Annual Report 2012

2/6/2013 10:26 AM EST

Nordea Eiendomskreditt's profit after tax for 2012 
amounted to NOK 816m, an increase from NOK 478m in 
2011, which corresponds to a return on average equity 
of 17.0% (12.8%).
Net interest income amounted to NOK 1,241m in 2012 
(NOK 562m in 2011). 

Total operating expenses amounted to NOK 148m in 2012 
(NOK 113m in 2011), or 0.14% of average total assets 
(0.13%). Net loan losses were in 2012 an income of 
NOK 8m, of which loan losses relating to individually 
assesed loans comprised a cost of NOK 13m while loan 
losses relating to collectively assessed loans 
comprised an income of NOK 21m due to reversal of 
allowances.

Total assets amounted to NOK 115.6bn at the end of 
2012, of which gross lending to customers comprised 
NOK 113.8bn. NOK 106.7bn of the loan portfolio is 
included in the collateral pool for the purposes of 
the calculation of the asset coverage requirement 
under the covered bond legislation. This represents 
surplus collateral of 26.6% in relation to the 
covered bonds issued by the company at 31 December 
2012.

The net capital base of Nordea Eiendomskreditt AS 
amounted to NOK 7,333m at the end of 2012, calculated 
in accordance with Basel II. NOK 780 million hereof 
is subordinated loan. 
The Tier 1 capital ratio at the close of 2012 
including the transition rules was 13.1% (10.7%), and 
the total capital ratio including the transition 
rules was 14.6% (12.6%). 

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