Shareholders in DNB ASA are invited to attend the Annual General Meeting (AGM) to be held on Tuesday 30 June 2020 at 15:00. Due to the corona situation, the Annual General Meeting will be held digitally, using electronic voting.

Agenda: approval of the 2019 annual accounts and directors' report, reduction in capital as a result of the repurchase of shares, election of members of the Board of Directors and the Election Committee as well as the approval of remuneration rates for members of these bodies.

The notice of the Annual General Meeting is attached.Company information
This information is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. 

This email was sent to you by DNB. Visit our website dnb.no (https://www.dnb.no/en/about-us/annual-general-meeting.html?la=EN&site=DNB_NO) for more information.

Contact information
For further information, please contact:
Investor contact: Rune Helland, Head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 97 71 32 50 Media contact: Thomas Midteide, Group Executive Vice President, Communications, tel.: (+47) 96 23 20 17

DNB will publish its results for the second quarter of 2020 on Monday 13 July at 7.30 am CET.

9:30 am CET: Presentation
CEO Kjerstin Braathen and CFO Ottar Ertzeid present the results at a live streamed press conference. A broadcast will be available on the Investor Relations pages at ir.dnb.no.

1:30 pm CET: Conference call for analysts and investors
Call in details:
From Norway: +47 21 56 33 19
From other countries: +44 (0) 20 3003 2701
Conference ID: 9352011#                     

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

DNB's Annual General Meeting was held on 30 June 2020. The Annual General Meeting was held digitally as a result of the measures introduced due to the COVID-19 outbreak.

All items on the agenda were adopted as proposed, cf. the notice published on 8 June 2020, including the following:

The Annual General Meeting gave the Board of Directors authorisation to raise subordinated loans and other debt capital, cf. section 11-2 of the Financial Institutions Act, for a total value of up to NOK 20 billion, or the equivalent in foreign currency. 

The minutes from the Annual General Meeting are attached.

Company information

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act. This email was sent by DNB.

Visit our website dnb.no for more information.

Contact information

For further information, please contact:

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

Media contact:
Thomas Midteide, Group Executive Vice President, Communications, tel.: (+47) 96 23 20 17

The Annual General Meeting of DNB ASA was held on 30 June 2020. At the Annual General Meeting, Svein Richard Brandtzæg and Jens Petter Olsen were elected as new board members with a term of office of up to two years. Olaug Svarva was re-elected as Chair of the Board and Jaan Ivar Semlitsch was re-elected as a board member, both with a term of office of up to two years.

The Board of Directors of DNB ASA now has the following members:

Olaug Svarva (Chair of the Board) - 2022
Svein Richard Brandtzæg (Vice Chair of the Board) - 2022
Jens Petter Olsen - 2022
Jaan Ivar Semlitsch - 2022
Gro Bakstad - 2021

Lillian Hattrem (employee representative) - 2022
Stian Tegler Samuelsen (employee representative) - 2022

Ann-Mari Sæterlid (deputy employee representative) - 2022
Sigmund Hollerud (deputy employee representative) - 2022

The Annual General Meeting of DNB Bank ASA was also held on 30 June 2020. At the Annual General Meeting, Julie Galbo was elected as a new board member with a term of office of up to two years. Olaug Svarva was re-elected as Chair of the Board and Kim Wahl was re-elected as Vice Chair of the Board, both with a term of office of up to two years.

The Board of Directors of DNB Bank ASA now has the following members:

Olaug Svarva - 2022
Kim Wahl - 2022
Julie Galbo - 2022

Eli Solhaug (employee representative) - 2022
Jannicke Skaanes (employee-elected observer) - 2022      

Tore Müller Andresen (deputy employee representative) - 2022
Roy Olsen-Nauen (deputy employee-elected observer) - 2022

Company information

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act. This email was sent by DNB. 

Visit our website dnb.no for more information.

Contact information

For further information, please contact:

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

Media contact:
Thomas Midteide, Group Executive Vice President, Communications, tel.: (+47) 96 23 20 17

In the second quarter of 2020, the DNB Group will recognise a negative effect of NOK 19 million from basis swaps connected to funding. Furthermore, a negative effect of NOK 1 343 million from the Additional Tier 1 capital will also be recognised.

Reference is made to the stock exchange notice published on 23 December 2019, in which DNB ASA's minimum requirement for own funds and eligible liabilities (the MREL requirement) was announced. It was also announced that DNB, subject to permission from the Norwegian Ministry of Finance, had initiated a process to merge DNB ASA and DNB Bank ASA, which would make DNB Bank ASA the ultimate parent company of the DNB Group. The merger will enable the DNB Group to issue non-preferred senior debt from DNB Bank ASA.

Today, the Ministry of Finance has announced the approval of the new structure. Following the upcoming merger process, DNB Bank ASA will be the holding company in the Group, with DNB Livsforsikring AS and DNB Asset Management Holding AS as subsidiaries. Further regulatory permissions are required before we can proceed with the merger. The merger process will take place at the earliest in 2021.

DNB will publish its results for the second quarter of 2020 on Monday 13 July at 7.30 am CET. 

9:30 am CET: Presentation
CEO Kjerstin Braathen and CFO Ottar Ertzeid present the results at a live streamed press conference. A broadcast will be available on the Investor Relations pages at ir.dnb.no.

1:30 pm CET: Conference call for analysts and investors
Call in details:
From Norway: +47 21 56 33 19
From other countries: +44 (0) 20 3003 2701
Conference ID: 9352011#

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

For further information:

Investor contact: Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250
Media contact: Thomas Midteide, Group EVP Communications, tel. (+47) 962 32 017

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

DNB's profits for the second quarter of 2020 were NOK 5 019 million, a decrease of NOK 1 115 million from the second quarter of 2019. The result is nonetheless significantly better than that of this year's first quarter, and the economic outlook is now less uncertain.

After a very demanding start to the year, we are again seeing some bright spots for the Norwegian economy. The level of activity is higher, and this has affected DNB's results for the second quarter.

"The situation is still challenging for many, not least for people who have been temporarily laid off and for businesses struggling to make ends meet. But the Norwegian economy is landing on its feet, and in a number of areas, things are looking a lot brighter than they did at the end of last quarter. This is the case, among other things, for consumer confidence, the property market, personal consumption levels, employment rates and the oil price," says Group Chief Executive Officer Kjerstin Braathen.

Oil companies are most affected

The impairment losses in DNB's financial statements are still higher than normal, but they are 63 per cent lower than in the first quarter. This is mainly due to impairment losses associated with the oil-related industries, which amounted to around NOK 1.9 billion for the quarter. Compared with the first quarter, impairment losses for these industries were NOK 742 million lower in this quarter.

Oil, gas and offshore account for 88 per cent of the Group's impairment losses, while losses for personal customers and other corporate customers are low.

"Market conditions will continue to be challenging for some industries, such as the offshore industry, in the time ahead," says Kjerstin Braathen.

She emphasises that there is still a higher level of uncertainty than normal, both as regards the development of COVID-19 infection levels and how the economy will recover after the crisis.

Increasing income

Net interest income was NOK 9 451 million in the second quarter, which was NOK 130 million lower than in the same quarter last year.

This was offset by other income being higher than at the same time last year. This income ended at NOK 4 673 million, up NOK 201 million compared with the same quarter last year. DNB's brokerage house DNB Markets had a good quarter, with solid income both from customer and risk management activities. The level of activity was high in asset management and real estate broking as well, with June seeing a record turnover for the latter. In some other areas, reduced activity led to lower commission and fee income, for instance from payment services linked to travel and tourism.

"Many of our customers have had a difficult quarter, and I'm impressed by the business community's ability to adjust. We're doing everything we can to help our customers and are now finding that the focus of activity has gradually shifted from dealing with deferrals to buying housing and financing new projects. Fortunately, many industries have got the wheels turning again faster than we thought. In a survey of our corporate customers, two out of three companies stated that they are now operating as normal. Three months ago, 60 per cent of them were either running reduced operations or were completely closed," Braathen says.

"For our part, the fact that we were able to close the coronavirus phone line for companies was also a bright spot," she adds.

DNB's financial strength was boosted by a common equity Tier 1 capital ratio of 18.2 per cent, a comfortable 2.5 percentage points above the requirement. The bank has maintained its historically high credit rating.

Financial key figures for the second quarter of 2020 (compared with figures for the corresponding quarter in 2019):

• Pre-tax operating profit before impairment losses amounted to NOK 8.4 billion (8.2)
• Profit for the period was NOK 5.0 billion (6.1)
• Earnings per share were NOK 3.06 (3.71)
• Return on equity was 8.7 per cent (11.3)
• Cost/income ratio ended at 40.4 per cent (41.9)
• Common equity Tier 1 (CET1) capital ratio was 18.2 per cent (17.3)

Details concerning 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, tel.: (+47) 96 23 20 17

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

Today, 14 July 2020, a total of 6,150 shares in DNB ASA were acquired on behalf of certain senior executives in DNB. The share purchase was executed collectively at an average price per share of NOK 145.845.

The shares were purchased in accordance with the share programme that was approved by the Annual General Meeting on 30 June 2020. Shares that are acquired through the programme have a holding period which lasts for as long as the person holding the shares is part of the Group Management team. Upon leaving the Group Management team, the shares are released in stages over a period of three years.

A list of primary insiders of DNB ASA who have increased their shareholding is attached.

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