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DNB Bank (DNB) investor relations material
DNB Bank Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 profit was NOK 10,684 million, up 2.3% sequentially but down 12.1% year-over-year, with EPS at NOK 6.98 and ROE at 15.8%.
Net interest income declined 1% sequentially, impacted by policy rate changes and product mix, while net commission income surged 28.9% year-over-year, driven by asset management and investment banking.
The Norwegian economy outperformed expectations, showing resilience with GDP growth at 1.8%, increased activity, and high employment.
The acquisition of Carnegie was completed, strengthening investment banking and wealth management in the Nordics.
Credit portfolio remains robust and well-diversified, with 99.4% in stage one and two.
Financial highlights
Net interest income for Q3 was NOK 15,990 million, down 1% quarter-over-quarter and 0.9% year-over-year.
Profit for the period was NOK 10,684 million, up NOK 242 million sequentially but down NOK 1,476 million year-over-year.
Operating expenses were NOK 8,483 million, reflecting higher costs from the Carnegie acquisition and one-off integration expenses.
Impairment provisions totaled NOK 862 million, mainly from legacy Polish portfolio and model adjustments.
Underlying asset under management grew by NOK 54 billion, with net NOK 15 billion after divestment.
Outlook and guidance
ROE target remains above 14%, with ambitions for 3–4% annual organic loan growth and over 9% annual growth in net commissions and fees from 2025–2027.
Economists expect one more rate cut in June next year, stabilizing the key policy rate at 3.75%.
Cost/income ratio target is below 40%; long-term tax rate expected at 23%, with 2025 estimated at 20%.
Dividend policy unchanged: payout ratio above 50% and ambition to increase nominal dividend per share annually.
No material investment needs anticipated beyond the Carnegie acquisition to support future growth.
How will DNB manage future CET1 ratio impacts?
What is the outlook for net interest income given rate cuts?
What are the key drivers of increased impairment?
Polish legacy portfolio: Provisioning comfort?
Elaborate on 9% commission income growth drivers.
DNB's view on US renewables regulatory risk?
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Frequently asked questions
Norway's Largest Bank
DNB is Norway's largest bank and an important player in the wider Nordic financial region. Headquartered in Oslo, DNB has woven itself into the fabric of the Nordic economy, playing a crucial role in both local and international financial markets. The bank offers a wide range of traditional banking services for both businesses and private individuals.
A History Spanning two Centuries
DNB's journey began in 1822 when it was founded as Christiania Sparebank. In its early years, it catered primarily to the local population, focusing on providing savings and loan services. The bank expanded its operations significantly through a series of mergers and acquisitions over the years. The most notable of these was the merger between Den Norske Bank (DnB) and Gjensidige NOR in 2003, resulting in the modern iteration of the company. This cemented DNB's place as Norway's largest financial services group, and it has maintained this position to the present day. Today, they’re an important player in the Nordic Banking sphere together compete with other large banks in the region, including names like Danske Bank, Skandinaviska Enskilda Banken, and Nordea.
A Comprehensive Financial Services Provider
As a full-service bank, DNB offers a wide range of financial products and services to its customers. This includes personal and business banking services, wealth management, and insurance. Personal banking services cover everything from day-to-day transaction accounts, credit and debit cards, home and personal loans, to savings and investment opportunities. For businesses, DNB offers corporate banking services, including business loans, cash management solutions, and tailored services for industries like shipping, offshore, and seafood.
Furthermore, DNB has a strong focus on digital banking, providing customers with an advanced mobile banking app that allows for seamless transactions, personal finance management, and easy access to their accounts. With a strong emphasis on digital innovation, DNB offers contemporary, convenient banking solutions that align with the evolving needs of its customers.
DNB in the Nordic Banking Landscape
DNB's influence extends well beyond Norway's borders, making it a notable player in the broader Nordic banking industry. As one of the largest financial institutions in the region, DNB is pivotal to the Nordic financial infrastructure. It has branches, subsidiaries, and representative offices in many countries, serving a wide array of customers from various backgrounds and industries. Today, they also have representational offices in various financial hubs across both Europe and the rest of the world.
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