Annual Report 2012
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
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
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].