1st Quarterly Report 2023
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| NOK 1 000 | Note | 01.01.2023 31.03.2023 |
01.01.2022 31.03.2022 |
2022 | ||
|---|---|---|---|---|---|---|
| Total interest income | 2 | 2,993,230 | 1,308,454 | 7,203,389 | ||
| Total interest expenses | 2 | (2,569,231) | (807,825) | (5,559,392) | ||
| Net interest income | 423,998 | 500,629 | 1,643,997 | |||
| Commissions to SpareBank 1 banks | 3 | (282,904) | (415,628) | (1,249,440) | ||
| Net commission income | (282,904) | (415,628) | (1,249,440) | |||
| Net gains/losses from financial instruments | 4 | 80,348 | (93,874) | (287,945) | ||
| Net other operating income | 80,348 | (93,874) | (287,945) | |||
| Total operating income | 221,442 | (8,874) | 106,612 | |||
| Salaries and other ordinary personnel expenses | 5 | (5,831) | (3,887) | (13,822) | ||
| Other operating expenses | 6 | (7,147) | (6,498) | (30,474) | ||
| Total operating expenses | (12,979) | (10,385) | (44,296) | |||
| Operating result before loan loss provisions | 208,463 | (19,259) | 62,316 | |||
| Loan loss provisions | 2,309 | (1,360) | (16,489) | |||
| Pre-tax operating result | 210,772 | (20,619) | 45,826 | |||
| Taxes | (48,996) | 7,359 | (1,179) | |||
| Profit/(loss) for the period | 161,776 | (13,260) | 44,647 | |||
| Portion attributable to shareholders | 146,987 | (22,078) | 4,454 | |||
| Portion attributable to additional Tier 1 capital holders | 14,790 | 8,818 | 40,193 | |||
| Profit/(loss) for the period | 161,776 | (13,260) | 44,647 |
| NOK 1 000 | 01.01.2023 31.03.2023 |
01.01.2023 31.03.2022 |
2022 | |||
|---|---|---|---|---|---|---|
| Profit/loss for the year | 161,776 | (13,260) | 44,647 | |||
| Items that will not be reclassified to profit/loss | ||||||
| Actuarial gains and losses pensions | - | - | 1,223 | |||
| Tax effect | - | - | (306) | |||
| Items that may be reclassified to profit/loss later | ||||||
| Basis swap valuation adjustment | (96,990) | 450,677 | 623,282 | |||
| Tax effect | 24,247 | (112,669) | (155,821) | |||
| Other comprehensive income for the period | (72,742) | 338,008 | 468,379 | |||
| Comprehensive income for the period | 89,034 | 324,748 | 513,026 |
| NOK 1 000 | 31.03.2023 | 31.03.2022 | 2022 | |||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Lending to and deposits with credit institutions | 13 | 2,377,752 | 4,026,358 | 1,360,520 | ||
| Certificates and bonds | 13,14 | 25,761,598 | 27,784,216 | 29,426,208 | ||
| Residential mortage loans | 8,13 | 263,545,096 | 230,689,401 | 252,904,944 | ||
| Financial derivatives | 12,13,14 | 9,632,070 | 2,397,900 | 3,990,087 | ||
| Defered tax asset | 157,918 | 93,217 | 133,671 | |||
| Other assets | 7 | 759,962 | 1,976,628 | 70,500 | ||
| Total assets | 302,234,396 | 266,967,719 | 287,885,930 | |||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Debt incurred by issuing securities | 10,14 | 275,597,731 | 243,627,664 | 260,848,557 | ||
| Collateral received under derivatives contracts | 13,19 | 4,828,201 | 340,877 | 714,730 | ||
| Repurchase agreement | 1,207,636 | - | - | |||
| Financial derivatives | 12,13,14 | 5,185,405 | 8,291,753 | 11,822,504 | ||
| Deferred tax | - | - | - | |||
| Tax payable | 164,167 | 22,722 | 115,171 | |||
| Subordinated debt | 11,13 | 1,436,639 | 1,431,504 | 1,436,805 | ||
| Other Liabilities | 15 | 921,986 | 591,714 | 129,777 | ||
| Total Liabilities | 289,341,765 | 254,306,235 | 275,067,542 | |||
| Equity | ||||||
| Share capital | 9 | 7,797,215 | 7,797,215 | 7,797,215 | ||
| Share premium | 3,901,255 | 3,901,255 | 3,901,255 | |||
| Declared dividends | - | - | ||||
| Basis swap valuation reserve | 139,825 | 83,113 | 212,567 | |||
| Other equity | (7,440) | (6,839) | 7,350 | |||
| Hybrid capital | 9,13 | 900,000 | 900,000 | 900,000 | ||
| Profit/(loss) for the period | 161,776 | (13,260) | - | |||
| Total equity | 12,892,632 | 12,661,484 | 12,818,388 | |||
| Total liabilities and equity | 302,234,396 | 266,967,719 | 287,885,930 |
| NOK 1 000 | Share capital | Share premium | Dividend | Basis swap valuation reserve | Other Equity | Hybrid capital | Total Equity | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of 31 December, 2021 | 7,797,215 | 3,901,255 | 73,294 | -254,894 | 1,978 | 900,000 | 12,418,848 | ||||
| Dividend 2021 | - | - | -73,294 | - | - | -73,294 | |||||
| Profit/(loss) for the period | - | - | 44,647 | -40,193 | 4,454 | ||||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -40,193 | 40,193 | -0 | |||||
| Basis swap valuation change, net | - | - | - | 467,462 | 467,462 | ||||||
| Actuarial gain/loss pension | 917 | 917 | |||||||||
| Other | - | - | - | ||||||||
| Balance as of 31 December, 2022 | 7,797,215 | 3,901,255 | -0 | 212,567 | 7,350 | 900,000 | 12,818,387 | ||||
| Dividend 2022 | - | - | - | - | - | - | |||||
| Profit/(loss) for the period | - | - | 161,776 | -14,790 | 146,987 | ||||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -14,790 | 14,790 | - | |||||
| Basis swap valuation change, net | - | - | - | -72,742 | -72,742 | ||||||
| Actuarial gain/loss pension | - | ||||||||||
| Other | - | - | - | ||||||||
| Balance as of 31 March, 2023 | 7,797,215 | 3,901,255 | -0 | 139,825 | 154,337 | 900,000 | 12,892,632 |
Equity is paid in by the Company's parent banks when a requirement arises. The requirement arises regularly when the Company acquires larger portfolios of mortgage loans, and otherwise according to changes in capitalization rules because SpareBank 1 Boligkreditt is subject to the same capital adequacy rules under Pillar 1 as banks in general. Each parent bank has also signed a Shareholders agreement with the Company, which amongst other things stipulates when additional capital must be contributed.
| NOK 1 000 | 31.03.2023 | 31.03.2022 | 2022 |
|---|---|---|---|
| Cash flows from operations | |||
| Interest received | 2,983,031 | 1,273,149 | 6,927,219 |
| Paid commissions to SpareBank 1 banks | -201,511 | -440,619 | -1,366,740 |
| Paid expenses, operations | -54,868 | -1,950 | -42,121 |
| Paid tax | 0 | 0 | 0 |
| Net cash flow relating to operations | 2,726,652 | 830,580 | 5,518,357 |
| Cash flows from investments | |||
| Net purchase of loan portfolio | -10,591,485 | -7,853,582 | -29,889,709 |
| Net payments on the acquisition of government certificates | -2,198,578 | 3,652,877 | 4,402,153 |
| Net payments on the acquisition of bonds | 6,445,021 | -5,411,468 | -7,833,793 |
| Net investments in intangible assets | 0 | 0 | 0 |
| Net investments in fixed assets | -202 | 0 | 0 |
| Net cash flows relating to investments | -6,345,245 | -9,612,173 | -33,321,349 |
| Cash flows from funding activities | |||
| Net receipt/payment from the issuance of securities | 1,881,843 | 15,412,469 | 35,381,101 |
| Net receipt/payment from the issuance of subordinated debt | 0 | 0 | 0 |
| Net receipt/payment of loans to credit institutions | 5,365,237 | -3,317,087 | -2,903,043 |
| Equity capital subscription | 0 | 0 | 917 |
| Paid additional Tier 1 capital | -14,790 | -8,818 | -40,193 |
| Paid dividend | 0 | 0 | -73,294 |
| Net interest payments on funding activity | -2,596,466 | -712,704 | -4,636,068 |
| Net cash flow relating to funding activities | 4,635,824 | 11,373,860 | 27,729,420 |
| Net cash flow in the period | 1,017,232 | 2,592,267 | -73,571 |
| Balance of cash and cash equivalents at beginning of period | 1,360,520 | 1,434,092 | 1,434,092 |
| Net receipt/payments on cash | 1,017,232 | 2,592,267 | -73,571 |
| Balance of cash and cash equivalents at end of period | 2,377,752 | 4,026,358 | 1,360,520 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 1. quarter 2023 | 4. quarter 2022 | 3. quarter 2022 | 2. quarter 2022 | 1. quarter 2022 | ||
|---|---|---|---|---|---|---|---|
| Total interest income | 2,993,230 | 2,548,460 | 1,820,052 | 1,526,422 | 1,308,454 | ||
| Total interest expenses | -2,569,231 | -2,254,730 | -1,436,847 | -1,059,989 | -807,825 | ||
| Net interest income | 423,998 | 293,730 | 383,205 | 466,433 | 500,629 | ||
| Commissions to SpareBank 1 banks | -282,904 | -171,347 | -296,817 | -365,648 | -415,628 | ||
| Net commission income | -282,904 | -171,347 | -296,817 | -365,648 | -415,628 | ||
| Net gains/losses from financial instruments | 80,348 | -94,600 | 6,439 | -105,910 | -93,874 | ||
| Net other operating income | 80,348 | -94,600 | 6,439 | -105,910 | -93,874 | ||
| Total operating income | 221,442 | 27,783 | 92,827 | -5,124 | -8,874 | ||
| Salaries and other ordinary personnel expenses | -5,831 | -3,547 | -3,557 | -2,830 | -3,887 | ||
| Other operating expenses | -7,147 | -10,340 | -7,712 | -5,925 | -6,498 | ||
| Total operating expenses | -12,979 | -13,887 | -11,269 | -8,755 | -10,385 | ||
| Operating result before losses | -5,831 | -3,547 | -3,557 | -13,880 | -19,259 | ||
| Mortages IFRS 9 ECL | 2,309 | -8,691 | -6,665 | 226 | -1,360 | ||
| Pre-tax operating result | 210,772 | 5,206 | 74,894 | -13,654 | -20,619 | ||
| Taxes | -48,996 | 2,022 | -16,260 | 5,700 | 7,359 | ||
| Profit/loss for the year | 161,776 | 7,227 | 58,633 | -7,954 | -13,260 | ||
| Other income and expense | -72,742 | -608,178 | 665,522 | 73,027 | 338,008 | ||
| Total Profit/Loss | 89,034 | -600,951 | 724,155 | 65,074 | 324,748 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 31.03.2023 | 31.12.2022 | 30.09.2022 | 30.06.2022 | 31.03.2022 | ||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 2,377,752 | 1,360,520 | 4,816,899 | 2,518,479 | 4,026,358 | ||
| Certificates and bonds | 25,761,598 | 29,426,208 | 27,625,296 | 30,451,050 | 27,784,216 | ||
| Residential mortage loans | 263,545,096 | 252,904,944 | 245,162,243 | 237,573,557 | 230,689,401 | ||
| Financial derivatives | 9,632,070 | 3,990,087 | 5,976,104 | 6,375,186 | 2,397,900 | ||
| Defered tax asset | 157,918 | 133,671 | 0 | 68,874 | 93,217 | ||
| Other assets | 759,962 | 70,500 | 602,519 | 1,636,995 | 1,976,628 | ||
| Total assets | 302,234,396 | 287,885,930 | 284,183,060 | 278,624,141 | 266,967,719 | ||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 275,597,731 | 260,848,557 | 256,447,029 | 253,916,041 | 243,627,664 | ||
| Collateral received under derivatives contracts | 4,828,201 | 714,730 | 1,122,032 | 2,113,394 | 340,877 | ||
| Repurchase agreement | 0 | 0 | 0 | 250,021 | 0 | ||
| Financial derivatives | 5,185,405 | 11,822,504 | 11,024,074 | 7,508,626 | 8,291,753 | ||
| Deferred tax | 0 | 0 | 152,966 | 0 | 0 | ||
| Tax payable | 164,167 | 115,171 | 33,282 | 17,021 | 22,722 | ||
| Subordinated debt | 1,436,639 | 1,436,805 | 1,433,996 | 1,432,116 | 1,431,504 | ||
| Other Liabilities | 921,986 | 129,777 | 537,968 | 669,512 | 591,714 | ||
| Total Liabilities | 289,341,765 | 275,067,542 | 270,751,347 | 265,906,730 | 254,306,235 | ||
| Equity | |||||||
| Share capital | 7,797,215 | 7,797,215 | 7,797,215 | 7,797,215 | 7,797,215 | ||
| Share premium | 3,901,255 | 3,901,255 | 3,901,255 | 3,901,255 | 3,901,255 | ||
| Declared dividends | 0 | 0 | 0 | 0 | 0 | ||
| Basis swap valuation reserve | 139,825 | 212,567 | 793,845 | 138,175 | 74,296 | ||
| Other equity | -7,440 | 7,350 | 1,978 | 1,978 | 1,978 | ||
| Net profit | 0 | 0 | 37,420 | -21,213 | -13,260 | ||
| Hybrid capital | 161,776 | 900,000 | 900,000 | 900,000 | 900,000 | ||
| Total equity | 12,892,632 | 12,818,388 | 13,431,713 | 12,717,411 | 12,661,484 | ||
| Total liabilities and equity | 302,234,396 | 287,885,930 | 284,183,060 | 278,624,141 | 266,967,719 |
SpareBank 1 Boligkreditt is a labelled covered bond issuer. Details of the label and information on SpareBank 1 outstanding covered bonds are available on the European Covered Bond Council (ECBC) covered bond label webpage:
www.coveredbondlabel.com