Stock and press releases

On 22 December 2023, DNB Bank ASA (“DNB”) announced that the company has decided to initiate a share buy-back programme comprising up to 0.75 percent of the company’s own shares, which represents a total of 11 569 599 shares.

Up to 7 635 935 shares will be purchased on trading venues by 8 March 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 3 933 664 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 2.5 billion.

During week 5 of 2024, DNB purchased 920,000 own shares at an average price of NOK 208.2145 per share. Following this, DNB has purchased a total of 4,435,935 own shares under the current buy-back programme, corresponding to 0.29 percent of the shares in the company.

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

Please see the stock exchange announcement published on 22 December 2023, which is available at www.newsweb.oslobors.no, for more information about the buy-back programme. 

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.

Today, 1 February 2024, a total of 11,743 shares in DNB Bank ASA were acquired on behalf of certain of DNB’s primary insiders, who are part of the Group Management team. The share purchase was executed collectively at an average price per share of NOK 205.7249.

The shares were purchased in accordance with the share programme that was approved by the Annual General Meeting on 30 June 2020. Shares that are acquired through the programme have a holding period which lasts for as long as the person holding the shares is part of the Group Management team. Upon leaving the Group Management team, the shares are released in stages over a period of three years.

A list of the primary insiders of DNB Bank ASA who have increased their shareholding is attached.

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

Petter-Børre Furberg, member of the Board of Directors in DNB Bank ASA, has 31 January 2024 bought 5,000 shares in DNB Bank ASA at a share price of NOK 205.00. See attachment for further details.

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

The Board of Directors of DNB Bank ASA plans to propose to distribute a cash dividend of NOK 16.00 per share for the accounting year of 2023. The formal decision regarding the dividend will be made on the company’s Annual General Meeting, which will be held on 29 April 2024.

Dividend amount: 16.00 per share 
Declared currency: Norwegian krone (NOK) 
Last day including right: 29 April 2024 
Ex-date: 30 April 2024
Record date (shareholder registration date): 2 May 2024
Payment date: from 8 May 2024
Date of approval: 29 April 2024

This information is published in accordance with the requirements in Oslo Børs’ issuer rules.

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

The Board of Directors of DNB Bank ASA plans to propose to distribute a cash dividend of NOK x per share for the accounting year of 2023. The formal decision regarding the dividend will be made on the company’s Annual General Meeting, which will be held on 29 April 2024.

Dividend amount: 16.00 per share 
Declared currency: Norwegian krone (NOK) 
Last day including right: 29 April 2024 
Ex-date: 30 April 2024
Record date (shareholder registration date): 2 May 2024
Payment date: from 8 May 2024
Date of approval: 29 April 2024

This information is published in accordance with the requirements in Oslo Børs’ issuer rules.

For further information, please contact Rune Helland, head of Investor Relations, on tel. +47 23 26 84 00 / +47 97 71 32 50 , or senior advisor Anne Engebretsen, on tel. +47 45 22 43 74.

DNB’s profit in the fourth quarter of 2023 was NOK 9 403 million after tax. This is NOK 698 million, or 6.9 per cent, lower than the corresponding quarter of 2022. The profit was driven by positive developments in net interest income and other income. It was also affected by the tax rate being 16 per cent, due to the distribution of debt interest in connection with international operations.

For 2023 as a whole, the profit after tax was NOK 39.5 billion, an increase of NOK 6.0 billion, compared with 2022.

The results were strong in all customer segments, with a particularly large contribution from the corporate market and the international offices. Out of every NOK 10 of DNB's profits, NOK 7 came from other parts of the business operations than the personal customer market in the fourth quarter.

“The Norwegian banking market consists of more than 100 banks. In this competitive landscape, DNB delivered strong results both in the fourth quarter and for the year as a whole,” says CEO of DNB, Kjerstin Braathen.

Interest rate peak probably reached
The Norwegian central bank, Norges Bank, has raised the key policy rate 14 times since the autumn of 2021 to curb high inflation. The economy has held up well, nonetheless, and unemployment has remained at low levels. 

“The Norwegian economy has proven to be remarkably sound, and we still believe in a soft landing in 2024. However, there are two sides to this picture. The situation is bleak in some industries, such as the building and construction industry, but momentum remains high in the energy and supplier industry, among others,” says Braathen.

Many households are feeling the pinch, but the interest rate peak now appears to have been reached. At the same time, there are indications that salaries will rise faster than inflation this year, according to forecasts from DNB Markets.

“Norges Bank has indicated that we may see the first cuts in the key policy rate towards the end of the year, which will be good news for many households and companies. At the same time, it is important to keep in mind that uncertainty is high, partly due to the demanding geopolitical situation in the world,” says Braathen.

Record-high commission and fee income
DNB's net interest income totalled NOK 15 997 million in the quarter. This is an increase of 1.8 per cent from the previous quarter.

Income from other customer activities than lending and deposits (commission and fee income) ended at NOK 2 927 million, up 7.0 per cent from the third quarter. This is a historically good quarter for this income item.

DNB recognised impairment provisions of NOK 920 million this quarter, mainly relating to individual customers in the corporate segment.

Giving half back to the community
At the Annual General Meeting, the Board of Directors of the bank will propose a dividend of NOK 16 per share for 2023, in line with the Group’s dividend policy. 

Around half of the dividend will be channelled back into Norwegian society through the government’s ownership, Folketrygdfondet (manager of the Government Pension Fund Norway) and the DNB Savings Bank Foundation. With the dividend that has been proposed, this means that in 2023, about NOK 12 billion will be channelled back to the community.

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

Pre-tax operating profit before impairment amounted to NOK 12.3 billion (11.2) 

Profit was NOK 9.4 billion (10.1) 

Earnings per share were NOK 5.93 (6.36) 

Return on equity was 14.6 per cent (17.1) 

Cost/income ratio was 38.5 per cent (39.7) 

Common equity Tier 1 (CET 1) capital ratio was 18.2 per cent (18.3)

Financial key figures for the full year 2023 (corresponding figures for 2022 in parentheses):

Pre-tax operating profit before impairment amounted to NOK 53.1 billion (40.3) 

Profit was NOK 39.5 billion (33.4) 

Earnings per share were NOK 24.83 (21.02) 

Return on equity was 15.9 per cent (14.7) 

Cost/income ratio was 35.0 per cent (39.0) 

For further information: 

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

Øystein Kløvstad Langberg, Executive Vice President of Communications, tel: (+47) 98 04 88 25 (+47) 98 04 88 25

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