Net gains/(losses) on certificates, bonds and currency
-1.2
-0.2
-0.8
0.4
-1.0
2.5
-2.0
2.2
0.2
5.5
0.5
5.4
6.9
-0.4
-1.7
-0.8
-4.9
-0.6
-1.8
1.7
11.6
4.0
Total income
220.1
244.8
270.2
296.2
282.8
295.2
294.7
302.8
290.6
286.2
269.3
254.4
255.8
240.8
161.4
218.4
196.8
195.1
1,031.4
1,175.6
1,100.4
876.4
Personnel expenses
-24.9
-29.6
-24.8
-29.9
-31.7
-35.3
-33.5
-34.9
-36.2
-35.7
-34.3
-37.7
-37.9
-41.5
-43.6
-39.0
-39.3
-35.0
-109.1
-135.4
-143.8
-162.0
General and administrative expenses
-40.1
-38.9
-47.1
-44.3
-49.5
-44.8
-45.8
-32.3
-29.4
-34.7
-30.2
-34.5
-33.5
-38.5
-33.4
-35.8
-36.0
-37.9
-170.4
-172.4
-128.9
-141.2
Other expenses
-6.6
-7.0
-6.6
-10.9
-15.2
-35.2
-12.2
-16.4
-14.3
-11.9
-8.1
-8.5
-8.3
-9.3
-8.3
-9.0
-11.3
-11.9
-31.0
-79.0
-42.8
-34.8
Depreciation
-5.6
-6.8
-7.8
-8.5
-11.8
-12.8
-14.3
-16.0
-17.1
-18.1
-18.3
-18.6
-18.6
-19.2
-20.2
-19.4
-19.7
-19.2
-28.7
-54.9
-72.1
-77.3
Total operating expenses
-77.2
-82.2
-86.3
-93.5
-108.2
-128.2
-105.9
-99.5
-97.0
-100.4
-90.9
-99.3
-98.3
-108.4
-105.5
-103.2
-106.4
-104.0
-339.2
-441.7
-387.6
-415.4
Losses on loans
-46.6
-46.4
-83.0
-73.0
-72.3
-78.5
-81.8
-221.7
-132.2
-82.9
-80.3
-68.9
-73.8
-65.1
-529.9
-70.3
-43.3
-42.7
-249.0
-454.3
-364.3
-739.1
Profit/(loss) before tax
96.4
116.2
100.9
129.7
102.3
88.6
107.1
-18.4
61.4
102.9
98.1
86.1
83.7
67.2
-474.0
45.0
47.1
48.4
443.1
279.6
348.5
-278.1
Tax expenses
-24.8
-28.6
-25.8
-32.8
-25.9
-27.2
-26.6
3.0
-15.4
-25.9
-24.7
-19.7
-21.0
-17.2
118.3
-10.7
-11.8
-12.1
-112.0
-76.7
-85.7
69.4
Profit/(loss) after tax
71.5
87.6
75.1
96.9
76.4
61.4
80.5
-15.4
45.9
77.0
73.4
66.4
62.7
50.0
-355.7
34.3
35.3
36.3
331.1
202.9
262.8
-208.7
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Full year
Full year
Full year
Full year
2018
2018
2018
2018
2019
2019
2019
2019
2020
2020
2020
2020
2021
2021
2021
2021
2022
2022
2018
2019
2020
2021
Amounts in NOK million
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Loans and deposits with credit institutions
490.2
811.8
1,095.4
1,232.4
1,059.8
1,313.5
1,145.2
614.7
666.1
1,292.1
1,466.8
1,204.2
1,141.7
999.8
885.5
1,301.8
1,517.0
724.4
1,232.4
614.7
1,204.2
1,301.8
Net loans to customers
5,914.6
6,801.0
7,455.7
7,844.3
7,902.9
8,090.4
8,361.4
8,495.8
8,821.4
8,403.2
8,341.2
8,361.2
8,041.8
8,353.8
8,029.5
7,397.8
7,185.2
7,022.0
7,844.3
8,495.8
8,361.2
7,397.8
Certificates and bonds
381.8
396.8
437.0
436.4
449.9
1,150.8
1,197.4
1,329.8
1,005.6
1,498.2
2,585.2
1,848.0
2,287.4
2,093.5
1,291.3
883.0
869.0
882.6
436.4
1,329.8
1,848.0
883.0
Other receivables
9.9
46.8
9.9
10.4
12.2
7.0
24.7
18.8
17.0
13.3
12.2
5.5
10.1
20.3
14.9
286.8
20.0
72.6
10.4
18.8
5.5
286.8
Deferred tax assets
- 0
- 0
- 0
39.5
- 0
- 0
- 0
0.8
- 0
- 0
- 0
- 0
- 0
- 0
83.0
73.4
61.6
49.5
39.5
0.8
- 0
73.4
Fixed assets
1.4
1.7
1.6
1.7
18.2
17.4
18.3
17.3
16.4
15.3
14.2
13.2
12.1
11.0
10.0
9.1
8.8
7.7
1.7
17.3
13.2
9.1
Intangible assets
61.4
72.0
80.7
96.0
109.1
118.7
124.9
143.3
145.8
151.9
151.9
154.2
150.9
148.0
144.9
153.5
145.3
134.7
96.0
143.3
154.2
153.5
Total assets
6,859.2
8,130.2
9,080.2
9,660.7
9,552.2
10,697.8
10,872.0
10,620.4
10,672.2
11,373.9
12,571.5
11,586.3
11,644.0
11,626.5
10,459.0
10,105.5
9,806.9
8,893.5
9,660.7
10,620.4
11,586.3
10,105.5
Deposits from and debt to customers
4,928.4
6,072.1
6,908.7
7,365.6
7,281.4
8,431.9
8,754.8
8,519.5
8,556.8
8,951.1
10,063.6
8,991.8
9,005.9
9,114.9
8,307.2
7,933.9
7,616.3
6,691.0
7,365.6
8,519.5
8,991.8
7,933.9
Other debt
75.4
89.0
100.1
100.0
132.5
148.8
125.7
149.5
140.5
147.0
139.0
142.5
128.1
122.5
157.1
142.4
129.3
105.6
100.0
149.5
142.5
142.4
Tax payable
10.0
10.0
10.0
110.8
27.8
23.7
23.7
37.0
-0.0
-0.0
-0.0
82.9
63.9
- 0
- 0
0.1
- 0
110.8
37.0
82.9
0.1
Deferred tax
24.5
53.0
78.8
- 0
25.8
13.6
40.1
- 0
14.6
40.5
65.2
0.5
21.5
36.3
- 0
- 0
- 0
- 0
- 0
- 0
0.5
- 0
Senior unsecured bond
399.4
399.5
399.6
399.8
298.9
231.0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
399.8
- 0
- 0
- 0
Subordinated loans (Tier 2)
64.6
64.7
64.7
64.7
64.8
64.8
64.8
64.9
64.9
64.9
65.0
65.0
106.8
65.0
65.0
65.0
65.0
65.0
64.7
64.9
65.0
65.0
Total liabilities
5,502.3
6,688.3
7,561.9
8,040.9
7,831.1
8,913.8
9,009.2
8,770.9
8,776.8
9,203.5
10,332.8
9,282.7
9,326.2
9,338.7
8,529.3
8,141.4
7,810.5
6,861.7
8,040.9
8,770.9
9,282.7
8,141.4
Additional Tier 1 capital
44.6
44.6
44.6
44.6
44.6
44.6
44.6
44.6
44.6
244.6
244.6
244.6
199.6
199.6
199.6
199.6
199.6
199.6
44.6
44.6
244.6
199.6
Share capital
171.4
171.4
171.5
172.7
182.6
182.8
182.8
184.1
184.1
186.4
186.5
186.6
186.9
186.9
187.0
187.1
187.4
187.4
172.7
184.1
186.6
187.1
Share premium
771.9
771.9
771.9
771.9
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
786.7
771.9
786.7
786.7
786.7
Other paid-in capital
38.5
36.6
38.9
42.2
43.4
45.7
44.9
45.8
46.7
47.4
47.9
48.3
48.4
50.0
50.7
53.8
53.9
56.7
42.2
45.8
48.3
53.8
Retained earnings
330.7
417.4
491.6
588.4
663.9
724.3
803.8
788.4
833.3
905.4
973.1
1,037.5
1,096.4
1,064.6
705.8
736.9
768.8
801.6
588.4
788.4
1,037.5
736.9
Total equity
1,357.0
1,441.9
1,518.4
1,619.8
1,721.1
1,784.0
1,862.8
1,849.5
1,895.3
2,170.4
2,238.7
2,303.6
2,317.9
2,287.7
1,929.8
1,964.1
1,996.3
2,031.8
1,619.8
1,849.5
2,303.6
1,964.1
Total equity and liabilities
6,859.2
8,130.2
9,080.2
9,660.7
9,552.2
10,697.8
10,872.0
10,620.4
10,672.2
11,373.9
12,571.5
11,586.3
11,644.0
11,626.5
10,459.0
10,105.5
9,806.9
8,893.5
9,660.7
10,620.4
11,586.3
10,105.5
Cash flow
Condensed statement of the cashflow position
Amounts in NOK million
1H 2022
1H 2021
2021
Profit/(loss) before tax
95.5
150.9
-278.1
Taxes paid
0.1
-82.8
-82.8
Depreciation
39.0
37.8
77.3
Change in impairments on loans to customers
-341.4
79.7
-323.5
Change in gross loans to customers
717.2
-72.4
1,286.9
Effects of currency on loans to customers
55.3
-129.5
-226.8
Change in deposits from customers
-1,242.9
123.1
-1,057.9
Effects of currency on deposits from customers
-68.1
123.8
256.3
Net purchase and sale of certificates and bonds
-1.0
-245.5
998.6
Change in accruals and other adjustments
183.3
-26.5
-302.8
Net cash flow from operating activities
-563.0
-41.3
347.1
Payments for investments in fixed assets
-0.3
-0.0
-0.4
Payments for investments in intangible assets
-18.1
-29.4
-72.2
Net cash flow from investing activities
-18.3
-29.4
-72.5
Paid-in equity
0.3
0.2
0.5
Payment to AT1 capital investors
-9.3
-54.5
-62.9
Net receipts from AT2 capital
- 0
- 0
- 0
Lease payments
-1.6
-1.9
-3.8
Dividend payment
- 0
-78.5
-78.5
Net cash flow from financing activities
-10.6
-134.6
-144.6
Net cash flow for the period
-592.0
-205.2
130.0
Cash and cash equivalents at the start of the period
1,301.8
1,204.2
1,204.2
Effects of currency on loans and deposits with credit institutions in the period
14.5
0.7
-32.4
Cash and cash equivalents at the end of the period
724.4
999.8
1,301.8
Of which:
Loans and deposits with credit institutions
724.4
999.8
1,301.8
Notes
Notes
Note 1 - General accounting principles
The condensed interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. All numbers in this report are in NOK 1,000,000 unless otherwise specified.
Note 2 - Loans to customers
The Bank is applying forward looking elements for its credit loss model, see the Annual Report for more information regarding the credit loss model. There are uncertainties related to the estimates as they are forward-looking. The total loss provision related to macro-economic factors amounts to NOK 9.7 million
Loans to customers
Amounts in NOK million
6/30/22
6/30/21
12/31/21
Loans to customers
7,502.9
9,579.3
8,220.1
Impairment of loans
-480.9
-1,225.5
-822.2
Net loans to customers
7,022.0
8,353.8
7,397.8
Defaulted loans
Amounts in NOK million
6/30/22
6/30/21
12/31/21
Gross defaulted loans *
436.4
2,246.4
1,062.4
Impairment of loans (stage 3)
-183.1
-948.9
-530.7
Net defaulted loans
253.3
1,297.6
531.8
* Defaulted loans comprise, amongst other, of loans which are 91 days or more overdue according to agreed payment schedule. Such loans continue to be considered defaulted regardless of future payment status. Defaulted loans also comprise of loans with indications of unlikeliness to pay.
Information on products and geographical distribution
Consumer loans
Credit cards
POS Finance
Not allocated
Total
Q2 2022
NO
FI
SE
NO/FI/SE
NO/SE
Interest income
80.0
55.0
39.5
19.7
15.0
0.2
209.3
Interest expenses
-9.3
-5.9
-4.0
-1.8
-1.2
- 0
-22.1
Net interest income
70.7
49.1
35.5
17.9
13.8
0.2
187.2
Commission income and fees
2.6
1.5
1.0
4.6
-1.2
6.7
15.2
Commission expenses and fees
0.4
-0.2
1.3
5.4
0.0
- 0
6.9
Net commissions and fees
3.0
1.3
2.3
9.9
-1.1
6.7
22.1
Losses on loans
-42.8
14.6
-18.2
2.5
3.3
0.0
-40.6
Total income net of losses on loans
30.9
64.9
19.6
30.4
15.9
6.9
168.6
Gross loans to customers
3,027.8
2,124.4
1,450.6
552.3
347.8
- 0
7,502.9
Impairment of loans
-161.7
-151.5
-110.9
-24.9
-31.8
- 0
-480.9
Net loans to customers
2,866.1
1,972.8
1,339.7
527.4
316.0
- 0
7,022.0
Consumer loans
Credit cards
POS Finance
Not allocated
Total
Q2 2021
NO
FI
SE
NO/FI/SE
NO/SE
Interest income
111.0
65.4
41.5
27.2
18.6
0.3
264.0
Interest expenses
-8.6
-7.0
-4.1
-1.9
-1.4
- 0
-23.1
Net interest income
102.4
58.4
37.4
25.2
17.2
0.3
241.0
Commission income and fees
2.4
1.7
1.0
5.9
-1.4
0.6
10.1
Commission expenses and fees
-2.5
-1.5
-2.5
-6.6
-0.4
- 0
-13.5
Net commissions and fees
-0.1
0.2
-1.5
-0.7
-1.8
0.6
-3.4
Losses on loans
154.8
21.2
50.8
-11.5
-2.7
0.0
212.7
Total income net of losses on loans
257.1
79.9
86.7
13.0
12.7
1.0
450.3
Gross loans to customers
3,605.6
2,899.6
1,715.4
783.4
575.3
- 0
9,579.3
Impairment of loans
-390.5
-416.5
-274.1
-97.6
-46.9
- 0
-1,225.5
Net loans to customers
3,215.1
2,483.1
1,441.3
685.9
528.3
- 0
8,353.8
Consumer loans
Credit cards
POS Finance
Not allocated
Total
Full year 2021
NO
FI
SE
NO/FI/SE
NO/SE
Interest income
389.5
237.4
155.1
101.4
81.2
0.9
965.5
Interest expenses
-31.4
-23.9
-14.5
-6.8
-5.2
- 0
-81.8
Net interest income
358.1
213.5
140.6
94.6
76.0
0.9
883.7
Commission income and fees
9.3
6.7
4.2
22.1
5.4
4.0
51.6
Commission expenses and fees
-11.8
-6.8
-11.7
-30.8
-1.8
- 0
-62.9
Net commissions and fees
-2.5
-0.1
-7.5
-8.8
3.6
4.0
-11.3
Losses on loans
-268.0
-262.7
-169.1
-38.2
-1.1
- 0
-739.1
Total income reduces by losses on loans
87.5
-49.3
-36.0
47.6
78.5
4.8
133.2
Gross loans to customers
3,607.3
1,951.0
1,386.3
733.3
542.1
- 0
8,220.1
Impairment of loans
-377.1
-151.0
-112.8
-129.9
-51.4
- 0
-822.2
Net loans to customers
3,230.2
1,799.9
1,273.5
603.5
490.7
- 0
7,397.8
Reconciliation of gross loans to customers
Q2 2022
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Gross loans opening balance
6,468.6
585.5
943.7
7,997.6
Transfer from stage 1 to stage 2
-263.0
263.0
- 0
- 0
Transfer from stage 1 to stage 3
-120.6
- 0
120.6
- 0
Transfer from stage 2 to stage 3
- 0
-82.1
82.1
- 0
Transfer from stage 3 to stage 2*
- 0
30.9
-30.9
- 0
Transfer from stage 2 to stage 1
114.9
-114.9
- 0
- 0
Transfer from stage 3 to stage 1*
24.7
- 0
-24.7
- 0
New assets
930.1
37.6
4.0
971.6
Assets derecognized
-704.3
-103.8
-658.3
-1,466.5
Gross loans 30.06.2022
6,450.4
616.1
436.4
7,502.9
Lazy payers reclassified at balance sheet date (from stage 1 and 2 to stage 3)
-17.9
-159.8
177.7
- 0
Q2 2021
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Gross loans opening balance
6,206.0
756.3
2,236.9
9,199.1
Transfer from stage 1 to stage 2
-234.7
234.7
- 0
- 0
Transfer from stage 1 to stage 3
-123.6
- 0
123.6
- 0
Transfer from stage 2 to stage 3
- 0
-79.7
79.7
- 0
Transfer from stage 3 to stage 2
- 0
0.7
-0.7
- 0
Transfer from stage 2 to stage 1
179.2
-179.2
- 0
- 0
Transfer from stage 3 to stage 1
4.5
- 0
-4.5
- 0
New assets
1,144.2
49.1
42.5
1,235.8
Assets derecognized
-581.3
-43.0
-231.2
-855.5
Gross loans 30.06.2021
6,594.2
738.8
2,246.4
9,579.3
Lazy payers reclassified at balance sheet date (from stage 1 and 2 to stage 3)
-6.1
-77.2
83.4
- 0
2021
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Gross loans 01.01.2021
6,540.2
927.5
2,039.2
9,507.0
Transfer from stage 1 to stage 2
-1,114.1
1,114.1
- 0
- 0
Transfer from stage 1 to stage 3
-517.9
- 0
517.9
- 0
Transfer from stage 2 to stage 3
- 0
-690.2
690.2
- 0
Transfer from stage 3 to stage 2
- 0
6.3
-6.3
- 0
Transfer from stage 2 to stage 1
617.7
-617.7
- 0
- 0
Transfer from stage 3 to stage 1
8.4
- 0
-8.4
- 0
New assets
3,951.8
203.9
53.0
4,208.7
Assets derecognized
-2,864.3
-408.1
-2,223.2
-5,495.6
Gross loans 31.12.2021
6,621.9
535.8
1,062.4
8,220.2
Of which related to "Lazy payers"
-21.0
-232.7
253.7
- 0
2020
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Gross loans 01.01.2020
6,840.8
1,180.2
1,284.9
9,305.9
Transfer from stage 1 to stage 2
-1,513.7
1,513.7
- 0
- 0
Transfer from stage 1 to stage 3
-557.0
- 0
557.0
- 0
Transfer from stage 2 to stage 3
- 0
-903.0
903.0
- 0
Transfer from stage 3 to stage 2
- 0
14.6
-14.6
- 0
Transfer from stage 2 to stage 1
896.0
-896.0
- 0
- 0
Transfer from stage 3 to stage 1
21.6
- 0
-21.6
- 0
New assets
3,098.3
226.2
113.9
3,438.4
Assets derecognized
-2,245.9
-208.2
-783.3
-3,237.4
Gross loans 31.12.2020
6,540.2
927.3
2,039.3
9,506.8
Q2 2022
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Impairment opening balance
197.5
99.7
515.3
812.3
Transfer from stage 1 to stage 2
-7.8
7.8
- 0
- 0
Transfer from stage 1 to stage 3
-2.2
- 0
2.2
- 0
Transfer from stage 2 to stage 3
- 0
-15.5
15.5
- 0
Transfer from stage 3 to stage 2
- 0
6.6
-6.6
- 0
Transfer from stage 2 to stage 1
18.2
-18.2
- 0
- 0
Transfer from stage 3 to stage 1
7.6
- 0
-7.6
- 0
New financial assets originated
25.2
7.1
4.2
36.5
Increased expected credit loss
4.8
37.4
26.1
68.3
Assets derecognized
-9.7
-14.0
-365.6
-389.3
Decreased expected credit loss
-33.7
-7.5
-5.9
-47.2
Exchange rate movements
5.7
2.6
2.8
11.1
Macroeconomic model changes
1.4
0.3
0.0
1.7
Other changes
-13.5
-1.8
2.5
-12.8
Impairment 30.06.2022
193.4
104.4
183.1
480.7
Lazy payers reclassified at balance sheet date (from stage 1 and 2 to stage 3)
-0.5
-34.4
34.9
- 0
Q2 2021
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Impairment opening balance
140.8
122.0
894.6
1,157.4
Transfer from stage 1 to stage 2
-5.2
5.2
- 0
- 0
Transfer from stage 1 to stage 3
-2.2
- 0
2.2
- 0
Transfer from stage 2 to stage 3
- 0
-26.1
26.1
- 0
Transfer from stage 3 to stage 2
- 0
0.2
-0.2
- 0
Transfer from stage 2 to stage 1
24.7
-24.7
- 0
- 0
Transfer from stage 3 to stage 1
2.9
- 0
-2.9
- 0
New financial assets originated
22.9
3.7
0.6
27.1
Increased expected credit loss
4.8
44.6
71.2
120.7
Assets derecognized
-33.7
-7.8
-51.1
-92.6
Decreased expected credit loss
-3.0
-2.2
-4.6
-9.8
Exchange rate movements
2.4
1.8
13.2
17.4
Macroeconomic model changes
- 0
- 0
- 0
- 0
Other changes
2.1
3.3
- 0
5.4
Impairment 30.06.2021
156.6
120.0
948.9
1,225.5
Lazy payers reclassified at balance sheet date (from stage 1 and 2 to stage 3)
-0.2
-15.1
15.2
- 0
2021
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Impairment opening balance
166.1
150.0
829.7
1,145.8
Transfer from stage 1 to stage 2
-27.2
27.2
- 0
- 0
Transfer from stage 1 to stage 3
-9.3
- 0
9.3
- 0
Transfer from stage 2 to stage 3
- 0
-173.4
173.4
- 0
Transfer from stage 3 to stage 2
- 0
2.4
-2.4
- 0
Transfer from stage 2 to stage 1
100.1
-100.1
- 0
- 0
Transfer from stage 3 to stage 1
4.9
- 0
-4.9
- 0
New financial assets originated
77.9
21.1
6.5
105.5
Increased expected credit loss
33.3
218.7
224.2
476.2
Assets derecognized
-110.2
-47.5
-868.2
-1,025.9
Decreased expected credit loss
-47.1
-11.1
-94.6
-152.8
Exchange rate movements
-7.0
-5.2
-8.3
-20.5
Macroeconomic model changes
-2.6
-1.7
- 0
-4.3
Other changes
22.9
9.4
266.1
298.3
Impairment 31.12.2021
201.9
89.8
530.7
822.2
Lazy payers reclassified at balance sheet date (from stage 1 and 2 to stage 3)
-0.5
-51.4
51.9
- 0
2020
Amounts in NOK million
Stage 1
Stage 2
Stage 3
Total
Impairment 01.01.2020
143.7
172.8
493.6
810.1
Transfer from stage 1 to stage 2
-33.7
33.7
- 0
- 0
Transfer from stage 1 to stage 3
-10.2
- 0
10.2
- 0
Transfer from stage 2 to stage 3
- 0
-198.8
198.8
- 0
Transfer from stage 3 to stage 2
- 0
5.6
-5.6
- 0
Transfer from stage 2 to stage 1
115.3
-115.3
- 0
- 0
Transfer from stage 3 to stage 1
10.3
- 0
-10.3
- 0
New financial assets originated
39.5
61.3
72.5
173.4
Increased expected credit loss
20.4
202.8
201.1
424.3
Assets derecognized
-145.1
-32.5
-113.4
-291.0
Decreased expected credit loss
-9.1
-6.0
-13.4
-28.6
Exchange rate movements
8.2
7.5
28.3
44.0
Macroeconomic model changes
16.4
23.4
- 0
39.8
Other changes
10.2
-4.5
-32.1
-26.3
Impairment 31.12.2020
166.1
150.0
829.7
1,145.8
Amounts in NOK million
Q1 2022
Q1 2021
2021
+/- Change in stage 3 impairment of loans in the period
-332.2
54.3
-299.0
+/- Change in impairment on stage 1 and 2 of loans to customers in the period
0.6
13.9
-24.4
Realized losses and effects of portfolio sales in the period
374.3
-3.0
1,062.6
Losses on loans
42.7
65.2
739.1
Note 3 - Regulatory capital
Total capital
Amounts in NOK million
6/30/22
12/31/21
Book equity
2,031.8
1,964.1
Additional Tier 1 capital
-199.6
-199.6
Additions:
Phase-in effect of IFRS 9
129.7
104.5
Deductions:
Additional value adjustment (AVA)
-0.9
-0.9
Other equity not included in core capital (Foreseeable dividends)
-7.1
- 0
Deferred tax assets and other intangible assets and deductions
-184.3
-226.9
Common equity Tier 1 including phase-in effect of IFRS 9
1,769.7
1,641.2
Additional Tier 1 capital
199.6
199.6
Core capital including phase-in effect of IFRS 9
1,969.3
1,840.7
Subordinated loans (Tier 2)
65.0
65.0
Total capital including phase-in effect of IFRS 9
2,034.3
1,905.7
Capital excluding phase-in effects of IFRS 9
Amounts in NOK million
6/30/22
12/31/21
Common equity Tier 1 excluding phase-in effect of IFRS 9
1,640.0
1,536.7
Core capital excluding phase-in effect of IFRS 9
1,839.5
1,736.3
Total capital excluding phase-in effect of IFRS 9
1,904.5
1,801.3
Calculation basis
Amounts in NOK million
6/30/22
12/31/21
Loans and deposits with credit institutions
144.9
260.4
Loans to retail customers and IFRS 9 phase-in effect
5,439.5
5,759.1
Covered bonds
40.0
39.9
Other assets
80.3
295.9
Calculation basis credit risk including phase-in effect of IFRS 9
Total calculation basis including phase-in effect of IFRS 9
7,280.7
7,931.5
Total calculation basis excluding phase-in effect of IFRS 9
7,171.1
7,853.2
Capital ratios including phase-in effect of IFRS 9
6/30/22
12/31/21
Common equity tier 1 (%)
24.3 %
20.7 %
Core capital (%)
27.0 %
23.2 %
Total capital (%)
27.9 %
24.0 %
Capital ratios excluding phase-in effect of IFRS 9
Common equity tier 1 (%)
22.9 %
19.6 %
Core capital (%)
25.7 %
22.1 %
Total capital (%)
26.6 %
22.9 %
LCR (Liquidity Coverage Ratio) is 386 % and NSFR (Net stable funding ratio) is 181 % as of 31.12.2021
Note 4 - Financial instruments
Financial instruments
Financial instruments at fair value
Financial instruments at fair value are measured at different levels: Level 1 Financial instruments in level 1 are determined based on quoted prices in active markets for identical financial instruments available on the balance sheet date. Level 2 Financial instruments in level 2 are determined based on inputs other than quoted prices, but where prices are observable either directly or indirectly. These include quoted prices in markets that are not active. Level 3 When valuation can not be determined in level 1 or 2, valuation methods based on non-observable market data are used.
Amounts in NOK million
6/30/22
6/30/21
12/31/21
Certificates and bonds - level 2
882.6
2,093.5
883.0
Total financial instruments at fair value
882.6
2,093.5
883.0
Financial instruments at amortized cost
Financial instruments at amortized cost are valued at originally determined cash flows, adjusted for any impairment losses.
Amounts in NOK million
6/30/22
6/30/21
12/31/21
Loans and deposits with credit institutions
724.4
999.8
1,301.8
Net loans to customers
7,022.0
8,353.8
7,397.8
Other receivables
48.6
0.8
279.6
Total financial assets measured at amortised cost
7,795.0
9,354.5
8,979.2
Deposits from and debt to customers
6,691.0
9,114.9
7,933.9
Other debt
16.4
24.5
38.6
Subordinated loans (Tier 2)
65.0
65.0
65.0
Total financial liabilities measured at amortised cost
6,772.5
9,204.4
8,037.5
Note 5 - Subordinated loan
Subordinated loans
Amounts in NOK million
6/30/22
6/30/21
12/31/21
Subordinated loan (ISIN NO0010941131)
65.0
65.0
65.0
Total subordinated loans
65.0
65.0
65.0
3 months NIBOR +5.0 %. First call on ISIN NO0010757768 was in February 2021. The subordinated loan was refinanced at the same time with the same conditions as the already existing subordinated loan.
Note 6 - Net interest income
Amounts in NOK million
Q2 2022
Q2 2021
1H 2022
1H 2021
2021
Interest income from loans to customers
209.1
264.0
430.8
535.8
964.9
of which sales commisions to agents
-29.2
-17.2
-53.0
-34.5
-138.7
Interest income from loans and deposits with credit institutions
0.2
0.0
0.5
0.1
0.5
Total interest income calculated using the effective interest rate method
209.3
264.0
431.2
535.8
965.5
Other interest income
- 0
- 0
- 0
- 0
- 0
Total interest income
209.3
264.0
431.2
535.8
965.5
Interest expense from deposit customers
-7.8
-15.3
-16.3
-32.8
-52.6
Interest expense from subordinated loan (Tier 2)
-1.1
-1.3
-2.2
-2.4
-4.3
Other interest expenses
-13.2
-6.4
-21.0
-12.4
-24.9
Total interest expenses
-22.1
-23.1
-39.5
-47.5
-81.8
Net interest income
187.2
241.0
391.7
488.3
883.7
Insurance services
7.9
8.9
16.0
18.3
35.3
Other commission income and fees
9.0
4.8
9.9
10.6
16.2
Total commission income and fees
16.9
13.7
25.8
28.9
51.6
Provisions to other bank connections
-1.1
-1.7
-2.2
-3.2
-5.2
Other comission expenses and fees
-7.3
-11.8
-18.0
-23.9
-57.7
Total commission expenses and fees
-8.4
-13.5
-20.2
-27.1
-62.9
Net commissions and fees
8.5
0.2
5.7
1.8
-11.3
Note 7 - General administrative expenses
Amounts in NOK million
Q2 2022
Q2 2021
1H 2022
1H 2021
2021
Direct marketing expenses
-10.9
-8.8
-18.9
-15.7
-32.1
IT-expenses
-15.7
-18.0
-32.3
-34.0
-67.0
Other general administrative expenses
-11.3
-11.7
-22.7
-22.4
-42.2
Total general and administrative expenses
-37.9
-38.5
-73.9
-72.1
-141.2
Other operating expenses
Insurance
-0.3
-0.2
-0.6
-0.7
-1.3
External audit and related services
-0.3
-0.3
-1.2
-0.4
-2.0
Other consultants
-6.9
-6.0
-12.4
-9.1
-13.8
Other expenses
-4.4
-2.7
-9.1
-7.4
-17.8
Total other expenses
-11.9
-9.3
-23.2
-17.5
-34.8
Note 11 - Subsequent events
See section "Significant events after balance sheet date" regarding sale of non-performing loans (NPL) in Norway on 4 May 2022.The Board of Directors is not aware of any other events after the date of the balance sheet that may be of material significance to the accounts.
APM
Komplett Bank ASA
Q2
Q2
Full year
Full year
Amounts in NOK million
2022
2021
2021
2020
Return on equity (ROE)
Profit/(loss) after tax
36
50
n/a
263
Interest on hybrid capital after tax
-3
-2
n/a
-9
Average total equity - AT1 capital
1,439
1,727
n/a
1,596
Adjustment for loss model parameter effects
- 0
- 0
n/a
38
ROE annualised
9.3 %
11.0 %
n/a
n/a
ROE ex. AML fee annualised and loss model parameter effects
9.3 %
11.0 %
n/a
18.2 %
Cost / Income ratio (C/I)
Total operating expenses
104
108
415
388
Total operating income
195
241
876
1,100
Adjustment for loss model parameter effects
- 0
- 0
291
Marketing expenses
11
9
32
23
Cost income ratio
53.3 %
45.0 %
35.6 %
35.2 %
Cost income ratio ex. marketing
47.7 %
41.4 %
32.8 %
33.2 %
Earnings per share (EPS)
Profit/(loss) after tax
36
50
-209
263
Interest on hybrid capital after tax
-4
-4
-13
-9
Adjusted profit/(loss) after tax
33
46
-222
254
Outstanding shares
187
187
187
186
Number of outstanding shares, options and warrants
191
190
191
190
Earnings per share
0.17
0.25
-1.19
1.36
Diluted earnings per share
0.17
0.24
-1.19
1.34
Loan loss ratio (LLR)
Losses on loans
43
65
n/a
n/a
Average gross loans
7,750
9,353
n/a
n/a
Adjustment for loss model parameter effects
- 0
4
n/a
n/a
Loan loss ratio annualised
2.2 %
2.8 %
n/a
n/a
Loan loss ratio annualised ex. loss model parameter effects
2.2 %
3.0 %
n/a
n/a
Deposit coverage
Deposits from and debt to customers
6,691
9,115
n/a
n/a
Net loans to customers
7,022
8,354
n/a
n/a
Deposit coverage
95.3 %
109.1 %
n/a
n/a
Net interest margin
Net interest income
187
241
n/a
n/a
Interest bearing assets average
8,224
9,269
n/a
n/a
Net interest margin
9.1 %
10.4 %
n/a
n/a
Coverage ratios
Gross loans stage 1
6,468
6,594
n/a
n/a
Gross loans stage 2
776
739
n/a
n/a
Gross loans stage 3
259
2,246
n/a
n/a
Impairments of loans stage 1
194
157
n/a
n/a
Impairments of loans stage 2
139
120
n/a
n/a
Impairments of loans stage 3
148
949
n/a
n/a
Coverage ratio stage 1
3.0 %
2.4 %
n/a
n/a
Coverage ratio stage 2
17.9 %
16.2 %
n/a
n/a
Coverage ratio stage 3
57.3 %
42.2 %
n/a
n/a
Loan yield
Interest income from performing loans
- 0
195
n/a
n/a
Average net performing loans
4,639
5,850
n/a
n/a
Loan yield
0.0 %
13.3 %
n/a
n/a
Credit card loan yield
Interest income from performing credit card loans
19
24
n/a
n/a
Average net performing credit card loans
509
566
n/a
n/a
Credit card loan yield
15.1 %
16.9 %
n/a
n/a
Deposits yield
Interest expense from deposits
11
19
n/a
n/a
Average deposits
7,799
8,629
n/a
n/a
Deposits yield
0.6 %
0.9 %
n/a
n/a
NPL ratio
NPL balance
436
2,246
1,062
2,039
Lazy payers
- 178
- 83
- 254
n/a
NPL balance excluding lazy payers
259
2,163
809
2,039
Gross loans
7,503
9,579
8,220
9,507
NPL ratio
5.8 %
23.5 %
12.9 %
21.5 %
NPL ratio excluding lazy payers
3.4 %
22.6 %
9.8 %
21.5 %
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Komplett Bank ASA published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 07:40:10 UTC.
Morrow Bank ASA, formerly Komplett Bank ASA, is a Norway-based bank offering convenient payment and financing products to consumers. The Bank is focused on creating value for its customers by offering flexible, convenient financing solutions through efficient, customer friendly processes. Operational efficiency and low cost are foundations for the bank and is enabled by centralized operations, modern systems, and digital set-up. The Bank is pursuing a growth strategy based on geographical and product-wise diversification and expansion. The product portfolio includes consumer loans, credit cards, point-of-sales finance solutions, and high-yield deposit accounts. The Bank operates in Norway, Sweden and Finland.
MORROW BANK ASA 
