DNB Bank (DNB) Q1 2026 (Media) earnings summary

Executive summary

• Delivered robust Q1 2026 results with return on equity at 14.0% and EPS of NOK 6.50, supported by strong performance across all customer segments and product areas despite geopolitical and market turbulence.

• Norwegian economy remains resilient, with healthy business activity and robust households, even amid high energy prices and global uncertainty.

• Maintained a well-diversified portfolio with 99.4% in stages 1 and 2.

• Net interest income declined year-over-year, offset by profitable growth in loans and deposits and strong fee income.

• Continued focus on customer experience, digital innovation, and operational efficiency, including the launch of a new equity trading platform and AI chatbot.

Financial highlights

• Net interest income was NOK 15,299 million, down 5.4% sequentially and 6.8% year-over-year, impacted by repricing, fewer interest days, and margin pressure.

• Net commissions and fees increased 18% year-over-year to NOK 4,129 million, with strong contributions from asset management and investment banking.

• Record net inflow in asset management of NOK 20.4 billion for the quarter and NOK 65 billion for the year.

• Impairments booked at NOK 644 million, mainly customer-specific, with no systematic portfolio deterioration.

• Operating expenses were NOK 8,441 million, reflecting seasonal activity and ongoing cost efficiency measures.

Outlook and guidance

• Mainland GDP growth for Norway expected at 1.4% in 2024 and 2026, with unemployment stable at 2.1%.

• Real wage growth anticipated, supporting consumption and economic growth.

• Policy rate expected to rise to 4.5% in 2024/2026, with gradual normalization or cuts by 2027.

• Tax rate expected at 22% in 2026 and 23% in subsequent years.

• Targeting ROE above 14%, annual organic loan growth of 3–4%, and cost/income ratio below 40%.