Stock and press releases

DNB has decided to change its pension scheme from a defined-benefit to a defined-contribution scheme for the majority of its employees in Norway. The change is necessary to adapt to the Norwegian pension reform and the decision has been made in consultation with the employee representatives. The new pension scheme will contribute to reducing future pension commitments. De-recognition of existing pension commitments will give a pre-tax gain of approximately NOK 2 billion in the fourth quarter and reduce pension costs by a corresponding amount.

This will also have a positive effect on CET 1.

For further information, please contact Investor Relations in DNB:
Rune Helland : +47 23268400
Thor Tellefsen : +47 23268404

In the fourth quarter of 2015, the DNB Group will record a negative effect of basis swaps connected to funding of approximately NOK 4 million.

In the fourth quarter of 2014, there was a positive effect of basis swaps of NOK 508 million.

Basis swaps are derivative contracts entered into in connection with long-term funding in international capital markets where the relevant currency is converted to Norwegian kroner. These swaps are hedging instruments, and over the lifetime of the derivatives the mark-to-market adjustments will have zero effect.

For further information, please contact Investor Relations in DNB:
Rune Helland : +47 23268400
Thor Tellefsen : +47 23268404

The Norwegian Financial Supervisory Authority of Norway (NFSA) has approved the use of transitional rules for technical provisions for DNB Livsforsikring AS under Solvency II.

 The transitional rules can be recalculated quarterly.

Contacts:
Rune Helland, Head of Investor Relations. Ph: +47 97713250
Anders Skjævestad, CEO DNB LIV. Telefon: +47 93407403

DNB will sell Oslo City to a consortium consisting of Entra and Steen & Strøm. The property is valued at approximately NOK 5 billion.

Oslo City is a combined shopping centre and office building with a total floor space of 80,535 square metres. The property covers a whole city block and has a very central location in the immediate vicinity of Oslo Central Station. 

"We are happy to have succeeded in our negotiations to sell Oslo City with two well-recognised and professional players in their respective markets. We have owned the building since 1994, and during these years, Oslo City has been developed to become one of Norway’s best shopping centres. The next development phase will take place under new ownership," says Tom Rathke, group executive vice president in DNB.

"Developing, purchasing and selling properties is an integral part of being a large player in the property market, and we are prepared to purchase and sell other properties to further develop our property portfolio. Over the last few years, we have reduced our property portfolio through sales, which is mainly due to good transaction opportunities. In turn, this has given us the chance to realise strong gains for our pension customers," says Rathke. 

Pangea Property Partners has acted as adviser for DNB.

Contact: 

Vidar Korsberg Dalsbø
Communications adviser DNB
Tlf: 99380389, [email protected]

DNB is hosting its Capital Markets Day in London today.

DNB’s key financial ambitions for 2016 - 2018 are:

Return on equity (ROE): Above 12%

CET1 capital ratio: Minimum 15% as capital level (CET1) as at 31 December 2016

Dividend ambitions: 2015: around 30%, 2016: 30-50% and 2017: >50%

Cost/income ratio: Below 40% towards 2018

Other ambitions are covered in the attached presentations.

DNB will reach the capital requirement of 15 per cent through strong retained earnings and capital efficiency measures. The capital efficiency measures expect to have a total effect of 80–120 bps from end Q3 2015 to Q4 2016 and include asset disposal/reallocation and financial restructuring. DNB’s capital target for 2017 is about 15.5% and includes a management buffer of approximately 50 bps.

For more information:

Rune Helland, head of Investor Relations, mobile (+47) 977 13 250

Thomas Midteide, group EVP, Corporate Communications, mobile (+47) 962 32 017

The presentations from the event are attached below or available on www.dnb.no/ir

See the presentation from the CMD on Web-TV from your desktop PC here from 12.30 GMT / 13.30 CET or if problems with link go to https://www.dnb.no/en/about-us/investor-realtions/capitalmarketday2015.html or www.dnb.no/ir

See the presentation from the CMD on Web-TV from your mobile device / tablet here from 12.30 GMT / 13.30 CET or if problems go to https://www.dnb.no/en/about-us/investor-realtions/capitalmarketday2015.html or: m.dnb.no

DNB is pleased to invite you to our

CAPITAL MARKETS DAY

Date: Wednesday 25 November 2015

Time: 12:30 pm – 4:30 pm GMT including Q&A

Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England

Registration & lunch from 11:30 am – 12:30 pm GMT

We will present important issues for DNB in today’s rapidly changing business environment. Topics will include operating environment, financial ambitions, capital management and business units’ updates with focus on development in Retail Banking, IT and Risk Management. The full DNB management team will be present.

REGISTRATION

We encourage you to register online at https://www.deltager.no/CMD2015.
The closing date for registration is 20 November 2015.
The event will also be webcasted.

We look forward to seeing you in London.

On behalf of DNB ASA,
Rune Bjerke,
CEO, DNB