STATEMENT OF INCOME | | | |
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(NOK million) | Note | 2018 | 2017 |
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Interest income from: | | | |
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Loans to and receivables from credit institutions - amortised cost | 11 | 8 | 2 |
Loans to and receivables from customers - amortised cost | | 591 | 525 |
Certificates, bonds and other interest-bearing securities - fair value | | 4 | 3 |
Interest income | 2 | 603 | 530 |
Interest expenses in respect of: | | | |
Loans from credit institutions | 11 | 12 | 17 |
Debt securities | 9 10 11 | 317 | 252 |
Interest expenses | 9 | 329 | 269 |
Net interest income | 4 | 274 | 261 |
Commission income | | 0 | 1 |
Net change in value of securities and related derivatives | | -1 | -14 |
Wages, salaries and general administration costs | | 3 | 3 |
Other operating costs | 11 | 39 | 35 |
Total operating costs | 12 | 42 | 38 |
Profit before impairment on loans and taxes | | 231 | 210 |
Impairment on loans | 3 5 | 1 | -3 |
Pre-tax profit | | 230 | 213 |
Taxes | 13 | 56 | 48 |
Profit after tax | | 174 | 165 |
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STATEMENT OF COMPREHENSIVE INCOME | | | |
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(NOK million) | | 2018 | 2017 |
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Profit after tax | | 174 | 165 |
Items that may subsequently be reclassified to the income statement: | | | |
Basis swap spreads - changes in value 1) | | -17 | - |
Tax effect of basis swap spreads | | 4 | - |
Total comprehensive income after tax | | 161 | 165 |
1) Changes in value on basis swaps inherent in hedging instruments, have up to 31.12.2017 been recognised in the income statement. As of 1.1.2018, changes in value on basis swaps due to changes in basis swap spreads, are recognised in OCI as a cost of hedging. |
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PROPOSED DISTRIBUTION | | | |
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(NOK million) | | 2018 | 2017 |
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Proposed dividends | | 167 | 152 |
Retained earnings | | -6 | 13 |
Total | | 161 | 165 |