On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 48 of 2023, DNB purchased 1,023,451 own shares at an average price of NOK 205.8057 per share. Following this, DNB has purchased a total of 6,997,661 own shares under the current buy-back programme, corresponding to 0.46 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 47 of 2023, DNB purchased 1,029,210 own shares at an average price of NOK 204.7082 per share. Following this, DNB has purchased a total of 5,974,210 own shares under the current buy-back programme, corresponding to 0.39 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 46 of 2023, DNB purchased 1,125,000 own shares at an average price of NOK 203.1392 per share. Following this, DNB has purchased a total of 4,945,000 own shares under the current buy-back programme, corresponding to 0.32 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 45 of 2023, DNB purchased 1,125,000 own shares at an average price of NOK 199.3221 per share. Following this, DNB has purchased a total of 3,820,000 own shares under the current buy-back programme, corresponding to 0.25 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 44 of 2023, DNB purchased 1,125,000 own shares at an average price of NOK 200.1266 per share. Following this, DNB has purchased a total of 2,695,000 own shares under the current buy-back programme, corresponding to 0.18 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no.

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 43 of 2023, DNB purchased 1,125,000 own shares at an average price of NOK 202.6276 per share. Following this, DNB has purchased a total of 1,570,000 own shares under the current buy-back programme, corresponding to 0.10 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

On 19 October 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares.

Up to 10,181,247 shares will be purchased on trading venues by 30 January 2024, and a proposal to cancel the shares will be made at the Annual General Meeting in 2024. At the same meeting it will also be proposed to redeem the remaining shares – up to 5,244,885 shares – from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. 

The total consideration paid for the shares purchased under the buy-back programme, including the shares that will be proposed redeemed from NFD, will not exceed NOK 3.3 billion.

During week 42 of 2023, DNB purchased 445,000 own shares at an average price of NOK 208.2734 per share. Following this, DNB has purchased a total of 445,000 own shares under the current buy-back programme, corresponding to 0.03 percent of the shares in the company.

Below is a more detailed overview of the transactions carried out under the buy-back programme:

For more information about the buy-back programme, please see the stock exchange announcement that was published on 19 October 2023, which is available at www.newsweb.oslobors.no. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50.

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

Attachment: An overview of all buy-backs made this week is enclosed with this announcement and available at www.newsweb.oslobors.no. 

The Board of Directors of DNB Bank ASA has decided to initiate a share buy-back programme comprising up to 1.0 percent of the company’s own shares, which represents a total of 15,426,132 shares. The buy-back programme was adopted based on an authorisation given by the Annual General Meeting held on 25 April 2023. The Financial Supervisory Authority of Norway has approved the buy-back programme, on the condition that the total buy-backs do not reduce the company’s own funds by more than NOK 3.3 billion.

The purpose of the buy-back programme is to optimise the company’s capital structure, by reducing the common equity tier 1 (CET1) capital ratio by approximately 0,30 percentage points. The reduction took effect from the end of Q3 2023, when the company had a CET1 capital ratio of 18.3 percent.

Up to 0.66 percent of the company’s own shares, which equals 10,181,247 shares, will be bought back on trading venues, at a price of between NOK 10 and NOK 300 per share. The buy-backs will, at the latest, end on 30 January 2024. DNB Markets will manage the buy-backs on behalf of the company, and will decide the timing of the purchases independently of the company. The shares that are purchased will be proposed cancelled at the Annual General Meeting in 2024.  

The remaining 0.34 per cent of the shares – up to 5,244,885 shares – will at the same Annual General Meeting be proposed redeemed from the Norwegian Government, represented by the Ministry of Trade, Industry and Fisheries (“NFD”), so that NFD’s ownership interest of 34 percent remains unchanged. NFD’s shares will be redeemed at a price equal to the average price of the shares bought back on trading venues, with the addition of an interest compensation.

The buy-back programme will be carried out in accordance with the Market Abuse Regulation and the regulation regarding buy-back programmes and stabilisation measures.

The company already owns 0.99 percent of its own shares, which were purchased under the buy-back programme that was announced on 17 July 2023 and completed on 18 October 2023. These shares will be proposed cancelled at the Annual General Meeting in 2024. Additionally, 0.51 percent of the shares in the company will be proposed redeemed from NFD. 

For further information, please contact Rune Helland, Head of Investor Relations, on +47 23 26 84 00 or +47 97 71 32 50. 

This announcement contains information that is subject to disclosure requirements pursuant to the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

DNB's profit in the third quarter of 2023 was NOK 10 142 million. This is an increase of NOK 2 409 million, or 31.2 per cent, from the corresponding quarter of 2022. The results are strong in all customer segments, with particularly large contributions from the corporate market and the Group’s international operations. Over time, these good results help the bank support its personal and corporate customers with everything from mortgages and financing for startups to investments in the green shift.

“Overall, the Norwegian economy is still doing well, and has proved surprisingly resilient in the face of rising prices and higher interest rates. At the same time, we see that more customers are taking control of their own finances, which is why we are spending extra time on talking with our customers, providing good advice, creating a sense of security and finding solutions together. In the third quarter alone, we had more than 1.5 million conversations with customers," says CEO Kjerstin Braathen.
 

Expecting a soft landing 

Growth in the Norwegian economy has slowed somewhat, but remains steady. The Norwegian central bank, Norges Bank, has raised its key policy rate several times to curb inflation, which is still higher than the central bank's target. However, the effect of the interest rate hikes is starting to be felt. At the same time, the unemployment rate is very low. DNB is expecting the Norwegian economy to be heading towards a soft landing. 

DNB's net interest income totalled NOK 15 718 million in the quarter, up from NOK 12 253 million in the corresponding period last year. 

“We now have historically low margins on mortgages, but increased margins on deposits, which is normal in a situation where interest rates are rising," says Braathen.

Income from customer activities other than lending was higher than in any previous third quarter, reflecting a continued high level of activity in the Norwegian economy. DNB recognised impairment provisions of NOK 937 million this quarter, mainly relating to individual customers in the corporate segment.
 

More customers requesting advisory services

Over the past few months, DNB has established dedicated advisory teams for young people and for those who are particularly concerned about their finances. 

"Since we started in June, the advisers who help customers with particularly challenging finances have had 300 conversations per month, and we are hearing that our advice is making a big difference," says Braathen. 

At the same time, many of our customers still have room to set aside funds for savings, they are keeping up their savings commitments, and the number of savings agreements has also increased this quarter.

“Our most important task is to be a good adviser for our customers, and our customer conversations are covering a wider range of topics than they have for a long time. We find that the vast majority of the customers we talk with are satisfied, and I’m proud to say that 90 per cent of all enquiries are resolved by the first adviser the customer comes into contact with," says Braathen. 
 

A plan for a sustainable transition

The wide range of DNB products and services allows the bank to work closely with customers across different industries, and the demand for financing for sustainable initiatives continues. DNB has set a target of financing and facilitating sustainable activities worth NOK 1 500 billion by 2030, and is on track to achieving this target, having reached NOK 505 billion so far.

On 17 October, DNB launched its roadmap to net-zero emissions by 2050. The transition plan describes how the bank will achieve this target through specific sub-targets for lending, investments and our own emissions. 

“The transition will demand a lot from us and our customers, but the road to net zero is also full of opportunities. With our expertise and capital, we will help realise these opportunities in collaboration with the authorities and the rest of the business community," says Braathen. 
 

Financial key figures for the third quarter of 2023 (figures for the corresponding quarter in 2022):

Pre-tax operating profit before impairment amounted to NOK 14.1 billion (9.8) 

Profit was NOK 10.1 billion (7.7) 

Earnings per share were NOK 6.39 (4.87) 

Return on equity was 16.3 per cent (13.6) 

Cost/income ratio was 32.7 per cent (38.9) 

Common equity Tier 1 (CET 1) capital ratio was 18.3 per cent (18.1)
 

For further information: 
Rune Helland, Head of Investor Relations, tel.: 23 26 84 00 / 97 71 32 50 
Kari Vartdal Riise, Executive Vice President of Communications (acting), tel. 97 51 67 07

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