Q Presentation KLP Banken Group. -financial highlights and cover pool
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1 Q Presentation KLP Banken Group -financial highlights and cover pool
2 Content Financial highlights Cover Pool Report KLP Boligkreditt AS Cover Pool Report KLP Kommunekreditt AS
3 Overview Profitability MILLIONS, YTD Q Q Profit before tax Total income Operating expenses ROE, annualised b.t. 5,6 % 4,9 % Balance sheet MILLIONS Mortgage loans 14,4 12,7 Public sector loans 16,1 17,0 Customer deposits 9,7 8,7 Capital adequacy (CET 1) 21,1 % 18,3 %
4 Profit development Group profit before tax millions, YTD this year vs. YTD last year Profit YTD 2016 Net interest income Management fee Net commission and fees Gain/loss financial asset/debt Operating expenses Write-up/downs Profit YTD 2017
5 Profit development Group PBT millions 23,1 24,0 31,1 21,4 Retail market PBT millions Public sector PBT millions 17,4 15,8 16,2 11,3-0,5 Q Q Q Q Q Q Q Q Q Q ,4 Q Q Q Q Q Total income millions, Group Operating expenses millions, Group 54,5 48,8 49,8 45,4 59,5 Financial gains/losses millions, Group 3,7-0,1 Q Q Q Q Q Q Q Q Q Q ,3-6,0-8,1 Q Q Q Q Q4 2017
6 Profit development Delinquent loans, mortgage and public sector MILLIONS Delinquencies in % of Group total lending 0,07 % Loss provisions MILLIONS Mortgage loans Public sector loans Retail loan delinquencies >90 days, % of company total lending balance All mortgage loans in KLP Banken Group KLP Banken AS KLP Boligkreditt AS 0,32 % 0,29 % 0,28 % 0,28 % 0,19 % 0,18 % 0,21 % 0,19 % 0,19 % 0,12 % 0,23 % 0,15 % 0,00 % 0,00 % 0,00 % 0,00 % 0,00 % 0,00 % Q Q Q Q Q Q4 2017
7 Business volumes MORTGAGE PUBLIC SECTOR CUSTOMER BILLIONS LOANS LOANS DEPOSITS* KLP Banken AS 9,3 0 9,7 KLP Boligkreditt AS 5,0 0 0 KLP Kommunekreditt AS 0 16,1 0 Total 14,4 16,1 9,7 Mortgage loans billions Public sector loans billions Deposits billions 13,4 13,7 13,9 14,4 17,0 17,0 16,9 16,8 16,1 8,7 8,9 9,1 9,3 9,7 12,7 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 2017
8 Liquidity placements Composition of liquidity placements Quarter end 100 % 90 % 80 % 70 % 60 % 50 % 40 % National government/ central bank bonds (AAA) Local government bonds (Not rated) Bank deposits Norwegian banks (A/AA-) Covered bonds (AAA) 30 % 20 % 10 % 0 % KLP Banken AS KLP Kommunekreditt AS KLP Boligkreditt AS KLP Banken Group
9 Issued bond debt Maturity profile of issued bond debt billions - 0,8 0,6-2,0 1,7-4,5 4,6 0,7-1,1 3,3 3, KLP Kommunekreditt AS (covered bonds) KLP Boligkreditt AS (covered bonds) KLP Banken AS (unsecured)
10 Core capital adequacy KLP Banken Group CET1 19,3 % 19,3 % 19,5 % 21,1 % KLP Banken AS CET1 18,4 % 18,3 % 19,1 % 20,4 % Q Q Q Q Q Q Q Q KLP Boligkreditt AS CET1 KLP Kommunekreditt AS CET1 16,2 % 16,7 % 20,7 % 20,1 % 19,4 % 19,9 % 19,0 % 19,4 % Q Q Q Q Q Q Q Q4 2017
11 P&Ls KLP Banken Group MILLIONS, YTD Q Q Net interest income Management fee Net commission and fees Gain/loss financial asset/debt Operating expenses Write-up/downs Earnings before tax KLP Banken AS MILLIONS, YTD Q Q Net interest income Management fee Net commission and fees Gain/loss financial asset/debt Operating expenses Write-up/downs Earnings before tax Numbers do not include effects from group contribution KLP Boligkreditt AS MILLIONS, YTD Q Q Net interest income Gain/loss financial asset/debt Other income Operating expenses Earnings before tax KLP Kommunekreditt AS MILLIONS, YTD Q Q Net interest income Gain/loss financial asset/debt Other income Operating expenses Earnings before tax
12 Balance sheets KLP Banken Group MILLIONS Lending to credit institutions Loans to customers Interest bearing securities Other assets Total assets Borrowing from credit inst Bond debt Deposits Other debt Total liabilities Equity Total liabilities and equity KLP Banken AS MILLIONS Lending to credit institutions Loans to customers Interest bearing securities Other assets Total assets Borrowing from credit inst Bond debt Deposits Other debt Total liabilities Equity Total liabilities and equity KLP Boligkreditt AS MILLIONS Lending to credit institutions Loans to customers Interest bearing securities Other assets Total assets Borrowing from credit inst Bond debt Deposits Other debt Total liabilities Equity Total liabilities and equity KLP Kommunekreditt AS MILLIONS Lending to credit institutions Loans to customers Interest bearing securities Other assets Total assets Borrowing from credit inst Bond debt Deposits Other debt Total liabilities Equity Total liabilities and equity
13 Content Financial highlights Cover Pool Report KLP Boligkreditt AS Cover Pool Report KLP Kommunekreditt AS
14 Overview Key data MILLIONS Total loan balance Bank deposits Norwegian AAA-rated covered bonds - Total cover pool Covered bonds issued Over-collateralisation 20,3 % No. of loans Average loan balance WA Seasoning (months) 46,7 WA Remaining terms (months) 252,9 WA Indexed LTV 44,5 % WA Unindexed LTV 48,1 % Percentage variable mortgages 100,0 % Ratings CURRENT RATING Moody's KLP Banken AS A2 KLP Boligkreditt - Geographic loan distribution Nominal loan balance 0 % Cover pool composition Nominal amounts 0 % 2 % KLP members share of total loan balance 11 % 100 % 98 % 89 % Norway Other Mortgages Bank deposits Covered bonds Members Non-members
15 Geographical distribution Geographical mortgage distribution COUNTY Akershus Oslo Østfold Hordaland Vestfold Rogaland Sør-Trøndelag Buskerud Hedmark Troms Nordland Møre og Romsdal Oppland Telemark Finnmark Vest-Agder Nord-Trøndelag Aust-Agder Sogn og fjordane Total loan balance Geographical loan distribution % of total loan balance 0-2% 2-4% 4-6% 6-10% >10%
16 Loan-to-value Unindexed LTV distribution LTV INTERVAL > Total loan balance Indexed LTV distribution LTV INTERVAL > Total loan balance LTV-distribution Unindexed, % of total LTV-distribution Indexed, % of total 39 % 31 % 19 % 24 % 26 % 20 % 24 % 17 % >70 1 % 1 % >70
17 Seasoning Remaining terms MONTHS > Total loan balance Seasoning MONTHS > Total loan balance Remaining terms Months, % of total Seasoning Months, % of total 98 % 18 % 21 % 17 % 20 % 24 % 0 % 0 % 0 % 1 % > >60
18 Interest and repayment Interest rate structure FREQUENCY Monthly Quarterly Semi-annually Total loan balance Repayment structure TYPE Annuity Constant amortisation Total loan balance Interest payment frequency % of total loan balance Payment profile % of total loan balance 6 %0 % 94 % Monthly Quarterly Semiannually 4 % 96 % Annuity Constant amortisation
19 Delinquencies AMOUNT IN LOAN BALANCE IN % OF LOAN BALANCE ARREARS COVER POOL LOANS 7< >30 days ,0 % 30< >90 days - - 0,0 % >90 days - - 0,0 % Total ,0 %
20 Content Financial highlights Cover Pool Report KLP Boligkreditt AS Cover Pool Report KLP Kommunekreditt AS
21 Overview Key data Total nominal loan balance Bank deposits AAA-rated bonds Total cover pool Covered bonds issued Over-collateralisation 5,1 % KLP KOMMUNEKREDITT AS RATINGS Covered bond programme Moody's Aaa No. of loans 774 Average loan size WA life (years) 12 WA Remaining terms (months) 253 All loans are either made directly to or are guaranteed by Norwegian municipalities or county administrations. Geographic loan distribution Nominal loan balance 0 % Cover pool composition Nominal amounts 14 % The pool only includes loans with an unconditional and irrevocable on-demand guarantee of payment covering both interest and principal. 100 % 86 % All covered bonds are issued in. Norway Others Public sector loans Substitution assets
22 Geographical distribution Geographical distribution COUNTY Nordland Hedmark Sør-Trøndelag Vestfold Møre og Romsdal Sogn og Fjordane Buskerud Østfold Hordaland Akershus Oppland Finnmark Rogaland Troms Nord-Trøndelag Vest-Agder Aust-Agder Telemark Oslo Svalbard Total loan balance Geographical loan distribution % of total loan balance 0-2% 2-4% 4-6% 6-10% >10%
23 Debtor and collateral concentration Debtor concentration TOP 10 LARGEST DEBTORS Debtor Debtor Debtor Debtor Debtor Debtor Debtor Debtor Debtor Debtor Top 10 total loan balance Largest 10 in percent of total loan balance 26,7 % Debtor concentration % of total loan balance 73 % 4 % 4 %4 % 3 % 3 % 2 % 2 % 2 % 2 % 2 % Collateral concentration % of total loan balance Debtor 1 Debtor 2 Debtor 3 Debtor 4 Debtor 5 Debtor 6 Debtor 7 Debtor 8 Debtor 9 Debtor 10 Others Collateral distribution COLLATERAL TYPE Direct claim against municipality Loan with guarantee of municipality Direct claim against county Loan with guarantee of county Total loan balance ,5 4,3 % % Direct claim against 9,2 % municipality 82,0 % Loan with guarantee of municipality Direct claim against county Loan with guarantee of county
24 Interest and repayment structure Repayment structure NO. OF LOAN BALANCE SHARE LOANS Constant Amortisation % 725 Annuity % 4 Partial Bullet % 4 Bullet % 41 Total % 774 Loan size NO. OF LOAN BALANCE SHARE LOANS < 10 mill % 408 > 10 mill. - < 25 mill % 292 > 25 mill. - < 100 mill % 60 > 100 mill. - < 250 mill % 9 < 250 mill % 5 Total % 774 Rate reset period LOAN BALANCE SHARE ACC % < 1 month % 53 % > 1 month - < 3 month % 69 % > 3 month - < 1 yr % 76 % > 1 yr - < 2 yr % 82 % > 2 yr - < 5 yr % 95 % > 5 yr % 100 % Total % Interest rate type NO. OF LOAN BALANCE SHARE LOANS Variable % 657 Fixed % 117 Total % 774
25 Delinquencies Loan in arrears LOAN BALANCE AMOUNT IN ARREARS LOAN BALANCE IN % OF COVER POOL LOANS 0< >30 days ,2 % 30< >60 days - - 0,0 % 60< >90 days - - 0,0 % >90 days - - 0,0 % Total ,2 %
26 Contacts Christopher Steen CEO KLP Boligkreditt AS / Head oftreasuryklp Banken Group christopher.steen@klp.no Birgitte Elvrum / Linda Bruneel Business Controller birgitte.elvrum@klp.no / linda.bruneel@klp.no /
27 Disclaimer This material does not constitute an offering circular in whole or part and you must read the actual offering circular related to the Covered Bond program and the notes which may be issued from time to time thereunderas referred to in this material (respectively the "Program" and the Notes ) before making an investment decision. The offering circular for the Program is available from the Arranger. You should consult the offering circular for more complete information about KLP Kommunekreditt AS/KLP Boligkreditt AS and the Programs. This material is presented solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and KLP Kommunekreditt AS/KLP Boligkreditt AS is not under any obligation to update or keep current the information contained herein. In addition, institutions mentioned in this material, their affiliates, agents, directors, partners and employees may make purchases and/or sales of the Notes as principal or agent or may act as market maker or provide investment banking or other services in respect of the Program or the Notes which may be issued from time to time thereunder. KLP Kommunekreditt AS/KLP Boligkreditt AS, the Arranger and the Dealers and their respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use ofall or any part of this material. KLP Kommunekreditt AS/KLP Boligkreditt AS cannot guarantee that the information contained herein is without fault or entirely accurate. The information in this material is based on sources that KLP Kommunekreditt AS/KLP Boligkreditt AS believes to be reliable. KLP Kommunekreditt AS/KLP Boligkreditt AS can however not guarantee that all the information is correct. Furthermore, information and opinions may change without notice. KLP Kommunekreditt AS/KLP Boligkreditt AS is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. KLP Kommunekreditt AS/KLP Boligkreditt AS accepts no responsibility for the accuracy of its sources. The Notes are not to be offered or sold in any jurisdiction in circumstances in which the distribution of this document or the Notes would be prohibited in such jurisdiction. This document must not be acted on or relied on by persons who are not eligible to invest in the Notes. Any investment or investment activity to which this communication relates is available only to persons eligible to invest in the Notes and will be engaged in only with such persons. Furthermore, you should consult with your own legal, regulatory, tax, business, investment, financial and accounting adviserstothe extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in the Notes which may be offered from time to time under the Program) based upon your own judgment and advice from such advisers as you deem necessaryand not upon any view expressed in this presentation.
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