DNB Bank (DNB) Q2 2026 (Media) earnings summary

Executive summary

• Delivered strong Q2 results with robust growth in loans and deposits across all customer segments, both in Norway and internationally, despite a 6% year-over-year decline in profit to NOK 9,821 million.

• Record high customer satisfaction among SME and large corporate clients; DNB Carnegie recognized as the most active ECM bank in Western Europe and topping the Extel Survey for the 10th consecutive year.

• Return on equity reached 14.6% for the quarter, up 0.6 percentage points from Q1 2026, driven by business area growth and attractive fee income, especially from wealth management and investment banking.

• Asset management saw record net inflows, with assets under management nearly doubling over four years and all-time high net flow of NOK 46.3 billion.

• Maintained robust and well-diversified loan portfolio, with 99.4% in stages 1 and 2, and announced a new 1.0% share buy-back program.

Financial highlights

• Net interest income (NII) declined 6.3% year-over-year and 1.1% sequentially, impacted by narrowed spreads, competition, and product mix effects.

• Net commission and fees up 4.6% year-over-year, with corporate finance up nearly 20% and asset management up 13%.

• Pre-tax operating profit was NOK 13,008 million; earnings per share at NOK 6.50; cost/income ratio at 38.7–40.3%; ROE at 14.6%.

• Core equity Tier 1 (CET1) ratio at 17.4%, with 100 basis points headroom to regulatory requirements.

• Record net inflow in asset management of NOK 46.3 billion, including NOK 10.1 billion from retail.

Outlook and guidance

• Norwegian economy expected to grow 1.5% in 2026, with low unemployment and moderating inflation; GDP growth expected to remain around 1.5% through 2029.

• Central bank likely to hike rates once more in H2, with two rate cuts expected in 2027; policy rate expected to rise to 4.50% in August 2026.

• Tax rate for Q3 and Q4 expected at 22%, with full-year guidance at 23%.

• Targeting ROE above 14%, annual organic loan growth of 3–4%, and annual net commissions/fees growth above 9%.

• CET1 capital ratio target set above 16.4% plus management buffer; dividend policy unchanged with payout ratio above 50%.