. This result measure is included to give relevant information about the company's underlying operations.

² Operating expenses as a percentage of sum Net interest income and Total other operating income adjusted for Net unrealised gain/(loss) on financial instruments (in accordance with note 3).

³ Share of the Profit for the year allocated to shareholders as a percentage of average equity (annualized). Average equity is calculated based on monthly equity, not including Profit for the year, less dividends from the time the dividends are paid out, as well as addition or reduction of the company's share capital during the year.

⁴ Core earnings as a percentage of average equity (annualised).

⁵ Share of Profit for the year allocated to shareholders as a percentage of average assets (annualised). Average assets are calculated based on monthly assets.

⁶ Principal amounts.

⁷ 12-month lending growth based on total lending (principal amounts).

⁸ Aggregate green loans to customers financed by green bonds. In addition, the bank has a smaller portfolio of green loans to customers that were given before or that does not qualify after the criteria in Green bond framework published in 2016. These loans are no longer financed with green bonds. Total aggregate green loans to customers are NOK 54.7 billion.

⁹ Percentage of municipalities in KBN’s lending portfolio with green loans.

¹⁰Liquidity coverage ratio (LCR) is a measure for the regulatory liquidity reserve. LCR is defined as liquid assets as a percentage of net payments in a given stress period of 30 days.

¹¹ KBN’s market share based on sector code 6500 from KBN divided by total loans to same sector based on SSBs K2-reporting. Lending from Husbanken is not included as KBN does not compete for these loans.

¹² Measured as the proportion of women among all employees.

¹³KBN’s climate accounting is based on the Greenhouse Gas Protocol Corporate Standard. Own emissions consist of calculations within scope 1 and scope 2 in this climate statement.

See also the overview and description of alternative performance measures published on kbn.com

Impact Report 2023

KBN publishes a separate impact report in addition to the annual report. The report provides investors and other stakeholders with detailed information about the projects financed by KBN's green bonds. At the end of 2023, KBN had NOK 52.8 billion outstanding in green loans, distributed across 474 projects in the municipal sector, of which 67 are new projects in 2023.

Green bonds

38.6 bn. NOK

Funds from green bonds issued in international capital markets…

Green loans

52.8 bn. NOK

… provide green, discounted loans for climate smart projects across the country.

Read the full Impact Report 2023.