| Parent Bank |
|
Group |
| 2018 |
2019 |
(NOK million) |
2019 |
2018 |
| 2,379 |
2,715 |
Result before tax |
3,121 |
2,382 |
| -535 |
-955 |
+/- permanent differences |
-1,091 |
-443 |
| -228 |
139 |
+/- change in temporary differences as per specification |
124 |
-205 |
| - |
- |
Loss carried forward |
37 |
0 |
| 1,615 |
1,899 |
Year's tax base/taxable income |
2,191 |
1,733 |
| |
|
|
|
|
| 404 |
475 |
Tax payable on profit for the year |
547 |
462 |
| - |
4 |
Excess/too little tax accrued previous year |
- |
- |
| 404 |
479 |
Total taxes payable |
547 |
462 |
| |
|
|
|
|
| 404 |
479 |
Tax payable on profit for the year |
547 |
462 |
| 52 |
-28 |
+/- change in deferred tax |
-30 |
47 |
| 456 |
452 |
Tax charge for the year |
518 |
509 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
Change in net deferred tax liability |
|
|
| 52 |
-28 |
Deferred tax shown through profit/loss |
-30 |
48 |
| 5 |
-8 |
Deferred tax shown through equity |
-8 |
3 |
| - |
- |
Reclassification tax payable/deferred tax1) |
23 |
12 |
| 57 |
-36 |
Total change in net deferred tax liability |
-15 |
63 |
| 1)Due to group contribution |
| 2018 |
2019 |
Composition of deferred tax carried in the balance sheet (NOK million) |
2018 |
2018 |
| |
|
Temporary differences: |
|
|
| - |
- |
- Business assets |
14 |
194 |
| - |
- |
- Leasing items |
281 |
288 |
| 158 |
132 |
- Pension liability |
133 |
161 |
| 188 |
107 |
- Securities |
109 |
189 |
| 219 |
125 |
- Hedge derivatives |
125 |
219 |
| - |
- |
- Other temporary differences |
5 |
4 |
| 565 |
364 |
Total tax-increasing temporary differences |
668 |
1,055 |
| 141 |
91 |
Deferred tax |
169 |
263 |
| |
|
|
|
|
| |
|
Temporary differences: |
|
|
| -2 |
-10 |
- Business assets |
-28 |
-16 |
| -209 |
-156 |
- Hedge derivatives |
-156 |
-209 |
| -21 |
-6 |
- Other temporary differences |
-86 |
-117 |
| - |
- |
- Deficit carried forward |
-572 |
-840 |
| -232 |
-172 |
Total tax-decreasing temporary differences |
-842 |
-1,182 |
| -58 |
-43 |
Deferred tax asset |
-212 |
-292 |
| 82 |
48 |
Net deferred tax (-asset ) |
-43 |
-28 |
The above table comprises temporary differences from all consolidated companies shown gross. At the company level tax-increasing and tax-reducing temporary differences are shown net. At the group level recognition is on a gross basis in conformity with IAS 12 with each company being presented separately in the calculation of the Group's tax benefit and deferred tax:
| |
2019 |
2018 |
| Tax benefit recorded 31 Dec |
158 |
175 |
| Deferred tax recorded 31 Dec |
-115 |
-147 |
| 2018 |
2019 |
Reconciliation of tax charge for the period recognised against profit and loss to profit before tax |
2019 |
2018 |
| 595 |
679 |
25 % of profit before tax |
775 |
659 |
| -134 |
-239 |
Non-taxable profit and loss items (permanent differences) 1) |
-272 |
-158 |
| -5 |
8 |
Tax effect of costs reflected in equity |
8 |
-1 |
| - |
4 |
Too little taxes accrued previous year |
7 |
1 |
| - |
- |
Change in tax assets not recognised |
- |
7 |
| 456 |
452 |
Tax for the period recognised in the income statement |
518 |
509 |
| 19 % |
17 % |
Effective tax rate |
17 % |
21 % |
| 1) Includes non-deductible costs and and deduction for profit share related to associates and joint ventures (profit shares are taken out having already been taxed at the respective companies). |
