In the fourth quarter of 2019, the DNB Group will recognise a negative effect of NOK -361 million from basis swaps connected to funding. Furthermore, a negative effect of NOK -742 million from the Additional Tier 1 capital will also be recognised.
During week 1 2020, DNB ASA has purchased 314 000 own shares at an average price of NOK 164.95 per share. After this, DNB ASA owns a total of 9 933 000 own shares.
The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.
For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
During week 2 2020, DNB ASA has purchased 755 000 own shares at an average price of NOK 165.31 per share. After this, DNB ASA owns a total of 10 688 000 own shares.
The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.
For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
DNB will publish its results for the fourth quarter of 2019 on Thursday 6 February 2020 at 7.30 a.m. CET.
Thursday 6 February at 9:30 am CET: press conference in English accessible via live web TV
Place: DNB's head office in Bjørvika, Dronning Eufemias gate 30, Oslo. A live broadcast will be available on the Investor Relations pages at ir.dnb.no.
Please register your attendance in Oslo by email to [email protected].
Thursday 6 February at 1:30 pm CET: conference call for analysts and investors
To attend the conference call: (+47) 21 56 33 18, or International line: (+44) (0) 20 30 03 26 66. Password: DNB Q4.
The phone conference (listen-only mode) and a recording of this will be available on the Investor Relations pages at ir.dnb.no.
Friday 7 February at 09:15 am GMT for 09:30 start: breakfast conference for analysts in London.
Place: DNB Bank ASA, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF.
Please register your attendance in London by email to [email protected]
Representatives of the Group management will present the results followed by a Q&A session.
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
DNB will publish its results for the fourth quarter of 2019 on Thursday 6 February 2020 at 7.30 a.m. CET. Please note that the analyst conference in London will be held on Friday 7 February at 9.30 GMT.
Thursday 6 February at 9:30 am CET: press conference in English accessible via live web TV
Place: DNB's head office in Bjørvika, Dronning Eufemias gate 30, Oslo. A live broadcast will be available on the Investor Relations pages at ir.dnb.no.
Please register your attendance in Oslo by email to [email protected].
The press conference will be held in English.
Thursday 6 February at 1:30 pm CET: conference call for analysts and investors
To attend the conference call: (+47) 21 56 33 18, or International line: (+44) (0) 20 30 03 26 66. Password: DNB Q4.
The phone conference (listen-only mode) and a recording of this will be available on the Investor Relations pages at ir.dnb.no.
Friday 7 February at 09:15 am GMT for 09:30 start: breakfast conference for analysts in London.
Place: DNB Bank ASA, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF.
Please register your attendance in London by email to [email protected]
Representatives of the Group management will present the results followed by a Q&A session.
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
DNB's annual profit for 2019 ended at NOK 25.7 billion, just over NOK 1.4 billion more than the year before. Norwegians are saving more money than before, and the bank has increased its share of the personal savings market.
The Board of Directors has proposed a dividend of NOK 9 per share after an eventful year with a high level of activity.
"We are very pleased with everything we have achieved together with our customers in 2019. Increased activity in all segments led to a lending growth of more than NOK 50 billion. This money has helped realise the housing dream for many families and resulted in increased investments in the Norwegian business community," says Kjerstin Braathen, CEO of DNB.
Increased income
The net interest income for the full year 2019 ended at NOK 39 202 million. For the fourth quarter, this income amounted to NOK 10 347 million, 736 million more than the same quarter the year before.
In addition, the DNB Group recognised other operating income of NOK 15 655 million last year, just over NOK 2 billion more than in 2018.
Total commission and fee income contributed strongly to this, with a solid increase of NOK 405 million, or 4.4 per cent. The demand for products such as insurance policies and investment banking services picked up in 2019.
Saving more in DNB
DNB has also been on the offensive in the savings market over the past year. The bank has reduced the prices of mutual funds and continued its digital focus through the savings app Spare. In the second half of the year, DNB launched the campaign #huninvesterer (#girlsinvest), with an aim to raise the awareness among women when it comes to their own savings.
"We have seen a digital savings revolution over the past year. Last year, we sold mutual funds for NOK 2 billion in the Spare app alone. This is a larger turnover than most players in the market have on all their platforms combined. We believe strongly in making saving schemes easy, reasonable and available," says Braathen.
Figures from Statistics Norway show that Norwegians are saving more money, due to, among other things, an increase in disposable income. Furthermore, DNB has increased its share of the personal customer market, after a year where more than 42 per cent of mutual funds purchases were made by DNB customers, according to figures from the Norwegian Fund and Asset Management Association.
"December was an all-time high in terms of sales of mutual funds in the Spare app, with NOK 300 million in new purchases. This represents an increase of 191 per cent from last year," states Braathen, as an example of the budding trend.
Maintaining a steady course
The Norwegian economy is continuing its steady course, and last year's impairment losses of NOK 2 191 million are relatively low from a historic perspective. Of these, NOK 178 million were recognised in the fourth quarter. The losses are nevertheless higher than in the exceptional year 2018, when the impairment reversals exceeded the losses.
"The Norwegian economy is still doing very well, although we do expect the growth to decline somewhat over the next few years. The Norwegian business community is in a very exciting period of restructuring, and we see that several industries are working on developing sustainable technology. This is also an important matter for DNB, as we aim to contribute to the allocation of NOK 450 billion to the financing of renewable energy over the next few years," says Kjerstin Braathen.
Financial key figures for the fourth quarter of 2019 (compared with figures for the corresponding quarter in 2018):
Financial key figures for the full year 2019 (corresponding figures for 2018 in parentheses):
Details concerning DNB's results can be found on ir.dnb.no.
DNB ASA has today decided to increase the buy-back programme by 0.5 per cent, thereby comprising up to a total of 2.0 per cent of the company's shares, representing a total of 31 606 027 shares, of which 20 859 978 shares will be repurchased in the open market. As of today, DNB ASA has purchased approximately 10.7 million shares that are comprised by this buy-back programme.
On 24 October 2019, DNB ASA initiated a buy-back programme comprising up to 0.5 per cent of the shares in the company, representing a total of 7 901 506 shares. DNB ASA expanded the buy-back program on 20 November 2019 and 12 December 2019, thereby comprising up to a total of 1.5 per cent of the company's shares, representing a total of 23 704 521 shares.
Other than with respect to the increase of the total number of shares that can be purchased, the buy-back programme will be carried out as communicated in the Oslo Stock Exchange notification made on 24 October 2019 (available at www.newsweb.no).
The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting.
In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.
In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.
DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA's repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for any dividend paid on the redemption shares in the buy-back period.
For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, available at www.dnb.no.
| Dividend amount: | 9.00 per share |
| Declared currency: | Norwegian Krone |
| Last day including right: | 28 April |
| Ex-date: | 29. April |
| Record date: | 30 April |
| Payment date: | as of 8 May |
| Date of approval: | 28 April |
This information is published in accordance with the requirements of the Continuing Obligations.
During week 6 2020, DNB ASA has purchased 646 000 own shares at an average price of NOK 173.76 per share. After this, DNB ASA owns a total of 11 334 000 own shares.
The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November, 12 December 2019 and 6 February 2020. The share buy-back programme comprises up to approximately 31.6 million shares, of which up to approximately 20.9 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.
For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October, 20 November, 12 December 2019 and 6 February 2020 (available from www.newsweb.no).
This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.
