07:30 CET – result release
DNB’s 1Q 2015 results will be released at 07:30 am CET on Thursday, 30 April 2015, and we would like to invite you to the following presentations:

09:30 CET – press conference & live web-TV
A press conference (in Norwegian) will be held on Thursday, 30 April at 9:30 am CET at DNB’s head office in Bjørvika, Dronning Eufemias gate 30, Oslo. For those who are unable to attend the presentation in Bjørvika, there will be a live web-TV broadcast of the conference (in Norwegian). For further information, please visit www.dnb.no/ir. Please register your attendance in Oslo at [email protected]

14:00 CET – investors and analyst conference call & phone-cast
A conference call for investors and analysts will be held on Thursday, 30 April at 2:00 pm CET. To attend the conference call we kindly ask you to dial in 10 minutes before start +47 21 56 33 18 or international: +44 (0) 20 3003 2666 or US+1 212 999 6659. Password: DNB Q1. You can also attend the call by listen only mode at the phone-cast link: http://presenter.qbrick.com/?pguid=a44776ad-3917-469b-b4a4-45f243de74d0. A replay of the phone-cast will be available after the call (same link as above).

Friday 1 May 0745 for 0800 GMT – analyst breakfast meeting in London
An analyst breakfast meeting will be held in London on Friday, 1 May 0745 am for 0800 am (local time) at DNB’s London Branch, (please note the address) 8th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF. Please register your attendance in London: [email protected]

For further information, please contact:
Jan Erik Gjerland, IR, e-mail: [email protected], phone +47 23 26 84 08
Sindre Nikolaisen, IR, e-mail: [email protected], phone +47 23 26 84 02

The Annual General Meeting in DNB ASA was held on 23 April 2015 in Oslo.

The minutes of the Annual General Meeting is enclosed.

DNB recorded profits of NOK 6 533 million in the first quarter of 2015, up NOK 1 054 million from the first quarter of 2014. The increase largely reflected exchange rate movements and a positive development in the bank’s basis swaps. Low impairment losses on loans also contributed to the strong performance.

“As we entered 2015, there were many predictions of a sharp drop in Norwegian economic activity. We have our fingers on the pulse of every third Norwegian company, and it is clear that the economy is still in good health, even though these are difficult times for companies in the oil sector,” says Rune Bjerke, group chief executive.

From savings accounts to asset management
DNB is currently experiencing strong interest in long-term savings and asset management among its customers. Thus far this year, the bank has helped 40 000 customers start long-term mutual fund or pension savings schemes. This is an increase of 150 per cent compared with last year.

“In consequence of the low interest rate level, Norwegians have taken a more proactive approach to their own savings, which is a very positive development. The pension reform imposes much greater responsibility on each of us when it comes to managing our personal pension savings and the need to save for the future,” says Bjerke.

The first quarter of 2015 was also the first quarter when DNB’s mobile bank overtook DNB’s Internet bank as Norway’s largest banking service platform. During the first three months of the year, the mobile bank was used more than 34 million times. In addition, services that previously required customers to visit a branch office in person are increasingly being digitalised. As an example, the number of digital loan applications rose by 70 per cent during the quarter, while more than 86 per cent of savings schemes were initiated online.

Sound portfolio with lower impairment losses
There was an increase in DNB’s loan portfolio of 8.6 per cent parallel to a 7.0 per cent increase in deposit volumes from the first quarter of 2014 to the first quarter of 2015. The strong volume growth was partly due to exchange rate movements. Lending spreads narrowed marginally during the quarter, while deposit spreads widened slightly. The cost/income rato was 37 per cent. Impairment losses on loans and guarantees totalled NOK 575 million for the quarter, a reduction from NOK 821 million in the fourth quarter of 2014, but an increase from the first quarter of 2014. Non-performing and doubtful loans and guarantees were reduced by NOK 2.6 billion from end-March 2014, totalling NOK 13.9 billion.

Restructuring requires courage
The turnaround in the Norwegian economy and falling oil prices have so far had a limited effect on the labour market. The fall in the price of oil and prospects of even lower interest rates have resulted in a pronounced weakening of the Norwegian krone and thus improved competitiveness. In addition, lower wage inflation will stimulate mainland industries exposed to competition, which will also benefit from a certain increase in international demand.

“We still see many opportunities in the Norwegian market, and the need for restructuring and innovation in a number of sectors creates new dynamics. DNB is rooting for everyone who is dreaming of starting their own business. According to a report that was recently issued by DNB, there are one million dreams out there. Maybe one of them will be the new Snapchat or Alibaba? Whatever the outcome, we will be there and provide good advice to entrepreneurs who aspire to start their own business, all over Norway,” concludes Bjerke.

Key figures for the first quarter of 2015:

• Pre-tax operating profits before impairment were NOK 9.3 billion (7.4)

• Profit for the period was NOK 6.5 billion (5.5)

• Earnings per share were NOK 4.01 (3.37)

• Return on equity was 16.1 per cent (15.4)

• The ordinary cost/income ratio was 37.0 per cent (41.3)

  Comparable figures for 2014 in parentheses.
  
  

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

Contact person:
Thomas Midteide, group executive vice president, Corporate Communications, tel.: + 47 962 32 017

The quarterly report, presentation and Fact Book can be downloaded from www.dnb.no/investor-relations

Oslo, 4 May 2015

Today, 4 May 2015, a total of 192 263 shares in DNB ASA were acquired on behalf of certain leading employees and risk takers. The purchase was executed collectively at an average price per share of NOK 136.7735.

The shares were acquired in accordance with the regulation on remuneration in financial institutions etc., which states that at least half of annual variable remuneration shall be awarded as shares and be subject to certain lock-up mechanisms.

The employees have been given a compensation for decreased share value resulting from the lock-up at approximately 6.9%.

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

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

Finanstilsynet (the Financial Supervisory Authority of Norway) has completed a periodic review of DNB’s interim and annual financial statement for 2013. 

The review has covered, among other things, the bank’s portfolio of loans which are recognised at fair value, primarily fixed-rate loans.

Finanstilsynet has pointed at two issues in its final letter that both relate to future reporting. The first one is the process for calibrating the discount rate used to determine the fair value of fixed-rate loans. The second concerns information in the disclosures about the principles for determining the value of fixed rate loans, including the accounting principles for day 1 effects on these loans.

DNB has taken note of Finanstilsynet’s recommendations. DNB is not required to change previously released financial statements and the issues are immaterial for the financial statement.

According to DNB’s assessments, our approach and method for determining the discount rate are in conformity with prevailing accounting rules. This is in line with the expert panel’s unanimous statement which was attached to Finanstilsynet’s letter of 8 May 2015. DNB believes that it is important to have good processes and procedures for calibrating the models that are used for all types of valuations and will continue to place emphasis on this.

DNB continuously assesses what kind of information needs to be included in the disclosures.

Contact:
Jan Erik Gjerland, Investor Relations, phone +47 469 30 410
Even Westerveld, Executive Vice President Communications, phone +47 400 16 744

DNB Bank ASA and the municipalities Bremanger, Hattfjelldal, Hemnes, Kvinesdal, Narvik, Rana and Vik have agreed on a solution in the so-called ‘Terra case’.

This implies that the municipalities will pay NOK 650 million as a final settlement to DNB. The court proceedings scheduled for 21 September 2015 will thus not take place. 

The agreement is conditional on approval by the decision-making bodies in the respective municipalities and DNB. 

The settlement will reduce DNB’s pre-tax operating profits by NOK 159 million in the second quarter of 2015. 

The case concerns the financial settlement in the wake of a number of agreements entered into between the municipalities and the bank, based on advice from Terra,during the 2001-2006 period. According to the agreements, the municipalities were paid the current value of future income from power production and other sources of municipal revenues. Based on advice from Terra Securities, the municipalities invested this money in the financial market, whereafter they suffered sizeable losses. The municipalities have claimed compensation for the losses from Terra Securities, the insurance companies used by Terra Securities and Terra Securities’ bankruptcy estate.

Contact information:

Investors: Rune Helland, Investor Relations, tel. (+47) 977 13 250

Press: Thomas Midteide, group executive vice president, Corporate Communications, tel. (+47) 962 32 017

Moody’s concluded today their rating review on DNB Bank ASA. The review was initiated on 17 March 2015 following the publication of Moody’s revised bank rating methodology and revisions to Moody’s government support assumptions.

Moody’s upgraded DNB Bank ASA’s baseline credit assessment (BCA) from baa1 to a3, the long-term senior unsecured debt rating from A1 to Aa3, and the deposit rating from A1 to Aa2. As a result of the upgrade on DNB’s BCA, ratings on the bank’s subordinated instruments were also upgraded 1 notch. Furthermore, Moody’s now, as part of their new rating methodology, assigns Counterparty Risk (CR) assessments. DNB’s CR assessment was set at Aa1(cr). All ratings carrying outlooks are now stable.

For further details and complete overview of all rating upgrades related to DNB Bank ASA, please see attached press release.

VEDLEGG MOODY’S PRESS RELEASE

Overview of DNB Bank ASA’s official long-term senior unsecured ratings:

Moody’s: Aa3, Stable outlook

Standard & Poor’s: A+, Stable outlook

DBRS: AA, Under Review Negative

DNB is reducing its indicative interest rate on home mortgages to customers under the age of 34 and SAGA customers to 2.65 per cent, while the interest rate on ordinary mortgages in excess of NOK 2 million will be cut to 2.90 per cent.

“We are reducing mortgage rates for new and existing customers, and interest rates are now at historically low levels. This will benefit all loan customers, while customers with deposits in the bank will earn less interest,” says Trond Bentestuen, head of Personal Banking Norway.

After the reductions have been implemented, DNB’s indicative mortgage rate will be 2.65 per cent on home mortgages to customers under the age of 34 and SAGA customers, and 2.90 per cent on ordinary home mortgages in excess of NOK 2 million. The new prices will be effective immediately for new loans and from 23 August for existing loans.

On 23 April 2015, the Annual General Meeting approved new Articles of Association, including new requirements to the composition of the Board of Directors in accordance with the new Act on Financial Undertakings. Both the Act and the new Articles of Association are expected to enter into force as of 1 January 2016.

Against this background, the Supervisory Board today re-elected Jarle Bergo as a shareholder-elected board member in DNB ASA, with a term of office of up to two years.

In addition, the Supervisory Board re-elected Sverre Finstad and Carl A. Løvvik as board members elected by the employees and Jørn O. Kvilhaug and Hans-Kristian Sætrum as their deputies, with a term of office until the date the new Articles of Association enter into force.

With effect from the date the new Articles of Association enter into force Vigdis Mathisen and Carl A. Løvvik were re-elected as board members elected by the employees, with Jorunn Løvaas and Stian Samuelsen as their new deputies, all with a term of office of up to two years.

Until the date the new Articles of Association enter into force, the Board of Directors of DNB ASA will be comprised as follows:

Members elected by shareholders:
Anne Carine Tanum, chairman
Tore Olaf Rimmereid, vice-chairman
Jarle Bergo
Jaan Ivar Semlitsch
Berit Svendsen

Members elected by employees:
Sverre Finstad
Carl A. Løvvik
Vigdis Mathisen

Deputies elected by employees:
Jørn O. Kvilhaug
Marianne Haldis Steinsbu
Hans-Kristian Sætrum

With effect from the new Articles of Association enter into force, the Board of Directors of DNB ASA will be comprised as follows:

Shareholder-elected members (term of office up to):
Anne Carine Tanum, chairman (2016)
Tore Olaf Rimmereid, vice-chairman (2016)
Jarle Bergo (2017)
Jaan Ivar Semlitsch (2016)
Berit Svendsen (2016)

Members elected by employees:
Carl A. Løvvik (2017)
Vigdis Mathisen (2017)

Deputies elected by employees:
Jorunn Løvaas (2017)
Stian Samuelsen (2017)

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