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1 interim report 1st quarter 2009 BNkreditt

2 content Report of the Directors... 3 Income Statement... 5 Balance Sheet... 5 Change in Equity... 6 Cash Flow Statement... 6 Notes... 7 [ 2 ]

3 Bolig- og Næringskreditt AS (BNkreditt) Introduction The owner of Bolig- og Næringskreditt AS (BNkreditt), BNbank ASA, is owned by the banks in the SpareBank 1 alliance. Since the takeover of BNbank by the SpareBank 1 alliance, a process has been carried out to assess how best to co-ordinate and integrate BNbank s operations with the owner banks. In the further co-ordination process, the SpareBank 1 banks wish BNbank to continue as a separate bank and to develop further on the basis of deposits, home loans and loans for commercial properties. This is in line with BNbank s original strategy prior to the merger with the former KredittBanken. Work is being done to further develop and strengthen this strategy, on a basis of cost-effectiveness, low risk, specialisation and competitive terms. The operations in Ålesund, which largely comprise loans to the corporate market, will be organisationally subordinate to SpareBank 1 SMN. The work to further develop and co-ordinate the operations of the credit institutions BNkreditt, BN Boligkreditt and SpareBank 1 Boligkreditt, aimed at strengthening the funding of the BNbank Group s and the alliance s operations, will continue. was a positive effect on earnings amounting to NOK 26 million. In fourth-quarter 2008 and first-quarter 2009, however, the effect was negative, by NOK 8 million and NOK 25 million respectively. These effects will even out over time. Other operating expenses were NOK 25 million for the first quarter 2009, compared with NOK 24 million for the same period of Operating expenses for fourth-quarter 2008 were NOK 18 million. The Company purchases all its operating services from BNbank ASA. The Company s underlying level of costs is stable. Impairment losses on loans were NOK 10 million for the first quarter 2009, compared with NOK 1 million for the same period of For the fourth quarter 2008, impairment losses on loans were NOK 29 million. The increase in losses is largely owing to the downturn in the Norwegian economy. Impairment losses in the first quarter 2009 were all group write-downs, which totalled NOK 48 million at 31 March Group write-downs were 0.23 per cent of all loans at 31 March 2009, compared with 0.18 per cent of all loans at the start of Lending and funding operations Operations Low-risk financing of commercial real estate within the BNbank Group is done largely through BNkreditt. BNkreditt s lending business is funded primarily by issuing securities and by intercompany financing. Results BNkreditt achieved a pre-tax profit of NOK 24 million for the first quarter of 2009, compared with NOK 74 million for the first quarter of Profit for the fourth quarter 2008 was NOK 49 million. The volume of lending has remained stable to date this year, totalling NOK 20.7 billion at the end of March 2009, compared with NOK 20.8 billion at the start of the year. The securities market was challenging in 2008 and has remained so in 2009, with the financial unrest giving rise to higher prices and reduced access to new sources of funding in this market. At the end of March 2009, BNkreditt had NOK 10.7 billion in own securities borrowing, of which NOK 3.5 billion was purchased by the Parent Bank. Other interest-bearing debt consists mostly of debt to the Parent Bank. Net interest income was NOK 85 million for the first quarter 2009, compared with NOK 73 million for the same period of For the fourth quarter 2008, net interest income totalled NOK 99 million. BNkreditt s financial instruments that mature after one year are carried at fair value. Interest rate risk in the Company is low, and fluctuations in interest rates should have a limited net effect on earnings. During periods when interest rate spreads between different instruments develop differently, effects on earnings may arise. In 2008 there [ 3 ]

4 BNkreditt s lending is primarily exposed to property companies. Overall, the risk in the loan portfolio is deemed relatively low, but because of the economic downturn and considerable impairment of collateral for the Company s lending, risk has increased in the past few quarters. Nonperforming loans increased during the first quarter and stood at NOK 804 million at 31 March 2009, while at the end of the fourth quarter 2008 non-performing loans totalled NOK 678 million. A continued downturn may weaken customers ability to service their debts as well as the value of their collateral, while falling interest rates and various stimulus packages from the authorities may have a positive effect. Solvency BNkreditt s capital base was NOK million at the close of the period, equivalent to a capital adequacy ratio of 14.6 per cent. Tier 1 capital totalled NOK million, giving a tier 1 capital ratio of 12.5 per cent at 31 March Riskweighted assets were NOK million at the same date. The Board of Directors views the ratio between BNkreditt s solvency and relevant risks as satisfactory. Outlook for the remainder of the year The main focus of a new strategy for the BNbank Group will, in the Board s opinion, provide a sound basis for maintaining and developing BNkreditt s value and assets. BNkreditt enjoys a good position in selected markets. Further growth in lending will depend on the Company s capital adequacy and financing opportunities. Priority areas will be to utilise the opportunities offered by covered bonds. Continuing unrest in the credit markets may have a negative impact on financing opportunities. Future growth in margins and volumes in the lending business is burdened with uncertainty. Interest rates, economic conditions, the general demand for credit, and competition in the market all have an effect. BNkreditt still has borrowings raised prior to the turmoil in the financial markets, on terms that were in effect before the difficulties began. Repricing of these borrowings on market terms will over time exert pressure on BNkreditt s earnings. The Board of Directors Trondheim, 24 April 2009 [ 4 ]

5 Income Statement nok million note Q Q full year 2008 Interest and similar income Interest expense and similar charges Net income from interest and credit commissions Change in value of fin instr carried at fair value Other operating income Total other operating income Salaries and general administrative expenses Other operating expenses Total other operating expenses Operating profit before impairment losses Impairment losses on loans and advances Profit before income tax Income tax expense Net profit for the period Balance Sheet nok million note Deferred tax assets Repossessed properties Loans and advances Financial derivatives Total assets Share capital Retained earnings Total equity Deferred tax Subordinated loan capital Liabilities to credit institutions Debt securities in issue Accrued expenses and deferred income Other short-term liabilities Financial derivatives Total liabilities Total equity and liabilities The Board of Directors Trondheim, 24 April 2009 [ 5 ]

6 Statement of Changes in Equity share other paidshare premium up share other total nok million capital reserve capital reserves equity Balance Sheet at 1 January Result of the period Balance Sheet at 31 March Result of the period Balance Sheet at 31 December Result of the period Balance Sheet at 31 March The Board of Directors Trondheim, 24 April 2009 Cash Flow Statement nok million Q Q full year 2008 Cash flows from operating activities Interest/commission received and fees received from customers Interest received on other investments Interest paid on other loans Receipts/disbursements (-) on loans and advances to customers Receipts/payments on customer deposits and debt Receipts/payments (-) on liabilities credit institutions Receipts/payments (-) on securities in issue Other receipts/payments Payments to suppliers for goods and services Payments to employees, pensions and social security expenses Tax paid Net cash flow from operating activities Cash flows from investing activities Net cash flow from investing activities Cash flow from financing activities Net cash flows from financing activities Net cash flow for the period Cash and balances with central banks at 1 January Cash and balances with central banks at 31 March [ 6 ]

7 Notes Note 1. Accounting policies The financial statements for the first quarter have been prepared in compliance with IFRS, including IAS 34 on Interim Financial Reporting. IAS 1 (revised), Presentation of financial statements has been applied for the Group as of 1 January A description of the accounting policies applied by the Group in preparing the financial statements is provided in the Annual Report for Note 2. Other operating income and net gain/(loss) nok million Q Q full year 2008 Net commission income/expense Net gain/loss on securities Net gain/loss on foreign exchange Other operating income Total other operating income and net gain/(loss) Net gain/loss on foreign exchange is mainly attributable to effects of foreign exchange gains/losses which arise when borrowing and lending in foreign currencies is translated at the current exchange rate. Forward exchange contracts are measured at fair value with value changes carried through profit or loss. Exchange gain/loss effects on this line will therefore be wholly or partially equalled by effects with sign reversed under the line for Change in value of financial instruments carried at fair value through profit or loss. Note 3. funding The Company had issued bonds and certificates in the nominal amount of NOK 286 million at 31 March 2009, either as new issues or increases in existing tap issues. Fixed-rate loans are measured at fair value on the balance sheet, while variable-rate loans are measured at amortised cost. Debt securities in issue nok million certificates Bonds total Net debt (nominal) at 1 January New issues Increase in existing issues Purchase and maturity of existing issues Net debt (nominal) at 31 March Recognised Values nok million full year 2008 Certificates carried at amortised cost Certificates selected for fair value carrying Total recognised value of Certificates Bonds carried at amortised cost Bonds selected for fair value carrying Total recognised value of Certificates Total recognised value of debt securities in issue Note 4. Contingent outcomes, events after the balance sheet date Apart from the matters mentioned in the note above, there are no assets or liabilities to which contingent outcomes are attached and where those outcomes could have a significant impact on the Group`s financial position and results. There were no significant events after the balance sheet date. [ 7 ]

8 [ 8 ] Styrets beretning / BNbank årsberetning 2007 Bolig- og næringskreditt as Onr

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