Nordea Eiendomskreditt AS reports a profit after tax for 2017 of NOK 881 million, compared to NOK 613 million in 2016. This gives a return on average equity of 6.9% (6.0%). Net interest income was NOK 1,576 million (NOK 1,247 million in 2016).
Total operating expenses was NOK 414 million (NOK 462 million in 2016) which gives a cost/income ratio of 25.6% (36.1% in 2016). Loan losses and provisions recognised in the accounts for 2017 totalled NOK 27.3 million (NOK 0.5 million in 2016).
Total assets were to NOK 143 billion at the end of 2017 (NOK 114 billion at end 2016), and consisted mainly of residential mortgage loans and loans to holiday homes. NOK 128 billion of the loan portfolio is included in the cover pool, and gives excess collateral of 62% in relation to covered bonds issued.
The company's net capital base (own funds) including profit for the year amounted to NOK 13,923 million at the end of 2017. NOK 1,200 million hereof is subordinated loan capital. Common Equity Tier 1 capital ratio was 21.2% and Total capital ratio was 23.2%, both including Basel I transitional floor.
The financial statements were approved by the Board of Directors on 13 February 2018 and are subject to final approval at the Annual General Meeting on 15 March 2018.
Attachment follows at [http://www.newsweb.no]