KLP Banken Group
Interim Financial Statements 1/2025
Main features at quarter end:
- Stable P&L development
- Lending growth in both business areas
- Good deposit growth
The KLP Banken Group finances mortgages and other credit to retail customers as well as loans to municipalities, county municipalities and companies that perform public tasks. Additionally, the KLP Banken manages a lending portfolio on behalf of its parent company KLP (Kommunal Landspensjonskasse). The Group manages a lending total of NOK 130 (124) billion. The lending business is nationwide and divided into the retail market and the public sector market business areas.
In the retail market, the bank offers products and services at competitive terms to assist businesses that have chosen KLP as their pension provider are perceived as attractive employers.
In the public sector lending market, KLP Kommunekreditt AS, together with KLP, aims to contribute to competition and thereby ensure that the sector has access to favorable long-term financing.
KLP Banken AS is wholly owned by KLP. KLP Banken AS has two wholly owned credit institutions, KLP Kommunekreditt AS and KLP Boligkreditt AS. The head office is in Trondheim.
Income statement
KLP Banken Group's pre-tax profit for the first quarter was NOK 76.6 (75.1) million. The change in profit is mainly due to an increase in net interest income and a reduction in gains on financial instruments.
Segmented pre-tax profit amounts to NOK 55.1 (51.1) million in the retail market and NOK 21.5 (24.0) million in the public market. After tax and estimate deviations, the group's total result for the first quarter was NOK 77.6 (81.8) million.
Net interest income for the KLP Bank Group at the end of the first quarter was NOK 133.0 (126.6) million. The increase is mainly due to higher lending volumes and somewhat higher margins between loans and financing in the retail market.
At the end of the quarter, the income statement includes a net gain on financial instruments of NOK 1.3 (6.9) million. This P&L effect is mainly related to the repurchase of own debt issuances and changes in the market value of the bank's liquidity placements.
The banking group manages mortgages and public loans financed by the parent company (KLP). The management fee for this assignment amounted to NOK 15.6 (15.6) million at the end of the quarter.
Operating costs and depreciations amounted to NOK -82.4 (-79.5) million for the first quarter. Most of the increase from last year is due to price increases in purchases of external services and wage growth. Operating costs also include refunds to customers due to fraud amounting to NOK -0.2 (-0.4) million.
Credit loss and loss provisions for the first quarter amounted to NOK 1.2 (-1.1) million in the retail market. The change from the same period last year is largely due to the reversal of historical loss provisions. KLP Banken does not see that losses and loss provisions on mortgages and credit cards have increased significantly compared to last year. So far in 2025, there have been no confirmed losses related to public loans.
Lending and credits
KLP Banken manages loans on its own balance sheet and loans financed by KLP for a total of NOK 130 (124) billion. On its own balance sheet, KLP Banken Group had loans to customers amounting to NOK 43.7 (42.8) billion as of March 31, 2025. The distribution between the retail market and public sector loans was NOK 24.3 (24.1) billion and NOK 19.4 (18.7) billion, respectively.
Growth in outstanding mortgages in the first quarter was NOK 0.1 (0.2) billion. New mortgage disbursements so far this year amount to NOK 1.8 (1.9) billion. The bank's main target group for mortgages is members of the pension schemes in KLP.
Mortgages amounting to NOK 1.0 (0.7) billion were sold from KLP Banken to the credit institution KLP Boligkreditt in the first quarter.
Outstanding credits drawn on credit cards has slightly decreased during the first quarter, but the number of active credit card customers and granted credits shows a steady increase.
KLP Banken's loan volume in the public market has increased by NOK 0.7 (-0.3) billion since the previous year-end. Loans to public borrowers managed for KLP have changed by NOK -0.8 (1.5) billion in the same period. New disbursements to public borrowers in the first quarter amounted to NOK 2.1 (2.1) billion for KLP and KLP Bank combined.
Liquid investments
Available liquidity is placed in other banks and interest-bearing securities. Deposits in credit institutions amounted to NOK 1.7 (1.1) billion. The book value of interest-bearing securities valued at fair value was NOK 7.2 (4.8) billion in the KLP Banken Group at the end of the quarter.
Market value changes on interest-bearing securities have resulted in an P&L effect of NOK 5.4 (7.4) million in the first quarter.
Borrowing
KLP Banken Group's external financing consists of deposits and bonds. At the reporting date, deposits from individuals and businesses amounted to NOK 16.8 (14.2) billion. Deposit growth in the first quarter was NOK 1.0 (0.1) billion.
Outstanding debt incurred through the issuance of securities amounted to NOK 32.3 (31.3) billion. Of the securities debt, covered bonds (OMF) issued by KLP Kommunekreditt AS amounted to NOK 21.0 (19.2) billion and by KLP Boligkreditt AS to NOK 10.5 (11.3) billion. All OMF issuances have achieved an Aaa rating. The securities debt in KLP Banken AS amounts to NOK 0.8 (0.8) billion.
The P&L effect of realized and unrealized value changes from the repurchase of own bond issuances in the first quarter was NOK -4.8 (-1.5) million.
Risk and capital adequacy
The KLP Banken Group is exposed to various types of risk and has established a risk management framework to ensure that risks are identified, analyzed, and managed through guidelines, limits, routines, and instructions.
The bank should have a cautious risk profile, and earnings should primarily result from lending and deposit activities as well as liquidity management. This means that the business should have low market risk and that interest-rate risk arising from lending and deposit activities is reduced using derivatives.
The KLP Banken Group and its subsidiaries should have sound long-term financing due to regulatory requirements, and limits are established to ensure that this goal is achieved.
The bank’s credit risk is low, and lending is mainly limited to loans with municipal risk and loans secured by real estate. The bank’s liquidity is managed through deposits in other banks and securities that meet certain credit quality requirements in accordance with board-approved credit lines.
Core capital according to the capital adequacy rules at the end of the first quarter of 2025 was NOK 3,342 (3,088) million. Core capital consists of equity only. Loans are risk-weighted according to the capital requirements regulations. The KLP Banken Group has a capital adequacy and core capital ratio of 21.7 (21.2) percent at the reporting date. The current capital requirements, including buffer requirements, are 14.8 percent core capital ratio and 18.6 percent capital adequacy ratio. The leverage ratio was 6.2 (6.2) percent. The requirement here is 3.0 percent.
Oslo, 6 May 2025
SVERRE THORNES
Chair
AAGE E. SCHAANNING
Deputy Chair
JANICKE E. FALKENBERG
ANNE BJERTNÆS
PER KRISTIAN VAREIDE
JONAS V. KÅRSTAD
Elected by and from
employees
ELLEN WINGE LER
Elected by and from
employees
MARIANNE SEVALDSEN
Managing Director
Income statementKLP Banken Group
NOTES | NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|---|
Interest income, effective interest method | 595 834 | 595 252 | 2 401 323 | |
Other interest income | 130 055 | 94 243 | 447 209 | |
3 | Total interest income | 725 889 | 689 495 | 2 848 532 |
Interest expense, effective interest method | -555 322 | -528 564 | -2 186 588 | |
Other interest expense | -37 547 | -34 311 | -141 716 | |
3 | Total interest costs | -592 870 | -562 874 | -2 328 304 |
3 | Net interest income | 133 019 | 126 621 | 520 228 |
Commision income and income from banking services | 8 774 | 7 404 | 36 160 | |
Commision cost and cost from banking services | -924 | -719 | -2 929 | |
Net charges and commission income | 7 850 | 6 686 | 33 231 | |
Other fee income | 15 632 | 15 582 | 62 529 | |
16 | Net gain/ (loss) financial instruments | 1 307 | 6 901 | -6 953 |
Total other operating income | 16 939 | 22 483 | 55 576 | |
Salaries and administrative costs | -26 274 | -25 561 | -97 239 | |
Depreciation | -612 | -808 | -3 249 | |
Other operating expenses | -55 485 | -53 154 | -182 165 | |
14 | Net loan losses | 1 198 | -1 116 | -1 009 |
Total operating expenses | -81 172 | -80 640 | -283 662 | |
Operating profit/loss before tax | 76 636 | 75 150 | 325 373 | |
Tax ordinary income | 1 052 | -949 | -10 418 | |
Profit/loss for the period | 77 688 | 74 200 | 314 955 | |
Estimate differences, pensions for own employees | -116 | 10 142 | 23 019 | |
Tax on estimate changes related to defined-benefit pension schemes | 29 | -2 535 | -5 755 | |
Other income and expenses that will not be reclassified to profit/loss | -87 | 7 606 | 17 264 | |
Changes in value of assets recognised at fair value through other income and expenses | 0 | 0 | 0 | |
Tax on changes in fair value of available for sale financial assets | 0 | 0 | 0 | |
Other income and expenses that may be reclassified to profit/loss | 0 | 0 | 0 | |
Total other income and expenses | -87 | 7 606 | 17 264 | |
Comprehensive income for the period | 77 601 | 81 807 | 332 220 |
Balance sheetKLP Banken Group
NOTES | NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|
ASSETS | ||||
5 | Claims on central banks | 77 135 | 74 073 | 76 375 |
5 | Loans to credit institutions | 1 575 174 | 980 355 | 1 196 476 |
4,5 | Loans to customers | 43 720 129 | 42 836 583 | 42 836 270 |
5,6,13 | Fixed-income securities | 7 218 558 | 4 809 101 | 7 579 182 |
5,6 | Shareholdings | 1 498 | 1 897 | 1 853 |
5,6,8 | Financial derivatives | 75 682 | 109 398 | 83 852 |
Intangible assets | 12 725 | 13 603 | 12 869 | |
17 | Right-of-use assets | 12 157 | 14 027 | 12 625 |
Fixed assets | 436 | 436 | 436 | |
10 | Other assets | 17 391 | 17 176 | 2 677 |
Total assets | 52 710 885 | 48 856 650 | 51 802 615 | |
LIABILITIES AND OWNERS EQUITY | ||||
LIABILITIES | ||||
5,7 | Debt securities issued | 32 283 694 | 31 252 801 | 32 334 498 |
5 | Deposits and borrowings from the public | 16 756 597 | 14 157 463 | 15 800 651 |
5,6,8 | Financial derivatives | 20 317 | 24 262 | 38 057 |
Deferred tax liabilities | 4 537 | 3 475 | 71 880 | |
17 | Lease liabilities | 12 997 | 14 713 | 13 433 |
11 | Other liabilities | 144 422 | 165 780 | 66 982 |
11 | Provision for accrued costs and liabilities | 48 328 | 49 618 | 38 162 |
Total liabilities | 49 270 890 | 45 668 111 | 48 363 664 | |
EQUITY | ||||
Share capital | 1 140 000 | 1 140 000 | 1 140 000 | |
Share premium | 1 050 000 | 1 050 000 | 1 050 000 | |
Other accrued equity | 1 172 394 | 916 733 | 1 248 952 | |
Profit for the period | 77 601 | 81 807 | 0 | |
Total equity | 3 439 995 | 3 188 540 | 3 438 952 | |
Total liabilities and equity | 52 710 885 | 48 856 650 | 51 802 615 |
Statement of changes in equityKLP Banken Group
2025 NOK THOUSANDS | Share capital | Share premium | Other accrued equity | Total owners’ equity |
---|---|---|---|---|
Equity 1 January 2025 | 1 140 000 | 1 050 000 | 1 248 952 | 3 438 952 |
Profit for the period | 0 | 0 | 77 688 | 77 688 |
Other income and expenses | 0 | 0 | -87 | -87 |
Total comprehensive income for the period | 0 | 0 | 77 601 | 77 601 |
Group contribution received during the period | 0 | 0 | 244 884 | 244 884 |
Group contribution paid during the period | 0 | 0 | -321 441 | -321 441 |
Total transactions with the owners | 0 | 0 | -76 558 | -76 558 |
Equity 31 March 2025 | 1 140 000 | 1 050 000 | 1 249 995 | 3 439 995 |
2024 NOK THOUSANDS | Share capital | Share premium | Other accrued equity | Total owners’ equity |
---|---|---|---|---|
Equity 1 January 2024 | 1 140 000 | 1 050 000 | 983 931 | 3 173 931 |
Profit for the period | 0 | 0 | 74 200 | 74 200 |
Other income and expenses | 0 | 0 | 7 606 | 7 606 |
Total comprehensive income for the period | 0 | 0 | 81 807 | 81 807 |
Group contribution received during the period | 0 | 0 | 214 756 | 214 756 |
Group contribution paid during the period | 0 | 0 | -281 954 | -281 954 |
Total transactions with the owners | 0 | 0 | -67 198 | -67 198 |
Equity 31 March 2024 | 1 140 000 | 1 050 000 | 998 540 | 3 188 540 |
2024 NOK THOUSANDS | Share capital | Share premium | Other accrued equity | Total owners’ equity |
---|---|---|---|---|
Equity 1 January 2024 | 1 140 000 | 1 050 000 | 983 931 | 3 173 931 |
Income for the year | 0 | 0 | 314 955 | 314 955 |
Other income and expenses | 0 | 0 | 17 264 | 17 264 |
Comprehensive income for the year | 0 | 0 | 332 220 | 332 220 |
Group contribution received during the period | 0 | 0 | 214 756 | 214 756 |
Group contribution paid during the period | 0 | 0 | -281 954 | -281 954 |
Total transactions with the owners | 0 | 0 | -67 198 | -67 198 |
Equity 31 December 2024 | 1 140 000 | 1 050 000 | 1 248 952 | 3 438 952 |
Statement of cash flowKLP Banken Group
NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Payments received from customers – interest | 549 782 | 566 014 | 2 328 908 |
Payments received from customers – commission and charges | 8 774 | 7 404 | 36 160 |
Payments to customers – interest | -163 711 | -136 820 | -602 364 |
Payments to customers – commission and charges | -924 | -719 | -2 929 |
Payments made on issuance of loans to customers | -2 580 639 | -1 958 440 | -9 768 310 |
Receipts related to repayment and redemption of loans to customers | 1 737 191 | 1 976 392 | 9 765 901 |
Net receipt of customer deposits, Bank | 956 541 | 102 046 | 1 740 138 |
Receipts on loans | 2 000 000 | 1 200 000 | 7 600 000 |
Repayments and redemption of securities debt | -3 944 000 | -300 000 | -7 950 000 |
Change in securities debt, own funds | 1 866 936 | -1 052 297 | 1 277 543 |
Net payment of interest on loans | -388 118 | -383 827 | -1 565 256 |
Payments on the purchase of securities | -645 118 | -1 239 627 | -6 514 698 |
Receipts on the sale of securities | 1 002 734 | 716 997 | 3 235 716 |
Receipts of interest from securities | 93 687 | 53 958 | 273 146 |
Disbursements on operations | -54 470 | -70 007 | -187 672 |
Payments to staff, pension schemes, employer's social security contrib.etc. | -27 119 | -25 935 | -97 864 |
Interest investment accounts | 19 560 | 12 916 | 91 587 |
Net receipts/disbursements from operating activities | 7 315 | 33 206 | 64 650 |
Net cash flow from operating activities | 438 422 | -498 738 | -275 344 |
INVESTMENT ACTIVITIES | |||
Payments on the purchase of tangible fixed assets | 0 | 0 | -305 |
Net cash flow from investment activities | 0 | 0 | -305 |
FINANCING ACTIVITIES | |||
Payment of lease liabilities | -437 | -418 | -1 698 |
Group contributions paid | -76 558 | -67 198 | -67 198 |
Net cash flows from financing activities | -76 994 | -67 617 | -68 896 |
Net cash flow during the period | 361 428 | -566 355 | -344 545 |
Cash and cash equivalents at the start of the period | 1 239 224 | 1 583 769 | 1 583 769 |
Cash and cash equivalents at the end of the period | 1 600 652 | 1 017 414 | 1 239 224 |
Net receipts/disbursements (-) of cash | 361 428 | -566 355 | -344 545 |
Liquidity holdings comprise: | |||
Claims on central banks | 77 135 | 74 073 | 76 375 |
Deposits with and receivables from banks with no agreed term | 1 523 517 | 943 341 | 1 162 849 |
Total liquidity holdings at the end of the reporting period | 1 600 652 | 1 017 414 | 1 239 224 |
Total interest received | 663 028 | 632 888 | 2 693 641 |
Total interest paid | -551 829 | -520 647 | -2 167 620 |
Notes to the financial statementKLP Banken Group
Note 1 General information
KLP Banken AS was formed 25 February 2009. KLP Banken AS owns all the shares in KLP Kommunekreditt AS and KLP Boligkreditt AS. These companies together form the KLP Banken Group. KLP Banken Group provide or acquire loans to Norwegian municipalities and county authorities, as well as to companies with public sector guarantee. The lending activities are principally financed by issuance of covered bonds. The Group also offers standard banking products to private customers. KLP Banken AS is registered and domiciled in Norway. Its head office is at Beddingen 8 in Trondheim. The company has a branch office in Dronning Eufemiasgate 10, Oslo.
The company, KLP Banken AS, is a wholly owned subsidiary of Kommunal Landspensjonskasse (KLP). KLP is a mutual insurance company.
Note 2 Accounting principles
The interim report includes the interim Financial Statements of KLP Banken Group for the period 1 January 2025 – 31 March 2025. The interim Financial Statements has not been audited.
The financial statements have been prepared in accordance with IFRS Accounting Standards®) as adopted by the EU with some additions that follow The Norwegian Accounting Act and the Regulations concerning annual accounts for banks, mortgage firms and finance companies (the Accounting Regulations). The interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting".
Other accounting principles and calculations are the same in the interim financial statement as in the annual report for 2024, please see the annual report for further information.
Note 3 Net interest income
NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|
Interest income on loans to customers | 574 288 | 575 453 | 2 309 736 |
Interest income on loans to credit institutions | 21 546 | 19 799 | 91 586 |
Total interest income, effective interest method | 595 834 | 595 252 | 2 401 323 |
Interest income on interest-bearing securities | 90 846 | 57 461 | 294 139 |
Other interest income | 39 209 | 36 782 | 153 071 |
Total other interest income | 130 055 | 94 243 | 447 209 |
Total interest income | 725 889 | 689 495 | 2 848 532 |
Interest expenses on deposits to KLP Banken | -160 166 | -133 495 | -589 067 |
Interest expenses on issued securities | -395 156 | -395 068 | -1 597 521 |
Total interest expense, effective interest method | -555 322 | -528 564 | -2 186 588 |
Other interest expenses | -33 942 | -30 917 | -128 152 |
Interest expense lease liabilities | -61 | -69 | -267 |
Interest expenses on deposits to customers | -3 544 | -3 324 | -13 296 |
Total other interest expense | -37 547 | -34 311 | -141 716 |
Total interest expense | -592 870 | -562 874 | -2 328 304 |
Net interest income | 133 019 | 126 621 | 520 228 |
Note 4 Loans to customers
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Principal on loans to customers | 43 509 158 | 42 646 811 | 42 659 516 |
Credit portfolio | 46 342 | 46 022 | 45 428 |
Overdraft current account | 365 | 153 | 200 |
Write-downs step 1 and 2 | -1 302 | -2 049 | -1 480 |
Write-downs step 3 | -2 878 | -2 468 | -3 736 |
Loans to customers after write-downs | 43 551 687 | 42 688 471 | 42 699 925 |
Accrued interest | 242 852 | 246 909 | 218 328 |
Fair value hedging | -74 409 | -98 797 | -81 984 |
Loans to customers | 43 720 129 | 42 836 583 | 42 836 270 |
Note 5 Categories of financial instruments
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 | |||
---|---|---|---|---|---|---|
Capitalized value | Fair value | Capitalized value | Fair value | Capitalized value | Fair value | |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS | ||||||
Fixed-income securities | 7 218 558 | 7 218 558 | 4 809 101 | 4 809 101 | 7 579 182 | 7 579 182 |
Financial derivatives | 75 682 | 75 682 | 109 398 | 109 398 | 83 852 | 83 852 |
Shares and holdings | 1 498 | 1 498 | 1 897 | 1 897 | 1 853 | 1 853 |
Total financial assets at fair value through profit and loss | 7 295 738 | 7 295 738 | 4 920 396 | 4 920 396 | 7 664 887 | 7 664 887 |
FINANCIAL ASSETS FAIR VALUE HEDGING AT AMORTIZED COST | ||||||
Loans to and receivables from customers | 1 869 275 | 1 882 353 | 1 723 865 | 1 734 164 | 1 921 836 | 1 936 594 |
Total financial assets fair value hedging amortized cost | 1 869 275 | 1 882 353 | 1 723 865 | 1 734 164 | 1 921 836 | 1 936 594 |
FINANCIAL ASSETS AT AMORTIZED COST | ||||||
Loans to and receivables from credit institutions | 77 135 | 77 135 | 74 073 | 74 073 | 76 375 | 76 375 |
Loans to and receivables from central banks | 1 575 174 | 1 575 174 | 980 355 | 980 355 | 1 196 476 | 1 196 476 |
Loans to and receivables from customers | 41 850 855 | 41 850 855 | 41 112 718 | 41 112 718 | 40 914 435 | 40 914 435 |
Total financial assets at amortized cost | 43 503 164 | 43 503 164 | 42 167 146 | 42 167 146 | 42 187 285 | 42 187 285 |
Total financial assets | 52 668 177 | 52 681 255 | 48 811 407 | 48 821 705 | 51 774 008 | 51 788 766 |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS | ||||||
Financial derivatives | 20 317 | 20 317 | 24 262 | 24 262 | 38 057 | 38 057 |
Total financial liabilities at fair value through profit and loss | 20 317 | 20 317 | 24 262 | 24 262 | 38 057 | 38 057 |
FINANCIAL LIABILITIES FAIR VALUE HEDGING AT AMORTIZED COST | ||||||
Liabilities created on issuance of securities | 1 696 318 | 1 711 260 | 1 701 411 | 1 709 072 | 1 679 351 | 1 691 807 |
Total financial liabilities fair value hedging at amortized cost | 1 696 318 | 1 711 260 | 1 701 411 | 1 709 072 | 1 679 351 | 1 691 807 |
FINANCIAL LIABILITIES AT AMORTIZED COST | ||||||
Deposits from customers | 16 756 597 | 16 756 597 | 14 157 463 | 14 157 463 | 15 800 651 | 15 800 651 |
Liabilities created on issuance of securities | 30 587 375 | 30 666 481 | 29 551 390 | 29 619 019 | 30 655 147 | 30 722 615 |
Total financial liabilities at amortized cost | 47 343 972 | 47 423 078 | 43 708 853 | 43 776 482 | 46 455 798 | 46 523 267 |
Total financial liabilities | 49 060 608 | 49 154 655 | 45 434 526 | 45 509 816 | 48 173 207 | 48 253 132 |
Fair value shall be a representative price based on what a corresponding asset or liability would have been traded for on the balance sheet date. A financial instrument is considered to be listed in an active market if the listed price is simply and regularly available from a stock market, dealer, broker, industry grouping, price setting service or regulatory authority, and these prices represent actual and regularly occurring transactions at arm’s length. If the market for the security is not active, or the security is not listed on a stock market or similar, valuation techniques are used to set fair value. These are based for example on information on recently completed transactions carried out on business terms and conditions, reference to trading in similar instruments and pricing using externally collected yield curves and yield spread curves. As far as possible the estimates are based on externally observable market data and to the leaste extent possible on company-specific information.
The different financial instruments are thus priced in the following way:
Fixed-income securities - government
Nordic Bond Pricing is used as a source for pricing Norwegian government bonds.
Fixed-income securities - other than government
Norwegian fixed-income securities are generally priced based on rates from Nordic Bond Pricing. Securities not covered by Nordic Bond Pricing are priced theoretically. The theoretical price should be based on the discounted value of the security's future cash flows. Discounting is done using a swap curve adjusted for credit spread and liquidity spread. The credit spread should, to the extent possible, be based on a comparable bond from the same issuer. Liquidity spread is determined at the discretion of the evaluator.
Financial derivatives
These transactions are valued based on the applicable swap curve at the time of valuation. Derivative contracts are to be used only to hedge balance amounts and to enable payments obligations to be met. Derivative contracts may be struck only with counterparties with high credit quality.
Shares (unlisted)
For liquid shares and units, the closing price on the balance sheet date is used as the basis for measurement at fair value. If the prices are not quoted, the last price traded is used. Illiquid shares are priced on the basis of the Oslo Stock Exchange’s index algorithm based on the last traded prices. If the pricing information is outdated, a derived valuation is produced from relevant stock indices or other similar securities. If this is also considered unsatisfactory, a discretionary valuation is made. This may be based on fundamental analysis, broker assessment, or adjustments for risk or liquidity considerations in relation to the price.
Fair value of loans to retail customers
The fair value through profit/loss is calculated by discounting contractual cash flows to present values. The discount rate is determined as the market rate, including a suitable risk margin. For loans measured at fair value through other comprehensive income, the fair value is calculated as the recognised principal minus estimated loss provisions on loans classified in Stage 2 and 3 (see note 14 Loan losses provision).
Fair value of loans to Norwegian local administrations
The fair value of these loans is considered to be virtually the same as the book value, as the contract terms are constantly adjusted in line with market interest rates. The fair value of fixed rate loans is calculated by discounting contractual cash flows by market interest rates including a suitable risk margin at the end of the reporting period. This is valued at Level 2 in the valuation hierarchy, cf. Note 6.
Fair value of deposits
The fair value of floating rate deposits is taken to be approximately equal to the deposit amount including accrued interest. The fair value of fixed rate deposits is calculated by discounting contractual cash flows by market interest rates including a suitable risk margin. Discounting contractual cash flows by market interest rates including a suitable risk margin.
Fair value of loans to and receivables from credit institutions
All receivables from credit institutions (bank deposits) are at variable interest rates. The fair value of these is considered to be virtually the same as the book value, as the contract terms are continuously changed in step with change in market interest rates. This is valued at Level 2 in the valuation hierarchy, cf. Note 6.
Liabilities created on issuance of securities
Fair value in this category is determined on the basis of internal valuation models based on external observable data. This is valued in Level 2 in the valuation hierarchy, cf. Note 6.
Note 6 Fair value hierarchy
31.03.2025 NOK THOUSANDS | Level 1 | Level 2 | Level 3 | Total |
---|---|---|---|---|
ASSETS BOOKED AT FAIR VALUE | ||||
Fixed-income securities | 615 088 | 6 603 470 | 0 | 7 218 558 |
Financial derivatives | 0 | 75 682 | 0 | 75 682 |
Shareholdings | 0 | 0 | 1 498 | 1 498 |
Total assets at fair value | 615 088 | 6 679 152 | 1 498 | 7 295 738 |
LIABILITIES BOOKED AT FAIR VALUE | ||||
Financial derivatives (liabilities) | 0 | 20 317 | 0 | 20 317 |
Total financial liabilities at fair value | 0 | 20 317 | 0 | 20 317 |
31.03.2024 NOK THOUSANDS | Level 1 | Level 2 | Level 3 | Total |
---|---|---|---|---|
ASSETS BOOKED AT FAIR VALUE | ||||
Fixed-income securities | 824 064 | 3 985 038 | 0 | 4 809 101 |
Shareholdings | 0 | 0 | 1 897 | 1 897 |
Financial derivatives | 0 | 109 398 | 0 | 109 398 |
Total assets at fair value | 824 064 | 4 094 436 | 1 897 | 4 920 396 |
LIABILITIES BOOKED AT FAIR VALUE | ||||
Financial derivatives (liabilities) | 0 | 24 262 | 0 | 24 262 |
Total financial liabilities at fair value | 0 | 24 262 | 0 | 24 262 |
31.12.2024 NOK THOUSANDS | Level 1 | Level 2 | Level 3 | Total |
---|---|---|---|---|
ASSETS BOOKED AT FAIR VALUE | ||||
Fixed-income securities | 629 300 | 6 949 882 | 0 | 7 579 182 |
Financial derivatives | 0 | 83 852 | 0 | 83 852 |
Shareholdings | 0 | 0 | 1 853 | 1 853 |
Total assets at fair value | 629 300 | 7 033 734 | 1 853 | 7 664 887 |
LIABILITIES BOOKED AT FAIR VALUE | ||||
Financial derivatives (liabilities) | 0 | 38 057 | 0 | 38 057 |
Total financial liabilities at fair value | 0 | 38 057 | 0 | 38 057 |
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
CHANGES IN LEVEL 3 UNLISTED SHARES | |||
Opening balance | 1 853 | 1 897 | 1 897 |
Additions/purchases of shares | 0 | 0 | 1 |
Unrealized changes | -355 | 0 | -45 |
Closing balance | 1 498 | 1 897 | 1 853 |
Realized gains/losses | 0 | 0 | 0 |
LEVEL 1: Instruments at this level obtain fair value from listed prices in an active market for identical assets or liabilities to which the entity has access at the reporting date. Examples of instruments in Level 1 are stock market listed securities.
LEVEL 2: Instruments at this level obtain fair value from observable market data. This includes prices based on identical instruments, but where the instrument does not maintain a high enough trading frequency and is therefore not considered to be traded in an active market, as well as prices based on corresponding assets and price-leading indicators that can be confirmed from market information. Example instruments at Level 2 are fixed-income securities priced on the basis of interest rate paths.
LEVEL 3: Instruments at Level 3 contain non-observable market data or are traded in markets considered to be inactive. The price is based generally on discrete calculations where the actual fair value may deviate if the instrument were to be traded.
Note 5 discloses the fair value of financial assets and financial liabilities that are recognized at amortized cost and according to the rules on hedge accounting. Financial assets measured at amortized cost and hedge accounting comprise lending to and due to credit institutions, Norwegian municipalities and retail customers. The stated fair value of these assets is determined on terms qualifying for level 2. Financial liabilities recognized at amortized cost and hedge accounting consist of debt securities issued and deposits. The stated fair value of these liabilities is determined by methods qualifying for level 2.
There have been no transfers between level 1 and level 2.
Note 7 Debt securities issued - stock exchange listed covered bonds and certificates
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Bond debt, nominal amount | 32 357 395 | 35 556 218 | 34 302 426 |
Adjustments | -36 541 | -41 836 | -47 355 |
Accrued interest | 252 840 | 218 419 | 243 427 |
Own holdings, nominal amount | -290 000 | -4 480 000 | -2 164 000 |
Total debt securities issued | 32 283 694 | 31 252 801 | 32 334 498 |
Interest rate on borrowings through the issuance of securities at the reporting date: | 4.96% | 5.08% | 5.09% |
The interest rate is calculated as a weighted average of the act/360 basis. It includes interest rate effects and amortization costs. |
NOK THOUSANDS | Balance sheet 31.12.2024 | Issued | Matured/ redeemed | Other adjustements | Balance sheet 31.03.2025 |
---|---|---|---|---|---|
Changes in debt securities issued - stock exchange listed covered bonds and cerftificates | |||||
Bond debt, nominal amount | 34 302 426 | 2 000 000 | -3 944 000 | -1 031 | 32 357 395 |
Adjustments | -47 355 | 0 | 0 | 10 813 | -36 541 |
Accrued interest | 243 427 | 0 | 0 | 9 413 | 252 840 |
Own holdings, nominal amount | -2 164 000 | 0 | 1 874 000 | 0 | -290 000 |
Total debt securities issued | 32 334 498 | 2 000 000 | -2 070 000 | 19 196 | 32 283 694 |
Note 8 Financial assets and liabilities subject to net settlement
31.03.2025 NOK THOUSANDS | Related amounts not presented net | |||
---|---|---|---|---|
Gross financial assets/ liabilities | Financial instruments | Security in cash | Net amount | |
ASSETS | ||||
Financial derivatives | 75 682 | -20 317 | 0 | 55 365 |
Total | 75 682 | -20 317 | 0 | 55 365 |
LIABILITIES | ||||
Financial derivatives | 20 317 | -20 317 | 0 | 0 |
Total | 20 317 | -20 317 | 0 | 0 |
31.03.2024 NOK THOUSANDS | Related sums that are not presented net | |||
---|---|---|---|---|
Gross financial assets/ liabilites | Financial instruments | Security in cash | Net recognised value | |
ASSETS | ||||
Financial derivatives | 109 398 | -24 262 | 0 | 85 136 |
Total | 109 398 | -24 262 | 0 | 85 136 |
LIABILITIES | ||||
Financial derivatives | 24 262 | -24 262 | 0 | 0 |
Total | 24 262 | -24 262 | 0 | 0 |
31.12.2024 NOK THOUSANDS | Related amounts not presented net | |||
---|---|---|---|---|
Gross financial assets/ liabilities | Financial instruments | Security in cash | Net amount | |
ASSETS | ||||
Financial derivatives | 83 852 | -38 057 | 0 | 45 794 |
Total | 83 852 | -38 057 | 0 | 45 794 |
LIABILITIES | ||||
Financial derivatives | 38 057 | -38 057 | 0 | 0 |
Total | 38 057 | -38 057 | 0 | 0 |
The purpose of the note is to show the potential effect of netting agreements at the KLP Banken Group. The note shows derivative positions in the financial position statement. |
Note 9 Transactions with related parties
31.03.2025 NOK THOUSANDS | ||
---|---|---|
KLP | Other group companies | |
Interest incomes | 1 124 | 2 091 |
Fee income | 15 632 | 0 |
Purchase of administrative services | -24 382 | 0 |
Pension costs | -3 598 | 0 |
Buy other services | -1 281 | -733 |
Other assets | 0 | 2 222 |
Other liabilities | -17 370 | 0 |
31.03.2024 NOK THOUSANDS | ||
---|---|---|
KLP | Other group companies | |
Interest incomes | 1 363 | 2 779 |
Fee income | 15 582 | 0 |
Purchase of administrative services | -22 428 | 0 |
Pension costs | -3 776 | 0 |
Buy other services | -856 | -824 |
Other assets | 0 | 2 697 |
Other liabilities | -20 629 | 0 |
31.12.2024 NOK THOUSANDS | ||
---|---|---|
KLP | Other group companies | |
Interest incomes | 4 858 | 8 741 |
Fee income | 62 529 | 0 |
Purchase of administrative services | -79 008 | 0 |
Pension costs | -15 350 | 0 |
Buy other services | -3 265 | -2 924 |
Other assets | 0 | 2 200 |
Other liabilities | -11 667 | -187 |
Transactions with related parties are carried out at general market terms, with the exception of the company's share of common functions, which are allocated at cost. Allocation is based on actual use. All internal receivables are settled as they arise.
Note 10 Other assets
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Intercompany receivables | 2 222 | 2 697 | 2 200 |
Short-term receivable securities trading | 624 | 0 | 454 |
Miscellaneous receivables | 0 | 3 | 0 |
Prepaid expenses | 14 545 | 14 477 | 23 |
Total other assets | 17 391 | 17 176 | 2 677 |
Note 11 Other liabilities and provision for accrued costs
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Creditors | 3 732 | 3 936 | 1 159 |
Intercompany payables | 17 370 | 20 629 | 11 854 |
Short-term balances with credit institutions | 53 200 | 79 000 | 46 513 |
Other liabilities | 70 120 | 62 215 | 7 455 |
Total other liabilities | 144 422 | 165 780 | 66 982 |
Withholding tax | 1 959 | 1 937 | 3 793 |
Social security contributions | 2 129 | 1 995 | 3 174 |
Capital activity tax | 764 | 709 | 1 019 |
Holiday pay | 9 358 | 8 399 | 7 322 |
Pension obligations | 22 297 | 34 377 | 21 575 |
VAT | 46 | 84 | 0 |
Provisioned costs | 11 774 | 2 117 | 1 280 |
Total accrued costs and liabilities | 48 328 | 49 618 | 38 162 |
Note 12 Capital adequacy
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Share capital and share premium fund | 2 190 000 | 2 190 000 | 2 190 000 |
Other owners' equity | 1 172 394 | 916 733 | 1 248 952 |
Total owners' equity | 3 362 394 | 3 106 733 | 3 438 952 |
Adjustments due to requirements for proper valuation | -7 219 | -4 809 | -7 579 |
Deduction goodwill and other intangible assets | -12 725 | -13 603 | -12 869 |
Core capital/Tier 1 capital | 3 342 451 | 3 088 321 | 3 418 503 |
Supplementary capital/Tier 2 capital | 0 | 0 | 0 |
Supplementary capital/Tier 2 capital | 0 | 0 | 0 |
Total eligible own funds (Tier 1 and Tier 2 capital) | 3 342 451 | 3 088 321 | 3 418 503 |
Capital requirement | 1 231 099 | 1 165 407 | 1 206 130 |
Surplus of own funds (Tier 1 and Tier 2 capital) | 2 111 351 | 1 922 914 | 2 212 372 |
Estimate basis credit risk: | |||
Institutions | 320 834 | 203 810 | 245 919 |
Retail | 846 637 | 1 040 472 | 892 084 |
Local and regional authorities (incl. municipalities/county administations) | 4 056 473 | 3 780 803 | 3 890 649 |
Investments with mortgage security in real estate | 8 459 634 | 8 243 765 | 8 331 891 |
Investments fallen due | 76 700 | 56 744 | 71 129 |
Covered bonds | 589 585 | 381 847 | 618 724 |
Other items | 34 602 | 34 676 | 18 973 |
Calculation basis credit risk | 14 384 465 | 13 742 117 | 14 069 369 |
Credit risk | 1 150 757 | 1 099 369 | 1 125 550 |
Operating risk | 78 833 | 65 852 | 78 833 |
Credit valuation adjustments (CVA) | 1 509 | 185 | 1 748 |
Total capital requirement assets | 1 231 099 | 1 165 407 | 1 206 130 |
Core capital adequacy ratio | 21.72 % | 21.20 % | 22.67 % |
Supplementary capital ratio | 0.00 % | 0.00 % | 0.00 % |
Capital adequacy ratio | 21.72 % | 21.20 % | 22.67 % |
Leverage ratio | 6.20 % | 6.22 % | 6.49 % |
CAPITAL REQUIREMENT PER 31.03.2025 | Core capital/Tier 1 capital | Supplementary capital/Tier 2 capital | Own funds |
---|---|---|---|
Minimum requirement excl. buffers | 4.50 % | 3.50 % | 8.00 % |
Protective buffer | 2.50 % | 0.00 % | 2.50 % |
Systemic risk buffer | 4.50 % | 0.00 % | 4.50 % |
Counter-cyclical capital buffer | 2.50 % | 0.00 % | 2.50 % |
Pilar 2-requirement | 0.83 % | 0.27 % | 1.10 % |
Current capital requirement incl. buffers | 14.83 % | 3.77 % | 18.60 % |
Capital requirement leverage ratio | 3.00 % | 0.00 % | 3.00 % |
Note 13 Fixed-income securities
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2023 | |||
---|---|---|---|---|---|---|
Acquisition cost | Market value | Acquisition cost | Market value | Acquisition cost | Market value | |
Certificates | 306 184 | 307 198 | 336 416 | 336 926 | 237 420 | 237 846 |
Bonds | 6 883 840 | 6 911 360 | 4 458 913 | 4 472 175 | 7 316 761 | 7 341 336 |
Total fixed-income securities | 7 190 024 | 7 218 558 | 4 795 329 | 4 809 101 | 7 554 181 | 7 579 182 |
Fixed income securities are brought to account at market value, including accrued but not due interests. |
Note 14 Loan loss provision
There has not been done any changes in the modesl for calculation of the expected loss provisions in the first quarter.
The total loan loss provisions have decreased by 14 precentage for KLP Banken Group from the last quarter.
Refer to Note 10 and Note 2 in the annual report for more details of the model.
Expected credit loss (ECL) loans to customers – all segments
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 2 299 | 1 546 | 3 814 | 7 659 | 6 207 | 6 207 |
Transfer to stage 1 | 258 | -220 | -38 | 0 | 0 | 0 |
Transfer to stage 2 | -10 | 10 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | -36 | 36 | 0 | 0 | 0 |
Net changes | -344 | 55 | -903 | -1 191 | 995 | 537 |
New losses | 101 | 1 | 130 | 232 | 148 | 1 676 |
Write-offs | -17 | -8 | -126 | -150 | -36 | -148 |
Change in risk model | 0 | 0 | 0 | 0 | 0 | -613 |
Closing balance ECL | 2 288 | 1 348 | 2 913 | 6 549 | 7 314 | 7 659 |
Changes 01.01-31.03./31.12. | -11 | -198 | -901 | -1 110 | 1 107 | 1 452 |
This includes provisions for losses on loans and receivables - unused credit | 1 673 | 661 | 35 | 2 370 | 2 797 | 2 443 |
Expected credit loss (ECL) loans to customers – mortgage
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 147 | 284 | 2 290 | 2 722 | 1 508 | 1 508 |
Transfer to stage 1 | 9 | -9 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | -4 | 4 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | -21 | 21 | 0 | 0 | 0 |
Net changes | -65 | -35 | -572 | -673 | 389 | 259 |
New losses | 33 | 1 | 0 | 33 | 31 | 1 096 |
Write-offs | -2 | -1 | 0 | -4 | -3 | -10 |
Change in risk model | 0 | 0 | 0 | 0 | 0 | -131 |
Closing balance ECL | 116 | 223 | 1 740 | 2 079 | 1 925 | 2 722 |
Changes 01.01-31.03./31.12. | -31 | -62 | -550 | -643 | 417 | 1 214 |
This includes provisions for losses on loans and receivables - unused credit on mortgages | 8 | 0 | 0 | 8 | 5 | 4 |
Expected credit loss (ECL) – public lending
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 177 | 0 | 0 | 177 | 180 | 180 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net changes | -2 | 0 | 0 | -2 | -2 | -11 |
New losses | 10 | 0 | 0 | 10 | 1 | 24 |
Write-offs | -2 | 0 | 0 | -2 | -2 | -16 |
Closing balance ECL | 184 | 0 | 0 | 184 | 178 | 177 |
Changes 01.01-31.03./31.12. | 7 | 0 | 0 | 7 | -2 | -3 |
Expected credit loss (ECL) – credit card
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 1 942 | 1 262 | 347 | 3 551 | 4 372 | 4 372 |
Transfer to stage 1 | 250 | -212 | -38 | 0 | 0 | 0 |
Transfer to stage 2 | -5 | 5 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | -14 | 14 | 0 | 0 | 0 |
Net changes | -288 | 85 | -34 | -237 | -358 | -853 |
New losses | 42 | 0 | 0 | 42 | 115 | 515 |
Change in risk model | 0 | 0 | 0 | 0 | 0 | -484 |
Closing balance ECL | 1 941 | 1 125 | 289 | 3 355 | 4 129 | 3 551 |
Changes 01.01-31.03./31.12. | -1 | -136 | -58 | -196 | -243 | -822 |
This includes provisions for losses on loans and receivables - unused credit on credit card | 1 664 | 661 | 35 | 2 361 | 2 791 | 2 439 |
Expected credit loss (ECL) - loan without collateral
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 7 | 0 | 0 | 7 | 0 | 0 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net changes | -2 | 0 | 0 | -2 | 0 | -5 |
New losses | 15 | 0 | 0 | 15 | 0 | 7 |
Change in risk model | 0 | 0 | 0 | 0 | 0 | 5 |
Closing balance ECL | 20 | 0 | 0 | 20 | 0 | 7 |
Changes 01.01-31.03./31.12. | 13 | 0 | 0 | 13 | 0 | 7 |
Expected credit loss (ECL) loans to customers – senior loans
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 25 | 0 | 874 | 899 | 24 | 25 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net changes | 0 | 0 | -484 | -485 | 874 | 873 |
New losses | 1 | 0 | 0 | 1 | 1 | 4 |
Change in risk model | 0 | 0 | 0 | 0 | 0 | -3 |
Closing balance ECL | 26 | 0 | 389 | 416 | 899 | 899 |
Changes 01.01-31.03./31.12. | 1 | 0 | -484 | -483 | 875 | 874 |
This includes provisions for losses on loans and receivables - unused credit on senior loans | -1 | 0 | 0 | -1 | 0 | 1 |
Expected credit loss (ECL) loans to customers – overdrafts deposit accounts
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Opening balance ECL 01.01. | 0 | 0 | 305 | 305 | 124 | 124 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net changes | 0 | 0 | 62 | 62 | 59 | 151 |
New losses | 0 | 0 | 130 | 130 | 0 | 30 |
Closing balance ECL | 0 | 0 | 496 | 496 | 183 | 305 |
Changes 01.01-31.03./31.12. | 0 | 0 | 192 | 192 | 59 | 181 |
Book value of loans and receivables from customers – all segments
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 42 211 152 | 648 394 | 63 924 | 42 923 470 | 42 946 094 | 42 946 094 |
Transfer to stage 1 | 105 801 | -105 726 | -75 | 0 | 0 | 0 |
Transfer to stage 2 | -84 314 | 84 314 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | -3 086 | -13 757 | 16 843 | 0 | 0 | 0 |
Net changes | -291 690 | 2 540 | -1 916 | -291 066 | -345 474 | -1 660 257 |
New losses | 3 516 745 | 25 668 | 317 | 3 542 731 | 2 379 925 | 10 067 569 |
Write-offs | -2 303 201 | -63 696 | -9 518 | -2 376 415 | -2 040 647 | -8 429 936 |
Lending | 43 151 407 | 577 737 | 69 576 | 43 798 719 | 42 939 897 | 42 923 470 |
Fair value hedging | -74 409 | 0 | 0 | -74 409 | -98 797 | -81 984 |
Recognised loan loss provisions | -615 | -687 | -2 877 | -4 179 | -4 517 | -5 216 |
Book value of loans to and receivables on customers | 43 076 383 | 577 050 | 66 699 | 43 720 129 | 42 836 583 | 42 836 270 |
Book value of loans and receivables from customers – mortgages
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 21 003 463 | 646 105 | 62 013 | 21 711 580 | 21 738 128 | 21 738 128 |
Transfer to stage 1 | 105 217 | -105 217 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | -83 843 | 83 843 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | -3 030 | -13 700 | 16 730 | 0 | 0 | 0 |
Net change | -1 479 750 | -34 545 | -11 421 | -1 525 716 | -1 324 245 | -4 176 311 |
New lending | 2 314 433 | 25 668 | 137 | 2 340 239 | 2 220 982 | 7 127 858 |
Write-offs | -753 500 | -26 295 | 0 | -779 794 | -718 351 | -2 978 095 |
Lending | 21 102 989 | 575 861 | 67 458 | 21 746 309 | 21 916 514 | 21 711 580 |
Recognised loan loss provisions | -107 | -223 | -1 740 | -2 070 | -1 919 | -2 718 |
Book value of loans to mortgages | 21 102 882 | 575 638 | 65 718 | 21 744 239 | 21 914 595 | 21 708 862 |
Book value of loans and receivables from customers – public lending
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 18 770 141 | 0 | 0 | 18 770 141 | 19 087 958 | 19 087 958 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net change | -185 575 | 0 | 0 | -185 575 | -184 309 | -1 167 223 |
New lending | 1 069 721 | 0 | 0 | 1 069 721 | 101 773 | 2 529 768 |
Write-offs | -160 446 | 0 | 0 | -160 446 | -171 321 | -1 680 362 |
Lending | 19 493 841 | 0 | 0 | 19 493 841 | 18 834 101 | 18 770 141 |
Fair value hedging | -74 409 | 0 | 0 | -74 409 | -98 797 | -81 984 |
Recognised loan loss provisions | -184 | 0 | 0 | -184 | -178 | -177 |
Book value of loans to public lending | 19 419 248 | 0 | 0 | 19 419 248 | 18 735 126 | 18 687 981 |
Book value of loans and receivables from customers – credit card
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 42 041 | 2 289 | 1 098 | 45 428 | 42 393 | 42 393 |
Transfer to stage 1 | 584 | -510 | -75 | 0 | 0 | 0 |
Transfer to stage 2 | -471 | 471 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | -26 | -58 | 83 | 0 | 0 | 0 |
Net change | 354 | -317 | -69 | -33 | 2 019 | -2 955 |
New lending | 947 | 0 | 0 | 947 | 1 610 | 5 990 |
Lending | 43 429 | 1 876 | 1 037 | 46 342 | 46 022 | 45 428 |
Recognised loan loss provisions | -277 | -464 | -253 | -995 | -1 338 | -1 112 |
Book value of loans to credit card | 43 152 | 1 412 | 784 | 45 348 | 44 684 | 44 316 |
Book value of loans to receivables from customers – senior loans
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 2 394 745 | 0 | 389 | 2 395 134 | 2 077 541 | 2 077 541 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net change | -15 453 | 0 | 0 | -15 453 | 9 977 | -85 702 |
New lending | 130 288 | 0 | 0 | 130 288 | 55 528 | 403 296 |
Lending | 2 509 580 | 0 | 389 | 2 509 969 | 2 143 045 | 2 395 134 |
Recognised loan loss provisions | -26 | 0 | -389 | -415 | -899 | -898 |
Book value of senior loans | 2 509 555 | 0 | 0 | 2 509 555 | 2 142 147 | 2 394 236 |
Book value of loans to and receivables from customers - lending without collateral
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 589 | 0 | 0 | 589 | 0 | 0 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 10 |
Net change | -164 | 0 | 0 | -164 | 0 | 580 |
New lending | 1 288 | 0 | 0 | 1 288 | 0 | 0 |
Lending | 1 713 | 0 | 0 | 1 713 | 0 | 589 |
Recognised loan loss provisions | -20 | 0 | 0 | -20 | 0 | -7 |
Book value of loans | 1 693 | 0 | 0 | 1 693 | 0 | 582 |
Book value of loans to receivables from customers – overdraft deposit accounts
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 173 | 0 | 424 | 597 | 73 | 73 |
Transfer to stage 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 2 | 0 | 0 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | -30 | 0 | 30 | 0 | 0 | 0 |
Net change | -358 | 0 | 57 | -302 | -74 | 447 |
New lending | 68 | 0 | 180 | 249 | 32 | 77 |
Lending | -147 | 0 | 691 | 544 | 31 | 597 |
Recognised loan loss provisions | 0 | 0 | -496 | -496 | 0 | -305 |
Book value of overdraft deposit accounts | -147 | 0 | 195 | 48 | 31 | 292 |
Exposure - unused credit
NOK THOUSANDS | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|---|---|---|
stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | Total stage 1-3 | |
Lending 01.01. | 1 946 025 | 45 497 | 362 | 1 991 884 | 1 824 120 | 1 824 120 |
Transfer to stage 1 | 13 150 | -13 070 | -80 | 0 | 0 | 0 |
Transfer to stage 2 | -6 483 | 6 483 | 0 | 0 | 0 | 0 |
Transfer to stage 3 | 0 | 0 | 0 | 0 | 0 | 0 |
Net change | 27 404 | -2 913 | -138 | 24 353 | -82 382 | -54 350 |
New lending | 897 962 | 3 697 | 0 | 901 659 | 477 117 | 688 443 |
Write-offs | -275 547 | -11 198 | 0 | -286 744 | -163 622 | -466 328 |
Lending | 2 602 512 | 28 497 | 144 | 2 631 153 | 2 055 233 | 1 991 884 |
Losses recognised in the profit and loss account consist of:
NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|
Change in loss provisions in stage 1, 2 and 3 | 1 063 | -1 331 | -1 463 |
Established losses | -68 | -9 | -458 |
Recovery for previously established losses | 204 | 223 | 913 |
Total losses in the income statement | 1 198 | -1 116 | -1 009 |
Note 15 Contingent liabilites
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Credit facilities for lending not utilized | 1 307 699 | 1 269 548 | 1 276 291 |
Credit facilities issued credit card | 277 172 | 261 844 | 278 099 |
Loan promise | 2 382 878 | 1 081 907 | 1 090 343 |
Total contingent liabilities | 3 967 749 | 2 613 300 | 2 644 733 |
Credit facilities for lending not utilized: The 'Fleksilån' product is included here; this is a credit facility which allows the customer to borrow up to a specified credit limit.
Credit facitities issued credit card: Customers' credit card limits are a contingent liabilitiy for the Bank, where the customer can choose to utilise the credit up to the allocated credit limit.
Loan commitment: The Bank issues funding certificates that customers can use in bidding procedures for home purchases. This also includes other loans that have been granted but not disbursed.
Note 16 Net gain/(loss) on financial instruments
NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|
Net gain/(loss) on fixed-income securities | 5 439 | 7 438 | 1 431 |
Net gain/(loss) financial derivatives and realized amortization linked to lending | -47 | -1 | -326 |
Net gain/(loss) financial derivatives and realized repurchase of own debt | -4 798 | -1 496 | -11 550 |
Net accrual of over/under rates borrowings and securities | 1 031 | 1 380 | 5 172 |
Other financial income and expenses | -319 | -420 | -1 680 |
Total net gain/(loss) on financial instruments | 1 307 | 6 901 | -6 953 |
Note 17 Leases
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Property | |||
RIGHT-OF-USE ASSETS | |||
Opening balance 01.01. | 12 625 | 14 495 | 14 495 |
Depreciation | -468 | -468 | -1 870 |
Closing balance | 12 157 | 14 027 | 12 625 |
LEASE LIABILITIES | |||
Opening balance 01.01. | 13 433 | 15 131 | 15 131 |
Repayments | -437 | -418 | -1 698 |
Closing balance | 12 997 | 14 713 | 13 433 |
NOK THOUSANDS | Q1 2025 | Q1 2024 | 2024 |
---|---|---|---|
Property | |||
Interest expense lease liabilities | 61 | 69 | 267 |
Interest expense lease liabilities | 61 | 69 | 267 |
Note 18 Pension obligations - own employees
NOK THOUSANDS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Capitalized net liability | 21 575 | 43 999 | 43 999 |
Pension costs taken to profit/loss | 3 598 | 3 776 | 15 110 |
Finance costs taken to profit/loss | 319 | 420 | 1 679 |
Actuarial gains and losses incl. social security contributions | 116 | -10 142 | -23 019 |
Premiums/supplement paid-in including admin | -3 311 | -3 677 | -16 195 |
Capitalized net liability | 22 297 | 34 377 | 21 575 |
ASSUMPTIONS | 31.03.2025 | 31.03.2024 | 31.12.2024 |
---|---|---|---|
Discount rate | 3.95% | 3.45% | 3.90% |
Salary growth | 4.00% | 3.50% | 4.00% |
The National Insurance basic amount (G) | 3.75% | 3.25% | 3.75% |
Pension increases | 3.00% | 2.80% | 3.00% |
Social security contribution | 14.10% | 14.10% | 14.10% |
Capital activity tax | 5.00% | 5.00% | 5.00% |
Quarterly earnings trend
NOK MILLIONS | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
---|---|---|---|---|---|
Interest income | 725.9 | 740.3 | 719.6 | 699.2 | 689.5 |
Interest expense | -592.9 | -605.8 | -588.4 | -571.2 | -562.9 |
Net interest income | 133.0 | 134.5 | 131.2 | 127.9 | 126.6 |
Commision income and income from banking services | 8.8 | 9.7 | 9.9 | 9.1 | 7.4 |
Commision cost and cost from banking services | -0.9 | -0.8 | -0.7 | -0.7 | -0.7 |
Net charges and commission income | 7.9 | 8.9 | 9.2 | 8.4 | 6.7 |
Other fee income | 15.6 | 15.6 | 15.6 | 15.7 | 15.6 |
Net gain/(loss) financial instruments | 1.3 | -12.8 | -0.1 | -1.0 | 6.9 |
Total other operating income | 16.9 | 2.9 | 15.5 | 14.7 | 22.5 |
Salaries and administrative costs | -26.3 | -28.0 | -26.4 | -17.3 | -25.6 |
Depreciation | -0.6 | -0.8 | -0.8 | -0.8 | -0.8 |
Other operating expenses | -55.5 | -45.8 | -40.8 | -42.4 | -53.2 |
Net loan losses | 1.2 | -0.9 | -0.1 | 1.1 | -1.1 |
Total operating expenses | -81.2 | -75.6 | -68.2 | -59.3 | -80.6 |
Operating profit/loss before tax | 76.6 | 70.7 | 87.7 | 91.8 | 75.1 |
Tax ordinary income | 1.1 | -0.1 | -4.2 | -5.1 | -0.9 |
Profit/loss for the period | 77.7 | 70.6 | 83.5 | 86.7 | 74.2 |
Other comprehensive income | -0.1 | 12.5 | -5.8 | 6.2 | 10.1 |
Tax on other comprehensive income | 0.0 | -3.1 | 1.5 | -1.5 | -2.5 |
Other comprehensive income for the period | -0.1 | 9.4 | -4.4 | 4.6 | 7.6 |
Comprehensive income for the period | 77.6 | 80.0 | 79.2 | 91.3 | 81.8 |
Key figures – accumulated
NOK MILLIONS | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
---|---|---|---|---|---|
Pre-tax income | 76.6 | 325.4 | 254.7 | 166.9 | 75.1 |
Net interest income | 133.0 | 520.2 | 385.8 | 254.6 | 126.6 |
Other operating income | 23.5 | 95.8 | 71.2 | 46.4 | 22.3 |
Other operating cost and depreciation | -81.2 | -283.7 | -208.1 | -139.9 | -80.6 |
Net gain/(loss) financial instruments | 1.3 | -7.0 | 5.8 | 5.9 | 6.9 |
Deposits | 16 756.6 | 15 800.7 | 15 684.8 | 15 628.8 | 14 157.5 |
Lending customers | 24 300.9 | 24 148.3 | 24 221.7 | 24 493.5 | 24 101.5 |
Lending with public sector guarantee | 19 419.2 | 18 688.0 | 18 005.9 | 18 310.8 | 18 735.1 |
Non-performing loans | 66.7 | 63.9 | 57.9 | 54.4 | 53.0 |
Total liabilities created on issuance of securities | 32 283.7 | 32 334.5 | 32 542.6 | 30 766.9 | 31 252.8 |
Other borrowing | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Total assets | 52 710.9 | 51 802.6 | 51 930.6 | 49 972.6 | 48 856.7 |
Average total assets | 52 256.7 | 50 365.4 | 50 429.4 | 49 450.4 | 48 892.4 |
Equity | 3 440.0 | 3 439.0 | 3 359.0 | 3 279.8 | 3 188.5 |
Interest net | 0.25 % | 1.03 % | 0.76 % | 0.51 % | 0.26 % |
Profit/loss from ordinary operation before taxes | 0.15 % | 0.65 % | 0.51 % | 0.34 % | 0.15 % |
Return on equity | 8.91 % | 9.46 % | 10.70 % | 10.52 % | 9.47 % |
Capital adequacy ratio | 21.7 % | 22.7 % | 20.6 % | 20.8 % | 21.2 % |
Liquidity coverage ratio (LCR) | 341 % | 300 % | 401 % | 452 % | 325 % |
Contact information
KLP BANKEN AS
Beddingen 8
7042 Trondheim
Organization number: 993 821 837
Visitors address, Trondheim:
Beddingen 8
Visitors address, Oslo:
Dronning Eufemias gate 10
Phone: +47 55 54 85 00