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Storebrand ASA
Quarterly Report • Oct 22, 2025
3766_rns_2025-10-22_b2743cb3-ffc3-40b8-aca1-f3e8ab86b7c8.pdf
Quarterly Report
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Interim report 3rd quarter 2025
Storebrand Bank ASA (unaudited)
Contents
| Interim report Storebrand Bank Group3 | |
|---|---|
| Income statement Storebrand Bank Group5 | |
| Statement of financial position Storebrand Bank Group6 | |
| Statement of changes in equity Storebrand Bank Group7 | |
| Income statement Storebrand Bank ASA8 | |
| Statement of financial position Storebrand Bank ASA9 | |
| Statement of changes in equity Storebrand Bank ASA10 | |
| Statement of cash flow11 | |
| Notes12 |
Important notice:
This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make. This document contains alternative performance measures (APM) as defined by The European Securities and Market Authority (ESMA). An overview of APM can be found at www.storebrand.com/ir.
Storebrand Bank Group
- Interim report for the third quarter of 2025
(Profit figures for the corresponding period in 2024 are shown in brackets. Balance sheet figures in brackets are for the end of 2024)
- Continued strong growth in lending
- Relatively stable margins and return on equity (RoE)
- Stable volume of non-performing loans
- Gain from the sale of shares in SDC contributes to a positive financial result
Loans outstanding increased by NOK 3.4 billion during the third quarter. The home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS decreased by NOK 0.5 billion during the quarter. The combined portfolio of loans in Storebrand Bank and Storebrand Livsforsikring increased by NOK 2.9 billion this quarter and NOK 8.8 billion year to date.
Financial performance
The bank group achieved a pre-tax profit of NOK 204 million (NOK 196 million) in the quarter and NOK 575 million (NOK 529 million) year to date
Net interest income was NOK 329 million (NOK 303 million) in the quarter and NOK 954 million (NOK 867 million) year to date. Increased lending and deposit volumes and relatively stable margins compared to 2024 positively influenced the net interest income. Net interest income as a percentage of average total assets was 1.49 per cent (1.60 per cent) in the quarter and 1.49 per cent (1.58 per cent) year to date. Deposit margins have declined somewhat compared to last year, mainly due to strong growth. Lending margins remain stable. Stable depositto-loan ratio compared to last year.
Net commission revenues represented NOK 39 million (NOK 31 million) in the quarter and NOK 90 million (NOK 74 million) year to date. Net gain on financial instruments amounted to NOK 22 million (NOK 5 million) in the third quarter and NOK 25 million (NOK 9 million) year to date. Gain from the sale of shares in SDC contributes with NOK 15 million.
Other revenue is related to Kron and distribution fees from other units in Storebrand and amounted to NOK 22 million (NOK 0 million) in the quarter and NOK 58 million (NOK 0 million) year to date. Kron was merged into the bank in the fourth quarter of 2024.
Operating expenses increased in the quarter and amounted to NOK 195 million (NOK 138 million) and NOK 545 million (NOK 388 million) year to date. The increase is mostly driven from Kron (not a part of Storebrand Bank in third quarter of 2024) and costs for distribution for other units in Storebrand.
Total losses amounted to NOK 12 million in the quarter (NOK 4 million) and NOK 8 million (NOK 33 million) year to date. Loan losses represent the largest source of losses for the bank. Out of the total losses, loan losses were NOK 12 million (NOK 2 million) in the quarter and a loss of NOK 8 million (loss of NOK 29 million) year to date. There have been low losses due to fraud in the quarter. Reduced expected credit losses is mostly driven by decreased loan-to-values.
Balance sheet development
The bank group's lending to customers totaled NOK 78.3 billion (NOK 68.9 billion) at the end of the third quarter. The portfolio of loans managed on behalf of Storebrand Livsforsikring AS
amounted to NOK 17.0 billion (NOK 17.5 billion). The combined portfolio of loans in Storebrand Bank Group and Storebrand Livsforsikring amounted to NOK 95.4 billion (NOK 86.5 billion) at the end of the third quarter. The bank group's lending portfolio mainly consists of low-risk home mortgages. The weighted average loan-to-value ratio in the bank group is 62 per cent for home mortgages, compared to 62 per cent at the end of 2024.
The total volume of non-performing loans is on the same level as year-end 2024 and accounts for 0.8 per cent (0.8 per cent) of gross lending. Non-performing loans without impairment amounted to NOK 256 million (NOK 293 million) at the end of the third quarter.
The volume of non-performing loans has historically been very low but has increased somewhat in the past year and a half as a consequence of higher interest rate levels and living costs. The bank is monitoring the development and ensuring proper measures both in the credit process and close customer contact. Loss-exposed loans with evidence of impairment amounted to NOK 348 million (NOK 241 million) at the end of the quarter. Total loan loss provisions amounted to NOK 144 million (NOK 148 million), of which NOK 5 million (NOK 6 million) are loan loss provisions on unused credit limits.
Liquidity risk and funding
The bank has established solid liquidity buffers and puts great importance on a balanced funding structure with varying time to maturity and issuances in various markets. The volume of deposits from customers was NOK 34.8 billion (NOK 31.4 billion) at the end of the quarter, which represents a deposit-toloan ratio of 44.5 per cent (45.5 per cent).
Storebrand Bank has issued one senior bond of NOK 500 million in the quarter and Storebrand Boligkreditt has issued one covered bond of NOK 6.5 billion. The long-term counterparty credit rating is A (stable). The short-term counterparty rating is A-1 (stable).
The liquidity coverage requirement (LCR) measures the size of the company's liquid assets, in relation to the net liquidity outflow 30 days in the future, given a stress situation in the money and capital markets. The bank group must comply with a LCR of 100 per cent. The bank group's LCR was 273 per cent at the end of the third quarter.
Net Stable Funding Ratio (NSFR) was 124 per cent on 30 September 2025.
Capital adequacy
As of the end of the third quarter, the Storebrand Bank Group reported own funds of NOK 6.2 billion. The capital adequacy ratio stood at 23.5 per cent, while the Common Equity Tier 1 (CET1) ratio was 19.6 per cent. This represents an increase from 22.1 per cent and 18.0 per cent, respectively, at the end of 2024. The combined capital and CET1 requirements at the end of the third quarter were 20.2 per cent and 14.96 per cent, respectively.
The bank group has satisfactory financial strength and liquidity based on its operations. The bank group, parent bank and Storebrand Boligkreditt AS, satisfied the combined capital and capital buffer requirements of 30 September 2025.
Credit risk
The PD estimates are approximately unchanged year to date. There are no significant changes to EAD and LGD estimates from 31 December 2024 to 30 September 2025. The LTV's are also approximately unchanged year to date, and the average LTV is 61.9 per cent. Defaulted loans increased by MOK 70 million from the year end 2024 to 30 September 2025, from NOK 533 million to NOK 604 million. In Storebrand Bank ASA the average LTV is approximately 69. 1 per cent. Total credit losses increased NOK 8 million from year end 2024.
Performance of Storebrand Bank ASA
Storebrand Bank ASA achieved a pre-tax profit of NOK 114 million (NOK 115 million) in the quarter and NOK 300 million (NOK 299 million) year to date.
Net interest income for Storebrand Bank ASA amounted to NOK 183 million (NOK 178 million) in the third quarter and NOK 519 million (NOK 497 million) year to date.
Net gain on financial instruments amounted to NOK 23 million (NOK 5 million) in the quarter and NOK 34 million (NOK 13 million) year to date. Other revenue related to Kron was NOK 22 million in the quarter and NOK 58 million year to date.
Total losses for the third quarter were NOK 9 million (NOK 5 million) and NOK 7 million (NOK 32 million) year to date. Loan losses represent the largest source of losses for the bank. Out of the total losses, loan losses were NOK 9 million (NOK 3 million) in the quarter and a loss of NOK 7 million (loss of NOK 29 million) year to date. There have been low losses due to fraud in the quarter.
Strategy and future prospects
Storebrand Bank is a key part of the Group's broad financial services offering and growth strategy in the retail market. Through developing attractive products and digital services related to savings, investments, secured and non-secured lending, the bank offers attractive customer value propositions to both attract and retain customers. Improving competitiveness through better efficiency is a priority and the bank will maintain cost control and increase the degree of automation in customer and work processes.
The third quarter saw high activity in the market following the unexpected Central Bank rate decrease before the summer. Mutual fund customers were also on alert, both increasing existing savings and new customers joining the Kron platform. Customers can now also see their pension agreements in Storebrand in Kron, motivating many new customers to start their personal saving schemes.
The Board of Directors are not aware of any events of material importance to the preparation of the interim financial statements that have occurred since the balance sheet date.
Lysaker, 21 October 2025
The Board of Directors of Storebrand Bank ASA
Income statement
| Q3 | 01.01 - 30.09 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Notes | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest income and similar income | ||||||
| Interest income calculated by using the effective interest method | 1,191.3 | 1,066.4 | 3,502.0 | 3,076.9 | 4,168.4 | |
| Other interest income | 24.9 | 33.4 | 88.4 | 114.6 | 151.3 | |
| Total interest income and similar income | 1,216.3 | 1,099.7 | 3,590.5 | 3,191.5 | 4,319.7 | |
| Interest expenses and similar expenses | ||||||
| Interest expenses calculated by using the effective interest method | -863.3 | -785.4 | -2,580.2 | -2,292.0 | -3,102.2 | |
| Other interest expenses | -24.2 | -11.6 | -55.8 | -32.3 | -43.2 | |
| Total interest expenses and similar expenses | -887.5 | -797.0 | -2,636.0 | -2,324.3 | -3,145.4 | |
| Net interest income | 10 | 328.8 | 302.7 | 954.5 | 867.2 | 1,174.3 |
| Fee and commission income from banking services | 44.3 | 40.8 | 107.9 | 101.6 | 132.5 | |
| Fee and commission expense for banking services | -5.2 | -9.5 | -17.5 | -27.8 | -36.2 | |
| Income from shares, units and other equity instruments | 4.5 | |||||
| Net change in fair value and gain/loss on foreign exchange and | ||||||
| financial instruments | 11 | 21.8 | 4.8 | 25.5 | 9.2 | 1.4 |
| Other operating income | 21.6 | 57.8 | 6.9 | |||
| Total other operating income | 82.5 | 36.1 | 173.7 | 83.0 | 109.1 | |
| Staff expenses | -74.4 | -56.1 | -200.7 | -160.2 | -219.8 | |
| Other operating expenses | -111.9 | -77.7 | -318.2 | -215.3 | -321.2 | |
| Depreciation of non-financial assets | -9.1 | -4.3 | -26.3 | -12.7 | -21.2 | |
| Impairment of non-financial assets | -0.2 | |||||
| Total operating expenses excl. credit loss on loans, etc. | -195.5 | -138.1 | -545.2 | -388.2 | -562.3 | |
| Profit before credit loss on loans, etc. | 215.8 | 200.8 | 582.9 | 562.0 | 721.1 | |
| Credit loss on loans, guarantees and interest-bearing securities | -11.9 | -4.3 | -8.3 | -33.0 | -58.5 | |
| Profit before tax for continued operations | 203.9 | 196.5 | 574.6 | 528.9 | 662.6 | |
| Tax on profit from continued operations | -50.0 | -48.5 | -140.5 | -130.9 | -157.9 | |
| Profit incl. tax from continued operations | 153.9 | 148.0 | 434.1 | 398.0 | 504.7 | |
| Profit incl. tax from discontinued operations | ||||||
| Profit before other comprehensive income | 153.9 | 148.0 | 434.1 | 398.0 | 504.7 | |
| Other comprehensive income | ||||||
| Other income and expenses not to be reclassified to profit/loss | ||||||
| Changes in estimates related to defined benefit pension plans | -0.2 | |||||
| Total other income and expenses not to be reclassified to | ||||||
| profit/loss | -0.1 | |||||
| Other income and expenses that may be reclassified to profit/loss | ||||||
| Change in unrealised gain/loss on loans valued at fair value through | ||||||
| other comprehensive income (OCI) | 0.9 | -0.7 | 1.8 | 0.6 | 1.6 | |
| Tax | -0.4 | |||||
| Total other income and expenses that may be reclassified to profit/loss |
0.9 | -0.7 | 1.8 | 0.6 | 1.2 | |
| Total other comprehensive income | 0.9 | -0.7 | 1.8 | 0.6 | 1.0 | |
| Total comprehensive income | 154.8 | 147.3 | 435.9 | 398.7 | 505.7 | |
| Total comprehensive income attributable to: | ||||||
| Portion attributable to shareholders | 147.7 | 139.9 | 414.5 | 376.1 | 475.7 | |
| Portion attributable to additional Tier 1 capital holders | 7.1 | 7.3 | 21.4 | 22.6 | 30.0 | |
| Total | 154.8 | 147.3 | 435.9 | 398.7 | 505.7 | |
Statement of financial position
| NOK million | Notes | 30.09.2025 | 31.12.2024 |
|---|---|---|---|
| Cash and deposits with central banks | 5.8 | 6.1 | |
| Loans to and deposits with credit institutions | 4 | 1,932.3 | 2,781.5 |
| Loans to customers | 3, 4, 7, 8 | 78,118.9 | 68,852.8 |
| Interest-bearing securities | 4, 9 | 8,534.8 | 7,844.4 |
| Derivatives | 4 | 107.4 | 119.3 |
| Equity instruments | 4 | 7.5 | 46.5 |
| Intangible assets | 310.5 | 312.3 | |
| Other current assets | 2,284.7 | 69.4 | |
| Total assets | 91,301.8 | 80,032.3 | |
| Loans and deposits from credit institutions | 4 | 2,666.5 | 3,414.8 |
| Deposits from and due to customers | 4 | 34,812.0 | 31,403.4 |
| Debt securities issued | 4, 5 | 46,112.4 | 38,172.9 |
| Derivatives | 4 | 100.1 | 81.3 |
| Other current liabilities | 461.6 | 191.8 | |
| Pensions | 1.4 | 1.4 | |
| Tax payable | 62.1 | 47.7 | |
| Deferred tax | 130.8 | 57.8 | |
| Provisions for guarantees and unused credit facilities | 5.1 | 6.0 | |
| Subordinated loans | 4, 5 | 702.7 | 828.7 |
| Total liabilities | 85,054.8 | 74,205.7 | |
| Share capital | 990.0 | 990.0 | |
| Share premium | 1,948.6 | 1,948.6 | |
| Additional Tier 1 capital | 352.7 | 352.9 | |
| Other paid in equity | 1,665.1 | 1,512.1 | |
| Total paid in equity | 4,956.3 | 4,803.6 | |
| Other equity | 1,290.7 | 1,023.1 | |
| Total retained earnings | 1,290.7 | 1,023.1 | |
| Total equity | 6 | 6,247.0 | 5,826.7 |
| Total liabilities and equity | 91,301.8 | 80,032.3 |
Lysaker, 21 October 2025
The Board of Directors of Storebrand Bank ASA
Statement of changes in equity
| NOK million | Share capital |
Share premium |
Hybrid capital |
Other paid in capital |
Total paid in equity |
Other equity |
Total retained earnings |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity at 31.12.2023 | 968.1 | 1,298.5 | 408.2 | 1,215.1 | 3,889.9 | 837.3 | 837.3 | 4,727.2 |
| Profit for the period | 30.0 | 30.0 | 474.7 | 474.7 | 504.7 | |||
| Total other income and expenses not to be classified to profit/loss |
-0.1 | -0.1 | -0.1 | |||||
| Total other income and expenses that may be classified to profit/loss |
1.2 | 1.2 | 1.2 | |||||
| Total other comprehensive income | 1.0 | 1.0 | 1.0 | |||||
| Total comprehensive income for the period | 30.0 | 30.0 | 475.7 | 475.7 | 505.7 | |||
| Equity transactions with owners: | ||||||||
| Capital contributions | 21.9 | 650.1 | 672.0 | 672.0 | ||||
| Additional Tier 1 capital classified as equity | -54.8 | -54.8 | 7.5 | 7.5 | -47.3 | |||
| Payment to additional Tier 1 holders | -30.5 | -30.5 | -30.5 | |||||
| Group contribution received | 297.0 | 297.0 | 297.0 | |||||
| Group contribution paid | -297.4 | -297.4 | -297.4 | |||||
| Equity at 31.12.2024 | 990.0 | 1,948.6 | 352.9 | 1,512.1 | 4,803.6 | 1,023.1 | 1,023.1 | 5,826.7 |
| Profit for the period | 21.4 | 21.4 | 412.7 | 412.7 | 434.1 | |||
| Total other income and expenses not to be classified to profit/loss |
||||||||
| Total other income and expenses that may be classified to profit/loss |
1.8 | 1.8 | 1.8 | |||||
| Total other comprehensive income | 1.8 | 1.8 | 1.8 | |||||
| Total comprehensive income for the period | 21.4 | 21.4 | 414.5 | 414.5 | 435.9 | |||
| Equity transactions with owners: | ||||||||
| Additional Tier 1 capital classified as equity | 5.3 | 5.3 | 5.3 | |||||
| Payment to additional Tier 1 holders | -21.6 | -21.6 | -21.6 | |||||
| Group contribution received | 153.0 | 153.0 | 153.0 | |||||
| Group contribution paid | -152.3 | -152.3 | -152.3 | |||||
| Equity at 30.09.2025 | 990.0 | 1,948.6 | 352.7 | 1,665.1 | 4,956.3 | 1,290.7 | 1,290.7 | 6,247.0 |
Income statement
| Q3 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|
| NOK million | Notes | 2025 | 2024 | 2025 | 2024 | 2024 | |
| Interest income and similar income | |||||||
| Interest income calculated by using the effective interest method | 525.1 | 477.5 | 1,516.3 | 1,308.9 | 1,796.2 | ||
| Other interest income | 67.2 | 37.4 | 248.4 | 96.8 | 154.8 | ||
| Total interest income and similar income | 592.3 | 514.9 | 1,764.7 | 1,405.7 | 1,951.0 | ||
| Interest expenses and similar expenses | |||||||
| Interest expenses calculated by using the effective interest method | -403.4 | -332.2 | -1,228.8 | -894.9 | -1,256.7 | ||
| Other interest expenses | -5.8 | -4.5 | -16.8 | -13.5 | -17.0 | ||
| Total interest expenses and similar expenses | -409.2 | -336.7 | -1,245.6 | -908.3 | -1,273.7 | ||
| Net interest income | 10 | 183.1 | 178.2 | 519.1 | 497.3 | 677.3 | |
| Fee and commission income from banking services | 94.9 | 84.5 | 257.0 | 234.4 | 309.2 | ||
| Fee and commission expense for banking services | -4.9 | -9.3 | -16.9 | -26.8 | -35.0 | ||
| Income from shares, units and other equity instruments | 4.5 | ||||||
| Income from ownership interests in group companies | 237.7 | ||||||
| Net change in fair value and gain/loss on foreign exchange and | |||||||
| financial instruments | 11 | 23.4 | 4.6 | 34.4 | 12.7 | 7.7 | |
| Other operating income | 21.6 | 57.8 | 25.6 | ||||
| Total other operating income | 134.9 | 79.8 | 332.2 | 220.3 | 549.8 | ||
| Staff expenses | -74.4 | -56.1 | -200.6 | -160.0 | -241.1 | ||
| Other operating expenses | -111.5 | -77.4 | -316.9 | -214.1 | -393.8 | ||
| Depreciation of non-financial assets | -9.1 | -4.3 | -26.3 | -12.7 | -26.0 | ||
| Impairment of non-financial assets | -0.6 | ||||||
| Total operating expenses excl. credit loss on loans, etc. | -195.0 | -137.7 | -543.7 | -386.8 | -661.5 | ||
| Profit before credit loss on loans, etc. | 123.0 | 120.4 | 307.6 | 330.8 | 565.6 | ||
| Credit loss on loans, guarantees and interest-bearing securities | -9.4 | -5.2 | -7.3 | -32.3 | -52.9 | ||
| Profit before tax for continued operations | 113.6 | 115.2 | 300.3 | 298.6 | 512.7 | ||
| Tax on profit from continued operations | -30.2 | -30.6 | -80.4 | -80.3 | -122.5 | ||
| Profit before other comprehensive income | 83.4 | 84.6 | 219.9 | 218.3 | 390.2 | ||
| Other comprehensive income | |||||||
| Other income and expenses not to be reclassified to profit/loss | |||||||
| Changes in estimates related to defined benefit pension plans | -0.2 | ||||||
| Total other income and expenses not to be reclassified to profit/loss |
-0.1 | ||||||
| Other income and expenses that may be reclassified to profit/loss | |||||||
| Change in unrealised gain/loss on loans valued at fair value through | |||||||
| other comprehensive income (OCI) | 0.8 | -0.4 | 1.4 | 1.3 | 1.9 | ||
| Tax | -0.5 | ||||||
| Total other income and expenses that may be reclassified to profit/loss |
0.8 | -0.4 | 1.4 | 1.3 | 1.4 | ||
| Total other comprehensive income | 0.8 | -0.4 | 1.4 | 1.3 | 1.3 | ||
| Total comprehensive income | 84.2 | 84.1 | 221.3 | 219.6 | 391.4 | ||
| Total comprehensive income attributable to: | |||||||
| Portion attributable to shareholders | 77.0 | 76.8 | 200.0 | 197.0 | 361.5 | ||
| Portion attributable to additional Tier 1 capital holders | 7.1 | 7.3 | 21.4 | 22.6 | 30.0 | ||
| Total | 84.2 | 84.1 | 221.3 | 219.6 | 391.4 |
Statement of financial position
| NOK million | Notes | 30.09.2025 | 31.12.2024 |
|---|---|---|---|
| Cash and deposits with central banks | 5.8 | 6.1 | |
| Loans to and deposits with credit institutions | 4 | 5,096.4 | 9,063.9 |
| Loans to customers | 3, 4, 7, 8 | 24,481.9 | 22,612.6 |
| Interest-bearing securities | 4, 9 | 12,037.6 | 9,814.6 |
| Derivatives | 4 | 35.3 | 41.0 |
| Equity instruments | 4 | 7.5 | 46.5 |
| Ownership interests in group companies | 3,577.0 | 3,577.0 | |
| Intangible assets | 310.5 | 312.3 | |
| Deferred tax assets | 17.1 | ||
| Other current assets | 2,275.3 | 454.2 | |
| Total assets | 47,827.2 | 45,945.1 | |
| Loans and deposits from credit institutions | 4 | 2,737.3 | 3,495.8 |
| Deposits from and due to customers | 4 | 34,812.0 | 31,403.4 |
| Debt securities issued | 4, 5 | 3,189.4 | 4,139.1 |
| Derivatives | 4 | 10.0 | 11.9 |
| Other current liabilities | 563.4 | 515.8 | |
| Pensions | 1.4 | 1.4 | |
| Deferred tax | 70.5 | 12.5 | |
| Provisions for guarantees and unused credit facilities | 3.7 | 4.7 | |
| Subordinated loans | 4, 5 | 702.7 | 828.7 |
| Total liabilities | 42,090.3 | 40,413.3 | |
| Share capital | 990.0 | 990.0 | |
| Share premium | 1,948.6 | 1,948.6 | |
| Additional Tier 1 capital | 352.7 | 352.9 | |
| Other paid in equity | 1,836.6 | 1,836.6 | |
| Total paid in equity | 5,127.9 | 5,128.1 | |
| Other equity | 609.0 | 403.7 | |
| Total retained earnings | 609.0 | 403.7 | |
| Total equity | 6 | 5,736.9 | 5,531.8 |
| Total liabilities and equity | 47,827.2 | 45,945.1 |
Lysaker, 21 October 2025
The Board of Directors of Storebrand Bank ASA
Statement of changes in equity
| Share | Share | Hybrid | Other paid in |
Total paid in |
Other | Total retained |
Total | |
|---|---|---|---|---|---|---|---|---|
| NOK million | capital | premium | capital | capital | equity | equity | earnings | equity |
| Equity at 31.12.2023 | 968.1 | 1,298.5 | 408.2 | 1,683.6 | 4,358.4 | 125.2 | 125.2 | 4,483.6 |
| Profit for the period | 30.0 | 30.0 | 360.2 | 360.2 | 390.2 | |||
| Total other income and expenses not to be classified to profit/loss |
-0.1 | -0.1 | -0.1 | |||||
| Total other income and expenses that may be classified to profit/loss |
1.4 | 1.4 | 1.4 | |||||
| Total other comprehensive income | 1.3 | 1.3 | 1.3 | |||||
| Total comprehensive income for the period | 30.0 | 30.0 | 361.5 | 361.5 | 391.4 | |||
| Equity transactions with owners: | ||||||||
| Capital contributions | 21.9 | 650.1 | 672.0 | 672.0 | ||||
| Additional Tier 1 capital classified as equity | -54.8 | -54.8 | 7.5 | 7.5 | -47.3 | |||
| Payment to additional Tier 1 holders Group contribution received |
-30.5 | 153.0 | -30.5 153.0 |
-30.5 153.0 |
||||
| Provision for group contribution | -152.3 | -152.3 | -152.3 | |||||
| Other changes | 61.8 | 61.8 | 61.8 | |||||
| Equity at 31.12.2024 | 990.0 | 1,948.6 | 352.9 | 1,836.6 | 5,128.1 | 403.7 | 403.7 | 5,531.8 |
| Profit for the period | 21.4 | 21.4 | 198.5 | 198.5 | 219.9 | |||
| Total other income and expenses not to be classified to profit/loss |
||||||||
| Total other income and expenses that may be classified to profit/loss |
1.4 | 1.4 | 1.4 | |||||
| Total other comprehensive income | 1.4 | 1.4 | 1.4 | |||||
| Total comprehensive income for the period | 21.4 | 21.4 | 200.0 | 200.0 | 221.3 | |||
| Equity transactions with owners: | ||||||||
| Additional Tier 1 capital classified as equity | 5.3 | 5.3 | 5.3 | |||||
| Payment to additional Tier 1 holders | -21.6 | -21.6 | -21.6 | |||||
| Equity at 30.09.2025 | 990.0 | 1,948.6 | 352.7 | 1,836.6 | 5,127.9 | 609.0 | 609.0 | 5,736.9 |
Statement of cash flow
| Storebrand Bank ASA | Storebrand Bank Group |
|||
|---|---|---|---|---|
| 01.01 - 30.09 | 01.01 - 30.09 | |||
| 2024 | 2025 | NOK million | 2025 | 2024 |
| Cash flow from operating activities | ||||
| 1,318.1 | 1,592.2 Receipts of interest, commissions and fees from customers | 3,402.8 | 2,942.9 | |
| -186.9 | -235.9 Payments of interest, commissions and fees to customers | -235.9 | -186.9 | |
| -8,724.5 | -1,714.0 Net disbursements/payments on customer loans | -9,230.4 | -7,972.0 | |
| 5,703.1 | 2,642.8 Net receipts/payments of deposits from banking customers | 2,642.8 | 5,703.1 | |
| -115.5 | -3,899.2 Net receipts/payments - securities | -2,152.9 | 1,105.3 | |
| -247.3 | -204.1 Payments of operating costs | -225.5 | -226.4 | |
| -2,252.9 | -1,818.3 Net cash flow from operating activities | -5,799.1 | 1,366.1 | |
| Cash flow from investing activities | ||||
| -17.1 | -31.4 Net payments on purchase/sale of fixed assets etc. | -31.4 | -17.1 | |
| -17.1 | -31.4 Net cash flow from investing activities | -31.4 | -17.1 | |
| Cash flow from financing activities | ||||
| -955.0 | -1,449.5 Payments - repayments of loans and issuing of bond debt | -7,470.2 | -5,872.7 | |
| 700.0 | 500.0 Receipts - new loans and issuing of bond debt | 15,434.7 | 4,243.8 | |
| -167.0 | -236.1 Payments - interest on loans | -2,008.8 | -1,641.7 | |
| -125.0 Payments - repayments of subordinated loans | -125.0 | |||
| -37.9 | -32.9 Payments - interest on subordinated loans | -32.9 | -37.9 | |
| -54.8 | Payments of additional Tier 1 capital | -54.8 | ||
| -23.1 | -21.6 Payments - interest on additional Tier 1 capital | -21.6 | -23.1 | |
| 6,098.9 | 4,394.8 Receipts - new loans from credit institutions | 4,405.0 | 6,078.4 | |
| -5,136.2 | -5,153.2 Payments - repayment of loans to credit institutions | -5,153.2 | -5,136.2 | |
| 250.0 | Receipts - issuing of share capital and other equity | 250.0 | ||
| 356.9 | 237.7 Receipts - group contribution | 297.0 | ||
| -441.7 | -232.4 Payments - group contribution / dividends | -47.0 | -395.0 | |
| 590.1 | -2,118.2 Net cash flow from financing activities | 4,981.0 | -2,292.3 | |
| -1,679.9 | -3,967.8 Net cash flow in the period | -849.5 | -943.3 | |
| 6,709.9 | 9,070.0 Cash and bank deposits at the start of the period | 2,787.6 | 1,144.2 | |
| 5,030.0 | 5,102.2 Cash and bank deposits at the end of the period | 1,938.1 | 200.9 | |
| Cash and bank deposits consists of: | ||||
| 4.1 | 5.8 Cash and deposits with central banks | 5.8 | 4.1 | |
| 5,026.0 | 5,096.4 Loans to and deposits with credit institutions | 1,932.3 | 196.8 | |
| 5,030.0 | 5,102.2 Total cash and bank deposits in the balance sheet | 1,938.1 | 200.9 |
Notes to the interim accounts
Note
Basis for preparation
1
The Group's financial statements include Storebrand Bank ASA together with subsidiaries. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not contain all the information that is required in full annual financial statements.
The interim accounts of Storebrand Bank ASA are prepared in accordance with the annual accounts regulations of banks, mortgage companies and finance companies and with IAS 34 Interim Financial Reporting.
A description of the accounting policies applied in the preparation of the financial statements is provided in the 2024 Annual report, and the interim financial statements are prepared with respect to these accounting policies.
In preparing the Group's and the company's financial statements the management are requiring to make judgements, estimates and assumptions of uncertain amounts. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and expectations of future events and represent the management's best judgement at the time the financial statements were prepared. Critical accounting estimates and judgements are described in the 2024 Annual report in note 2 and valuation of financial instruments at fair value are described in note 9 for the Group, and in note 2 and note 9 for Storebrand Bank ASA.
There are none new or changed accounting standards that entered into effect in 2025 that have significant effect on Storebrand Bank Group's and Storebrand Bank ASA's financial statements.
Note
2
Related parties
Covered bonds issued by Storebrand Boligkreditt
| NOK million | Q3 | 30.09.2025 |
|---|---|---|
| Storebrand Bank ASAs investments in covered bonds issued by Storebrand | ||
| Boligkreditt AS | -3,749.0 | 2,730,9 |
The investments are included in the liquidity portfolio in the bank and are classified at fair value through profit or loss. All investments have been eliminated in the consolidated accounts against bonds issued by Storebrand Boligkreditt AS.
Loans sold to Storebrand Boligkreditt AS
| - | ||
|---|---|---|
| NOK million | Q3 | 30.09.2025 |
| Sold home mortgages to Storebrand Boligkreditt AS | 6,881.1 | 21,755.5 |
| Bought home mortgages from Storebrand Boligkreditt AS | 105,5 | 297,8 |
Loans sold to Storebrand Livsforsikring AS
| - | ||
|---|---|---|
| NOK million | Q3 | 30.09.2025 |
| Sold home mortgages to Storebrand Livsforsikring AS | 1,743.5 | 2,957.5 |
| Bought home mortgages from Storebrand Livsforsikring AS | 81.1 | 230.2 |
| The home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS | 89.6 | 17,526.7 |
| Recognised fees on managemgent of the home mortgage portfolio on behalf of Storebrand Livsforsikring AS |
16,9 | 34.1 |
Credit facilities with Storebrand Boligkreditt AS
The bank has issued two credit facilities to Storebrand Boligkreditt AS. One of these facilities is a normal overdraft facility, with a commitment of NOK 12 billion. This has no expiry date, but can be terminated by the bank on 15 months' notice. The amount of the other facility is the payment obligations of Storebrand Boligkreditt the following 31 days on interest and principal amounts regarding Covered Bonds, including any connected derivatives. This facility may not be terminated by Storebrand Bank ASA until at least 3 months after the maturity date of the covered bond and the associated derivatives with the longest period to maturity.
Purchase and sale of bonds between companies in the Storebrand Group
Storebrand Livsforsikring AS has invested NOK 60 million in covered bonds issued by Storebrand Boligkreditt AS.
For more details about related parties, please see note 41 in the 2024 Annual report for Storebrand Bank ASA.
Note
Financial risk
3
Notes 4 to 9 in the 2024 annual report provide a detailed overview of the bank group's financial risk and notes 4 to 9 in the 2024 annual report provide a detailed overview of Storebrand Bank ASA's financial risk. The descriptions are applicable at 30 September 2025, however, with the following amendments and further comments.
Credit risk - exposure
The PD estimates are approximately unchanged year to date. There are no significant changes to EAD and LGD estimates from 31 December 2024 to 30 September 2025. The LTV's are also approximately unchanged year to date, and the average LTV is 61.9 per cent. Defaulted loans increased by NOK 70 million from the year end 2024 to 30 September 2025, from
NOK 533 million to NOK 604 million. In Storebrand Bank ASA the average LTV is approximately 69.1 per cent. Total credit losses increased NOK 8 million from year end 2024. The macroeconomic outlook is included in the models.
Storebrand Bank has sold exposures secured by mortgages on residential properties to its wholly owned subsidiary Storebrand Boligkreditt. In the banking group approximately 69 per cent of the mortgage exposures are on the balance sheet of Storebrand Boligkreditt. The value of the cover pool, including substitute assets of NOK 0 billion, is 113.2 per cent of the value of outstanding covered bonds, including derivatives, i.e. an over-collateralisation of 13.2 per cent. The legal requirement is 5 per cent. The eligible part of the cover pool consists of non-defaulted exposures and exposures within 80 per cent of the value of the pledged properties. The eligible part of the cover pool is 99.1 per cent of the total cover pool. The over-collateralisation is calculated on the eligible part of the cover pool.
Storebrand Boligkreditt AS has a credit facility with Storebrand Bank ASA. On 30 September 2025, NOK 3.2 billion of NOK 12 billion has been drawn, i.e. an undrawn amount of NOK 8.8 billion.
Loans-to-value ratio, secured loans
Storebrand Bank Group
| 30.09.2025 | |||||||
|---|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
|||
| 0% - 40% | 19.9% | 11,075.0 | 5,786.1 | 16,861.0 | |||
| 40% - 60% | 29.2% | 23,776.9 | 1,021.9 | 24,798.8 | |||
| 60% - 80% | 32.6% | 27,507.9 | 130.4 | 27,638.3 | |||
| 80% - 90% | 16.1% | 13,613.2 | 13.6 | 13,626.8 | |||
| 90% - 100% | 2.1% | 1,738.1 | 2.9 | 1,741.0 | |||
| > 100% | 0.2% | 155.7 | 155.7 | ||||
| Total secured loans | 100.0% | 77,866.8 | 6,954.8 | 84,821.7 | |||
| Loan commitments and financing certificates, secured | 3,433.1 | 3,433.1 | |||||
| Total secured loans incl. loan commitments and financing certificates |
77,866.8 | 10,387.9 | 88,254.8 |
| 31.12.2024 | |||||||
|---|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
|||
| 0% - 40% | 18.9% | 9,600.3 | 4,394.8 | 13,995.2 | |||
| 40% - 60% | 28.6% | 20,256.5 | 889.5 | 21,145.9 | |||
| 60% - 80% | 33.3% | 24,504.6 | 147.1 | 24,651.8 | |||
| 80% - 90% | 16.8% | 12,424.7 | 14.1 | 12,438.8 | |||
| 90% - 100% | 2.1% | 1,575.3 | 6.1 | 1,581.5 | |||
| > 100% | 0.3% | 222.6 | 0.2 | 222.8 | |||
| Total secured loans | 100.0% | 68,584.2 | 5,451.7 | 74,035.9 | |||
| Loan commitments and financing certificates, secured | 2,711.5 | 2,711.5 | |||||
| Total secured loans incl. loan commitments and financing certificates |
68,584.2 | 8,163.2 | 76,747.4 |
Storebrand Bank ASA
| 30.09.2025 | ||||||
|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
||
| 0% - 40% | 16.4% | 1,966.8 | 2,499.0 | 4,465.9 | ||
| 40% - 60% | 23.9% | 6,106.9 | 397.1 | 6,504.0 | ||
| 60% - 80% | 23.7% | 6,384.6 | 60.4 | 6,445.0 | ||
| 80% - 90% | 31.0% | 8,418.3 | 8.1 | 8,426.3 | ||
| 90% - 100% | 4.5% | 1,222.7 | 2.9 | 1,225.6 | ||
| > 100% | 0.4% | 104.0 | 104.0 | |||
| Total secured loans | 100.0% | 24,203.3 | 2,967.4 | 27,170.8 | ||
| Loan commitments and financing certificates, secured | 3,433.1 | 3,433.1 | ||||
| Total secured loans incl. loan commitments and financing certificates |
24,203.3 | 6,400.6 | 30,603.9 |
| 31.12.2024 | ||||
|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
| 0 - 40% | 13.5% | 1,486.9 | 1,832.4 | 3,319.4 |
| 40 - 60% | 20.7% | 4,738.6 | 369.2 | 5,107.8 |
| 60 - 80% | 28.4% | 6,915.4 | 86.1 | 7,001.5 |
| 80 - 90% | 32.1% | 7,887.1 | 10.0 | 7,897.1 |
| 90 - 100% | 4.6% | 1,133.9 | 2.0 | 1,135.8 |
| > 100% | 0.6% | 156.9 | 0.2 | 157.1 |
| Total secured loans | 100.0% | 22,318.8 | 2,299.8 | 24,618.6 |
| Loan commitments and financing sertificates, secured | 2,711.5 | 2,711.5 | ||
| Total secured loans incl. loan commitments and financing sertificates |
22,318.8 | 5,011.3 | 27,330.1 |
Risk related to secured loans
Storebrand Bank Group
| 30.09.2025 | ||||||
|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
||
| Low risk | 85.7% | 65,826.6 | 6,861.3 | 72,688.0 | ||
| Medium risk | 12.4% | 10,411.5 | 91.9 | 10,503.5 | ||
| High risk | 1.3% | 1,097.4 | 1.5 | 1,098.9 | ||
| Non-performing and loss-exposed loans incl. loans with evidence of impairment |
0.6% | 531.3 | 531.3 | |||
| Total secured loans | 100.0% | 77,866.8 | 6,954.8 | 84,821.7 | ||
| Loan commitments and financing certificates, secured | 3,433.1 | 3,433.1 | ||||
| Total secured loans incl. loan commitments and financing certificates |
77,866.8 | 10,387.9 | 88,254.8 |
| 31.12.2024 | ||||||
|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
||
| Low risk | 84.5% | 57,165.9 | 5,380.9 | 62,546.8 | ||
| Medium risk | 13.6% | 10,012.8 | 68.7 | 10,081.5 | ||
| High risk | 1.3% | 942.9 | 2.1 | 945.1 | ||
| Non-performing and loss-exposed loans incl. loans with evidence of impairment |
0.6% | 462.5 | 462.5 | |||
| Total secured loans | 100.0% | 68,584.2 | 5,451.7 | 74,035.9 | ||
| Loan commitments and financing certificates, secured | 2,711.5 | 2,711.5 | ||||
| Total secured loans incl. loan commitments and financing certificates |
68,584.2 | 8,163.2 | 76,747.4 |
Storebrand Bank ASA
| 30.09.2025 | ||||
|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
| Low risk | 84.2% | 19,957.0 | 2,912.8 | 22,869.8 |
| Medium risk | 13.7% | 3,661.2 | 53.3 | 3,714.4 |
| High risk | 1.5% | 403.9 | 1.3 | 405.3 |
| Non-performing and loss-exposed loans incl. loans with evidence of impairment |
0.7% | 181.2 | 181.2 | |
| Total secured loans | 100.0% | 24,203.3 | 2,967.4 | 27,170.8 |
| Loan commitments and financing certificates, secured | 3,433.1 | 3,433.1 | ||
| Total secured loans incl. loan commitments and financing certificates |
24,203.3 | 6,400.6 | 30,603.9 |
| 31.12.2024 | ||||||
|---|---|---|---|---|---|---|
| NOK million | Distribution in per cent |
Book value (gross) |
Unused credit limits |
Total commit ments |
||
| Low risk | 82.0% | 17,921.6 | 2,268.1 | 20,189.8 | ||
| Medium risk | 15.4% | 3,769.3 | 30.6 | 3,799.9 | ||
| High risk | 1.9% | 467.8 | 1.1 | 468.9 | ||
| Non-performing and loss-exposed loans incl. loans with evidence of impairment |
0.7% | 160.1 | 160.1 | |||
| Total secured loans | 100.0% | 22,318.8 | 2,299.8 | 24,618.6 | ||
| Loan commitments and financing certificates, secured | 2,711.5 | 2,711.5 | ||||
| Total secured loans incl. loan commitments and financing certificates |
22,318.8 | 5,011.3 | 27,330.1 |
Liquidity risk
Storebrand Bank ASA has had solid liquidity buffers previous quarters, and the bank still has substantial liquidity buffer at 30 September 2025. The LCR ratio for the bank group is at 273 per cent, well above the requirement of 100 per cent. The funding structure is balanced with regards to maturity.
The long term issuer credit rating of Storebrand Bank ASA is "A", and the short term issuer credit rating is "A-1". Both ratings are with a stable outlook from S&P Global. The covered bond programme is rated "AAA" from S&P Global.
Market risk
The interest rate risk and credit spread risk are not significantly changed in the quarter.
Note
4
Valuation of financial instruments
The Storebrand Group classify financial instruments valued at fair value in three different levels. The criteria for the classification and processes associated with valuing are described in more detail in note 10 in the Annual report 2024 for Storebrand Bank Group and Storebrand Bank ASA.
The company has established valuation models and gathers information from a wide range of well-informed sources with a view to minimize any uncertainty in the valuations.
Storebrand Bank Group
Valuation of financial instruments at fair value through profit and loss
| NOK million | Level 1 Quoted prices |
Level 2 Observ able assump tions |
Level 3 Non observ able assump |
tions 30.09.2025 31.12.2024 | |
|---|---|---|---|---|---|
| Equities and fund units | |||||
| Equities | 1.1 | 4.9 | 6.0 | 44.2 | |
| Fund units | 1.4 | 1.4 | 2.3 | ||
| Total equities and fund units 30.09.2025 | 1.1 | 6.3 | 7.5 | ||
| Total equities and fund units 31.12.2024 | 39.2 | 7.3 | 46.5 | ||
| Loans to customers | |||||
| Loans to customers - retail market | 806.1 | 806.1 | 776.5 | ||
| Total loans to customers 30.09.2025 | 806.1 | 806.1 | |||
| Total loans to customers 31.12.2024 | 776.5 | 776.5 | |||
| Interest-bearing securities | |||||
| Government and government guaranteed bonds | 336.4 | 336.4 | 350.5 | ||
| Collateralised securitites | 1,185.6 | 1,185.6 | 1,216.4 | ||
| Total interest-bearing securities 30.09.2025 | 1,521.9 | 1,521.9 | |||
| Total interest-bearing securities 31.12.2024 | 1,566.9 | 1,566.9 | |||
| Derivatives | |||||
| Interest derivatives | 7.3 | 7.3 | 38.3 | ||
| Currency derivatives | -0.3 | ||||
| Total derivatives 30.09.2025 | 7.3 | 7.3 | |||
| Derivatives with a positive fair value | 107.4 | 107.4 | 119.3 | ||
| Derivatives with a negative fair value | -100.1 | -100.1 | -81.3 | ||
| Total derivatives 31.12.2024 | 38.1 | 38.1 |
There have not been any changes between quoted prices and observable assumptions on the various financial instruments in the quarter.
Valuation of financial instruments at fair value through other comprehensive income
| NOK million | Level 1 Quoted prices |
Level 2 Observ able assump tions |
Level 3 Non observ able assump |
tions 30.09.2025 31.12.2024 | |
|---|---|---|---|---|---|
| Loans to customers - retail market | 76,967.3 | 76,967.3 | 67,721.3 | ||
| Total loans to customers 30.09.2025 | 76,967.3 | 76,967.3 | |||
| Total loans to customers 31.12.2024 | 67,721.3 | 67,721.3 |
Financial instruments at fair value - Level 3
| 30.09.2025 | |||||
|---|---|---|---|---|---|
| NOK million | Equities | Loans to customers at fair value through profit and loss |
Loans to customers at fair value through other comprehen sive income |
||
| Book value 01.01.2025 | 7.3 | 776.5 | 67,721.3 | ||
| Net gains/losses on financial instruments | 0.2 | 5.5 | 0.2 | ||
| Additions | 142.8 | 26,808.9 | |||
| Sales | -118.7 | -17,563.1 | |||
| Book value 30.09.2025 | 7.5 | 806.1 | 76,967.3 |
| 31.12.2024 | |||||
|---|---|---|---|---|---|
| NOK million | Equities | Loans to customers at fair value through profit and loss |
Loans to customers at fair value through other comprehen sive income |
||
| Book value 01.01.2024 | 8.1 | 351.3 | 58,882.2 | ||
| Net gains/losses on financial instruments | -3.1 | 3.5 | -31.6 | ||
| Additions | 2.3 | 540.8 | 28,088.6 | ||
| Sales | -119.1 | -19,217.9 | |||
| Book value 31.12.2024 | 7.3 | 776.5 | 67,721.3 |
Valuation of financial instruments at amortised cost
| NOK million | Fair value 30.09.2025 |
Book value 30.09.2025 |
Fair value 31.12.2024 |
Book value 31.12.2024 |
|---|---|---|---|---|
| Financial assets | ||||
| Loans to and deposits with credit institutions | 1,932.3 | 1,932.3 | 2,781.5 | 2,781.5 |
| Loans to customers - retail market | 345.5 | 345.5 | 355.0 | 355.0 |
| Interest-bearing securities | 7,026.9 | 7,012.9 | 6,283.6 | 6,277.5 |
| Total financial assets 30.09.2025 | 9,304.7 | 9,290.7 | ||
| Total financial assets 31.12.2024 | 9,420.0 | 9,414.0 | ||
| Financial liabilities | ||||
| Loans and deposits from credit institutions | 2,666.5 | 2,666.5 | 3,414.8 | 3,414.8 |
| Deposits from and due to customers | 34,812.0 | 34,812.0 | 31,403.4 | 31,403.4 |
| Debt securities issued | 46,101.6 | 46,112.4 | 38,069.3 | 38,172.9 |
| Subordinated loans | 705.9 | 702.7 | 827.4 | 828.7 |
| Total financial liabilities 30.09.2025 | 84,286.1 | 84,293.7 | ||
| Total financial liabilities 31.12.2024 | 73,714.9 | 73,819.8 |
Sensitivity assessments
Loans to customers
The value of home loans with a floating interest rate are valued at nominal value less expected credit loss. Loans without any substantially higher credit risk than at initial recognition are valued at nominal value. Loans where there has been a significant increase in credit risk since initial recognition or loans where there is objective evidence of loss, are valued at nominal value less expected credit loss over the lifetime of the loan.
Equities
This item consists of shares in VN Norge AS. At the end of the quarter, the value of the shares is calculated on the basis of the price of the shares in VISA Inc. and the exchange rate USD / NOK. The value has also been adjusted for a liquidity and general uncertainty discount of 14%.
| Floating loans to Floating loans to customers customers |
||||||
|---|---|---|---|---|---|---|
| Fair value through Fair value through other comprehensive other comprehensive income (OCI) income (OCI) |
Equities | |||||
| Changes in market spread |
Changes in market spread |
Change in value | ||||
| NOK million | + 10 bp | - 10 bp | + 25 bp | - 25 bp | + 25 bp | - 25 bp |
| Increase/reduction in fair value at 30.09.2025 | -8.8 | 8.8 | -22.1 | 22.1 | 0.4 | -0.4 |
| Increase/reduction in fair value at 31.12.2024 | -7.8 | 7.8 | -19.5 | 19.5 | 9.8 | -9.8 |
Storebrand Bank ASA
Valuation of financial instruments at fair value through profit and loss
| NOK million | Level 1 Quoted prices |
Level 2 Observ able assump ions |
Level 3 Non observ able assump |
tions 30.09.2025 31.12.2024 | |
|---|---|---|---|---|---|
| Equities and fund units Equities |
1.1 | 4.9 | 6.0 | 44.2 | |
| Fund units | 1.4 | 1.4 | 2.3 | ||
| Total equities and fund units 30.09.2025 | 1.1 | 6.3 | 7.5 | ||
| Total equities and fund units 31.12.2024 | 39.2 | 7.3 | 46.5 | ||
| Loans to customers | |||||
| Loans to customers - retail market | 806.1 | 806.1 | 776.5 | ||
| Total loans to customers 30.09.2025 | 806.1 | 806.1 | |||
| Total loans to customers 31.12.2024 | 776.5 | 776.5 | |||
| Interest-bearing securities | |||||
| Government and government guaranteed bonds | 336.4 | 336.4 | 350.5 | ||
| Collateralised securities | 5,047.4 | 5,047.4 | 4,161.2 | ||
| Total interest-bearing securities 30.09.2025 | 5,383.8 | 5,383.8 | |||
| Total interest-bearing securities 31.12.2024 | 4,511.6 | 4,511.6 | |||
| Derivatives | |||||
| Interest derivatives | 25.3 | 25.3 | 29.3 | ||
| Currency derivatives | -0.3 | ||||
| Total derivatives 30.09.2025 | 25.3 | 25.3 | |||
| Derivatives with a positive fair value | 35.3 | 35.3 | 41.0 | ||
| Derivatives with a negative fair value | -10.0 | -10.0 | -11.9 | ||
| Total derivatives 31.12.2024 | 29.1 | 29.1 |
Valuation of financial instruments at fair value through other comprehensive income
| NOK million | Level 1 Quoted prices |
Level 2 Observ able assump tions |
Level 3 Non observ able assump |
tions 30.09.2025 31.12.2024 | |
|---|---|---|---|---|---|
| Loans to customers - retail market | 23,330.3 | 23,330.3 | 21,481.1 | ||
| Total loans to customers 30.09.2025 | 23,330.3 | 23,330.3 | |||
| Total loans to customers 31.12.2024 | 21,481.1 | 21,481.1 |
Financial instruments at fair value - Level 3
| 30.09.2025 | |||
|---|---|---|---|
| NOK million | Equities | Loans to customers at fair value through profit and loss |
Loans to customers at fair value through other comprehens ive income |
| Book value 01.01.2025 | 7.3 | 776.5 | 21,481.1 |
| Net gains/losses on financial instruments | 0.2 | 5.5 | 1.6 |
| Supply / disposal | 142.8 | 16,060.1 | |
| Sales / due settlements | -118.7 | -14,212.4 | |
| Book value 30.09.2025 | 7.5 | 806.1 | 23,330.3 |
| 31.12.2024 | |||||
|---|---|---|---|---|---|
| NOK million | Equities | Loans to customers at fair value through profit and loss |
Loans to customers at fair value through other comprehens ive income |
||
| Book value 01.01.2024 | 8.1 | 351.3 | 13,812.8 | ||
| Net gains/losses on financial instruments | -3.1 | 3.5 | -26.0 | ||
| Supply / disposal | 2.3 | 540.8 | 16,020.8 | ||
| Sales / due settlements | -119.1 | -8,326.5 | |||
| Book value 31.12.2024 | 7.3 | 776.5 | 21,481.1 |
Valuation of financial instruments at amortised cost
| NOK million | Fair value 30.09.2025 |
Book value 30.09.2025 |
Fair value 31.12.2024 |
Book value 31.12.2024 |
|---|---|---|---|---|
| Financial assets | ||||
| Loans to and deposits with credit institutions | 5,096.4 | 5,096.4 | 9,063.9 | 9,063.9 |
| Loans to customers - retail market | 345.5 | 345.5 | 355.0 | 355.0 |
| Interest-bearing securities | 6,667.7 | 6,653.8 | 5,309.3 | 5,302.9 |
| Total financial assets 30.09.2025 | 12,109.6 | 12,095.7 | ||
| Total financial assets 31.12.2024 | 14,728.2 | 14,721.8 | ||
| Financial liabilities | ||||
| Loans and deposits from credit institutions | 2,737.3 | 2,737.3 | 3,495.8 | 3,495.8 |
| Deposits from and due to customers | 34,812.0 | 34,812.0 | 31,403.4 | 31,403.4 |
| Debt securities issued | 3,111.8 | 3,189.4 | 4,053.0 | 4,139.1 |
| Subordinated loans | 705.9 | 702.7 | 827.4 | 828.7 |
| Total financial liabilities 30.09.2025 | 41,367.0 | 41,441.4 | ||
| Total financial liabilities 31.12.2024 | 39,779.6 | 39,866.9 |
Sensitivity assessments
Loans to customers
The value of home loans with a floating interest rate are valued at nominal value less expected credit loss. Loans without any substantially higher credit risk than at initial recognition are valued at nominal value. Loans where there has been a significant increase in credit risk since initial recognition or loans where there is objective evidence of loss, are valued at nominal value less expected credit loss over the lifetime of the loan.
Equities
This item consists of shares in VN Norge AS. At the end of the quarter, the value of the shares is calculated on the basis of the price of the shares in VISA Inc. and the exchange rate USD / NOK. The value has also been adjusted for a liquidity and general uncertainty discount of 14%.
| Floating loans to customers |
Floating loans to customers |
|||||
|---|---|---|---|---|---|---|
| Fair value through other comprehensive income (OCI) |
Fair value through other comprehensive income (OCI) |
Equities | ||||
| Changes in market spread |
Changes in market spread |
Change in value | ||||
| NOK million | + 10 bp | - 10 bp | + 25 bp | - 25 bp | + 25 bp | - 25 bp |
| Increase/reduction in fair value at 30.09.2025 | -2.7 | 2.7 | -6.7 | 6.7 | 0.4 | -0.4 |
| Increase/reduction in fair value at 31.12.2024 | -2.5 | 2.5 | -6.2 | 6.2 | 9.8 | -9.8 |
Note 5
Debt securities issued and subordinated loans
| Storebrand Bank Group | ||
|---|---|---|
| NOK million | 30.09.2025 | 31.12.2024 |
| Commercial papers | 806.3 | 1,057.5 |
| Senior bonds and covered bonds | 45,306.2 | 37,115.4 |
| Subordinated loans | 702.7 | 828.7 |
| Total debt securities issued and subordinated loans | 46,815.1 | 39,001.7 |
Specification of debt securities issued and subordinated loans as at 30 September 2025 - Storebrand Bank Group
| Group | |||||||
|---|---|---|---|---|---|---|---|
| NOK million ISIN code |
Issuer | Net nominal value |
Currency | Interest | Maturity 1) | Book value 30.09.2025 |
Book value 31.12.2024 |
| Commercial papers | |||||||
| NO0013178525 | Storebrand Bank ASA | 250 | NOK | Floating 07.03.2025 | 250.8 | ||
| NO0013384024 | Storebrand Bank ASA | 800 | NOK | Floating 30.10.2025 | 806.3 | 806.7 | |
| Total commercial papers | 806.3 | 1,057.5 | |||||
| Senior bonds | |||||||
| NO0011146359 | Storebrand Bank ASA | 500 | NOK | Floating 05.02.2025 | 504.0 | ||
| NO0012617697 | Storebrand Bank ASA | 700 | NOK | Floating 15.08.2025 | 705.0 | ||
| NO0012626953 | Storebrand Bank ASA | 250 | NOK | Fixed 19.02.2026 | 255.0 | 255.0 | |
| NO0012981630 | Storebrand Bank ASA | 600 | NOK | Floating 07.08.2026 | 604.7 | 605.1 | |
| NO0013119206 | Storebrand Bank ASA | 200 | NOK | Floating 12.04.2027 | 202.2 | 202.3 | |
| NO0013391672 | Storebrand Bank ASA | 250 | NOK | Floating 19.02.2027 | 251.5 | 251.6 | |
| NO0013431981 | Storebrand Bank ASA | 250 | SEK | Floating 20.12.2027 | 265.3 | 257.5 | |
| NO0013415240 | Storebrand Bank ASA | 300 | NOK | Floating 02.03.2028 | 301.0 | ||
| NO0013625368 | Storebrand Bank ASA | 500 | NOK | Floating 07.08.2028 | 503.4 | ||
| Total senior bonds | 2,383.1 | ||||||
| Covered bonds | |||||||
| NO0010894199 | Storebrand Boligkreditt | 6,000 | NOK | Floating 25.06.2025 | 3,272.1 | ||
| NO0011073140 | AS Storebrand Boligkreditt |
7,770 | NOK | Floating 03.06.2026 | 7,818.8 | 9,507.2 | |
| NO0012526211 | AS Storebrand Boligkreditt |
9,000 | NOK | Floating 20.05.2027 | 9,055.0 | 9,061.5 | |
| XS2553532255 | AS Storebrand Boligkreditt |
50 | EUR | Floating 11.11.2027 | 598.6 | 606.3 | |
| NO0012807413 | AS Storebrand Boligkreditt |
10,300 | NOK | Floating 19.04.2028 | 10,399.8 | 9,645.1 | |
| NO0013576348 | AS Storebrand Boligkreditt |
1,500 | SEK | Floating 02.07.2029 | 1,604.5 | ||
| NO0013457218 | AS Storebrand Boligkreditt |
6,000 | NOK | Floating 15.09.2029 | 6,010.2 | ||
| NO0013648287 | AS Storebrand Boligkreditt |
5,500 | NOK | Floating 02.10.2030 | 5,501.5 | ||
| NO0010936917 | AS Storebrand Boligkreditt |
800 | NOK | Floating 21.02.2031 | 816.8 | 818.8 | |
| NO0010951528 | AS Storebrand Boligkreditt |
480 | NOK | Fixed 15.04.2031 | 433.4 | 429.3 | |
| NO0013161968 | AS Storebrand Boligkreditt |
700 | NOK | Fixed 22.02.2038 | 684.4 | 693.5 | |
| Total covered bonds | AS 2) |
42,923.1 | 34,033.8 | ||||
| 2) Total debt securities issued |
46,112.4 | 38,172.9 |
1)Maturity date in this summary is the first possible maturity date (Call date).
2)For covered bonds, a regulatory requirement for over-collateralisation of 5 per cent apply. In 2025 all covenants are fulfilled.
| NOK million | |||||||
|---|---|---|---|---|---|---|---|
| ISIN code | Issuer | Net nominal value |
Currency Interest | Call date | Book value 30.09.2025 |
Book value 31.12.2024 |
|
| Dated subordinated loans | |||||||
| NO0010843519 | Storebrand Bank ASA | 125 | NOK | Floating | 27.02.2025 | 125.8 | |
| NO0011104077 | Storebrand Bank ASA | 300 | NOK | Floating | 23.09.2026 | 300.3 | 300.4 |
| NO0012446428 | Storebrand Bank ASA | 400 | NOK | Floating | 27.02.2027 | 402.3 | 402.5 |
| Total subordinated loans | 702.7 | 828.7 |
Note 6
Capital adequacy
Capital adequacy calculations are subject to special consolidation rules in accordance with the regulation on consolidated application of the capital adequacy rules etc. (the "Consolidation Regulation"). The Storebrand Bank Group is defined pursuant to Section 5 of the Consolidation Regulation as a financial group comprising solely or mainly undertakings other than insurance companies. According to the capital requirement regulations, the valuation rules used in the company's accounts form the basis for consolidation. Consolidation is mainly carried out in accordance with the same principles as those used in the accounts, with all internal transactions eliminated, including shares, loans and deposits as well as other receivables and liabilities.
The standard method is used for credit risk and market risk and the basis method is used for operational risk. As of 30.09.2025, the combined CET1 capital and own funds requirements are 14.96 per cent and 20.2 per cent, respectively. The Pillar 2 requirement for Storebrand Bank is 1.7 per cent, while 0.96 per cent of the Pillar 2 requirement is covered by CET1 capital.
Eligible capital
| Eligible capital | |||
|---|---|---|---|
| Storebrand Bank ASA | Storebrand Bank Group | ||
| 30.09.2025 31.12.2024 | |||
| 990.0 | 990.0 | ||
| 5,257.0 | 4,836.7 | ||
| 6,247.0 | 5,826.7 | ||
| -350.0 | -350.0 | ||
| -2.7 | -2.9 | ||
| 5,894.3 | 5,473.8 | ||
| Deductions | |||
| -294.4 | |||
| -79.6 | -70.4 | ||
| -310.5 | -312.3 | ||
| -17.1 | -6.6 | ||
| Provision for group contribution | -152.3 | ||
| Addition | |||
| Group contribution received | 153.0 | ||
| 5,192.7 | 5,085.1 | ||
| Other Tier 1 capital | 5,192.7 | 5,085.1 | |
| 350.0 | 350.0 | ||
| Capital instruments not eligible as Additional Tier 1 capital | |||
| 5,542.7 | 5,435.1 | ||
| Tier 2 capital | |||
| 700.0 | 825.0 | ||
| 6,242.7 | 6,260.1 | ||
| 31.12.2024 30.09.2025 NOK million 990.0 Share capital 4,746.9 Other equity 5,736.9 Total equity -350.0 Additional Tier 1 capital included in total equity -2.7 Accrued interest on capital instruments included in total equity 5,384.2 Total equity included in Core Equity Tier 1 (CET1) -151.6 Profit not included in the calculation of eligible capital -29.7 AVA adjustments -310.5 Intangible assets -12.7 Minimum Loss Coverage for Non Perfoming Loans 4,879.8 Core Equity Tier 1 (CET1) 350.0 Capital instruments eligible as Additional Tier 1 capital 5,229.8 Tier 1 capital 700.0 Subordinated loans 5,929.8 Eligible capital (Tier 1 capital + Tier 2 capital) |
Minimum capital requirements
| Storebrand Bank ASA | Storebrand Bank Group | |||
|---|---|---|---|---|
| 31.12.2024 30.09.2025 NOK million | 30.09.2025 31.12.2024 | |||
| 1,450.7 | 1,467.3 Credit risk | 2,009.2 | 1,867.3 | |
| Of which: | ||||
| 3.4 | 1.5 | Local and regional authorities | 1.5 | |
| 402.1 | 389.6 | Institutions | 53.1 | 24.3 |
| 620.9 | 318.8 | Loans secured in residential real estate | 1,066.1 | 1,912.4 |
| 69.9 | 379.1 | Retail market | 812.7 | 86.0 |
| 19.5 | 11.0 | Loans past-due | 36.8 | 41.4 |
| 307.7 | 359.6 | Covered bonds | 30.5 | 31.8 |
| 27.3 | 7.8 | Other | 8.5 | 12.5 |
| 1,450.7 | 1,467.3 Total minimum requirement for credit risk | 2,009.2 | 2,108.4 | |
| Total minimum requirement for market risk | ||||
| 120.3 | 100.1 Operational risk | 108.1 | 150.1 | |
| 2.6 | 1.0 CVA risk 1) | 3.8 | 6.4 | |
| 1,573.6 | 1,568.4 Minimum requirement for net primary capital | 2,121.1 | 2,264.9 |
1)Regulation on own funds requirements for credit valuation adjustment risk.
Capital Adequacy
| Storebrand Bank ASA | Storebrand Bank Group | |||
|---|---|---|---|---|
| 31.12.2024 30.09.2025 | 30.09.2025 31.12.2024 | |||
| 30.6% | 30.2% Capital ratio | 23.5% | 22.1% | |
| 26.4% | 26.7% Tier 1 capital ratio | 20.9% | 19.2% | |
| 24.6% | 24.9% Core equity Tier 1 (CET1) capital ratio | 19.6% | 18.0% |
Basis of calculation (risk-weighted volume)
| Storebrand Bank ASA | Storebrand Bank Group | |||
|---|---|---|---|---|
| 31.12.2024 30.09.2025 NOK million | 30.09.2025 31.12.2024 | |||
| 18,134.1 | 18,341.7 Credit risk | 25,115.4 | 23,341.2 | |
| Of which: | ||||
| 42.7 | 18.2 | Local and regional authorities | 18.2 | |
| 5,025.7 | 4,869.9 | Institutions | 664.1 | 303.6 |
| 7,761.5 | 3,984.7 | Loans secured in residential real estate | 13,326.7 | 23,905.1 |
| 873.2 | 4,738.4 | Retail market | 10,158.7 | 1,075.3 |
| 244.3 | 137.7 | Loans past-due | 460.3 | 517.0 |
| 3,845.9 | 4,495.6 | Covered bonds | 381.4 | 397.3 |
| 340.8 | 97.3 | Other | 105.9 | 156.6 |
| 18,134.1 | 18,341.7 Total basis of calculation credit risk | 25,115.4 | 26,354.8 | |
| Total basis of calculation market risk | ||||
| 1,503.4 | 1,251.2 Operational risk | 1,350.9 | 1,876.6 | |
| 32.2 | 12.1 CVA risk | 47.6 | 79.6 | |
| 19,669.7 | 19,605.1 Total basis of calculation of minimum requirements for capital | 26,513.8 | 28,311.0 |
Leverage ratio
| Storebrand Bank ASA | Storebrand Bank Group | |||
|---|---|---|---|---|
| 31.12.2024 30.09.2025 NOK million | 30.09.2025 31.12.2024 | |||
| 5,184.7 | 5,229.8 Tier 1 capital | 5,542.7 | 5,435.1 | |
| 78,406.2 | 86,747.0 Total Leverage ratio exposure measure | 93,509.4 | 81,536.7 | |
| 6.6% | 6.0% Leverage ratio | 5.9% | 6.7% |
Leverage ratio requirement is 3.0 percentage points as per 30.09.2025.
Note 7
Loan portfolio and guarantees
| Storebrand Bank ASA | Storebrand Bank Group | ||||
|---|---|---|---|---|---|
| NOK million | 30.09.2025 31.12.2024 30.09.2025 31.12.2024 | ||||
| Loans to customers at amortised cost | 407.4 | 420.0 | 407.4 | 420.0 | |
| Loans to customers at fair value through profit and loss | 806.1 | 776.5 | 806.1 | 776.5 | |
| Loans to customers at fair value through other comprehensive income (OCI) |
23,380.3 | 21,532.7 | 77,044.4 | 67,798.6 | |
| Total gross loans to customers | 24,593.8 | 22,729.3 | 78,257.9 | 68,995.2 | |
| Provision for expected loss stage 1 | -4.0 | -3.8 | -4.8 | -4.5 | |
| Provision for expected loss stage 2 | -24.4 | -38.5 | -30.7 | -45.5 | |
| Provision for expected loss stage 3 | -83.4 | -74.4 | -103.4 | -92.4 | |
| Net loans to customers | 24,481.9 | 22,612.6 | 78,118.9 | 68,852.8 |
Change in gross loans to customers valued at amortised cost
Storebrand Bank Group
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2025 | 269.4 | 80.8 | 69.8 | 420.0 |
| Transfer to stage 1 | 13.5 | -13.5 | -0.1 | |
| Transfer to stage 2 | -20.9 | 21.8 | -0.9 | |
| Transfer to stage 3 | -2.0 | -11.1 | 13.1 | |
| New loans | 37.3 | 13.4 | 2.9 | 53.6 |
| Derecognition | -31.5 | -17.2 | -15.3 | -63.9 |
| Other changes | 3.5 | -6.8 | 0.9 | -2.3 |
| Gross loans 30.09.2025 | 269.5 | 67.5 | 70.4 | 407.4 |
Storebrand Bank Group
| Total gross | ||||
|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | loans |
| Gross loans 01.01.2024 | 290.6 | 78.0 | 54.3 | 422.9 |
| Transfer to stage 1 | 29.4 | -28.5 | -1.0 | |
| Transfer to stage 2 | -39.0 | 39.9 | -0.8 | |
| Transfer to stage 3 | -13.3 | -11.9 | 25.2 | |
| New loans | 66.7 | 22.3 | 6.8 | 95.8 |
| Derecognition | -73.2 | -13.9 | -16.5 | -103.5 |
| Other changes | 8.2 | -5.1 | 1.7 | 4.8 |
| Gross loans 31.12.2024 | 269.4 | 80.8 | 69.8 | 420.0 |
Storebrand Bank ASA
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2025 | 269.4 | 80.8 | 69.8 | 420.0 |
| Transfer to stage 1 | 13.5 | -13.5 | -0.1 | |
| Transfer to stage 2 | -20.9 | 21.8 | -0.9 | |
| Transfer to stage 3 | -2.0 | -11.1 | 13.1 | |
| New loans | 37.3 | 13.4 | 2.9 | 53.6 |
| Derecognition | -31.5 | -17.2 | -15.3 | -63.9 |
| Other changes | 3.5 | -6.8 | 0.9 | -2.3 |
| Gross loans 30.09.2025 | 269.5 | 67.5 | 70.4 | 407.4 |
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2024 | 290.6 | 78.0 | 54.3 | 422.9 |
| Transfer to stage 1 | 29.4 | -28.5 | -1.0 | |
| Transfer to stage 2 | -39.0 | 39.9 | -0.8 | |
| Transfer to stage 3 | -13.3 | -11.9 | 25.2 | |
| New loans | 66.7 | 22.3 | 6.8 | 95.8 |
| Derecognition | -73.2 | -13.9 | -16.5 | -103.5 |
| Other changes | 8.2 | -5.1 | 1.7 | 4.8 |
| Gross loans 31.12.2024 | 269.4 | 80.8 | 69.8 | 420.0 |
Change in gross loans to customers valued at fair value through other comprehensive income (OCI)
Storebrand Bank Group
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2025 | 57,660.2 | 9,679.0 | 459.4 | 67,798.6 |
| Transfer to stage 1 | 2,427.5 | -2,427.5 | ||
| Transfer to stage 2 | -2,574.1 | 2,654.1 | -80.0 | |
| Transfer to stage 3 | -72.2 | -177.5 | 249.8 | |
| New loans | 25,529.1 | 1,266.9 | 12.8 | 26,808.9 |
| Derecognition | -14,390.6 | -2,269.0 | -91.3 | -16,750.9 |
| Other changes | -708.6 | -86.2 | -17.3 | -812.1 |
| Gross loans 30.09.2025 | 67,871.4 | 8,639.7 | 533.3 | 77,044.4 |
Storebrand Bank Group
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2024 | 52,617.7 | 5,988.9 | 321.3 | 58,927.8 |
| Transfer to stage 1 | 1,285.5 | -1,276.6 | -8.9 | |
| Transfer to stage 2 | -4,107.6 | 4,134.5 | -26.9 | |
| Transfer to stage 3 | -71.0 | -167.0 | 238.0 | |
| New loans | 25,411.1 | 2,657.1 | 20.4 | 28,088.6 |
| Derecognition | -16,529.6 | -1,575.8 | -59.6 | -18,164.9 |
| Other changes | -945.9 | -82.0 | -25.0 | -1,052.9 |
| Gross loans 31.12.2024 | 57,660.2 | 9,679.0 | 459.4 | 67,798.6 |
Storebrand Bank ASA
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2025 | 18,221.6 | 3,154.6 | 156.5 | 21,532.7 |
| Transfer to stage 1 | 432.7 | -432.7 | ||
| Transfer to stage 2 | -440.5 | 446.4 | -5.9 | |
| Transfer to stage 3 | -17.0 | -76.0 | 92.9 | |
| New loans | 15,236.7 | 818.8 | 4.5 | 16,060.1 |
| Derecognition | -12,442.5 | -1,602.2 | -61.2 | -14,105.9 |
| Other changes | -63.1 | -39.3 | -4.1 | -106.5 |
| Gross loans 30.09.2025 | 20,927.9 | 2,269.7 | 182.7 | 23,380.3 |
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total gross loans |
|---|---|---|---|---|
| Gross loans 01.01.2024 | 11,964.6 | 1,772.0 | 101.7 | 13,838.3 |
| Transfer to stage 1 | 177.2 | -176.0 | -1.2 | |
| Transfer to stage 2 | -740.1 | 744.6 | -4.5 | |
| Transfer to stage 3 | -34.4 | -71.6 | 106.0 | |
| New loans | 14,277.1 | 1,735.2 | 8.6 | 16,020.8 |
| Derecognition | -7,427.4 | -827.2 | -23.0 | -8,277.6 |
| Other changes | 4.6 | -22.4 | -31.1 | -48.8 |
| Gross loans 31.12.2024 | 18,221.6 | 3,154.6 | 156.5 | 21,532.7 |
Change in maximum exposure for guarantees and unused credits
Storebrand Bank Group
| Total | ||||
|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | exposure |
| Maximum exposure 01.01.2025 | 6,529.3 | 97.6 | 0.2 | 6,627.1 |
| Transfer to stage 1 | 67.2 | -67.1 | -0.1 | |
| Transfer to stage 2 | -60.7 | 60.7 | ||
| Transfer to stage 3 | -0.6 | -0.3 | 0.9 | |
| New loans | 2,423.7 | 46.8 | 2,470.4 | |
| Derecognition | -899.1 | -11.3 | -0.1 | -910.5 |
| Other changes | 34.2 | -31.1 | -0.6 | 2.5 |
| Maximum exposure 30.09.2025 | 8,094.0 | 95.3 | 0.4 | 8,189.6 |
Storebrand Bank Group
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total exposure |
|---|---|---|---|---|
| Maximum exposure 01.01.2024 | 4,695.5 | 187.9 | 0.3 | 4,883.7 |
| Transfer to stage 1 | 148.0 | -147.9 | -0.2 | |
| Transfer to stage 2 | -87.5 | 87.5 | ||
| Transfer to stage 3 | -1.6 | -0.2 | 1.8 | |
| New loans | 2,655.0 | 61.6 | 2,716.6 | |
| Derecognition | -921.1 | -25.7 | -946.8 | |
| Other changes | 41.1 | -65.5 | -1.7 | -26.1 |
| Maximum exposure 31.12.2024 | 6,529.5 | 97.6 | 0.2 | 6,627.4 |
Storebrand Bank ASA
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total exposure |
|---|---|---|---|---|
| Maximum exposure 01.01.2025 | 3,416.7 | 58.4 | 0.2 | 3,475.2 |
| Transfer to stage 1 | 26.8 | -26.7 | -0.1 | |
| Transfer to stage 2 | -21.2 | 21.2 | ||
| Transfer to stage 3 | -0.6 | -0.3 | 0.9 | |
| New loans | 1,806.7 | 30.7 | 1,837.4 | |
| Derecognition | -1,057.5 | -22.5 | -0.1 | -1,080.0 |
| Other changes | -19.2 | -10.6 | -0.6 | -30.4 |
| Maximum exposure 30.09.2025 | 4,151.7 | 50.1 | 0.4 | 4,202.2 |
| Total | ||||
|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | exposure |
| Maximum exposure 01.01.2024 | 2,332.7 | 152.0 | 0.3 | 2,485.0 |
| Transfer to stage 1 | 119.0 | -118.8 | -0.2 | |
| Transfer to stage 2 | -28.5 | 28.5 | ||
| Transfer to stage 3 | -0.3 | -0.2 | 0.5 | |
| New loans | 1,741.7 | 37.8 | 1,779.4 | |
| Derecognition | -680.3 | -24.2 | -704.5 | |
| Other changes | -67.4 | -16.7 | -0.4 | -84.5 |
| Maximum exposure 31.12.2024 | 3,416.9 | 58.4 | 0.2 | 3,475.5 |
Note 8
Distribution of loan loss provisions and exposure on secured and unsecured exposures
Storebrand Bank Group
Distribution of loan loss provisions
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total loan loss provisions |
|---|---|---|---|---|
| Retail exposures secured by mortgages on immovable property | 4.0 | 19.2 | 53.7 | 77.0 |
| Unsecured retail exposures including credit cards exposures | 2.1 | 14.4 | 48.7 | 65.2 |
| Other exposures including SME exposures | 1.9 | 1.9 | ||
| Total loan loss provisions | 6.1 | 33.7 | 104.3 | 144.1 |
| 31.12.2024 | |||||
|---|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total loan loss provisions |
|
| Retail exposures secured by mortgages on immovable property | 3.6 | 30.4 | 44.6 | 78.6 | |
| Unsecured retail exposures including credit cards exposures | 2.0 | 17.8 | 49.1 | 68.9 | |
| Other exposures including SME exposures | 0.9 | 0.9 | |||
| Total loan loss provisions | 5.6 | 48.2 | 94.6 | 148.3 |
Distribution of exposures incl. unused credit limits and guarantees
| 30.09.2025 | ||||
|---|---|---|---|---|
| NOK mill. | Stage 1 | Stage 2 | Stage 3 | Total exposure |
| Retail exposures secured by mortgages on immovable property | 75,454.2 | 8,836.2 | 531.3 | 84,821.7 |
| Unsecured retail exposures including credit cards exposures | 1,465.5 | 87.3 | 70.6 | 1,623.4 |
| Other exposures including SME exposures | -1.3 | 1.7 | 2.2 | 2.7 |
| Total exposure | 76,918.3 | 8,925.3 | 604.1 | 86,447.8 |
| 31.12.2024 | ||||
|---|---|---|---|---|
| NOK mill. | Stage 1 | Stage 2 | Stage 3 | Total exposure |
| Retail exposures secured by mortgages on immovable property | 63,724.0 | 9,849.4 | 462.5 | 74,035.9 |
| Unsecured retail exposures including credit cards exposures | 1,412.9 | 102.2 | 70.0 | 1,585.1 |
| Other exposures including SME exposures | 0.5 | 1.1 | 1.6 | |
| Total exposure | 65,137.4 | 9,951.6 | 533.5 | 75,622.6 |
Storebrand Bank ASA
Distribution of loan loss provisions
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total loan loss provisions |
|---|---|---|---|---|
| Retail exposures secured by mortgages on immovable property | 3.2 | 12.2 | 33.6 | 49.0 |
| Unsecured retail exposures including credit cards exposures | 2.1 | 14.4 | 48.7 | 65.2 |
| Other exposures including SME exposures | 1.4 | 1.4 | ||
| Total loan loss provisions | 5.3 | 26.6 | 83.6 | 115.6 |
| 31.12.2024 | |||||||
|---|---|---|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total loan loss provisions |
|||
| Retail exposures secured by mortgages on immovable property | 2.9 | 23.3 | 26.1 | 52.2 | |||
| Unsecured retail exposures including credit cards exposures | 2.0 | 17.8 | 49.1 | 68.9 | |||
| Other exposures including SME exposures | 0.3 | 0.3 | |||||
| Total loan loss provisions | 4.9 | 41.0 | 75.5 | 121.4 |
Distribution of exposures incl. unused credit limits and guarantees
| 30.09.2025 | |||||
|---|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total exposure |
|
| Retail exposures secured by mortgages on immovable property | 24,568.5 | 2,421.0 | 181.2 | 27,170.8 | |
| Unsecured retail exposures including credit cards exposures | 1,465.5 | 87.3 | 70.6 | 1,623.4 | |
| Other exposures including SME exposures | -1.3 | 1.7 | 1.7 | 2.2 | |
| Total exposure | 26,032.7 | 2,510.1 | 253.5 | 28,796.3 |
| 31.12.2024 | ||||||
|---|---|---|---|---|---|---|
| NOK million | Stage 1 | Stage 2 | Stage 3 | Total exposure |
||
| Retail exposures secured by mortgages on immovable property | 21,172.8 | 3,285.7 | 160.1 | 24,618.6 | ||
| Unsecured retail exposures including credit cards exposures | 1,412.9 | 102.2 | 70.0 | 1,585.1 | ||
| Other exposures including SME exposures | 0.5 | 0.5 | 1.0 | |||
| Total exposure | 22,586.3 | 3,387.9 | 230.6 | 26,204.7 |
Note
9
Off balance sheet liabilities and contingent liabilities
| Storebrand Bank ASA | Storebrand Bank Group | |||
|---|---|---|---|---|
| 31.12.2024 30.09.2025 NOK million | 30.09.2025 31.12.2024 | |||
| 0.3 | 0.3 Guarantees | 0.3 | 0.3 | |
| 5,183.1 | 13,018.4 Unused credit limits | 8,189.5 | 6,627.1 | |
| 2,711.5 | 3,433.1 Loan commitments retail market | 3,433.1 | 2,711.5 | |
| 7,894.8 | 16,451.8 Total contingent liabilities | 11,622.9 | 9,338.8 | |
| Booked value of bonds pledged as security for the bank's D-loan and | ||||
| 4,489.9 | 2,845.5 | F-loan facility with the Norwegian central bank | 1,840.0 | 4,437.6 |
| 101.1 | 100.3 Booked value of bonds pledged as security with other credit | 100.3 | 101.1 | |
| 4,591.0 | institutions 2,945.8 Total book value of off balance sheet liabilities |
1,940.3 | 4,538.7 |
Guarantees essentially encompass payment guarantees and contract guarantees. Unused credit facilities encompass granted and any unused credit accounts and credit cards, as well as, any unused flexible mortgage facilities. Unused credit facilities reported in Storebrand Bank ASA as of 30 September 2025 includes NOK 8.8 billion to the subsidiary Storebrand Boligkreditt AS (see note 2).
Note 10
Net interest income
Storebrand Bank Group
| Q3 | 01.01 - 30.09 | Full Year | |||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest on loans to credit institutions | 27.6 | 7.1 | 98.3 | 34.5 | 44.4 |
| Interest on loans to customers valued at amortised cost | 12.9 | 12.9 | 38.8 | 40.0 | 52.7 |
| Interest on loans to customers valued at fair value through other comprehensive income (OCI) |
1,067.7 | 962.0 | 3,122.3 | 2,761.0 | 3,752.3 |
| Interest on interest-bearing securities valued at amortised cost | 83.1 | 84.3 | 242.6 | 241.3 | 319.0 |
| Total interest income calculated by using the effective interest method |
1,191.3 | 1,066.4 | 3,502.0 | 3,076.9 | 4,168.4 |
| Interest on loans to customers valued at fair value through profit and loss |
9.2 | 11.6 | 26.6 | 17.4 | 33.1 |
| Interest on interest-bearing securities valued at fair value with change in value through profit and loss |
15.9 | 21.5 | 62.2 | 95.7 | 116.5 |
| Interest on derivatives | -0.1 | 0.2 | -0.4 | 1.5 | 1.4 |
| Other interest income | 0.3 | ||||
| Total other interest income | 24.9 | 33.4 | 88.4 | 114.6 | 151.3 |
| Total interest income | 1,216.3 | 1,099.7 | 3,590.5 | 3,191.5 | 4,319.7 |
| Interest on loans from credit institutions | -24.3 | -6.7 | -88.9 | -11.2 | -20.5 |
| Interest on deposits from customers | -332.5 | -268.6 | -984.9 | -711.3 | -1,001.3 |
| Interest on debt securities issued | -496.3 | -497.3 | -1,474.6 | -1,531.5 | -2,029.9 |
| Interest on subordinated loans | -10.1 | -12.7 | -31.9 | -37.9 | -50.6 |
| Total interest expenses calculated by using the effective | |||||
| interest method | -863.3 | -785.4 | -2,580.2 | -2,292.0 | -3,102.2 |
| Interest on derivatives | -16.8 | -5.1 | -33.6 | -12.8 | -17.2 |
| Other interest expenses | -7.4 | -6.5 | -22.2 | -19.5 | -26.0 |
| Total other interest expenses | -24.2 | -11.6 | -55.8 | -32.3 | -43.2 |
| Total interest expenses | -887.5 | -797.0 | -2,636.0 | -2,324.3 | -3,145.4 |
| Net interest income | 328.8 | 302.7 | 954.5 | 867.2 | 1,174.3 |
| Q3 | 01.01 - 30.09 | Full Year | |||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Interest on loans to credit institutions | 86.3 | 62.1 | 274.8 | 195.0 | 257.1 |
| Interest on loans to customers valued at amortised cost | 12.8 | 12.9 | 38.7 | 40.0 | 52.7 |
| Interest on loans to customers valued at fair value through other comprehensive income (OCI) |
351.4 | 332.8 | 991.9 | 853.5 | 1,201.1 |
| Interest on interest-bearing securities valued at amortised cost | 74.6 | 69.7 | 211.0 | 220.3 | 285.3 |
| Total interest income calculated by using the effective interest method |
525.1 | 477.5 | 1,516.3 | 1,308.9 | 1,796.2 |
| Interest on loans to customers valued at fair value through profit and loss |
8.8 | 7.1 | 25.9 | 12.9 | 21.7 |
| Interest on interest-bearing securities valued at fair value through profit and loss |
58.6 | 30.1 | 222.8 | 82.4 | 131.4 |
| Interest on derivatives | -0.1 | 0.2 | -0.4 | 1.5 | 1.4 |
| Other interest income | 0.3 | ||||
| Total other interest income | 67.2 | 37.4 | 248.4 | 96.8 | 154.8 |
| Total interest income | 592.3 | 514.9 | 1,764.7 | 1,405.7 | 1,951.0 |
| Interest on loans from creditinstitutions | -24.0 | -6.0 | -87.5 | -9.2 | -17.8 |
| Interest on deposites from customers | -332.5 | -268.6 | -984.9 | -711.3 | -1,001.3 |
| Interest on debt securities issued | -36.8 | -44.8 | -124.5 | -136.5 | -187.0 |
| Interest on suborinated loans | -10.1 | -12.7 | -31.9 | -37.9 | -50.6 |
| Total interest expenses calculated by using the effective interest method |
-403.4 | -332.2 | -1,228.8 | -894.9 | -1,256.7 |
| Interest on derivatives | -0.1 | 0.5 | 0.4 | 1.3 | 2.7 |
| Other interest expenses | -5.7 | -4.9 | -17.2 | -14.8 | -19.7 |
| Total other interest expenses | -5.8 | -4.5 | -16.8 | -13.5 | -17.0 |
| Total interest expenses | -409.2 | -336.7 | -1,245.6 | -908.3 | -1,273.7 |
| Net interest income | 183.1 | 178.2 | 519.1 | 497.3 | 677.3 |
Note 11 Net change in fair value and gain/loss on foreign exchange and financial instruments
Storebrand Bank Group
| Q3 | 01.01 - 30.09 | Full Year | |||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Realised gain/loss on loans and receivables | |||||
| Unrealised gain/loss on loans and receivables | 2.5 | 6.7 | 3.6 | 5.6 | -1.5 |
| Net change in value and gain/loss on loans and receivables | 2.5 | 6.7 | 3.6 | 5.6 | -1.5 |
| Realised gain/loss on interest-bearing securities | 5.7 | -0.4 | 10.7 | 1.1 | 6.3 |
| Unrealised gain/loss on interest-bearing securities | -3.9 | 0.6 | 2.8 | 3.0 | -8.0 |
| Net change in value and gain/loss on interest-bearing | |||||
| securities | 1.9 | 0.2 | 13.5 | 4.1 | -1.7 |
| Realised gain/loss on equity instruments | 14.1 | 14.1 | 0.1 | 0.1 | |
| Unrealised gain/loss on equity instruments | -3.7 | -0.2 | 3.7 | -0.5 | |
| Net change in value and gain/loss on equity instruments | 10.5 | 13.9 | 3.7 | -0.4 | |
| Realised gain/loss on financial liabilities | -2.7 | -3.2 | -3.8 | ||
| Unealised gain/loss on financial liabilities | 21.8 | -20.2 | -7.0 | 42.3 | |
| Net change in value and gain/loss on financial liabilities | |||||
| (except financial derivatives) | 21.8 | -20.2 | -9.7 | -3.2 | 38.5 |
| Realised gain/loss on foreign exchange and financial derivatives | -11.9 | -3.9 | -14.4 | 9.7 | 17.4 |
| Unrealised gain/loss on foreign exchange and financial | -2.9 | 21.9 | 18.7 | -10.8 | -50.8 |
| derivatives Net change in value and gain/loss on foreign exchange and |
|||||
| financial derivatives | -14.8 | 18.0 | 4.2 | -1.0 | -33.4 |
| Total change in value and net gain/loss on financial assets | |||||
| and financial liabilities | 21.8 | 4.8 | 25.5 | 9.2 | 1.4 |
| Q3 | 01.01 - 30.09 | Full Year | |||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Realised gain/loss on loans and receivables | |||||
| Unrealised gain/loss on loans and receivables | 2.5 | 6.6 | 3.5 | 5.4 | -1.7 |
| Net change in value and gain/loss on loans and receivables | 2.5 | 6.6 | 3.5 | 5.4 | -1.7 |
| Realised gain/loss on interest-bearing securities | 4.5 | -0.4 | 9.4 | 0.8 | 3.6 |
| Unrealised gain/loss on interest-bearing securities | -2.0 | 0.4 | 7.3 | -0.3 | -6.9 |
| Net change in value and gain/loss on interest-bearing | |||||
| securities | 2.5 | 0.0 | 16.7 | 0.5 | -3.4 |
| Realised gain/loss on equity instruments | 14.1 | 14.1 | 0.1 | 0.1 | |
| Unrealised gain/loss on equity instruments | -3.7 | -0.2 | 3.7 | -2.9 | |
| Net change in value and gain/loss on equity instruments | 10.5 | 13.9 | 3.7 | -2.9 | |
| Realised gain/loss on financial liabilities | -0.8 | -0.1 | |||
| Unealised gain/loss on financial liabilities | -0.7 | -2.2 | -2.5 | -0.3 | -0.1 |
| Net change in value and gain/loss on financial liabilities | |||||
| (except financial derivatives) | -0.7 | -2.2 | -3.3 | -0.3 | -0.2 |
| Realised gain/loss on foreign exchange and financial derivatives | -1.5 | 0.9 | -3.4 | 3.0 | 5.3 |
| Unrealised gain/loss on foreign exchange and financial | 10.3 | -0.7 | 6.9 | 0.4 | 10.6 |
| derivatives Net change in value and gain/loss on foreign exchange and |
|||||
| financial derivatives | 8.8 | 0.2 | 3.5 | 3.3 | 15.9 |
| Total change in value and net gain/loss on financial assets | |||||
| and financial liabilities | 23.4 | 4.6 | 34.4 | 12.7 | 7.7 |
Financial calendar
10 December 2025 Capital Markets Day
Investor Relations contacts
Camilla Leikvoll
CEO
[email protected] +47 979 89 128
Kjetil R. Krøkje
Group CFO [email protected] +47 934 12 155
Johannes Narum
Head of Investor Relations [email protected] +47 993 33 569
Storebrand Bank ASA Professor Kohts vei 9, P.O. Box 474, N-1327 Lysaker, Norway Phone: +47 22 31 50 50