Key figures

(Amounts in NOK 1 000 000)	1st quarter 2024	1st quarter 2023	2023
RESULTS
Net interest income	553	508	2 105
Core earnings¹	308	280	1 211
Profit after tax	390	389	1 432
Cost/income ratio (percent)²	17.2%	16.1%	15.6%
Return on equity after tax³	7.7%	8.9%	7.9%
Return on equity after tax (core earnings)⁴	6.8%	6.8%	7.3%
Return on assets after tax⁵	0.3%	0.3%	0.3%
LOANS TO CUSTOMERS
New disbursements	11 284	9 264	53 429
Aggregate loans to customers⁶	357 100	330 036	354 052
12 month lending growth in percent⁷	8.2%	2.9%	7.8%
Green loans to customers⁸	54 249	42 759	52 763
Share of green loans in lending protfolio	15.7%	13.0%	15.4%
Share of municipalities with green loans⁹	40.1%	38.8%	39.9%
LIQUIDITY PORTFOLIO⁶	115 723	110 249	114 610
DEBT SECURITIES ISSUED
New long-term debt securities issued	38 188	24 459	76 935
Aggregate debt securities issued⁶	476 393	461 785	438 407
TOTAL ASSETS	531 179	505 485	522 203
EQUITY
Equity	21 983	19 233	21 684
Common equity Tier 1 capital adequacy ratio	18.5%	18.8%	17.4%
Leverage ratio	4.1%	3.8%	4.0%
LIQUIDITY COVERAGE RATIO (LCR)¹⁰
Total	276%	258%	266%
NOK	88%	94%	87%
EUR	378%	246%	251%
USD	175%	163%	171%
AUD	3 801%	124%	1 253%
GBP	Infinite	Infinite	43 868%
OTHER KEY FIGURES
Market share excl. Husbanken¹¹	50.2 %	49.1 %	51.1 %
Percentage of women employed in KBN	36%	43%	36%
Emissions in tons CO₂ equivalents¹²	31.0	21.9	111.5

Footnotes

¹Profit after tax adjusted for net unrealised gain/(loss) on financial instruments (in accordance with note 2) 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 2).

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 (annualized).

⁵ Share of Profit for the year allocated to shareholders as a percentage of average assets (annualized). 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 56.1 billion.

⁹ Percentage of municipalities in KBN’s lending portfolio with green loans, based on total aggregate green loans to customers.

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. Lending from Husbanken is not included as KBN does not compete for these loans.

¹² KBN’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