Revenue growth in turbulent times

Results for the first quarter

KBN’s core earnings¹ totalled NOK 317 million in the first quarter of 2026, compared to NOK 292 million in the same period in 2025. KBN’s net interest income totalled NOK 593 million in the first quarter of 2026, as compared to NOK 552 million in the same period in 2025.

– KBN’s interest income is increasing as a result of rising 3-month NIBOR, together with favourable conditions for converting US dollars into Norwegian kroner. At the same time, competition for customers remains intense, particularly from the capital markets, says CEO of KBN, Jannicke Trumpy Granquist.

Lending

KBN’s lending portfolio totalled NOK 374 billion² at the end of the first quarter of 2026, while aggregate customer financing³ totalled NOK 386 billion⁴ at the end of the first quarter of 2026.

KBN's aggregate customer financing increased by NOK 2 billion in the first quarter of 2026, as compared to an increase of NOK 4 billion in the first quarter of 2025. The main reason for the reduction in growth in KBN’s aggregate customer financing was the favourable terms available to local government sector borrowers in the capital markets.

KBN’s green loan portfolio remained unchanged during the quarter, compared to growth of NOK 6 billion in the same period in 2025. At the end of the first quarter of 2026, KBN’s green lending represented 21 % of its overall lending portfolio.

Funding

KBN enjoyed good access to the international capital markets and completed all its funding transactions as planned. KBN’s new borrowings in the first quarter of 2026 totalled approximately NOK 38 billion through 19 bond issues in 8 currencies, as compared to NOK 60 billion in the same period in 2025.

¹Profit 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.

²Principal amount

³Aggregate customer financing is the sum of KBN’s lending portfolio and KBN’s portfolio of municipal bonds in the liquidity portfolio, which are included as a part of KBN’s financing of customers.

⁴Principal amount