DNB Bank (DNB) Pre-close call summary

Executive summary

• Second quarter NII expected to benefit from one additional interest day, adding NOK 120 million.

• Customer repricing of loans and deposits up to 25 bps effective July 12th, following central bank rate hike.

• CET1 ratio at 18.1% in Q1, well above regulatory requirements, with a small positive FX effect expected in Q2.

• 1% share buyback program initiated, with a capital cost of 40 bps to be recognized in Q2.

Trading performance and revenue trends

• FX-adjusted lending volume grew 0.3% in Q1; NOK strengthening negatively impacts NII.

• Net commission and fee activity levels typically higher in Q2, supporting fee income.

• Customer revenues in FICC and DNB Carnegie expected to benefit from seasonally higher Q2 activity and market volatility.

Profitability and margins

• Seasonally higher activity in Q2 expected to result in somewhat higher costs.

• Central wage negotiation in Norway resulted in a 4.4% increase for 2026, effective May 1st.

• Non-recurring integration costs related to Carnegie expected up to NOK 200 million in 2026; NOK 33 million incurred in Q1.

• Normalized pension expenses expected at NOK 500 million per quarter.