Main figures

  Second quarter First half  
From the income statement (NOKm) 2024 2023 2024 2023 2023
Net interest  1,310 1,110 2,646 2,160 4,732
Net commission income and other income 698 561 1,270 1,102 2,084
Net return on financial investments  153 86 404 99 699
Total income 2,161 1,757 4,320 3,361 7,515
Total operating expenses 818 683 1,600 1,411 3,017
Results before losses 1,343 1,074 2,720 1,950 4,498
Loss on loans, guarantees etc 47 29 70 -42 14
Results before tax 1,296 1,045 2,649 1,991 4,484
Tax charge 276 159 549 365 904
Result investment held for sale, after tax -5 37 -2 74 108
Net profit 1,015 923 2,098 1,701 3,688
Interest Tier 1 Capital 29 26 70 60 125
Net profit excl. Interest Tier 1 Capital 986 897 2,028 1,641 3,563
           
Balance sheet figures     30 Jun 2024 30 Jun 2023 31 Dec 2023
Gross loans to customers      173,440 166,819 169,862
Gross loans to customers incl. SB1 Boligkreditt and SB1 Næringskreditt     241,832 232,100 236,329
Deposits from customers     139,661 140,164 132,889
Average total assets     237,267 233,442 235,303
Total assets     243,363 248,806 232,717
           
  Second quarter First half  
Key figures 2024 2023 2024 2023 2023
Profitability 1)          
Return on equity 15.4 % 15.1 % 15.6 % 13.9 % 14.4 %
Cost-income ratio 41 % 41 % 41 % 43 % 45 %
Deposit-to-loan ratio excl. SB1 Boligkreditt and SB1 Næringskreditt 81 % 84 % 81 % 84 % 78 %
Deposit-to-loan ratio incl. SB1 Boligkreditt and SB1 Næringskreditt 58 % 60 % 58 % 60 % 56 %
Growth in loans (gross) last 12 months (incl. SB1 Boligkreditt and SB1 Næringskreditt) 1.5 % 8.5 % 4.2 % 12.9 % 11.9 %
Growth in deposits last 12 months 3.9 % 13.5 % -0.4 % 13.2 % 8.9 %
           
Losses in % of gross loans incl. SB1 Boligkreditt and SB1 Næringskreditt 1)          
Impairment losses ratio 0.08 % 0.05 % 0.06 % -0.04 % 0.01 %
Stage 3 as a percentage of gross loans 0.78 % 0.99 % 0.78 % 0.99 % 0.88 %
           
Solidity     30 Jun 2024 30 Jun 2023 31 Dec 2023
Capital ratio     23.1 % 23.5 % 23.0 %
Tier 1 capital ratio     20.4 % 21.0 % 20.8 %
Common equity Tier 1 capital ratio     18.5 % 19.1 % 18.8 %
Tier 1 capital     24,216 24,192 23,793
Total eligible capital     27,474 27,106 26,399
Liquidity Coverage Ratio (LCR)     188 % 188 % 175 %
Leverage Ratio     7.1 % 7.2 % 7.2 %
MREL     58.6 % 64.6 % 67.8 %
MREL, substituted     36.4 % 31.0 % 35.9 %
NSFR     132.0 % 126.0 % 127.0 %
           
Branches and staff     30 Jun 2024 30 Jun 2023 31 Dec 2023
Number of branches     47 46 46
No. Of full-time positions      1,671 1,497 1,545
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Key figures ECC  30 Jun 24 30 Jun 23 31 Dec 23 31 Dec 22 31 Dec 21 31 Dec 20
ECC ratio 67 % 67 % 67 % 64 % 64 % 64 %
Number of certificates issued, millions 1) 144.19 143.80 144.20 129.29 129.39 129.39
ECC share price at end of period (NOK) 151.12 141.00 141.80 127.40 149.00 97.60
Stock value (NOKM) 21,790 20,275 20,448 16,471 19,279 12,629
Booked equity capital per ECC (including dividend) 1) 117.31 112.81 120.48 109.86 103.48 94.71
Profit per ECC, majority 1) 9.14 7.82 16.88 12.82 13.31 8.87
Dividend per ECC     12.00 6.50 7.50 4.40
Price-Earnings Ratio 1) 8.26 9.01 8.40 9.94 11.19 11.01
Price-Book Value Ratio 1) 1.29 1.25 1.18 1.16 1.44 1.03
1) Defined as alternative performance measures, see attachment to quarterly report
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