DNB Bank (DNB) Q2 2025 (Media) earnings summary

Executive summary

• Delivered strong Q2 2025 results with high activity and growth across all segments, supported by a resilient Norwegian economy.

• Customer satisfaction reached record highs in Private Banking and Large Corporates.

• Carnegie integration strengthened investment banking, with DNB Carnegie ranked #1 in Nordic M&A and ECM.

• Launched new digital services, including a top-ranked AI chatbot and digital investment advisor.

• Profit for Q2 was NOK 10,442 million, down 3% year-over-year and 3.7% sequentially.

Financial highlights

• Return on equity reached 15.4% in Q2 2025, exceeding the 14% target.

• Net interest income down 1.6% sequentially, up 2.1% year-over-year.

• Net commissions and fees up 27.1% year-over-year, driven by Carnegie integration.

• Earnings per share at NOK 6.79 for Q2 2025, H1 at NOK 13.83.

• Operating expenses for Q2 were NOK 8,725 million, up 16.2% year-over-year, mainly due to Carnegie acquisition.

Outlook and guidance

• ROE target remains above 14% through 2027, with ambition for 3–4% annual organic loan growth.

• Net interest income expected to be negatively impacted by further policy rate cuts; two more rate cuts anticipated in 2024/2025.

• CET1 capital ratio target set above 16.5% plus headroom; risk weight floor for mortgages to increase from 20% to 25% in July, expected to reduce CET1 by 60 bps.

• Dividend policy unchanged: payout ratio above 50% and ambition to increase nominal dividend per share annually; share buy-backs to supplement dividends.

• Maintain cost/income ratio below 40% and aim to increase net commissions and fees by over 9% annually from 2025–2027.