Key figures

(Amounts in NOK 1 000 000)	1st quarter 2023	1st quarter 2022	2022
RESULTS
Net interest income	508	436	1 866
Core earnings¹	280	248	1 081
Profit after tax	389	(352)	(60)
Cost/income ratio (per cent)²	16.1 %	15.9 %	15.8 %
Return on equity after tax³	8.9%	(8.8%)	(0.8%)
Return on equity after tax (core earnings)⁴	6.8%	6.0%	6.6%
Return on assets after tax⁵	0.3%	(0.3%)	0.0%
LOANS TO CUSTOMERS
New disbursements	9 264	7 953	39 261
Aggregate loans to customers⁶	330 036	320 650	328 401
12 month lending growth in percent⁷	2.9%	2.3%	1.7%
Green loans to customers⁸	42 759	34 480	41 421
Share of green loans in lending protfolio	13.0 %	10.8 %	13.3 %
Share of municipalities with green loans⁹	38.8 %	36.3 %	38.0 %
LIQUIDITY PORTFOLIO⁶	110 249	86 978	109 959
DEBT SECURITIES ISSUED
New long-term debt securities issued	24 459	35 629	86 994
Aggregate debt securities issued⁶	461 785	391 521	429 206
TOTAL ASSETS	505 485	455 099	492 450
EQUITY
Equity	19 233	18 900	18 903
Common equity Tier 1 capital adequacy ratio	18.8%	18.1%	19.0%
Leverage ratio	3.8%	4.1%	3.9%
LIQUIDITY COVERAGE RATIO (LCR)¹⁰
Total	258%	240%	261%
NOK	94%	60%	95%
EUR	246%	148%	441%
USD	163%	210%	242%
AUD	124%	1 980%	1 078%
GBP	Infinite	378%	1 958%
OTHER KEY FIGURES
Market share excl. Husbanken¹¹	49.1%	50.2%	49.7%
Percentage of women employed in KBN	43%	45%	43%
Emissions in CO₂ tons equivalents¹²	21.9	18.3	79.7

Footnotes

¹Profit after tax adjusted for unrealised gain/(loss) on financial instruments after tax. 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.

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

¹² KBN’s calculated emissions. See Greenhouse gas accounting.

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