Key Financial Indicators and Balance Sheet Analysis Q1 2023

Net interest income Continued momentum but rate sensitivity slowing as expected Net interest income in Q1 increased by 16% from Q1 2022 and 5% between quarters from Q4 2022 Policy rate increased from 2.0% at the beginning of Q1 2022 to 7.5% at the end of Q1 2023. During the quarter there was a hike of 150 bps Rate sensitivity slowing as interest expense increasing on both deposits and wholesale funding. Forward guidance for NIM continues to be around 3% level Average interest-bearing assets increased in Q1 by 15.7% from Q1 2022 and by 3.1% from Q4 2022 Net interest income 11.0 10.4 10.5 9.5 9.8 3.1% 3.2% 3.1% 3.1% 3.1% Main interests* (%) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net interest margin Q1 2023 Q1 2019 Q1 2020 Loans Q1 2021 Deposits Q1 2022 *Excluding net inflation effect Net interest income development (ISK m) 269 (847) 1,713 (802) 242 (768) 684 12 All amounts in ISK bn 10,524 NII Q4 2022 9,528 Q/Q development from Q4 2022 to Q1 2023 202 (5,180) 7,569 (1,993) (904) 544 1,249 Y/Y development from Q1 2022 to Q1 2023 NII Q1 2022 Loans to credit institutions and CB Loans to customers Securities Deposits Borrowings Subordinated and other Q1 2023 Borrowings 11,015 NII Q1 2023 11,015 Net inflation NII Q1 2023 effect

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