DNB Bank (DNB) CMD 2026 summary

Strategic direction and financial targets

• FY2027–2028 targets remain ROE >14% and cost/income <40%; new ambitions of ROE >15% and cost/income <38% are targeted by end-2028 for FY2029 delivery.

• Through-cycle ambitions: annual loan growth of 3–4% and net commission and fee income growth >9%.

• Strategy focuses on Norwegian mass-market leadership, Nordic expansion, and savings and investments, underpinned by technology, data, AI and people.

• Capital and distribution goals remain CET1 >16.3% and payout >50%, with an ambition to increase nominal dividend per share annually; buybacks remain a flexible excess-capital tool.

• Since CMD 2024, gross costs fell NOK 3.3bn; ROE and cost/income were 15.9% and 38.0% in 2025, and 14.4% and 39.6% in 2026 YTD.

Growth platforms and business developments

• Since the prior CMD, lending rose >10%, net commissions and fees 47%, and assets under management 68%; Nordic revenue outside Norway grew 78% over two years following Carnegie’s acquisition.

• Nordic lending grew 13% in 2026 YTD; Sweden, Denmark and Finland non-lending income CAGR was 20.9% from 2024 to 3Q26 R12.

• Large Corporates and International income rose >NOK 6bn since 2022; non-lending income reached 56% of client income, with Nordic non-lending income up 45% over two years.

• DNB Carnegie investment-banking integration concluded in Q3; full integration is planned by end-2027, with NOK 150m annual technology savings and >NOK 800m annual synergies expected by end-2028.

• Wealth Management raised its defined-contribution assets ambition from NOK 250bn by end-2027, achieved early, to >NOK 350bn by end-2029; annual recurring savings and pension inflows are ~NOK 29bn.

Customer growth and operating progress

• Personal Banking return on allocated capital was 17.7% for 3Q26 R12; net other operating income rose from NOK 5,423m in 2022 to NOK 8,520m, and AUM income increased 218%.

• Personal Banking service-centre calls fell 27%, administrative time per call 35%, and service-centre FTEs 24% over two years; top customer-satisfaction scores rose from 84% to 92%.

• Personal Banking FTEs declined 19% since 2024 as satisfaction improved; technology and AI investment value is expected to increase in 2027 and beyond.

• Corporate KYC straight-through processing rose from 26% to 66% in 10 months; KYC FTEs fell from 800 to 400 since end-2024.

• SME data-driven credit enabled teams to handle close to 40% more cases with unchanged staffing; chatbot resolution reached 58%, with customer satisfaction at a record 72 points.