Stock and press releases

Oslo, 28 April 2023

Today, 28 April 2023, a total of 237,050 shares in DNB Bank 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 185.5792.

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 9.7%.

A list of primary insiders of DNB Bank 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.

Jens Petter Olsen, Vice chair of the Board of Directors in DNB Bank ASA, has 27 April 2023 bought 6 000 shares in DNB Bank ASA at a share price of NOK 181,3533. See attachment for further details.

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

DNB’s profit in the first quarter of 2023 was NOK 10 472 million. This is an increase of NOK 371 million, or 3.7 per cent, from the fourth quarter of 2022.

The first quarter of the year was marked by international market turbulence. The level of activity in the Norwegian economy remained high, and this, combined with a tight labour market and high inflation, was a contributory factor in the decision by the Norwegian central bank, Norges Bank, to raise the key policy rate.

“I am happy to say that many customers are choosing us, and that we are experiencing growth in both the personal and corporate customer markets. Over the past 12 months, lending growth has exceeded 6 per cent, which is a development we are very pleased with. Behind our quarterly figures lie thousands of good conversations with customers about investments, new jobs, or with people who have bought a new home or their first car,” says CEO Kjerstin Braathen.

High level of activity and profitable growth

Loans to customers increased by a total of NOK 10.8 billion, or 0.6 per cent, in the quarter. Customer deposits increased by NOK 69.1 billion, or 4.9 per cent, during the same period. Profitable growth and higher interest rate levels contributed to the bank’s net interest income increasing by NOK 529 million, or 3.8 per cent, compared with the fourth quarter of 2022.

“More customers than before are contacting us for advice concerning their finances. We see that the number of savings agreements is increasing and monthly savings amounts are going up, and that customers are taking a more conscious approach to investing their savings so as to achieve the highest possible return. The recognition we received in the form of Morningstar naming us best fund company is being noticed, and there has also been strong growth in the number of customers who want to have their capital actively managed by us,” says Braathen.

There has been a lot of activity together with our customers this quarter, and income from customer-driven activities (commission and fee income) amounted to a solid NOK 2 634 million, which was an increase of 1.8 per cent compared with the corresponding quarter last year. All product areas, particularly money transfers and banking services, contributed to the strong growth in income.

The high demand for financing of sustainable initiatives continues. The bank aims to be a driving force for sustainable transition by financing and facilitating sustainable activities worth NOK 1 500 billion by 2030. We are well on the way to reaching our target, and the status for this goal at the end of the quarter was a total of NOK 423 billion.

The bank’s customer portfolio is robust and well-diversified, and sound banking practices in the restructuring work contributed to net reversals of impairment provisions totalling NOK 79 million in the quarter, mainly associated with corporate customers within the offshore industry segment.

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

• Pre-tax operating profit before impairment amounted to NOK 13.6 billion (9.3)
• Profit was NOK 10.5 billion (7.6)
• Earnings per share were NOK 6.59 (4.77)
• Return on equity was 17.2 per cent (13.7)
• Cost/income ratio was 34.0 per cent (38.5)
• Common equity Tier 1 (CET 1) capital ratio was 18.6 per cent (18.1)

For further information:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / 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 pursuant to section 5-12 of the Securities Trading Act

The shares in DNB Bank ASA will be quoted ex-dividend on 26 April 2023. A dividend of NOK 12.50 per share will be distributed on 5 May 2023 to registered shareholders as at 25 April 2023.

For further information, please contact:
Rune Helland, head of Investor Relations, tel: +47 977 13 250

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

The Annual General Meeting of DNB Bank ASA was held on 25 April 2023. The Annual General Meeting re-elected Gro Bakstad as Board member and Jens Petter Olsen as Vice Chair, and elected Christine Bosse and Petter-Børre Furberg as new Board members. All elected for a period of two years, until 2025.

The Board of Directors of DNB Bank ASA will have the following composition:

For further information, please contact:

Investor contact
Rune Helland, Head of Investor Relations, tel. (+47) 232 68 400/(+47) 977 13 250

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

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act.

DNB's Annual General Meeting was held on 25 April 2023. All items on the agenda were adopted as proposed, cf. the notice published on 31 March 2023.

The minutes from the Annual General Meeting are attached.

For further information, please contact:

Investor contact
Rune Helland, Head of Investor Relations, tel. (+47) 232 68 400 / (+47) 977 13 250 

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

The information is subject to the disclosure requirements set out in section 5-12 of the Norwegian Securities Trading Act.