DNB
Postadresse:
Postboks 1600 Sentrum N-0021 Oslo
Besøksadresse:
Dronning Eufemias gate 30 Bjørvika, Oslo
DNBdnb.no Group
Factbook
First quarter 2024
Unaudited
1
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Contact information
Group Management
Kjerstin R. Braathen, CEO
Ida Lerner, CFO
For further information, please contact
Rune Helland, Head of Investor Relations | rune.helland@dnb.no | +47 23 26 84 00 |
Anne Engebretsen, Investor Relations | anne.engebretsen@dnb.no | +47 23 26 84 08 |
Andreas Skårsmoen Øyo, Investor Relations | andreas.skarsmoen.oyo@dnb.no | +47 97 58 07 47 |
Thor Tellefsen, Long Term Funding | thor.tellefsen@dnb.no | +47 23 26 84 04 |
Mathias Bruvik, Head of Group Financial Reporting | mathias.bruvik@dnb.no | +47 91 75 87 74 |
Address
DNB, P.O.Box 1600 Sentrum, N-0021 Oslo
Visiting address: Dronning Eufemias gate 30, Bjørvika, 0191 Oslo
Telephone number
+47 91 50 48 00
Information on the Internet
DNB's Investor Relations page: ir.dnb.no
Financial calendar
2024
29 | April | Annual General Meeting |
30 | April | Ex-dividend date |
8 May | Distribution of dividends | |
11 | July | Q2 2024 |
22 | October | Q3 2024 |
2025
5 February | Q4 2024 | |
19 | March | Annual report 2024 |
29 | April | Annual General Meeting |
30 | April | Ex-dividend date |
9 May | Distribution of dividends | |
7 May | Q1 2025 | |
11 | July | Q2 2025 |
22 | October | Q3 2025 |
Statements regarding DNB's relative market positions are, unless otherwise specified, based on internal DNB analyses.
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FACTBOOK DNB - 1Q24 | CONTENTS | |
Contents chapter 1 - DNB Group
Financial results and key figures
- Income statement - condensed
- Income statement - quarterly figures
- Income statement - full-year figures
- Comprehensive income statement
- Balance sheet - quarterly figures
- Balance sheet - full-year figures
- Key figures - quarterly figures
- Key figures - full-year figures
- Key figures - definitions
Net interest income
- Net interest income - split by segments
- Average volumes - split by segments
- Interest rate spreads - split by segments
- Quarterly development in average interest rate spreads
- Net interest income
- Changes in net interest income
Net other operating income
- Net other operating income
- Net gains on financial instruments at fair value
- Profit from investments accounted for by the equity method - Fremtind
Operating expenses
- Operating expenses
- Full-timepositions based on the operational structure
- IT expenses
Loans and financial commitments
- Loans and financial commitments to customers by industry segment
- Development in maximum exposure of loans and financial commitments to customers
- Development in accumulated impairment of loans and financial commitments to customers
- Stage 3 - development in net loans at amortised cost and financial commitments to customers
- Impairment of financial instruments
Exposure at default (EAD) and risk classification
- Credit portfolio
- Customer segments
- Breakdown of commercial real estate
- Breakdown of shipping
- Breakdown of oil, gas and offshore
- Breakdown of power and renewables
- DNB's risk classification
Liquidity, funding and shareholder structure
- Funding
- Redemption profile
- Minimum requirement for own funds and eligible liabilities (MREL)
- Asset encumbrance
- Liquid assets
- Liquidity Coverage Ratio (LCR)
- Net Stable Funding Ratio (NSFR)
- Credit ratings
- Major shareholders
- Ownership according to nationality
- Share buy-back programmes
Capital adequacy
- Own funds - condensed
- Leverage ratio
- Specification of exposure at default, risk exposure amount and average risk weights
- Own funds - DNB Bank ASA and DNB Group
- Cross-sectoralfinancial group
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FACTBOOK DNB - 1Q24 | CONTENTS | |
Contents chapter 2 - Segmental reporting
Financial performance
- Extracts from income statement
- Main balance sheet items and key figures
- Key figures - Norwegian and international units
Market shares
- DNB's market shares in Norway - retail market and corporate market
- Development in market shares, loans and deposits
- DNB Livsforsikring - market shares
- DNB Asset Management - market shares retail market
Personal customers (PC)
- Financial performance
- Key performance metrics - main customer divisions
- Risk classification of portfolio
- EAD by industry segment
- Distribution of loan to value
- DNB Boligkreditt - Average mortgage lending - volumes and spreads
- DNB Eiendom - Residential real estate broking in Norway
Corporate customers (CC)
- Financial performance
- Key performance metrics - Small and medium-sized enterprises
- Risk classification of portfolio
- EAD by industry segment
Other operations
2.5.1 Financial performance
Main subsidiaries and product units
Total DNB Markets activity:
- Financial performance
- Break down of revenues
- Value-at-Risk
DNB Livsforsikring Group:
- Legal entity consolidated accounts and solvency capital
- Financial performance
- Non-guaranteedproducts income
- Guaranteed products income
DNB Asset Management:
2.6.8 Financial performance
Contents chapter 3 - The Norwegian economy
- Basic information about Norway
- Government net financial liabilities
- GDP growth mainland Norway and unemployment rate
- Contribution to volume growth in GDP, mainland Norway
- Composition of GDP
- Composition of exports
- Key macro-economic indicators, Norway
- Credit market, 12 month percentage growth
- Deposit market, 12 month percentage growth
- House prices
- Household interest burden and debt burden
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FACTBOOK DNB - 1Q24 | CHAPTER 1 - DNB GROUP | |
Chapter 1 - DNB Group
Financial results and key figures
Net interest income
Net other operating income
Operating expenses
Loans and financial commitments
Exposure at default and risk classification
Liquidity, funding and shareholder structure
Capital adequacy
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FACTBOOK DNB - 1Q24CHAPTER 1 - DNB GROUP
1.1.1 Income statement - condensed1
Amounts in NOK million | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 |
Net interest income | 15 526 | 15 997 | 15 718 | 15 232 | 14 600 | 14 071 | 12 253 | 11 525 | 10 445 |
Net commissions and fees | 2 702 | 2 927 | 2 735 | 2 819 | 2 634 | 2 709 | 2 475 | 2 557 | 2 587 |
Net gains on financial instruments at fair value2 | 1 183 | (162) | 1 703 | 1 277 | 2 464 | 256 | 706 | 1 624 | 1 562 |
Net insurance result | 203 | 326 | 364 | 338 | 154 | 504 | 261 | 277 | 192 |
Other operating income | 783 | 900 | 449 | 536 | 684 | 1 018 | 425 | 404 | 282 |
Net other operating income3 | 4 872 | 3 991 | 5 252 | 4 971 | 5 936 | 4 487 | 3 867 | 4 863 | 4 623 |
Total income | 20 398 | 19 988 | 20 970 | 20 203 | 20 536 | 18 558 | 16 120 | 16 388 | 15 068 |
Operating expenses | (7 306) | (7 639) | (6 850) | (7 044) | (6 863) | (7 340) | (6 257) | (6 235) | (5 795) |
Restructuring costs and non-recurring effects | 22 | (64) | (8) | (40) | (113) | (26) | (15) | (135) | 0 |
Pre-tax operating profit before impairment | 13 113 | 12 286 | 14 112 | 13 120 | 13 560 | 11 192 | 9 848 | 10 018 | 9 273 |
Net gains on fixed and intangible assets | (2) | 0 | (4) | 15 | 0 | (25) | 1 | 0 | 1 |
Impairment of loans and guarantees | (323) | (920) | (937) | (871) | 79 | (674) | 148 | 209 | 589 |
Pre-tax operating profit | 12 789 | 11 366 | 13 172 | 12 263 | 13 639 | 10 493 | 9 996 | 10 227 | 9 863 |
Tax expense | (2 558) | (1 824) | (3 029) | (2 821) | (3 137) | (519) | (2 289) | (2 351) | (2 252) |
Profit from operations held for sale, after taxes | (29) | (138) | (0) | 19 | (30) | 127 | 26 | 81 | 36 |
Profit for the period | 10 203 | 9 403 | 10 142 | 9 462 | 10 472 | 10 101 | 7 733 | 7 957 | 7 647 |
Portion attributable to shareholders | 9 789 | 9 019 | 9 805 | 9 149 | 10 192 | 9 858 | 7 555 | 7 783 | 7 391 |
- See table 1.1.2 "Income statement" for more details.
- See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
- See table 1.3.1 "Net other operating income" for specification.
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FACTBOOK DNB - 1Q24CHAPTER 1 - DNB GROUP
1.1.2 Income statement - quarterly figures
Amounts in NOK million | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | |
Interest income, effective interest method | 46 268 | 43 595 | 40 897 | 36 641 | 32 418 | 27 417 | 19 893 | 15 311 | 12 620 | |
Other interest income | 2 073 | 1 236 | 2 296 | 1 826 | 1 737 | 1 811 | 1 436 | 817 | 687 | |
Interest expenses, effective interest method | (33 163) | (29 441) | (28 179) | (24 231) | (19 906) | (14 992) | (8 389) | (3 807) | (1 892) | |
Other interest expenses | 348 | 607 | 704 | 996 | 350 | (166) | (687) | (796) | (969) | |
Net interest income | 15 526 | 15 997 | 15 718 | 15 232 | 14 600 | 14 071 | 12 253 | 11 525 | 10 445 | |
Commission and fee income etc. | 3 636 | 3 856 | 3 610 | 3 765 | 3 541 | 3 678 | 3 522 | 3 548 | 3 435 | |
Commission and fee expenses etc. | (934) | (929) | (875) | (946) | (907) | (970) | (1 047) | (990) | (848) | |
Net gains on financial instruments at fair value1 | 1 183 | (162) | 1 703 | 1 277 | 2 464 | 256 | 706 | 1 624 | 1 562 | |
Net insu | rance result | 203 | 326 | 364 | 338 | 154 | 504 | 261 | 277 | 192 |
Profit from investments accounted for by the equity method2 | 188 | 274 | (65) | 76 | 164 | 460 | 60 | 165 | 60 | |
Net gains on investment properties | 3 | 45 | 0 | (1) | (1) | (9) | 4 | 2 | (4) | |
Other income | 592 | 581 | 514 | 461 | 521 | 567 | 361 | 237 | 226 | |
Net other operating income | 4 872 | 3 991 | 5 252 | 4 971 | 5 936 | 4 487 | 3 867 | 4 863 | 4 623 | |
Total income | 20 398 | 19 988 | 20 970 | 20 203 | 20 536 | 18 558 | 16 120 | 16 388 | 15 068 | |
Salaries and other personnel expenses | (4 261) | (4 428) | (3 940) | (4 011) | (3 941) | (4 226) | (3 578) | (3 585) | (3 302) | |
Other expenses | (2 148) | (2 298) | (2 018) | (2 136) | (2 055) | (2 243) | (1 812) | (1 930) | (1 662) | |
Depreciation and impairment of fixed and intangible assets | (875) | (977) | (900) | (937) | (979) | (897) | (882) | (856) | (831) | |
Total operating expenses | (7 284) | (7 703) | (6 858) | (7 083) | (6 976) | (7 366) | (6 272) | (6 370) | (5 795) | |
Pre-tax operating profit before impairment | 13 113 | 12 286 | 14 112 | 13 120 | 13 560 | 11 192 | 9 848 | 10 018 | 9 273 | |
Net gains on fixed and intangible assets | (2) | 0 | (4) | 15 | 0 | (25) | 1 | 0 | 1 | |
Impairment of financial instruments | (323) | (920) | (937) | (871) | 79 | (674) | 148 | 209 | 589 | |
Pre-tax operating profit | 12 789 | 11 366 | 13 172 | 12 263 | 13 639 | 10 493 | 9 996 | 10 227 | 9 863 | |
Tax expense | (2 558) | (1 824) | (3 029) | (2 821) | (3 137) | (519) | (2 289) | (2 351) | (2 252) | |
Profit from operations held for sale, after taxes | (29) | (138) | (0) | 19 | (30) | 127 | 26 | 81 | 36 | |
Profit for the period | 10 203 | 9 403 | 10 142 | 9 462 | 10 472 | 10 101 | 7 733 | 7 957 | 7 647 | |
Portion attributable to shareholders | 9 789 | 9 019 | 9 805 | 9 149 | 10 192 | 9 858 | 7 555 | 7 783 | 7 391 | |
Portion attributable to non-controlling interests | (1) | (15) | 6 | 11 | 0 | 9 | 6 | 36 | 31 | |
Portion attributable to additional Tier 1 capital holders | 414 | 400 | 331 | 302 | 280 | 234 | 172 | 138 | 225 | |
Profit for the period | 10 203 | 9 403 | 10 142 | 9 462 | 10 472 | 10 101 | 7 733 | 7 957 | 7 647 | |
Earnings/diluted earnings per share (NOK) | 6.48 | 5.93 | 6.39 | 5.93 | 6.59 | 6.36 | 4.87 | 5.02 | 4.77 | |
Earnings per share excluding operations held for sale (NOK) | 6.50 | 6.02 | 6.39 | 5.91 | 6.61 | 6.28 | 4.86 | 4.97 | 4.74 | |
Average exchange rates in the period: | ||||||||||
EUR/NOK | 11.42 | 11.64 | 11.41 | 11.64 | 10.97 | 10.40 | 10.07 | 10.02 | 9.93 | |
USD/NOK | 10.52 | 10.83 | 10.48 | 10.69 | 10.23 | 10.20 | 10.00 | 9.41 | 8.85 |
- See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
- See table 1.3.3 for details on Fremtind.
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FACTBOOK DNB - 1Q24CHAPTER 1 - DNB GROUP
1.1.3 Income statement - full-year figures
Amounts in NOK million | 2023 | 2022 | 2021 | 2020 | 2019 |
Interest income, effective interest method | 153 550 | 75 241 | 43 997 | 50 660 | 60 225 |
Other interest income | 7 095 | 4 751 | 2 890 | 4 636 | 5 123 |
Interest expenses, effective interest method | (101 757) | (29 080) | (4 693) | (11 511) | (23 661) |
Other interest expenses | 2 658 | (2 619) | (3 504) | (5 161) | (2 486) |
Net interest income | 61 547 | 48 294 | 38 690 | 38 623 | 39 202 |
Commission and fee income etc. | 14 772 | 14 184 | 14 992 | 13 289 | 13 484 |
Commission and fee expenses etc. | (3 658) | (3 856) | (3 981) | (3 789) | (3 768) |
Net gains on financial instruments at fair value1 | 5 283 | 4 147 | 3 621 | 5 902 | 3 183 |
Net financial result, life insurance (prior to IFRS 17) | 581 | 418 | 696 | ||
Net risk result, life insurance (prior to IFRS 17) | 210 | 241 | 433 | ||
Net insurance result | 1 183 | 1 235 | 0 | 0 | |
Profit from investments accounted for by the equity method2 | 449 | 746 | 524 | 402 | 410 |
Net gains on investment properties | 43 | (7) | 91 | (61) | 92 |
Other income | 2 077 | 1 390 | 1 188 | 1 373 | 1 126 |
Net other operating income | 20 150 | 17 840 | 17 225 | 17 776 | 15 655 |
Total income | 81 697 | 66 133 | 55 915 | 56 399 | 54 857 |
Salaries and other personnel expenses | (16 320) | (14 690) | (13 826) | (12 873) | (12 603) |
Other expenses | (8 506) | (7 648) | (6 845) | (7 208) | (7 472) |
Depreciation and impairment of fixed and intangible assets | (3 794) | (3 465) | (3 363) | (3 320) | (3 058) |
Total operating expenses | (28 620) | (25 803) | (24 034) | (23 401) | (23 133) |
Pre-tax operating profit before impairment | 53 077 | 40 331 | 31 881 | 32 998 | 31 724 |
Net gains on fixed and intangible assets | 11 | (24) | (82) | 767 | 1 703 |
Impairment of financial instruments | (2 649) | 272 | 868 | (9 918) | (2 191) |
Pre-tax operating profit | 50 440 | 40 579 | 32 667 | 23 847 | 31 235 |
Tax expense | (10 811) | (7 411) | (7 462) | (4 229) | (5 465) |
Profit from operations held for sale, after taxes | (149) | 270 | 150 | 221 | (49) |
Profit for the period | 39 479 | 33 438 | 25 355 | 19 840 | 25 721 |
Portion attributable to shareholders | 38 166 | 32 587 | 24 407 | 18 712 | 24 603 |
Portion attributable to non-controlling interests | 2 | 82 | 26 | (15) | (5) |
Portion attributable to additional Tier 1 capital holders | 1 312 | 769 | 922 | 1 143 | 1 123 |
Profit for the period | 39 479 | 33 438 | 25 355 | 19 840 | 25 721 |
Earnings/diluted earnings per share (NOK) | 24.83 | 21.02 | 15.74 | 12.04 | 15.54 |
Earnings per share excluding operations held for sale (NOK) | 24.93 | 20.85 | 15.65 | 11.89 | 15.57 |
Average exchange rates in the period: | |||||
EUR/NOK | 11.41 | 10.10 | 10.17 | 10.73 | 9.85 |
USD/NOK | 10.56 | 9.61 | 8.59 | 9.42 | 8.80 |
- See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
- See table 1.3.3 for details on Fremtind.
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FACTBOOK DNB - 1Q24CHAPTER 1 - DNB GROUP
1.1.4 Comprehensive income statement
Amounts in NOK million | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 |
Profit for the period | 10 203 | 9 403 | 10 142 | 9 462 | 10 472 | 10 101 | 7 733 | 7 957 | 7 647 |
Actuarial gains and losses | (331) | 40 | (237) | 118 | 118 | 414 | |||
Property revaluation | 3 | (1) | (1) | 10 | (31) | 26 | |||
Financial liabilities designated at fair value through | |||||||||
profit or loss, changes in credit risk | (30) | (52) | (108) | 21 | 37 | (74) | 58 | 67 | 89 |
Tax | 8 | 96 | 17 | (5) | (9) | 78 | (44) | (40) | (126) |
Items that will not be reclassified to the income statement | (23) | (284) | (51) | 15 | 28 | (223) | 102 | 172 | 377 |
Currency translation of foreign operations | 3 991 | (1 030) | (2 094) | 1 956 | 6 118 | (3 674) | 3 289 | 5 707 | (2 047) |
Currency translation reserve reclassified to the income | |||||||||
statement | (5 213) | ||||||||
Hedging of net investments | (3 188) | 1 075 | 1 664 | (1 529) | (5 056) | 3 182 | (2 832) | (4 890) | 1 662 |
Hedging reserve reclassified to the income statement | 5 137 | ||||||||
Financial assets at fair value through OCI | 449 | (139) | 102 | (124) | 14 | 248 | (258) | (321) | (373) |
Tax | 685 | (234) | (442) | 416 | 1 257 | (854) | 774 | 1 303 | (324) |
Tax reclassified to the income statement | (1 284) | ||||||||
Items that may subsequently be reclassified to the | |||||||||
income statement | 1 937 | (328) | (770) | 719 | 2 334 | (2 457) | 972 | 1 799 | (1 082) |
Other comprehensive income for the period | 1 914 | (611) | (821) | 734 | 2 361 | (2 680) | 1 074 | 1 972 | (705) |
Comprehensive income for the period | 12 117 | 8 792 | 9 321 | 10 196 | 12 834 | 7 421 | 8 807 | 9 929 | 6 942 |
Full-year figures
Amounts in NOK million | 2023 | 2022 | 2021 | 2020 | 2019 |
Profit for the period | 39 479 | 33 438 | 25 355 | 19 840 | 25 721 |
Actuarial gains and losses | (291) | 414 | (183) | (324) | (3) |
Property revaluation | 2 | 5 | 212 | 578 | 278 |
Items allocated to customers, life insurance (prior to IFRS 17) | (193) | (578) | (278) | ||
Financial liabilities designated at fair value through profit or loss, changes in credit risk | (102) | 140 | 29 | 33 | 232 |
Tax | 99 | (131) | 41 | 72 | (63) |
Items that will not be reclassified to the income statement | (292) | 428 | (93) | (218) | 165 |
Currency translation of foreign operations | 4 950 | 3 275 | (1 018) | 3 519 | 462 |
Currency translation reserve reclassified to the income statement | (5 213) | 0 | |||
Hedging of net investments | (3 845) | (2 878) | 680 | (3 246) | (459) |
Hedging reserve reclassified to the income statement | 5 137 | ||||
Financial assets at fair value through OCI | (147) | (704) | (101) | 103 | 59 |
Tax | 998 | 900 | (148) | 786 | (208) |
Tax reclassified to the income statement | (1 284) | ||||
Items that may subsequently be reclassified to the income statement | 1 955 | (767) | (587) | 1 161 | (147) |
Other comprehensive income for the period | 1 663 | (340) | (681) | 943 | 19 |
Comprehensive income for the period | 41 142 | 33 098 | 24 674 | 20 783 | 25 740 |
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DnB Bank ASA published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 05:33:08 UTC.