Gjensidige Forsikring ASA

Earnings Release • Jul 2, 2018

Key financial information for Gjensidige Bank Group

Income statement (figures in NOKm)	Q1 2018	Q1 2017	2017	2016	2015
Net interest income	250.5	222.2	992.3	797.3	721.2
Net commission income and other operating income	12.1	20.4	42.9	74.3	4.1
Total income	262.6	242.6	1,035.2	871.6	725.2
Total operating expenses	(103.6)	(106.6)	(412.5)	(373.6)	(359.3)
Profit / (loss) before loan losses	159.0	136.0	622.7	497.9	365.9
Write-downs and losses	(37.1)	(33.2)	(10.3)	(69.5)	(62.3)
Profit / (loss) before tax expenses	121.8	102.8	612.3	428.5	303.6
Tax expenses	(30.5)	(25.7)	(153.2)	(108.4)	(77.9)
Profit / (loss) for the period	91.4	77.1	459.1	320.1	225.7
Selected key figures	Q1 2018	Q1 2017	2017	2016	2015
Net interest margin, annualised1)	1.96%	1.97%	2.03%	1.85%	2.12%
Cost / income ratio2)	39.5%	43.9%	39.8%	42.9%	49.5%
Return on equity, annualised3)	10.0%	10.4%	14.2%	11.7%	10.3%
Balance sheet (figures in NOKm)	Q1 2018	Q1 2017	2017	2016	2016
Assets
Net loans to customers	47,077	42,486	45,876	40,862	36,376
Certificates, bonds and other interest-bearing securities	4,996	3,873	4,957	3,534	3,185
Other assets	522	733	701	331	899
Total assets	52,595	47,092	51,535	44,727	40,461
Liabilities and equity
Deposits and liabilities to customers	23,764	21,601	23,766	21,270	19,357
Liabilities opened for the issue of securities	23,945	21,451	23,083	19,596	17,805
Other liabilities	893	802	786	696	630
Total liabilities	48,601	43,853	47,635	41,563	37,792
Total equity	3,993	3,239	3,900	3,164	2,669
Total liabilities and equity	52,595	47,092	51,535	44,727	40,461

Notes:

1) Net interest margin, annualised = Net interest income/average total assets

2) Cost/income ratio = Total operating costs/ total income

3) Return on equity, annualised = Shareholders' share of profit for the period / average shareholders' equity for the period, annualised