2nd Quarterly Report 2023
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| NOK 1 000 | Note | 2. quarter 2023 | 2. quarter 2022 | 01.01.2023 30.06.2023 | 01.01.2022 30.06.2022 | 2022 | ||
|---|---|---|---|---|---|---|---|---|
| Total interest income | 2 | 3,232,536 | 1,526,422 | 6,225,766 | 2,834,876 | 7,203,389 | ||
| Total interest expenses | 2 | -2,822,047 | -1,059,989 | (5,391,278) | (1,867,815) | (5,559,392) | ||
| Net interest income | 410,489 | 466,433 | 834,487 | 967,062 | 1,643,997 | |||
| Commissions to SpareBank 1 banks | 3 | -260,533 | -365,648 | (543,437) | (781,276) | (1,249,440) | ||
| Net commission income | -260,533 | -365,648 | (543,437) | (781,276) | (1,249,440) | |||
| Net gains/losses from financial instruments | 4 | 1,359 | -105,910 | 81,707 | (199,784) | (287,945) | ||
| Net other operating income | 1,359 | -105,910 | 81,707 | (199,784) | (287,945) | |||
| Total operating income | 151,316 | -5,124 | 372,757 | (13,998) | 106,612 | |||
| Salaries and other ordinary personnel expenses | 5 | -2,820 | -2,830 | (8,652) | (6,717) | (13,822) | ||
| Other operating expenses | 6 | -7,704 | -5,925 | (14,851) | (12,423) | (30,474) | ||
| Total operating expenses | -10,524 | -8,755 | (23,503) | (19,140) | (44,296) | |||
| Operating result before loan loss provisions | -13,880 | 349,254 | (33,138) | 62,316 | ||||
| Loan loss provisions | -974 | 226 | 1,336 | (1,134) | (16,489) | |||
| Pre-tax operating result | 139,818 | -13,654 | 350,590 | (34,273) | 45,826 | |||
| Taxes | -31,409 | 5,700 | (80,405) | 13,060 | (1,179) | |||
| Profit/(loss) for the period | 108,408 | -7,954 | 270,185 | (21,213) | 44,647 | |||
| Portion attributable to shareholders | 94,227 | -17,101 | 241,214 | (39,179) | 4,454 | |||
| Portion attributable to additional Tier 1 capital holders | 14,181 | 9,148 | 28,971 | 17,965 | 40,193 | |||
| Profit/(loss) for the period | 108,408 | -7,954 | 270,185 | (21,213) | 44,647 |
| NOK 1 000 | 2. quarter 2023 |
2. quarter 2022 |
01.01.2023 30.06.2023 |
01.01.2022 30.06.2022 |
2022 | |||
|---|---|---|---|---|---|---|---|---|
| Profit/loss for the year | 108,408 | -7,954 | 270,185 | (21,213) | 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 | 68,453 | 97,370 | (28,537) | 548,047 | 623,282 | |||
| Tax effect | -17,113 | -24,342 | 7,134 | (137,012) | (155,821) | |||
| Other comprehensive income for the period | 51,340 | 73,027 | (21,403) | 411,035 | 468,379 | |||
| Comprehensive income for the period | 159,748 | 65,074 | 248,782 | 389,822 | 513,026 |
| NOK 1 000 | 30.06.2023 | 30.06.2022 | 2022 | |||||
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Lending to and deposits with credit institutions | 13 | 5,136,178 | 2,518,479 | 1,360,520 | ||||
| Certificates and bonds | 13,14 | 22,524,509 | 30,451,050 | 29,426,208 | ||||
| Residential mortage loans | 8,13 | 266,112,296 | 237,573,557 | 252,904,944 | ||||
| Financial derivatives | 12,13,14 | 10,123,240 | 6,375,186 | 3,990,087 | ||||
| Defered tax asset | 140,805 | 68,874 | 133,671 | |||||
| Other assets | 7 | 1,840,078 | 1,636,995 | 70,500 | ||||
| Total assets | 305,877,106 | 278,624,141 | 287,885,930 | |||||
| Liabilities and equity | ||||||||
| Liabilities | ||||||||
| Debt incurred by issuing securities | 10,14 | 276,674,637 | 253,916,041 | 260,848,557 | ||||
| Collateral received under derivatives contracts | 13,19 | 6,862,876 | 2,113,394 | 714,730 | ||||
| Repurchase agreement | 1,766,747 | 250,021 | - | |||||
| Financial derivatives | 12,13,14 | 5,175,066 | 7,508,626 | 11,822,504 | ||||
| Deferred tax | - | - | - | |||||
| Tax payable | 109,590 | 17,021 | 115,171 | |||||
| Subordinated debt | 11,13 | 1,437,962 | 1,432,116 | 1,436,805 | ||||
| Other Liabilities | 15 | 812,029 | 669,512 | 129,777 | ||||
| Total Liabilities | 292,838,906 | 265,906,730 | 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 | 191,165 | 156,141 | 212,567 | |||||
| Other equity | (21,621) | (15,987) | 7,350 | |||||
| Hybrid capital | 9,13 | 900,000 | 900,000 | 900,000 | ||||
| Profit/(loss) for the period | 270,185 | (21,213) | - | |||||
| Total equity | 13,038,199 | 12,717,411 | 12,818,388 | |||||
| Total liabilities and equity | 305,877,106 | 278,624,141 | 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 | - | - | 270,185 | -28,971 | 241,214 | ||||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -28,971 | 28,971 | - | |||||
| Basis swap valuation change, net | - | - | - | -21,403 | -21,403 | ||||||
| Actuarial gain/loss pension | - | ||||||||||
| Other | - | - | - | ||||||||
| Balance as of 30 June, 2023 | 7,797,215 | 3,901,255 | -0 | 191,165 | 248,564 | 900,000 | 13,038,199 |
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 | 30.06.2023 | 30.06.2022 | 2022 |
|---|---|---|---|
| Cash flows from operations | |||
| Interest received | 6,191,083 | 2,789,205 | 6,927,219 |
| Paid commissions to SpareBank 1 banks | -515,819 | -804,854 | -1,366,740 |
| Paid expenses, operations | -72,597 | -45,633 | -42,121 |
| Paid tax | -85,985 | 0 | 0 |
| Net cash flow relating to operations | 5,516,682 | 1,938,717 | 5,518,357 |
| Cash flows from investments | |||
| Net purchase of loan portfolio | -13,150,407 | -14,724,482 | -29,889,709 |
| Net payments on the acquisition of government certificates | -3,956,016 | 3,582,736 | 4,402,153 |
| Net payments on the acquisition of bonds | 10,365,007 | -9,120,198 | -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 | -6,741,618 | -20,261,944 | -33,321,349 |
| Cash flows from funding activities | |||
| Net receipt/payment from the issuance of securities | 2,207,276 | 22,458,666 | 35,381,101 |
| Net receipt/payment from the issuance of subordinated debt | 0 | 0 | 0 |
| Net receipt/payment of loans to credit institutions | 7,994,890 | -1,241,942 | -2,903,043 |
| Equity capital subscription | 0 | 0 | 917 |
| Paid additional Tier 1 capital | -28,971 | -17,965 | -40,193 |
| Paid dividend | 0 | -73,294 | -73,294 |
| Net interest payments on funding activity | -5,172,601 | -1,717,850 | -4,636,068 |
| Net cash flow relating to funding activities | 5,000,594 | 19,407,615 | 27,729,420 |
| Net cash flow in the period | 3,775,658 | 1,084,388 | -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 | 3,775,658 | 1,084,388 | -73,571 |
| Balance of cash and cash equivalents at end of period | 5,136,178 | 2,518,479 | 1,360,520 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 2. quarter 2023 | 1. quarter 2023 | 4. quarter 2022 | 3. quarter 2022 | 2. quarter 2022 | ||
|---|---|---|---|---|---|---|---|
| Total interest income | 3,232,536 | 2,993,230 | 2,548,460 | 1,820,052 | 1,526,422 | ||
| Total interest expenses | -2,822,047 | -2,569,231 | -2,254,730 | -1,436,847 | -1,059,989 | ||
| Net interest income | 410,489 | 423,998 | 293,730 | 383,205 | 466,433 | ||
| Commissions to SpareBank 1 banks | -260,533 | -282,904 | -171,347 | -296,817 | -365,648 | ||
| Net commission income | -260,533 | -282,904 | -171,347 | -296,817 | -365,648 | ||
| Net gains/losses from financial instruments | 1,359 | 80,348 | -94,600 | 6,439 | -105,910 | ||
| Net other operating income | 1,359 | 80,348 | -94,600 | 6,439 | -105,910 | ||
| Total operating income | 151,316 | 221,442 | 27,783 | 92,827 | -5,124 | ||
| Salaries and other ordinary personnel expenses | -2,820 | -5,831 | -3,547 | -3,557 | -2,830 | ||
| Other operating expenses | -7,704 | -7,147 | -10,340 | -7,712 | -5,925 | ||
| Total operating expenses | -10,524 | -12,979 | -13,887 | -11,269 | -8,755 | ||
| Operating result before losses | -2,820 | -5,831 | -3,547 | -3,557 | -13,880 | ||
| Mortages IFRS 9 ECL | -974 | 2,309 | -8,691 | -6,665 | 226 | ||
| Pre-tax operating result | 139,818 | 210,772 | 5,206 | 74,894 | -13,654 | ||
| Taxes | -31,409 | -48,996 | 2,022 | -16,260 | 5,700 | ||
| Profit/loss for the year | 108,408 | 161,776 | 7,227 | 58,633 | -7,954 | ||
| Other income and expense | 51,340 | -72,742 | -608,178 | 665,522 | 73,027 | ||
| Total Profit/Loss | 159,748 | 89,034 | -600,951 | 724,155 | 65,074 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 30.06.2023 | 31.03.2023 | 31.12.2022 | 30.09.2022 | 30.06.2022 | ||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 5,136,178 | 2,377,752 | 1,360,520 | 4,816,899 | 2,518,479 | ||
| Certificates and bonds | 22,524,509 | 25,761,598 | 29,426,208 | 27,625,296 | 30,451,050 | ||
| Residential mortage loans | 266,112,296 | 263,545,096 | 252,904,944 | 245,162,243 | 237,573,557 | ||
| Financial derivatives | 10,123,240 | 9,632,070 | 3,990,087 | 5,976,104 | 6,375,186 | ||
| Defered tax asset | 140,805 | 157,918 | 133,671 | 0 | 68,874 | ||
| Other assets | 1,840,078 | 759,962 | 70,500 | 602,519 | 1,636,995 | ||
| Total assets | 305,877,106 | 302,234,396 | 287,885,930 | 284,183,060 | 278,624,141 | ||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 276,674,637 | 275,597,731 | 260,848,557 | 256,447,029 | 253,916,041 | ||
| Collateral received under derivatives contracts | 6,862,876 | 4,828,201 | 714,730 | 1,122,032 | 2,113,394 | ||
| Repurchase agreement | 0 | 0 | 0 | 0 | 250,021 | ||
| Financial derivatives | 5,175,066 | 5,185,405 | 11,822,504 | 11,024,074 | 7,508,626 | ||
| Deferred tax | 0 | 0 | 0 | 152,966 | 0 | ||
| Tax payable | 109,590 | 164,167 | 115,171 | 33,282 | 17,021 | ||
| Subordinated debt | 1,437,962 | 1,436,639 | 1,436,805 | 1,433,996 | 1,432,116 | ||
| Other Liabilities | 812,029 | 921,986 | 129,777 | 537,968 | 669,512 | ||
| Total Liabilities | 292,838,906 | 289,341,765 | 275,067,542 | 270,751,347 | 265,906,730 | ||
| 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 | 191,165 | 139,825 | 212,567 | 793,845 | 138,175 | ||
| Other equity | -21,621 | -7,440 | 7,350 | 1,978 | 1,978 | ||
| Net profit | 0 | 0 | 0 | 37,420 | -21,213 | ||
| Hybrid capital | 270,185 | 161,776 | 900,000 | 900,000 | 900,000 | ||
| Total equity | 13,038,199 | 12,892,632 | 12,818,388 | 13,431,713 | 12,717,411 | ||
| Total liabilities and equity | 305,877,106 | 302,234,396 | 287,885,930 | 284,183,060 | 278,624,141 |
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