KLP Boligkreditt AS
Interim Financial Statements 4/2025
Main features by fourth quarter end:
- Strong loan growth
- Slight decline in net interest income
- No realized loan losses
Objective
The Company's purpose is to finance KLP Banken’s mortgage loans at preferable terms, mainly through the issuance of covered bonds (OMF).
KLP Boligkreditt AS is a wholly owned subsidiary of KLP Banken AS. KLP Banken AS is owned by Kommunal Landspensjonskasse gjensidig forsikringsselskap (KLP).
Income statement
Operating profit before tax for the fourth quarter amounted to NOK 12.9 (13.8) million. Profit before tax at the end of the fourth quarter totalled NOK 53.7 (49.1) million. Net interest income has been higher year‑to‑date compared with the same period last year, while the impact from financial instruments has had the opposite effect.
Net interest income ended at NOK 28.3 (30.3) million in the fourth quarter and NOK 124.2 (111.5) million for 2025. Interest rates have declined through the year, but compared with 2024, the reduction in interest expenses has been greater than the decrease in interest income.
Net gains and losses on financial instruments in the fourth quarter amounted to NOK -2.3 (-1.3) million. At year-end, the result from financial instruments was NOK -8.0 (-0.7) million. This mainly reflects value decreases in liquidity placements and costs associated with repurchases of issued bonds. Realised and unrealised value changes in the liquidity portfolio contributed NOK 1.9 (0.9) million. Accounting effects related to repurchases of the company’s issued debt amounted to NOK -9.9 (-1.5) million for 2025.
Operating expenses totalled NOK -62.5 (-61.7) million at year-end. The company has had no realised loan losses and maintains very low loss provisions.
Lending and total assets
Customer lending as of 31 December 2025 amounted to NOK 16.0 (12.7) billion. Loans purchased from the parent company, KLP Banken AS, totalled NOK 7.3 (4.0) billion in 2025. Total assets were NOK 17.0 (13.8) billion.
Liquid investments
KLP Boligkreditt AS applies strict criteria for assets included in the cover pool. In addition to residential mortgages, the cover pool consists of securities and bank deposits. The securities consist of certificates and bonds with very high credit quality, primarily covered bonds. As of 31 December 2025, the market value of the company’s interest‑bearing securities portfolio was NOK 0.6 (0.8) billion
Funding
The company’s external funding consists of issued covered bonds (OMF) and loans from KLP Banken AS. Intragroup funding amounted to NOK 1.9 (2.2) billion at the end of the fourth quarter. Outstanding covered bond debt totalled NOK 14.0 (10.5) billion. New covered bonds issued during 2025 amounted to NOK 9.0 (1.0) billion. Net repurchases of previous issuances totalled NOK -5.5 (-1.0) billion. All covered bond issuances are rated Aaa by Moody’s.
Risk and capital adequacy
KLP Boligkreditt AS has established a risk management framework designed to ensure that risks are identified, analysed and managed through policies, limits, procedures and instructions. The company maintains a conservative risk profile, and earnings are primarily generated through lending activities and liquidity management. This implies low market risk. The company is required to maintain adequate long‑term funding within established limits. Credit risk is very low, as lending is limited to residential mortgage loans. Liquidity placements are made in banks with high credit quality and in securities in accordance with Board‑approved credit guidelines.
Common equity Tier 1 (CET1) capital under the capital adequacy rules amounted to NOK 1,111 (1,069) million at the end of the fourth quarter of 2025. Residential mortgage loans are risk‑weighted under the capital requirements regulation. The CET1 and total capital ratios were 26.1 (21.6) percent as of year‑end. The minimum requirement for total capital adequacy is 17.5 percent. The leverage ratio was 6.5 (7.7) percent, compared with a requirement of 3.0 percent.
Oslo, 3 February 2026
AAGE E. SCHAANNING
Chair
JANICKE E. FALKENBERG
KRISTIN WANGEN
JONAS V. KÅRSTAD
CHRISTOPHER A. N. STEEN
Managing Director
Income statementKLP Boligkreditt AS
| NOTE | NOK THOUSAND | Q4 2025 | Q4 2424 | 2025 | 2024 |
|---|---|---|---|---|---|
| Interest income, effective interest method | 187 059 | 178 500 | 692 542 | 703 772 | |
| Other interest income | 10 793 | 10 649 | 46 599 | 39 264 | |
| 3 | Total interest income | 197 853 | 189 149 | 739 141 | 743 036 |
| Interest expense, effective interest method | -169 512 | -158 826 | -614 986 | -631 523 | |
| 3 | Total interest expense | -169 512 | -158 826 | -614 986 | -631 523 |
| 3 | Net interest income | 28 340 | 30 323 | 124 154 | 111 513 |
| 15 | Net gain/(loss) on financial instruments | -2 270 | -1 304 | -7 956 | -659 |
| Total net gain/(loss) on financial instruments | -2 270 | -1 304 | -7 956 | -659 | |
| Other operating expenses | -13 175 | -15 183 | -62 512 | -61 685 | |
| 16 | Net loan losses | -39 | -14 | -6 | -26 |
| Total operating expenses | -13 214 | -15 197 | -62 517 | -61 711 | |
| Operating profit/loss before tax | 12 855 | 13 822 | 53 680 | 49 143 | |
| Tax ordinary income | -187 | -1 990 | -1 244 | -6 609 | |
| Profit for the period | 12 669 | 11 831 | 52 436 | 42 533 | |
| Other income and expenses | 0 | 0 | 0 | 0 | |
| Comprehensive income for the period | 12 669 | 11 831 | 52 436 | 42 533 |
BalanceKLP Boligkreditt AS
| NOTE | NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| ASSETS | |||
| 5 | Loans to and receivables from credit institutions | 435 703 | 331 192 |
| 4,5 | Loans to and receivables from customers | 15 959 323 | 12 669 545 |
| 5,6,14 | Fixed-income securities | 585 762 | 828 687 |
| 11 | Other assets | 3 274 | 3 092 |
| Total assets | 16 984 061 | 13 832 517 | |
| LIABILITIES AND OWNERS EQUITY | |||
| LIABILITIES | |||
| 5,9 | Liabilities to credit institutions | 1 881 451 | 2 193 926 |
| 5,7 | Liabilities created on issuance of securities | 13 974 549 | 10 549 732 |
| Deferred tax liabilities | 15 391 | 14 146 | |
| 12 | Other liabilities | 638 | 4 661 |
| 12 | Provision for accrued costs and liabilities | 111 | 0 |
| Total liabilities | 15 872 139 | 12 762 466 | |
| EQUITY | |||
| Share capital | 430 000 | 430 000 | |
| Share premium | 530 463 | 530 463 | |
| Other accrued equity | 151 458 | 109 588 | |
| Total owners' equity | 1 111 922 | 1 070 051 | |
| Total liabilities and equity | 16 984 061 | 13 832 517 | |
Statement of changes in equityKLP Boligkreditt AS
| 2025 NOK THOUSAND | Share capital | Share premium | Other accrued equity | Total owners' equity |
|---|---|---|---|---|
| Equity 1 January 2025 | 430 000 | 530 463 | 109 588 | 1 070 051 |
| Income for the year | 0 | 0 | 52 436 | 52 436 |
| Other income and expenses | 0 | 0 | 0 | 0 |
| Total comprehensive income for the period | 0 | 0 | 52 436 | 52 436 |
| Group contribution received | 0 | 0 | 37 458 | 37 458 |
| Group contribution made | 0 | 0 | -48 024 | -48 024 |
| Total transactions with the owners | 0 | 0 | -10 565 | -10 565 |
| Equity 31 December 2025 | 430 000 | 530 463 | 151 458 | 1 111 922 |
| 2024 NOK THOUSAND | Share capital | Share premium | Other accrued equity | Total owners' equity |
|---|---|---|---|---|
| Equity 1 January 2024 | 380 000 | 480 463 | 71 256 | 931 719 |
| Income for the year | 0 | 0 | 42 533 | 42 533 |
| Other income and expenses | 0 | 0 | 0 | 0 |
| Total comprehensive income for the period | 0 | 0 | 42 533 | 42 533 |
| Group contribution received | 0 | 0 | 14 898 | 14 898 |
| Group contribution made | 0 | 0 | -19 100 | -19 100 |
| Paid-up equity in the period | 50 000 | 50 000 | 0 | 100 000 |
| Total transactions with the owners | 50 000 | 50 000 | -4 202 | 95 798 |
| Equity 31 December 2024 | 430 000 | 530 463 | 109 588 | 1 070 051 |
Statement of cash flowKLP Boligkreditt AS
| NOK THOUSAND | 2025 | 2024 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Payments received from customers - interest | 673 891 | 685 391 |
| Receipts related to repayment and redemption of loans to customers | 4 024 532 | 4 030 960 |
| Receipts on loans from credit institutions | 9 000 000 | 1 000 000 |
| Repayment and redemption of loans | -4 765 000 | -2 500 000 |
| Change in securities debt, own funds | -822 426 | 944 031 |
| Net payment of interest on loans | -539 467 | -567 828 |
| Receipts in internal funding | 10 081 063 | 6 413 070 |
| Repayment in internal funding | -10 392 551 | -5 906 396 |
| Net payment of interest on internal funding | -74 131 | -63 734 |
| Payments on the purchase of securities | -2 591 507 | -670 314 |
| Receipts on sale of securities | 2 833 918 | 360 220 |
| Receipts of interest from securities | 48 973 | 37 924 |
| Disbursements on operations | -66 645 | -61 366 |
| Net receipts/disbursements from operating activities | -913 | 2 595 |
| Net interest investment accounts | 16 900 | 19 192 |
| Net cash flow from operating activities | 7 426 638 | 3 723 744 |
| INVESTMENT ACTIVITIES | ||
| Disbursements on loans customers | -7 312 475 | -3 955 728 |
| Net cash flow from investment activities | -7 312 475 | -3 955 728 |
| FINANCING ACTIVITIES | ||
| Change in owners' equity | 0 | 100 000 |
| Group contribution paid | -10 565 | -4 202 |
| Net cash flows from financing activities | -10 565 | 95 798 |
| Net cash flow during the period | 103 598 | -136 187 |
| Cash and cash equivalents at the start of the period | 320 386 | 456 573 |
| Cash and cash equivalents at the end of the period | 423 984 | 320 386 |
| Net receipts/disbursements | 103 598 | -136 187 |
| Liquidity holdings comprise: | ||
| Deposits with and receivables from banks with no agreed term | 423 984 | 320 386 |
| Total liquidity holdings at the end of the reporting period | 423 984 | 320 386 |
| Total interest received | 739 764 | 742 506 |
| Total interest paid | -613 598 | -631 562 |
Notes to the accountsKLP Boligkreditt AS
Note 1 General information
KLP Boligkreditt AS was formed on 30 October 2013. The company is a housing credit enterprise, and finance the activity primary through issuing covered bonds.
KLP Boligkreditt AS is registered and domiciled in Norway. Its head office is at Beddingen 8 in Trondheim, with a branch office in Dronning Eufemiasgate 10, Oslo.
The company is a wholly owned subsidiary of KLP Banken AS which is in turn wholly owned by Kommunal Landspensjonskasse (KLP). KLP is a mutual insurance company.
Note 2 Accounting Principles
The interim report includes the interim Financial Statements of KLP Boligkreditt AS for the period 1 January 2025 – 31 December 2025. The interim Financial Statements has not been audited.
The financial statements for KLP Boligkreditt AS 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 THOUSAND | Q4 2025 | Q4 2424 | 2025 | 2024 |
|---|---|---|---|---|
| Interest income on loans to customers | 182 780 | 174 220 | 675 642 | 684 581 |
| Interest income on loans to credit institutions | 4 279 | 4 280 | 16 900 | 19 191 |
| Total interest income, effective interest method | 187 059 | 178 500 | 692 542 | 703 772 |
| Interest income on fixed-income securities | 10 793 | 10 649 | 46 599 | 39 264 |
| Total other interest income | 10 793 | 10 649 | 46 599 | 39 264 |
| Total interest income | 197 853 | 189 149 | 739 141 | 743 036 |
| Interest expenses on debt from KLP Banken AS | -17 995 | -22 545 | -73 143 | -64 670 |
| Interest expenses on issued securities | -151 517 | -136 281 | -541 844 | -566 852 |
| Total interest expenses, effective interest method | -169 512 | -158 826 | -614 986 | -631 523 |
| Total interest expense | -169 512 | -158 826 | -614 986 | -631 523 |
| Net interest income | 28 340 | 30 323 | 124 154 | 111 513 |
Note 4 Loans to customers
| NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Principal on lending | 15 930 200 | 12 642 167 |
| Write-downs | -93 | -88 |
| Accrued interest | 29 216 | 27 466 |
| Loans to and receivables from customers | 15 959 323 | 12 669 545 |
Note 5 Categories of financial instruments
| NOK THOUSAND | 31.12.2025 | 31.12.2024 | ||
|---|---|---|---|---|
| Capitalized value | Fair value | Capitalized value | Fair value | |
| FINANCIAL ASSETS AT FAIR VALUE | ||||
| Fixed-income securities | 585 762 | 585 762 | 828 687 | 828 687 |
| Total financial assets at fair value | 585 762 | 585 762 | 828 687 | 828 687 |
| FINANCIAL ASSETS AT AMORTIZED COST | ||||
| Loans to and receivables from credit institutions | 435 703 | 435 703 | 331 192 | 331 192 |
| Lending to the retail market | 15 959 323 | 15 959 323 | 12 669 545 | 12 669 545 |
| Total financial assets at amortized cost | 16 395 026 | 16 395 026 | 13 000 738 | 13 000 738 |
| Total financial assets | 16 980 787 | 16 980 787 | 13 829 425 | 13 829 425 |
| FINANCIAL LIABILITIES AT AMORTIZED COST | ||||
| Liabilities to credit institutions | 1 881 451 | 1 881 451 | 2 193 926 | 2 193 926 |
| Covered bonds issued | 13 974 549 | 14 021 398 | 10 549 732 | 10 568 742 |
| Total financial liabilities at amortized cost | 15 856 000 | 15 902 849 | 12 743 659 | 12 762 669 |
| Total financial liabilities | 15 856 000 | 15 902 849 | 12 743 659 | 12 762 669 |
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.
Fair value of loans to retail costumers
Fair value of lending without fixed interest rates is considered virtually the same as book value since the contract terms are continuosly changed in step with market interest rates. Fair value of fixed rate loans is calculated by discounting contractual cash flows by the marked rate including a relevant risk margin on the reporting date.
Fair value of loans to and receivables from credit institutions
All receivables from credit institutions (bank deposits) are at variable interest rates. Fair value of these is considered virtually the same as book value since the contract terms are continuously changed in step with marked interest rates.
Fair value of liabilities to credit institutions
These transactions are valued using a valuation model, including relevant credit spread adjustments obtained from the market.
Liabilities created on issuance of covered bonds
Fair value in this category is determined on the basis of internal valuation models based on external observable data.
Note 6 Fair value hierarchy
| 31.12.2025 NOK THOUSAND | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| ASSETS BOOKED AT FAIR VALUE | ||||
| Fixed-income securities | 29 769 | 555 992 | 0 | 585 762 |
| Total assets at fair value | 29 769 | 555 992 | 0 | 585 762 |
| 31.12.2024 NOK THOUSAND | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| ASSETS BOOKED AT FAIR VALUE | ||||
| Fixed-income securities | 29 731 | 798 957 | 0 | 828 687 |
| Total assets at fair value | 29 731 | 798 957 | 0 | 828 687 |
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 not therefore 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. Financial assets measured at amortized cost comprise lending to and due to credit institutions, and retail customers. The stated fair value of these assets is determined on terms qualifying for level 2. Financial liabilities recognized at amortized cost consist of debt securities issued. 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 THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Bond debt, nominal amount | 14 735 000 | 10 500 000 |
| Adjustments | -1 708 | -4 779 |
| Accured interest | 59 256 | 54 511 |
| Own holdings, nominal amount | -818 000 | 0 |
| Total debt securities issued | 13 974 549 | 10 549 732 |
| Interest rate on borrowings through the issuance of securities on the reporting date: | 4.58% | 5.05% |
| The interest rate is calculated as a weighted average of the act/360 basis. It includes interest rate effects and amortization costs. | ||
| NOK THOUSAND | Balance sheet 31.12.2024 | Issued | Matured/ redeemed | Other adjustments | Balance sheet 31.12.2025 |
|---|---|---|---|---|---|
| Bond debt, nominal amount | 10 500 000 | 9 000 000 | -4 765 000 | 0 | 14 735 000 |
| Adjustments | -4 779 | 0 | 0 | 3 071 | -1 708 |
| Accured interest | 54 511 | 0 | 0 | 4 745 | 59 256 |
| Own holdings, nominal amount | 0 | 0 | -818 000 | 0 | -818 000 |
| Total debt securities issued | 10 549 732 | 9 000 000 | -5 583 000 | 7 816 | 13 974 549 |
Note 8 Over-collateralisation
| NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| SECURITY POOL | ||
| Loans to customers ¹ | 15 970 593 | 12 670 853 |
| Additional collateral ² | 1 590 231 | 903 440 |
| Total security pool | 17 560 825 | 13 574 293 |
| Outstanding covered bonds incl. own funds and premium/discount | 14 846 939 | 10 568 742 |
| Coverage of the security pool | 118.3% | 128.4% |
| ¹ Excluding mortgage loans that do not qualify for security pool. | ||
| ² Additional collateral includes loans to and receivables from credit institutions and bonds and certificates. Liquid assets used in the LCR liquidity reserve are not included in additional collateral. | ||
| Section 11-7 of the Regulations on Financial Institutions lays down a requirement for over-collateralisation by at least 5 percent of the value of the outstanding covered bonds. | ||
Note 9 Liabilities to credit institutions
| 31.12.2025 NOK THOUSAND | ||||
|---|---|---|---|---|
| Due date | Nominal | Accrued interest | Book value | |
| Debt to KLP Banken AS | 15.12.2027 | 800 000 | 1 383 | 801 383 |
| Debt to KLP Banken AS | 15.12.2027 | 100 000 | 153 | 100 153 |
| Debt to KLP Banken AS | 15.12.2027 | 364 859 | 556 | 365 416 |
| Debt to KLP Banken AS | 15.12.2027 | 351 080 | 500 | 351 580 |
| Debt to KLP Banken AS | 15.12.2027 | 262 573 | 347 | 262 920 |
| Total liabilities to credit institutions | 1 878 512 | 2 938 | 1 881 451 | |
| Interest rate on debt to credit institutions at the reporting date: | 3.66 % | |||
| The interest rate is calculated as a weighted average of the act/360 basis. | ||||
| 31.12.2024 NOK THOUSAND | ||||
|---|---|---|---|---|
| Due date | Nominal | Accrued interest | Book value | |
| Debt to KLP Banken AS | 15.12.2026 | 2 050 000 | 3 690 | 2 053 690 |
| Debt to KLP Banken AS | 15.12.2026 | 140 000 | 236 | 140 236 |
| Total liabilities to credit institutions | 2 190 000 | 3 926 | 2 193 926 | |
| Interest rate on debt to credit institutions at the reporting date: | 4.05 % |
Note 10 Transactions with related parties
| 31.12.2025 NOK THOUSAND | ||
|---|---|---|
| KLP Banken AS | Other group companies | |
| Interest incomes | 10 460 | 5 835 |
| Interest expenses | -73 143 | 0 |
| Purchase of services | -55 936 | -22 |
| Other receivables | 1 525 | 1 749 |
| Bank deposits | 234 587 | 0 |
| Borrowing | -1 881 451 | 0 |
| Other debt | -541 | -22 |
| Purchase of loans from KLP Banken AS | 7 312 475 | 0 |
| 31.12.2024 NOK THOUSAND | ||
|---|---|---|
| KLP Banken AS | Other group companies | |
| Interest incomes | 10 820 | 6 228 |
| Interest expenses | -64 670 | 0 |
| Purchase of services | -56 223 | -20 |
| Other receivables | 1 614 | 1 478 |
| Bank deposits | 224 373 | 0 |
| Borrowing | -2 193 926 | 0 |
| Other debt | -4 566 | -20 |
| Purchase of loans from KLP Banken AS | 3 955 728 | 0 |
There are no direct salary costs in KLP Boligkreditt AS. Personnel costs (administrative services) are allocated from KLP Banken AS.
Transactions with related parties are carried out on general market terms, with the exception of the Company’s share of common functions, which is allocated at cost. Allocation is based on actual use. All internal receivables are settled as they arise.
Note 11 Other assets
| NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Intercompany receivables | 3 274 | 3 092 |
| Total other assets | 3 274 | 3 092 |
Note 12 Other liabilities and provision for accrued costs
| NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Creditors | 75 | 75 |
| Intercompany payables | 563 | 4 586 |
| Total other liabilities | 638 | 4 661 |
| VAT | 111 | 0 |
| Total accrued costs and liabilities | 111 | 0 |
Note 13 Capital adequacy
| NOK THOUSAND | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Share capital and share premium fund | 960 463 | 960 463 |
| Other owners' equity | 151 458 | 109 588 |
| Total owners' equity | 1 111 922 | 1 070 051 |
| Adjustments due to requirements for proper valuation | -586 | -829 |
| Core capital/Tier 1 capital | 1 111 336 | 1 069 222 |
| Supplementary capital/Tier 2 capital | 0 | 0 |
| Supplementary capital/Tier 2 capital | 0 | 0 |
| Total eligible own funds (Tier 1 and Tier 2 capital) | 1 111 336 | 1 069 222 |
| Capital requirement | 340 560 | 395 315 |
| Surplus of own funds (Tier 1 and Tier 2 capital) | 770 776 | 673 907 |
| Estimate basis credit risk: | ||
| Institutions | 87 688 | 66 761 |
| Retail | 942 866 | 380 294 |
| Investments with mortgage security in real estate | 3 005 903 | 4 256 870 |
| Covered bonds | 55 599 | 79 896 |
| Other holdings | 535 | 480 |
| Calculation basis credit risk | 4 092 591 | 4 784 301 |
| Credit risk | 327 407 | 382 744 |
| Operating risk | 13 152 | 12 571 |
| Total capital requirement assets | 340 560 | 395 315 |
| Core capital adequacy ratio | 26.1 % | 21.6 % |
| Supplementary capital ratio | 0.0 % | 0.0 % |
| Capital adequacy ratio | 26.1 % | 21.6 % |
| Leverage ratio | 6.5 % | 7.7 % |
| CAPITAL REQUIREMENT PER 31.12.2025 | Core capital/ Tier 1 capital | Supplementary capital/Tier 2 capital | Own funds |
|---|---|---|---|
| Minimum requirement excl. buffers | 4.5 % | 3.5 % | 8.0 % |
| Protective buffer | 2.5 % | 0.0 % | 2.5 % |
| Systemic risk buffer | 4.5 % | 0.0 % | 4.5 % |
| Counter-cyclical capital buffer | 2.5 % | 0.0 % | 2.5 % |
| Current capital requirement including buffers | 14.0 % | 3.5 % | 17.5 % |
| Capital requirement leverage ratio | 3.0 % | 0.0 % | 3.0 % |
Note 14 Fixed-income securities
| NOK THOUSAND | 31.12.2025 | 31.12.2024 | ||
|---|---|---|---|---|
| Acquisition cost | Fair value | Acquisition cost | Fair value | |
| Certificates | 29 712 | 29 769 | 29 678 | 29 731 |
| Bonds | 553 118 | 555 992 | 795 145 | 798 957 |
| Total fixed-income securities | 582 830 | 585 762 | 824 823 | 828 687 |
| Fixed income securities are brought to account at market value, including accrued but not due interests. | ||||
Note 15 Net gain/(loss) on financial instruments
| NOK THOUSAND | Q4 2025 | Q4 2424 | 2025 | 2024 |
|---|---|---|---|---|
| Net gain/(loss) on fixed-income securities | 565 | -1 303 | 1 909 | 890 |
| Net gain/(loss) financial derivatives and realized repurchase of own debt | -2 835 | -1 | -9 866 | -1 549 |
| Total net gain/(loss) financial instruments | -2 270 | -1 304 | -7 956 | -659 |
Note 16 Loan loss provision
There has not been done any changes in the model for calculation of the expected loss provisions in the fourth quarter.
The total loan loss provisions have increased with 72 percent since third quarter of 2025. Although the percentage increase is large, the amounts involved are relatively small in relation to the total lending volume. The increase is NOK 39 174 kroner.
Refer to Note 8 and Note 2 in the annual report for more details of the model.
Expected credit loss (ECL) - loans to customers - mortgage
| NOK THOUSAND | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.12.2025 | 31.12.2024 |
|---|---|---|---|---|---|
| stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | |
| Opening balance ECL 01.01. | 46 | 41 | 0 | 88 | 63 |
| Transfers to stage 1 | 6 | -6 | 0 | 0 | 0 |
| Transfers to stage 2 | -1 | 1 | 0 | 0 | 0 |
| Transfers to stage 3 | 0 | 0 | 0 | 0 | 0 |
| Net changes | -27 | 26 | 0 | -2 | 36 |
| New losses | 35 | 1 | 0 | 36 | 15 |
| Write-offs | -10 | -19 | 0 | -30 | -10 |
| Change in risk model | 0 | 0 | 0 | 0 | -16 |
| Closing balance ECL | 50 | 44 | 0 | 93 | 88 |
| Changes in the period 01.01-31.12 | 3 | 3 | 0 | 6 | 26 |
Book value of loans to and receivables for customers - mortgage
| NOK THOUSAND | 12 months ECL | Lifetime ECL (not credit impaired) | Lifetime ECL (credit impaired) | 31.12.2025 | 31.12.2024 |
|---|---|---|---|---|---|
| stage 1 | stage 2 | stage 3 | Total stage 1-3 | Total stage 1-3 | |
| Lending 01.01. | 12 318 131 | 351 503 | 0 | 12 669 634 | 12 745 510 |
| Transfers to stage 1 | 120 993 | -120 993 | 0 | 0 | 0 |
| Transfers to stage 2 | -114 269 | 114 269 | 0 | 0 | 0 |
| Transfers to stage 3 | 0 | 0 | 0 | 0 | 0 |
| Net changes | -373 836 | -6 838 | 0 | -380 674 | -435 830 |
| New lending | 6 607 883 | 22 231 | 0 | 6 630 114 | 3 328 891 |
| Write-offs | -2 881 690 | -77 966 | 0 | -2 959 657 | -2 968 937 |
| Lending | 15 677 212 | 282 205 | 0 | 15 959 417 | 12 669 634 |
| Recognised loan loss provisions | -50 | -44 | 0 | -93 | -88 |
| Book value of loans to mortgages | 15 677 162 | 282 161 | 0 | 15 959 323 | 12 669 545 |
Quarterly earnings trend
| NOK MILLION | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2424 |
|---|---|---|---|---|---|
| Interest income | 197.9 | 177.4 | 178.1 | 185.8 | 189.1 |
| Interest expense | -169.5 | -147.7 | -146.1 | -151.7 | -158.8 |
| Net interest income | 28.3 | 29.8 | 31.9 | 34.1 | 30.3 |
| Net gain/ (loss) on financial instruments | -2.3 | -1.9 | 0.6 | -4.4 | -1.3 |
| Total net gain/(loss) on financial instruments | -2.3 | -1.9 | 0.6 | -4.4 | -1.3 |
| Other operating expenses | -13.2 | -17.0 | -14.2 | -18.2 | -15.2 |
| Total operating expenses | -13.2 | -17.0 | -14.2 | -18.2 | -15.2 |
| Operating profit/loss before tax | 12.9 | 10.9 | 18.3 | 11.5 | 13.8 |
| Tax ordinary income | -0.2 | 0.2 | -1.4 | 0.1 | -2.0 |
| Profit for the period | 12.7 | 11.2 | 16.9 | 11.6 | 11.8 |
Key figures accumulated
| NOK MILLION | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2424 |
|---|---|---|---|---|---|
| Pre-tax income | 53.7 | 40.8 | 29.9 | 11.5 | 49.1 |
| Net interest income | 124.2 | 95.8 | 66.1 | 34.1 | 111.5 |
| Other operating expenses | -62.5 | -49.3 | -32.4 | -18.2 | -61.7 |
| Net gain/ (loss) financial instruments | -8.0 | -5.7 | -3.8 | -4.4 | -0.7 |
| Housing mortgage lending | 15 959.3 | 12 410.6 | 11 708.3 | 12 726.3 | 12 669.5 |
| Non-performing loans | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities created on issuance of securities | 13 974.5 | 12 094.4 | 10 232.4 | 10 491.3 | 10 549.7 |
| Other borrowing | 1 881.5 | 2 153.2 | 1 252.1 | 2 405.2 | 2 193.9 |
| Total assets | 16 984.1 | 15 367.6 | 12 591.6 | 13 987.9 | 13 832.5 |
| Average total assets | 15 408.3 | 14 600.1 | 13 212.0 | 13 910.2 | 13 784.3 |
| Equity | 1 111.9 | 1 099.3 | 1 088.1 | 1 071.1 | 1 070.1 |
| Interest net | 0.81 % | 0.66 % | 0.50 % | 0.25 % | 0.81 % |
| Profit/loss from ordinary operation before taxes | 0.35 % | 0.28 % | 0.23 % | 0.08 % | 0.36 % |
| Return on equity | 5.02 % | 5.09 % | 5.59 % | 4.32 % | 4.87 % |
| Capital adequacy ratio | 26.1 % | 29.9 % | 34.7 % | 21.3 % | 21.6 % |
| Liquidity coverange ratio (LCR) | 994 % | 1 242 % | 1 146 % | 1 033 % | 1 031 % |
Contact information
KLP BOLIGKREDITT AS
Beddingen 8, 7042 Trondheim
Organizational number.: 912 719 634
VISITING ADDRESS
Trondheim: Beddingen 8
Oslo: Dronning Eufemias gate 10
Phone number: +47 55 54 85 00

