DNB Bank (DNB) Q3 2026 (Media) earnings summary

Executive summary

• Q3 profit was NOK 9.844bn, down 7.9% YoY; resilient Norwegian activity and strong commission growth supported results, while the Luminor sale loss weighed on earnings.

• ROE was 14.5%, or 15.5% adjusted for the Luminor sale; profitable lending growth continued across customer segments.

Financial highlights

• Total income was NOK 21.693bn, down 4.4% YoY; pre-tax operating profit was NOK 12.530bn and profit attributable to shareholders was NOK 9.371bn.

• Net interest income was NOK 15.504bn, up 2.5% QoQ and down 3.0% YoY; net commissions and fees rose 14.6% YoY to NOK 4.489bn.

• Operating expenses were NOK 8.634bn, down NOK 355m QoQ; loan impairment charges were NOK 529m, versus NOK 862m a year earlier.

• EPS was NOK 6.57, or NOK 7.07 adjusted for the Luminor sale; 9M profit was NOK 29.526bn and EPS was NOK 19.58.

Outlook and guidance

• Mainland GDP growth is expected near 1.5% from 2027; unemployment is expected to remain low, supported by real wage growth.

• The policy rate is forecast at 4.50% for the rest of 2026, with two cuts in H2 2027; core inflation is expected to trend down but remain above target.

• Rate repricing is expected to support NII: the May increase has its full effect in Q4, while September repricing takes effect 29 November and has its full effect in Q1 2027.

• Targets include ROE above 14%, annual organic loan growth of 3%–4%, commission and fee growth above 9%, and a cost/income ratio below 40%.

• Sustainable-transition lending and funding facilitation target remains NOK 1,500bn by 2030; NOK 1,076bn had been mobilised by end-September.