Financial Stability 2/2004

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Annex 1: Statistics

Table 1 Corporate sector¹⁾ balance sheet

	NOK bn		Per cent of total assets
	2002	20032)	2002	2003
Intangible assets	101	119	3.6	4.1
Fixed assets	1 , 040	1,077	36.6	36.8
Financial fixed assets	736	780	25.9	26.7
Total fixed assets	1,877	1,975	66.1	67.5
Inventories	151	149	5.3	5.1
Current receivables	560	537	19.7	18.4
Bank deposits, cash and current investments	251	265	8.8	9.1
Total current assets	963	951	33.9	32.5
Total assets	2,841	2,926	100.0	100.0
Paid-in capital	543	599	19.1	20.5
Retained earnings	365	405	12.8	13.8
Total equity	909	1,004	32.0	34.3
Provisions	196	228	6.9	7.8
Long-term loans in credit institutions and bonds	356	327	12.5	11.2
Other long-term debt	523	519	18.4	17.7
Total long-term debt	1,075	1,074	37.8	36.7
Short-term loans in credit inst. and short-term paper	68	60	2.4	2.1
Accounts payable	177	168	6.2	5.7
Tax payable and government taxes due	128	128	4.5	4.4
Dividend	73	82	2.6	2.8
Other current liabilities	414	410	14.6	14.0
Total current liabilities	861	848	30.3	29.0
Total equity and liabilities	2,841	2,926	100.0	100.0

Source: Norges Bank

Table 2 Key figures for limited companies in selected industries.1) Per cent

	Share of bank debt2)		Operating margin3)		Return on total assets4)		Equity ratio5)		Predicted bankruptcy probability6)				Risk-weighted debt as a percentage of debt to banks8)
									Median		80-percentile7)
	2002	2003	2002	2003	2002	2003	2002	2003	2002	2003	2002	2003	2002	2003
Hunting, agriculture and forestry	0.2	0.2	5.5	3.3	9.1	7.7	26.7	25.4	0.7	0.6	4.1	3.8	2.2	2.1
Fishing	2.3	2.6	8.1	5.1	8.4	3.4	23.7	21.3	1.3	1.6	6.1	7.7	2.0	2.3
Fish-farming	2.5	2.4	-9.1	-13.8	-5.7	-11.0	25.1	20.5	1.6	1.6	5.7	6.1	2.3	2.8
Mining	1.1	1.1	10.7	11.8	14.7	11.0	32.8	32.9	0.4	0.4	2.0	1.9	0.4	0.4
Shipbuilding	0.8	0.7	2.7	2.2	6.4	5.3	40.0	42.5	0.7	0.6	3.0	2.6	1.2	0.7
Other manufacturing	10.9	11.2	5.3	5.9	8.6	9.3	41.4	40.8	0.5	0.5	2.5	2.4	1.0	0.9
Utilities	4.4	2.8	24.6	20.4	6.4	6.6	42.1	47.5	0.2	0.1	0.9	0.5	0.1	0.2
Construction	3.7	3.5	4.1	3.7	9.2	8.7	21.1	22.4	0.5	0.5	2.7	2.5	1.5	1.7
Wholesale and retail trade	10.7	10.1	2.9	3.1	8.9	9.4	27.8	29.0	0.6	0.6	3.3	3.1	1.7	1.6
Hotels and restaurants	1.8	1.8	2.0	1.4	4.3	3.6	18.1	18.3	1.9	1.8	11.6	10.6	3.0	2.5
Shipping	15.3	15.2	2.1	6.2	8.0	3.9	43.6	44.5	0.4	0.3	1.4	1.4	0.3	0.4
Other transport	3.0	3.2	4.5	3.8	6.6	4.4	25.0	26.8	0.4	0.4	1.9	1.7	0.6	0.7
Telecoms	0.8	0.4	-3.1	16.2	-1.5	9.7	19.3	28.0	1.0	0.9	4.2	4.4	0.6	1.1
IT	0.4	0.4	-2.4	1.0	-2.0	3.9	36.6	37.1	0.7	0.6	3.7	2.8	2.9	2.5
Commercial services	7.0	6.6	1.9	3.3	4.6	7.9	26.1	28.9	0.4	0.4	2.1	1.8	1.2	1.0
Travel and tourism	0.4	0.4	2.3	2.8	7.8	4.7	39.4	33.4	0.5	0.5	2.6	2.2	1.4	1.5
Property management	34.8	37.4	31.8	33.1	7.4	7.9	27.9	28.0	0.3	0.2	1.1	0.9	0.7	0.5
Total	100.0	100.0	4.5	5.5	6.7	7.2	32.8	34.4	0.5	0.4	2.5	2.3	0.9	0.9

Source: Norges Bank

Table 3 Structure of the Norwegian financial industry. As at 30 September 2004

	Number	Lending (NOK bn)	Total assets (NOK bn)	Tier 1 capital ratio (%)	Capital adequacy (%)
Banks (excl. branches of foreign banks)	142	1214.1	1599.4	9.3	11.8
Branches of foreign banks	8	72.6	197.3
Mortgage companies	11	225.3	352.2	9.4	12.3
Finance companies	50	96.1	104.0	9.1	10.9
Life insurance companies	12*	18.4	523.8	9.9	14.5
Non-life insurance companies	48	1.3	104.6	38.5	33.4
* 6 companies and 6 unit-linked companies
Memorandum:			(Mrd. kr.)
Market value of equities, Oslo Stock Exchange			874.0
Outstanding domestic bonds and short-term paper debt			677.0
Issued by public sector and state-owned companie			333.1
Issued by banks			217.8
Issued by other financial institutions			65.2
Issued by other private enterprises			37.7
Issued by non-residents			23.2
GDP Norway, 2003			1563.7
GDP Mainland Norway, 2003			1246.1

Sources: Norges Bank, Oslo Stock Exchange and Statistics Norway

Table 4 Results in Norwegian banks¹⁾ in selected quarters²⁾

	2003 Q3		2003 Q4		2004 Q1		2004 Q2		2004 Q3
	NOK bn.	% ATA	NOK bn.	% ATA	NOK bn.	% ATA	NOK bn.	% ATA	NOK bn.	% ATA
Net interest income	8.22	1.94	7.62	1.76	7.61	1.74	8.17	1.77	8.58	1.89
Other operating income	3.24	0.76	5.32	1.23	3.77	0.86	3.93	0.85	3.63	0.80
commission income	2.16	0.51	2.32	0.54	2.25	0.51	2.22	0.48	2.48	0.55
securities, foreign exchange and derivative	0.84	0.19	2.63	0.61	1.25	0.28	1.04	0.22	0.84	0.18
Other operating expenses	6.51	1.54	7.51	1.74	7.46	1.70	6.63	1.44	6.78	1.49
personnel expenses	3.50	0.83	3.91	0.91	3.67	0.84	3.51	0.76	3.55	0.78
DOperating result before losses	4.95	1.17	5.43	1.26	3.92	0.89	5.47	1.19	5.44	1.20
Losses on loans and guarantees	1.65	0.39	1.51	0.35	0.46	0.10	0.23	0.05	0.22	0.05
Pre-tax operating profit	3.25	0.77	4.13	0.96	4.77	1.09	5.09	1.11	5.37	1.18
Profit after taxes	2.44	0.58	3.32	0.77	3.56	0.81	3.66	0.79	4.33	0.95
Capital adequacy (%)	12.04		12.36		12.03		12.04		11.81
Tier 1 capital ratio (%)	9.38		9.72		9.34		9.38		9.27

Source: Norges Bank

Table 5 Results in Norwegian banks¹⁾

	2001		2002		2003		1. - 3. kv. 2003		1. - 3. kv. 2004
	NOK bn	% ATA	NOK bn	% ATA	NOK bn	% ATA	NOK bn	% ATA	NOK bn	% ATA
Net interest income	29.65	2.09	32.42	2.13	31.83	1.90	24.21	1.95	24.37	1.80
Other operating income	13.46	0.95	10.30	0.68	14.69	0.88	9.37	0.76	11.34	0.84
commission income	7.43	0.52	7.54	0.50	8.20	0.49	5.88	0.47	6.95	0.51
securities, foreign exchange and deriv.	3.85	0.27	1.46	0.10	5.38	0.32	2.75	0.22	3.13	0.23
Other operating expenses	26.32	1.86	26.92	1.77	27.31	1.63	19.80	1.60	20.88	1.54
personnel expenses	13.88	0.98	14.01	0.92	14.54	0.87	10.63	0.86	10.73	0.79
Operating result before losses	16.79	1.18	15.80	1.04	19.21	1.15	13.79	1.11	14.83	1.10
Losses on loans and guarantees	4.09	0.29	6.97	0.46	7.15	0.43	5.64	0.45	0.92	0.07
Pre-tax operating profit	12.62	0.89	8.96	0.59	12.38	0.74	8.26	0.67	15.23	1.13
Profit after taxes	11.33	0.80	6.11	0.40	9.74	0.58	6.42	0.52	11.54	0.85
Capital adequacy (%)	12.59		12.15		12.36		12.04		11.81
Tier 1 capital ratio (%)	9.69		9.6		9.72		9.38		9.27

Source: Norges Bank

Table 6 Recorded losses on loans and guarantees in the largest Norwegian banking groups (annualised). Per cent of gross lending

				2003	2003 Q1-Q3	2004 Q1-Q3
DnB NOR				0.3	0.4	0.0
Nordea Bank Norgway				1.2	1.2	0.0
Fokus Bank				0.3	0.3	0.0
Sp. b. 1 SR-Bank				0.5	0.5	0.2
Sp- b 1 Nord-Norge				0.9	0.7	0.5
Sp. b. 1 Midt-Norge				0.7	1.1	0.4
Sparebanken Vest				0.3	0.4	0.2

Sources: The banks' annual and quarterly report

Table 7 Tier 1 capital ratio in the largest Norwegian banking groups. Per cent

				2003	2003 Q3	2004 Q3
DnB NOR				7.1	6.2	6.9
Nordea Bank Norway				8.2	8.3	8.0
Fokus Bank				8.0	7.1	7.4
Sp. b. 1 SR-Bank				7.2	8.0	8.5
Sp- b 1 Nord-Norge				7.9	8.5	8.7
Sp. b. 1 Midt-Norge				8.1	8.3	10.2
Sparebanken Vest				8.6	7.8	8.9

Sources: The banks' annual and quarterly reports

Table 8 Balance sheet structure of Norwegian banks.¹⁾ Percentage distribution

				2002 Q3	2003 Q3	2004 Q3
Cash and deposits				4.7	4.7	3.3
Securities (trading book)				9.0	8.9	9.5
Gross lending to households, municip. and non-fin. enterprises				73.8	72.5	75.9
Other lending				9.3	9.8	8.4
- Loan loss provisions				-1.2	-1.5	-1.2
Fixed and other assets				4.5	5.5	4.1
Total assets				100.0	100.0	100.0
Customer deposits				48.5	47.5	48.2
Deposits/loans from domestic fin. inst.				3.7	4.2	3.9
Deposits/loans from foreign fin. inst.				10.4	8.6	8.1
Deposits/loans from Norges Bank				0.3	0.3	0.1
Other deposits/loans				2.0	2.3	2.6
Notes and short-term paper				4.9	4.2	4.7
Bond debt				15.5	17.5	18.8
Other liabilities				5.2	6.2	4.1
Subordinated loan capital				2.2	2.5	2.4
Equity				7.3	6.8	7.2
Total equity and liabilities				100.0	100.0	100.0
Memorandum:
Total assets (NOK bn)				1 419.9	1 541.2	1 599.4

Source: Norges Bank

Table 9 Balance sheet structure of mortgage companies. Percentage distribution

				2002 Q3	2003 Q3	2004 Q3
Cash and deposits				2.1	1.2	1.3
Securities (trading book)				20.6	19.3	18.5
Gross lending:
- Repayment loans				76.1	78.0	78.9
- Loan loss provisions				-0.1	-0.1	-0.1
Fixed and other assets				1.4	1.7	1.4
Total assets				100.0	100.0	100.0
Notes and short-term paper				12.4	9.1	7.6
Bond debt				53.2	53.4	53.0
Loans				27.1	30.7	33.0
Other liabilities				1.4	1.6	1.4
Subordinated loan capital				1.4	1.2	1.3
Equity				4.5	4.1	3.7
Total equity and liabilities				100.0	100.0	100.0
Memorandum::
Total assets (NOK bn)				262.5	304.5	345.5

Source: Norges Bank

Table 10 Balance sheet structure of finance companies. Percentage distribution

				2002 Q3	2003 Q3	2004 Q3
Cash and deposits				1.6	2.6	2.1
Securities (trading book)				0.2	0.1	0.2
Gross lending:
- Discount credit, bank overdraft facility,
operating credit, user credit				20.7	21.6	16.6
- Other building loans				0.1	0.1	0.2
- Repayment loans				32.5	34.3	38.3
- Loan financing				43.2	40.0	41.5
- Loan loss provisions				-1.8	-2.0	-1.8
Fixed and other assets				3.5	3.2	3.0
Total assets				100.0	100.0	100.0
Notes and short-term paper				0.7	0.0	0.0
Bond debt				0.0	0.5	0.6
Loans				80.5	84.2	83.4
Other liabilities				8.8	5.9	5.7
Subordinated loan capital				1.1	1.1	1.3
Equity				8.7	8.6	9.0
Total equity and liabilities				100.0	100.0	100.0
Memorandum:
Total assets (NOK bn)				91.2	96.6	104.0

Source: Norges Bank

Table 11 Balance sheet structure of life insurance companies.¹⁾ Selected assets as a percentage of total assets

				2002 Q3	2003 Q3	2004 Q3
Buildings and real property				10.4	9.9	9.4
Investment in permanent ownership etc.				32.6	42.8	39.4
- of which equities and units				0.2	0.4	0.6
- of which bonds held until maturity				26.5	37.0	35.0
- of which lending				5.8	5.5	3.8
Other financial assets				51.2	42.7	45.5
- of which equities and units				8.6	10.0	14.2
- of which bonds				29.9	22.1	24.1
- of which short-term paper				10.1	8.5	4.6
Memorandum:
Total assets (NOK bn)				405.9	441.4	498.4

Source: Financial Supervisory Authority

Table 12 Total assets¹⁾ in Norwegian financial groups by line of business as at 30 June 2004. Per cent

		Banks	Finance companies	Mortgage companies	Life insurance	Total group
DnB NOR		78.3	2.0	1.9	17.8	100.0
Nordea Norge		82.1	2.0	7.0	8.9	100.0
Sparebank 1 alliance2)		93.0	1.5	0.0	5.5	100.0
Storebrand		16.4	0.0	0.0	83.6	100.0
Terra alliance3)		99.7	0.3	0.0	0.0	100.0
Fokus Bank		64.5	0.0	35.5	0.0	100.0

Source: Norges Bank

Table 13 Norwegian financial groups' market shares¹⁾ in various lines of business as at 30 June 2004. Per cent

		Banks	Finance companies	Mortgage companies	Life insurance	Total group
DnB NOR		41.5	18.6	5.4	35.5	35.1
Nordea Norge		14.0	5.9	6.3	5.7	11.3
Sparebank 1 alliance2)		11.9	3.4	0.0	2.6	8.5
Storebrand		1.5	0.0	0.0	28.5	6.0
Terra-alliance3)		6.5	0.4	0.0	0.0	4.3
Fokus Bank		3.4	0.0	10.2	0.0	3.5
Total financial groups		78.9	28.3	21.9	72.4	68.8

Source: Norges Bank