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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  DNB    DNB   NO0010031479

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DNB : Norwegian bank DNB's second-quarter earnings fall short of expectations, shares drop

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07/12/2018 | 11:14am CET
FILE PHOTO: A view of DNB bank's local office in Riga

OSLO (Reuters) - Norway's DNB, the country's largest bank, reported second-quarter earnings below expectations on Thursday, partly due to a weak performance in its trading operations, sending its shares lower.

DNB said second-quarter net profit totalled 6.08 billion crowns ($751 million), up from 5.2 billion crowns in the same period a year earlier, but below expectations in a Reuters poll of analysts for 6.2 billion crowns.

In recent months, the bank had benefited from an upturn in the Norwegian economy and particularly in its crucial oil sector, with a number of successful restructurings completed.

But the positive news was outweighed on Thursday by concerns over the performance of the bank's trading operations and a fall in the lending spread of 12 basis points in the quarter due to a higher NIBOR, the Norwegian interbank offered rate.

The bank's shares were down 4.43 percent at 0852 GMT, lagging an Oslo benchmark index <.OSEBX> down 0.59 percent.

The trading business saw lower revenues in the quarter, with the division it now reports under, called "Other Operations", seeing revenues down 44 percent year-on-year.

"A mixed revenue picture takes the gloss off, with higher NIBOR hitting NII (net interest income) and a weak trading performance," said Jefferies analyst Kapilan Pillai in a note to clients. Jefferies has a "Buy" rating on the stock.

The bank's net interest income came in at 9.0 billion crowns in the quarter, roughly flat year-on-year and slightly below expectations for 9.1 billion crowns in the poll.

Another analyst said he expected the share price to turn later in the day because the bank was performing well overall.

"It is an over-reaction at this moment, we do not see any major weakness in the figures, there are no major surprises in the quarter," said Norne Securities' Zilvinas Jusaitis.

(Editing by Susan Fenton and Mark Potter)

By Gwladys Fouche and Lefteris Karagiannopoulos

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Financials (NOK)
Sales 2018 50 178 M
EBIT 2018 28 843 M
Net income 2018 22 605 M
Debt 2018 -
Yield 2018 5,29%
P/E ratio 2018 10,71
P/E ratio 2019 9,63
Capi. / Sales 2018 4,83x
Capi. / Sales 2019 4,48x
Capitalization 242 B
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Mean consensus HOLD
Number of Analysts 25
Average target price 171  NOK
Spread / Average Target 14%
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Managers
NameTitle
Rune Bjerke Group Chief Executive Officer
Olaug Svarva Chairman
Solveig Elisabeth Hellebust Group Executive VP-People & Operations
Kjerstin Elisabeth Braathen Chief Financial Officer
Alf Otterstad Group Executive VP-Information Technology
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