DNB Bank (DNB) investor relations material

Executive summary

• Q3 profit was NOK 9,844m, down 7.9% YoY and level with Q2; the NOK 704m Luminor sale loss was partly offset by a NOK 277m property-sale gain.

• ROE was 14.5%, or 15.5% adjusted for Luminor transaction effects; NII rose 2.5% QoQ and commissions and fees grew 14.6% YoY.

Financial highlights

• Pre-tax operating profit was NOK 12.530bn; total income was NOK 21.693bn, operating expenses NOK 8.634bn and pre-tax profit before impairment NOK 13.059bn.

• NII was NOK 15.504bn, down 3.0% YoY; net commissions and fees were NOK 4.489bn, up 14.6% YoY.

• Operating expenses increased NOK 151m YoY; impairment expense was NOK 529m.

• Profit attributable to shareholders was NOK 9.371bn, down NOK 897m YoY; 9M profit was NOK 29.526bn, down 7.7%.

Outlook and guidance

• Targets remain ROE above 14%, annual organic loan growth of 3%-4%, annual net commission growth above 9% and cost/income below 40%.

• May repricing is expected to fully affect NII in Q4 2026; September repricing is expected to have a positive effect from 29 November and full effect in Q1 2027.

• Tax rate guidance is 22% for Q4 and 23% for FY 2026 and thereafter; supervisory CET1 expectation is above 16.3%.

• Mainland GDP growth is forecast near 1.5% from 2027; unemployment is expected to remain low, with core inflation easing but above target.