Financial statement 2023

Income statement

INCOME STATEMENT

(Amounts in NOK 1 000 000)	Note	2023	2022
Interest income from assets measured at amortised cost		15 411	6 155
Interest income from assets measured at fair value		6 933	3 026
Total interest income		22 345	9 180
Interest expense		20 240	7 315
Net interest income	1	2 105	1 866
Fees and commission expenses	2	126	133
Net gain/(loss) on financial instruments	3	212	(1 615)
Increased/(reduced) provision for expected credit loss	14	(10)	28
Total other operating income		96	(1 775)
Salaries and administrative expenses	4,5	190	166
Depreciation of fixed and intangible assets		43	38
Other operating expenses	7	92	67
Total operating expenses		325	271
Profit before tax		1 876	(180)
Income tax	6	444	(120)
Profit for the year		1 432	(60)
Portion allocated to shareholder		1 301	(135)
Portion allocated to owners of additional Tier 1 capital		131	75

STATEMENT OF COMPREHENSIVE INCOME

(Amounts in NOK 1 000 000)	Note	2023	2022
Profit for the year		1 432	(60)
Other comprehensive income
Items which will not be reclassified to profit or loss
Change in fair value of liabilities due to changes in own credit risk	18	484	800
Actuarial gain/(loss) on pension liability		(8)	2
Tax		(119)	(200)
Total other comprehensive income		357	601
Total comprehensive income for the year		1 789	541
Portion allocated to shareholder		1 658	467
Portion allocated to owners of additional Tier 1 capital		131	75

Statement of financial position

(Amounts in NOK 1 000 000)	Note	2023	2022
Assets
Deposits with credit institutions	8,10,12,20	36 601	39 512
Loans to customers	8,9,10,13	352 226	324 532
Commercial paper and bonds	8,9,10,11,15	114 344	109 235
Financial derivatives	8,9,10,11,19,20	16 505	16 119
Deferred tax asset	6	2 318	2 881
Other assets	16	210	170
Total assets		522 203	492 450
Liabilities and equity
Due to credit institutions	8,10,17,20	5 232	6 567
Commercial paper issued	8,10,18	41 318	23 377
Debt securities issued	8,9,10,11,18	424 593	402 553
Financial derivatives	8,9,10,11,19,20	28 505	39 070
Other liabilities	16	76	56
Pension commitments	5	25	27
Subordinated loan capital	8,9,10,11	770	1 897
Total liabilities		500 520	473 547
Share capital	22	3 895	3 895
Additional Tier 1 capital	23	3 484	2 392
Other equity		14 305	12 617
Total equity		21 684	18 903
Total liabilities and equity		522 203	492 450

Oslo

14 March 2024

The Board of Directors and Chief Executive Officer of Kommunalbanken AS

A group of signatures on a white background

Statement of changes in equity

2023	Note	Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2022		3 895	2 392	(304)	12 920	18 903
Profit for the year		0	0	0	1 432	1 432
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	363	0	363
Other comprehensive income after tax - actuarial gain/loss		0	0	0	(6)	(6)
Interest paid on additional Tier 1 capital	23	0	0	0	(101)	(101)
Issuance of additional Tier 1 capital		0	1 093	0	0	1 093
Dividends for 2022		0	0	0	0	0
Equity as of 31 December 2023	22	3 895	3 484	59	14 245	21 684

2022		Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2021		3 895	2 392	(904)	13 698	19 081
Profit for the year		0	0	0	(60)	(60)
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	600	0	600
Other comprehensive income after tax - actuarial gain/loss		0	0	0	2	2
Interest paid on additional Tier 1 capital	23	0	0	0	(74)	(74)
Dividends for 2021		0	0	0	(646)	(646)
Equity as of 31 December 2022	22	3 895	2 392	(304)	12 920	18 903

Statement of cash flows

(Amounts in NOK 1 000 000)	2023	2022
Cash flows from operating activities
Interest received	21 671	7 680
Interest paid	(19 068)	(5 568)
Fees and commissions paid	(129)	(131)
Cash payments for operations	(285)	(233)
Paid taxes	0	(525)
Net disbursement of loans to customers	(25 647)	(5 385)
Net (payment)/disbursement short-term investments	1 677	(21 209)
Net payment/(disbursement) from purchase/sale of securities	1 936	5 950
Net (payment)/disbursement other assets	(50)	(5)
Net payment/(disbursement) other liabilities	24	(27)
Net (payment)/disbursement financial derivatives	11 435	25 528
Net cash flows from operating activities	(8 436)	6 079
Cash flows from investing activities
Disbursment from sale of fixed assets	(34)	(32)
Net cash flows from investing activities	(34)	(32)
Cash flows from financing activities
Payments on issued commercial paper	152 355	148 633
Repayment of commercial paper issued	(134 845)	(156 685)
Lease payments	(8)	(8)
Payments on issued debt securities	76 935	86 995
Repayment of debt securities issued	(85 790)	(84 295)
Interest Paid on additional Tier 1 capital	(101)	(74)
Dividends paid	0	(646)
Net cash flows from financing activities	8 546	(6 080)
Net cash flows	76	(33)
Adjusment of exchange rate changes	29	(24)
Net cash flows after effects of exchange rate changes	105	(57)
Cash and cash equivalents at 1 January	251	308
Net changes of cash and cash equivalents	105	(57)
Cash and cash equivalents at 31 December	356	251
Whereof
Deposits with credit institutions without agreed time to maturity	356	251
Due to credit institutions without agreed time to maturity	0	0