Main figures

	31 Mar 2014		31 Mar 2013		2013
From the profit and loss account	NOKm	%	NOKm	%	NOKm	%
Net interest	412	1.45	343	1.25	1,616	1.44
Commission income and other income	385	1.36	317	1.16	1,463	1.31
Net return on financial investments	257	0.91	162	0.59	502	0.45
Total income	1,055	3.72	822	3.01	3,580	3.20
Total operating expenses	441	1.56	414	1.52	1,722	1.54
Results	614	2.16	407	1.49	1,859	1.66
Loss on loans, guarantees etc	17	0.06	17	0.06	101	0.09
Results before tax	597	2.10	390	1.43	1,758	1.57
Tax charge	99	0.35	77	0.28	388	0.35
Result investment held for sale, after tax	1	0.00	7	0.03	30	0.03
Net profit	500	1.76	321	1.17	1,400	1.25

Key figures	31 Mar 2014		31 Mar 2013		2013
Profitability
Return on equity¹⁾	17.7 %		12.7 %		13.3 %
Cost-income ratio²⁾	42 %		50 %		48 %
Balance sheet
Gross loans to customers	79,366		76,425		80,303
Gross loans to customers incl. SB1 Boligkreditt and SB1 Næringskreditt	111,560		106,830		112,038
Deposits from customers	54,736		52,603		56,074
Deposit-to-loan ratio	69 %		69 %		70 %
Growth in loans incl. SB1 Boligkreditt and SB1 Næringskreditt	4.4 %		9.7 %		6.8 %
Growth in deposits	4.1 %		7.4 %		7.3 %
Average total assets	113,485		109,344		111,843
Total assets	111,609		110,790		115,360
Losses and defaults in % of gross loans incl. SB1 Boligkreditt and SB1 Næringskreditt
Impairment losses ratio	0.06 %		0.06 %		0.09 %
Non-performing commitm. as a percentage of gross loans³⁾	0.24 %		0.36 %		0.34 %
Other doubtful commitm. as a percentage of gross loans	0.21 %		0.15 %		0.14 %
Solidity
Capital adequacy ratio	14.8 %		13.3 %		14.7 %
Core capital ratio	12.9 %		11.7 %		13.0 %
Common equity tier 1	11.1 %		10.4 %		11.1 %
Core capital	11,303		9,686		10,989
Net equity and related capital	12,893		10,971		12,417
Branches and staff
Number of branches	50		50		50
No. Of full-time positions	1,157		1,171		1,159

Key figures ECC ⁴⁾	31 Mar 2014	31 Mar 2013	2013	2012	2011	2010
ECC ratio	64.6 %	64.6 %	64.6 %	64.6 %	60.6 %	61.3 %
Number of certificates issued, millions	129.83	129.83	129.83	129.83	102.76	102.74
ECC price	53.75	46.90	55.00	34.80	36.31	49.89
Stock value (NOKM)	6,978	6,089	7,141	4,518	3,731	5,124
Booked equity capital per ECC (including dividend)	56.39	50.32	55.69	50.09	48.91	46.17
Profit per ECC, majority	2.48	1.55	6.92	5.21	6.06	5.94
Dividend per ECC			1.75	1.50	1.85	2.77
Price-Earnings Ratio (annualized)	5.42	7.55	7.95	6.68	5.99	8.40
Price-Book Value Ratio	0.95	0.90	0.99	0.69	0.74	1.08

1) Net profit as a percentage of average equity
2) Total operating expenses as a percentage of total operating income
3) Defaults and doubtful loans are reported on the basis of gross lending, including loans sold to SpareBank 1 Boligkreditt and SpareBank 1 Næringskreditt, and guarantees drawn
4) The key figures are corrected for issues

Main figures

1st quarter 2014

Report and notes

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