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12/02-2019 15:16:55: (NOKR47) Nordea Eiendomskreditt Annual Report 2018

Summary
Nordea Eiendomskreditt AS reports a profit after tax for 2018 of NOK 717
million, compared to NOK 881 million in 2017. This gives a return on average
equity of 5.4% (6.9%).  Net interest income was NOK 1,328 million (NOK 1,576
million in 2017). 

Total operating expenses was NOK 375 million (NOK 414 million in 2017) which
gives a cost/income ratio of 28.1% (25.6% in 2017). Loan losses and provisions
recognised in the accounts for 2018 totalled NOK 6.5 million (NOK 27.3 million
in 2017).  

Total assets were NOK 120 billion at the end of 2018 (NOK 143 billion at end
2017) and consisted mainly of residential mortgage loans and loans to holiday
homes. NOK 101 billion of the loan portfolio is included in the cover pool and
gives excess collateral of 20.5% in relation to net outstanding covered bonds.

The company’s net capital base (own funds) including profit for the year
amounted to NOK 14,615 million at the end of 2018. NOK. Common Equity Tier 1
capital ratio was 26.9% and Total capital ratio was 29.4%, both including Basel
I transitional floor. 

The financial statements were approved by the Board of Directors on 12 February
2019 and are subject to final approval at the Annual General Meeting on 12 March
2019.

Attachment follows at [http://www.newsweb.no]

Ekstern link: https://newsweb.oslobors.no/message/469313

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