Stock and press releases

Jaan Ivar Semlitsch, member of the Board of Directors of DNB Bank ASA, has 26 April 2022 bought 5 500 shares in DNB Bank ASA at a share price of NOK 186.5563. See attachment for further details.

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

28 April 2022

DNB delivered a profit in the first quarter of 2022 of NOK 7 555 million, an increase of NOK 1 670 million compared with the first quarter of 2021. The increase was driven by a strong Norwegian economy and a high level of activity in the corporate market.

The `reopening boom' following the removal of the last infection control measures in February continued to lift the level of activity in the Norwegian economy. However, the strong growth in the Norwegian economy has taken place against a sombre macropolitical backdrop.

"The eyes of the world this quarter have been on Russia's brutal invasion of Ukraine, which has also created volatility and increased uncertainty in the financial markets. DNB has hardly any exposure to Russia, but has helped individual customers in affected sectors by giving advice relating to economic sanctions and market turbulence. Once again, we have seen that Norway as a country sets itself apart from other countries, with a robust economy despite international turmoil. A number of international customers have sought to move to DNB, and see the bank as a safe haven in an unsettled world," says CEO of DNB Kjerstin Braathen.

Historic result for the corporate market

DNB saw positive developments across all of the bank's business areas in the quarter.

Net interest income increased by NOK 1 216 million, up 13.2 per cent from the first quarter of 2021, and up NOK 160 million, or 1.6 per cent, from the fourth quarter of 2021.

The high level of activity in investment banking, asset management and payment services contributed to an increase in income from customer-driven activities (commission and fee income) of NOK 213 million, up 8.1 per cent from the corresponding quarter last year.

"Despite turbulent markets, the number of savings schemes is stable, and customers are sticking to their long-term savings plans. There was record turnover in DNB's savings app, Spare, with our customers buying mutual funds worth more than NOK 2.7 billion. In the corporate market, we delivered the best quarter in the bank's 200-year history. Companies' willingness to invest remains high, despite the macropolitical situation. This shows optimism in the Norwegian business sector, largely due to the fact that Norwegian businesses have a number of investment opportunities in connection with the green shift," says Braathen.

Total income for the corporate market amounted to NOK 9.5 billion in the quarter, an increase of NOK 1.6 billion from the first quarter of last year. The income was mainly driven by a loan growth of 4.7 per cent from the first quarter of 2021, increased net interest income, high activity, and net reversals.

In March, DNB was given the go-ahead to buy Sbanken, and Sbanken is now a wholly owned subsidiary of DNB. DNB and Sbanken will continue as two banks with different customers, solutions and products, and the organisations will jointly identify how to unlock the potential of a future merger. 

Financial key figures for the first quarter of 2022 (figures for the corresponding quarter in 2021): 

• Pre-tax operating profit before impairment amounted to NOK 9.2 billion (7.5) 
• Profit for the quarter was NOK 7.6 billion (5.9) 
• Earnings per share were NOK 4.71 (3.65) 
• Return on equity was 12.9 per cent (10.0) 
• Cost/income ratio was 39.4 per cent (43.6) 
• Common equity Tier 1 (CET 1) capital ratio was 18.1 per cent (19.2) 

Further details on DNB's results can be found on ir.dnb.no. 

For further information: 

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

Thomas Midteide, Group Executive Vice President of Communications & Sustainability, tel.: (+47) 96 23 20 17 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Securities Trading Act.

The shares in DNB Bank ASA will be quoted ex-dividend on 27 April 2022. A dividend of NOK 9.75 per share will be distributed on 5 May 2022 to registered shareholders as at 26 April 2022.

For further information, please contact:

Rune Helland, head of Investor Relations, tel: +47 977 13 250

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

The Annual General Meeting of DNB Bank ASA was held on 26 April 2022. At the Annual General Meeting Kim Wahl and Julie Galbo were re-elected as board members and Olaug Svarva as Chair of the Board of Directors, with a term of office of up to two years.

The Board of Directors of DNB Bank ASA will have the following composition:

         Elected until:

Olaug Svarva (Chair of the Board, re-elected)    2024    
Svein Richard Brandtzæg (Vice Chair of the Board)   2023    
Jens Petter Olsen        2023    
Jaan Ivar Semlitsch       2023    
Gro Bakstad         2023

Kim Wahl (re-elected)       2024

Julie Galbo (re-elected)             2024                                                                           

Lillian Hattrem (employee representative)    2024    

Stian Tegler Samuelsen (employee representative)   2024    

Jannicke Skaanes (employee representative)    2024

Eli Solhaug (deputy employee representative)    2024   

Ann-Mari Sæterlid (deputy employee representative)   2024   

Haakon Christopher Sandven (deputy employee representative)  2024

For further information, please contact:

Investor contact
Rune Helland, Head of Investor Relations, tel. (+47) 232 68 400/(+47) 977 13 250 

Media contact

Thomas Midteide, Group Executive Vice President, Communications and Sustainability, tel.: (+47) 962 32 017

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act. 

DNB's Annual General Meeting was held on 26 April 2022. All items on the agenda were adopted as proposed, cf. the notice published on 4 April 2022.

The minutes from the Annual General Meeting are attached.

For further information, please contact:

Investor contact
Rune Helland, Head of Investor Relations, tel. (+47) 232 68 400 / (+47) 977 13 250 

Media contact
Thomas Midteide, Group Executive Vice President, Communications and Sustainability, tel.: (+47) 962 32 017

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act. 

DNB will publish its results for the first quarter of 2022 on Thursday, 28 April 2022 at 7.30 CET.

9:30 CET: Presentation

CEO Kjerstin Braathen and CFO Ida Lerner present the results at a live streamed press conference. A broadcast will be available on the Investor Relations pages at ir.dnb.no. It will also be possible to physically attend to the presentation at DNB's head office in Bjørvika, Dronning Eufemias gate 30. Please register your attendance in Oslo, at [email protected].

13:30 CET: Conference call for analysts and investors

Call in details: Norway +47 21 56 33 18, UK Wide +44 (0) 33 0551 0200, US +1 212 999 6659. Password: DNB Q1. Please join the call 5 minutes early to allow the operator to transfer you into the call by the scheduled start time.

The conference call (listen-only mode) and a recording of this will be available on the Investor Relations pages at ir.dnb.no.

Friday, 29 April at 07:45 am GMT for 08:00 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.

For further information, please contact:

Investor contact: Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

Media contact: Thomas Midteide, Group Executive Vice President, Communication & Sustainability, tel. (+47) 962 32 017

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