DNB BANK ASA Results DNB Group
First quarter 2022
Kjerstin R. Braathen (CEO)
Ida Lerner (CFO)
Q1
Sbanken included in balance sheet figures as of 31 March 2022, but not in average balance sheet or profit figures for the quarter.
28 April 2022
Continued strong results and solid asset quality
Return on equity
Per cent, trailing 12-month figures
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
Return on equity (ROE) of 12.9 per cent in the quarter
Strong performance in the customer segments and net reversals of impairment provisions
Net interest income (NII) up 13.2 per cent from 1Q21 and 1.6 from 4Q21
Driven by repricing and volume growth
Net commissions and fees up 8.1 per cent from 1Q21
Strong performance across product areas
Net reversals of impairment provisions
Reflecting successful restructuring of customer-specific cases in stage 3 and an overall robust portfolio
Earnings per share (EPS) up 29 per cent from 1Q21
EPS of NOK 4.71 for the quarter
Sbanken and DNB - above all a good fit
The acquisition of Sbanken approved 16 March 2022
Sbanken to remain separate entity until further details are in place
Sbanken showed strong growth in the quarter
Loans to customers increased by 5.6 per cent
Determined to create the best digital customer experiences
Combining two institutions with leading tech and innovation capabilities
High activity in the 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
Mainland GDP growth | Key policy rate | Registered unemployment |
YoY, per cent | Per cent | Full-time unemployment, per cent |
4.2
3.8
2.50 10.4
2.2
2.3
2.0
(2.3)
0.752.3
2015
2016
2017
2018
2019
2020
2021
2022e
2023e
2024e
2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024e
Forecast MarchForecast December
Feb20
Mar20
Apr20
Sources: DNB Markets, Statistics Norway, Norges Bank (the Norwegian central bank), NAV (the Norwegian Labour and Welfare Administration).
2.3
1.9
May20
Aug20
Dec20
Apr21
Jun21
Sep21
Dec21
Jan22
Mar22 2022e 2023e 2024e
Resilient and robust Norwegian economy
Global inflation expected to rise due to higher energy and utility prices - Norwegian core inflation still at healthy level
Norwegian housing prices expected to grow moderately going forward
Investment activity expected to increase
Core inflation at a healthy level
Consumer price index and core inflation, per cent
6.00 5.00 4.00 3.00 2.00 1.00 0.00
2.00
2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024e
Consumer price indexCore inflation1)
1) Core inflation, excluding energy and utility prices.
Housing prices
Seasonally adjusted, per cent
1.50
1.00
0.50
0.00
-0.50
-1.00
-1.50
-2.00
Monthly change (LHS)
Sources: DNB Markets, Norges Bank, Norwegian Ministry of Finance.
15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00
2016
2017
2018
2019
2020
2021
2022e
2023e
2024e
12-month change (RHS)
Investments in Norway
NOK billion (constant 2021 prices)
1 000
800
600
400
200
0
2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024e
Petroleum investmentsMainland investments
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DnB Bank ASA published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 05:43:23 UTC.
