Review of financial reporting - Totens Sparebank

16 Feb 2023 16:35 CET

Finanstilsynet has reviewed certain matters related to the financial reporting
of Totens Sparebank ("The entity").

The review included the entity's use of alternative performance measures
("APMs") in the 2021 annual report. According to Finanstilsynet's assessment, a
number of the requirements in ESMA's (European Securities and Markets
Authority's) guidelines for use of APMs in financial reporting were not been
complied with, among other related to the entity's use of the APMs: Return on
equity excluding funding bonds, cost/income ratio and lending growth rate.
Finanstilsynet has asked the entity to initiate measures that ensures that the
entity's future reporting of alternative performance measures is organized in a
manner that ensures sufficient and appropriate quality control.Totens Sparebank
has taken Finanstilsynet's observations and assessments under consideration, and
confirmed that corrective measures have been initiated.

The review of the entity's 2021 annual financial statement included certain
matters relating to its lending and borrowing, its change of core banking IT
systems, and the fair value measurement of the entity's shares in Eika Gruppen
AS. Finanstilsynet has to a large extent taken the entity's accounts for these
matters under consideration, put pointed out issues related to presentation and
deficiencies in disclosures, which Totens Sparebank has confirmed will be
remedied in its next financial reporting.

If you have any questions, please contact:
Lars Jacob Braarud, Head of section, +47 22 93 97 53/+47 91 34 52 73 (mobile).

More information:
Access the news on Oslo Bors NewsWeb site

582767_Kontroll av finansiell rapportering Totens Sparebank.pdf