By Elena Vardon


DNB Bank said its fourth-quarter results were driven by performance of its corporate market and international offices, with profit roughly in line with expectations but lower than the same period the previous year.

Norway's largest lender on Wednesday posted a profit attributable to shareholders of 9.02 billion Norwegian kroner ($863.8 million) for the three months ended Dec. 31 compared with NOK9.86 billion a year earlier, and slightly lower than expectations of NOK8.96 billion taken from a company-compiled consensus.

Total income was NOK19.99 billion, with net interest income contributing NOK16.00 billion, it said. This represents an increase from the comparable quarter the previous year--when it reported NOK18.56 billion and NOK14.07 billion, respectively--but fell short of analysts' estimates of NOK20.62 billion and NOK16.20 billion.

The bank said its tax rate was 16%, given the distribution of debt interest linked with its international operations.

DNB's common equity Tier 1 capital ratio--a measure of a bank's financial strength--slipped to 18.2% at the end of December from 18.3% the three months prior, it said.

The Oslo-listed group proposed a dividend of NOK16 a share for 2023, up from NOK12.5 the previous year.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

01-31-24 0946ET