Notes
1. Accounting principles and estimates
The company accounts of Sparebanken Norge Boligkreditt AS are prepared in accordance with IAS 34. The principles and estimates are described in the annual report for 2025. There have not been any changes in standards having an effect on Sparebanken Norge Boligkreditt AS accounts from 1 January 2026.
The interim accounts have not been audited.
The company’s financial statements are presented in Norwegian kroner, which is the functional currency. All amounts are stated in NOK million unless stated otherwise.
A tax rate of 22 percent is assumed.
Discretionary assessments, estimates and assumptions
With the preparation of the financial statements, the management makes discretionary assessments, estimates and assumptions that affect the accounting policies and financial records. Please refer to the annual financial statements for 2025 (Note 1 – Accounting principles) for further details.
2. Net interest and credit commission income
| NOK million | 30.09.2026 | 30.09.2025 | Q3 2026 | Q3 2025 | 2025 |
|---|---|---|---|---|---|
| Interest and similar income from loans to and receivables from credit institutions valued at amortised cost | 542 | 345 | 223 | 163 | 481 |
| Interest and similar income from loans to and receivables from customers valued at amortised cost | 8,374 | 7,219 | 3,016 | 2,798 | 9,946 |
| Interest and similar income from loans to and receivables from customers valued at fair value | 456 | 599 | 155 | 186 | 761 |
| Interest and similar income from commercial papers, bonds and other interest-bearing securities | 133 | 238 | 39 | 77 | 317 |
| Other interest | 0 | 2 | 0 | 2 | 2 |
| Interest income and similar income | 9,506 | 8,403 | 3,433 | 3,226 | 11,507 |
| Interest and similar expenses on debt to credit institutions | 694 | 720 | 294 | 245 | 894 |
| Interest and similar expenses on issued securities | 7,606 | 6,289 | 2,765 | 2,417 | 8,694 |
| Fee Norwegian Banks' Resolution Fund | 27 | 21 | 9 | 8 | 29 |
| Interest expenses and similar expenses | 8,327 | 7,030 | 3,067 | 2,670 | 9,618 |
| Net interest and credit commission income | 1,178 | 1,373 | 365 | 556 | 1,889 |
3. Net gains/(losses) on financial instruments
| NOK million | 30.09.2026 | 30.09.2025 | Q3 2026 | Q3 2025 | 2025 |
|---|---|---|---|---|---|
| Net gains/(losses) on fixed interest rate mortgages | -69 | 150 | -22 | -41 | 172 |
| Net gains/(losses) related to interest swaps for fixed interest rate mortgages | 65 | -141 | 23 | 32 | -171 |
| Net gains/(losses) on commercial papers and bonds | -5 | -12 | -4 | -9 | -15 |
| Net gains/(losses) own debt | 67 | 60 | 44 | 18 | 54 |
| Net gains/(losses) on financial instruments designated for hedge accounting | 39 | 28 | -19 | 39 | 4 |
| Other gains/(losses) | -25 | -1 | -19 | -1 | 6 |
| Net gains/(losses) | 72 | 84 | 1 | 38 | 50 |
4. Operating expenses
| NOK million | 30.09.2026 | 30.09.2025 | Q3 2026 | Q3 2025 | 2025 |
|---|---|---|---|---|---|
| Fees | 0 | 0 | 0 | 0 | 0 |
| Other administration expenses | 3 | 4 | 0 | 1 | 5 |
| Total administration expenses | 3 | 5 | 1 | 1 | 5 |
| Rating expenses | 7 | 4 | 2 | 1 | 7 |
| Other operating expenses | 2 | 1 | 0 | 0 | 1 |
| Total other operating expenses | 8 | 5 | 2 | 1 | 9 |
| Total operating expenses | 11 | 9 | 3 | 3 | 14 |
5. Classification of financial assets and liabilities
The following table shows the classification of financial assets and liabilities under IFRS 9 on the balance sheet date.
| 30.09.2026 | Fair value through profit or loss | Hedge accounting | Amortised cost | Total book value |
|---|---|---|---|---|
| Financial assets | ||||
| Loans to and receivables from credit institutions | 0 | 0 | 23,863 | 23,863 |
| Loans to and receivables from customers | 9,932 | 0 | 229,690 | 239,623 |
| Certificates and bonds | 2,919 | 0 | 0 | 2,919 |
| Financial derivatives | 754 | 948 | 0 | 1,703 |
| Total financial assets | 13,606 | 948 | 253,553 | 268,108 |
| Financial liabilities | ||||
| Liabilities to credit institutions | 0 | 0 | 20,453 | 20,453 |
| Securitised debt | 16,311 | 93,291 | 114,766 | 224,368 |
| Financial derivatives | 1,945 | 5,185 | 0 | 7,129 |
| Total financial liabilities | 18,256 | 98,476 | 135,219 | 251,951 |
| 30.09.2025 | Fair value through profit or loss | Hedge accounting | Amortised cost | Total book value |
|---|---|---|---|---|
| Financial assets | ||||
| Loans to and receivables from credit institutions | 0 | 0 | 18,278 | 18,278 |
| Loans to and receivables from customers | 12,035 | 0 | 201,455 | 213,490 |
| Certificates and bonds | 3,816 | 0 | 0 | 3,816 |
| Financial derivatives | 3,626 | 5,757 | 0 | 9,383 |
| Total financial assets | 19,477 | 5,757 | 219,733 | 244,967 |
| Financial liabilities | ||||
| Liabilities to credit institutions | 0 | 0 | 21,414 | 21,414 |
| Securitised debt | 25,887 | 86,831 | 95,062 | 207,780 |
| Financial derivatives | 12 | 156 | 0 | 168 |
| Total financial liabilities | 25,899 | 86,987 | 116,476 | 229,362 |
6. Write-down on loans, guarantees, unused credit facilities and loan approvals
In line with IFRS 9, Sparebanken Norge Boligkreditt AS groups its loans into three stages based on the probability of default (PD) at the time of recognition compared with the balance sheet date, and checking the watch list, forbearance and instalments paid more than 30 days after the due date. In other words, each individual loan (or commitment) is classified as Stage 1, 2 or 3. All commitments recognized at amortized cost are included in the model.
Stage 1 is the starting point for financial assets covered by the general loss model, for which a provision will be made corresponding to 12-month expected losses. Stage 2 includes assets for which the credit risk has increased significantly since initial recognition, but where there is no objective evidence of a loss. Commitments at Stage 1 and 2 are assessed at portfolio level (calculated by model).
Stage 3 of the model includes assets for which the credit risk has increased significantly since initial recognition, and where there has been objective evidence of a loss event on the balance sheet date. They are divided into loans that have been individually assessed and loans assessed at portfolio level (calculated by model).
Transfer between the stages shows how much of expected credit losses in the opening balance have migrated from the other stages. The effect of the new measurement method and new calculation in the quarter is presented on the line ‘Net new measurement of losses’.
Confirmation of the loss write-down (booked against the customer’s commitment) takes place when all security has been realized, and it is certain that the company will receive no further payments on the loan. The claim on the customer remains and will be followed up, unless it has been agreed with the customer that the loan is to be written off.
Write-downs of guarantees, unused credit facilities and loan approvals include off-balance sheet items and are recognized as debt obligations in the accounts.
| Changes in write-downs under IFRS 9 on loans, guarantees, unused credit facilities and loan approvals | Calculated by model | Total calculated by model losses | Individually assessed | Total | ||
|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Stage 3 | |||
| Loss provision at 31.12.2025 | 84 | 56 | 48 | 188 | 2 | 189 |
| Transferred to 12-month ECL (Stage 1) | 23 | -22 | -1 | 0 | 0 | 0 |
| Transferred to lifetime ECL – no objective evidence of loss (Stage 2) | -3 | 7 | -4 | 0 | 0 | 0 |
| Transferred to lifetime ECL – objective evidence of loss (Stage 3) – Calculated by model | 0 | -2 | 3 | 0 | 0 | 0 |
| Transferred to lifetime ECL – objective evidence of loss (Stage 3) – Individually assessed | 0 | 0 | -1 | -1 | 1 | 0 |
| Net new measurement of losses | -34 | 21 | 21 | 9 | 1 | 10 |
| Newly issued or acquired financial assets | 19 | 11 | 3 | 33 | 0 | 33 |
| Financial assets derecognised | -21 | -14 | -15 | -50 | 0 | -50 |
| Loss provision at 30.09.2026 | 69 | 58 | 52 | 179 | 4 | 183 |
| Loan loss provision | 67 | 58 | 52 | 177 | 4 | 180 |
| Provision for guarantees, unused credit facilities and loan approvals | 2 | 0 | 0 | 2 | 0 | 2 |
| Total loss provision at 30.09.2026 | 69 | 58 | 52 | 179 | 4 | 183 |
| Gross lending recognised at amortised cost, allocated to different stages at 31.12.2025 | 201,624 | 8,732 | 343 | 210,699 | 4 | 210,703 |
| Gross lending recognised at amortised cost, allocated to different stages at 30.09.2026 | 222,457 | 7,007 | 401 | 229,865 | 6 | 229,871 |
| Loss cost for the period: | |
|---|---|
| Changes in individual write-downs for the period | 2 |
| Confirmed loss in the period with previous individual write-down | 0 |
| Confirmed loss in the period with no previous individual write-down | 1 |
| Recoveries in previously confirmed write-downs | -1 |
| Net effect on profit/loss from individual write-downs | 1 |
| Changes in losses for the period, calculated by model (Stage 1–3) | -8 |
| Loss cost for the period | -7 |
| Calculated by model | Total calculated by model losses | Individually assessed | Total | |||
|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Stage 3 | |||
| Gross lending recognised at amortised cost at 30.09.2026 | 222,457 | 7,007 | 401 | 229,865 | 6 | 229,871 |
| Loss write-down | -67 | -58 | -52 | -177 | -4 | -180 |
| Net lending recognised at amortised cost in the balance sheet | 222,390 | 6,950 | 348 | 229,688 | 2 | 229,690 |
| Loans valued at fair value | 9,932 | |||||
| Capitalised lending at 30.09.2026 | 239,623 | |||||
| Changes in write-downs under IFRS 9 on loans, guarantees, unused credit facilities and loan approvals | Calculated by model | Total calculated by model losses | Individually assessed | Total | ||
|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Stage 3 | |||
| Loss provision at 31.12.2024 | 29 | 52 | 26 | 106 | 0 | 106 |
| Transferred to 12-month ECL (Stage 1) | 10 | -9 | -1 | 0 | 0 | 0 |
| Transferred to lifetime ECL – no objective evidence of loss (Stage 2) | -1 | 6 | -5 | 0 | 0 | 0 |
| Transferred to lifetime ECL – objective evidence of loss (Stage 3) – Calculated by model | 0 | -3 | 3 | 0 | 0 | 0 |
| Transferred to lifetime ECL – objective evidence of loss (Stage 3) – Individually assessed | 0 | 0 | 0 | 0 | 0 | 0 |
| Net new measurement of losses | -5 | 17 | 12 | 23 | 0 | 23 |
| Newly issued or acquired financial assets | 28 | 15 | 12 | 55 | -1 | 54 |
| Financial assets derecognised | -8 | -13 | -11 | -32 | 0 | -32 |
| Addition through merger | 0 | 15 | 1 | 16 | 2 | 18 |
| Loss provision at 30.09.2025 | 52 | 80 | 37 | 169 | 2 | 170 |
| Loan loss provision | 50 | 80 | 36 | 165 | 2 | 167 |
| Provision for guarantees, unused credit facilities and loan approvals | 2 | 0 | 1 | 4 | 0 | 4 |
| Total loss provision at 30.09.2025 | 52 | 80 | 37 | 169 | 2 | 170 |
| Gross lending recognised at amortised cost, allocated to different stages at 31.12.2024 | 134,090 | 4,558 | 207 | 138,855 | 0 | 138,855 |
| Gross lending recognised at amortised cost, allocated to different stages at 30.09.2025 | 193,496 | 7,798 | 324 | 201,618 | 4 | 201,622 |
| Loss cost for the period: | |
|---|---|
| Changes in individual write-downs for the period | -1 |
| Adjustment related to merger | 0 |
| Confirmed loss in the period with previous individual write-down | 0 |
| Confirmed loss in the period with no previous individual write-down | 2 |
| Recoveries in previously confirmed write-downs | -3 |
| Net effect on profit/loss from individual write-downs | -2 |
| Changes in losses for the period, calculated by model (Stage 1–3) | 46 |
| Loss cost for the period | 45 |
| Calculated by model | Total calculated by model losses | Individually assessed | ||||
|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Stage 3 | Total | ||
| Gross lending recognised at amortised cost at 30.09.2025 | 193,496 | 7,798 | 324 | 201,618 | 4 | 201,622 |
| Loss write-down | -50 | -80 | -36 | -165 | -2 | -167 |
| Net lending recognised at amortised cost in the balance sheet | 193,446 | 7,719 | 288 | 201,453 | 2 | 201,455 |
| Loans valued at fair value | 12,035 | |||||
| Capitalised lending at 30.09.2025 | 213,490 | |||||
7. Loans to and receivables from customers
| Loans broken down by type of receivable (NOK million) | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Flexible loans | 32,859 | 31,115 | 30,924 |
| Instalment loans | 206,944 | 182,541 | 190,931 |
| Gross loans to customers | 239,803 | 213,657 | 221,855 |
| Individual write-downs on loans | -4 | -2 | -2 |
| Write-downs calculated by model | -177 | -165 | -183 |
| Net loans to and receivables from customers | 239,623 | 213,490 | 221,670 |
| Age distribution of loans in default | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Up to 30 days | 120 | 119 | 76 |
| 31-60 days | 16 | 38 | 50 |
| 61-90 days | 13 | 22 | 21 |
| More than 90 days | 167 | 135 | 155 |
| Total | 316 | 314 | 302 |
| Loans broken down by geographical areas (NOK million) | 30.09.2026 | 30.09.2025 | 31.12.2025 | |||
|---|---|---|---|---|---|---|
| Vestland | 92,356 | 38.54 % | 83,738 | 39.22 % | 89,438 | 40.35 % |
| Agder | 41,463 | 17.30 % | 35,341 | 16.55 % | 32,562 | 14.69 % |
| Telemark | 7,451 | 3.11 % | 6,471 | 3.03 % | 6,016 | 2.71 % |
| Vestfold | 5,633 | 2.35 % | 4,687 | 2.20 % | 5,004 | 2.26 % |
| Oslo | 24,190 | 10.10 % | 22,248 | 10.42 % | 23,036 | 10.39 % |
| Akershus | 20,479 | 8.55 % | 18,677 | 8.75 % | 19,927 | 8.99 % |
| Østfold | 4,493 | 1.87 % | 4,159 | 1.95 % | 4,410 | 1.99 % |
| Buskerud | 4,068 | 1.70 % | 3,789 | 1.77 % | 4,006 | 1.81 % |
| Rogaland | 27,475 | 11.47 % | 24,078 | 11.28 % | 25,793 | 11.64 % |
| Møre og Romsdal | 3,683 | 1.54 % | 2,999 | 1.40 % | 3,378 | 1.52 % |
| Other | 8,333 | 3.48 % | 7,302 | 3.42 % | 8,101 | 3.65 % |
| Total | 239,623 | 100.00 % | 213,490 | 100.00 % | 221,670 | 100.00 % |
Distribution is made based on the loan owner's address. All properties are entirely in Norway.
8. Liabilities to credit institutions
Liabilities to credit institutions are classified at amortized cost and is mainly liability to Sparebanken Norge (see note 13).
Liability to Sparebanken Norge has a maturity of 13 months.
| NOK million | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Credit facility with Sparebanken Norge | 20,192 | 12,650 | 16,649 |
| Received collaterals from Sparebanken Norge | 0 | 5,697 | 6,065 |
| Received collaterals | 261 | 3,067 | 2,661 |
| Total debt to credit institutions | 20,453 | 21,414 | 25,375 |
Sparebanken Norge Boligkreditt AS has entered into an agreement with Sparebanken Norge for a credit facility for operational purposes.
9. Securitized debt
| Net outstanding balance | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ISIN code | Currency | Nominal value | Type | Interest rate | Issued | Maturity | 30.09.2026 | 30.09.2025 | 31.12.2025 |
| NO0010634546 | NOK | 500 | Fixed | 4.50% | 2012 | 2027 | 514 | 513 | 520 |
| NO0010670409 | NOK | 500 | Fixed | 4.00% | 2013 | 2028 | 506 | 510 | 516 |
| NO0010833387 | NOK | 3,250 | Fixed | 2.70% | 2018 | 2028 | 3,088 | 3,103 | 3,137 |
| XS1947550403 | EUR | 0 | Fixed | 0.50% | 2019 | 2026 | 0 | 5,849 | 5,924 |
| XS1951084638 | EUR | 0 | Fixed | 0.50% | 2019 | 2026 | 0 | 8,774 | 8,881 |
| XS2069304033 | EUR | 500 | Fixed | 0.01% | 2019 | 2026 | 5,420 | 5,728 | 5,800 |
| XS2199484929 | EUR | 500 | Fixed | 0.01% | 2020 | 2027 | 5,322 | 5,645 | 5,715 |
| XS2237321190 | EUR | 0 | Fixed | 0.01% | 2020 | 2025 | 0 | 5,847 | 0 |
| XS2270414712 | SEK | 0 | Floating | 3M Stibor+0.75% | 2020 | 2025 | 0 | 5,643 | 0 |
| XS2291901994 | EUR | 500 | Fixed | 0.01% | 2021 | 2028 | 5,172 | 5,544 | 5,613 |
| NO0010985674 | NOK | 0 | Floating | 3M Nibor+0.75% | 2021 | 2026 | 0 | 10,112 | 10,098 |
| NO0011002529 | NOK | 7,000 | Floating | 3M Nibor+0.75% | 2021 | 2027 | 7,040 | 7,068 | 7,061 |
| XS2389362687 | EUR | 500 | Fixed | 0.01% | 2021 | 2028 | 5,031 | 5,443 | 5,505 |
| XS2397352233 | EUR | 750 | Fixed | 0.01% | 2021 | 2026 | 8,143 | 8,597 | 8,700 |
| XS2434412859 | EUR | 750 | Fixed | 0.375% | 2022 | 2032 | 6,861 | 7,570 | 7,628 |
| NO0012519687 | NOK | 7,380 | Floating | 3M Nibor+0.35% | 2022 | 2027 | 7,463 | 10,147 | 10,146 |
| NO0012535824 | NOK | 1,718 | Floating | 3M Nibor+0.53% | 2022 | 2027 | 1,728 | 5,547 | 5,544 |
| XS2536376416 | EUR | 750 | Fixed | 2.50% | 2022 | 2027 | 8,106 | 8,839 | 8,950 |
| XS2555209381 | EUR | 0 | Fixed | 3.13% | 2022 | 2025 | 0 | 6,032 | 0 |
| NO0012805748 | NOK | 9,750 | Floating | 3M Nibor+0.48% | 2023 | 2028 | 9,773 | 9,772 | 9,773 |
| NO0012913906 | NOK | 6,000 | Floating | 3M Nibor+0.51% | 2023 | 2028 | 6,012 | 6,009 | 6,010 |
| NO0012987165 | NOK | 1,850 | Fixed | 4.50% | 2023 | 2033 | 1,810 | 1,883 | 1,899 |
| NO0013027995 | NOK | 1,000 | Fixed | 4.85% | 2023 | 2028 | 992 | 1,016 | 1,028 |
| XS2696811368 | SEK | 3,000 | Fixed | 4.09% | 2023 | 2028 | 2,937 | 3,340 | 3,451 |
| NO0013035907 | NOK | 650 | Fixed | 4.43% | 2023 | 2038 | 655 | 686 | 660 |
| XS2717426576 | EUR | 500 | Fixed | 3.375% | 2023 | 2028 | 5,556 | 6,167 | 6,034 |
| NO0013149047 | NOK | 6,500 | Floating | 3M Nibor+0.56% | 2024 | 2029 | 6,574 | 6,568 | 6,566 |
| XS2769887600 | EUR | 35 | Floating | 3M Euribor+0.37% | 2024 | 2029 | 382 | 411 | 414 |
| NO0013214841 | NOK | 6,000 | Floating | 3M Nibor+0.47% | 2024 | 2029 | 6,040 | 6,041 | 6,040 |
| XS2824740778 | EUR | 500 | Fixed | 3.00% | 2024 | 2029 | 5,371 | 5,994 | 6,050 |
| NO0013388454 | NOK | 6,000 | Floating | 3M Nibor+0.41% | 2024 | 2029 | 6,041 | 6,037 | 6,037 |
| XS2937252174 | SEK | 1,800 | Floating | 3M Stibor+0.40% | 2024 | 2029 | 1,731 | 1,911 | 1,968 |
| XS2944441810 | SEK | 500 | Floating | 3M Stibor+0.42% | 2024 | 2029 | 482 | 532 | 548 |
| NO0013436592 | NOK | 820 | Fixed | 4.22% | 2024 | 2034 | 808 | 840 | 812 |
| NO0013456558 | NOK | 10,000 | Floating | 3M Nibor+0.44% | 2025 | 2030 | 10,016 | 10,012 | 10,014 |
| XS3004243179 | EUR | 500 | Fixed | 2.63% | 2025 | 2031 | 5,266 | 5,921 | 5,962 |
| XS3027975799 | SEK | 700 | Floating | 3M Stibor+0.42% | 2025 | 2030 | 674 | 744 | 766 |
| XS3037102301 | EUR | 750 | Fixed | 2.75% | 2025 | 2030 | 7,919 | 8,877 | 8,949 |
| NO0013642439 | NOK | 8,500 | Floating | 3M Nibor+0.36% | 2025 | 2030 | 8,511 | 8,508 | 8,509 |
| XS3204229812 | EUR | 1,000 | Fixed | 2.50% | 2025 | 2030 | 10,627 | 0 | 11,704 |
| XS3240761661 | SEK | 10,000 | Floating | 3M Stibor+0.40% | 2025 | 2030 | 9,640 | 0 | 8,758 |
| NO0013710574 | NOK | 7,500 | Floating | 3M Nibor+0.34% | 2026 | 2031 | 7,531 | 0 | 0 |
| XS3295618527 | SEK | 3,400 | Floating | 3M Stibor+0.30% | 2026 | 2031 | 3,279 | 0 | 0 |
| NO0013726885 | NOK | 500 | Fixed | 4.44% | 2026 | 2033 | 498 | 0 | 0 |
| XS3326336511 | EUR | 300 | Floating | 3M Euribor+0.20% | 2026 | 2029 | 3,265 | 0 | 0 |
| XS3343433085 | EUR | 1,000 | Fixed | 2.875% | 2026 | 2031 | 10,620 | 0 | 0 |
| NO0013755256 | NOK | 8,000 | Floating | 3M Nibor+0.25% | 2026 | 2031 | 8,082 | 0 | 0 |
| XS3487836705 | EUR | 750 | Fixed | 3.25% | 2026 | 2033 | 7,908 | 0 | 0 |
| XS3498996399 | USD | 50 | Fixed | 4.684% | 2026 | 2029 | 475 | 0 | 0 |
| NO0013770875 | NOK | 10,500 | Floating | 3M Nibor+0.16% | 2026 | 2029 | 10,502 | 0 | 0 |
| Total securities issued | 224,368 | 207,780 | 211,689 | ||||||
10. Overcollateralisation
| Cover pool (NOK million) | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Pool of eligible loans | 238,405 | 212,648 | 220,336 |
| Supplementary assets | 21,764 | 18,278 | 16,491 |
| Total collateralised assets | 260,169 | 230,926 | 236,827 |
| Debt securities issued | 228,835 | 197,698 | 201,967 |
| Own holding | 6,452 | 0 | 0 |
| Total covered bonds in the cover pool, including own holding | 235,287 | 197,698 | 201,967 |
| Net overcollateralisation | 24,882 | 33,228 | 34,859 |
| Collateralisation (per cent) | 111 % | 117 % | 117 % |
| 30.09.2026 | 30.09.2025 | 31.12.2025 | |
| Overcollateralisation in excess of the minimum requirement of 105% | 13,118 | 23,343 | 24,761 |
The cover pool represents assets in the balance sheet that are designated as collateral for issued covered bonds. The overcollateralisation in the cover pool indicates the relationship between the cover pool and issued covered bonds. NOK 1,160 million mortgages are not eligible for the cover pool.
11. Capital adequacy
In 2009 Sparebanken Norge Boligkreditt AS (former Sparebanken Vest Boligkreditt AS) was given permission by the Financial Supervisory Authority of Norway to use internal methods to calculate credit risk (Internal Rating Based-method). Non-converted loan portfolio following the merger with Sparebanken Sør Boligkreditt AS has been treated under the standard method.
| NOK million | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Risk-weighted assets | |||
| Credit risk IRB | 50,950 | 41,617 | 45,748 |
| Commitments under the standard method | 16,262 | 19,125 | 17,228 |
| Operational risk | 3,582 | 3,419 | 3,546 |
| Risk of credit valuation adjustment of the counterparty (CVA) | 139 | 860 | 810 |
| Risk weighted assets | 70,934 | 65,021 | 67,332 |
| Own funds | |||
| Paid-in equity | 14,690 | 14,690 | 14,690 |
| Other equity | 885 | 914 | 1,210 |
| Total booked equity | 15,576 | 15,604 | 15,901 |
| Deduction for expected losses | -265 | -235 | -270 |
| Adj. for urealised losses/(gains) on debt recorded at fair value | -13 | -89 | -56 |
| Value adjustment for prudent valuation requirement | -32 | -73 | -70 |
| Year-to-date profit not included in core capital | -892 | -865 | 0 |
| Deductions for provision for dividend | 0 | 0 | -1,190 |
| Other deductions | -3 | 0 | 0 |
| Common Tier 1 capital | 14,372 | 14,341 | 14,315 |
| Subordinated bonds | 0 | 0 | 0 |
| Total Tier 1 capital | 14,372 | 14,341 | 14,315 |
| Supplementary capital | 0 | 0 | 0 |
| Own funds | 14,372 | 14,341 | 14,315 |
| Common Tier 1 capital adequacy | 20.3 % | 22.1 % | 21.3 % |
| Subordinated bonds | 0,0 % | 0,0 % | 0,0 % |
| Supplementary capital | 0,0 % | 0,0 % | 0,0 % |
| Capital adequacy | 20.3 % | 22.1 % | 21.3 % |
| Minimum requirement | |||
| Minimum Tier 1 capital requirements | 4.5 % | 4.5 % | 4.5 % |
| Conservation buffer | 2.5 % | 2.5 % | 2.5 % |
| Systemic risk buffer | 4.5 % | 4.5 % | 4.5 % |
| Counter-cyclical buffer | 2.5 % | 2.5 % | 2.5 % |
| CET1 requirements | 14.0 % | 14.0 % | 14.0 % |
| Tier1 Capital requirements | 15.5 % | 15.5 % | 15.5 % |
| Total capital requirements | 17.5 % | 17.5 % | 17.5 % |
| Minimum requirement own funds, 8% | 5,675 | 5,202 | 5,387 |
| Surplus own funds | 8,697 | 9,140 | 8,928 |
| of which surplus Core Tier 1 capital to meet buffer requirement | 8,697 | 9,140 | 8,928 |
| Buffer requirement | |||
| Conservation buffer, 2.5% | 1,773 | 1,626 | 1,683 |
| Systemic risk buffer, 4.5% | 3,192 | 2,926 | 3,030 |
| Countercyclical buffer, 2.5% | 1,773 | 1,626 | 1,683 |
| Total buffer requirement | 6,739 | 6,177 | 6,397 |
| Surplus Core Tier 1 capital | 1,958 | 2,963 | 2,532 |
12. Leverage ratio
| NOK million | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Total assets | 268,158 | 245,312 | 253,511 |
| Off-balance sheet items | 4,012 | 7,045 | 2,989 |
| Regulatory adjustments | -312 | -397 | -396 |
| Other adjustments to the calculation | 1,035 | -3,655 | -5,736 |
| Total Leverage Ratio exposure measure | 272,893 | 248,304 | 250,368 |
| Tier 1 capital | 14,372 | 14,341 | 14,315 |
| Leverage ratio | 5.3 % | 5.8 % | 5.7 % |
13. Transactions with related parties
Sparebanken Norge Boligkreditt AS is a wholly owned subsidiary of Sparebanken Norge. The parent company is defined as a related party in relation to the accounting standard regarding related party disclosures.
Transactions between the company and the parent bank are conducted in accordance with generally accepted business terms and principles.
| Transactions with related parties (NOK million) | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|
| Profit and Loss | |||
| Interest and credit commission received from related parties | 535 | 345 | 481 |
| Interest paid on related parties' deposits | -683 | -683 | -842 |
| Interest on derivatives paid/received to/from related parties | -1,812 | -1,517 | -2,045 |
| Interest expenses and similar expenses | -2,495 | -2,200 | -2,887 |
| Commission costs | -101 | -292 | -328 |
| Balance Sheet | |||
| Loans to and receivables from credit institutions | 21,813 | 18,278 | 16,491 |
| Financial derivatives assets | 1,404 | 6,147 | 6,291 |
| Liabilities to credit institutions | 20,192 | 18,347 | 22,714 |
| Financial derivatives liability | 6,372 | 12 | 43 |
| Other liabilities | 23 | 0 | 12 |