DNB BANK ASA 
Equity story
April 2022
A resilient and robust Norwegian economy
▪ High activity level in Norwegian economy, society fully reopened since February 2022
▪ Unemployment back at pre-pandemic level, demonstrating high activity level in the economy
▪ Three rate hikes already implemented - Norges Bank forecasts seven additional rate hikes before the end of 2023
4.2
3.8
2.50
10.4
2.0
2.2
2.3
(2.3)
2.3
2.3
1.9
2015
2016
2017
2018
2019
2020
2021
2022e
2023e
2024e
2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024e
Feb20
Mar20
Apr20
May20
Aug20
Dec20
Apr21
Jun21
Sep21
Dec21
Jan22
Mar22 2022e 2023e 2024e
Forecast MarchForecast December
80% of DNB group's revenue comes from the Norwegian units
Sources: DNB Markets, Statistics Norway, Norges Bank (the Norwegian central bank), NAV (the Norwegian Labour and Welfare Administration).
The Norwegian economy has proven its resilience through the pandemic
▪ The floating currency provides a natural hedge
▪ The monetary policy gives room to maneuver and support an inflation of close to 2 per cent over time
▪ The fiscal policy allows room for flexibility to smooth out cycles
5.52
11.40
12 340
2013
2014
2015
2016
2017
2018
2019
2020
2021
Sources: Norges Bank (the Norwegian central bank),
1.50
1.75
2022
2013 2014 2015 2016 2017 2018 2019
2020
Forecast December
2021 2022e 2023e 2024e
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
CurrencyFinancial return
2013
2014
2015
2016
2017
2018
2019
2020
2021
Inflows
DNB is a broad-based financial institution and by far the largest in Norway
A full-service financial institution and market leader in Norway
Market shares in Norway
Partnership
23% retail loans
29% retail deposits
21% corporate loans
The dominant mobile wallet in Norway 88% of Norwegians 13 years and older have the app
More than 80% are active users
35% corporate deposits
DNB owns 45% of Vipps Ongoing merge with MobilePay and Pivo
38% retail mutual funds
17% real estate brokerage
29% Defined contribution
Sources: Norwegian Fund and Asset Management Association, Real Estate Norway, Finance Norway
Leading non-life insurance provider
Joint venture with SpareBank 1 Alliance Third largest insurance provider in Norway
DNB owns 35% of Fremtind
Our financial ambitions towards year-end 2023
Overriding target:
Return on equity
>12%
CET1 capital ratio | C/I ratio | Payout ratio |
>17.6%1) | <40% | >50% |
Capital level | Key performance indicator | Dividend policy |
1) Financial Supervisory Authority of Norway's (FSA) expectation including pre-pandemic counter-cyclical buffer requirements
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DnB Bank ASA published this content on 02 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2022 14:26:10 UTC.
