4th Quarterly Report 2022
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| NOK 1 000 | Note | 4. quarter 2022 | 4. quarter 2021 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Total interest income | 2 | 2,548,460 | 1,151,894 | 7,203,389 | 4,360,791 | |
| Total interest expenses | 2 | -2,254,730 | -597,236 | -5,559,392 | -2,016,385 | |
| Net interest income | 293,730 | 554,658 | 1,643,997 | 2,344,406 | ||
| Commissions to SpareBank 1 banks | 3 | -171,347 | -491,099 | -1,249,440 | -2,097,594 | |
| Net commission income | -171,347 | -491,099 | -1,249,440 | -2,097,594 | ||
| Net gains/losses from financial instruments | 4 | -94,600 | -60,177 | -287,945 | -91,327 | |
| Net other operating income | -94,600 | -60,177 | -287,945 | -91,327 | ||
| Total operating income | 27,783 | 3,383 | 106,612 | 155,485 | ||
| Salaries and other ordinary personnel expenses | 5 | -3,547 | -1,149 | -13,822 | -10,701 | |
| Other operating expenses | 6 | -10,340 | -6,198 | -30,474 | -28,205 | |
| Total operating expenses | -13,887 | -7,346 | -44,296 | -38,906 | ||
| Operating result before loan loss provisions | 13,896 | -3,964 | 62,316 | 116,579 | ||
| Loan loss provisions | -8,691 | 1,646 | -16,489 | 14,960 | ||
| Pre-tax operating result | 5,206 | -2,317 | 45,826 | 131,539 | ||
| Taxes | 2,022 | 2,521 | -1,179 | -24,514 | ||
| Profit/(loss) for the period | 7,227 | 204 | 44,647 | 107,026 | ||
| Portion attributable to shareholders | -5,148 | -7,564 | 4,454 | 73,541 | ||
| Portion attributable to additional Tier 1 capital holders | 12,375 | 7,767 | 40,193 | 33,484 | ||
| Profit/(loss) for the period | 7,227 | 204 | 44,647 | 107,026 |
| NOK 1 000 | 4. quarter 2022 | 4. quarter 2021 | 2022 | 2021 | ||
|---|---|---|---|---|---|---|
| Profit/loss for the year | 7,227 | 204 | 44,647 | 107,026 | ||
| Items that will not be reclassified to profit/loss | ||||||
| Actuarial gains and losses pensions | 1,223 | -459 | 1,223 | -459 | ||
| Tax effect | -306 | 115 | -306 | 115 | ||
| Items that may be reclassified to profit/loss later | ||||||
| Basis swap valuation adjustment | -812,127 | 220,372 | 623,282 | 85,082 | ||
| Tax effect | 203,032 | -55,093 | -155,821 | -21,271 | ||
| Other comprehensive income for the period | -608,178 | 164,934 | 468,379 | 63,467 | ||
| Comprehensive income for the period | -600,951 | 165,138 | 513,026 | 170,493 |
| NOK 1 000 | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Lending to and deposits with credit institutions | 13 | 1,360,520 | 1,434,091 | |||
| Certificates and bonds | 13,14 | 29,426,208 | 26,195,602 | |||
| Residential mortage loans | 8,13 | 252,904,944 | 222,812,873 | |||
| Financial derivatives | 12,13,14 | 3,990,087 | 7,586,258 | |||
| Defered tax asset | 204,527 | 205,886 | ||||
| Other assets | 7 | 70,500 | 4,111 | |||
| Total assets | 287,956,786 | 258,238,820 | ||||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Debt incurred by issuing securities | 10,14 | 260,848,557 | 237,522,824 | |||
| Collateral received under derivatives contracts | 13,19 | 714,730 | 3,892,723 | |||
| Repurchase agreement | - | |||||
| Financial derivatives | 12,13,14 | 11,822,504 | 2,766,866 | |||
| Deferred tax | 70,856 | - | ||||
| Tax payable | 115,171 | 30,081 | ||||
| Subordinated debt | 11,13 | 1,436,805 | 1,430,860 | |||
| Other Liabilities | 15 | 129,777 | 176,618 | |||
| Total Liabilities | 275,138,398 | 245,819,972 | ||||
| Equity | ||||||
| Share capital | 9 | 7,797,215 | 7,797,215 | |||
| Share premium | 3,901,255 | 3,901,255 | ||||
| Declared dividends | - | 73,294 | ||||
| Basis swap valuation reserve | 212,567 | -254,894 | ||||
| Other equity | 7,350 | 1,978 | ||||
| Hybrid capital | 9,13 | 900,000 | 900,000 | |||
| Total equity | 12,818,388 | 12,418,848 | ||||
| Total liabilities and equity | 287,956,786 | 258,238,820 |
| NOK 1 000 | Share capital | Share premium | Dividend | Basis swap valuation reserve | Other equity | Hybrid capital | Total equity | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of 31 December, 2020 | 7,797,215 | 3,901,255 | 85,769 | -318,706 | 2,280 | 900,000 | 12,367,815 | ||||
| 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 | |||||
| Basis swap valuation change, net | - | - | - | 63,812 | - | 63,812 | |||||
| Actuarial gain/loss pension | - | - | - | -345 | - | -345 | |||||
| Other | - | - | - | -205 | - | -205 | |||||
| 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 |
Equity is paid in by the Company's parent banks when a requirement arises, which is when the Company acquires more mortgage loans, or there are other changes to risk weighted assets, or according to changes in capitalization rules. SpareBank 1 Boligkreditt is subject to the same capital adequacy rules under Pillar 1 as banks in general. Each parent bank has signed a Shareholders Agreement with the Company, which enshrines the obligation to contribute equity and maintain capitalization at minimum regulatorily required levels.
| NOK 1 000 | 2022 | 2021 |
|---|---|---|
| Cash flows from operations | ||
| Interest received | 6,927,219 | 4,364,213 |
| Paid commissions to SpareBank 1 banks | -1,366,740 | -2,124,745 |
| Paid expenses, operations | -42,121 | -42,105 |
| Paid tax | 0 | -93,081 |
| Net cash flow relating to operations | 5,518,357 | 2,104,283 |
| Cash flows from investments | ||
| Net purchase of loan portfolio | -29,889,709 | -14,162,127 |
| Net payments on the acquisition of government certificates | 4,402,153 | -1,420,376 |
| Net payments on the acquisition of bonds | -7,833,793 | 8,597,611 |
| Net investments in intangible assets | 0 | 0 |
| Net investments in fixed assets | 0 | 0 |
| Net cash flows relating to investments | -33,321,349 | -6,984,891 |
| Cash flows from funding activities | ||
| Net receipt/payment from the issuance of securities | 35,381,101 | 14,106,168 |
| Net receipt/payment from the issuance of subordinated debt | 0 | 0 |
| Net receipt/payment of loans to credit institutions | -2,903,043 | -12,312,780 |
| Equity capital subscription | 917 | -550 |
| Paid additional Tier 1 capital | -40,193 | -33,484 |
| Paid dividend | -73,294 | -85,769 |
| Net interest payments on funding activity | -4,636,068 | -1,832,760 |
| Net cash flow relating to funding activities | 27,729,420 | -159,176 |
| Net cash flow in the period | -73,571 | -5,039,785 |
| Balance of cash and cash equivalents at beginning of period | 1,434,092 | 6,473,877 |
| Net receipt/payments on cash | -73,571 | -5,039,785 |
| Balance of cash and cash equivalents at end of period | 1,360,520 | 1,434,092 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 4. quarter 2022 | 3. quarter 2022 | 2. quarter 2022 | 1. quarter 2022 | 4. quarter 2021 | ||
|---|---|---|---|---|---|---|---|
| Total interest income | 2,548,460 | 1,820,052 | 1,526,422 | 1,308,454 | 1,151,894 | ||
| Total interest expenses | -2,254,730 | -1,436,847 | -1,059,989 | -807,825 | -597,236 | ||
| Net interest income | 293,730 | 383,205 | 466,433 | 500,629 | 554,658 | ||
| Commissions to SpareBank 1 banks | -171,347 | -296,817 | -365,648 | -415,628 | -491,099 | ||
| Net commission income | -171,347 | -296,817 | -365,648 | -415,628 | -491,099 | ||
| Net gains/losses from financial instruments | -94,600 | 6,439 | -105,910 | -93,874 | -60,177 | ||
| Net other operating income | -94,600 | 6,439 | -105,910 | -93,874 | -60,177 | ||
| Total operating income | 27,783 | 92,827 | -5,124 | -8,874 | 3,383 | ||
| Salaries and other ordinary personnel expenses | -3,547 | -3,557 | -2,830 | -3,887 | -1,149 | ||
| Other operating expenses | -10,340 | -7,712 | -5,925 | -6,498 | -6,198 | ||
| Total operating expenses | -13,887 | -11,269 | -8,755 | -10,385 | -7,346 | ||
| Operating result before losses | -3,547 | -3,557 | -13,880 | -19,259 | -3,964 | ||
| Mortages IFRS 9 ECL | -8,691 | -6,665 | 226 | -1,360 | 1,646 | ||
| Pre-tax operating result | 5,206 | 74,894 | -13,654 | -20,619 | -2,317 | ||
| Taxes | 2,022 | -16,260 | 5,700 | 7,359 | 2,521 | ||
| Profit/loss for the year | 7,227 | 58,633 | -7,954 | -13,260 | 204 | ||
| Other income and expense | -608,178 | 665,522 | 73,027 | 338,008 | 164,934 | ||
| Total Profit/Loss | -600,951 | 724,155 | 65,074 | 324,748 | 165,138 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 31.12.2022 | 30.09.2022 | 30.06.2022 | 31.03.2022 | 31.12.2021 | ||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 1,360,520 | 4,816,899 | 2,518,479 | 4,026,358 | 1,434,091 | ||
| Certificates and bonds | 29,426,208 | 27,625,296 | 30,451,050 | 27,784,216 | 26,195,602 | ||
| Residential mortage loans | 252,904,944 | 245,162,243 | 237,573,557 | 230,689,401 | 222,812,873 | ||
| Financial derivatives | 3,990,087 | 5,976,104 | 6,375,186 | 2,397,900 | 7,586,258 | ||
| Defered tax asset | 204,527 | 0 | 68,874 | 93,217 | 205,886 | ||
| Other assets | 70,500 | 602,519 | 1,636,995 | 1,976,628 | 4,111 | ||
| Total assets | 287,956,786 | 284,183,060 | 278,624,141 | 266,967,719 | 258,238,820 | ||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 260,848,557 | 256,447,029 | 253,916,041 | 243,627,664 | 237,522,824 | ||
| Collateral received under derivatives contracts | 714,730 | 1,122,032 | 2,113,394 | 340,877 | 3,892,723 | ||
| Repurchase agreement | 0 | 0 | 250,021 | 0 | 0 | ||
| Financial derivatives | 11,822,504 | 11,024,074 | 7,508,626 | 8,291,753 | 2,766,866 | ||
| Deferred tax | 70,856 | 152,966 | 0 | 0 | 0 | ||
| Tax payable | 115,171 | 33,282 | 17,021 | 22,722 | 30,081 | ||
| Subordinated debt | 1,436,805 | 1,433,996 | 1,432,116 | 1,431,504 | 1,430,860 | ||
| Other Liabilities | 129,777 | 537,968 | 669,512 | 591,714 | 176,618 | ||
| Total Liabilities | 275,138,398 | 270,751,347 | 265,906,730 | 254,306,235 | 245,819,972 | ||
| 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 | 73,294 | ||
| Basis swap valuation reserve | 212,567 | 793,845 | 138,175 | 74,296 | -254,894 | ||
| Other equity | 7,350 | 1,978 | 1,978 | 1,978 | 1,978 | ||
| Net profit | 0 | 37,420 | -21,213 | -13,260 | 0 | ||
| Hybrid capital | 900,000 | 900,000 | 900,000 | 900,000 | 900,000 | ||
| Total equity | 12,818,388 | 13,431,713 | 12,717,411 | 12,661,484 | 12,418,848 | ||
| Total liabilities and equity | 287,956,786 | 284,183,060 | 278,624,141 | 266,967,719 | 258,238,820 |
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