On 8 March 2017, the Board of Directors of DNB ASA decided to offer employees in DNB ASA shares with a discount of NOK 1,500-3,000.
The shares were allotted today, 22 May 2017, at a gross price of NOK 144.7877 per share.
Attached is a list of the primary insiders that availed themselves of the offer.
Reference is made to the annual general meeting of DNB ASA held on 25 April 2017, where the Board of Directors was authorised to repurchase up to 2.0 per cent of the shares of the company, of which 0.5 per cent can only be used for hedging purposes in DNB Markets.
The Norwegian FSA has approved the authorisation, provided that the targeted capital level is met following the repurchase, and that the sum of the amounts spent on dividends and the repurchase of shares does not exceed 75 per cent of the annual profit for 2016.
For further information, please contact:
Rune Helland, Head of Investor Relations
Office: +47 23 26 84 00
Mob: +47 977 13 250
E-mail: [email protected]
DNB will publish its results for the second quarter of 2017 on Wednesday, 12 July 2017 at 7.30 am CET.
12 July 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 at www.dnb.no/en/ir.
Please register your attendance in Oslo at [email protected].
The press conference will be held in English.
12 July at 1.30 pm CET: conference call for analysts and investors
To attend the conference call: dial (+47) 21 56 33 18 or from outside Norway: +44 (0) 20 3003 2666 or from the US: +1 212 999 6659.
Password: DNB. The phonecast (listen only mode) and replay will be available at www.dnb.no/en/ir.
13 July at 7.45 am GMT: breakfast conference for analysts in London
Place: DNB Bank ASA, 8th Floor, The Walbrook Builiding, 25 Walbrook, London EC4N 8AF. Please register your attendance in London at [email protected].
Management will present the results followed by a Q&A session.
DNB will publish its results for the second quarter of 2017 on Wednesday, 12 July 2017 at 7.30 am CET.
12 July 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 at www.dnb.no/en/ir.
Please register your attendance in Oslo at [email protected].
The press conference will be held in English.
12 July at 1.30 pm CET: conference call for analysts and investors
To attend the conference call: dial (+47) 21 56 33 18 or from outside Norway: +44 (0) 20 3003 2666 or from the US: +1 212 999 6659.
Password: DNB. The phonecast (listen only mode) and replay will be available at www.dnb.no/en/ir.
13 July at 7.45 am GMT: breakfast conference for analysts in London
Place: DNB Bank ASA, 8th Floor, The Walbrook Builiding, 25 Walbrook, London EC4N 8AF. Please register your attendance in London at [email protected].
Management will present the results followed by a Q&A session.
In order to enable an optimal level of capital in the company, DNB ASA has decided to initiate a share buy-back programme comprising up to 0.5% of its registered shares, representing a total of approximately 8.1 million shares.
The buy-back programme will be carried out on the basis of the authorization given by DNB ASA’s annual general meeting on 25 April 2017, where it was approved that DNB ASA may repurchase shares up to a maximum of 1.5% of its registered shares. DNB ASA may at a later stage decide to initiate further share buy-back programmes, up to the maximum of 1.5% as approved by the annual general meeting.
Up to approximately 5.4 million of the shares comprised by the buy-back programme will be repurchased in the open market. The remaining shares will be redeemed from the state of Norway through the Ministry of Trade, Industry and Fisheries, according to an agreement between DNB ASA and the state of Norway and subject to approval from DNB ASA’s annual general meeting in 2018. According to the agreement, the state of Norway shall redeem shares on a proportionate basis so that its current ownership interest in DNB ASA of 34.00% remains unaffected following completion of the buy-back programme.
DNB ASA will seek approval from the annual general meeting in 2018 for cancellation of the repurchased shares and a corresponding redemption of the proportionate number of shares owned by the state of Norway. The redemption of the shares owned by the state of Norway 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 dividend paid on the redemption shares in the buy-back period (if any).
For further information, DNB ASA refers to the minutes from DNB ASA’s annual general meeting of 25 April 2017, available at www.dnb.no.
Investor contacts:
Rune Helland, head of Investor Relations, tel. (+47) 977 13 250
Amra Koluder, SVP Investor Relations, tel. (+47) 977 35 378
DNB recorded profits of NOK 5 237 million in the second quarter of 2017, up NOK 669 million from the second quarter of 2016. The increase was due to a combination of higher income and lower impairment losses on loans.
Trust is essential for DNB and other banks in an ever more open and digitalised competitive climate. During the second quarter, an increasing number of customers placed their trust in DNB, which contributed to a high level of activity.
Banking operations show stable and healthy growth. Home mortgages and other loans to personal customers have increased by 5.5 per cent over the past year, while lending to small and medium-sized enterprises has risen by more than 7 per cent. A high level of customer activity within real estate broking, asset management and transaction advice also made a positive contribution to DNB’s performance in the second quarter.
“There is profitable growth in all customer segments, and our customers make sure that we have lots to do across the board. We regard this as a vote of confidence. Combined with low impairment losses during the quarter, this makes us satisfied with our second quarter performance,” says Rune Bjerke, group chief executive.
Saving like never before
DNB has also launched a number of innovative digital services to make everyday life easier for its customers.
The Vipps app has been expanded from person-to-person payments to include in-store payments. The new product VippsGO gives all sports clubs, shops and companies the opportunity to set up their own mobile shop in less than 30 minutes. Some 6 000 customers have already taken the service into use.
‘Spare’ is an app where customers can find their bank savings, equities, mutual funds and pensions in one and the same place. It will help give them a better overview of their savings and make it easier to establish good savings habits. ‘Spare’ was launched in May, and more than 180 000 Norwegians have already started using the app. Savings targets for more than NOK 2 billion have also been established.
“Spare is additional proof that our customers want simple and straightforward services. We will be at the forefront of this development and inspire customers to make smart and sensible choices. Four of ten Norwegians still do not save on a regular basis, but in a more random manner, though it is gratifying to see that the trend is going in the right direction. Our customers established a total of 84 000 savings agreements during the second quarter,” says Bjerke.
Lower losses
DNB recorded an increase in net interest income of NOK 487 million from the second quarter of 2016, mainly reflecting higher loan and deposit volumes, as well as lower funding costs.
Net other operating income was down NOK 970 million in consequence of extraordinary income stemming from the sale of Visa Norge’s holdings in Visa Europe in the second quarter of 2016. Excluding this non-recurring item, net operating income increased by NOK 158 million from the second quarter of 2016.
Impairment losses on loans and guarantees totalled NOK 597 million in the second quarter, a significant reduction from NOK 2 321 million in the second quarter of 2016. The main factor behind the decrease was successful restructuring of portfolios within oil, offshore and shipping. The majority of non-performing loans still stem from the same sectors, and the bank thus far sees no signs of spill-over effects to other industries.
“Nor are we worried that we will record losses on home mortgages. Interest rates will remain low for a long time, as will the level of unemployment in Norway, and these are the main factors we are focusing on. It is positive that the housing market is levelling off after several years of unsustainable price increases,” says Bjerke.
Operating expenses rose by NOK 230 million, reflecting a higher level of activity and the marketing of digitalisation projects. The financial activities tax, which was introduced in 2017, also gave a rise in expenses.
Financial key figures for the second quarter of 2017
Comparable figures for the second quarter of 2016 in parentheses.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contact persons:
Thomas Midteide, group executive vice president, Corporate Communications, tel.: + 47 962 32 017
Rune Helland, head of Investor Relations, tel: +47 977 13 250
The quarterly report, presentation and Fact Book can be downloaded from
www.dnb.no/investor-relations
DNB ASA has finalised its share buy-back programme announced on 12 July 2017. A total of 5.4 million shares were repurchased in the open market, whereas a total of 2.7 million shares will be redeemed from the state of Norway, so that its ownership interest in DNB ASA of 34 per cent will remain unaffected following completion of the buy-back programme. The weighted average purchase/redemption price for the 5.4 million shares is NOK 152.75 and with this DNB ASA will return approximately NOK 821 million to shareholders.
The 8.1 million shares will be cancelled subject to approval by the annual general meeting in 2018, whereby the number of DNB ASA’s registered shares will be reduced by 0.5 per cent from today's 1 628 798 861.
For further information, please contact:
Investor contacts:
Rune Helland, head of Investor Relations, tel. ( 47) 23 26 84 00 / ( 47) 977 13 250
Amra Koluder, SVP Investor Relations, tel. ( 47) 23 26 84 08 / ( 47) 977 35 378
Background information about the finalised programme
DNB ASA has decided to initiate a share buy-back programme comprising up to 0.5 per cent of its registered shares, representing a total of 8.1 million shares.
The buy-back programme will be carried out on the basis of the authorization given by DNB ASA’s annual general meeting on 25 April 2017, where it was approved that DNB ASA may repurchase shares up to a maximum of 1.5 per cent of its registered shares. DNB ASA may at a later stage decide to initiate further share buy-back programmes, up to the maximum limit approved by the annual general meeting.
Up to 5.4 million of the shares comprised by the buy-back programme will be repurchased in the open market. The remaining shares will be redeemed from the state of Norway through the Ministry of Trade, Industry and Fisheries, according to an agreement between DNB ASA and the state of Norway and subject to approval from DNB ASA’s annual general meeting in 2018. According to the agreement, the state of Norway shall redeem shares on a proportionate basis so that its current ownership interest in DNB ASA of 34 per cent remains unaffected following completion of the buy-back programme.
DNB ASA will seek approval from the annual general meeting in 2018 for cancellation of the repurchased shares and a corresponding redemption of the proportionate number of shares owned by the state of Norway. The redemption of the shares owned by the state of Norway 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 dividend paid on the redemption shares in the buy-back period (if any). Subject to approval by the annual general meeting in 2018, the total number of registered shares of DNB ASA will be reduced by up to 0.5 per cent.
On Tuesday, 21 November 2017, DNB will host the Group's Capital Markets Day in London.
Date: Tuesday, 21 November 2017
Time: 12:30 pm
Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England
Registration and lunch from 11:30 am – 12:30 pm
The event will also be webcasted.
Information about the agenda and practical details will be provided.
DNB ASA has decided to initiate a new share buy-back programme. Similarly to the share buy-back programme completed by DNB ASA on 14 August 2017, the new share buy-back programme would also comprise up to 0.5% of its registered shares, representing a total of approximately 8.1 million shares.
The share buy-back programme will be carried out on the basis of the authorization given by DNB ASA’s annual general meeting on 25 April 2017, where it was approved that DNB ASA may repurchase shares up to a maximum of 1.5% of its registered shares for purposes of enabling an optimal level of capital in the company. DNB ASA may at a later stage decide to initiate further share buy-back programmes, up to the maximum of 1.5% as approved by the annual general meeting.
Up to approximately 5.4 million of the shares comprised by the share buy-back programme will be repurchased in the open market. The remaining shares will be redeemed from the state of Norway through the Ministry of Trade, Industry and Fisheries, according to an agreement between DNB ASA and the state of Norway and subject to approval from DNB ASA’s annual general meeting in 2018. According to the agreement, the state of Norway shall redeem shares on a proportionate basis so that its current ownership interest in DNB ASA of 34.00% remains unaffected following completion of the buy-back programme.
DNB ASA will seek approval from the annual general meeting in 2018 for cancellation of the repurchased shares and a corresponding redemption of the proportionate number of shares owned by the state of Norway. The redemption of the shares owned by the state of Norway 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 dividend paid on the redemption shares in the buy-back period (if any).
For further information, DNB ASA refers to the minutes from DNB ASA’s annual general meeting of 25 April 2017, available at www.dnb.no.
