Stable net interest income in challenging times
KBN’s net interest income totalled NOK 588 million in the third quarter of 2025, compared to NOK 595 million in the third quarter of 2024.
KBN’s aggregate customer financing1 was reduced by NOK 2 billion in the third quarter of 2025. The growth in green lending amounted to NOK 1 billion this quarter.
– Net interest income remains stable and the growth in green lending continues. The main reason for the reduction in growth in KBN’s lending portfolio was the favourable terms and low prices available to local government sector borrowers in the capital markets, says CEO, Jannicke Trumpy Granquist.
Result for the 3rd quarter
KBN’s core earnings2 totalled NOK 308 million in the third quarter of 2025, compared to NOK 345 million in the third quarter of 2024. The decrease in core earnings was due to lower net interest income combined with higher operating costs relative to the same period last year. KBN’s result for the accounting period in the third quarter of 2025 was a profit of NOK 445 million, compared to a profit of NOK 310 million in the same period in 2024.
Results for the first nine months of 2024
KBN’s core earnings2 for the first nine months of 2025 totalled NOK 905 million, compared to NOK 984 million in the first nine months of 2024. KBN’s net interest income in the first nine months of 2025 was NOK 1,709 million, as compared to NOK 1,699 million in the first nine months of 2024. KBN’s result for the accounting period in the first nine months of 2025 was a profit of NOK 1 261 million as compared to a profit of NOK 1 194 million in the first nine months of 2024.
Lending
KBN’s lending portfolio totalled NOK 373 billion3 at the end of the third quarter of 2025, while aggregate customer financing4 totalled NOK 380 billion5 at the end of the third quarter of 2025. KBN's aggregate customer financing decreased by NOK 2 billion in the third quarter of 2025, as compared to an increase of NOK 8 billion in the third quarter of 2024.
KBN’s portfolio of green loans increased by NOK 1 billion in the third quarter of 2025, as compared to NOK 5 billion in the same period in 2024. KBN's green lending in the third quarter of 2025 included green loans for Nedre Romerike Vann- og Avløpsselskap IKS and the municipality of Oslo. At the end of the third quarter of 2025, KBN’s green lending represented 20.6% of its overall lending portfolio.
Funding
KBN enjoyed good access to the international capital markets in the first nine months of 2025 and completed all its funding transactions as planned. KBN’s new borrowings in the first nine months of 2025 totalled approximately NOK 114 billion through 49 bond issues in 8 currencies, as compared to NOK 83 billion in the third quarter of 2024.
KBN continues to enjoy low borrowing costs and good market access thanks to its AAA/Aaa rating.
