The profit for the period 01.01.26 - 31.03.2026 before tax is USD 2 370 496 (USD 3 083 261 in 1Q 2025).
Book value per share is USD 1.75 per 31.03.2026 (USD 1.68 in 1Q 2025)
Earnings per share for the period 01.01.25 - 31.03.2026 before tax is USD 0.029 (USD 0.0377 in 2025).
There has been no credit loss, 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 2026. 
If there is no decision (or a negative one) from the Ministry of Finance within the fiscal year, we will incorporate a full agio effect in Q4 2026. The agio effect (extra taxable income/cost) will be a result of the USDNOK exchange rate at year end. USDNOK 31.12.2025 was 10.0688 and ended at 9.74855 as of 31.03.2026. 
The agio effect (unintended taxable income/cost) for YTD 2026 is negative NOK 47 252 106. This “phantom” cost will result in a decreased tax of NOK 11 813 026 (USD - 1 211 773). Total tax inclusive the “phantom” effect will be NOK -6 035 803 (USD - 619 149) ie negative tax.