DNB Bank (DNB) Q3 2025 earnings summary

Executive summary

• Norwegian economy remains robust with GDP growth expected at 1.8% for the year and continued positive outlook, supported by increased economic activity and high employment.

• Solid Q3 results: profit was NOK 10,684 million, up 2.3% sequentially but down 12.1% year-over-year; return on equity at 15.8%, EPS of 6.98 NOK (up 2.8% sequentially, down from 7.83 last year), and YTD EPS of 20.81 NOK.

• Loan growth was profitable across all segments, with Personal Customers up 0.4% sequentially and 2.7% year-over-year, Large Corporates up 0.5% sequentially and 6.2% year-over-year.

• Deposits increased by 0.6%, with notable 8.5% growth in Large Corporates due to fewer oil industry tax payments.

• Acquisition of Carnegie completed, strengthening Nordic investment banking and asset management platform.

Financial highlights

• Net interest income for Q3 was NOK 15,990 million, down 1% sequentially and 0.9% year-over-year, impacted by policy rate changes and product mix.

• Net commission income rose 28.9% year-over-year, driven by strong asset management and investment banking activity.

• Operating expenses were NOK 8,483 million, reflecting seasonally lower activity and one-off integration and restructuring costs.

• Underlying impairment provisions for the quarter were NOK 431 million, with total provisions at NOK 862 million, mainly from model adjustments and legacy exposures.

• Profit for the first nine months was NOK 31,974 million, down 3.5% year-over-year.

Outlook and guidance

• Economists expect one more rate cut in June next year, stabilizing the key policy rate at 3.75%.

• Positive sentiment among corporate customers and continued real wage growth support future lending and consumption.

• Fee and commission income expected to grow above 9% annually, driven by asset management and investment banking.

• ROE target remains above 14%, with ambitions for 3–4% annual organic loan growth and cost/income ratio below 40%.

• Dividend policy unchanged: payout ratio >50% and ambition to increase nominal dividend per share annually.