DNB Bank (DNB) Q1 2026 earnings summary

Executive summary

• Delivered robust Q1 2026 results amid a resilient Norwegian economy, with profit of NOK 9,860 million, down 9.1% year-over-year and 15.1% sequentially, and strong performance across customer segments and product areas despite margin pressure and competition.

• Annualised ROE was 14.0%, supported by growth across customer segments, compared to 15.9% in Q1 2025 and 16.6% in Q4 2025.

• CET1 capital ratio at 18.1%, up from 17.9% at year-end, providing a 170 bps headroom to regulatory expectations.

• Achieved record net inflow in asset management and maintained high customer satisfaction rankings.

• Net interest income declined 6.8% year-over-year due to narrowed spreads and fewer interest days, despite loan and deposit growth.

Financial highlights

• Net interest income: NOK 15,299 million, down 5.4% from Q4 and NOK 1,111 million year-over-year.

• Net commissions and fees increased 18% year-over-year to NOK 4,129 million, with record net inflow of $20 billion in wealth management.

• Operating expenses: NOK 8,441 million, up 6.7% year-over-year, down 9.8% sequentially.

• Impairments of NOK 644 million mainly related to specific corporate customers; no systematic deterioration observed.

• Earnings per share at NOK 6.50; profit for the period was NOK 9,860 million.

Outlook and guidance

• Norwegian GDP growth expected at 1.4% for 2024/2026, with inflation projected to fall and real wage growth likely to support consumption.

• Central bank policy rate expected to rise twice in 2024, reaching 4.5%, with two cuts anticipated in 2027.

• Loan growth target of 3%-4% reiterated, with higher growth expected in Q2 and Q4 due to seasonality.

• Fee income ambition of 9% maintained, with continued integration of DNB Carnegie and net commissions/fees expected to grow >9% annually through 2027.

• Cost/income ratio to remain below 40%; CET1 capital ratio target set above 16.4%.