Key figures
| (Amounts in NOK 1 000 000) | 3rd quarter 2024 | January - September 2024 | 3rd quarter 2023 | January - September 2023 | 2023 |
|---|---|---|---|---|---|
| RESULTS | |||||
| Net interest income | 595 | 1 699 | 556 | 1 572 | 2 105 |
| Core earnings1 | 345 | 984 | 298 | 938 | 1 211 |
| Profit after tax | 310 | 1 194 | 197 | 866 | 1 432 |
| Cost/income ratio (percent)2 | 16.6% | 16.7% | 16.3% | 15.1% | 15.6% |
| Return on equity after tax3 | 6.2% | 8.0% | 3.9% | 6.3% | 7.9% |
| Return on equity after tax (core earnings)4 | 7.9% | 7.3% | 7.4% | 7.6% | 7.3% |
| Return on assets after tax5 | 0.2% | 0.3% | 0.1% | 0.2% | 0.3% |
| LOANS TO CUSTOMERS | |||||
| New disbursements | 11 453 | 30 378 | 10 817 | 32 186 | 53 429 |
| Aggregate loans to customers6 | 364 727 | 364 727 | 341 150 | 341 150 | 354 052 |
| Aggregate customer financing7 | 368 625 | 368 625 | 341 150 | 341 150 | 354 052 |
| 12 month lending growth in percent8 | 6.9% | 6.9% | 5.7% | 5.7% | 7.8% |
| 12 month aggregate financing growth in percent9 | 8.1% | 8.1% | 5.7% | 5.7% | 7.8% |
| Green loans to customers10 | 59 894 | 59 894 | 46 556 | 46 556 | 52 763 |
| Share of green loans in lending protfolio | 17.1% | 17.1% | 14.2% | 14.2% | 15.4% |
| Share of municipalities with green loans11 | 41.1% | 41.1% | 39.1% | 39.1% | 39.9% |
| LIQUIDITY PORTFOLIO6 | 128 078 | 128 078 | 129 261 | 129 261 | 114 610 |
| DEBT SECURITIES ISSUED | |||||
| New long-term debt securities issued | 21 263 | 82 843 | 29 877 | 62 771 | 76 935 |
| Aggregate debt securities issued6 | 457 205 | 457 205 | 467 286 | 467 286 | 438 407 |
| TOTAL ASSETS | 536 070 | 536 070 | 527 969 | 527 969 | 522 203 |
| EQUITY | |||||
| Equity | 21 863 | 21 863 | 20 671 | 20 671 | 21 684 |
| Common equity Tier 1 capital adequacy ratio | 18.2% | 18.2% | 18.2% | 18.2% | 17.4% |
| Leverage ratio | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
| LIQUIDITY COVERAGE RATIO (LCR)12 | |||||
| Total | 215% | 215% | 283% | 283% | 266% |
| NOK | 93% | 93% | 95% | 95% | 87% |
| EUR | 219% | 219% | 121% | 121% | 251% |
| USD | 189% | 189% | 175% | 175% | 171% |
| AUD | 127% | 127% | 26 525% | 26 525% | 1 253% |
| GBP | Infinite | Infinite | Infinite | Infinite | 43 868% |
| OTHER KEY FIGURES | |||||
| Market share excl. Husbanken13 | 50.0 % | 50.0 % | 50.4 % | 50.4 % | 51.1 % |
| Market share overall financing of customers excl. Husbanken14 | 50.6 % | 50.6 % | 50.4 % | 50.4 % | 51.1 % |
| Percentage of women employed in KBN | 34 % | 34 % | 38 % | 38 % | 36 % |
| Emissions in tons CO2 equivalents15 | 17.7 | 69.9 | 21.6 | 71.9 | 111.5 |
Footnotes
1 Profit 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 Principal amounts. Aggregate customer financing is the sum of KBN’s lending portfolio and KBN’s portfolio of municipal bonds in the liquidity portfolio, which are included as a part of KBN’s financing of customers.
8 12-month lending growth based on aggregate loans to customers (principal amounts).
9 12-month growth based on aggregate customer financing (principal amount).
10 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 62.4 billion.
11 Percentage of municipalities in KBN’s lending portfolio with green loans, based on total aggregate green loans to customers.
12 Liquidity 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.
13 KBN’s market share based on total loans to customers of sector code 6500 divided by total lending to the same sector, based on Statistics Norway's K2 reporting. Lending from Husbanken is not included as KBN does not compete for these loans.
14 KBN’s market share based on total customer financing of sector code 6500 divided by total lending to the same sector, based on Statistics Norway's K2 reporting. Lending from Husbanken is not included as KBN does not compete for these loans.
15 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, as well as indirect emissions in scope 3 from waste management and travel activities.
See also the overview and description of alternative performance measures published on kbn.com