The profit for the period 01.01.25 - 31.03.2025 before tax is USD 3 083 261 (USD 4 521 598 in 1Q 2024).

Book value per share is USD 1.68 (1.65 without the tax effect described below) per 31.03.2025 (USD 1.59 in 1Q 2024)
Earnings per share for the period 01.01.25 - 31.03.2025 before tax is USD 0.0377 (USD 0.055 in 2024).

There has been no credit losses and the Bank has no non-performing loans.

TAX
The Bank operates with USD as functional currency. 
In the tax accounting, both P&L and the major part of assets and liabilities are being converted from USD to NOK, including any effect currency fluctuations would have on the equity of the Bank. 

The volatility of the NOK against the USD has given the Bank an unintended volatility in the tax expense, due to currency gains/losses related to our equity. 

The Bank has started a process for a rule adjustment for the basis of tax calculation that prevents unintended effects for the future.  

Common 25% corporate tax rate is used in the first quarter of 2025. 
The agio effect (extra taxable income/cost) will be a result of the USDNOK exchange rate at year end. USDNOK 31.12.2024 was 11.34 and ended at 10.5487 as of 31.03.2025. 

The agio effect (unintended taxable income/cost) for YTD 2025 is negative NOK 106 993 044. This “phantom” cost will result in a decreased tax of NOK 26 748 261 (USD - 2 535 693). Total tax inclusive the “phantom” effect will be NOK -18 617 162 (USD - 1 764 877) i.e. negative tax.