English summary
| Key figures Q1 (amounts in million NOK) | 2026 | 2025 |
|---|---|---|
| Profit before tax | 67,5 | 74,6 |
| Profit after tax | 52,0 | 56,3 |
| Net interest | 95,5 | 101,5 |
| Net commission | 27,8 | 27,6 |
| Losses and write-downs | 1,1 | -0,3 |
| Net interest in % of ATA | 1,83 % | 2,15 % |
| Net commission in % of ATA | 0,53 % | 0,59 % |
| Operating costs in % of ATA | 1,11 % | 1,17 % |
| Operating costs in % of income | 45,7 % | 42,5 % |
| Deposits to loan ratio | 80,1 % | 80,6 % |
| Transfer ratio Eika Boligkreditt (EBK) | 45,4 % | 43,7 % |
| Core tier 1 capital adequacy (consolidated, without added profit) | 17,4 % | 17,5 % |
| Return on equity before tax | 10,1 % | 11,7 % |
| Return on equity after tax | 7,7 % | 8,7 % |
Quarterly report Q1 2026
High lending growth and low losses
The accounts at the end of Q1 show a decline within the bank’s core operations. Net interest income is somewhat down compared with last year, while net commissions are marginally up. Defaults remain at a low level – the same applies to losses and write-downs. Operating costs have increased somewhat compared with the same period last year. The increase mainly relates to personnel costs, following new FTEs in connection with the establishment of a new branch office in Sandnes.
The growth rate in loans remains high compared with overall credit growth in our primary market area. Total lending growth over the past 12 months amounts to 11,2 % – including loans transferred to EBK. Overall customer deposits also show positive development – growth over the past 12 months amounts to 8,4 %.
Result, Q1 2026
For Q1, the bank achieved a pre-tax profit of NOK 67,5 million, compared with NOK 74,6 million for the previous year. The reduction in profit is mainly due to a combination of a decline in the bank’s net interest income and somewhat higher personnel costs. Defaults remain at a low level – the same applies to losses and write-downs.
Profit after tax was NOK 52,0 million, compared with NOK 56,3 million for the previous year.
The return on equity after tax was 7,7 % (8,7 %). The bank’s long-term goal in a normal situation is a return on equity after tax of at least 11,0 %.
Net interest
Net interest income at the end of Q1 amounted to NOK 95,5 million (NOK 101,5 million).
As a ratio of average total assets (ATA), net interest income amounted to 1,83 % at the end of Q1 (2,15 %). The money market rate has shown a stable development over time – Norges Bank kept the policy rate unchanged at 4,00 % throughout Q1.
Net commission
Net commission income as at 31.03.2026 amounted to NOK 27,8 million (NOK 27,6 million). Commission from Eika Boligkreditt (EBK) totalled NOK 8,7 million at the end of Q1 – down from NOK 10,6 million at the same time last year. The EBK portfolio has increased in net volume by NOK 1 205,8 million over the past 12 months – corresponding to growth of 15,9 %. Commission income excluding EBK shows positive development in Q1 compared with the same period last year.
Net income from financial investments
Net income from financial investments as at 31.03.2026 amounted to NOK 3,1 million (NOK 0,1 million). The increase is mainly due to higher returns from securities compared with the same period last year.
Operating expenses
Total operating expenses as at 31.03.2026 were NOK 57,9 million (NOK 55,0 million). The increase amounts to approximately 5,3 % and relates mainly to salaries and personnel. The ratio of operating expenses to ATA was 1,11 % (1,17 %) at the end of Q1. Expenses as a ratio of income were 45,7 % at the end of Q1 (42,5 %). The bank’s long-term target is a cost ratio below 40,0 %.
Losses and defaults
Write-downs and losses on loans and guarantees as at 31.03.2026 amounted to a net of NOK 1,1 million (minus NOK 0,3 million).
Gross non-performing commitments (over 90 days) amounted to NOK 20,0 million (NOK 18,2 million) at the end of Q1. Gross other defaulted exposures (doubtful) amounted to NOK 73,5 million (NOK 87,1 million).
Non-performing commitments and other defaulted exposures (doubtful) thereby totalled NOK 93,4 million (NOK 105,3 million) at the end of Q1. Measured as a percentage of gross lending, including volumes at EBK, this represents a reduction over the past 12 months from 0,45 % to 0,36 %.
Provision levels for non-performing commitments and other defaulted exposures (doubtful) were 9,4 % (4,7 %) and 9,0 % (8,2 %) respectively at the end of Q1.
Total write-downs in stage 3 increased from NOK 8,0 million last year to NOK 8,5 million this year.
The sum of write-downs in stage 1+2 shows a decrease from the same period last year and amounts to a total of NOK 20,2 million at the end of Q1 – compared with NOK 24,4 million the previous year.
The bank’s balance sheet
The bank’s assets totalled NOK 21,2 billion at the end of Q1. This represents an increase of 9,9 % over the past 12 months. The bank’s total assets, including loans transferred to EBK, amounted to NOK 30,0 billion at the end of Q1. This represents an increase of 11,6 % over the past 12 months.
Lending via EBK totalled NOK 8,8 billion at the end of Q1. The development in volume terms during the past 12 months shows a solid growth of 15,9 %.
Loans on the balance sheet for the past 12 months show an increase from NOK 15,6 billion to NOK 17,0 billion. This corresponds to growth of 8,9 %. Including the transferred volume in EBK, total lending to customers has increased by 11,2 % over the past 12 months.
Deposits from customers show an increase of 8,4 % over the past 12 months, amounting to NOK 13,6 billion at the end of Q1. We continue to see good stability for deposits.
The deposit to loan ratio was 80,1 % at the end of Q1, down from 80,6 % at the same time last year. The deposit to loan ratio, including EBK, was 52,9 % at the end of Q1, down from 54,3 % at the same time last year. The deposit spread is considered to be good, with relatively few large customer deposits in the portfolio.
Key figures
| RESULTS (amounts in thousand NOK) | Q1 2026 | Q1 2025 | Year 2025 |
|---|---|---|---|
| Net interest income | 95 486 | 101 463 | 409 135 |
| Total other operating income | 31 016 | 27 851 | 176 654 |
| Total operating expenses | 57 861 | 54 975 | 228 320 |
| Operating profit before loan losses | 68 641 | 74 339 | 357 470 |
| Write-downs and losses on loans | 1 121 | -283 | -4 897 |
| Operating profit before tax | 67 520 | 74 623 | 362 368 |
| Tax cost | 15 492 | 18 350 | 55 157 |
| Profit after tax | 52 028 | 56 273 | 307 211 |
| BALANCE SHEET (amounts in thousand NOK) | Q1 2026 | Q1 2025 | Year 2025 |
|---|---|---|---|
| Total assets | 21 203 | 19 290 | 20 936 |
| Average total assets (ATA) | 21 107 | 19 099 | 19 859 |
| Net loans to customers | 17 000 | 15 600 | 16 669 |
| Net loans to customers incl. EBK | 25 775 | 23 169 | 25 161 |
| Net loans to customers via EBK | 8 775 | 7 569 | 8 492 |
| Deposits from customers | 13 649 | 12 608 | 13 525 |
| Certificates and bonds | 1 990 | 1 818 | 2 014 |
| Shares and fund units | 1 281 | 1 025 | 1 380 |
| Equity capital | 2 683 | 2 668 | 2 807 |
| KEY RATIOS | Q1 2026 | Q1 2025 | Year 2025 |
|---|---|---|---|
| Development during the quarter/year to date | |||
| - Assets | 1,3 % | 2,3 % | 11,1 % |
| - Loans | 2,0 % | 2,0 % | 8,9 % |
| - Loans incl. EBK | 2,5 % | 2,1 % | 10,9 % |
| - Deposits | 0,9 % | 2,9 % | 10,4 % |
| Deposits to loan ratio | 80,1 % | 80,6 % | 81,0 % |
| Profitability | |||
| Net interest income as % of ATA | 1,83 % | 2,15 % | 2,06 % |
| Cost percentage | 45,7 % | 42,5 % | 39,0 % |
| Costs as % of ATA | 1,11 % | 1,17 % | 1,15 % |
| Return on equity before tax | 10,1 % | 11,7 % | 13,8 % |
| Return on equity after tax | 7,7 % | 8,7 % | 11,7 % |
| Losses and non-performing exposures | |||
| Defaulted exposures (>90 past due) as % of gross lending | 0,1 % | 0,1 % | 0,1 % |
| Other non-performing exposures as % of gross lending | 0,4 % | 0,6 % | 0,5 % |
| Solidity (consolidated) | |||
| Capital adequacy | 22,2 % | 21,1 % | 21,7 % |
| Core capital adequacy | 18,9 % | 19,1 % | 19,6 % |
| Core tier 1 capital adequacy | 17,4 % | 17,5 % | 18,1 % |
| Risk-weighted capital | 13 772 | 12 698 | 13 303 |
| Personnel | |||
| Number of man-labour years | 103 | 92 | 97 |
| Equity capital certificates (ECC) | |||
| Equity capital certificate proportion | 52,0 % | 52,0 % | 52,0 % |
| Market price per ECC | 343 | 360 | 389 |
| Market cap (NOK million) | 1 692 | 1 776 | 1 919 |
| Book equity per ECC | 267 | 267 | 281 |
| Result/fully-diluted result per ECC | 5,2 | 5,6 | 31,1 |
| Dividend per ECC | 20,00 | ||
| Price/profit per ECC | 16,3 | 15,8 | 12,5 |
| Price-to-book ratio | 1,28 | 1,4 | 1,38 |
Income Statement
| (amounts in thousand NOK) | Note | Q1 2026 | Q1 2025 | Year 2025 |
|---|---|---|---|---|
| Total income from interest | 28 951 | 29 825 | 119 818 | |
| Total income from interest on lending to customers amortised cost | 231 055 | 233 725 | 951 845 | |
| Sum rentekostnader | 164 520 | 162 086 | 662 527 | |
| Net interest income | 95 486 | 101 463 | 409 135 | |
| Commission income etc. | 30 470 | 30 332 | 126 908 | |
| Commission expenses etc. | 2 639 | 2 734 | 11 376 | |
| Other operating income | 127 | 119 | 481 | |
| Net commission and other income | 27 958 | 27 717 | 116 013 | |
| Dividend and result from investments according to equity method | 810 | -673 | 43 433 | |
| Net value changes per financial instrument at fair value through profit or loss | 6 | 2 248 | 806 | 17 208 |
| Netto inntekter fra finansielle investeringer | 3 058 | 133 | 60 641 | |
| Payroll and social expenses | 33 544 | 31 122 | 129 882 | |
| Depreciations and write-downs on tangible fixed assets and intangible assets | 2 648 | 2 056 | 8 770 | |
| Other operating expenses | 21 669 | 21 797 | 89 668 | |
| Total operating expenses | 57 861 | 54 975 | 228 320 | |
Operating profit before loan losses | 68 641 | 74 339 | 357 470 | |
| Write-downs and losses on loans and guarantees | 2 | 1 121 | -283 | -4 897 |
| Operating profit before tax | 67 520 | 74 623 | 362 368 | |
| Tax cost | 15 492 | 18 350 | 55 157 | |
| Profit after tax | 52 028 | 56 273 | 307 211 | |
| Other comprehensive income | ||||
| Actuarial gains and losses on defined benefit pensions | -1 171 | |||
| Tax on actuarial gains and losses on defined benefit pensions | 293 | |||
| Changes in value for financial assets available for sale | 5 092 | 3 037 | 91 684 | |
| Element of profit that will not be reclassified to the income statement, after tax | 5 092 | 3 037 | 90 806 | |
| Comprehensive income for the period | 57 119 | 59 310 | 398 016 |
Balance Sheet
| (amounts in thousand NOK) | Note | Q1 2026 | Q1 2025 | Year 2025 |
|---|---|---|---|---|
| Cash and receivables with central banks | 33 123 | 31 794 | 32 522 | |
| Loans and receivables with credit institutions | 740 632 | 682 443 | 724 026 | |
| Loans to customers | 2, 3 | 17 000 087 | 15 599 951 | 16 668 588 |
| Certificates and bonds | 1 990 223 | 1 818 158 | 2 014 059 | |
| Shares and fund units (fair value through profit or loss) | 225 500 | 119 510 | 347 811 | |
| Financial instruments with change in value through OCI | 1 055 933 | 905 223 | 1 031 859 | |
| Financial derivatives | 10 855 | 6 291 | 7 191 | |
| Ownership interests in associates | 9 | 1 412 | 2 090 | 938 |
| Tangible fixed assets | 42 907 | 38 668 | 41 721 | |
| Right-of-use assets | 68 764 | 50 245 | 49 561 | |
| Other assets | 10 092 | 10 490 | 2 963 | |
| Advance payments and earned income | 23 663 | 24 816 | 14 809 | |
| TOTAL ASSETS | 21 203 191 | 19 289 679 | 20 936 048 | |
| Deposits from customers | 3 | 13 648 653 | 12 607 627 | 13 525 245 |
| Liabilities for securities | 7 | 4 119 871 | 3 639 456 | 4 227 039 |
| Other liabilities | 237 240 | 50 212 | 26 644 | |
| Accrued costs and income paid in advance | 24 563 | 26 010 | 22 612 | |
| Financial derivatives | 2 103 | 2 033 | ||
| Provisions for liabilities | 29 370 | 44 784 | 71 714 | |
| Liabilities relating to right-of-use assets | 72 141 | 52 690 | 52 523 | |
| Subordinated loan capital | 7 | 385 870 | 200 936 | 200 953 |
| Total liabilities | 18 519 812 | 16 621 715 | 18 128 762 | |
| Equity certificate capital | 10 | 123 313 | 123 313 | 123 313 |
| Holdings of own equity certificates | -357 | |||
| Share premium | 425 285 | 425 285 | 425 285 | |
| Hybrid capital | 7 | 150 000 | 150 000 | 150 000 |
| Other paid-in capital | 8 650 | 7 109 | 8 650 | |
| Equalisation reserve | 536 393 | 482 213 | 536 393 | |
| Dividend | 98 650 | 98 650 | ||
| Customers dividend and gift fund | 12 296 | 92 144 | 95 441 | |
| Savings bank fund | 996 659 | 946 619 | 996 659 | |
| Other equity | 378 756 | 286 358 | 373 252 | |
| Unappropriated result | 52 028 | 56 273 | ||
| Total equity | 2 683 379 | 2 667 964 | 2 807 286 | |
| TOTAL EQUITY AND LIABILITIES | 21 203 191 | 19 289 679 | 20 936 048 |