English summary
| Key figures Q2 (amounts in million NOK) | 2025 | 2024 |
|---|---|---|
| Profit before tax | 125,3 | 105,2 |
| Profit after tax | 124,5 | 100,5 |
| Net interest | 103,9 | 101,1 |
| Net commission | 29,9 | 26,1 |
| Losses and write-downs | -0,3 | -5,8 |
| Net interest in % of ATA | 2,13 % | 2,28 % |
| Net commission in % of ATA | 0,61 % | 0,59 % |
| Operating costs in % of ATA | 1,07 % | 1,12 % |
| Operating costs in % of income | 29,5 % | 33,2 % |
| Return on equity before tax | 19,7 % | 17,2 % |
| Return on equity after tax | 19,6 % | 16,4 % |
| Key figures as of 30.06 (amounts in million NOK) | 2025 | 2024 |
|---|---|---|
| Profit before tax | 199,9 | 183,7 |
| Profit after tax | 180,8 | 160,2 |
| Net interest | 205,4 | 202,6 |
| Net commission | 57,5 | 50,3 |
| Losses and write-downs | -0,6 | (6,0) |
| Net interest in % of ATA | 2,14 % | 2,30 % |
| Net commission in % of ATA | 0,60 % | 0,57 % |
| Operating costs in % of ATA | 1,12 % | 1,14 % |
| Operating costs in % of income | 35,0 % | 36,1 % |
| Deposits to loan ratio | 82,0 % | 82,2 % |
| Transfer ratio Eika Boligkreditt (EBK) | 44,0 % | 42,7 % |
| Core tier 1 capital adequacy (consolidated, without added profit) | 18,7 % | 18,6 % |
| Return on equity before tax | 15,8 % | 15,0 % |
| Return on equity after tax | 14,2 % | 13,0 % |
Quarterly report Q2 2025
Solid core operations and still high lending growth
The accounts at the end of Q2 show a reasonably stable development within the bank's core operations. Net interest income is at the same level as last year, while net commissions are slightly up. Defaults are at a low level - the same applies to losses and write-downs. Operating costs show some increase compared to the same period last year - the increase is mainly related to personnel costs.
The growth rate in loans is high compared to credit growth in our primary market area. Total lending growth over the past 12 months is 11,1 % – including the volume transferred to EBK. Overall customer deposits show stable and positive development – growth over the past year amounts to 9,8 %.
Result, Q2 2025
For Q2, the bank achieved a pre-tax profit of NOK 125,3 million, compared with NOK 105,2 million for the previous year.
Profit after tax was NOK 124,5 million, compared with NOK 100,5 million for the previous year.
The return on equity after tax was 19,6 % (16,4 %).
Result as at 30.06.2025
As at 30.06.2025, the bank’s pre-tax profit was NOK 199,9 million, compared with NOK 183,7 million last year. Higher dividends from Eika Gruppen and higher tax reductions from customer dividends paid out, are significant factors explaining the positive development from last year.
Profit after tax was NOK 180,8 million, compared with NOK 160,2 million for the previous year.
The return on equity after tax was 14,2 % (13,0 %). 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 Q2 amounted to NOK 205,4 million (NOK 202,6 million).
As a ratio of average total assets (ATA), net interest income amounted to 2,14 % at the end of Q2 (2,30 %).
Net commission
Net commission income as at 30.06.2025 amounted to NOK 57,5 million (NOK 50,3 million). Commission from Eika Boligkreditt (EBK) totaled NOK 23,5 million at the end of Q2, an increase from NOK 16,6 million at the same time last year. The margin on the portfolio in EBK stabilized at a normal level during the 1st quarter of 2024 – following a long period of interest rate increases and notification deadlines to customers. The net volume of the EBK portfolio increased by NOK 920,7 million in the past year – corresponding to a growth of 13,2 %. This growth naturally also contributes to higher commissions.
Net income from financial investments
Net income from financial investments as at 30.06.2025 amounted to NOK 43,6 million (NOK 24,7 million). This increase is mainly due to higher dividends from Eika Gruppen and higher returns from securities compared to the same period last year.
Operating expenses
Total operating expenses as at 30.06.2025 were NOK 107,3 million (NOK 100,2 million). The increase amounts to approximately 7,2 % and relates mainly to salaries and personnel. The ratio of operating expenses to ATA was 1,12 % (1,14 %) at the end of Q2. Expenses as a ratio of income were 35,0 % at the end of Q2 (36,1 %). 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 30.06.2025 amounted to a net minus of NOK 0,6 million (minus NOK 6,0 million).
Gross non-performing commitments (over 90 days) amounted to NOK 23,0 million (NOK 40,1 million) at the end of Q2. Gross other defaulted exposures (doubtful) amounted to NOK 83,8 million (NOK 80,1 million).
Non-performing commitments and other defaulted exposures (doubtful) thereby totaled NOK 106,8 million (NOK 120,1 million) at the end of Q2. Measured as a percentage of gross lending, including volumes at EBK, this is a reduction from 0,56 % to 0,45 % in the last 12 months.
Provision levels for non-performing commitments and other defaulted exposures (doubtful) were 7,4 % (10,0 %) and 7,6 % (5,1 %) respectively at the end of Q2.
Total write-downs in stage 3 show NOK 8,1 million both this year and last 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 23,8 million at the end of Q2 compared with NOK 22,8 million the previous year.
The bank’s balance sheet
The bank’s assets totaled NOK 20,0 billion at the end of Q2. This represents an increase of 10,8 % over the past 12 months. The bank’s total assets, including loans transferred to EBK, were NOK 27,9 billion at the end of Q2. This represents an increase of 11,5 % over the past 12 months.
Lending via EBK totaled NOK 7,9 billion at the end of Q2. The development in volume terms during the past 12 months shows solid growth of 13,2 %.
Loans on the balance sheet for the past 12 months show an increase from NOK 14,6 billion to NOK 16,0 billion. This corresponds to growth of 10,0 %. Including the transferred volume in EBK, total lending to customers has increased by 11,1 % over the past 12 months.
Deposits from customers show an increase of 9,8 % for the last 12 months, amounting to NOK 13,2 billion at the end of Q2. We continue to see good stability for deposits.
The deposit to loan ratio was 82,0 % at the end of Q2, slightly down from 82,2 % at the same time last year. The deposit-to-loan ratio, including EBK, was 55,0 % at Q2's end, down from 55,6 % a year earlier. The deposit spread is strong, with few large customer deposits in the portfolio.
Key figures
| RESULTS (amounts in thousand NOK) | Q2 2025 | Q2 2024 | 30.06.2025 | 30.06.2024 | Year 2024 |
|---|---|---|---|---|---|
| Net interest income | 103 949 | 101 116 | 205 412 | 202 577 | 413 768 |
| Total other operating income | 73 416 | 47 815 | 101 267 | 75 213 | 128 944 |
| Total operating expenses | 52 369 | 49 510 | 107 344 | 100 165 | 212 527 |
| Operating profit before loan losses | 124 996 | 99 421 | 199 335 | 177 626 | 330 186 |
| Write-downs and losses on loans | -323 | -5 819 | -607 | -6 045 | -6 024 |
| Operating profit before tax | 125 319 | 105 241 | 199 942 | 183 671 | 336 210 |
| Tax cost | 788 | 4 707 | 19 138 | 23 454 | 61 148 |
| Profit after tax | 124 531 | 100 534 | 180 804 | 160 217 | 275 062 |
| BALANCE SHEET (amounts in thousand NOK) | Q2 2025 | Q2 2024 | 30.06.2025 | 30.06.2024 | Year 2024 |
|---|---|---|---|---|---|
| Total assets | 19 997 | 18 042 | 18 853 | ||
| Average total assets (ATA) | 19 572 | 17 812 | 19 342 | 17 676 | 18 052 |
| Net loans to customers | 16 002 | 14 541 | 15 294 | ||
| Net loans to customers incl. EBK | 23 877 | 21 496 | 22 684 | ||
| Net loans to customers via EBK | 7 875 | 6 955 | 7 391 | ||
| Deposits from customers | 13 153 | 11 980 | 12 248 | ||
| Certificates and bonds | 1 848 | 1 746 | 1 795 | ||
| Shares and fund units | 1 064 | 936 | 957 | ||
| Equity capital | 2 608 | 2 497 | 2 609 |
| KEY RATIOS | Q2 2025 | Q2 2024 | 30.06.2025 | 30.06.2024 | Year 2024 |
|---|---|---|---|---|---|
| Development during the quarter/year to date | |||||
| - Assets | 3,7 % | 1,6 % | 6,1 % | 3,7 % | 8,4 % |
| - Loans | 2,5 % | 2,4 % | 4,6 % | 3,3 % | 8,7 % |
| - Loans incl. EBK | 3,0 % | 2,5 % | 5,2 % | 4,2 % | 10,0 % |
| - Deposits | 4,3 % | 3,3 % | 7,4 % | 6,8 % | 9,2 % |
| Deposits to loan ratio | 82,0 % | 82,2 % | 79,9 % | ||
| Profitability | |||||
| Net interest income as % of ATA | 2,13 % | 2,28 % | 2,14 % | 2,30 % | 2,29 % |
| Cost percentage | 29,5 % | 33,2 % | 35,0 % | 36,1 % | 39,2 % |
| Costs as % of ATA | 1,07 % | 1,12 % | 1,12 % | 1,14 % | 1,18 % |
| Return on equity before tax | 19,7 % | 17,2 % | 15,8 % | 15,0 % | 13,5 % |
| Return on equity after tax | 19,6 % | 16,4 % | 14,2 % | 13,0 % | 10,9 % |
| Losses and non-performing exposures | |||||
| Defaulted exposures (>90 past due) as % of gross lending | 0,1 % | 0,3 % | 0,2 % | ||
| Other non-performing exposures as % of gross lending | 0,5 % | 0,5 % | 0,5 % | ||
| Solidity (consolidated) | |||||
| Capital adequacy | 22,5 % | 22,6 % | 21,7 % | ||
| Core capital adequacy | 20,3 % | 20,3 % | 19,6 % | ||
| Core tier 1 capital adequacy | 18,7 % | 18,6 % | 18,0 % | ||
| Risk-weighted capital | 11 947 | 11 587 | 12 330 | ||
| Personnel | |||||
| Number of man-labour years | 92 | 90 | 94 | ||
| Equity capital certificates (ECC) | |||||
| Equity capital certificate proportion | 52,0 % | 52,2 % | 52,0 % | ||
| Market price per ECC | 352 | 297 | 328 | ||
| Market cap (NOK million) | 1 736 | 1 465 | 1 618 | ||
| Book equity per ECC | 259 | 248 | 260 | ||
| Result/fully-diluted result per ECC | 12,8 | 10,3 | 18,4 | 16,2 | 27,7 |
| Dividend per ECC | n.a | n.a | 20,00 | ||
| Price/profit per ECC | 9,5 | 9,1 | 11,8 | ||
| Price-to-book ratio | 1,4 | 1,2 | 1,26 | ||
Income Statement
| (amounts in thousand NOK) | Note | Q2 2025 | Q2 2024 | 1. halvår 2025 | 1. halvår 2024 | Year 2024 |
|---|---|---|---|---|---|---|
| Total income from interest | 29 121 | 26 623 | 58 945 | 53 593 | 110 318 | |
| Total income from interest on lending to customers amortised cost | 241 651 | 224 240 | 475 376 | 444 036 | 912 720 | |
| Sum rentekostnader | 166 823 | 149 748 | 328 909 | 295 052 | 609 270 | |
| Net interest income | 103 949 | 101 116 | 205 412 | 202 577 | 413 768 | |
| Commission income etc. | 32 779 | 28 878 | 63 111 | 55 385 | 115 966 | |
| Commission expenses etc. | 2 907 | 2 803 | 5 641 | 5 104 | 9 833 | |
| Other operating income | 120 | 118 | 239 | 233 | 467 | |
| Net commission and other income | 29 992 | 26 193 | 57 709 | 50 515 | 106 601 | |
| Dividend and result from investments according to equity method | 35 586 | 18 769 | 34 913 | 18 821 | 18 922 | |
| Net value changes per financial instrument at fair value through profit or loss | 6 | 7 839 | 2 854 | 8 645 | 5 878 | 3 421 |
| Netto inntekter fra finansielle investeringer | 43 424 | 21 623 | 43 558 | 24 699 | 22 343 | |
| Payroll and social expenses | 29 375 | 25 186 | 60 497 | 51 901 | 115 643 | |
| Depreciations and write-downs on tangible fixed assets and intangible assets | 2 166 | 3 220 | 4 222 | 6 495 | 12 931 | |
| Other operating expenses | 20 828 | 21 104 | 42 625 | 41 769 | 83 952 | |
| Total operating expenses | 52 369 | 49 510 | 107 344 | 100 165 | 212 527 | |
Operating profit before loan losses | 124 996 | 99 421 | 199 335 | 177 626 | 330 186 | |
| Write-downs and losses on loans and guarantees | 2 | -323 | -5 819 | -607 | -6 045 | -6 024 |
| Operating profit before tax | 125 319 | 105 241 | 199 942 | 183 671 | 336 210 | |
| Tax cost | 788 | 4 707 | 19 138 | 23 454 | 61 148 | |
| Profit after tax | 124 531 | 100 534 | 180 804 | 160 217 | 275 062 | |
| Other comprehensive income | ||||||
| Actuarial gains and losses on defined benefit pensions | 810 | |||||
| Tax on actuarial gains and losses on defined benefit pensions | -202 | |||||
| Changes in value for financial assets available for sale | -1 099 | -24 206 | 1 938 | -26 844 | -19 432 | |
| Element of profit that will not be reclassified to the income statement, after tax | -1 099 | -24 206 | 1 938 | -26 844 | -18 825 | |
| Comprehensive income for the period | 123 432 | 76 328 | 182 742 | 133 373 | 256 237 | |
Balance Sheet
| (amounts in thousand NOK) | Note | Q2 2025 | Q2 2024 | Year 2024 |
|---|---|---|---|---|
| Cash and receivables with central banks | 34 182 | 33 414 | 32 870 | |
| Loans and receivables with credit institutions | 922 996 | 655 147 | 651 363 | |
| Loans to customers | 2, 3 | 16 001 956 | 14 540 998 | 15 293 838 |
| Certificates and bonds | 1 848 067 | 1 745 754 | 1 794 519 | |
| Shares and fund units (fair value through profit or loss) | 149 700 | 66 033 | 67 963 | |
| Financial instruments with change in value through OCI | 914 297 | 869 740 | 889 159 | |
| Financial derivatives | 2 858 | 4 165 | 6 192 | |
| Ownership interests in associates | 9 | 2 593 | 6 247 | 4 135 |
| Intangible assets | 2 256 | |||
| Tangible fixed assets | 38 631 | 36 240 | 37 932 | |
| Right-of-use assets | 51 441 | 52 108 | 50 034 | |
| Other assets | 7 012 | 7 831 | 5 894 | |
| Advance payments and earned income | 23 242 | 21 714 | 18 741 | |
| TOTAL ASSETS | 19 996 974 | 18 041 648 | 18 852 641 | |
| Deposits from customers | 3 | 13 152 712 | 11 979 535 | 12 247 546 |
| Liabilities for securities | 7 | 3 901 220 | 3 218 876 | 3 622 565 |
| Other liabilities | 26 769 | 33 691 | 22 734 | |
| Accrued costs and income paid in advance | 18 732 | 17 720 | 22 659 | |
| Financial derivatives | 487 | 375 | 8 | |
| Provisions for liabilities | 34 388 | 39 203 | 74 921 | |
| Liabilities relating to right-of-use assets | 54 083 | 54 075 | 52 321 | |
| Subordinated loan capital | 7 | 200 945 | 200 955 | 201 005 |
| Total liabilities | 17 389 335 | 15 544 430 | 16 243 759 | |
| Equity certificate capital | 10 | 123 313 | 123 313 | 123 313 |
| Holdings of own equity certificates | -350 | |||
| Share premium | 425 285 | 425 285 | 425 285 | |
| Hybrid capital | 7 | 150 000 | 150 000 | 150 000 |
| Other paid-in capital | 7 109 | 5 745 | 7 109 | |
| Equalisation reserve | 482 213 | 443 963 | 482 213 | |
| Dividend | 98 650 | |||
| Customers dividend and gift fund | 10 170 | 3 275 | 92 434 | |
| Savings bank fund | 946 619 | 911 418 | 946 619 | |
| Other equity | 282 127 | 274 002 | 283 608 | |
| Unappropriated result | 180 804 | 160 217 | ||
| Total equity | 2 607 640 | 2 497 217 | 2 608 882 | |
| TOTAL EQUITY AND LIABILITIES | 19 996 974 | 18 041 648 | 18 852 641 |