2nd Quarterly Report 2022
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| NOK 1 000 | Note | 2. quarter 2022 | 2. quarter 2021 | 01.01.2022 30.06.2022 | 01.01.2021 30.06.2021 | 2021 | |
|---|---|---|---|---|---|---|---|
| Total interest income | 2 | 1,526,422 | 1,065,641 | 2,834,876 | 2,143,752 | 4,360,791 | |
| Total interest expenses | 2 | -1,059,989 | -480,759 | -1,867,815 | -985,899 | -2,016,385 | |
| Net interest income | 466,433 | 584,882 | 967,062 | 1,157,853 | 2,344,406 | ||
| Commissions to SpareBank 1 banks | 3 | -365,648 | -521,979 | -781,276 | -1,022,396 | -2,097,594 | |
| Net commission income | -365,648 | -521,979 | -781,276 | -1,022,396 | -2,097,594 | ||
| Net gains/losses from financial instruments | 4 | -105,910 | -24,038 | -199,784 | -67,621 | -91,327 | |
| Net other operating income | -105,910 | -24,038 | -199,784 | -67,621 | -91,327 | ||
| Total operating income | -5,124 | 38,864 | -13,998 | 67,837 | 155,485 | ||
| Salaries and other ordinary personnel expenses | 5 | -2,830 | -2,709 | -6,717 | -5,814 | -10,701 | |
| Other operating expenses | 6 | -5,925 | -8,782 | -12,423 | -15,678 | -28,205 | |
| Total operating expenses | -8,755 | -11,492 | -19,140 | -21,493 | -38,906 | ||
| Operating result before loan loss provisions | -13,880 | 27,373 | -33,138 | 46,344 | 116,579 | ||
| Loan loss provisions | 226 | 826 | -1,134 | 13,208 | 14,960 | ||
| Pre-tax operating result | -13,654 | 28,199 | -34,273 | 59,552 | 131,539 | ||
| Taxes | 5,700 | -4,769 | 13,060 | -10,353 | -24,514 | ||
| Profit/(loss) for the period | -7,954 | 23,430 | -21,213 | 49,200 | 107,026 | ||
| Portion attributable to shareholders | -17,101 | 14,307 | -39,179 | 31,058 | 73,541 | ||
| Portion attributable to additional Tier 1 capital holders | 9,148 | 9,123 | 17,965 | 18,141 | 33,484 | ||
| Profit/(loss) for the period | -7,954 | 23,430 | -21,213 | 49,200 | 107,026 |
| NOK 1 000 | 2. quarter 2022 | 2. quarter 2021 | 01.01.2022 30.06.2022 | 01.01.2022 30.06.2021 | 2021 | ||
|---|---|---|---|---|---|---|---|
| Profit/loss for the year | -7,954 | 23,430 | -21,213 | 49,200 | 107,026 | ||
| Items which will not impact the income statement in future periods: | - | - | - | - | |||
| Change due to basis swap spread adjustment | 97,370 | -78,894 | 548,047 | -271,908 | 85,082 | ||
| Tax effect of basis swap spread adjustment | -24,342 | 19,724 | -137,012 | 67,977 | -21,271 | ||
| Estimate deviation for pensions | - | - | - | - | -459 | ||
| Tax effect of the estimate deviation | - | - | - | - | 115 | ||
| Other comprehensive income for the period | 73,027 | -59,171 | 411,035 | -203,931 | 63,467 | ||
| Comprehensive income for the period | 65,074 | -35,741 | 389,822 | -154,731 | 170,493 |
| NOK 1 000 | 30.06.2022 | 30.06.2021 | 2021 | ||||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 13 | 2,518,479 | 3,184,594 | 1,434,091 | |||
| Certificates and bonds | 13,14 | 30,451,050 | 28,690,918 | 26,195,602 | |||
| Residential mortage loans | 8,13 | 237,573,557 | 211,797,941 | 222,812,873 | |||
| Financial derivatives | 12,13,14 | 6,375,186 | 13,893,022 | 7,586,258 | |||
| Defered tax asset | 68,874 | 319,738 | 205,886 | ||||
| Other assets | 7 | 1,636,995 | 412,906 | 4,111 | |||
| Total assets | 278,624,141 | 258,299,120 | 258,238,820 | ||||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 10,14 | 253,916,041 | 234,550,251 | 237,522,824 | |||
| Collateral received under derivatives contracts | 13,19 | 2,113,394 | 7,570,606 | 3,892,723 | |||
| Repurchase agreement | 250,021 | - | |||||
| Financial derivatives | 12,13,14 | 7,508,626 | 1,919,437 | 2,766,866 | |||
| Deferred tax | - | - | - | ||||
| Tax payable | 17,021 | 83,549 | 30,081 | ||||
| Subordinated debt | 11,13 | 1,432,116 | 1,429,879 | 1,430,860 | |||
| Other Liabilities | 15 | 669,512 | 636,226 | 176,618 | |||
| Total Liabilities | 265,906,730 | 246,189,947 | 245,819,972 | ||||
| Equity | |||||||
| Share capital | 9 | 7,797,215 | 7,797,215 | 7,797,215 | |||
| Share premium | 3,901,255 | 3,901,255 | 3,901,255 | ||||
| Hybrid capital | 9,13 | 900,000 | 900,000 | 900,000 | |||
| Other equity | 140,154 | -538,497 | -252,916 | ||||
| Net profit | -21,213 | 49,200 | |||||
| Declared dividends | - | - | 73,294 | ||||
| Total equity | 12,717,411 | 12,109,173 | 12,418,848 | ||||
| Total liabilities and equity | 278,624,141 | 258,299,120 | 258,238,820 |
| NOK 1 000 | Share capital | Share premium | Dividend | Other Equity | Hybrid capital | Total Equity | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of 31 December, 2020 | 7,797,215 | 3,901,255 | 73,294 | -316,426 | 900,000 | 12,355,339 | ||||
| Dividend 2020 | - | - | -85,769 | - | - | -85,769 | ||||
| Profit/(loss) for the period | - | - | 73,294 | 248 | -33,484 | 40,058 | ||||
| Paid interest on hybrid capital - directly against equity | - | - | - | - | 33,484 | 33,484 | ||||
| OCI -basisswapspread | - | - | - | 63,812 | - | 63,812 | ||||
| OCI - pension - annual estimate deviation | - | - | - | -345 | - | -345 | ||||
| Other | - | - | - | -205 | - | -205 | ||||
| Balance as of 31 December, 2021 | 7,797,215 | 3,901,255 | 73,294 | -252,916 | 900,000 | 12,418,848 | ||||
| Dividend 2021 | - | - | -73,294 | - | - | -73,294 | ||||
| Profit/(loss) for the period | - | - | -21,213 | -17,965 | -39,179 | |||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -17,965 | 17,965 | - | ||||
| OCI -basisswapspread | - | - | - | 411,035 | - | 411,035 | ||||
| Balance as of 30 June, 2022 | 7,797,215 | 3,901,255 | - | 118,940 | 900,000 | 12,717,411 |
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 | 30.06.2022 | 30.06.2021 | 2021 |
|---|---|---|---|
| Cash flows from operations | |||
| Interest received | 2,789,205 | 2,204,377 | 4,364,213 |
| Paid commissions to SpareBank 1 banks | -804,854 | -1,022,259 | -2,124,745 |
| Paid expenses, operations | -45,633 | 44,029 | -42,105 |
| Paid tax | 0 | -123,196 | -93,081 |
| Net cash flow relating to operations | 1,938,717 | 1,102,951 | 2,104,283 |
| Cash flows from investments | |||
| Net purchase of loan portfolio | -14,724,482 | -3,181,707 | -14,162,127 |
| Net payments on the acquisition of government certificates | 3,582,736 | -1,300,287 | -1,420,376 |
| Net payments on the acquisition of bonds | -9,120,198 | 6,430,544 | 8,597,611 |
| Net investments in intangible assets | 0 | 0 | 0 |
| Net investments in fixed assets | 0 | 0 | 0 |
| Net cash flows relating to investments | -20,261,944 | 1,948,550 | -6,984,891 |
| Cash flows from funding activities | |||
| Net receipt/payment from the issuance of securities | 22,458,666 | 3,630,306 | 14,106,168 |
| Net receipt/payment from the issuance of subordinated debt | 0 | 0 | 0 |
| Net receipt/payment of loans to credit institutions | -1,241,942 | -8,894,536 | -12,312,780 |
| Equity capital subscription | 0 | 0 | -550 |
| Paid additional Tier 1 capital | -17,965 | -18,141 | -33,484 |
| Paid dividend | -73,294 | -85,769 | -85,769 |
| Net interest payments on funding activity | -1,717,850 | -972,642 | -1,832,760 |
| Net cash flow relating to funding activities | 19,407,615 | -6,340,783 | -159,176 |
| Net cash flow in the period | 1,084,388 | -3,289,282 | -5,039,785 |
| Balance of cash and cash equivalents at beginning of period | 1,434,092 | 6,473,877 | 6,473,877 |
| Net receipt/payments on cash | 1,084,388 | -3,289,282 | -5,039,785 |
| Balance of cash and cash equivalents at end of period | 2,518,479 | 3,184,595 | 1,434,092 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 2. quarter 2022 | 1. quarter 2022 | 4. quarter 2021 | 3. quarter 2021 | 2. quarter 2021 | ||
|---|---|---|---|---|---|---|---|
| Total interest income | 1,526,422 | 1,308,454 | 1,151,894 | 1,065,145 | 1,065,641 | ||
| Total interest expenses | -1,059,989 | -807,825 | -597,236 | -433,250 | -480,759 | ||
| Net interest income | 466,433 | 500,629 | 554,658 | 631,895 | 584,882 | ||
| Commissions to SpareBank 1 banks | -365,648 | -415,628 | -491,099 | -584,100 | -521,979 | ||
| Net commission income | -365,648 | -415,628 | -491,099 | -584,100 | -521,979 | ||
| Net gains/losses from financial instruments | -105,910 | -93,874 | -60,177 | 36,470 | -24,038 | ||
| Net other operating income | -105,910 | -93,874 | -60,177 | 36,470 | -24,038 | ||
| Total operating income | -5,124 | -8,874 | 3,383 | 84,265 | 38,864 | ||
| Salaries and other ordinary personnel expenses | -2,830 | -3,887 | -1,149 | -3,738 | -2,709 | ||
| Other operating expenses | -5,925 | -6,498 | -6,198 | -6,329 | -8,782 | ||
| Total operating expenses | -8,755 | -10,385 | -7,346 | -10,067 | -11,492 | ||
| Operating result before losses | -13,880 | -19,259 | -3,964 | 74,198 | 27,373 | ||
| Mortages IFRS 9 ECL | 226 | -1,360 | 1,646 | 106 | 826 | ||
| Pre-tax operating result | -13,654 | -20,619 | -2,317 | 74,304 | 28,199 | ||
| Taxes | 5,700 | 7,359 | 2,521 | -16,682 | -4,769 | ||
| Profit/loss for the year | -7,954 | -13,260 | 204 | 57,622 | 23,430 | ||
| Other income and expense | 73,027 | 338,008 | 164,934 | 102,464 | -59,171 | ||
| Total Profit/Loss | 65,074 | 324,748 | 165,138 | 160,086 | -35,741 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 30.06.2022 | 31.03.2022 | 31.12.2021 | 30.09.2021 | 30.06.2021 | ||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 2,518,479 | 4,026,358 | 1,434,091 | 3,119,248 | 3,184,594 | ||
| Certificates and bonds | 30,451,050 | 27,784,216 | 26,195,602 | 22,504,403 | 28,690,918 | ||
| Residential mortage loans | 237,573,557 | 230,689,401 | 222,812,873 | 217,216,218 | 211,797,941 | ||
| Financial derivatives | 6,375,186 | 2,397,900 | 7,586,258 | 11,275,359 | 13,893,022 | ||
| Defered tax asset | 68,874 | 93,217 | 205,886 | 285,583 | 319,738 | ||
| Other assets | 1,636,995 | 1,976,628 | 4,111 | 4,084,584 | 412,906 | ||
| Total assets | 278,624,141 | 266,967,719 | 258,238,820 | 258,485,395 | 258,299,120 | ||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 253,916,041 | 243,627,664 | 237,522,824 | 227,144,279 | 234,550,251 | ||
| Collateral received under derivatives contracts | 2,113,394 | 340,877 | 3,892,723 | 5,206,247 | 7,570,606 | ||
| Repurchase agreement | 250,021 | 0 | 0 | 9,568,306 | 0 | ||
| Financial derivatives | 7,508,626 | 8,291,753 | 2,766,866 | 1,772,856 | 1,919,437 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | ||
| Tax payable | 17,021 | 22,722 | 30,081 | 100,231 | 83,549 | ||
| Subordinated debt | 1,432,116 | 1,431,504 | 1,430,860 | 1,429,845 | 1,429,879 | ||
| Other Liabilities | 669,512 | 591,714 | 176,618 | 1,001,948 | 636,226 | ||
| Total Liabilities | 265,906,730 | 254,306,235 | 245,819,972 | 246,223,712 | 246,189,947 | ||
| 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 | ||
| Hybrid capital | 900,000 | 900,000 | 900,000 | 900,000 | 900,000 | ||
| Accrued equity | 140,154 | 76,274 | -252,916 | -443,609 | -538,497 | ||
| Net profit | -21,213 | -13,260 | 0 | 106,822 | 49,200 | ||
| Declared dividends | 0 | 0 | 73,294 | 0 | 0 | ||
| Total equity | 12,717,411 | 12,661,484 | 12,418,848 | 12,261,683 | 12,109,173 | ||
| Total liabilities and equity | 278,624,141 | 266,967,719 | 258,238,820 | 258,485,395 | 258,299,120 |
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