SpareBank 1 Boligkreditt AS

Transcription

1 SpareBank 1 Boligkreditt AS 3rd quarter 28 Stavanger 22 October 28

2 SPAREBANK 1 BOLIGKREDITT AS 28 As of 3 September 28 Accounts 3q 28 Income statement NOK 1 Interest income Interest expenses Net interest income Commission fees payable Net profit/loss on securities -832 IFRS conversion effect Total income Salaries and other personnel expenses Administrative expenses Other operating expenses Depreciation of fixed and other intangible assets Total operating expenses Operational result Taxes Profit/loss for the period Balance sheet NOK 1 Assets Deferred tax assets 665 Other intangible assets Other assets Lending to and deposits with credit institutions Lending to customers Financial derivatives Total assets Liabilities and equity Contributed equity Accrued equity Profit/loss Total equity Deferred taxes Covered Bonds Securities issued Debt to credit institutions Financial derivatives Payable taxes 3 43 Other liabilities Total liabilities Total liabilities and equity

3 SpareBank 1 Boligkreditt AS Statement of changes in equity NOK 1 Share capital Premium reserve Other equity Total equity Incorporation Cost of incorportation -6-6 Share increase 21 november Result in the period Balance as of 1 January Share increase 22 February Share increase 22 August Share increase 2 November Share increase 2 Desember Result in the period Balance as of 31 December Share increase 4 June Share increase 13 June Result in the period Balance as of 3 September

4 SpareBank 1 Boligkreditt AS Cash Flow analysis Cash flow from operations Pre tax result Paid tax for the period Interest income Interest expense Ordinary depreciation Change in other time limited items Net cash flow from operations Cash flow from investments Net increase in lending to customers Net increase in other intangible assets Net cash flow from investments Cash flows from funding activities Net increase in debt incurred by the issuing of bonds Net decrease in debt incurred by the issuing of bonds -25 Net increase in debt incurred by the issuing of securities Net increase in debt to credit institutions Net decrease in debt to credit institutions -22 Payment of new equity capital Net cash flow from funding Net cash flow in the period Balance of bank deposits, cash and similar entities -opening balance Balance of bank deposits, cash and similar entities -closing balance

5 SpareBank 1 Boligkreditt AS Notes to the accounts for the 3rd quarter 28 Note 1 General information SpareBank 1 Boligkreditt AS implemented the IFRS as of 1 January 27. The date of the opening balance in accordance with IFRS was 1 January 26 and as such comparable figures in accordance with the new accounting standards have been prepared for the accounts. Changes in IAS 23-Loan expenses were published by IASB in Q1 27. These will come into force starting 1 January 29. Note 2 Accounting standards General The accounts are presented in accordance with the International Financial Reporting Standards (IFRS) including IAS 34 with regards to i nterim accounts. This also includes interpretations from International Financial Reporting Interpretations Committee (IFRIC) and its predecessor, Standing Interpretations Committee (SIC). Descriptions of the accounting standards applied in the presentation of this interim report can be found in the annual accounts of 27. Note 3 Risk classification The risk classification of the company s liabilities is completed upon the background of a complete assessment of the liabilities. This assessment is based on the following main criteria: - The client s ability to pay (income and debt) - The client s willingness to pay (poor payment records and reminders) - The size of the loan - Debt to asset ratio (only within 75% of the estimated value) - Location Any differentiation in prices is governed by SpareBank 1 Boligkreditt, based on the recommendation given by the individual savings bank. Such differentiation is mainly carried out on the basis of collateral, the financial situation of the client and market circumstances. Note 4 Net interest income Interest income Interest income and similar income on loans to and deposits with credit institutions Interest income and similar income from loans to and balances with customers Total interest income Interest expenses Interest expense and similar expenses to credit institutions Interest expense and similar expenses on deposits from and liabilities to constumers Interest expense and similar expenses on securities issued Other interest expenses 2 Total interest expenses Net interest income

6 Note 5 Asset coverage test Covered Bonds Financial derivatives (Cross currency swaps) Financial derivatives (Interest rate swaps) Total covered funding N/A* Lending to customers Accrued interest receivable Lending to and deposits with credit institutions Accrued interest payable Total cover pool N/A* Asset to debt ratio on collateral 15,65 % N/A* 113,2 % * Covered bonds were first issued during the course of 27 Note 6 Salaries and remuneration Salary expenses Ordinary salaries Pension expenses Social insurance fees Other personell expenses Total salary expenses Average number of man-years 4,33 4,33 4,33 Note 7 Administrative expenses Operations and maintenance IT Management fee on loans Travel Telephone and postage Training Other administrative expenses Total adminitrative expenses Note 8 Other operating expenses Internal audit, hired employee from SpareBank 1 Gruppen, acquired adm. services and more Operating expenses rented offices Other operating expenses Total other operating expenses

7 Note 9 Lending to customers Flexible loans -retail division Amortising loans -retail division Total lending prior to loss provisions Specified loss provisions Group loss provisions Total net lending to and receivables with customers Loans in defaults Defaults Specified loss provisions Net loans in default Other doubtful loans Doubtful loans, not yet defaulted -Individual write-downs on doubtful loans Net other doubtful loans Total liabilities for a client is assumed to be in default and is included in reports on defaults when any payments that are due have not been paid within 9 days after the due date, or an overdraft has exceeded 9 days. Loss assessments are carried out on liabilities that have been in default for more than 9 days. Note 1 Financial derivatives Contractual amount Real value NOK 1 Assets Liabilities Distribution Cash flow hedge Value of hedge Hedging Q3 28 Interest rate derivatives Interest rate swaps Cross currency swaps Total financial derivatives Hedging Q3 27 No financial derivatives in Q3 27 Hedging according to annual accounts 27 Interest rate derivatives Interest rate swaps Cross currency swaps Total financial derivatives

8 Note 11 Capital Adequacy Subordinated capital in 1 NOK Share capital Premium fund Other equity Total equity on balance sheet Intangible assets Core capital Supplementary capital Total subordinated capital Basel II Basel II Basel II Capital adequacy Core capital (%) 1,38 % 14,8 % 17,79 % Capital adequacy (%) 1,38 % 14,8 % 17,79 % The statement presents the capital adequacy ratio of SpareBank 1 Boligkreditt. The capital adequacy ratio shall be at least 8 per cent. Intangible assets shall not be included. The asset base for calculation in weighted according to risk. According to Basel II the risk categories are:, 1, 2, 35, 75 and 1 per cent. Note 12 Liabilities incurred by issuing securities Covered Bonds NOK 1, unless stated otherwise ISIN Nominal Currency Interest rate Maturity date XS EUR N/A XS EUR N/A XS EUR N/A NO NOK N/A 2 NO NOK N/A NO NOK N/A NO NOK N/A 6 EUR N/A Total Covered Bonds N/A Bonds, certificates, and other uncovered short term loans Bonds, certificates and other uncovered short term loans Deposits - short term loans from credit institutions Total bonds, certificates and other uncovered short term loans * The amounts refer to nominal values and thus differ from those in the accounts that show amortised cost 8

9 Note 13 Conditional consequences SpareBank 1 Boligkreditt is not a party in any ongoing legal proceedings Note 14 Income and balance sheet development Income statement 3rd quarter 28 3rd quarter 27 sep.8 sep.8 Full year 27 NOK sep.8 sep.7 27 Interest income Interest expenses Net interest income Commission fees payable New profit/loss on securities -832 N/A -774 N/A IFRS conversion effect N/A N/A Total income Salaries and other personnel expenses Administrative expenses Other operating expenses Depreciation of fixed and other intanglible assets Total operating expenses Operational result Taxes Profit/loss for period Balance sheet 3rd quarter 28 3rd quarter 27 sep.8 sep.8 Full year 27 NOK sep.8 sep.7 27 Assets Deferred tax assets Other intangible assets 5 349, Other assets , Lending to and deposits with credit institutions , Lending to customers , Financial derivatives , Total assets Equity and liabilities Contributed equity Accrued equity Profit/loss Total equity Deferred taxes -12 Covered Bonds Securities issued Debt to credit institutions Financial derivatives Payable taxes Other liabilities Total liabilities Total equity and liabilities