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title: Spabol - 2020 Q2 - Financial statements
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## Income Statement

| NOK 1 000 |   |   |   |   |   |   | Note | 2. quarter 2020 | 2. quarter 2019 | 30.06.2020 | 01.01.19- 30.06.2019 | 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total interest income |   |   |   |   |   |   | 2 | 1,249,912 | 1,042,088 | 2,881,310 | 2,654,088 | 5,834,356 |
| Total interest expense |   |   |   |   |   |   | 2 | -878,527 | -917,711 | -2,030,278 | -1,758,100 | -3,958,307 |
| Net interest income |   |   |   |   |   |   |   | 371,385 | 124,376 | 851,032 | 895,988 | 1,876,049 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission and fee expense |   |   |   |   |   |   |   | -244,043 | -354,035 | -602,060 | -669,597 | -1,444,292 |
| Net commission income |   |   |   |   |   |   |   | -244,043 | -354,035 | -602,060 | -669,597 | 1,444,292 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net gains/losses from financial instruments |   |   |   |   |   |   | 3 | 171,895 | -49,926 | -111,893 | -34,536 | -171,295 |
| Net other operating income |   |   |   |   |   |   |   | 171,895 | -49,926 | -111,893 | -34,536 | -171,295 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total operating income |   |   |   |   |   |   |   | 299,237 | 74,450 | 137,079 | 191,855 | 260,462 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and other ordinary personnel expense |   |   |   |   |   |   | 4 | -1,935 | -2,506 | -5,089 | -5,340 | -11,780 |
| Other operating expense |   |   |   |   |   |   | 5 | -7,945 | -5,820 | -14,739 | -11,163 | -24,359 |
| Total operating expenses |   |   |   |   |   |   |   | -9,880 | -8,325 | -19,828 | -16,504 | -36,139 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating result before losses |   |   |   |   |   |   |   | 289,358 | 66,125 | 117,250 | 175,352 | 224,323 |
| Impairment losses on loans |   |   |   |   |   |   |   | -10,905 | 136 | -20,141 | -2,098 | 856 |
| Pre-tax operating result |   |   |   |   |   |   |   | 278,452 | 66,261 | 97,109 | 173,253 | 225,179 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Taxes |   |   |   |   |   |   |   | -65,753 | -16,565 | -16,267 | -43,313 | -56,298 |
| Profit/loss for the year |   |   |   |   |   |   |   | 212,699 | 49,695 | 80,843 | 129,940 | 168,880 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portion attrubutable to shareholders |   |   |   |   |   |   |   | 197,259 | 38,817 | 48,800 | 108,610 | 123,796 |
| Portion attributable to additional Tier 1 capital holders |   |   |   |   |   |   |   | 15,441 | 10,878 | 32,043 | 21,330 | 45,084 |
| Profit/loss for the period |   |   |   |   |   |   |   | 212,699 | 49,695 | 80,843 | 129,940 | 168,880 |

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## Overview of Comprehensive Income

| NOK 1 000 |   |   |   |   |   |   |   | 2. quarter 2020 | 2. quarter 2019 | 01.01.2020 - 30.06.2020 | 01.01.19- 30.06.2019 | 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Profit/loss for the year |   |   |   |   |   |   |   | 212,699 | 49,695 | 80,843 | 129,940 | 168,880 |
| Items which will not impact the income statement in future periods: |   |   |   |   |   |   |   | - |   |   |   |   |
| Change due to basis swap spread adjustment |   |   |   |   |   |   |   | 45,803 | 117,184 | 149,571 | -37,389 | -74,707 |
| Tax effect of basis swap spread adjustment |   |   |   |   |   |   |   | -11,451 | -29,296 | -37,393 | 9,347 | 18,677 |
| Change in pensions for a previous period |   |   |   |   |   |   |   | - |   |   |   |   |
| Estimate deviation for pensions |   |   |   |   |   |   |   | - | - | - | - | -353 |
| Tax effect of the estimate deviation |   |   |   |   |   |   |   | - | - | - | - | 88 |
| Total profit/loss accounted for in equity |   |   |   |   |   |   |   | 34,353 | 87,888 | 112,178 | -28,042 | -56,294 |
| Total profit/loss |   |   |   |   |   |   |   | 247,052 | 137,583 | 193,021 | 101,898 | 112,586 |

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## Balance Sheet 2020

| NOK 1 000 |   |   |   |   |   |   |   |   |   | 30.06.2020 | 30.06.2019 | 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets |   |   |   |   |   |   |   |   |   |   |   |   |
| Lending to and deposits with credit institutions |   |   |   |   |   |   |   |   | 12 | 8,926,842 | 4,519,102 | 9,801,250 |
| Certificates and bonds |   |   |   |   |   |   |   |   | 12,13 | 28,950,758 | 29,554,116 | 28,067,101 |
| Residential mortage loans |   |   |   |   |   |   |   |   | 7,12 | 202,356,280 | 190,606,858 | 191,309,342 |
| Financial derivatives |   |   |   |   |   |   |   |   | 11,12,13 | 28,051,937 | 17,829,896 | 16,254,454 |
| Defered tax asset |   |   |   |   |   |   |   |   | 12 | 164,031 | 7,110 | 188,308 |
| Other assets |   |   |   |   |   |   |   |   | 6,12 | 4,479,081 | 1,040 | 890 |
| Total assets |   |   |   |   |   |   |   |   |   | 272,928,929 | 242,518,121 | 245,621,345 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities and equity |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt incurred by issuing securities |   |   |   |   |   |   |   |   | 9,12,13 | 233,899,764 | 214,370,809 | 217,670,078 |
| Collateral received under derivatives contracts |   |   |   |   |   |   |   |   | 12,18 | 20,469,422 | 12,625,416 | 12,418,140 |
| Repurchase agreement |   |   |   |   |   |   |   |   | 12 | 2,507,625 | 553,863 | - |
| Financial derivatives |   |   |   |   |   |   |   |   | 11,12,13 | 734,333 | 1,030,359 | 1,420,374 |
| Deferred tax |   |   |   |   |   |   |   |   | 12 | 37,393 | 30,029 | - |
| Tax payable |   |   |   |   |   |   |   |   | 12 | 226,673 | - | 250,190 |
| Subordinated debt |   |   |   |   |   |   |   |   | 10,12 | 1,430,788 | 1,432,458 | 1,433,439 |
| Other Liabilities |   |   |   |   |   |   |   |   | 12,14 | 1,271,651 | 181,253 | 148,256 |
| Total Liabilities |   |   |   |   |   |   |   |   |   | 260,577,649 | 230,224,187 | 233,340,477 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity |   |   |   |   |   |   |   |   |   |   |   |   |
| Paid-in equity |   |   |   |   |   |   |   |   | 12 | 11,418,470 | 11,418,470 | 11,418,470 |
| Other paid-in equity (not yet registered) |   |   |   |   |   |   |   |   | 12 | - | - | - |
| Hybrid capital |   |   |   |   |   |   |   |   | 8,12 | 1,180,000 | 1,180,000 | 1,180,000 |
| Accrued equity |   |   |   |   |   |   |   |   | 12 | -328,033 | -434,476 | -408,167 |
| Net profit |   |   |   |   |   |   |   |   | 12 | 80,843 | 129,940 |   |
| Declared dividends |   |   |   |   |   |   |   |   | 12 | - | - | 90,566 |
| Total equity |   |   |   |   |   |   |   |   |   | 12,351,280 | 12,293,934 | 12,280,868 |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities and equity |   |   |   |   |   |   |   |   |   | 272,928,929 | 242,518,121 | 245,621,345 |

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## Changes in Equity

| NOK 1 000 |   |   |   |   | Share capital | Additional paid in equity | Dividend | Other paid-in equity (not yet registered) | Other Equity | Interest on hybrid capital | Hybrid capital | Total Equity |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of 31 December 2018 |   |   |   |   | 7,190,548 | 3,597,922 | - | - | -306,173 | -78,932 | 1,180,000 | 11,583,366 |
| Change in presentation of interest on hybrid capital |   |   |   |   | - | - | - | - | -78,932 | 78,932 |   | - |
| Share increase 27 February 2019 |   |   |   |   | 280,000 | 140,000 | - | - | - | - | - | 420,000 |
| Share increase 22 May 2019 |   |   |   |   | 140,000 | 70,000 | - | - | - | - | - | 210,000 |
| Net income for the period |   |   |   |   | - | - | - | - | 33,231 | 45,084 | - | 78,315 |
| Paid interest on hybrid capital - directly against equity |   |   |   |   | - | - | - | - | - | -45,084 | - | -45,084 |
| OCI -basisswapspread |   |   |   |   | - | - | - | - | -56,030 | - | - | -56,030 |
| Proposed dividend for 2019 |   |   |   |   | - | - | - | - | 90,566 | - | - | 90,566 |
| OCI - pension - annual estimate deviation |   |   |   |   | - | - | - |   | -264 | - | - | -264 |
| Balance as of 31 December 2019 |   |   |   |   | 7,610,548 | 3,807,922 | - | - | -317,603 | - | 1,180,000 | 12,280,868 |
| Net income for the period |   |   |   |   | - | - | - | - | 80,843 | -32,043 | - | 48,800 |
| Paid interest on hybrid capital - directly against equity |   |   |   |   | - | - | - | - | -32,043 | 32,043 | - | - |
| OCI -basisswapspread |   |   |   |   | - | - | - | - | 112,178 |   |   | 112,178 |
| Dividend 2019 |   |   |   |   | - | - | - | - | -90,566 |   |   | -90,566 |
| Balance as of 31 June, 2020 |   |   |   |   | 7,610,548 | 3,807,922 | - | - | -247,190 | - | 1,180,000 | 12,351,280 |

 

*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.*

 

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## Cash Flow Statement

| NOK 1 000 |   |   |   |   |   | 30.06.2020 | 30.06.2019 | 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|   |   |   |   |   |   |   |   |   |
| Cash flows from operations |   |   |   |   |   |   |   |   |
| Interest received |   |   |   |   |   | 2,202,869 | 2,348,453 | 4,790,476 |
| Paid expenses, operations |   |   |   |   |   | -87,171 | -28,477 | -39,009 |
| Paid tax |   |   |   |   |   | -250,190 | -15,503 | -15,503 |
| Net cash flow relating to operations |   |   |   |   |   | 1,865,507 | 2,304,472 | 4,735,964 |
|   |   |   |   |   |   |   |   |   |
| Cash flows from investments |   |   |   |   |   |   |   |   |
| Net purchase of loan portfolio |   |   |   |   |   | -11,046,938 | -6,514,251 | -7,189,127 |
| Net payments on the acquisition of government bills |   |   |   |   |   | 30,218 | 299,574 | -575,312 |
| Net payments on the acquisition of bonds |   |   |   |   |   | -913,876 | -5,141,911 | -3,042,017 |
| Net investments in intangible assets |   |   |   |   |   |   | 153 | 153 |
| Net investments in fixed assets |   |   |   |   |   | -385 |   |   |
| Net cash flows relating to investments |   |   |   |   |   | -11,930,980 | -11,356,435 | -10,806,303 |
|   |   |   |   |   |   |   |   |   |
| Cash flows from funding activities |   |   |   |   |   |   |   |   |
| Net receipt/payment from the issuance of securities |   |   |   |   |   | 3,747,632 | 7,436,101 | 12,608,151 |
| Net receipt/payment from the issuance of subordinated debt |   |   |   |   |   | 0 | 175,000 | -175,000 |
| Net receipt/payment of collateral received under derivatives contracts |   |   |   |   |   | 7,709,219 | -5,547,447 | -5,938,817 |
| Equity capital subscription |   |   |   |   |   | 0 | 630,000 | 630,000 |
| Paid dividend |   |   |   |   |   | -90,566 | 0 | 0 |
| Net interest payments on funding activity |   |   |   |   |   | -2,189,379 | -2,106,277 | -4,241,013 |
| Net cash flow relating to funding activities |   |   |   |   |   | 9,176,906 | 587,378 | 2,883,320 |
|   |   |   |   |   |   |   |   |   |
| Net cash flow in the period |   |   |   |   |   | -888,567 | -8,464,585 | -3,187,019 |
|   |   |   |   |   |   |   |   |   |
| Balance of cash and cash equivalents at beginning of period |   |   |   |   |   | 9,801,250 | 12,990,004 | 12,990,004 |
|   |   |   |   |   |   |   |   |   |
| Net receipt/payments on cash |   |   |   |   |   | -888,567 | -8,464,585 | -3,187,019 |
| Exchange rate difference |   |   |   |   |   | 14,159 | -6,317 | -1,735 |
|   |   |   |   |   |   |   |   |   |
| Balance of cash and cash equivalents at end of period |   |   |   |   |   | 8,926,842 | 4,519,102 | 9,801,250 |

* To compare with the balanse sheet see Note 18 Reconciliation of liabilities arising from financing activities.

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