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DNB Bank (DNB) investor relations material
DNB Bank Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 profit was NOK 10,684 million, up 2.3% sequentially but down 12.1% year-over-year; EPS was NOK 6.98, up 2.8% sequentially but down from NOK 7.83 last year.
Annualised ROE was 15.8% for Q3, with a positive outlook for the Norwegian economy and continued high employment.
Net interest income declined 1% sequentially, impacted by policy rate cuts, repricing, and product mix, but loan growth was positive across all segments.
Net commission and fee income surged 28.9% year-over-year, driven by asset management and investment banking.
New 1% share buyback program launched after completing the previous program in Q3.
Financial highlights
Net interest income for Q3 was NOK 15,990 million, down 1% sequentially and 0.9% year-over-year.
Profit for the period was NOK 10,684 million, up NOK 242 million sequentially but down NOK 1,476 million year-over-year.
Operating expenses were NOK 8,483 million, reflecting integration and restructuring costs.
Impairment provisions totaled NOK 862 million, mainly from legacy Polish and other portfolios.
Underlying asset under management grew by NOK 54 billion, despite divestment of the Holberg portfolio.
Outlook and guidance
ROE target remains above 14%, with ambitions for 3–4% annual organic loan growth and over 9% annual growth in net commissions and fees from 2025–2027.
Economists expect one more rate cut in June next year, stabilizing the key policy rate at 3.75%.
Cost/income ratio target is below 40%; long-term tax rate expected at 23%.
Dividend policy unchanged: payout ratio above 50% and ambition to increase nominal dividend per share annually.
Less activity expected in US renewables, with growth shifting to the UK and other regions.
How will DNB manage future CET1 ratio impacts?
What is the outlook for net interest income given rate cuts?
What are the key drivers of increased impairment?
Polish legacy portfolio: Provisioning comfort?
Elaborate on 9% commission income growth drivers.
DNB's view on US renewables regulatory risk?
Polish provisions: Why not increase coverage to reduce P&L volatility?
Carnegie integration: Specific drivers for >9% fee growth?
US renewables: Risk of higher risk grades or model changes?
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Q4 2025 (Media)4 Feb, 2026
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Frequently asked questions
Norway's Largest Bank
DNB is Norway's largest bank and an important player in the wider Nordic financial region. Headquartered in Oslo, DNB has woven itself into the fabric of the Nordic economy, playing a crucial role in both local and international financial markets. The bank offers a wide range of traditional banking services for both businesses and private individuals.
A History Spanning two Centuries
DNB's journey began in 1822 when it was founded as Christiania Sparebank. In its early years, it catered primarily to the local population, focusing on providing savings and loan services. The bank expanded its operations significantly through a series of mergers and acquisitions over the years. The most notable of these was the merger between Den Norske Bank (DnB) and Gjensidige NOR in 2003, resulting in the modern iteration of the company. This cemented DNB's place as Norway's largest financial services group, and it has maintained this position to the present day. Today, they’re an important player in the Nordic Banking sphere together compete with other large banks in the region, including names like Danske Bank, Skandinaviska Enskilda Banken, and Nordea.
A Comprehensive Financial Services Provider
As a full-service bank, DNB offers a wide range of financial products and services to its customers. This includes personal and business banking services, wealth management, and insurance. Personal banking services cover everything from day-to-day transaction accounts, credit and debit cards, home and personal loans, to savings and investment opportunities. For businesses, DNB offers corporate banking services, including business loans, cash management solutions, and tailored services for industries like shipping, offshore, and seafood.
Furthermore, DNB has a strong focus on digital banking, providing customers with an advanced mobile banking app that allows for seamless transactions, personal finance management, and easy access to their accounts. With a strong emphasis on digital innovation, DNB offers contemporary, convenient banking solutions that align with the evolving needs of its customers.
DNB in the Nordic Banking Landscape
DNB's influence extends well beyond Norway's borders, making it a notable player in the broader Nordic banking industry. As one of the largest financial institutions in the region, DNB is pivotal to the Nordic financial infrastructure. It has branches, subsidiaries, and representative offices in many countries, serving a wide array of customers from various backgrounds and industries. Today, they also have representational offices in various financial hubs across both Europe and the rest of the world.
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