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Financial highlights
| Income statement | ||||||
|---|---|---|---|---|---|---|
| (Amounts in percentage of average assets) | ||||||
| Q1 2023 | Q1 2022 | 2022 | ||||
| NOK million | % | NOK million | % | NOK million | % | |
| Net interest income | 445 | 1.98 | 334 | 1.62 | 1 517 | 1.78 |
| Net commission and other operating income | 55 | 0.24 | 55 | 0.27 | 246 | 0.29 |
| Net result from financial instruments | 0 | 0.00 | -2 | -0.01 | -7 | -0.01 |
| Total income | 500 | 2.22 | 387 | 1.88 | 1 756 | 2.06 |
| Total operating costs | 198 | 0.88 | 178 | 0.86 | 747 | 0.87 |
| Profit before impairment on loans | 302 | 1.34 | 209 | 1.02 | 1 009 | 1.19 |
| Impairment on loans, guarantees etc. | 33 | 0.15 | 0 | 0.00 | -4 | 0.00 |
| Pre-tax profit | 269 | 1.19 | 209 | 1.02 | 1 013 | 1.19 |
| Taxes | 62 | 0.27 | 46 | 0.22 | 236 | 0.28 |
| Profit after tax | 207 | 0.92 | 163 | 0.80 | 777 | 0.91 |
| Balance sheet | |||||
|---|---|---|---|---|---|
| (NOK million) | 31.03.2023 | Change in Q1 2023 (%) | 31.12.2022 | Change over the last 12 months (%) | 31.03.2022 |
| Total assets 4) | 93 159 | 4.1 | 89 501 | 11.2 | 83 805 |
| Average assets 4) | 90 069 | 5.4 | 85 436 | 9.3 | 82 373 |
| Loans to and receivables from customers | 77 867 | 2.4 | 76 078 | 10.6 | 70 380 |
| Gross loans to retail customers | 51 805 | 1.9 | 50 818 | 8.3 | 47 836 |
| Gross loans to corporate and public entities | 26 413 | 3.3 | 25 575 | 15.5 | 22 869 |
| Deposits from customers | 44 225 | 0.8 | 43 881 | 1.7 | 43 501 |
| Deposits from retail customers | 26 880 | 2.0 | 26 344 | 6.0 | 25 361 |
| Deposits from corporate and public entities | 17 345 | -1.1 | 17 537 | -4.4 | 18 140 |
| Key figures and Alternative Performance Measures (APMs) | |||
|---|---|---|---|
| Q1 2023 | Q1 2022 | 2022 | |
| Return on equity (annualised) 3) 4) | 11.0 | 9.3 | 10.9 |
| Cost/income ratio 4) | 39.7 | 46.0 | 42.5 |
| Losses as a percentage of loans and guarantees (annualised) 4) | 0.17 | 0.00 | -0.01 |
| Gross credit-impaired commitments as a percentage of loans/guarantee liabilities | 1.55 | 1.41 | 1.44 |
| Net credit-impaired commitments as a percentage of loans/guarantee liabilities | 1.28 | 1.07 | 1.20 |
| Deposit-to-loan ratio 4) | 56.5 | 61.5 | 57.4 |
| Liquidity Coverage Ratio (LCR) | 177 | 143 | 185 |
| NSFR (Net Stable Funding Ratio) | 121 | - | 123 |
| Lending growth as a percentage 4) | 10.6 | 3.9 | 8.8 |
| Deposit growth as a percentage 4) | 1.7 | 7.9 | 4.8 |
| Capital adequacy ratio 1) | 22.2 | 20.8 | 22.1 |
| Tier 1 capital ratio 1) | 19.5 | 18.8 | 19.7 |
| Common Equity Tier 1 capital ratio (CET1) 1) | 17.7 | 17.2 | 17.9 |
| Leverage Ratio (LR) 1) | 7.4 | 7.7 | 7.6 |
| Man-years | 387 | 370 | 374 |
| Equity Certificates (ECs) | |||||||
|---|---|---|---|---|---|---|---|
| 31.03.2023 | 31.03.2022 | 2022 | 2021 | 2020 | 2019 | ||
| Profit per EC (Group) (NOK) 2) 5) | 1.96 | 7.85 | 7.50 | 31.10 | 27.10 | 34.50 | |
| Profit per EC (parent bank) (NOK) 2) 5) | 3.10 | 17.34 | 8.48 | 30.98 | 26.83 | 32.00 | |
| Number of ECs 5) | 49 434 770 | 9 886 954 | 49 434 770 | 9 886 954 | 9 886 954 | 9 886 954 | |
| Nominal value per EC (NOK) 5) | 20.00 | 100.00 | 20.00 | 100.00 | 100.00 | 100.00 | |
| EC fraction 1.1 as a percentage (parent bank) | 49.7 | 49.7 | 49.7 | 49.7 | 49.6 | 49.6 | |
| EC capital (NOK million) | 988.70 | 988.70 | 988.70 | 988.70 | 988.70 | 988.70 | |
| Price at Oslo Stock Exchange (NOK) | 77.75 | 441 | 84.41 | 444 | 296 | 317 | |
| Stock market value (NOK million) | 3 844 | 4 360 | 4 173 | 4 390 | 2 927 | 3 134 | |
| Book value per EC (Group) (NOK) 4) 5) | 72.9 | 343 | 74.8 | 350 | 332 | 320 | |
| Dividend per EC (NOK) 5) | 0.00 | 0.00 | 4.00 | 16.00 | 13.50 | 14.00 | |
| Price/Earnings (Group, annualised) | 9.9 | 14.0 | 11.3 | 14.3 | 10.9 | 9.2 | |
| Price/Book value (P/B) (Group) 2) 4) | 1.07 | 1.28 | 1.13 | 1.27 | 0.89 | 0.99 | |
| 1) Incl. 50 % of the comprehensive income after tax | |||||||
| 2) Calculated using the EC-holders' share (49.7 %) of the period's profit to be allocated to equity owners | |||||||
| 3) Calculated using the share of the profit to be allocated to equity owners | |||||||
| 4) Defined as Alternative Performance Measure (APM), see www.sbm.no/IR | |||||||
| 5) Our EC(MORG) was split 1:5 in April 2022. The figures as of 31.03.2022 are therefore not directly comparable with 31.03.2023. | |||||||