DNB Bank (DNB) Q4 2025 (Media) earnings summary

Executive summary

• Delivered strong Q4 and full-year 2025 results, with robust growth in lending, deposits, and fee income, high customer activity, and improved customer satisfaction across segments, despite profit declining year-over-year due to higher costs and impairments.

• Maintained a strategic focus on core business, customer relationships, and operational efficiency, supported by successful integration of acquisitions, including the Carnegie Group.

• Achieved leading positions in investment banking, equities, and M&A in the Nordics, with DNB Carnegie ranked No. 1 in IPOs in Europe for 2025 and awards for retail banking innovation.

• Return on equity reached 16.6% in Q4, with earnings per share of NOK 7.65 for the quarter and NOK 28.45 for 2025.

• Board proposes a dividend of NOK 18.00 per share for 2025, with a new share buy-back programme of 0.5%, totaling 2.5% for the year.

Financial highlights

• Net interest income increased by 1.2% from Q3 2025; net commissions and fees rose 40.3% year-over-year.

• Full-year 2025 profit was NOK 43,586 million, down 4.8% from 2024; Q4 profit was NOK 11,612 million, down 8.4% YoY but up 8.7% sequentially.

• Cost/income ratio improved to 37.4% in Q4 2025; annual cost/income ratio at 38.0%.

• Impairment provisions of NOK 853 million in Q4, mainly due to customer-specific events; total impairments for 2025 at NOK 2,803 million.

• CET1 capital ratio at 17.9% at year-end, 160 basis points above regulatory requirements.

Outlook and guidance

• Norwegian economy expected to grow 1.5% in 2025 and 1.6% in 2026, with low unemployment and moderating inflation.

• Policy rate cut to 3.75% anticipated in June 2026, remaining stable thereafter.

• Targeting ROE above 14% and annual organic loan growth of 3–4% over time, with ambition to increase net commissions and fees by more than 9% annually in 2026–2027.

• Tax guidance affirmed at 23% for future years; CET1 capital ratio target set above 16.3%.