S&P upgraded today DNB Bank ASA’s long-term debt rating to AA- from A+. S&P also upgraded the short-term debt rating to A-1+ from A-1. The outlook is changed to stable.
For further details, please see attached press release: 2019 01 22 SP rating report DNB Bank ASA
DNB will publish its results for the fourth quarter of 2018 on Thursday, 7 February 2019 at 07.30 (Oslo time).
The fourth quarter results presentation will be held in London at the same day. The event will be webcasted and it will be possible to ask questions online. Link to webcast will be made available at ir.dnb.no.
Please note that there will not be held any presentation in Oslo, nor any analyst- and investor conference call, in relation to the fourth quarter.
Presentation details:
Time: 10.30-12.00 (London time), followed by light lunch
Place: DNB Bank ASA, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF
Registration: Please register your attendance in London to [email protected], no later than 31 January
Agenda:
The presentation will be published 10:30 (London time) the same day.
We look forward to see you in London.
At the beginning of January, the Board of Directors of Oslo Børs VPS Holding ASA invited relevant interested parties to make a bid for the shares of the company. Nasdaq has today announced that they will submit an offer that is higher than the current bid from Euronext.
After due consideration of the bids, the Board has given the shareholders a comprehensive justification for why they believe the Nasdaq bid to be the best solution, from both a financial and an industrial perspective. The Board of Directors recommends the shareholders to accept the bid from Nasdaq.
DNB agrees with the Board's assessments of the offers, and will adopt the Board's recommendation. DNB will accept the bid from Nasdaq.
DNB has historically been of the opinion that the ownership of Oslo Børs VPS should have a strong foundation in the Norwegian market. With the options that are now available, we believe that Nasdaq will offer the strategically best solution for the Norwegian capital market and for the Norwegian Central Securities Depository (VPS).
DNB owns 19.82 per cent of the shares in Oslo Børs VPS through the company portfolio in DNB Livsforsikring AS.
With reference to the statement to Oslo Børs dated 15 January 2019: “DNB Livsforsikring AS – transitional effects from new tax rules”.
DNB Livsforsikring AS maintains its tax assessment with respect to the interpretation of the new tax rules for 2018 for life insurance and pension companies, with appurtenant transitional rules. After additional information has been made available to the company, DNB Livsforsikring AS has decided not to record the entire transitional effect as tax income in the financial statement for the fourth quarter. The recorded impact on profits for the DNB Group in the fourth quarter will be changed from approx. NOK 4 billion to approx. NOK 880 million, which will be recognised as income under tax expenses.
The company will consider additional recording of income in the time ahead.
The recording of income will have no effect on capital for the DNB Group before the amount, or part thereof, is distributed as dividends to DNB ASA.
DNB will publish its results for the fourth quarter of 2018 on Thursday, 7 February 2019 at 07.30 (Oslo time).
The fourth quarter results presentation will be held in London at the same day. The event will be webcasted and it will be possible to ask questions online. Link to webcast will be made available at ir.dnb.no.
Please note that there will not be held any presentation in Oslo, nor any analyst- and investor conference call, in relation to the fourth quarter.
Presentation details:
Time: 10.30-12.00 (London time), followed by light lunch
Place: DNB Bank ASA, 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF
Registration: Please register your attendance in London to [email protected], no later than 31 January
Agenda:
The presentation will be published 10:30 (London time) the same day.
We look forward to see you in London.
DNB’s profits in the fourth quarter of 2018 were NOK 6 872 million, an increase of NOK 498 million from the same quarter the year before. A high level of activity among the largest corporate customers, where DNB Markets is gaining an ever-stronger position, contributes to the solid results.
"The year 2018 turned out better than many had feared," says Rune Bjerke, group chief executive of DNB. He points to the significant fluctuations in the international financial markets, which among other things resulted in a sharp drop in the stock market at the end of the fourth quarter.
"The Norwegian and international economy is in a period of restructuring. Entrepreneurship and innovation are key success factors in this restructuring. It is therefore gratifying to see that so many business owners are still investing in new initiatives. We had a growth in lending to Norwegian companies of over NOK 20 billion throughout the year. These companies in turn create large ripple effects in society," says Bjerke.
DNB's profit for the year of NOK 24.3 billion was around NOK 2.5 billion higher than the previous year. The Board of Directors has proposed a dividend of NOK 8.25 per share.
Won the customers' trust
Net interest income in the fourth quarter amounted to NOK 9 611 million, up NOK 747 million from the corresponding quarter of last year.
The quarterly result was lifted by solid commission and fee income, among other things from transaction advice in DNB Markets. Net commission and fee income rose to NOK 2 660 million in the fourth quarter, a sizeable increase of NOK 596 million compared with the year-earlier period.
In the course of the year, the DNB Group has facilitated many important transactions for large corporate customers in Norway and internationally. Sectors such as seafood, healthcare and real estate stand out with a high level of activity.
"We depend on our customers' trust. It is therefore extremely positive that we are becoming an ever-more important adviser for many customers. We have become better at utilising the knowledge and expertise across the Bank. Strong relationships, a wide range of products, new digital solutions and in-depth sector expertise make up a combination that we firmly believe in," says Bjerke.
Continued low losses
DNB's return on equity ended at 12.9 per cent in the fourth quarter, and at a total of 11.7 per cent for the year 2018. This constitutes solid progress from 10.8 per cent in 2017.
The losses remained at a very low level in the fourth quarter, ending at NOK 235 million. As a result of reversals the item ended up in the positive for the entire year.
"When the oil crisis hit the Norwegian economy about three years ago, many people thought the effects on DNB's financial statements would be long-lasting. Looking back, it is very impressive to see how Norwegian companies, owners and banks have emerged stronger from the crisis," says the group chief executive.
Innovation and corporate responsibility
Innovation is thriving in many parts of the DNB Group. The fourth quarter was no exception, with several important launches and milestones:
"And last, but not least, all our business areas have gained momentum. We have reached the growth targets we have set and communicated to the market. Here, I would also like to highlight the growth in lending to personal customers. We have now passed NOK 760 billion, after a growth of NOK 34 billion the past year," says group chief executive Rune Bjerke.
Financial key figures for the fourth quarter of 2018
Financial key figures for the year 2018
Comparable figures for 2017 in parentheses.
The extended fourth quarter presentation will be published in a separate release at 11:00 Oslo time
Details concerning DNB’s results can be found on ir.dnb.no
| Dividend amount: | 8.25 per share |
| Declared currency: | Norwegian Krone |
| Last day including right: | 30. April |
| Ex-date: | 2. May |
| Record date: | 3. May |
| Payment date: | as of 10. May |
| Date of approval: | 30. April |
This information is published in accordance with the requirements of the Continuing Obligations.
The extended fourth quarter presentation is attached.
During week 6 and 7 2019, DNB ASA has purchased 1 492 000 own shares at an average price of NOK 157.91 per share. After this, DNB ASA owns a total of 11 507 000 own shares.
The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 6 June 2018. The buy-back programme comprises up to approximately 24.1 million shares, of which up to approximately 15.9 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2019, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.
For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notification made on 6 June 2018 (available from www.newsweb.no).
