Kvartalsrapport2. kvartal 2026

The accounts at the end of Q2 show relatively stable development within the bank’s core operations. Net interest income and net commission income are somewhat down, mainly due to a somewhat lower interest rate level and lower margins on loans transferred to Eika Boligkreditt (EBK). Defaults remain at a low level – the same applies to losses and write-downs. Operating costs show a moderate increase compared with the same period last year – the increase mainly relates to personnel costs. Dividends from Eika Gruppen, as well as tax deductions for customer dividends paid, are significant items that have a positive isolated effect in Q2.

The growth rate in loans remains high compared with the general development in our primary market area. Total lending growth over the past 12 months amounts to 11,1 % – including loans transferred to EBK. Overall customer deposits also show positive and solid development – growth over the past 12 months amounts to 7,8 %.

For Q2, the bank achieved a pre-tax profit of NOK 107,9 million, compared with NOK 125,3 million for the previous year. The reduction in profit is mainly due to lower net interest income and net commission income, as well as somewhat lower dividends from Eika Gruppen. Defaults remain at a low level – the same applies to losses and write-downs.

Profit after tax was NOK 111,1 million, compared with NOK 124,5 million for the previous year.

As at 30.06.2026, the bank achieved a pre-tax profit of NOK 175,4 million, compared with NOK 199,9 million for the previous year. The reduction in profit is mainly due to the same factors as for Q2 in isolation. Operating expenses at the end of Q2 are somewhat up compared with the same period last year – this is mainly due to higher personnel costs following the establishment of a new branch office in Sandnes. We also see a continued reversal of losses and write-downs in the first half-year.

Profit after tax was NOK 163,1 million, compared with NOK 180,8 million for the previous year.

The return on equity after tax was 12,2 % (14,2 %). The bank’s long-term goal in a normal situation is a return on equity after tax of at least 11,0 %.

Net interest income at the end of Q2 amounted to NOK 194,1 million (NOK 205,4 million).

As a ratio of average total assets (ATA), net interest income amounted to 1,83 % at the end of Q2 (2,14 %). The money market rate has shown a stable development over time – Norges Bank kept the policy rate unchanged throughout Q1. During Q2, the policy rate was increased by 0,25 percentage points to 4,25 %. Somewhat higher interest rates are expected in the second half-year.

Net commission income as at 30.06.2026 amounted to NOK 54,3 million (NOK 57,5 million). Commission from Eika Boligkreditt (EBK) totalled NOK 15,8 million at the end of Q2 – down from NOK 23,5 million at the same time last year. The EBK portfolio has increased in net volume by NOK 1 212,4 million over the past 12 months – corresponding to growth of 15,4 %. Commission income excluding EBK shows positive development in the first half-year compared with the same period last year.

Net income from financial investments as at 30.06.2026 amounted to NOK 41,3 million (NOK 43,6 million). The reduction is mainly due to somewhat lower dividends from Eika Gruppen. Returns from securities were stable compared with the same period last year.

Total operating expenses as at 30.06.2026 were NOK 116,4 million (NOK 107,3 million). The increase amounts to approximately 8,5 % and relates mainly to salaries and personnel. The ratio of operating expenses to ATA was 1,10 % (1,12 %) at the end of Q2. Expenses as a ratio of income were 40,1 % at the end of Q2 (35,0 %). The bank’s long-term target is a cost ratio below 40,0 %.

Write-downs and losses on loans and guarantees as at 30.06.2026 amounted to a net of minus NOK 1,8 million (minus NOK 0,6 million).

Gross non-performing commitments (over 90 days) amounted to NOK 32,1 million (NOK 23,0 million) at the end of Q2. Gross other defaulted exposures (doubtful) amounted to NOK 51,7 million (NOK 83,8 million).

Non-performing commitments and other defaulted exposures (doubtful) thereby totalled NOK 83,8 million (NOK 106,8 million) at the end of Q2. Measured as a percentage of gross lending, including volumes at EBK, this represents a reduction over the past 12 months from 0,45 % to 0,32 %.

Provision levels for non-performing commitments and other defaulted exposures (doubtful) were 7,4 % (7,4 %) and 11,0 % (7,6 %) respectively at the end of Q2.

Total write-downs in stage 3 remained stable and amounted to NOK 8,1 million both year to date and for the same period 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 17,7 million at the end of Q2 – down from NOK 23,8 million the previous year.

The bank’s assets totalled NOK 21,8 billion at the end of Q2. This represents an increase of 9,2 % over the past 12 months. The bank’s total assets, including loans transferred to EBK, amounted to NOK 30,9 billion at the end of Q2. This represents an increase of 10,9 % over the past 12 months. Total assets, including loans transferred to EBK, include loans to retail customers that have been transferred to EBK.

Lending via EBK totalled NOK 9,1 billion at the end of Q2. The development in volume terms during the past 12 months shows a significant increase of 15,4 %. Year to date, growth was 7,0 %.

Loans on the balance sheet for the past 12 months show an increase from NOK 16,0 billion to NOK 17,5 billion. This corresponds to growth of 9,0 %. Including the transferred volume in EBK, total lending to customers has increased by 11,1 % over the past 12 months. Year to date, growth was 5,5 %.

Deposits from customers show an increase of 7,8 % over the past 12 months, amounting to NOK 14,2 billion at the end of Q2. Year to date, growth was 4,8 %. We continue to see good stability for deposits.

The deposit to loan ratio was 81,1 % at the end of Q2 – marginally down from 82,0 % at the same time last year. The deposit to loan ratio, including EBK, was 53,4 % at the end of Q2 – somewhat down from 55,0 % at the same time last year. The deposit spread is good, with relatively few large customer deposits in the portfolio.