DNB's profit in the first quarter of 2024 was NOK 10.2 billion. This is NOK 0.3
billion, or 2.6 per cent, lower than the corresponding quarter of last year.

DNB's strong results were partly driven by a positive trend in the corporate
market - not only in Norway, but also abroad. Around a quarter of DNB's income
in the first quarter came from the Group's international operations.

At the same time, the Norwegian economy continues to show resilience in a time
of higher interest rates, and this has also contributed positively to DNB's
results.

"A stronger than expected start to the year adds weight to the belief that the
Norwegian economy is heading for a soft landing. Norway has succeeded in keeping
people in work while bringing down inflation in a controlled manner. In
addition, 2024 is set to be a year of real wage growth. This is good news," says
Kjerstin Braathen, CEO of DNB.

Increased activity in the housing market

In the housing market, prices have risen more than many people expected at the
start of the year. According to DNB Markets' estimates, prices will increase by
3 per cent this year and 6 per cent next year.

"Fewer people are applying for interest-only periods and extended terms to
maturity than at this time last year. We've also seen strong growth in the
number of applications for pre-qualification letters since the beginning of the
year, and we expect this trend to continue," says Braathen.

At the same time, competition for mortgage customers is fierce.

"Norwegian bank customers are the most active in the Nordic region. This pushes
us to deliver for our customers every day and to highlight the good solutions
and advice they get from us that they don't get elsewhere," says Braathen.

Robust lending portfolio

DNB's net interest income totalled NOK 15.5 billion in the quarter. This is a
decrease of 2.9 per cent from the previous quarter. The levelling off is taking
place in step with the key policy rate seemingly peaking, and debt growth in
Norwegian households falling to its lowest level since before the turn of the
millennium.

The bank's lending portfolio has proved robust throughout the key policy rate
hikes, both in the personal customer market and the corporate market. DNB
recognised impairment provisions of NOK 323 million in the first quarter.

Passed the NOK 1 000 billion mark

Income from other customer activities than lending and deposits (commission and
fee income) ended at NOK 2.7 billion this quarter. This is an increase of 2.6
per cent from the same quarter last year, making it the best first quarter ever
for this income item.

One of the factors behind this positive development is a strong growth in income
relating to savings and investments. DNB is Norway's largest private asset
manager, and DNB Asset Management now manages more than NOK 1 000 billion on
behalf of its mutual fund customers.

"The fact that we have achieved this milestone can partly be ascribed to our
customers having a greater focus on saving in mutual funds. We see this in the
way that our popular savings app Spare is gaining more and more users, and
through the #huninvesterer (#girlsinvest) campaign, which is now in its fifth
year. More and more people are setting up monthly savings schemes," says
Braathen.

Sbanken is still a contender

An important event this quarter was the transfer of all of the Sbanken concept's
customer data to a shared technical platform in DNB. This completed the
technical and legal merger between Sbanken and DNB.

"The move itself went well, and we're very pleased about that. At the same time,
we understand that our customers haven't asked for these changes, and we're
taking their feedback on board. Now, we'll do everything we can to show that
Sbanken is still a contender in the Norwegian banking market - with user
-friendly services and good prices," says Braathen.

Despite the challenges of recent months, Sbanken still has more loan customers
and higher lending volumes than when the acquisition plans were announced in
April 2021.

Financial key figures for the first quarter of 2024 (figures for the
corresponding quarter in 2023):

Pre-tax operating profit before impairment amounted to NOK 13.1 billion (13.6)

Profit was NOK 10.2 billion (10.5)

Earnings per share were NOK 6.48 (6.59)

Return on equity was 15.6 per cent (17.2)

Cost/income ratio was 35.7 per cent (34.0)

Common equity Tier 1 (CET 1) capital ratio was 19.0 per cent (18.6)


For further information:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71
32 50

Øystein Kløvstad Langberg, Executive Vice President of Communications, tel.:
(+47) 98 04 88 25

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Securities Trading Act.

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