Net profit rose to 10.5 billion Norwegian crowns ($989.43 million) in the January-March quarter, from 7.6 billion crowns a year earlier, while analysts on average had expected 8.9 billion crowns, according to a poll compiled by the bank.

"We are experiencing growth in both the personal and corporate customer markets," Chief Executive Officer Kjerstin Braathen said in a statement.

While the first quarter was marked by international market turbulence, the activity level in the Norwegian economy remained high, the bank said.

DNB and its Nordic peers have seen a year of rapid rate hikes by central banks seeking to curb inflation, boosting the industry's interest income and profits.

Norges Bank was the first major central bank to begin hiking rates in September 2021 and is expected to raise rates again next week.

($1 = 10.6122 Norwegian crowns)

(Reporting by Victoria Klesty, Editing by Terje Solsvik)