DNB Bank (DNB) Investor presentation summary

Earnings and financial targets

• Jan-Sept 2026 pre-tax operating profit before impairment was NOK 39.745bn; impairments were NOK 1.511bn, profit was NOK 29.526bn and ROE was 14.4%.

• Jan-Sept income comprised 70% net interest income, 20% commissions and fees, and 10% other income.

• ROE targets: >14% for FY2027-FY2028 and >15% towards end-2028; cost/income targets are <40% and <38%, respectively.

• CET1 target is >16.3%; payout ratio target is >50%, with an ambition to increase nominal dividend per share YoY.

Capital and regulatory resilience

• CET1 was 17.3% at 30 September 2026 versus a 16.3% regulatory expectation; leverage ratio was 6.3%, or 6.6% excluding central bank deposits.

• The bank averaged >350 bps of annual CET1 capital generation in the prior three years before shareholder distributions; 2026 YTD buy-back programmes reduced CET1 by ~110 bps.

• SREP 2025 set P2R at 1.7% and reduced P2G from 1.25% to 1.0%; the minimum CET1 component of P2R is ~1.0%.

• In the 2025 EU stress test, CET1 rose 26 bps in the adverse scenario; the 2023 test had reduced it by 212 bps, against a 304 bps European average decline in 2025.

• MREL requirement was ~37% of adjusted REA, requiring at least EUR 15.3bn eligible debt at Q3 2026; fulfilment could comprise EUR 8.1bn SNP and EUR 7.2bn SP.

Loan book and asset quality

• 99.4% of net loans and financial commitments were in stages 1 and 2; total portfolio EAD was NOK 2,611bn at 30 September 2026.

• Jan-Sept 2026 impairment of financial instruments was NOK 1.511bn; the write-down ratio was 0.09%.

• Personal customers represented 48% of EAD; commercial real estate 10%, oil-related exposures 3.4% and shipping 2.2%.

• CRE exposure was NOK 264bn; ~72% was to low-risk customers and ~93% was in Norway, supported by cash-flow-focused underwriting and interest-rate hedging.

• Mortgage standards include a 5x gross-income debt cap, 90% maximum LTV and a 3 percentage-point rate stress test with a 7% floor; 63% of the residential mortgage book had LTV below 60%.