Gjensidige Bank Boligkreditt Q1 2012

5/4/2012 1:00 AM EST

The interim report for Q1 2012 has been approved by the Board of
Directors.
The complete report is attached.

Key figures 1. January - 31. March

(NOK thousand)                           2012       2011
Net interest income                     6,510      3,939
Total income                            6,792      4,023
Total operating expenses                1,801      1,048
Profit before loss                      4,991      2,975
Write-down on loans                     1,183      (149)
Profit / (loss) before tax expense      3,808      3,124
Tax expense                             1,066        875
Profit / (loss) for the period          2,742      2,249
Balance Sheet
Loans to customers                  4,166,264  2,141,183
Total equity                          239,136    140,216
Total assets                        4,871,184  2,223,744
Debt incurred through issue
of Covered Bonds (par value)        3,800,000  1,800,000
Core capital                          236,062    137,057

Core capital ratio                     13.2 %     15.7 %
Average loan-to-value ratio            48.5 %     44.4 %
Managing director Jan Kåre Raae, Phone ( 47) 95 03 60 50
Gjensidige Bank Boligkreditt AS is a wholly owned subsidiary of
Gjensidige Bank ASA. Gjensidige Bank ASA is a wholly-owned subsidiary of
Gjensidige Bank Holding AS, which in turn is a wholly-owned subsidiary
of Gjensidige Forsikring A