DNB's profit in the third quarter was NOK 6 059 million, an increase of 386 million from the same quarter the year before. Good momentum in the Norwegian economy despite increased global uncertainty is reflected in good results for Norway's largest bank.

"The Norwegian economy is doing well, and we are seeing a willingness to invest in new projects and jobs in most industries. This means a healthy demand for both loans and good advice, and we find that our customers appreciate the breadth of products and expertise we offer in DNB," says Kjerstin Braathen in her first presentation of quarterly results as DNB's CEO.

#girlsinvest more

But companies are not the only ones investing. In the last quarter, women have also started investing to a larger degree. In September, DNB launched a large campaign related to financial gender equality, which has had immediate effects. More than 250 000 people have visited the campaign's website so far.

"For the first time in DNB's history, we have in the last three weeks experienced that more women than men have started saving in mutual funds in DNB. The proportion has previously been 60 per cent men and 40 per cent women. After we launched #huninvesterer (#girlsinvest), this trend has been turned around. We hope that both women and men will be inspired to take even more charge of their own savings and financial future," says Braathen.

Strong results across the board

Net interest income in the third quarter increased by NOK 832 million from the corresponding quarter last year and 404 million from the previous quarter. All customer segments have had profitable volume growth in the quarter. In total, income went up by 16.4 per cent from the third quarter of last year, partly due to increased lending, repricing and increased income from other, capital-light products.

Operating expenses in the third quarter were NOK 258 million lower than in the previous quarter, and even if we disregard one-off effects in the previous quarter, there was still a nominal decrease in the operating expenses of 58 million. Impairment losses ended at NOK 1 247 million, largely due to a single exposure related to one customer, which the bank accounted for on 24 September.

Ahead of schedule on targets

DNB's year-to-date earnings per share are NOK 11.93, up from NOK 10.42 in the first three quarters of 2018. Following the transaction in which DNB sold a larger shareholding in the Luminor Group, the Group's Common Equity Tier 1 (CET1) capital ratio ended at 16.9 per cent, up from 16.5 per cent in the previous quarter. The CET1 capital ratio without transitional rules (Basel III) ended at 18.3 per cent, up from 17.3 per cent in the second quarter.

The cost/income ratio in the quarter was 38.8 per cent, below the target of 40. Return on equity (ROE) in the quarter was 10.9 per cent, while the year-to-date ROE is 12.1. The target is an ROE above 12 per cent.

"I have been CEO of the bank for just over fifty days and have already had the chance to meet several hundred dedicated employees in all parts of the bank, many of whom have given me good advice and input. There is so much inherent energy and expertise in this organisation, and the changes we have made to our management and organisational structure will give further momentum to the great initiatives we have going on for our customers. I look forward to meeting investors and analysts on our Capital Markets Day in November, to tell them more about what we are working on in DNB nowadays," concludes Braathen.

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

• Pre-tax operating profit before impairment amounted to NOK 8.9 billion (7.2)
• Profit for the period was NOK 6.1 billion (5.7)
• Earnings per share were NOK 3.64 (3.41)
• Return on equity was 10.9 per cent (10.9)
• Cost/income ratio ended at 38.8 per cent (42.7)
• CET1 capital ratio (according to transitional rules) was 16.9 per cent (16.5)

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

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

In order to enable an optimal level of capital in the company, DNB ASA has decided to initiate a new share buy-back programme. The buy-back programme comprises up to 0.5 per cent of DNB ASA's shares, which represents a total of 7 901 506 shares.

The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting. 

In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.

Up to approximately 5.2 million of the shares will be repurchased in the open market. In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.

DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA's repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for any dividend paid on the redemption shares in the buy-back period.

For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, available at www.dnb.no.

DNB is pleased to invite you to the Group's Capital Markets Day.

Date: Wednesday 20 November 2019
Time: 12:00 pm - 2:30 pm GMT. Registration and lunch from 11:00 am - 12:00 pm GMT 
Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England

We will present the financial targets for the next period. Topics will include the Group's operating environment, ROE, digitalisation, asset quality and capital.

Speakers at the CMD will be:
- Kjerstin R. Braathen, CEO
- Ottar Ertzeid, CFO
- Harald Serck-Hanssen, Group EVP Corporate Banking
- Ingjerd Blekeli Spiten, Group EVP Personal banking
- Rune Garborg, CEO Vipps

Registration
Please register your attendance with [email protected]
The closing date for registration is 14 November 2019.
The event will be webcasted. The CMD presentation will be published on ir.dnb.no at 11:00 am GMT on the day of the presentation.

We look forward to seeing you in London.

Best regards
Kjerstin R. Braathen
CEO, DNB

During week 43 and 44 2019, DNB ASA has purchased 1 723 000 own shares at an average price of NOK 168.37 per share. After this, DNB ASA owns a total of 1 723 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019. The share buy-back programme comprises up to approximately 7.9 million shares, of which up to approximately 5.2 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 2020, 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 24 October 2019 (available from www.newsweb.no).

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

During week 45 2019, DNB ASA has purchased 1 017 000 own shares at an average price of NOK 168.32 per share. After this, DNB ASA owns a total of 2,740,000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019. The share buy-back programme comprises up to approximately 7.9 million shares, of which up to approximately 5.2 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 2020, 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 24 October 2019 (available at www.newsweb.no).

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

During week 46 2019, DNB ASA has purchased 880 000 own shares at an average price of NOK 165.04 per share. After this, DNB ASA owns a total of 3 620 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019. The share buy-back programme comprises up to approximately 7.9 million shares, of which up to approximately 5.2 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 2020, 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 24 October 2019 (available from www.newsweb.no).

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

DNB is pleased to invite you to the Group's Capital Markets Day.

Date: Wednesday 20 November 2019
Time: 12:00 pm - 2:30 pm GMT. Registration and lunch from 11:00 am - 12:00 pm GMT 
Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England

We will present the financial targets for the next period. Topics will include the Group's operating environment, ROE, digitalisation, asset quality and capital.

Speakers at the CMD will be:
- Kjerstin R. Braathen, CEO
- Ottar Ertzeid, CFO
- Harald Serck-Hanssen, Group EVP Corporate Banking
- Ingjerd Blekeli Spiten, Group EVP Personal banking
- Rune Garborg, CEO Vipps

Registration
Please register your attendance with [email protected] as soon as posible.
The event will be webcasted. The CMD presentation will be published on ir.dnb.no at 11:00 am GMT on the day of the presentation. It will be possible to ask questions in the Q&A through the online link.

We look forward to seeing you in London.

Best regards
Kjerstin R. Braathen
CEO, DNB

On 24 October 2019, DNB ASA initiated a buy-back programme comprising up to 0.5 per cent of the shares in the company, representing a total of 7 901 506 shares. As of today, DNB ASA has purchased approximately 78 per cent of the shares that is comprised by this buy-back programme.

DNB ASA has now decided to increase the number of shares that can be purchased under the buy-back programme, thereby comprising up to a total of 1.0 per cent of the company's shares, representing a total of 15 803 012 shares.

Other than with respect to the increase of the total number of shares that can be purchased, the buy-back programme will be carried out as communicated in the Oslo Stock Exchange notification made on 24 October 2019 (available at www.newsweb.no).

The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting.

In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.

Up to approximately 10.4 million of the shares will be repurchased in the open market. In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.

DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA's repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for any dividend paid on the redemption shares in the buy-back period.

For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, available at www.dnb.no.

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

Our financial ambitions remain firm for 2020-2022.

ROE above 12%

C/I ratio below 40%

Dividend payout ratio above 50%

CET1 ratio CRR/CRD IV (Basel III) ~17.9%

Please find the CMD presentation attached. The presentation is also available at ir.dnb.no 

The CMD presentation (https://www.ir.dnb.no/capital-markets-day-2019) will be streamed live from 12:00 GMT / 13:00 CET.

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

During week 47 2019, DNB ASA has purchased 1 035 000 own shares at an average price of NOK 164.65 per share. After this, DNB ASA owns a total of 4 655 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019. The share buy-back programme comprises up to approximately 7.9 million shares, of which up to approximately 5.2 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 2020, 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 24 October 2019 (available from www.newsweb.no).

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