Stock and press releases

Ottar Ertzeid will be the new CFO of DNB, starting 1 September 2019.

Ertzeid is a graduate of BI Norwegian Business School, and has been head of DNB Markets for nearly 18 years. He is also a board member in Oslo Børs, the Norwegian Investor Compensation Scheme and Dextra Artes.

"It is a great advantage for us that we are getting a CFO with such a strong commercial instinct, who already has detailed knowledge of DNB's business operations. Ottar has delivered excellent results over a long period of time, and also has deep insight into all the regulatory processes that apply to the financial services industry," says newly appointed Group Chief Executive, Kjerstin Braathen.

The CFO is currently responsible for DNB’s financial management, accounting and reporting, DNB Legal, Treasury, M&A and Investor Relations.

“I am excited about taking on new challenges in DNB as CFO. This is a discipline and function that I'm passionate about and that I'm looking forward to developing further in DNB," says Ottar Ertzeid.

Alexander Opstad will become acting head of DNB Markets. He is currently head of Equities in DNB Markets. Ottar Ertzeid is replacing Kjerstin Braathen, who will become new CEO of DNB on 1 September.

Photos: https://www.dnbnyheter.no/bildebank/alexander-opstad/

DNB’s profits in the second quarter of 2019 were NOK 6 134 million, an increase of NOK 50 million from the same quarter last year. The bank is experiencing strong growth in its main digital channels.

The mobile bank is the bank's most important ‘branch office’, as it has been for a long time. The figures for the first half of the year show that the digital development has gained even more momentum in 2019. DNB launched several new digital services in the second quarter, including a digital fund adviser and the accounting solution DNB Regnskap, which makes life easier for small businesses. DNB’s new mobile bank, which was launched in January this year, already has 826 000 users.

“More than 60 per cent of our active customers use the new mobile bank. This trend will continue as we develop new functionality, and we see the same tendency within savings. Customers are logging in more often and also buying more in the savings app Spare, which has now sold mutual funds for a total of NOK 2.3 billion. So far this year, sales are up 50 per cent,” says CEO Rune Bjerke, who today is presenting DNB's quarterly figures for the fiftieth and last time.

Growth in all areas
Net interest income in the second quarter amounted to NOK 9 581 million, up NOK 291 million from the previous quarter. Once again, the bank is able to present quarterly results with growth in all business areas.

In total, lending volumes have increased by 6.3 per cent, backed by a strong development in the Norwegian economy. Macroeconomic prospects also contribute to keeping impairment losses at a relatively low level in a historical perspective.

With strong contributions from real estate broking and the sale of non-life insurance products, the net commission and fee income was NOK 85 million higher than in the same quarter last year.  

"I am very pleased with the team effort in DNB these days. We are constantly becoming better at helping our customers through the various phases of their lives, whether they are purchasing a home, starting their own business or saving money for the next generation. We have a total customer offering that few of our competitors can match,” says Bjerke.

"But then, good feedback and trust from both our customers and owners are what we live on. Therefore, we were especially pleased when we in June were the largest bank in the Nordic region in terms of market value,” adds the departing CEO.  

Financial key figures for the second quarter of 2019 (compared with figures for the corresponding quarter in 2018): 

•  Pre-tax operating profit before impairment amounted to NOK 8.2 billion (7.1) 
•  Profit for the quarter was NOK 6.1 billion (6.1) 
•  Earnings per share were NOK 3.71 (3.65) 
•  Return on equity was 11.3 per cent (11.8) 
•  Cost/income ratio ended at 41.9 per cent (43.1) 
•  CET1 capital ratio (according to transitional rules) was 16.5 per cent (16.2) 

Details concerning DNB’s results can be found on dnb.no/ir. 

Contact:
Thomas Midteide, Group Executive Vice President of Media & Marketing, tel. (+47) 962 32 017
Rune Helland, head of Investor Relations, tel. (+47) 977 13 250
Jan Ole Huseby, senior adviser in Investor Relations, tel. (+47) 958 61 003 

DNB will publish its results for the second quarter of 2019 on Thursday 11 July 2019 at 7.30 a.m. CET.

11 July at 9:30 a.m. 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.

11 July 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 Q2.
The phone conference (listen-only mode) and a recording of this will be available on the Investor Relations pages at ir.dnb.no.

12 July 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 EC4N8AF
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:
Investor contacts:
Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250
Thor Tellefsen, head of Long-term Funding, tel. (+47) 24 16 91 22 / (+47) 915 44 385

Media contact:
Thomas Midteide, head of Media & Marketing, tel. (+47) 962 32 017

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

In the second quarter of 2019, the DNB Group will recognise a positive effect of NOK 740 million from basis swaps connected to funding. Furthermore, a negative effect of NOK 125 million from the Additional Tier 1 capital will also be recognised.

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

Approval of new share buy-back:

In DNB ASA’s annual general meeting held 30 April 2019, it was resolved to grant the board of directors a new authorization to repurchase own shares. The authorization has a limit of 4.0 per cent of the share capital calculated after completion of the already resolved capital reduction, whereof 0.5 per cent can only be used for hedging purposes by DNB Markets.

Following the general meeting, DNB ASA applied for the Norwegian FSA's approval to buy back own shares up to 2.5 per cent of the share capital, whereof 0.5 per cent will be reserved DNB Markets for hedging purposes.  The FSA has approved DNB’s application, provided that the targeted capital level is met following the repurchase. For further information, please contact:

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

DNB will publish its results for the second quarter of 2019 on Thursday 11 July 2019 at 7.30 a.m. CET.

11 July at 9:30 a.m. 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.

11 July 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 Q2.
The phone conference (listen-only mode) and a recording of this will be available on the Investor Relations pages at ir.dnb.no.

12 July 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:
Investor contacts:
Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250
Thor Tellefsen, head of Long-term Funding, tel. (+47) 24 16 91 22 / (+47) 915 44 385

Media contact:
Thomas Midteide, head of Media & Marketing, tel. (+47) 962 32 017


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