DNB will publish its results for the fourth quarter of 2022 on Thursday, 9 February 2023 at 7.30 CET.

9:30 CET: Presentation

CEO Kjerstin Braathen and CFO Ida Lerner present the results at a live streamed presentation. It will be possible to ask questions online and a broadcast will be available on the Investor Relations pages at ir.dnb.no. It will also be possible to physically attend the presentation at DNB's head office in Bjørvika, Dronning Eufemias gate 30. Please register your attendance in Oslo, at [email protected].

13:30 CET: Conference call for analysts and investors

Call in details: Norway +47 21 56 33 18, UK Wide +44 (0) 33 0551 0200, US +1 78 6697 3501. Password: DNB Q4. Please join the call 5 minutes early to allow the operator to transfer you into the call by the scheduled start time.

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

For further information, please contact:

Investor contact: Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

Media contact: Thomas Midteide, Group Executive Vice President, Communication & Sustainability, tel. (+47) 962 32 017

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

The new accounting rules for the recognition, measurement and presentation of insurance contracts (IFRS 17) was mandatory for the reporting period beginning on 1 January 2023, with requirements for comparable figures for 2022. The DNB Group will report in accordance with IFRS 17 as of the first quarter of 2023. Meaning there will be no changes related to IFRS 17 in the fourth quarter report 9 February 2023.

The IFRS 17 rules are effective only for the DNB Group's accounts; that is, the rules are not being introduced in the company accounts for DNB Livsforsikring. The transition to IFRS 17 does not therefore affect DNB Livsforsikring's capitalisation, tax base or dividend capacity. There are no changes in the underlying business model, operations or strategy as a result of the introduction of IFRS 17.

The transition to IFRS 17 does not affect the DNB Group's common equity Tier 1 (CET1) capital, and thus does not affect the Group's capital adequacy, leverage ratio, maximum distributable amount (MDA) or dividend capacity.

The full implementation effect of IFRS 17, as well as the effect of the changed measurement of financial instruments, is estimated to be in the order of NOK 10 billion after tax, and will reduce the Group's equity at the transition date. The one-time effect on equity will be compensated for by positive results in future periods.

For further information, please contact:

Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

DNB will publish its results for the fourth quarter of 2022 on Thursday, 9 February 2023 at 7.30 CET.

9:30 CET: Presentation

CEO Kjerstin Braathen and CFO Ida Lerner present the results at a live streamed presentation. It will be possible to ask questions online and a broadcast will be available on the Investor Relations pages at ir.dnb.no. It will also be possible to physically attend the presentation at DNB's head office in Bjørvika, Dronning Eufemias gate 30. Please register your attendance in Oslo, at [email protected].

13:30 CET: Conference call for analysts and investors

Call in details: Norway +47 21 56 33 18, UK Wide +44 (0) 33 0551 0200, US +1 78 6697 3501. Password: DNB Q4. Please join the call 5 minutes early to allow the operator to transfer you into the call by the scheduled start time.

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

For further information, please contact:

Investor contact: Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

Media contact: Thomas Midteide, Group Executive Vice President, Communication & Sustainability, tel. (+47) 962 32 017

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

The low tax expense is mainly a result of the liquidation of the subsidiary in Asia in the fourth quarter. DNB hedges investments in foreign subsidiaries to eliminate the foreign currency exposure which arises when the functional currency differs from that of the Group. Gains or losses on investments in foreign subsidiaries are exempt from tax while corresponding gains or losses on hedging instruments are taxable. When a foreign operation is disposed of or liquidated, the cumulative gains or losses of the hedging instruments recognised in equity is reclassified to the ordinary income statement. The reclassification reduces the tax expense in the fourth quarter with NOK 1 284 million.

This gives an effective tax rate for 2022 of 18 per cent but will have no effect on the tax guiding going forward (23 per cent).

For further information, please contact:

Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

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

The low tax expense is mainly a result of the liquidation of the subsidiary in Asia in the fourth quarter. DNB hedges investments in foreign subsidiaries to eliminate the foreign currency exposure which arises when the functional currency differs from that of the Group. Gains or losses on investments in foreign subsidiaries are exempt from tax while corresponding gains or losses on hedging instruments are taxable. When a foreign operation is disposed of or liquidated, the cumulative gains or losses of the hedging instruments recognised in equity is reclassified to the ordinary income statement. The result from tax on gains on these hedging instruments amounts to NOK 1 284 million for the fourth quarter.

This gives an effective tax rate for 2022 of 18 per cent but will have no effect on the tax guiding going forward (23 per cent).

In the fourth quarter of 2022, the DNB Group will recognise a negative mark-to-market effect of NOK 604 million from basis swaps connected to funding. Furthermore, a negative effect of NOK 847 million from the USD Additional Tier 1 capital will also be recognised. The effects will appear under Net gains on financial instruments at fair value in our financial statement.

For further information, please contact:

Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250

"Following Norges Bank's decision to increase the key policy rate by 0.25 percentage points at the monetary policy meeting on 15 December, DNB has decided to increase the interest rate on home mortgages and deposits by up to 0.25 percentage points," says Ingjerd Blekeli Spiten, Group EVP for the personal customer market in DNB. 

DNB wants to help young people enter the housing market, and the bank offers young people who buy their first home our best floating rate of 3.89 per cent. Furthermore, we have strengthened our advisory services targeted at this customer group. 

All customers whose interest rates are adjusted will be given information in the online bank or receive a letter by regular mail, explaining how this affects them. The new interest rates will apply to new mortgages and deposits from 20 December, and to existing home mortgages and deposits from 30 January 2023. 

For more information, please contact:  
Rune Helland, head of Investor Relations: (+47) 23 26 84 00 / (+47) 97 71 32 50 
Vibeke Hansen Lewin, EVP Communications: (+47) 99 01 33 49

Our financial targets for 2022-2025 are the following:

• ROE above 13% (from 12%)
• C/I ratio below 40% (no change)
• Dividend payout ratio above 50% (no change)
• CET1 ratio above 17.0%. The FSA's expectation including pre-pandemic counter-cyclical buffer requirements with effects from 1Q23. (from ~17.7%)

Please find the CMD presentation attached. The event will be streamed live from 12:00 GMT / 13:00 CET at ir.dnb.no.

For further information, please contact:

Rune Helland, Head of Investor Relations, tel.: (+47) 97 71 32 50

Thomas Midteide, Group Executive Vice President of Communications & Sustainability, tel.: (+47) 96 23 20 17

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

The Financial Supervisory Authority of Norway (“the FSA”) regularly (and usually each year) carries out a Supervisory Review and Evaluation Process (“SREP”), where they evaluate the risks and capital needs of DNB. The SREP includes a decision regarding the Pillar 2 Requirement and the Pillar 2 Guidance, which comes in addition to the minimum requirements and combined buffer requirements under Pillar 1. DNB has now received this year’s decision from the FSA, which will apply from 31 December 2022.

The FSA has decided that the Pillar 2 Requirement for DNB (on a group level) shall be increased from 1.9 to 2.1 % of the total risk exposure amount (TREA). At least 56.25 % of the requirement shall be met with common equity tier 1 (CET1) capital, while 75 % must be met with tier 1 capital. In contrast, the current Pillar 2 Requirement must be met with CET1 capital in its entirety. The new Pillar 2 Requirement will therefore increase the total capital requirement by 0.2 percentage points, while the CET1 requirement will be reduced by 0.7 percentage points and the tier 1 requirement will be reduced by 0.3 percentage points.

The Pillar 2 Guidance remains unchanged at 1.5 % of TREA.

For further information, please contact:
Rune Helland, Head of Investor Relations, tel.: (+47) 97 71 32 50

The information in this statement is subject to the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.

Reference is made to the stock exchange notice of 14 September 2022 where it was announced that the Boards of Directors of DNB Bank ASA ("DNB") and Sbanken ASA ("Sbanken") had signed a joint merger plan for a parent-subsidiary merger in accordance with the provisions set out in Section 13-24 of the Norwegian Public Limited Liability Companies Act. The merger plan was registered with the Norwegian Register of Business Enterprises on 29 September 2022.  

The Boards of Directors of DNB and Sbanken have now approved the merger plan. The approval of the merger will be filed with Norwegian Register of Business Enterprises for the initiation of a six weeks' creditor notice period.  

The merger will be carried out by Sbanken transferring all its business, including all assets, rights and obligations, to DNB as the acquiring company in the merger. No merger consideration will be paid.

The implementation of the merger is still conditional upon inter alia Finanstilsynet or the Ministry of Finance granting the necessary permissions to implement the merger in accordance with Section 12-1 of the Norwegian Financial Institutions Act.

For further information, please contact:

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

The information in this statement is subject to the disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.