Growth in green lending
KBN’s aggregate customer financing grew by NOK 8.0 billion in the third quarter of 2024, with green lending accounting for NOK 5.5 billion of this growth.
Result for the 3rd quarter
KBN’s core earnings (1) totalled NOK 345 million in the third quarter of 2024, compared to NOK 298 million in the third quarter of 2023.
KBN’s net interest income totalled NOK 595 million in the third quarter of 2024, as compared to NOK 556 million in the corresponding period of 2023.
– KBN has experienced particularly good growth in green lending this autumn. Large investments in the largest cities have contributed to this, with green loans for an upper secondary school in Trondheim, a water and wastewater project in Oslo, and the Bergen Light Rail, says CEO of KBN, Jannicke Trumpy Granquist.
Results for the first nine months of 2024
KBN’s core earnings (1) in the first nine months of 2024 totalled NOK 984 million as compared to NOK 938 million in the first nine months of 2023. KBN’s net interest income in the first nine months of 2024 was NOK 1,699 million, compared to NOK 1,572 million in the same period in 2023. The increase was primarily due to higher interest rates in combination with lending growth.
Lending
KBN’s lending portfolio totalled NOK 365 billion (2) at the end of the third quarter of 2024, while aggregate customer financing (3) totalled NOK 369 billion (2) at the end of the third quarter.
KBN's aggregate customer financing increased by NOK 8.0 billion in the third quarter of 2024, as compared to an increase of NOK 5.6 billion in the third quarter of 2023. The main reason for the growth in the third quarter of 2024 was a high level of demand for new loans.
KBN continued to experience a good level of growth in its green lending, and its portfolio of green loans increased by NOK 5.5 billion in the third quarter of 2024, as compared to NOK 2.4 billion in the same period in 2023.
Funding
KBN enjoyed good access to the international capital markets in the third quarter of 2024 and completed all its funding transactions as planned. In the first nine months of 2024, KBN’s new borrowings totalled approximately NOK 83 billion through 28 bond issues in eight currencies, as compared to NOK 63 billion in the corresponding period of 2023.
1: Profit after tax adjusted for net unrealised gain/(loss) on financial instruments (in accordance with note 2) adjusted for estimated tax at 25% tax rate, and adjusted for Portion allocated to owners of additional Tier 1 capital. This result measure is included to give relevant information about the company's underlying operations.
2: Principal amounts
3: Aggregate customer financing is the sum of KBN’s lending portfolio and KBN’s portfolio of municipal bonds in its liquidity portfolio, which are included as part of customer financing.
