Q4 Interim report 2024

KLP Banken Group

Interim Financial Statements 4/2024

Main features at quarter end:

Good P&L development
Strong 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 (125) billion. The lending business is nationwide and divided into the retail market and the public sector market business areas.

In the personal market, the bank offers products and services at competitive terms to help make businesses that have chosen KLP as their pension provider appear as attractive employers.

In the market for loans to the public sector, 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 headquarter is located in Trondheim.

Income statement

KLP Banken Group’s pre-tax profit for the fourth quarter was NOK 70.7 (82.3) million. At the end of the fourth quarter, KLP Banken Group’s operating profit before tax was NOK 325.4 (285.4) million. The change is mainly due to increased net interest income.

Area-distributed results show NOK 251.7 (199.4) million in the retail market and NOK 73.7 (86.0) million in the public market. After tax and estimate deviations, the group’s total result per fourth quarter was NOK 391.3 (257.1) million.

The board believes that the bank’s underlying operations show good development and is pleased that the annual result for 2024 was also the best in the bank’s history.

Net interest income in the KLP Banken Group at the end of the fourth quarter was NOK 520.2 (464.7) million. The increase is mainly due to higher interest rates providing higher returns on loans financed with equity. The bank has also achieved slightly higher margins between loans and financing in the personal market.

At the end of the quarter, the income statement includes net costs on value changes in financial instruments of NOK -7.0 (2.5) million. This result effect is mainly related to the repurchase of own loan issues and changes in the market value of the bank’s liquidity placements. The change from last year is mainly due to market value changes in liquidity placements resulting in lower income.

Net fee and commission income was NOK 33.2 (27.9) million at the end of the quarter. The change is mainly due to loan growth and adjustment of fee rates.

The banking group manages mortgages and public sector loans financed by the parent company (KLP). The management fee for this assignment amounted to NOK 62.5 (61.3) million at the end of the quarter.

Operating costs and depreciations amounted to NOK 282.7 (270.1) million at the end of the quarter. Most of the increase is due to price increases for external services and wage growth. Operating costs also include reimbursements to customers due to fraud amounting to NOK -1.7 (-1.9) million.

Credit losses and loan loss provisions per fourth quarter amount to NOK -1.0 (-0.9) million in the retail market. The high interest rate level has so far not led to a significant increase in mortgage losses, but it may reduce the repayment capacity of loan customers in the long term. Nor in 2024 there were confirmed loan losses related to public loans.

Lending and credits

KLP Banken manages loans on its own balance sheet and loans financed by KLP totaling NOK 130 (125) billion. On its own balance sheet, KLP Banken Group had loans to customers amounting to NOK 42.8 (42.9) billion as of December 31, 2024. The distribution between the retail market and public loans was NOK 24.1 (23.9) billion and NOK 18.7 (19.0) billion, respectively.

For the year as a whole, the growth in outstanding mortgages was NOK 0.3 (0.6) billion. New mortgage disbursements in 2024 amounted to NOK 7.7 (7.7) billion. KLP Banken has observed that the growth in demand for new mortgages is lower than in previous years, which is related to high interest rates and inflation. The bank’s main target group for mortgages is members of KLP’s pension schemes.

Mortgages amounting to NOK 4.0 (4.5) billion were sold from KLP Banken to the credit institution KLP Boligkreditt in 2024. Additionally, managed mortgages for KLP increased by NOK 0.6 (-0.2) billion. In total, managed mortgages increased by NOK 0.9 billion.

Outstanding drawn credit on credit cards is at approximately the same level as last year, but the number of active credit card customers shows a steady increase.

KLP Banken’s loan volume in the public sector market decreased by NOK -0.3 (-0.2) billion since the previous year-end. Loans to public borrowers managed for KLP increased by NOK 3.5 (3.3) billion in the same period. New disbursements to public borrowers in 2024 amounted to NOK 12.0 (8.1) billion for KLP and KLP Banken combined.

Liquid investments

Available liquidity is placed in other banks and interest-bearing securities. Deposits in credit institutions amounted to NOK 1.2 (1.6) billion. The book value of interest-bearing securities measured at fair value was NOK 7.6 (4.3) billion in the KLP Banken Group at the end of the quarter.

Market value changes in interest-bearing securities resulted in an income effect of NOK 1.4 (7.9) million per fourth quarter.

Borrowing

KLP Banken Group’s external financing comprises deposits and bonds. At the reporting date, deposits from individuals and businesses amounted to NOK 15.8 (14.1) billion. This represents a deposit growth of NOK 1.7 billion, or 12.4 percent. Fixed-rate deposits in the retail market were launched in April and made a significant contribution to this growth.

Debt incurred through the issuance of securities amounted to NOK 32.3 (31.4) billion. Of the securities debt, covered bonds (OMF) issued by KLP Kommunekreditt AS amounted to NOK 21.0 (19.4) billion and by KLP Boligkreditt AS to NOK 10.5 (11.1) billion. All OMF issuances have achieved an Aaa rating. The securities debt in KLP Banken AS amounts to NOK 0.8 (0.9) billion.

The P&L effect of realized and unrealized value changes from the repurchase of own bond issuances per fourth quarter was NOK -11.6 (-9.9) 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 through the use of derivatives.

The KLP Banken Group and its subsidiaries should have sound long-term financing due to regulatory requirements, and limits have been established to ensure that this goal is achieved.

The bank’s credit risk is low, and lending are 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 fourth quarter of 2024 was NOK 3,419 (3,156) 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 22.7 (21.7) 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 6.5 (6.3) percent. The requirement here is 3.0 percent.

Oslo, 5 February 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	Q4 2024	Q4 2023	2024	2023
	Interest income, effective interest method	599 599	593 770	2 401 323	2 038 683
	Other interest income	140 667	92 721	447 209	351 367
3	Total interest income	740 266	686 491	2 848 532	2 390 050
	Interest expense, effective interest method	-569 608	-527 500	-2 186 588	-1 802 455
	Other interest expense	-36 182	-33 961	-141 716	-122 854
3	Total interest costs	-605 790	-561 461	-2 328 304	-1 925 309
3	Net interest income	134 476	125 029	520 228	464 740
	Commision income and income from banking services	9 734	7 786	36 160	30 618
	Commision cost and cost from banking services	-808	-777	-2 929	-2 734
	Net charges and commission income	8 925	7 009	33 231	27 884
	Other fee income	15 632	15 313	62 529	61 288
16	Net gain/ (loss) financial instruments	-12 761	5 359	-6 953	2 466
	Total other operating income	2 871	20 672	55 576	63 754
	Salaries and administrative costs	-28 039	-27 736	-97 239	-91 577
	Depreciation	-825	-854	-3 249	-3 742
	Other operating expenses	-45 796	-41 925	-182 165	-174 751
14	Net loan losses	-924	151	-1 009	-871
	Total operating expenses	-75 584	-70 364	-283 662	-270 941
	Operating profit/loss before tax	70 689	82 346	325 373	285 437
	Tax ordinary income	-110	-19 616	-10 418	-18 622
	Profit/loss for the period	70 578	62 730	314 955	266 815
	Estimate differences, pensions for own employees	12 496	-28 328	23 019	-13 013
	Tax on estimate changes related to defined-benefit pension schemes	-3 124	7 082	-5 755	3 253
	Other income and expenses that will not be reclassified to profit/loss	9 372	-21 246	17 264	-9 760
	Changes in value of assets recognised at fair value through other income and expenses	0	0	0	0
	Tax on changes in fair value of available for sale financial assets	0	0	0	0
	Other income and expenses that may be reclassified to profit/loss	0	0	0	0
	Total other income and expenses	9 372	-21 246	17 264	-9 760
	Comprehensive income for the period	79 951	41 484	332 220	257 056

Balance sheetKLP Banken Group

NOTES	NOK THOUSANDS	31.12.2024	31.12.2023
	ASSETS
5	Claims on central banks	76 375	75 312
5	Loans to credit institutions	1 196 476	1 577 691
4,5	Loans to customers	42 836 270	42 856 271
5,6,13	Fixed-income securities	7 579 182	4 276 469
5,6	Shareholdings	1 853	1 897
5,6,8	Financial derivatives	83 852	108 370
	Intangible assets	12 869	13 943
17	Right-of-use assets	12 625	14 495
	Fixed assets	436	436
10	Other assets	2 677	3 221
	Total assets	51 802 615	48 928 107
	LIABILITIES AND OWNERS EQUITY
	LIABILITIES
5,7	Debt securities issued	32 334 498	31 408 338
5	Deposits and borrowings from the public	15 800 651	14 060 460
5,6,8	Financial derivatives	38 057	23 233
	Deferred tax liabilities	71 880	55 706
17	Lease liabilities	13 433	15 131
11	Other liabilities	66 982	127 394
11	Provision for accrued costs and liabilities	38 162	63 913
	Total liabilities	48 363 663	45 754 176
	EQUITY
	Share capital	1 140 000	1 140 000
	Share premium	1 050 000	1 050 000
	Other accrued equity	1 248 952	983 931
	Total equity	3 438 952	3 173 931
	Total liabilities and equity	51 802 615	48 928 107

Statement of changes in equityKLP Banken Group

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
Total comprehensive income for the period	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

2023 NOK THOUSANDS	Share capital	Share premium	Other accrued equity	Total owners’ equity
Equity 1 January 2023	1 140 000	1 050 000	776 466	2 966 466
Income for the year	0	0	266 815	266 815
Other income and expenses	0	0	-9 760	-9 760
Comprehensive income for the year	0	0	257 056	257 056
Group contribution received during the period	0	0	159 535	159 535
Group contribution paid during the period	0	0	-209 126	-209 126
Total transactions with the owners	0	0	-49 591	-49 591
Equity 31 December 2023	1 140 000	1 050 000	983 931	3 173 931

Statement of cash flowKLP Banken Group

NOK THOUSANDS	2024	2023
OPERATING ACTIVITIES
Payments received from customers – interest	2 328 908	1 881 015
Payments received from customers – commission and charges	36 160	30 618
Payments to customers – interest	-602 364	-441 669
Payments to customers – commission and charges	-2 929	-2 734
Disbursements on loans to customers and credit institutions	-9 768 310	-8 739 889
Receipts on loans to customers	9 765 901	8 376 963
Net receipts on customer deposits banking	1 740 138	281 568
Receipts on loans	7 600 000	7 200 000
Repayments and redemption of securities debt	-7 950 000	-7 300 000
Change in securities debt, own funds	1 277 543	-2 005 529
Net payment of interest on loans	-1 565 256	-1 321 854
Receipts on the sale of securities	-6 514 698	-2 966 767
Payments on the purchase of securities	3 235 716	5 261 280
Receipts of interest from securities	273 146	216 770
Disbursements on operations	-187 672	-168 334
Payments to staff, pension schemes, employer's social security contribution etc.	-97 864	-92 549
Interest investment accounts	91 587	65 614
Net receipts/disbursements from operating activities	64 650	20 301
Net cash flow from operating activities	-275 344	294 803
INVESTMENT ACTIVITIES
Payments on the purchase of tangible fixed assets	-305	-191
Net cash flow from investment activities	-305	-191
FINANCING ACTIVITIES
Payment of lease liabilities	-1 698	-1 630
Group contributions paid	-67 198	-49 591
Net cash flows from financing activities	-68 896	-51 221
Net cash flow during the period	-344 545	243 392
Cash and cash equivalents at the start of the period	1 583 769	1 340 377
Cash and cash equivalents at the end of the period	1 239 224	1 583 769
Net receipts/disbursements (-)	-344 545	243 392
Liquidity holdings comprise:
Claims on central banks	76 375	75 312
Deposits with and receivables from banks with no agreed term	1 162 849	1 508 456
Total liquidity holdings at the end of the reporting period	1 239 224	1 583 769
Total interest received	2 693 641	2 163 399
Total interest paid	-2 167 620	-1 763 522

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 2024 – 31 December 2024, with a specification of the results in the 4th quarter. 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 2023, please see the annual report for further information.

Note 3 Net interest income

NOK THOUSANDS	Q4 2024	Q4 2023	2024	2023
Interest income on loans to customers	575 482	573 419	2 309 736	1 973 093
Interest income on loans to credit institutions	24 117	20 350	91 586	65 590
Total interest income, effective interest method	599 599	593 770	2 401 323	2 038 683
Interest income on interest-bearing securities	100 523	56 908	294 139	219 358
Other interest income	40 144	35 813	153 071	132 009
Total other interest income	140 667	92 721	447 209	351 367
Total interest income	740 266	686 491	2 848 532	2 390 050
Interest expenses on deposits to KLP Banken	-155 223	-128 810	-589 067	-426 988
Interest expenses on issued securities	-414 385	-398 691	-1 597 521	-1 375 467
Total interest expense, effective interest method	-569 608	-527 500	-2 186 588	-1 802 455
Other interest expenses	-32 794	-30 313	-128 152	-107 877
Interest expense lease liabilities	-64	-72	-267	-297
Interest expenses on deposits to customers	-3 324	-3 576	-13 296	-14 680
Total other interest expense	-36 182	-33 961	-141 716	-122 854
Total interest expense	-605 790	-561 461	-2 328 304	-1 925 309
Net interest income	134 476	125 029	520 228	464 740

Note 4 Loans to customers

NOK THOUSANDS	31.12.2024	31.12.2023
Principal on loans to customers	42 659 516	42 665 975
Credit portfolio	45 428	42 393
Overdraft current account	200	175
Write-downs step 1 and 2	-1 480	-1 765
Write-downs step 3	-3 736	-1 413
Loans to customers after write-downs	42 699 925	42 705 364
Accrued interest	218 328	237 460
Fair value hedging	-81 984	-86 554
Loans to customers	42 836 270	42 856 271

Note 5 Categories of financial instruments

NOK THOUSANDS	31.12.2024		31.12.2023
	Capitalized value	Fair value	Capitalized value	Fair value
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
Fixed-income securities	7 579 182	7 579 182	4 276 469	4 276 469
Financial derivatives	83 852	83 852	108 370	108 370
Shares and holdings	1 853	1 853	1 897	1 897
Total financial assets at fair value through profit and loss	7 664 887	7 664 887	4 386 736	4 386 736
FINANCIAL ASSETS FAIR VALUE HEDGING
Loans to and receivables from customers	1 921 836	1 936 594	1 584 628	1 578 296
Total financial assets fair value hedging	1 921 836	1 936 594	1 584 628	1 578 296
FINANCIAL ASSETS AT AMORTIZED COST
Loans to and receivables from credit institutions	76 375	76 375	75 312	75 312
Loans to and receivables from central banks	1 196 476	1 196 476	1 577 691	1 577 691
Loans to and receivables from customers	40 914 435	40 914 435	41 271 643	41 271 643
Total financial assets at amortized cost	42 187 285	42 187 285	42 924 646	42 924 646
Total financial assets	51 774 008	51 788 766	48 896 010	48 889 678
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS
Financial derivatives	38 057	38 057	23 233	23 233
Total financial liabilities at fair value through profit and loss	38 057	38 057	23 233	23 233
FINANCIAL LIABILITIES FAIR VALUE HEDGING
Liabilities created on issuance of securities	1 679 351	1 691 807	1 713 024	1 722 804
Total financial liabilities fair value hedging	1 679 351	1 691 807	1 713 024	1 722 804
FINANCIAL LIABILITIES AT AMORTIZED COST
Deposits from customers	15 800 651	15 800 651	14 060 460	14 060 460
Liabilities created on issuance of securities	30 655 147	30 722 615	29 695 315	29 718 083
Total financial liabilities at amortized cost	46 455 798	46 523 267	43 755 775	43 778 543
Total financial liabilities	48 173 207	48 253 132	45 492 031	45 524 579

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

31.12.2024 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

31.12.2023 NOK THOUSANDS	Level 1	Level 2	Level 3	Total
ASSETS BOOKED AT FAIR VALUE
Fixed-income securities	825 632	3 450 837	0	4 276 469
Financial derivatives	0	108 370	0	108 370
Shareholdings	0	0	1 897	1 897
Total assets at fair value	825 632	3 559 207	1 897	4 386 736
LIABILITIES BOOKED AT FAIR VALUE
Financial derivatives (liabilities)	0	23 233	0	23 233
Total financial liabilities at fair value	0	23 233	0	23 233

NOK THOUSANDS	31.12.2024	31.12.2023
CHANGES IN LEVEL 3 UNLISTED SHARES
Opening balance	1 897	1 187
Additions/purchases of shares	1	0
Unrealized changes	-45	710
Closing balance	1 853	1 897
Realized gains/losses	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 and level 3.

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	31.12.2024	31.12.2023
Bond debt, nominal amount	34 302 426	34 657 598
Adjustments	-47 355	-11 981
Accrued interest	243 427	205 721
Own holdings, nominal amount	-2 164 000	-3 443 000
Total debt securities issued	32 334 498	31 408 338
Interest rate on borrowings through the issuance of securities at the reporting date:	5.09%	5.08%
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 31.12.2023	Issued	Matured/ redeemed	Other adjustements	Balance sheet 31.12.2024
Changes in debt securities issued - stock exchange listed covered bonds and cerftificates
Bond debt, nominal amount	34 657 598	7 600 000	-7 950 000	-5 172	34 302 426
Adjustments	-11 981	0	0	-35 374	-47 355
Accrued interest	205 721	0	0	37 705	243 427
Own holdings, nominal amount	-3 443 000	0	1 279 000	0	-2 164 000
Total debt securities issued	31 408 338	7 600 000	-6 671 000	-2 840	32 334 498

Note 8 Financial assets and liabilities subject to net settlement

ASSETS
31.12.2024 NOK THOUSANDS		Related amounts not presented net
	Gross financial assets/ liabilities	Financial instruments	Security in cash	Net amount
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

ASSETS
31.12.2023 NOK THOUSANDS		Related amounts not presented net
	Gross financial assets/ liabilities	Financial instruments	Security in cash	Net amount
Financial derivatives	108 370	-23 233	0	85 137
Total	108 370	-23 233	0	85 137
LIABILITIES
Financial derivatives	23 233	-23 233	0	0
Total	23 233	-23 233	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

NOK THOUSANDS	2024	2023
KLP, fees lending management	62 529	61 251
KLP Skadeforsikring AS, fees	0	38
KLP Kapitalforvaltning AS, fees for services provided	-187	-187
KLP, rent	-3 265	-3 318
KLP Skipsbygget AS, rent	-2 259	-2 171
KLP Bassengtomten AS, rent parking	-100	-96
KLP Eiendomsdrift AS, cost office buildings	-454	-472
KLP, pension premium	-15 350	-13 855
KLP, staff services (at cost)	-79 008	-77 627
KLP Group companies, subsidised interest employee loans	14 548	18 048

NOK THOUSANDS	31.12.2024	31.12.2023
KLP, net internal accounts	-3 129	-5 433
KLP, loan settlement	-7 541	-32 167
KLP Group companies, net other internal accounts	1 016	1 421
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	31.12.2024	31.12.2023
Intercompany receivables	2 200	3 216
Short-term receivable securities trading	454	0
Miscellaneous receivables	0	3
Prepaid expenses	23	2
Total other assets	2 677	3 221

Note 11 Other liabilities and provision for accrued costs

NOK THOUSANDS	31.12.2024	31.12.2023
Creditors	1 159	2 626
Intercompany payables	11 854	39 395
Short-term balances with credit institutions	46 513	80 000
Other liabilities	7 455	5 373
Total other liabilities	66 982	127 394
Withholding tax	3 793	3 024
Social security contributions	3 174	2 782
Capital activity tax	1 019	902
Holiday pay	7 322	6 820
Pension obligations	21 575	43 999
VAT	0	21
Provisioned costs	1 280	6 364
Total accrued costs and liabilities	38 162	63 913

Note 12 Capital adequacy

NOK THOUSANDS	31.12.2024	31.12.2023
Share capital and share premium fund	2 190 000	2 190 000
Other owners' equity	1 248 952	983 931
Total owners' equity	3 438 952	3 173 931
Adjustments due to requirements for proper valuation	-7 579	-4 276
Deduction goodwill and other intangible assets	-12 869	-13 943
Core capital/Tier 1 capital	3 418 503	3 155 711
Supplementary capital/Tier 2 capital	0	0
Supplementary capital/Tier 2 capital	0	0
Total eligible own funds (Tier 1 and Tier 2 capital)	3 418 503	3 155 711
Capital requirement	1 206 130	1 162 608
Surplus of own funds (Tier 1 and Tier 2 capital)	2 212 373	1 993 104
Estimate basis credit risk:
Institutions	245 919	336 067
Retail	892 084	942 002
Local and regional authorities (incl. municipalities/county administations)	3 890 649	3 846 618
Investments with mortgage security in real estate	8 331 891	8 184 585
Investments fallen due	71 129	49 785
Covered bonds	618 724	325 440
Other items	18 973	22 517
Calculation basis credit risk	14 069 369	13 707 014
Credit risk	1 125 550	1 096 561
Operating risk	78 833	65 852
Credit valuation adjustments (CVA)	1 748	194
Total capital requirement assets	1 206 130	1 162 608
Core capital adequacy ratio	22.67 %	21.71 %
Supplementary capital ratio	0.00 %	0.00 %
Capital adequacy ratio	22.67 %	21.71 %
Leverage ratio	6.49 %	6.30 %

CAPITAL REQUIREMENT PER 31.12.2024	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	31.12.2024		31.12.2023
	Acquisition cost	Market value	Acquisition cost	Market value
Certificates	237 420	237 846	0	0
Bonds	7 316 761	7 341 336	4 269 911	4 276 469
Total fixed-income securities	7 554 181	7 579 182	4 269 911	4 276 469
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 models for calculation of the expected loss provisions in the fourth quarter.
The total loan loss provisions have increased by 23 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)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	2 411	2 328	1 468	6 207
Transfer to stage 1	936	-891	-45	0
Transfer to stage 2	-19	64	-45	0
Transfer to stage 3	-2	-95	98	0
Net changes	-1 053	266	1 324	537
New losses	378	144	1 154	1 676
Write-offs	-61	-46	-40	-148
Change in risk model	-290	-224	-99	-613
Closing balance ECL 31.12.2024	2 299	1 546	3 814	7 659
Changes (01.01.2024 - 31.12.2024)	-112	-782	2 346	1 452
This includes provisions for losses on loans and receivables - unused credit	-1 671	-693	-78	-2 443

Expected credit loss (ECL) loans to customers – mortgage

NOK THOUSANDS	12 months ECL	Lifetime ECL (not credit impaired)	Lifetime ECL (credit impaired)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	139	320	1 048	1 507
Transfer to stage 1	23	-23	0	0
Transfer to stage 2	-4	34	-31	0
Transfer to stage 3	0	-28	28	0
Net changes	-38	3	294	259
New losses	62	31	1 003	1 096
Write-offs	-8	-2	0	-10
Change in risk model	-27	-52	-52	-131
Closing balance ECL 31.12.2024	147	284	2 290	2 722
Changes (01.01.2024 - 31.12.2024)	8	-36	1 242	1 214
This includes provisions for losses on loans and receivables - unused credit on mortgages	-3	0	0	-4

Expected credit loss (ECL) – public lending

NOK THOUSANDS	12 months ECL	Lifetime ECL (not credit impaired)	Lifetime ECL (credit impaired)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	180	0	0	180
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	0	0	0	0
Net changes	-11	0	0	-11
New losses	24	0	0	24
Write-offs	-16	0	0	-16
Closing balance ECL 31.12.2024	177	0	0	177
Changes (01.01.2024 - 31.12.2024)	-3	0	0	-3

Expected credit loss (ECL) – credit card

NOK THOUSANDS	12 months ECL	Lifetime ECL (not credit impaired)	Lifetime ECL (credit impaired)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	2 067	2 008	297	4 372
Transfer to stage 1	913	-868	-45	0
Transfer to stage 2	-15	29	-14	0
Transfer to stage 3	-2	-68	70	0
Net changes	-1 036	219	-35	-853
New losses	281	113	121	515
Change in risk model	-265	-172	-47	-484
Closing balance ECL 31.12.2024	1 942	1 262	347	3 551
Changes (01.01.2024 - 31.12.2024)	-125	-747	50	-822
This includes provisions for losses on loans and receivables - unused credit on credit card	-1 667	-693	-78	-2 439

Expected credit loss (ECL) - loan without collateral

NOK THOUSANDS	12 months ECL	Lifetime ECL (not credit impaired)	Lifetime ECL (credit impaired)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	0	0	0	0
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	0	0	0	0
Net changes	-5	0	0	-5
New losses	7	0	0	7
Change in risk model	5	0	0	5
Closing balance ECL 31.12.2024	7	0	0	7
Changes (01.01.2024 - 31.12.2024)	7	0	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	24	0	0	24
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	0	0	0	0
Net changes	0	0	873	873
New losses	4	0	0	4
Change in risk model	-3	0	0	-3
Closing balance ECL 31.12.2024	25	0	874	898
Changes (01.01.2024 - 31.12.2024)	1	0	874	874
This includes provisions for losses on loans and receivables - unused credit on senior loans	-1	0	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Opening balance ECL 01.01.2024	0	0	124	124
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	0	0	0	0
Net changes	0	0	151	151
New losses	0	0	30	30
Closing balance ECL 31.12.2024	0	0	305	305
Changes (01.01.2024 - 31.12.2024)	0	0	181	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	42 241 527	660 373	44 193	42 946 094
Transfer to stage 1	206 045	-202 550	-3 496	0
Transfer to stage 2	-312 603	316 587	-3 984	0
Transfer to stage 3	-8 509	-14 163	22 671	0
Net changes	-1 657 818	-2 154	-284	-1 660 256
New losses	9 978 726	73 080	15 762	10 067 568
Write-offs	-8 236 217	-182 779	-10 939	-8 429 936
Lending 31.12.2024	42 211 152	648 394	63 924	42 923 470
Fair value hedging	-81 984	0	0	-81 984
Recognised loan loss provisions	-627	-853	-3 736	-5 216
Book value of loans to and receivables on customers 31.12.2024	42 128 540	647 541	60 188	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	21 037 518	657 456	43 154	21 738 128
Transfer to stage 1	204 745	-201 390	-3 355	0
Transfer to stage 2	-311 872	315 812	-3 940	0
Transfer to stage 3	-6 519	-13 956	20 475	0
Net change	-4 037 353	-130 441	-8 516	-4 176 311
New lending	7 039 754	72 869	15 235	7 127 858
Write-offs	-2 922 809	-54 245	-1 041	-2 978 095
Lending 31.12.2024	21 003 463	646 105	62 013	21 711 580
Recognised loan loss provisions	-144	-284	-2 290	-2 718
Book value of loans to mortgages 31.12.2024	21 003 319	645 820	59 723	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	19 087 958	0	0	19 087 958
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	0	0	0	0
Net change	-1 167 223	0	0	-1 167 223
New lending	2 529 768	0	0	2 529 768
Write-offs	-1 680 362	0	0	-1 680 362
Lending 31.12.2024	18 770 141	0	0	18 770 141
Fair value hedging	-81 984	0	0	-81 984
Recognised loan loss provisions	-177	0	0	-177
Book value of loans to public lending 31.12.2024	18 687 981	0	0	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	38 610	2 917	866	42 393
Transfer to stage 1	1 301	-1 159	-141	0
Transfer to stage 2	-731	775	-44	0
Transfer to stage 3	-302	-206	509	0
Net change	-2 130	-247	-578	-2 955
New lending	5 293	210	486	5 990
Lending 31.12.2024	42 041	2 289	1 098	45 428
Recognised loan loss provisions	-275	-569	-268	-1 112
Book value of loans to credit card 31.12.2024	41 766	1 721	830	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	2 077 541	0	0	2 077 541
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	-1 603	0	1 603	0
Net change	-84 489	0	-1 214	-85 702
New lending	403 296	0	0	403 296
Lending 31.12.2024	2 394 745	0	389	2 395 134
Recognised loan loss provisions	-509	0	-389	-898
Book value of senior loans 31.12.2024	2 394 236	0	0	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	0	0	0	0
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	10	0	0	10
Net change	580	0	0	580
Lending 31.12.2024	589	0	0	589
Recognised loan loss provisions	-7	0	0	-7
Book value of loans 31.12.2024	582	0	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)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	-99	0	173	73
Transfer to stage 1	0	0	0	0
Transfer to stage 2	0	0	0	0
Transfer to stage 3	-85	0	85	0
Net change	321	0	126	447
New lending	36	0	41	77
Lending 31.12.2024	173	0	424	597
Recognised loan loss provisions	0	0	-305	-305
Book value of overdraft deposit accounts 31.12.2024	173	0	120	292

Exposure - unused credit

NOK THOUSANDS	12 months ECL	Lifetime ECL (not credit impaired)	Lifetime ECL (credit impaired)
	stage 1	stage 2	stage 3	Total stage 1-3
Lending 01.01.2024	1 766 778	57 144	198	1 824 120
Transfer to stage 1	10 028	-10 008	-20	0
Transfer to stage 2	-13 288	13 295	-7	0
Transfer to stage 3	-141	-33	174	0
Net change	-56 208	1 852	5	-54 350
New lending	682 837	5 595	10	688 443
Write-offs	-443 980	-22 347	0	-466 328
Lending 31.12.2024	1 946 025	45 497	362	1 991 884

Losses recognised in the profit and loss account consist of:

NOK THOUSANDS	2024	2023
Change in loss provisions in stage 1, 2 and 3	-1 463	-1 328
Established losses	-458	-7
Recovery for previously established losses	913	464
Total losses in the income statement	-1 009	-871

Note 15 Contingent liabilites

NOK THOUSANDS	31.12.2024	31.12.2023
Credit facilities for lending not utilized	1 276 291	1 275 687
Credit facilities issued credit card	278 099	262 897
Loan promise	1 090 343	885 271
Total contingent liabilities	2 644 733	2 423 855

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	Q4 2024	Q4 2023	2024	2023
Net gain/(loss) on fixed-income securities	-13 122	4 775	1 431	7 882
Net gain/(loss) financial derivatives and realized amortization linked to lending	-41	-155	-326	284
Net gain/(loss) financial derivatives and realized repurchase of own debt	-211	-300	-11 550	-9 933
Net accrual of over/under rates borrowings and securities	1 031	1 380	5 172	5 521
Other financial income and expenses	-418	-342	-1 680	-1 288
Total net gain/(loss) on financial instruments	-12 761	5 359	-6 953	2 466

Note 17 Leases

NOK THOUSANDS	31.12.2024	31.12.2023
	Property
RIGHT-OF-USE ASSETS
Opening balance 01.01.	14 495	16 365
Depreciation	-1 870	-1 870
Closing balance	12 625	14 495
LEASE LIABILITIES
Opening balance 01.01.	15 131	16 761
Repayments	-1 698	-1 630
Closing balance	13 433	15 131

NOK THOUSANDS	Q4 2024	Q4 2023	2024	2023
			Property
Interest expense lease liabilities	64	72	267	297
Interest expense lease liabilities	64	72	267	297

Note 18 Pension obligations - own employees

NOK THOUSANDS	31.12.2024	31.12.2023
Capitalized net liability	43 999	32 092
Pension costs taken to profit/loss	15 110	13 635
Finance costs taken to profit/loss	1 679	1 287
Actuarial gains and losses incl. social security contributions	-23 019	13 013
Premiums/supplement paid-in including admin	-16 195	-16 029
Capitalized net liability	21 575	43 999

ASSUMPTIONS	31.12.2024	31.12.2023
Discount rate	3.90%	3.10%
Salary growth	4.00%	3.50%
The National Insurance basic amount (G)	3.75%	3.25%
Pension increases	3.00%	2.80%
Social security contribution	14.10%	14.10%
Capital activity tax	5.00%	5.00%
The effect of changes in the assumptions is a reduction of the obligation by NOK 23 million as of 31.12.2024. The change is recognized in "Total other income and expenses that will not be reclassified to profit or loss".

Quarterly earnings trend

NOK MILLIONS	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Interest income	740.3	719.6	699.2	689.5	686.5
Interest expense	-605.8	-588.4	-571.2	-562.9	-561.5
Net interest income	134.5	131.2	127.9	126.6	125.0
Commision income and income from banking services	9.7	9.9	9.1	7.4	7.8
Commision cost and cost from banking services	-0.8	-0.7	-0.7	-0.7	-0.8
Net charges and commission income	8.9	9.2	8.4	6.7	7.0
Other fee income	15.6	15.6	15.7	15.6	15.3
Net gain/(loss) financial instruments	-12.8	-0.1	-1.0	6.9	5.4
Total other operating income	2.9	15.5	14.7	22.5	20.7
Salaries and administrative costs	-28.0	-26.4	-17.3	-25.6	-27.7
Depreciation	-0.8	-0.8	-0.8	-0.8	-0.9
Other operating expenses	-45.8	-40.8	-42.4	-53.2	-41.9
Net loan losses	-0.9	-0.1	1.1	-1.1	0.2
Total operating expenses	-75.6	-68.2	-59.3	-80.6	-70.4
Operating profit/loss before tax	70.7	87.7	91.8	75.1	82.3
Tax ordinary income	-0.1	-4.2	-5.1	-0.9	-19.6
Profit/loss for the period	70.6	83.5	86.7	74.2	62.7
Other comprehensive income	12.5	-5.8	6.2	10.1	-28.3
Tax on other comprehensive income	-3.1	1.5	-1.5	-2.5	7.1
Other comprehensive income for the period	9.4	-4.4	4.6	7.6	-21.2
Comprehensive income for the period	80.0	79.2	91.3	81.8	41.5

Key figures – accumulated

NOK MILLIONS	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Pre-tax income	325.4	254.7	166.9	75.1	285.4
Net interest income	520.2	385.8	254.6	126.6	464.7
Other operating income	95.8	71.2	46.4	22.3	89.2
Other operating cost and depreciation	-283.7	-208.1	-139.9	-80.6	-270.9
Net gain/(loss) financial instruments	-7.0	5.8	5.9	6.9	2.5
Deposits	15 800.7	15 684.8	15 628.8	14 157.5	14 060.5
Lending customers	24 148.3	24 221.7	24 493.5	24 101.5	23 855.0
Lending with public sector guarantee	18 688.0	18 005.9	18 310.8	18 735.1	19 001.2
Non-performing loans	63.9	57.9	54.4	53.0	44.2
Total liabilities created on issuance of securities	32 334.5	32 542.6	30 766.9	31 252.8	31 408.3
Other borrowing	0.0	0.0	0.0	0.0	0.0
Total assets	51 802.6	51 930.6	49 972.6	48 856.7	48 928.1
Average total assets	50 365.4	50 429.4	49 450.4	48 892.4	49 719.4
Equity	3 439.0	3 359.0	3 279.8	3 188.5	3 173.9
Interest net	1.03 %	0.76 %	0.51 %	0.26 %	0.93 %
Profit/loss from ordinary operation before taxes	0.65 %	0.51 %	0.34 %	0.15 %	0.57 %
Return on equity	10.25 %	10.70 %	10.52 %	9.47 %	9.62 %
Capital adequacy ratio	22.7 %	20.6 %	20.8 %	21.2 %	21.7 %
Liquidity coverage ratio (LCR)	300 %	401 %	452 %	325 %	520 %

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

Klp.no/bank

Phone: +47 55 54 85 00

klpbanken@klp.no

Q4 Interim report 2024KLP Banken Group