DNB Bank (DNB) Q2 2026 earnings summary

Executive summary

• High activity and strong performance across all business areas, with DNB Carnegie and Wealth Management driving fee growth and record-high customer satisfaction among SMEs and large corporates.

• Norwegian economy remained resilient in Q2 2026, with balanced labor markets, real wage growth, and expected mainland GDP growth of 1.5%.

• Return on equity reached 14.6% for the quarter, supported by growth in both fee-related and interest-related activities, up 0.6 percentage points from 1Q26.

• Q2 profit was NOK 9,821 million, down 6% year-over-year, with stable sequential performance.

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

Financial highlights

• Net interest income declined by 1.1% year-over-year, mainly due to competition and product mix effects; Q2 net interest income was NOK 15,132 million (down 6.3% YoY).

• Net commissions and fees increased by 4.6% year-over-year, with investment banking up nearly 20% and asset management up 13%.

• Q2 total income: NOK 22,323 million; operating expenses: NOK 8,989 million (up 3% YoY); cost/income ratio improved to 38.7%.

• Group lending grew by 1.4% at quarter-end, with notable growth in Large Corporates (3%) and corporate customers Norway (1.5%).

• Deposit growth and lending growth over the last 12 months were 5% and 4.3%, respectively.

Outlook and guidance

• Expectation of one more central bank rate hike in Q3, with rates stabilizing around 4% by 2027; policy rate expected to rise to 4.50% in August 2026, followed by two cuts in 2027.

• Maintain ambition for 3%-4% annual lending growth, with current performance on track.

• Repricing of loans and deposits expected to positively impact net interest income in Q3.

• Tax rate expected at 23% for the year, with a temporary increase this quarter due to GloBE tax.

• Dividend policy unchanged: payout ratio above 50% in cash, with annual nominal dividend increases and flexible share buybacks.