Stock and press releases

The Norwegian authorities have decided to increase the minimum requirements on average risk weights for loans secured by Norwegian residential real estate applicable to banks using the internal ratings-based approach (IRB) from 20 to 25 percent, with effect from 1 July 2025. The new minimum requirement will increase the DNB Group’s risk exposure amount (REA) and is estimated to reduce the CET1 ratio by approximately 0.7 percentage points. 

The minimum requirement is imposed in accordance with article 458 of the Capital Requirements Regulation and will apply until 31 December 2026. The Norwegian authorities will ask the European Systemic Risk Board (ESBR) to recommend other countries to reciprocate the new minimum requirements in order for them to also be applicable to foreign banks’ residential real estate loans in Norway. 

For further information, please contact Rune Helland, Head of Investor Relations, tel.: (+47) 97 71 32 50 or Anne Engebretsen, tel.: (+47) 45 22 43 74. 

This information is subject to the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.

DNB is hosting the Group's Capital Markets Day in London today.

Our financial targets for 2025–2027 are as follows:

• Return on equity (ROE) above 14% (from above 13%)
• Cost/income (C/I) ratio below 40% (no change)
• Dividend payout ratio of over 50% and an ambition to increase the nominal dividends per share per year (no change)
• Common equity Tier 1 (CET1) capital ratio above 16.7% (no change)

Furthermore, our growth ambitions over time are as follows: 

• Annual growth in loan volumes: 3-4% (no change) 
• Annual growth in commission and fee income: above 9% (from 4-5%)

DNB’s outlook is supported by a sound Norwegian economy with low unemployment and a proven ability to withstand the current interest rate level. The activity level in the Norwegian economy is expected to increase further in the years ahead.

“DNB has a solid foundation for continued profitable growth, stemming from our strong market positions, leading digital platforms and Nordic footprint. We will build on our leading position in all our customer segments to create enhanced customer value through our best-in-class digital solutions and competitive edge. And with the acquisition of Carnegie, we will further strengthen our ability to serve and support our customers across the Nordics and globally,” says CEO of DNB Kjerstin Braathen.

The acquisition of Carnegie is pending regulatory approval.

Please find the CMD presentation attached. The event will be live-streamed from 12:00 GMT / 13:00 CET at ir.dnb.no.

For further information, please contact:

Rune Helland, Head of Investor Relations, tel.: (+47) 97 71 32 50

Even Westerveld, Group Executive Vice President, People & Communication, tel.: (+47) 40 01 67 44

This information is subject to the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.
 

DNB is pleased to invite you to the Group's Capital Markets Day.

Date: Tuesday 19 November 2024 
Time: 12:00 pm - 2:00 pm GMT. Registration and lunch from 11:00 am - 12:00 pm GMT 
Location: DNB Bank ASA London Office, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF 

We will present an update on financial targets and strategic topics. In addition, our largest customer segments will provide a more detailed update. 

Speakers at the CMD will be: 
-    Kjerstin R. Braathen, CEO 
-    Ida Lerner, CFO 
-    Maria Ervik Løvold, Group EVP Personal Banking 
-    Rasmus Figenschou, Group EVP Business Customers Norway 
-    Harald Serck-Hanssen, Group EVP Large Corporates & International 
-    Håkon Hansen, Group EVP Wealth Management 
-    Alexander Opstad, Group EVP Markets 

Registration 
Please register your physical attendance with [email protected] 
The closing date for registration is 15 November 2024. 
The event will be webcasted, and it will be possible to ask questions online. 
The CMD presentation will be published on ir.dnb.no at 11:00 am GMT on the day of the presentation. 

We look forward to seeing you in London. 

For further information: 
Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00/(+47) 97 71 32 50 
Even Westerveld, Group EVP People & Communications, tel.: (+47) 40 01 67 44

The Financial Supervisory Authority of Norway (“the FSA”) regularly carries out a Supervisory Review and Evaluation Process (“SREP”), where they evaluate the risks and capital needs of DNB. The SREP includes a decision regarding the Pillar 2 Requirement and the Pillar 2 Guidance, which comes in addition to the minimum requirements and combined buffer requirements under Pillar 1. DNB has now received this year’s decision from the FSA, which will apply from 31 December 2024.
 
The FSA has decided that the Pillar 2 Requirement for DNB (on a group level) shall be reduced from 2.0 % to 1.7 % of the total risk exposure amount (TREA). At least 56.25 % of the requirement shall be met with common equity tier 1 (CET1) capital, while 75 % must be met with tier 1 capital. The new Pillar 2 Requirement will therefore reduce the total capital requirement by 0.3 percentage points, the tier 1 requirement by 0.23 percentage points and the CET1 requirement by 0.17 percentage points. 
 
The Pillar 2 Guidance is unchanged at 1.25 % of TREA. 

Date: Tuesday 19 November 2024
Time: 12:00 pm - 2:00 pm GMT. Registration and lunch from 11:00 am - 12:00 pm GMT 
Location: DNB Bank ASA London Office, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF
 
We will present an update on financial targets and strategic topics. In addition, our largest customer segments will provide a more detailed update. 
 
Speakers at the CMD will be:
- Kjerstin R. Braathen, CEO
- Ida Lerner, CFO
- Maria Ervik Løvold, Group EVP Personal Banking 
- Rasmus Figenschou, Group EVP Business Customers Norway 
- Harald Serck-Hanssen, Group EVP Large Corporates & International 
- Håkon Hansen, Group EVP Wealth Management 
- Alexander Opstad, Group EVP Markets
 
Registration
Please register your physical attendance with [email protected]
The closing date for registration is 15 November 2024.
The event will be webcasted, and it will be possible to ask questions online. The CMD presentation will be published on ir.dnb.no at 11:00 am GMT on the day of the presentation.
 
We look forward to seeing you in London.
 
For further information:
Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00/(+47) 97 71 32 50
Even Westerveld, Group EVP People & Communications, tel.: (+47) 40 01 67 44

DNB’s profit in the third quarter of 2024 was NOK 12.2 billion. This is NOK 2.1 billion (19.9 per cent) higher than in the third quarter of 2023.

The good results are, among other things, due to increased lending volumes in all three of DNB’s customer segments. Growth in business customers Norway was 0.3 per cent, and in large corporates and international customers, it was 4.7 per cent. In personal customers, growth was 0.8 per cent.

“There has been a clear shift in customer behaviour through the summer and into the autumn. Competition in the Norwegian bank market remains fierce, and we’re pleased that more and more of the customers who are on the move are deciding to come to us,” says Kjerstin Braathen, CEO of DNB. 

Strong housing market

DNB’s results are supported by a sound Norwegian economy with high activity, low unemployment and gradually declining inflation. Economic growth is expected to increase in the years ahead. The same is true of housing prices, which are expected to grow by 2.8 per cent this year and 5.7 per cent next year, according to forecasts from DNB Markets.

“We have seen an increase of about 10 per cent in the number of loan applications, compared with the same time last year. Furthermore, fewer customers are asking for interest-only periods. With more stable interest rates, it’s easier for customers to navigate the market, and the feedback we are getting from the people who contact us is positive,” states Braathen.

Robust economy means low losses

DNB’s net interest income totalled NOK 16.1 billion in the quarter. This is an increase of 2.0 per cent from the previous quarter. 

DNB’s impairment provisions amounted to NOK 170 million this quarter, compared with NOK 937 million in the corresponding quarter of 2023.

“Companies and most households are still managing well in the face of higher interest rates, and this is reflected in low lending losses both in the corporate customers market and in the personal customers market. This also applies to unsecured credit such as car loans, credit cards and consumer loans, where losses were marginal in this quarter,” says Braathen.

Record-high commission and fee income

Income from other customer activities than lending and deposits (commission and fee income) ended at NOK 3.0 billion this quarter – driven by good income growth in DNB’s investment banking activities and in asset management. The result was 11.1 per cent higher than in the corresponding quarter of last year, and the best result ever in the third quarter.
 

Financial key figures for the third quarter of 2024 (figures for the corresponding quarter in 2023): 

Pre-tax operating profit before impairment amounted to NOK 15.4 billion (14.1) 

Profit was NOK 12.2 billion (10.1) 

Earnings per share were NOK 7.83 (6.39) 

Return on equity was 18.9 per cent (16.3) 

Cost/income ratio was 32.5 per cent (32.7) 

Common equity Tier 1 (CET1) capital ratio was 19.0 per cent (18.3) 
 

 
For further information: 

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71 32 50 

Øystein Kløvstad Langberg, Executive Vice President of Communications, tel.: (+47) 98 04 88 25 

This information is subject to the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.