DNB Bank ASA

Quarterly Report • Jul 11, 2024

DNB-konsernet | Årsrapport 2023

Factbook Second quarter 2024 Unaudited

DNB Group

20

Contact information

Group Management

Kjerstin R. Braathen, CEO Ida Lerner, CFO

For further information, please contact

Rune Helland, Head of Investor Relations	rune.helland@dnb.no	+47 23 26 84 00
Anne Engebretsen, Investor Relations	anne.engebretsen@dnb.no	+47 23 26 84 08
Andreas Skårsmoen Øyo, Investor Relations	andreas.skarsmoen.oyo@dnb.no	+47 97 58 07 47
Thor Tellefsen, Long Term Funding	thor.tellefsen@dnb.no	+47 23 26 84 04
Mathias Bruvik, Head of Group Financial Reporting	mathias.bruvik@dnb.no	+47 91 75 87 74

Address

DNB, P.O.Box 1600 Sentrum, N-0021 Oslo Visiting address: Dronning Eufemias gate 30, Bjørvika, 0191 Oslo

Telephone number

+47 91 50 48 00

Information on the Internet DNB's Investor Relations page: ir.dnb.no

Financial calendar

2024

22 October	Q3 2024
19 November	Capital Markets Day, in London

2025

5 February	Q4 2024
19 March	Annual report 2024
29 April	Annual General Meeting
30 April	Ex-dividend date
9 May	Distribution of dividends
7 May	Q1 2025
11 July	Q2 2025
22 October	Q3 2025

Statements regarding DNB's relative market positions are, unless otherwise specified, based on internal DNB analyses.

Assumptions and changes

Interest rate spreads

The principles for the calculation of interest spreads on short-term deposits from Corporate customers were revised in the second quarter of 2024. The effect on net interest income on group level is neutral.

Changes in organisational structure

DNB's organisational structure, including the Group Management team, was changed on 6 May 2024. The organisational changes will be reflected in the segment reporting as of the third quarter. However, table 1.4.2 Full time positions as at 30 June 2024, is presented according to the new organisational structure.

Contents chapter 1 - DNB Group

Financial results and key figures

• 1.1.1 Income statement condensed
• 1.1.2 Income statement quarterly figures
• 1.1.3 Income statement full-year figures
• 1.1.4 Comprehensive income statement
• 1.1.5 Balance sheet quarterly figures 1.1.6 Balance sheet - full-year figures
• 1.1.7 Key figures quarterly figures
• 1.1.8 Key figures full-year figures
• 1.1.9 Key figures definitions

Net interest income

• 1.2.1 Net interest income split by segments
• 1.2.2 Average volumes split by segments
• 1.2.3 Interest rate spreads split by segments
• 1.2.4 Quarterly development in average interest rate spreads
• 1.2.5 Net interest income
• 1.2.6 Changes in net interest income

Net other operating income

• 1.3.1 Net other operating income
• 1.3.2 Net gains on financial instruments at fair value
• 1.3.3 Profit from investments accounted for by the equity method Fremtind

Operating expenses

• 1.4.1 Operating expenses
• 1.4.2 Full-time positions based on the operational structure
• 1.4.3 IT expenses

Loans and financial commitments

• 1.5.1 Loans and financial commitments to customers by industry segment
• 1.5.2 Development in maximum exposure of loans and financial commitments to customers
• 1.5.3 Development in accumulated impairment of loans and financial commitments to customers
• 1.5.4 Stage 3 development in net loans at amortised cost and financial commitments to customers
• 1.5.5 Impairment of financial instruments

Exposure at default (EAD) and risk classification

• 1.6.1 Credit portfolio
• 1.6.2 Customer segments
• 1.6.3 Breakdown of commercial real estate
• 1.6.4 Breakdown of shipping
• 1.6.5 Breakdown of oil, gas and offshore
• 1.6.6 Breakdown of power and renewables
• 1.6.7 DNB's risk classification

Liquidity, funding and shareholder structure

• 1.7.1 Funding
• 1.7.2 Redemption profile
• 1.7.3 Minimum requirement for own funds and eligible liabilities (MREL)
• 1.7.4 Asset encumbrance
• 1.7.5 Liquid assets
• 1.7.6 Liquidity Coverage Ratio (LCR)
• 1.7.7 Net Stable Funding Ratio (NSFR)
• 1.7.8 Credit ratings
• 1.7.9 Major shareholders
• 1.7.10 Ownership according to nationality
• 1.7.11 Share buy-back programmes

Capital adequacy

• 1.8.1 Own funds condensed
• 1.8.2 Leverage ratio
• 1.8.3 Specification of exposure at default, risk exposure amount and average risk weights
• 1.8.4 Own funds DNB Bank ASA and DNB Group
• 1.8.5 Cross-sectoral financial group

Contents chapter 2 - Segmental reporting

Financial performance

• 2.1.1 Extracts from income statement
• 2.1.2 Main balance sheet items and key figures
• 2.1.3 Key figures Norwegian and international units

Market shares

• 2.2.1 DNB's market shares in Norway retail market and corporate market
• 2.2.2 Development in market shares, loans and deposits
• 2.2.3 DNB Livsforsikring market shares
• 2.2.4 DNB Asset Management market shares retail market

Personal customers (PC)

• 2.3.1 Financial performance
• 2.3.2 Key performance metrics main customer divisions
• 2.3.3 Risk classification of portfolio
• 2.3.4 EAD by industry segment
• 2.3.5 Distribution of loan to value
• 2.3.6 DNB Boligkreditt Average mortgage lending volumes and spreads
• 2.3.7 DNB Eiendom Residential real estate broking in Norway

Corporate customers (CC)

• 2.4.1 Financial performance
• 2.4.2 Key performance metrics Small and medium-sized enterprises
• 2.4.3 Risk classification of portfolio
• 2.4.4 EAD by industry segment

Other operations

2.5.1 Financial performance

Main subsidiaries and product units

• Total DNB Markets activity:
  • 2.6.1 Financial performance
  • 2.6.2 Breakdown of revenues
  • 2.6.3 Value-at-Risk
• DNB Livsforsikring Group:
  • 2.6.4 Legal entity consolidated accounts and solvency capital
  • 2.6.5 Financial performance
  • 2.6.6 Non-guaranteed products income
  • 2.6.7 Guaranteed products income
• DNB Asset Management:
  • 2.6.8 Financial performance

Contents chapter 3 - The Norwegian economy

• 3.1.1 Basic information about Norway
• 3.1.2 Government net financial liabilities
• 3.1.3 GDP growth mainland Norway and unemployment rate
• 3.1.4 Contribution to volume growth in GDP, mainland Norway
• 3.1.5 Composition of GDP
• 3.1.6 Composition of exports
• 3.1.7 Key macro-economic indicators, Norway
• 3.1.8 Credit market, 12 month percentage growth
• 3.1.9 Deposit market, 12 month percentage growth
• 3.1.10 House prices
• 3.1.11 Household interest burden and debt burden

Chapter 1 - DNB Group

Financial results and key figures

Net interest income

Net other operating income

Operating expenses

Loans and financial commitments

Exposure at default and risk classification

Liquidity, funding and shareholder structure

Capital adequacy

1.1.1 Income statement - condensed1

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	15 817	15 526	15 997	15 718	15 232	14 600	14 071	12 253	11 525
Net commissions and fees	3 439	2 702	2 927	2 735	2 819	2 634	2 709	2 475	2 557
Net gains on financial instruments at fair value2	1 010	1 183	(162)	1 703	1 277	2 464	256	706	1 624
Net insurance result	433	203	326	364	338	154	504	261	277
Other operating income	873	783	900	449	536	684	1 018	425	404
Net other operating income3	5 756	4 872	3 991	5 252	4 971	5 936	4 487	3 867	4 863
Total income	21 572	20 398	19 988	20 970	20 203	20 536	18 558	16 120	16 388
Operating expenses								(7 503) (7 306) (7 639) (6 850) (7 044) (6 863) (7 340) (6 257) (6 235)
Restructuring costs and non-recurring effects	(3)	22	(64)	(8)	(40)	(113)	(26)	(15)	(135)
Pre-tax operating profit before impairment	14 067	13 113	12 286	14 112	13 120	13 560	11 192	9 848	10 018
Net gains on fixed and intangible assets	(3)	(2)	0	(4)	15	0	(25)	1	0
Impairment of loans and guarantees	(560)	(323)	(920)	(937)	(871)	79	(674)	148	209
Pre-tax operating profit	13 504	12 789	11 366	13 172	12 263	13 639	10 493	9 996	10 227
Tax expense				(2 701) (2 558) (1 824) (3 029) (2 821) (3 137)				(519) (2 289) (2 351)
Profit from operations held for sale, after taxes	(37)	(29)	(138)	(0)	19	(30)	127	26	81
Profit for the period	10 766	10 203	9 403	10 142	9 462	10 472	10 101	7 733	7 957
Portion attributable to shareholders	10 271	9 789	9 019	9 805	9 149	10 192	9 858	7 555	7 783

1 See table 1.1.2 "Income statement" for more details.

2 See table 1.3.2 "Net gains on financial instruments at fair value" for specification.

3 See table 1.3.1 "Net other operating income" for specification.

1.1.2 Income statement - quarterly figures

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Interest income, effective interest method	47 571	46 268	43 595	40 897	36 641	32 418	27 417	19 893	15 311
Other interest income	1 594	2 073	1 236	2 296	1 826	1 737	1 811	1 436	817
Interest expenses, effective interest method								(33 203) (33 163) (29 441) (28 179) (24 231) (19 906) (14 992) (8 389) (3 807)
Other interest expenses	(146)	348	607	704	996	350	(166)	(687)	(796)
Net interest income	15 817	15 526	15 997	15 718	15 232	14 600	14 071	12 253	11 525
Commission and fee income etc.	4 354	3 636	3 856	3 610	3 765	3 541	3 678	3 522	3 548
Commission and fee expenses etc.	(915)	(934)	(929)	(875)	(946)	(907)		(970) (1 047)	(990)
Net gains on financial instruments at fair value1	1 010	1 183	(162)	1 703	1 277	2 464	256	706	1 624
Net insurance result	433	203	326	364	338	154	504	261	277
Profit from investments accounted for by the equity method2	258	188	274	(65)	76	164	460	60	165
Net gains on investment properties	(7)	3	45	0	(1)	(1)	(9)	4	2
Other income	622	592	581	514	461	521	567	361	237
Net other operating income	5 756	4 872	3 991	5 252	4 971	5 936	4 487	3 867	4 863
Total income	21 572	20 398	19 988	20 970	20 203	20 536	18 558	16 120	16 388
Salaries and other personnel expenses								(4 319) (4 261) (4 428) (3 940) (4 011) (3 941) (4 226) (3 578) (3 585)
Other expenses								(2 288) (2 148) (2 298) (2 018) (2 136) (2 055) (2 243) (1 812) (1 930)
Depreciation and impairment of fixed and intangible assets	(898)	(875)	(977)	(900)	(937)	(979)	(897)	(882)	(856)
Total operating expenses								(7 505) (7 284) (7 703) (6 858) (7 083) (6 976) (7 366) (6 272) (6 370)
Pre-tax operating profit before impairment	14 067	13 113	12 286	14 112	13 120	13 560	11 192	9 848	10 018
Net gains on fixed and intangible assets	(3)	(2)	0	(4)	15	0	(25)	1	0
Impairment of financial instruments	(560)	(323)	(920)	(937)	(871)	79	(674)	148	209
Pre-tax operating profit	13 504	12 789	11 366	13 172	12 263	13 639	10 493	9 996	10 227
Tax expense		(2 701) (2 558) (1 824) (3 029) (2 821) (3 137)						(519) (2 289) (2 351)
Profit from operations held for sale, after taxes	(37)	(29)	(138)	(0)	19	(30)	127	26	81
Profit for the period	10 766	10 203	9 403	10 142	9 462	10 472	10 101	7 733	7 957
Portion attributable to shareholders	10 271	9 789	9 019	9 805	9 149	10 192	9 858	7 555	7 783
Portion attributable to non-controlling interests	6	(1)	(15)	6	11	0	9	6	36
Portion attributable to additional Tier 1 capital holders	489	414	400	331	302	280	234	172	138
Profit for the period	10 766	10 203	9 403	10 142	9 462	10 472	10 101	7 733	7 957
Earnings/diluted earnings per share (NOK)	6.83	6.48	5.93	6.39	5.93	6.59	6.36	4.87	5.02
Earnings per share excluding operations held for sale (NOK)	6.86	6.50	6.02	6.39	5.91	6.61	6.28	4.86	4.97

Average exchange rates in the period:

EUR/NOK	11.58	11.42	11.64	11.41	11.64	10.97	10.40	10.07	10.02
USD/NOK	10.76	10.52	10.83	10.48	10.69	10.23	10.20	10.00	9.41

1 See table 1.3.2 "Net gains on financial instruments at fair value" for specification.

2 See table 1.3.3 for details on Fremtind.

1.1.3 Income statement - full-year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Interest income, effective interest method	93 839	153 550	75 241	43 997	50 660	60 225
Other interest income	3 667	7 095	4 751	2 890	4 636	5 123
Interest expenses, effective interest method		(66 365) (101 757) (29 080) (4 693) (11 511) (23 661)
Other interest expenses	203	2 658			(2 619) (3 504) (5 161) (2 486)
Net interest income	31 343	61 547	48 294	38 690	38 623	39 202
Commission and fee income etc.	7 991	14 772	14 184	14 992	13 289	13 484
Commission and fee expenses etc.		(1 849) (3 658) (3 856) (3 981) (3 789) (3 768)
Net gains on financial instruments at fair value1	2 193	5 283	4 147	3 621	5 902	3 183
Net financial result, life insurance (prior to IFRS 17)				581	418	696
Net risk result, life insurance (prior to IFRS 17)				210	241	433
Net insurance result	636	1 183	1 235	0		0
Profit from investments accounted for by the equity method2	446	449	746	524	402	410
Net gains on investment properties	(3)	43	(7)	91	(61)	92
Other income	1 214	2 077	1 390	1 188	1 373	1 126
Net other operating income	10 627	20 150	17 840	17 225	17 776	15 655
Total income	41 970	81 697	66 133	55 915	56 399	54 857
Salaries and other personnel expenses		(8 580) (16 320) (14 690) (13 826) (12 873) (12 603)
Other expenses		(4 436) (8 506) (7 648) (6 845) (7 208) (7 472)
Depreciation and impairment of fixed and intangible assets		(1 774) (3 794) (3 465) (3 363) (3 320) (3 058)
Total operating expenses		(14 790) (28 620) (25 803) (24 034) (23 401) (23 133)
Pre-tax operating profit before impairment	27 180	53 077	40 331	31 881	32 998	31 724
Net gains on fixed and intangible assets	(5)	11	(24)	(82)	767	1 703
Impairment of financial instruments		(882) (2 649)	272	868	(9 918) (2 191)
Pre-tax operating profit	26 294	50 440	40 579	32 667	23 847	31 235
Tax expense		(5 259) (10 811) (7 411) (7 462) (4 229) (5 465)
Profit from operations held for sale, after taxes	(66)	(149)	270	150	221	(49)
Profit for the period	20 969	39 479	33 438	25 355	19 840	25 721
Portion attributable to shareholders	20 060	38 166	32 587	24 407	18 712	24 603
Portion attributable to non-controlling interests	6	2	82	26	(15)	(5)
Portion attributable to additional Tier 1 capital holders	903	1 312	769	922	1 143	1 123
Profit for the period	20 969	39 479	33 438	25 355	19 840	25 721
Earnings/diluted earnings per share (NOK)	13.31	24.83	21.02	15.74	12.04	15.54
Earnings per share excluding operations held for sale (NOK)	13.36	24.93	20.85	15.65	11.89	15.57
Average exchange rates in the period:

EUR/NOK	11.49	11.41	10.10	10.17	10.73	9.85
USD/NOK	10.63	10.56	9.61	8.59	9.42	8.80

1 See table 1.3.2 "Net gains on financial instruments at fair value" for specification.

2 See table 1.3.3 for details on Fremtind.

1.1.4 Comprehensive income statement

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Profit for the period	10 766	10 203	9 403	10 142	9 462	10 472	10 101	7 733	7 957
Actuarial gains and losses			(331)	40			(237)	118	118
Property revaluation	(16)		3	(1)	(1)		10	(31)	26
Financial liabilities designated at fair value through profit or loss, changes in credit risk	(37)	(30)	(52)	(108)	21	37	(74)	58	67
Tax	9	8	96	17	(5)	(9)	78	(44)	(40)
Items that will not be reclassified to the income statement	(44)	(23)	(284)	(51)	15	28	(223)	102	172
Currency translation of foreign operations	(1 328)	3 991	(1 030)	(2 094)	1 956	6 118	(3 674)	3 289	5 707
Currency translation reserve reclassified to the income statement	(29)						(5 213)
Hedging of net investments	1 016	(3 188)	1 075	1 664	(1 529)	(5 056)	3 182	(2 832)	(4 890)
Hedging reserve reclassified to the income statement							5 137
Financial assets at fair value through OCI	88	449	(139)	102	(124)	14	248	(258)	(321)
Tax	(276)	685	(234)	(442)	416	1 257	(854)	774	1 303
Tax reclassified to the income statement							(1 284)
Items that may subsequently be reclassified to the income statement	(529)	1 937	(328)	(770)	719	2 334	(2 457)	972	1 799
Other comprehensive income for the period	(573)	1 914	(611)	(821)	734	2 361	(2 680)	1 074	1 972
Comprehensive income for the period	10 194	12 117	8 792	9 321	10 196	12 834	7 421	8 807	9 929

Full-year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Profit for the period	20 969	39 479	33 438	25 355	19 840	25 721
Actuarial gains and losses		(291)	414	(183)	(324)	(3)
Property revaluation	(16)	2	5	212	578	278
Items allocated to customers, life insurance (prior to IFRS 17)				(193)	(578)	(278)
Financial liabilities designated at fair value through profit or loss, changes in credit risk	(67)	(102)	140	29	33	232
Tax	17	99	(131)	41	72	(63)
Items that will not be reclassified to the income statement	(67)	(292)	428	(93)	(218)	165
Currency translation of foreign operations	2 663	4 950	3 275	(1 018)	3 519	462
Currency translation reserve reclassified to the income statement	(29)		(5 213)	0
Hedging of net investments	(2 171)	(3 845)	(2 878)	680	(3 246)	(459)
Hedging reserve reclassified to the income statement			5 137
Financial assets at fair value through OCI	537	(147)	(704)	(101)	103	59
Tax	409	998	900	(148)	786	(208)
Tax reclassified to the income statement			(1 284)
Items that may subsequently be reclassified to the income statement	1 408	1 955	(767)	(587)	1 161	(147)
Other comprehensive income for the period	1 342	1 663	(340)	(681)	943	19
Comprehensive income for the period	22 311	41 142	33 098	24 674	20 783	25 740

1.1.5 Balance sheet - quarterly figures

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Assets
Cash and deposits with central banks	542 410	821 623	331 408	660 444	568 971	567 523	309 988	441 873	382 631
Due from credit institutions	181 926	123 057	94 259	62 767	58 820	47 560	20 558	67 039	47 012
Loans to customers	2 011 602	2 008 528	1 997 363	2 014 716	2 025 481	2 009 017	1 961 464	1 959 276	1 924 520
Commercial paper and bonds at fair value	468 962	472 983	569 464	415 852	426 375	447 317	485 440	421 544	425 826
Shareholdings	31 386	29 525	22 281	27 061	30 903	34 133	33 350	36 220	34 614
Assets, customers bearing the risk	187 007	179 450	166 722	155 131	152 437	146 460	138 259	128 365	130 260
Financial derivatives	162 547	164 442	178 263	198 472	200 344	170 761	185 687	312 574	235 950
Investment property	8 945	9 206	9 454	10 231	12 578	12 870	14 651	18 092	18 283
Investments accounted for by the equity method1	18 187	18 953	19 100	18 760	19 149	19 327	19 246	18 800	18 799
Intangible assets	10 461	10 452	10 456	10 419	10 431	10 376	10 273	10 173	10 266
Deferred tax assets	390	395	388	550	566	553	510	2 215	2 314
Fixed assets	21 635	21 832	21 439	21 531	21 396	21 554	21 254	22 055	21 690
Assets held for sale	1 197	1 220	1 195	1 447	1 787	1 778	1 767	1 822	2 072
Other assets	30 732	34 742	17 932	51 717	29 762	47 690	30 956	40 730	50 128
Total assets	3 677 388	3 896 408	3 439 724	3 649 099	3 559 000	3 536 919	3 233 405	3 480 777	3 304 364
Liabilities and equity
Due to credit institutions	331 847	429 290	206 714	339 219	310 928	255 387	177 298	229 776	226 847
Deposits from customers	1 565 330	1 565 992	1 422 941	1 485 663	1 472 869	1 521 390	1 396 630	1 470 882	1 393 381
Financial derivatives	167 980	171 909	189 178	215 850	211 647	175 293	190 142	279 309	211 668
Debt securities issued	773 133	853 808	807 928	803 259	795 404	803 554	737 886	788 949	778 553
Insurance liabilities, customers bearing the risk	187 007	179 450	166 722	155 131	152 437	146 460	138 259	128 365	130 260
Insurance liabilities	192 598	193 121	195 319	191 490	194 344	200 147	200 601	199 646	202 431
Payable taxes	4 760	10 496	9 488	8 546	6 657	5 164	4 057	6 233	4 643
Deferred taxes	2 700	2 746	2 722	3 030	2 140	2 037	2 055	25	38
Other liabilities	39 369	61 745	22 583	46 786	32 693	49 337	33 972	46 151	52 006
Liabilities held for sale	387	451	540	376	381	395	541	461	476
Provisions	1 213	1 315	1 146	1 093	1 114	1 167	977	1 089	1 007
Pension commitments	5 698	5 585	5 343	5 020	4 969	4 842	4 657	4 383	4 538
Senior non-preferred bond	102 363	103 730	99 848	90 296	79 388	75 922	59 702	54 069	40 617
Subordinated loan capital	33 575	34 168	39 957	39 237	39 965	32 035	36 788	29 841	28 345
Total liabilities	3 407 963	3 613 803	3 170 428	3 384 997	3 304 935	3 273 129	2 983 565	3 239 179	3 074 812
Additional Tier 1 capital	30 176	25 259	22 004	22 358	18 704	18 545	16 089	14 849	11 438
Non-controlling interests	157	167	168	183	232	227	227	421	399
Share capital	18 638	18 862	18 960	19 131	19 282	19 312	19 378	19 380	19 380
Share premium	18 733	18 733	18 733	18 733	18 733	18 733	18 733	18 733	18 733
Other equity	201 721	219 584	209 431	203 697	197 115	206 973	195 413	188 216	179 602
Total equity	269 425	282 605	269 296	264 102	254 065	263 790	249 840	241 598	229 552
Total liabilities and equity	3 677 388	3 896 408	3 439 724	3 649 099	3 559 000	3 536 919	3 233 405	3 480 777	3 304 364

Exchange rates at the end of the period:

EUR/NOK	11.40	11.65	11.21	11.28	11.68	11.39	10.52	10.59	10.33
USD/NOK	10.66	10.78	10.13	10.66	10.71	10.46	9.84	10.84	9.92

1 See table 1.3.3 for details on Fremtind.

1.1.6 Balance sheet - full-year figures

	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.
Amounts in NOK million	2023	2022	2021	2020	2019
Assets
Cash and deposits with central banks	331 408	309 988	296 727	283 526	304 746
Due from credit institutions	94 259	20 558	44 959	78 466	102 961
Loans to customers	1 997 363	1 961 464	1 744 922	1 693 811	1 667 189
Commercial paper and bonds at fair value	569 464	485 440	425 267	439 231	376 323
Shareholdings	22 281	33 350	35 297	29 360	36 247
Assets, customers bearing the risk	166 722	138 259	138 747	116 729	98 943
Financial derivatives	178 263	185 687	135 400	186 740	125 076
Investment property	9 454	14 651	17 823	18 087	17 403
Investments accounted for by the equity method1	19 100	19 246	19 549	18 389	16 559
Intangible assets	10 456	10 273	5 804	5 498	5 454
Deferred tax assets	388	510	649	4 377	1 224
Fixed assets	21 439	21 254	21 430	20 474	19 098
Assets held for sale	1 195	1 767	2 245	2 402	1 274
Other assets	17 932	30 956	30 423	21 852	20 798
Total assets	3 439 724	3 233 405	2 919 244	2 918 943	2 793 294
Liabilities and equity
Due to credit institutions	206 714	177 298	149 611	207 457	202 782
Deposits from customers	1 422 941	1 396 630	1 247 719	1 105 574	969 557
Financial derivatives	189 178	190 142	114 348	174 979	115 682
Debt securities issued	807 928	737 886	702 759	777 829	870 170
Insurance liabilities, customers bearing the risk	166 722	138 259	138 747	116 729	98 943
Insurance liabilities	195 319	200 601	199 379	200 422	206 876
Payable taxes	9 488	4 057	3 054	7 556	10 710
Deferred taxes	2 722	2 055	1 571	48	48
Other liabilities	22 583	33 972	39 718	31 522	39 125
Liabilities held for sale	540	541	896	1 016	423
Provisions	1 146	977	1 642	2 096	1 726
Pension commitments	5 343	4 657	5 073	4 476	3 903
Senior non-preferred bond	99 848	59 702	37 769	8 523
Subordinated loan capital	39 957	36 788	33 047	32 319	31 095
Total liabilities	3 170 428	2 983 565	2 675 332	2 670 547	2 551 038
Additional Tier 1 capital	22 004	16 089	16 974	18 362	26 729
Non-controlling interests	168	227	266	119	45
Share capital	18 960	19 378	19 379	15 503	15 706
Share premium	18 733	18 733	18 733	22 609	22 609
Other equity	209 431	195 413	188 559	191 804	177 167
Total equity	269 296	249 840	243 912	248 396	242 255
Total liabilities and equity	3 439 724	3 233 405	2 919 244	2 918 943	2 793 294

Exchange rates at the end of the period:
------------------------------------------	--	--	--	--	--	--

EUR/NOK	11.21	10.52	9.99	10.46	9.87
USD/NOK	10.13	9.84	8.82	8.52	8.79

1 See table 1.3.3 for details on Fremtind.

1.1.7 Key figures - quarterly figures

Definitions:		2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
	Interest rate analysis
-1-	Combined weighted total average spreads for lending and	1.40	1.43	1.42	1.38	1.37	1.40	1.30	1.16	1.20
	deposits (%)
-1-	Average spreads for ordinary lending to customers (%)	1.67	1.62	1.50	1.28	1.40	1.61	1.29	1.25	1.67
-1- -2-	Average spreads for deposits from customers (%) Net interest margin (%)	1.04 1.89	1.18 1.87	1.31 1.90	1.51 1.87	1.34 1.81	1.14 1.78	1.31 1.70	1.05 1.50	0.58 1.48
	Average NIBOR (%)	4.72	4.71	4.72	4.65	3.92	3.33	3.31	2.39	1.33
	NIBOR at end of period (%)	4.73	4.73	4.73	4.72	4.37	3.69	3.26	2.94	1.68
	Rate of return/profitability
-3-	Cost/income ratio (%)	34.8	35.7	38.5	32.7	35.1	34.0	39.7	38.9	38.9
-4-	Return on equity, annualised (%)	16.6	15.6	14.6	16.3	15.6	17.2	17.1	13.6	14.2
-5-	RAROC, annualised (%)	16.0	15.9	12.3	16.8	16.3	16.7	12.0	12.7	15.5
	Average equity attributable to shareholders, (NOK million)	249 405	251 687	245 460	238 252	234 521	239 871	228 858	220 882	220 433
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%)1	19.0	19.0	18.2	18.3	18.9	18.6	18.3	18.1	18.0
	Tier 1 capital ratio (%)1	20.8	21.1	20.0	20.2	20.4	20.2	19.6	19.3	18.9
	Capital ratio (%)1	23.3	23.6	22.5	22.7	23.0	22.0	21.8	21.5	20.9
	Leverage ratio (%)1	6.5	6.2	6.8	6.3	6.6	6.5	6.8	6.4	6.5
	Loan portfolio and impairment
-6-	Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost	9.32	10.04	9.35	9.36	9.16	9.19	9.28	8.60	8.35
-7-	Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost	1.07	1.07	1.17	1.01	1.09	1.07	1.25	1.32	1.43
-8-	Impairment relative to average net loans to customers at amortised cost, annualised (per cent)	(0.11)	(0.07)	(0.18)	(0.19)	(0.18)	0.02	(0.14)	0.03	0.05
	Liquidity Ratio of customer deposits to net loans to customers at end of period, customer segments (%)	77.1	77.3	74.9	75.2	74.9	78.6	75.1	78.3	75.7
	Total assets owned or managed by DNB
-9-	Customer assets under management at end of period (NOK	1 046	1 011	957	897	899	875	820	793	804
	billion) Total combined assets at end of period (NOK billion)	4 344	4 535	4 035	4 199	4 111	4 066	3 727	3 959	3 790
-10-	Average total assets (NOK billion)	4 000	3 991	3 687	3 684	3 697	3 669	3 502	3 481	3 471
	Staff Number of full-time positions at end of period	10 628	10 584	10 617	10 596	10 434	10 299	10 351	10 241	10 072
	Sustainability Finance and facilitate sustainable activities (NOK billion,
	accumulated)	645.2	603.0	561.8	504.9	456.8	422.5	390.9	349.1	302.9
	Total assets invested in mutual funds with a sustainability profile at end of period (NOK billion)	113.6	112.6	124.3	112.0	110.5	30.6	27.4	25.2	24.8
	Score from Traction's reputation survey in Norway (points)	58	55	57	59	61	60	60	60	62
	Customer satisfaction index, CSI, personal customers in
	Norway (score)	69.7	69.3	68.5	70.7	72.7	73.6	71.1	72.9	73.3
	Female representation at management levels 1-4 (%)	38.0	39.0	38.8	38.6	40.0	39.5	38.3	38.1	38.4
	The DNB share
-11-	Number of issued shares at end of period (1 000)2 Number of outstanding shares at end of period (1 000)2	1 492 530	1 542 613	1 542 613	1 542 613	1 542 613	1 550 365	1 550 365	1 550 365	1 550 365
-12-	Average number of outstanding shares (1 000)2	1 491 031 1 502 776	1 508 952 1 510 159	1 516 838 1 520 912	1 530 502 1 535 579	1 542 527 1 544 091	1 544 953 1 547 364	1 550 261 1 550 330	1 550 365 1 550 274	1 550 363 1 550 364
-13-	Earnings per share (NOK)	6.83	6.48	5.93	6.39	5.93	6.59	6.36	4.87	5.02
-14-	Earnings per share excl. operations held for sale (NOK)	6.86	6.50	6.02	6.39	5.91	6.61	6.28	4.86	4.97
-16-	Book value per share incl. allocated dividend at end of
	period (NOK)	160.35	170.44	162.92	157.83	152.43	158.59	150.64	145.98	140.43
	Share price at end of period (NOK) Price/earnings ratio	209.70	215.10	216.00	215.60	200.70	187.35	194.45	172.85	176.55
-17- -18-	Price/book value	7.67 1.31	8.30 1.26	9.11 1.33	8.44 1.37	8.47 1.32	7.11 1.18	7.64 1.29	8.87 1.18	8.79 1.26
-19-	Market capitalisation (NOK billion)	312.7	324.6	327.6	330.0	309.6	289.4	301.4	268.0	273.7

1 Including part of the interim profit. For quarterly figures, 50 per cent of profit have been included in the Common equity Tier 1 capital, up to and including the second quarter of 2023. From 30 September 2023, an average of the dividend pay-out ratio for the past three years has been deducted from interim profit.

2 See 1.7.11 for information on share buy-back programmes.

For definitions of selected key figures, see table 1.1.9.

1.1.8 Key figures - full-year figures

Definitions:		YTD 2024	2023	2022	2021	2020	2019
	Interest rate analysis Combined weighted total average spreads for lending and
-1-	deposits (%)	1.41	1.39	1.21	1.17	1.27	1.33
-1-	Average spreads for ordinary lending to customers (%)	1.65	1.45	1.47	1.94	2.04	1.84
-1-	Average spreads for deposits from customers (%)	1.11	1.32	0.88	0.14	0.12	0.51
-2-	Net interest margin (%)	1.88	1.84	1.54	1.38	1.45	1.57
	Average NIBOR (%)	4.72	4.16	2.05	0.47	0.70	1.55
	NIBOR at end of period (%)	4.73	4.73	3.26	0.95	0.49	1.84
	Rate of return/profitability
-3-	Cost/income ratio (%)	35.2	35.0	39.0	43.0	41.5	42.2
-4-	Return on equity, annualised (%)	16.1	15.9	14.7	10.7	8.4	11.7
-5-	RAROC, annualised (%)	16.0	15.5	13.0	9.5	8.3	9.9
	Average equity attributable to shareholders, (NOK million)	250 546	239 526	222 431	228 207	222 490	210 653
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%)	19.0	18.2	18.3	19.4	18.7	18.6
	Tier 1 capital ratio (%)	20.8	20.0	19.6	21.0	20.1	20.8
	Capital ratio (%)	23.3	22.5	21.8	24.0	22.1	22.9
	Leverage ratio (%)	6.5	6.8	6.8	7.3	7.1	7.4
	Loan portfolio and impairment Net loans at amortised cost and financial commitments in
-6-	stage 2, per cent of net loans at amortised cost1	9.32	9.35	9.28	8.30	10.51	6.88
	Net loans at amortised cost and financial commitments in
-7-	stage 3, per cent of net loans at amortised cost1	1.07	1.17	1.25	1.55	1.55	1.13
	Impairment relative to average net loans to customers at
-8-	amortised cost, annualised (per cent)1	(0.09)	(0.13)	0.01	0.05	(0.60)	(0.14)
	Liquidity
	Ratio of customer deposits to net loans to customers at end
	of period, customer segments (%)	77.1	74.9	75.1	75.8	67.3	57.5
	Total assets owned or managed by DNB
-9-	Customer assets under management at end of period (NOK
	billion)	1 046	957	820	882	761	689
-10-	Total combined assets at end of period (NOK billion)	4 344	4 035	3 727	3 463	3 363	3 177
	Average total assets (NOK billion)	4 000	3 687	3 502	3 404	3 230	2 907
	Staff
	Number of full-time positions at end of period	10 628	10 617	10 351	9 410	9 050	9 020
	Sustainability Finance and facilitate sustainable activities (NOK billion,
	accumulated)	645.2	561.8	390.9	220.6	74.4
	Total assets invested in mutual funds with a sustainability
	profile at end of period (NOK billion)	113.6	124.3	27.4	28.4	19.1
	Score from Traction's reputation survey in Norway (points)	58	57	60	63
	Customer satisfaction index, CSI, personal customers in
	Norway (score)	69.5	71.4	72.8	73.3	73.6	72.8
	Female representation at management levels 1-4 (%)	38.0	38.8	38.3	39.8	39.5	38.0
	The DNB share
-11-	Number of issued shares at end of period (1 000)2	1 492 530	1 542 613	1 550 365	1 550 365	1 550 365	1 580 301
-12-	Number of outstanding shares at end of period (1 000)2	1 491 031	1 516 838	1 550 261	1 550 351	1 550 365	1 570 586
	Average number of outstanding shares (1 000)2	1 506 771	1 536 882	1 550 333	1 550 290	1 554 540	1 582 999
-13-	Earnings per share (NOK)	13.31	24.83	21.02	15.74	12.04	15.54
	Earnings per share excl. operations held for sale (NOK)	13.36	24.93	20.85	15.65	11.89	15.57
-14-
	Dividend per share (NOK)	-	16.00	12.50	9.75	9.00	8.40
-15-	Total shareholder's return (%)	5.0	18.7	1.2	31.8	2.4	25.2
	Dividend yield (%) Book value per share incl. allocated dividend at end of	-	7.41	6.43	4.83	5.36	5.12
-16-	period (NOK)	160.35	162.92	150.64	146.21	148.30	137.20
	Share price at end of period (NOK)	209.70	216.00	194.45	202.00	168.00	164.00
-17-	Price/earnings ratio	7.88	8.70	9.25	12.91	14.12	10.53
-18-	Price/book value	1.31	1.33	1.29	1.38	1.13	1.20
-19-	Market capitalisation (NOK billion)	312.7	327.6	301.4	313.2	260.5	257.6

1 Figures from 1 January 2020 are recognised excluding loans at fair value. Historical figures have been adjusted accordingly.

2 See 1.7.11 for information on share buy-back programmes.

For definitions of selected key figures, see table 1.1.9.

1.1.9 Key figures - definitions

-1-	Based on customer segments and nominal values and excluding impaired loans. Measured against the corresponding money market rate.
-2-	Based on net interest income relative to net loans to customers and deposits from customers.
-3-	Total operating expenses relative to total income.
-4-	Return on equity represents the shareholders' share of profit for the period relative to average equity excluding additional Tier 1 capital and non-controlling interests.
-5-	RAROC (Risk-Adjusted Return On Capital) is defined as risk-adjusted profits (shareholders' share) relative to average equity excluding additional Tier 1 capital and non-controlling interests. Risk-adjusted profits indicate the level of profits in a normalised situation. Among other things, recorded impairment losses on loans are replaced by normalised losses.
-6-	Net loans at amortised cost and financial commitments in stage 2 divided by net loans to customers at amortised costs.
-7-	Net loans at amortised cost and financial commitments in stage 3 divided by net loans to customers at amortised costs.
-8-	Impairment relative to average net loans to customers at amortised cost, annualised (per cent).
-9-	Total assets under management for external clients in DNB Asset Management and DNB Livsforsikring
-10-	Total assets and customer assets under management.
-11-	Number of issued shares.
-12-	Number of issued shares excluding DNB shares owned for trading purpose and as part of buy-back programmes.
-13-	The shareholders' share of profits relative to the average number of outstanding shares.
-14-	The shareholders' share of profits excluding profits from operations held for sale relative to the average number of outstanding shares.
-15-	Share price performance including the value of all re-invested dividends. The dividend is calculated re-invested as from the day the share is traded exclusive the right to the dividend (ex-dividend date).
-16-	The shareholders' share of equity, excluding additional Tier 1 capital and non-controlling interests, at end of period relative to the number of outstanding shares.
-17-	Closing price at end of period relative to annualised earnings per share.
-18-	Share price at end of period relative to book value per share.
-19-	Number of outstanding shares multiplied by the closing share price, at end of period.

1.2.1 Net interest income - split by segments

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income from loans to customers1	8 056	7 795	7 295	6 195	6 746	7 494	6 058	5 705	7 399
Personal customers	2 405	2 243	1 778	943	1 349	2 126	987	925	2 510
Corporate customers	5 421	5 355	5 401	5 162	5 246	5 255	5 012	4 757	4 793
Other	229	197	116	90	151	112	59	24	97
Net interest income on deposits from customers	3 496	4 040	4 596	5 274	4 807	4 035	4 627	3 731	1 920
Personal customers	2 575	2 714	3 203	3 720	3 169	2 605	3 160	2 597	1 315
Corporate customers	1 200	1 455	1 477	1 654	1 650	1 447	1 483	1 143	610
Other	(280)	(129)	(85)	(100)	(12)	(16)	(16)	(8)	(5)
Equity and non-interest bearing items	2 856	2 792	2 704	2 562	2 078	1 785	1 714	1 177	642
Personal customers 2	671	587	592	591	486	411	394	256	127
Corporate customers 2	1 053	1 042	1 076	1 042	848	720	737	486	236
Other	1 132	1 163	1 036	929	744	654	584	436	280
Other	1 409	899	1 402	1 688	1 601	1 286	1 671	1 640	1 564
Total net interest income	15 817	15 526	15 997	15 718	15 232	14 600	14 071	12 253	11 525

1 Excluding impaired loans.

2 Allocated capital.

1.2.2 Average volumes - split by segments

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Loans to customers1	1 985 594	1 978 654	1 999 465	1 987 985	1 999 620	1 960 407	1 942 028	1 902 284	1 855 396
Personal customers	931 364	941 287	951 544	953 906	954 550	949 722	948 575	933 509	922 614
Corporate customers	954 586	939 928	946 731	933 549	939 267	909 667	894 754	871 579	833 422
Other	99 644	97 440	101 189	100 530	105 803	101 018	98 699	97 196	99 360
Deposits from customers1	1 647 453	1 545 804	1 455 245	1 495 138	1 502 153	1 488 049	1 460 465	1 439 768	1 359 902
Personal customers	570 375	571 185	575 159	587 633	583 677	580 409	582 445	590 025	578 928
Corporate customers	883 522	852 445	837 368	827 657	859 976	864 850	827 720	820 100	759 672
Other	193 557	122 174	42 718	79 848	58 500	42 790	50 300	29 642	21 302
Equity and non-interest bearing items	239 854	234 989	224 054	215 494	211 376	214 390	203 191	193 724	191 758
Personal customers 2	61 701	61 748	61 690	62 556	63 176	62 295	60 945	58 168	56 876
Corporate customers 2	111 771	111 581	110 408	108 187	107 070	106 335	111 060	109 210	105 386
Other	66 382	61 660	51 956	44 751	41 130	45 760	31 187	26 346	29 496

1 Average nominal amount, excluding impaired loans.

2 Allocated capital.

1.2.3 Interest rate spreads - split by segments1

Per cent	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Total lending - customer segments	1.67	1.62	1.50	1.28	1.40	1.61	1.29	1.25	1.67
Personal customers	1.04	0.96	0.74	0.39	0.57	0.91	0.41	0.39	1.09
Corporate customers	2.28	2.29	2.26	2.19	2.24	2.34	2.22	2.17	2.31
Total deposits - customer segments	1.04	1.18	1.31	1.51	1.34	1.14	1.31	1.05	0.58
Personal customers	1.82	1.91	2.21	2.51	2.18	1.82	2.15	1.75	0.91
Corporate customers	0.55	0.69	0.70	0.79	0.77	0.68	0.71	0.55	0.32
Combined spreads - customer segments - weighted total
average	1.40	1.43	1.42	1.38	1.37	1.40	1.30	1.16	1.20
Net interest margin	1.89	1.87	1.90	1.87	1.81	1.78	1.70	1.50	1.48

1 Spreads are calculated based on money market rates and do not include additional funding costs related to liquidity measures.

1.2.4 Quarterly development in average interest rate spreads

1.2.5 Net interest income

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Interest on amounts due from credit institutions	12 515	11 717	8 998	8 728	7 767	6 171	3 922	2 078	444
Interest on loans to customers	31 375	31 127	31 218	29 164	26 115	23 850	21 309	15 936	13 163
Interest on impaired loans and guarantees	419	365	408	397	400	288	321	329	251
Interest on commercial paper and bonds	3 840	4 066	3 063	3 866	2 973	2 553	2 230	1 483	1 018
Front-end fees etc.	103	98	94	102	102	89	108	102	138
Other interest income	912	967	1 049	937	1 109	1 204	1 339	1 401	1 115
Total interest income	49 165	48 341	44 831	43 193	38 466	34 155	29 229	21 329	16 128
Interest on amounts due to credit institutions								(5 539) (5 856) (4 318) (3 972) (4 314) (3 131) (2 321) (1 360)	(613)
Interest on deposits from customers								(16 209) (14 683) (13 076) (12 359) (10 363) (8 773) (6 836) (3 773) (1 681)
Interest on debt securities issued								(10 911) (12 054) (11 648) (11 438) (9 207) (7 615) (5 482) (2 898) (1 112)
Interest on subordinated loan capital	(698)	(709)	(614)	(549)	(426)	(291)	(271)	(150)	(106)
Contributions to the deposit guarantee and resolution funds1	(372)	(344)	(308)	(309)	(266)	(377)	(296)	(296)	(337)
Other interest expenses2	381	831	1 129	1 153	1 341	631	49	(600)	(755)
Total interest expenses								(33 348) (32 815) (28 834) (27 475) (23 234) (19 555) (15 158) (9 076) (4 603)
Net interest income	15 817	15 526	15 997	15 718	15 232	14 600	14 071	12 253	11 525

Full-year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Interest on amounts due from credit institutions	24 232	31 664	6 409	(928)	156	3 468
Interest on loans to customers	62 502	110 348	61 567	39 381	45 185	52 555
Interest on impaired loans and guarantees	785	1 492	1 121	1 048	1 207	1 162
Interest on commercial paper and bonds	7 906	12 455	5 454	2 556	3 641	4 249
Front-end fees etc.	202	387	451	451	393	346
Other interest income	1 879	4 299	4 990	4 379	4 714	3 569
Total interest income	97 506	160 645	79 992	46 887	55 296	65 349
Interest on amounts due to credit institutions		(11 395) (15 734) (4 448)			(69) (1 105) (4 280)
Interest on deposits from customers					(30 892) (44 571) (13 307) (2 402) (5 249) (9 888)
Interest on debt securities issued					(22 965) (39 908) (9 871) (1 407) (4 696) (10 171)
Interest on subordinated loan capital		(1 407) (1 879)	(629)	(334)	(420)	(368)
Contributions to the deposit guarantee and resolution funds					(715) (1 259) (1 231) (1 091) (1 064) (1 106)
Other interest expenses2	1 211	4 254			(2 213) (2 895) (4 139)	(334)
Total interest expenses					(66 163) (99 098) (31 698) (8 197) (16 673) (26 147)
Net interest income	31 343	61 547	48 294	38 690	38 623	39 202

1 The amounts represent a proportional share of the estimated annual levy.

2 Other interest expenses include interest rate adjustments resulting from interest swaps.

1.2.6 Changes in net interest income

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	15 817	15 526	15 997	15 718	15 232	14 600	14 071	12 253	11 525
Changes from previous quarters:	Changes from 1Q24	Changes from 4Q23	Changes from 3Q23	Changes from 2Q23	Changes from 1Q23	Changes from 4Q22	Changes from 3Q22	Changes from 2Q22
Lending volumes	(9)	(30)	15	3	42	6	80	157
Deposit volumes	36	(20)	(105)	(39)	(41)	111	(93)	73
Lending spreads	196	587	995		(519) (1 035)	1 442	184	(1 930)
Deposit spreads	(432)	(424)	(592)	543	756	(604)	993	1 716
Exchange rate movements	44	(44)	68	(50)	132	67	56	77
Interest days		(161)		125	127	(231)		101
Long term funding	(5)	73	3	(38)	(17)	21	(92)	(51)
Amortisation effects and fees	86	(95)	76	7	29	(7)	(2)	(50)
Contributions to the deposit guarantee and resolution funds	(28)	(36)	1	(43)	111	(80)	(0)	41
Interest income on loans subject to impairment provisions	58	(77)	37	(23)	100	(59)	(71)	11
Other net interest income1	344	(243)	(220)	518	428	(138)	764	583
Total	290	(471)	279	486	633	529	1 818	728

1 Including interest on equity.

1.3.1 Net other operating income

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Money transfer and interbank transactions	626	558	554	654	574	588	585	602	499
Guarantee commissions	271	258	259	235	245	258	232	235	228
Asset management services	596	536	690	484	470	411	568	437	432
Credit broking	137	116	150	83	42	44	130	15	62
Corporate finance	731	276	394	280	470	367	275	339	342
Real estate broking	344	220	207	261	326	256	229	252	341
Custodial services	93	100	77	85	101	78	117	72	101
Securities broking	149	159	123	168	123	181	121	145	160
Sale of insurance products	351	319	351	339	356	331	345	337	363
Other income from banking services	141	160	122	147	110	120	106	41	30
Net commissions and fees	3 439	2 702	2 927	2 735	2 819	2 634	2 709	2 475	2 557
Net gains on financial instruments at fair value	1 010	1 183	(162)	1 703	1 277	2 464	256	706	1 624
Net life insurance result	433	203	326	364	338	154	504	261	277
Profit from investments accounted for by the equity method	258	188	274	(65)	76	164	460	60	165
Net gains on investment properties	(7)	3	45	0	(1)	(1)	(9)	4	2
Other income	622	592	581	514	461	521	567	361	237
Other operating income	873	783	900	449	536	684	1 018	425	404
Net other operating income, total	5 756	4 872	3 991	5 252	4 971	5 936	4 487	3 867	4 863

Full-year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Money transfer and interbank transactions	1 184	2 371	2 121	1 406	1 341	1 790
Guarantee commissions	529	997	932	853	900	821
Asset management services	1 133	2 055	1 868	1 773	1 480	1 323
Credit broking	253	319	308	618	358	467
Corporate finance	1 007	1 511	1 453	1 827	1 164	1 133
Real estate broking	564	1 050	1 067	1 258	1 272	1 203
Custodial services	193	342	363	257	180	157
Securities broking	308	596	603	555	467	380
Sale of insurance products	670	1 376	1 382	2 482	2 323	2 304
Other income from banking services	300	497	231	(17)	15	138
Net commissions and fees	6 141	11 115	10 328	11 011	9 500	9 716
Net gains on financial instruments at fair value	2 193	5 283	4 147	3 621	5 902	3 183
Net financial result, life insurance (prior to IFRS 17)				581	418	696
Net risk result, life insurance (prior to IFRS 17)				210	241	433
Net insurance result	636	1 183	1 235
Net life insurance result	636	1 183	1 235	790	659	1 129
Profit from investments accounted for by the equity method	446	449	746	524	402	410
Net gains on investment properties	(3)	43	(7)	91	(61)	92
Other income	1 214	2 077	1 390	1 188	1 373	1 126
Other operating income	1 656	2 569	2 129	1 803	1 714	1 628
Net other operating income, total	10 627	20 150	17 840	17 225	17 776	15 655

1.3.2 Net gains on financial instruments at fair value

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Customer revenues in DNB Markets	851	715	816	752	771	781	835	712	680
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spreads effects)1	225	227	222	251	401	324	157	86	132
Hedging of defined-benefit pension scheme	39	99	82	(19)	48	62	63	(58)	(141)
Credit spreads on bonds	57	87	(16)	(12)	27	72	(67)	(41)	(78)
Credit spreads on fixed-rate loans	110	54	22	136	58	(235)	156	(61)	(253)
CVA/DVA/FVA	42	42	(137)	65	36	78	180	(107)	(19)
Other mark-to-market adjustments	55	(344)	(260)	702	(326)	859	382	(978)	(120)
Basis swaps	(290)	(240)	(500)	(162)	53	(4)	(604)	369	428
Exchange rate effects related to additional Tier 1 capital	(79)	543	(392)	(11)	209	527	(847)	783	997
Net gains on financial instruments at fair value	1 010	1 183	(162)	1 703	1 277	2 464	256	706	1 624

Full-year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Customer revenues in DNB Markets	1 565	3 120	2 852	2 228	2 354	2 172
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spreads effects)1	452	1 199	761	182	319	388
Hedging of defined-benefit pension scheme	138	173	(164)	219	37
Credit spreads on bonds	144	70	(331)	182	(13)	445
Credit spreads on fixed-rate loans	164	(18)	(443)	74	(20)	185
CVA/DVA/FVA	84	42	103	262	(65)	74
Other mark-to-market adjustments	(289)	976	(247)	296	1 910	(207)
Basis swaps	(530)	(612)	822	(310)	526	270
Exchange rate effects related to additional Tier 1 capital	464	332	794	487	855	(143)
Net gains on financial instruments at fair value	2 193	5 283	4 147	3 621	5 902	3 183

1 CVA: Credit valuation adjustment. DVA: Debit valuation adjustment. FVA: Funding valuation adjustment.

1.3.3 Profit from investments accounted for by the equity method – Fremtind

DNB Group's share of Fremtind's financial results¹

Income statement²

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Income	4 008	4 293	4 018	3 991	3 691	3 907	3 766	3 698	3 407
Profit after tax	388	206	912	8	7	274	151	493	233
Share of profit after tax	136	72	319	3	2	96	53	172	81
Depreciation and impairment of value adjustments after tax	(53)	(53)	(61)	(61)	(61)	(61)	(61)	(61)	(61)
Other adjustments	42	0	(9)	(41)	41	(8)	21	(76)	76
The Group's share of profit after tax2	125	19	249	(99)	(17)	27	13	36	97

Balance sheet

		30 June 31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
The Group's share of equity	3 384	3 262	3 109	3 071	3 070	3 067	2 973	3 197	3 025
Unpaid dividends		286	286			282	282
Goodwill	1 467	1 467	1 467	1 467	1 467	1 467	1 467	1 467	1 467
Value adjustments after tax	1 085	1 138	1 191	1 252	1 312	1 373	1 434	1 494	1 555
Eliminations	28	(91)	(11)	1	40	1	8	(18)	89
Carrying amount2	5 965	6 062	6 043	5 791	5 890	6 191	6 164	6 141	6 136

1 Represents DNB Bank ASA's ownership share in Fremtind Forsikring AS (Fremtind) of 35 per cent.

2 The 2Q24 and 2Q23 figures are based on estimates.

Financial performance – Fremtind

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Insurance premium	4 008	4 293	4 018	3 991	3 691	3 907	3 766	3 698	3 407
Claims				(3 695) (4 418) (3 597) (3 962) (3 642) (3 658) (3 399) (2 930) (2 817)
Other operational income/cost	(158)	32	(493)	(12)	256	(129)	(500)	90	232
Operational profit	154	(93)	(72)	17	305	120	(132)	858	821
Other income/cost	(32)	(25)	(37)	(62)	(53)	(50)	(71)	(55)	(59)
Financial results	374	351	904	65	(271)	295	409	(144)	(453)
Pre-tax operating profit	495	233	794	20	(19)	366	205	660	310
Tax expense	(108)	(27)	118	(12)	26	(92)	(54)	(167)	(77)
Profit after tax	388	206	912	8	7	274	151	493	233
Claims ratio (%)	70.7	83.9	66.7	77.7	74.8	71.0	67.1	56.9	58.3
Cost/income ratio (%)	21.6	19.0	23.9	23.1	25.5	24.0	25.0	23.9	26.1
Combined ratio (%)	92.2	102.9	90.6	100.8	100.2	95.0	92.1	80.8	84.4
Book equity at end of period	9 669	9 319	8 883	8 773	8 773	8 763	8 493	9 135	8 643
Return on equity, annualised (%)	14.9	8.9	41.2	0.0	0.5	12.7	5.7	22.2	12.9
Return on financial portfolio (%)1	1.4	1.5	4.2	0.3	(1.2)	1.4	1.8	(0.5)	(1.9)
Solvency II ratio at end of period (%)2	185	191	197	198	196	196	223	218	205

1 Value adjusted.

2 Preliminary ratio.

1.4.1 Operating expenses

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Salaries								(3 065) (2 932) (3 060) (2 845) (2 906) (2 743) (2 924) (2 653) (2 636)
Employer's national insurance contributions	(579)	(600)	(582)	(561)	(553)	(548)	(601)	(476)	(464)
Pension expenses	(523)	(568)	(600)	(397)	(415)	(469)	(478)	(281)	(333)
Restructuring expenses	(3)	(10)	(15)	(8)	(1)	(18)	(10)	(8)	(1)
Other personnel expenses	(149)	(152)	(172)	(129)	(135)	(164)	(213)	(159)	(151)
Total salaries and other personnel expenses								(4 319) (4 261) (4 428) (3 940) (4 011) (3 941) (4 226) (3 578) (3 585)
Fees	(164)	(156)	(239)	(163)	(135)	(198)	(235)	(175)	(195)
IT expenses								(1 487) (1 446) (1 483) (1 260) (1 316) (1 237) (1 160) (1 080) (1 079)
Postage and telecommunications	(31)	(22)	(27)	(28)	(27)	(35)	(38)	(36)	(45)
Office supplies	(7)	(5)	(6)	(5)	(6)	(6)	(7)	(4)	(9)
Marketing and public relations	(272)	(205)	(218)	(227)	(236)	(235)	(228)	(191)	(243)
Travel expenses	(68)	(48)	(81)	(42)	(77)	(27)	(89)	(41)	(42)
Reimbursement to Norway Post for transactions executed	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)
Training expenses	(18)	(16)	(31)	(11)	(15)	(19)	(34)	(13)	(11)
Operating expenses on properties and premises	(85)	(107)	(85)	(117)	(123)	(110)	(130)	(108)	(98)
Operating expenses on machinery, vehicles and office equipment	(7)	(7)	(7)	(7)	(8)	(8)	(9)	(7)	(8)
Other operating expenses	(150)	(136)	(120)	(157)	(194)	(179)	(314)	(156)	(200)
Total other expenses								(2 288) (2 148) (2 298) (2 018) (2 136) (2 055) (2 243) (1 812) (1 930)
Impairment losses for goodwill							(2)
Depreciation and impairment of fixed and intangible assets	(898)	(875)	(977)	(900)	(937)	(979)	(894)	(882)	(856)
Total depreciation and impairment of fixed and intangible assets	(898)	(875)	(977)	(900)	(937)	(979)	(897)	(882)	(856)
Total operating expenses								(7 505) (7 284) (7 703) (6 858) (7 083) (6 976) (7 366) (6 272) (6 370)

Full year figures

Amounts in NOK million	YTD 2024	2023	2022	2021	2020	2019
Salaries					(5 997) (11 554) (10 619) (9 555) (9 022) (8 597)
Employer's national insurance contributions					(1 179) (2 243) (1 984) (1 743) (1 590) (1 551)
Pension expenses					(1 091) (1 880) (1 373) (1 631) (1 467) (1 610)
Restructuring expenses	(13)	(42)	(18)	(142)	(81)	(69)
Other personnel expenses	(301)	(600)	(697)	(755)	(714)	(776)
Total salaries and other personnel expenses					(8 580) (16 320) (14 690) (13 826) (12 873) (12 603)
Fees	(320)	(735)	(765)	(640)	(540)	(593)
IT expenses					(2 933) (5 298) (4 366) (3 923) (3 807) (3 886)
Postage and telecommunications	(53)	(117)	(154)	(132)	(148)	(151)
Office supplies	(11)	(22)	(28)	(40)	(29)	(30)
Marketing and public relations	(476)	(916)	(841)	(675)	(693)	(821)
Travel expenses	(116)	(228)	(184)	(55)	(73)	(266)
Reimbursement to Norway Post for transactions executed	(0)	(0)	(0)	(0)	(117)	(171)
Training expenses	(34)	(76)	(74)	(53)	(42)	(61)
Operating expenses on properties and premises	(192)	(435)	(427)	(409)	(415)	(429)
Operating expenses on machinery, vehicles and office equipment	(14)	(31)	(32)	(59)	(59)	(69)
Other operating expenses	(286)	(649)	(778)		(858) (1 286)	(995)
Total other expenses					(4 436) (8 506) (7 648) (6 845) (7 208) (7 472)
Impairment losses for goodwill			(2)	(7)	(10)
Depreciation and impairment of fixed and intangible assets					(1 774) (3 794) (3 463) (3 356) (3 310) (3 058)
Total depreciation and impairment of fixed and intangible assets					(1 774) (3 794) (3 465) (3 363) (3 320) (3 058)
Total operating expenses					(14 790) (28 620) (25 803) (24 034) (23 401) (23 133)

1.4.2 Full-time positions based on the operational structure

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Full-time positions	2024	2024	2023	2023	2023	2023	2022	2022	2022
Total ordinary operations*	10 628	10 584	10 617	10 596	10 434	10 299	10 351	10 241	10 072
* Of which:
Personal Banking	3 108
Technology & Services	2 247

Technology & Services	2 247
Large Corporates & International	1 542
Business Banking Norway	918
Markets	830
Wealth Management	810
Group Finance	448
Products, Data & Innovation	191
People & Communication	191
Group Risk Management	160
Other entities	184

1.4.3 IT expenses

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Software and licenses	(461)	(488)	(431)	(395)	(443)	(422)	(321)	(313)	(322)
IT consultants	(660)	(613)	(715)	(568)	(554)	(536)	(502)	(306)	(522)
Leasing	8	8	8	8	8	8	8	8	8
Other IT expenses	(375)	(353)	(345)	(305)	(328)	(288)	(346)	(469)	(242)
IT expenses								(1 487) (1 446) (1 483) (1 260) (1 316) (1 237) (1 160) (1 080) (1 079)
Depreciation	(102)	(95)	(113)	(111)	(118)	(123)	(134)	(146)	(137)
Impairment			(49)		1	(1)	(12)	1	3
Depreciation and impairment	(102)	(95)	(162)	(111)	(116)	(124)	(146)	(145)	(134)
Total IT expenses								(1 589) (1 541) (1 645) (1 371) (1 433) (1 361) (1 306) (1 225) (1 213)
Capitalised systems development expenses	1 635	1 593	1 573	1 524	1 493	1 458	1 380	1 173	1 263

The figures do not include salaries and indirect expenses.

1.5.1 Loans and financial commitments to customers by industry segment

Maximum exposure is the gross carrying amount of loans to customers plus off-balance exposure, which mainly includes guarantees, unutilised credit lines and loan offers.

As at 30 June 2024

	Maximum exposure					Net
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Total
Bank, insurance and portfolio management	135 779	5 973	899	142 650	(42)	(14)	(28)	(83)	142 567
Commercial real estate	240 268	20 789	2 712	263 769	(204)	(81)	(599)	(884)	262 885
Shipping	53 380	163	236	53 779	(21)	(0)	(236)	(257)	53 521
Oil, gas and offshore	98 858	2 721	3 663	105 242	(23)	(17)	(1 016)	(1 055)	104 187
Power and renewables	126 820	7 605	1 531	135 956	(53)	(31)	(843)	(927)	135 030
Healthcare	59 380	4 095	0	63 475	(21)	(41)	(0)	(62)	63 413
Public sector	18 258	39	0	18 297	(0)	(0)	(0)	(0)	18 297
Fishing, fish farming and farming	105 898	3 872	934	110 704	(19)	(41)	(134)	(195)	110 509
Retail industries	69 983	18 510	3 135	91 628	(78)	(140)	(500)	(718)	90 910
Manufacturing	95 682	9 141	403	105 226	(64)	(61)	(189)	(313)	104 913
Technology, media and telecom	52 725	3 081	2 484	58 290	(22)	(18)	(264)	(303)	57 986
Services	103 874	15 979	1 189	121 043	(152)	(145)	(530)	(827)	120 215
Residential property	135 352	15 085	1 744	152 181	(95)	(65)	(469)	(629)	151 552
Personal customers	1 196 873	61 376	5 913	1 264 162	(154)	(214)	(613)	(982)	1 263 181
Other corporate customers	89 332	16 258	2 559	108 149	(106)	(141)	(794)	(1 042)	107 107
Total	2 582 461	184 687	27 404	2 794 553	(1 055)	(1 009)	(6 214)		(8 278) 2 786 275

Stage 1 - loans and financial commitments to customers by industry segment

		Maximum exposure			Accumulated impairment
	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2024	2024	2023	2023	2024	2024	2023	2023
Bank, insurance and portfolio management	135 779	133 927	136 482	146 162	(42)	(34)	(41)	(34)
Commercial real estate	240 268	235 899	236 784	239 956	(204)	(182)	(184)	(180)
Shipping	53 380	50 414	54 669	50 791	(21)	(21)	(23)	(26)
Oil, gas and offshore	98 858	100 239	102 226	93 527	(23)	(24)	(19)	(21)
Power and renewables	126 820	124 711	113 771	109 153	(53)	(56)	(45)	(46)
Healthcare	59 380	59 866	51 985	53 210	(21)	(18)	(15)	(13)
Public sector	18 258	16 245	15 189	15 759	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	105 898	101 048	99 348	102 453	(19)	(16)	(17)	(16)
Retail industries	69 983	63 798	65 469	74 468	(78)	(76)	(70)	(59)
Manufacturing	95 682	98 189	96 593	93 651	(64)	(58)	(68)	(64)
Technology, media and telecom	52 725	62 037	65 156	50 498	(22)	(19)	(19)	(20)
Services	103 874	94 038	96 638	95 213	(152)	(107)	(109)	(96)
Residential property	135 352	139 350	139 541	146 473	(95)	(106)	(95)	(93)
Personal customers	1 196 873	1 176 694	1 180 556	1 192 410	(154)	(151)	(122)	(132)
Other corporate customers	89 332	85 140	84 230	82 983	(106)	(109)	(99)	(91)
Total	2 582 461	2 541 596	2 538 637	2 546 707	(1 055)	(977)	(925)	(892)

1.5.1 Loans and financial commitments to customers by industry segment (continued)

Stage 2 - loans and financial commitments to customers by industry segment

		Maximum exposure			Accumulated impairment
	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 June
Amounts in NOK million	2024	2024	2023	2023	2024	2024	2023	2023
Bank, insurance and portfolio management	5 973	7 806	7 403	5 105	(14)	(20)	(22)	(24)
Commercial real estate	20 789	23 922	22 579	24 323	(81)	(68)	(73)	(73)
Shipping	163	397	549	522	(0)	(1)	(1)	(1)
Oil, gas and offshore	2 721	2 951	4 123	2 679	(17)	(8)	(9)	(12)
Power and renewables	7 605	8 345	8 785	6 995	(31)	(24)	(25)	(15)
Healthcare	4 095	4 816	3 634	3 432	(41)	(43)	(36)	(33)
Public sector	39	78	47	11	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	3 872	3 715	3 655	2 658	(41)	(43)	(49)	(28)
Retail industries	18 510	21 499	22 829	17 589	(140)	(128)	(146)	(140)
Manufacturing	9 141	9 214	7 889	5 644	(61)	(61)	(52)	(38)
Technology, media and telecom	3 081	2 091	2 235	4 674	(18)	(12)	(15)	(28)
Services	15 979	16 911	14 724	14 316	(145)	(208)	(189)	(157)
Residential property	15 085	13 602	11 238	11 137	(65)	(52)	(38)	(35)
Personal customers	61 376	63 110	56 276	64 932	(214)	(241)	(233)	(255)
Other corporate customers	16 258	20 152	17 945	21 425	(141)	(175)	(172)	(181)
Total	184 687	198 608	183 912	185 440	(1 009)	(1 084)	(1 063)	(1 019)

Stage 3 - loans and financial commitments to customers by industry segment

		Maximum exposure			Accumulated impairment
	30 June	31 March	31 Dec.	30 June	30 June	31 March	31 Dec.	30 June
Amounts in NOK million	2024	2024	2023	2023	2024	2024	2023	2023
Bank, insurance and portfolio management	899	793	501	357	(28)	(42)	(46)	(39)
Commercial real estate	2 712	2 684	4 444	2 035	(599)	(548)	(574)	(452)
Shipping	236	234	206	214	(236)	(219)	(206)	(211)
Oil, gas and offshore	3 663	4 449	5 976	8 096	(1 016)	(1 012)	(1 099)	(1 108)
Power and renewables	1 531	1 532	1 425	1 557	(843)	(834)	(766)	(723)
Healthcare	0	12	12	12	(0)	(12)	(12)
Public sector	0	0	0	0	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	934	968	866	1 452	(134)	(143)	(120)	(680)
Retail industries	3 135	2 643	1 668	1 564	(500)	(420)	(408)	(374)
Manufacturing	403	387	325	325	(189)	(192)	(160)	(147)
Technology, media and telecom	2 484	2 528	2 609	103	(264)	(302)	(345)	(37)
Services	1 189	1 078	942	1 157	(530)	(457)	(436)	(660)
Residential property	1 744	1 887	1 795	1 063	(469)	(463)	(396)	(334)
Personal customers	5 913	5 273	4 868	4 939	(613)	(558)	(566)	(562)
Other corporate customers	2 559	3 317	3 738	3 621	(794)	(1 497)	(1 332)	(1 301)
Total	27 404	27 786	29 375	26 495	(6 214)	(6 698)	(6 466)	(6 626)

1.5.2 Development in maximum exposure of loans and financial commitments to customers

Maximum exposure is the gross carrying amount of loans to customers plus off-balance exposure, which mainly includes guarantees, unutilised credit lines and loan offers.

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Maximum exposure at beginning of period	2 767 990	2 751 924	2 758 643	2 774 744	2 736 898	2 645 776	2 687 915	2 643 248	2 569 612
Originated and purchased	214 673	457 724	223 990	219 858	226 661	231 344	206 414	214 788	250 856
Derecognition				(182 585) (457 619) (228 593) (227 810) (192 594) (168 784) (228 888) (184 930) (201 673)
Exchange rate movements	(5 525)	15 960	(2 152)	(8 166)	4 499	28 561	(19 667)	14 811	24 453
Other			35	19	(719)
Maximum exposure at end of period	2 794 553	2 767 990	2 751 924	2 758 643	2 774 744	2 736 899	2 645 776	2 687 915	2 643 248

Stage 1 - development in maximum exposure of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Maximum exposure at beginning of period	2 541 596	2 538 637	2 546 707	2 564 413	2 527 908	2 436 683	2 491 066	2 451 553	2 392 596
Transfer into Stage 1	41 474	26 886	33 715	29 210	27 781	29 526	29 763	27 761	38 314
Transfer to Stage 2	(43 760)	(47 729)	(48 737)	(55 526)	(37 466)	(36 687)	(63 491)	(40 227)	(52 388)
Transfer to Stage 3	(603)	(886)	(3 218)	(837)	(921)	(884)	(1 724)	(824)	(700)
Originated and purchased	213 740	332 007	221 622	216 672	220 421	226 184	201 877	211 042	245 653
Derecognition				(164 910) (322 458) (209 198) (199 834) (177 070) (153 579) (202 266) (171 987) (194 091)
Exchange rate movements	(5 077)	15 137	(2 281)	(7 400)	4 123	26 665	(18 545)	13 749	22 168
Other1			28	9	(362)
Maximum exposure at end of period	2 582 461	2 541 596	2 538 637	2 546 707	2 564 413	2 527 908	2 436 683	2 491 066	2 451 553

Stage 2 - development in maximum exposure of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Maximum exposure at beginning of period	198 608	183 912	185 440	182 218	181 326	178 400	165 224	157 469	144 602
Transfer to Stage 1	(41 237)	(25 767)	(33 491)	(28 825)	(26 519)	(27 122)	(27 931)	(25 926)	(36 789)
Transfer into Stage 2	44 130	48 792	51 033	55 811	38 089	38 268	63 927	41 571	52 722
Transfer to Stage 3	(2 522)	(3 004)	(4 240)	(1 876)	(2 838)	(1 825)	(2 134)	(1 541)	(678)
Originated and purchased	244	3 757	1 838	2 667	5 566	4 060	3 587	1 514	5 203
Derecognition	(14 140)	(9 795)	(16 782)	(23 866)	(13 382)	(12 117)	(23 283)	(8 813)	(9 718)
Exchange rate movements	(396)	714	104	(694)	320	1 661	(990)	950	2 126
Other1			8	5	(342)
Maximum exposure at end of period	184 687	198 608	183 912	185 440	182 218	181 326	178 400	165 224	157 469

Stage 3 - development in maximum exposure of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Maximum exposure at beginning of period	27 786	29 375	26 495	28 113	27 665	30 693	31 625	34 227	32 414
Transfer to Stage 1	(238)	(1 118)	(224)	(385)	(1 262)	(2 404)	(1 830)	(1 835)	(1 525)
Transfer to Stage 2	(371)	(1 063)	(2 295)	(285)	(622)	(1 581)	(436)	(1 344)	(335)
Transfer into Stage 3	3 125	3 890	7 457	2 712	3 760	2 709	3 859	2 365	1 378
Originated and purchased	689	949	530	519	674	1 100	950	2 231
Derecognition	(3 535)	(4 356)	(2 613)	(4 111)	(2 142)	(3 088)	(3 340)	(4 130)	2 136
Exchange rate movements	(52)	109	25	(72)	56	235	(132)	111	158
Other1			0	5	(15)
Maximum exposure at end of period	27 404	27 786	29 375	26 495	28 113	27 665	30 693	31 625	34 227

1 The reduction of the gross carrying value in the second quarter of 2023 is related to a legacy foreign currency portfolio in Poland.

1.5.3 Development in accumulated impairment of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Accumulated impairment at beginning of period	(8 759)	(8 454)	(8 537)	(8 469)	(8 574)	(8 567)	(8 365)	(9 311)	(9 404)
Originated and purchased	(172)	(263)	(119)	(124)	(188)	(176)	(169)	(184)	(98)
Increased expected credit loss	(3 049)	(3 188)	(1 737)	(1 443)	(1 817)	(1 531)	(1 633)	(1 283)	(1 291)
Decreased (reversed) expected credit loss	2 734	2 729	1 044	941	1 651	1 460	1 318	886	1 179
Write-offs	687	246	680	387	277	212	129	987	364
Derecognition (including repayments)	265	204	215	129	217	89	116	558	57
Exchange rate movements	17	(33)	(2)	44	(36)	(60)	36	(19)	(118)
Other		(1)						(1)
Accumulated impairment at end of period	(8 278)	(8 759)	(8 454)	(8 537)	(8 469)	(8 574)	(8 567)	(8 365)	(9 311)

Stage 1 - development in accumulated impairment of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Accumulated impairment at beginning of period	(977)	(925)	(892)	(928)	(937)	(831)	(833)	(723)	(759)
Changes due to significant change in credit risk	(145)	(50)	(32)	(100)	(74)	(140)	(63)	(83)	(47)
Originated and purchased	(148)	(195)	(105)	(89)	(123)	(129)	(102)	(72)	(78)
Increased expected credit loss	(139)	(102)	(118)	(101)	(129)	(92)	(151)	(182)	(98)
Decreased (reversed) expected credit loss	305	288	221	296	338	259	302	172	271
Write-offs
Derecognition (including repayments)	47	12	1	28	(3)	6	5	65
Exchange rate movements	3	(5)	(1)	5	(2)	(10)	11	(9)	(11)
Other
Accumulated impairment at end of period	(1 055)	(977)	(925)	(892)	(928)	(937)	(831)	(833)	(723)

Stage 2 - development in accumulated impairment of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Accumulated impairment at beginning of period	(1 084)	(1 063)	(1 019)	(1 006)	(985)	(987)	(1 038)	(1 049)	(1 027)
Changes due to significant change in credit risk	142	70	50	107	79	61	44	79	47
Originated and purchased	(24)	(68)	(16)	(35)	(62)	(47)	(65)	(108)	(20)
Increased expected credit loss	(296)	(261)	(316)	(290)	(262)	(218)	(256)	(314)	(274)
Decreased (reversed) expected credit loss	186	142	144	102	170	154	229	158	199
Write-offs
Derecognition (including repayments)	64	100	95	99	56	65	80	211	59
Exchange rate movements	3	(5)		4	(3)	(12)	19	(17)	(34)
Other
Accumulated impairment at end of period	(1 009)	(1 084)	(1 063)	(1 019)	(1 006)	(985)	(987)	(1 038)	(1 049)

Stage 3 - development in accumulated impairment of loans and financial commitments to customers

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Accumulated impairment at beginning of period	(6 698)	(6 466)	(6 626)	(6 535)	(6 652)	(6 748)	(6 495)	(7 539)	(7 618)
Changes due to significant change in credit risk	4	(23)	(13)	(8)	(5)	77	19	4
Originated and purchased			2		(3)		(2)	(2)
Increased expected credit loss	(2 614)	(2 825)	(1 303)	(1 052)		(1 221)	(1 226)	(787)	(920)
Decreased (reversed) expected credit loss	2 243	2 299	679	543	1 143	1 047	787	556	708
Write-offs	687	246	680	387	277	212	129	987	364
Derecognition (including repayments)	154	92	119	2	164	18	31	282	(2)
Exchange rate movements	11	(23)	(1)	35	(31)	(38)	6	7	(72)
Other
Accumulated impairment at end of period	(6 214)	(6 698)	(6 466)	(6 626)	(6 535)	(6 652)	(6 748)	(6 495)	(7 539)

1.5.4 Stage 3 - development in net loans at amortised cost and financial commitments to customers

Net loans at amortised cost in stage 3

Net financial commitments in stage 3

Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost

Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost and financial commitments

1.5.5 Impairment of financial instruments

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Personal customers	(111)	(111)	(117)	(86)	(3)	(70)	(147)	(136)	(94)
Commercial real estate	(141)	64	(122)	(98)	(66)	45	(249)	(0)	26
Residential property	(29)	(79)	(67)	(132)	(24)	23	(120)	(13)	(0)
Power and renewables	(21)	(18)	(88)	(20)	(196)	11	8	(61)	(3)
Oil, gas and offshore	(20)	(14)	(45)	(171)	606	515	152	333	313
Other	(238)	(165)	(482)	(430)	(1 188)	(445)	(317)	25	(32)
Total	(560)	(323)	(920)	(937)	(871)	79	(674)	148	209

1.6.1 Credit portfolio

Exposure at default by industry segment

Exposure at default, EAD, is the share of the approved credit that is expected to be drawn at the time of any future default at the same time as there is a downturn in the market. The tables show the EAD in DNB's credit portfolio and is calculated by using external credit conversion factors that are aligned with regulatory requirements. Sbanken has been included in the figures as of 30 June 2022.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Bank, insurance and portfolio management	107.2	113.1	109.8	107.3	104.6	108.4	106.7	118.1	113.7
Commercial real estate1	245.6	243.8	245.2	243.5	242.0	236.8	233.5	231.8	225.2
Shipping1	47.3	43.7	45.5	46.3	47.6	43.1	42.9	52.6	49.4
Oil, gas and offshore1	69.4	72.3	73.0	74.8	76.9	83.1	91.7	137.8	128.1
Power and renewables1	94.8	94.9	89.8	86.1	91.5	86.1	83.1	83.3	74.3
Healthcare	52.1	51.4	45.5	45.8	46.6	44.4	41.4	47.5	44.7
Public sector	11.0	10.4	10.1	8.5	8.0	14.1	14.1	9.6	7.5
Fishing, fish farming and farming	95.5	90.2	91.7	92.5	92.7	91.8	81.8	76.1	71.9
Retail industries	68.2	67.3	65.6	66.7	63.8	61.8	51.1	51.1	49.4
Manufacturing	79.5	79.8	74.3	73.6	71.8	68.3	66.9	68.4	65.2
Technology, media and telecom	48.3	48.9	47.5	43.6	45.0	41.9	40.3	38.8	36.4
Services	75.9	72.5	71.1	68.1	77.8	74.4	72.7	71.3	71.1
Residential property	139.2	140.4	139.1	140.5	141.5	141.0	139.6	140.1	134.7
Other corporate customers	89.9	86.9	86.3	86.3	89.1	93.4	92.0	96.6	95.8
Personal customers*	1 182.6	1 179.7	1 187.0	1 194.6	1 200.5	1 194.4	1 181.6	1 176.7	1 168.2
Total exposure at default in customer segments**	2 406.4	2 395.2	2 381.4	2 378.3	2 399.2	2 383.0	2 339.2	2 399.7	2 335.6
Central banks	563.9	857.6	429.0	637.4	554.3	572.0	378.0	460.5	370.2
Bonds	257.5	261.8	236.7	225.5	217.2	205.3	194.4	199.9	190.5
Total exposure at default in Group	3 227.8	3 514.6	3 047.1	3 241.2	3 170.7	3 160.2	2 911.7	3 060.0	2 896.3
* Of which:
- Mortgages	1 059.1	1 056.9	1 065.2	1 072.1	1 075.4	1 068.9	1 056.9	1 051.8	1 042.2
- Other exposures	123.6	122.8	121.8	122.6	125.1	125.5	124.6	124.9	125.9
** Of which international portfolio	387.6	553.8	541.4	526.7	522.7	522.6	506.0	562.7	530.7

1 For a breakdown, see tables 1.6.3 - 1.6.6.

1.6.1 Credit portfolio (continued)

Risk classification of portfolio1, 2

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk	1 777.8	1 780.7	1 811.3	1 809.1	1 844.2	1 824.2	1 779.8	1 822.2	1 785.1
Medium risk	529.2	518.7	478.6	477.0	457.6	456.5	461.4	475.1	446.0
High risk*	99.4	95.8	91.5	92.1	97.5	102.3	98.0	102.3	104.6
Total portfolio	2 406.4	2 395.2	2 381.4	2 378.3	2 399.2	2 383.0	2 339.2	2 399.7	2 335.6
* Of which exposure at default in stage 3	25.1	24.7	27.9	26.0	27.2	27.3	29.9	29.6	29.8
1 Of which international portfolio:
Low risk	431.0	434.0	423.9	407.5	397.5	397.4	379.2	427.1	396.7
Medium risk	93.0	91.7	88.9	89.2	90.2	88.6	91.6	97.4	96.8
High risk*	29.9	28.1	28.6	29.9	35.0	36.7	35.2	38.3	37.1
Total international portfolio	554.0	553.8	541.4	526.7	522.7	522.6	506.0	562.7	530.7
* Of which exposure at default in stage 3	7.9	9.1	12.0	9.9	10.1	10.5	12.3	12.7	12.3

2 For a breakdown of commercial real estate, shipping, oil, gas and offshore and power and renewables, see tables 1.6.3–1.6.6.

Risk classification of portfolio

* Of which mortgages 44 per cent of total exposure at default. * Of which exposure at default of NOK 25.1 billion in stage 3 as at 30 June 2024.

1.6.2 Customer segments

Exposure at default

Personal customers 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June Amounts in NOK billion 2024 2024 2023 2023 2023 2023 2022 2022 2022 Mortgages 1 059.1 1 056.9 1 065.2 1 072.1 1 075.4 1 068.9 1 056.9 1 051.8 1 042.2 Other exposures 123.6 122.8 121.8 122.6 125.1 125.5 124.6 124.9 125.9 Total exposure at default 1 182.6 1 179.7 1 187.0 1 194.6 1 200.5 1 194.4 1 181.6 1 176.7 1 168.2

Corporate customers, by industry segment

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Bank, insurance and portfolio management	107.2	113.1	109.8	107.3	104.6	108.4	106.7	118.1	113.7
Commercial real estate	245.6	243.8	245.2	243.5	242.0	236.8	233.5	231.8	225.2
Shipping	47.3	43.7	45.5	46.3	47.6	43.1	42.9	52.6	49.4
Oil, gas and offshore	69.4	72.3	73.0	74.8	76.9	83.1	91.7	137.8	128.1
Power and renewables	94.8	94.9	89.8	86.1	91.5	86.1	83.1	83.3	74.3
Healthcare	52.1	51.4	45.5	45.8	46.6	44.4	41.4	47.5	44.7
Public sector	11.0	10.4	10.1	8.5	8.0	14.1	14.1	9.6	7.5
Fishing, fish farming and farming	95.5	90.2	91.7	92.5	92.7	91.8	81.8	76.1	71.9
Retail industries	68.2	67.3	65.6	66.7	63.8	61.8	51.1	51.1	49.4
Manufacturing	79.5	79.8	74.3	73.6	71.8	68.3	66.9	68.4	65.2
Technology, media and telecom	48.3	48.9	47.5	43.6	45.0	41.9	40.3	38.8	36.4
Services	75.9	72.5	71.1	68.1	77.8	74.4	72.7	71.3	71.1
Residential property	139.2	140.4	139.1	140.5	141.5	141.0	139.6	140.1	134.7
Other corporate customers	89.9	86.9	86.3	86.3	89.1	93.4	92.0	96.6	95.8
Total exposure at default	1 223.8	1 215.5	1 194.4	1 183.7	1 198.8	1 188.6	1 157.7	1 222.9	1 167.4

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk
Personal customers	894.0	901.6	956.9	953.8	979.4	962.7	948.7	942.5	953.4
Corporate customers	883.9	879.1	854.3	855.3	864.8	861.6	831.1	879.7	831.7
Total	1 777.8	1 780.7	1 811.3	1 809.1	1 844.2	1 824.2	1 779.8	1 822.2	1 785.1
Medium risk
Personal customers	261.7	253.2	207.8	216.9	197.3	207.1	208.2	208.6	189.2
Corporate customers	267.6	265.4	270.8	260.2	260.2	249.3	253.2	266.6	256.8
Total	529.2	518.7	478.6	477.0	457.6	456.5	461.4	475.1	446.0
High risk*
Personal customers	27.0	24.8	22.2	24.0	23.8	24.6	24.7	25.7	25.6
Corporate customers	72.4	71.0	69.2	68.2	73.7	77.7	73.3	76.6	79.0
Total	99.4	95.8	91.5	92.1	97.5	102.3	98.0	102.3	104.6
Total Personal customers	1 182.6	1 179.7	1 187.0	1 194.6	1 200.5	1 194.4	1 181.6	1 176.7	1 168.2
Total Corporate customers	1 223.8	1 215.5	1 194.4	1 183.7	1 198.8	1 188.6	1 157.7	1 222.9	1 167.4
Total risk classification of portfolio	2 406.4	2 395.2	2 381.4	2 378.3	2 399.2	2 383.0	2 339.2	2 399.7	2 335.6

* Of which exposure at default in stage 3

Personal customers	6.2	5.4	5.1	5.3	5.0	5.1	4.7	4.7	5.0
Corporate customers	18.9	19.3	22.8	20.7	22.2	22.2	25.2	24.9	24.7
Total	25.1	24.7	27.9	26.0	27.2	27.3	29.9	29.6	29.8

1.6.3 Breakdown of commercial real estate

Exposure at default

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Retail store facility building loans	1.5	1.5	1.6	1.3	1.2	1.3	1.3	1.2	1.1
Hotel building loans	7.5	12.2	9.9	17.4	18.3	15.1	14.6	10.3	8.6
Shopping centre building loans	2.2	1.9	1.8	1.6	1.5	1.4	1.3	1.3	1.2
Office premises building loans	5.9	6.1	6.1	6.6	6.5	6.0	3.9	4.9	4.7
Leasing of retail store facilities	20.8	19.8	19.4	18.5	18.6	18.7	18.5	18.7	19.3
Leasing of hotels	29.9	30.8	31.0	27.8	25.7	25.5	24.7	28.7	27.5
Leasing of shopping centres	11.5	12.2	12.0	12.1	11.5	11.7	11.8	12.1	12.5
Leasing of office premises	92.1	89.4	92.5	89.8	87.2	88.5	86.9	88.2	86.9
Leasing of warehouse/ logistics/ multi-purpose buildings	36.3	35.1	35.0	34.2	33.9	33.2	32.1	34.4	33.0
Other	37.8	34.7	35.8	34.3	37.6	35.5	38.3	32.1	30.3
Total	245.6	243.8	245.2	243.5	242.0	236.8	233.5	231.8	225.2

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk	185.2	181.1	180.5	182.1	182.0	180.7	177.5	173.6	168.3
Medium risk	49.4	52.2	53.0	52.6	52.8	47.9	48.7	51.7	49.9
High risk*	11.0	10.5	11.6	8.8	7.2	8.2	7.3	6.5	7.0
Total	245.6	243.8	245.2	243.5	242.0	236.8	233.5	231.8	225.2
* Of which exposure at default in stage 3	2.7	2.4	4.4	2.0	1.7	1.2	1.7	1.0	1.1

Exposure at default Risk classification of portfolio

* Of which exposure at default of NOK 2.7 billion in stage 3 as at 30 June 2024.

1.6.3 Breakdown of commercial real estate (continued)

Exposure at default by geographic distribution

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Oslo/ Akershus	91.8	90.1	90.2	86.5	85.4	86.9	87.2	87.1	81.5
Eastern Norway excl. Oslo/ Akershus	64.1	63.0	62.6	64.0	62.7	58.7	57.1	56.1	58.7
Western Norway	39.8	38.6	39.5	39.9	40.1	40.7	40.2	39.1	36.8
Central/ Northern Norway	36.2	36.8	37.4	37.8	36.8	34.6	33.8	34.3	33.8
Sweden	10.0	11.4	11.0	10.9	11.1	10.2	10.0	9.9	10.0
Other Europe	3.8	4.0	4.5	4.5	5.9	5.7	5.2	5.3	4.5
Total	245.6	243.8	245.2	243.5	242.0	236.8	233.5	231.8	225.2

Exposure at default by geographic distribution

1.6.4 Breakdown of shipping

Exposure at default

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Chemical and product tankers	5.3	5.8	6.2	6.1	6.0	5.3	4.7	5.7	5.9
Container	1.9	1.8	1.6	1.7	1.5	1.4	1.4	3.1	2.9
Crude oil carriers	13.0	11.6	13.8	12.0	11.6	10.8	11.7	14.2	13.3
Dry bulk	9.7	8.9	9.1	8.1	9.3	9.1	8.8	10.1	9.5
Gas carriers	9.4	10.0	9.7	12.0	11.8	10.4	10.3	12.4	11.9
Other shipping	7.9	5.7	5.1	6.4	7.5	6.0	6.0	7.1	6.0
Total	47.3	43.7	45.5	46.3	47.6	43.1	42.9	52.6	49.4

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk	32.8	30.8	32.5	30.8	26.3	21.2	17.5	20.7	18.0
Medium risk	14.2	12.6	12.8	15.3	21.1	21.5	25.1	29.7	28.4
High risk*	0.2	0.3	0.2	0.2	0.2	0.4	0.3	2.1	3.1
Total1	47.3	43.7	45.5	46.3	47.6	43.1	42.9	52.6	49.4
* Of which exposure at default in stage 3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3

1 For a breakdown into sub-segments, see next page.

Exposure at default Risk classification of portfolio

* Of which exposure at default of NOK 0.2 billion in stage 3 as at 30 June 2024.

1.6.4 Breakdown of shipping (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk
Crude oil sector	7.3	7.5	10.0	7.5	6.6	5.3	4.0	6.0	5.5
Dry bulk sector	5.1	5.8	5.2	5.7	5.5	5.2	4.9	5.3	4.6
Container sector	1.4	1.3	1.0	1.1	1.4	1.3	1.3	1.6	1.5
Other	18.9	16.3	16.2	16.5	12.8	9.4	7.3	7.8	6.4
Total	32.8	30.8	32.5	30.8	26.3	21.2	17.5	20.7	18.0
Medium risk
Crude oil sector	5.7	4.1	3.8	4.5	5.0	5.5	7.6	7.8	7.3
Dry bulk sector	4.3	2.8	3.7	2.2	3.6	3.6	3.8	4.5	4.9
Container sector	0.5	0.5	0.6	0.6	0.1	0.1	0.1	1.5	1.4
Other	3.8	5.1	4.7	8.0	12.4	12.2	13.6	15.9	14.8
Total	14.2	12.6	12.8	15.3	21.1	21.5	25.1	29.7	28.4
High risk*
Crude oil sector	0.0	0.0	0.2		0.0			0.5	0.5
Dry bulk sector	0.2	0.2		0.2	0.2	0.4	0.2	0.2	0.0
Container sector
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.1	1.4	2.5
Total	0.2	0.3	0.2	0.2	0.2	0.4	0.3	2.1	3.1
Total shipping	47.3	43.7	45.5	46.3	47.6	43.1	42.9	52.6	49.4
* Of which exposure at default in stage 3
Crude oil sector								0.0
Dry bulk sector	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0
Container sector
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3
Total	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3

1.6.5 Breakdown of oil, gas and offshore

Exposure at default

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Oil and gas	30.6	31.9	36.3	36.3	35.3	39.0	48.7	91.0	84.0
Offshore	26.7	26.8	24.3	25.2	26.7	28.4	28.1	28.0	26.9
Oilfield services	12.1	13.6	12.3	13.2	14.9	15.7	14.8	18.8	17.1
Total	69.4	72.3	73.0	74.8	76.9	83.1	91.7	137.8	128.1

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk	47.8	50.6	46.1	42.9	43.6	47.7	52.2	92.8	82.8
Medium risk	16.0	15.2	19.3	22.3	17.9	17.7	21.1	23.5	23.7
High risk*	5.7	6.5	7.6	9.6	15.4	17.7	18.4	21.5	21.6
Total1	69.4	72.3	73.0	74.8	76.9	83.1	91.7	137.8	128.1
* Of which exposure at default in stage 3	3.7	4.5	5.8	7.9	9.9	11.0	13.1	14.4	14.4

1 For a breakdown into sub-segments, see next page.

Exposure at default Risk classification of portfolio

* Of which exposure at default of NOK 3.7 billion in stage 3 as at 30 June 2024.

1.6.5 Breakdown of oil, gas and offshore (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk
Oil and gas sector	26.1	28.4	31.6	30.3	29.8	33.3	41.6	80.6	72.5
Offshore sector	10.9	10.7	8.8	6.9	7.2	7.4	4.6	3.0	2.8
Oilfield services sector	10.8	11.4	5.6	5.7	6.6	6.9	5.9	9.2	7.5
Total	47.8	50.6	46.1	42.9	43.6	47.7	52.2	92.8	82.8
Medium risk
Oil and gas sector	4.1	3.2	4.4	5.7	5.0	4.8	6.5	10.1	11.2
Offshore sector	11.0	10.5	8.8	9.3	5.8	6.9	8.9	7.8	7.2
Oilfield services sector	0.8	1.5	6.2	7.3	7.1	6.0	5.6	5.6	5.3
Total	16.0	15.2	19.3	22.3	17.9	17.7	21.1	23.5	23.7
High risk*
Oil and gas sector	0.3	0.3	0.3	0.3	0.5	0.8	0.6	0.3	0.4
Offshore sector	4.8	5.5	6.7	9.0	13.7	14.1	14.6	17.2	16.9
Oilfield services sector	0.6	0.6	0.6	0.2	1.2	2.8	3.3	4.0	4.3
Total	5.7	6.5	7.6	9.6	15.4	17.7	18.4	21.5	21.6
Total oil, gas and offshore	69.4	72.3	73.0	74.8	76.9	83.1	91.7	137.8	128.1
* Of which exposure at default in stage 3
Oil and gas sector	0.3	0.3	0.3	0.3	0.3	0.6	0.3	0.3	0.3
Offshore sector	3.4	4.1	5.3	7.4	8.7	9.6	11.8	14.0	13.1
Oilfield services sector	0.0	0.1	0.2	0.2	0.9	0.8	1.0	0.1	0.9
Total	3.7	4.5	5.8	7.9	9.9	11.0	13.1	14.4	14.4

1.6.6 Breakdown of power and renewables

Exposure at default

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Hydro	29.1	28.1	28.3	26.7	29.9	30.6	31.5	33.1	29.7
Wind	24.0	23.8	20.4	22.0	24.5	21.3	20.2	20.0	18.8
Solar	19.6	20.2	17.6	15.1	13.8	12.5	11.0	10.7	9.1
Other	22.0	22.8	23.4	22.2	23.3	21.8	20.4	19.3	16.7
Total	94.8	94.9	89.8	86.1	91.5	86.1	83.1	83.3	74.3

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk	77.4	74.9	72.6	72.1	76.4	72.8	70.1	69.9	62.4
Medium risk	14.4	18.1	15.2	11.9	12.5	10.7	11.3	11.6	10.3
High risk*	3.0	2.0	1.9	2.1	2.6	2.6	1.7	1.8	1.7
Total1	94.8	94.9	89.8	86.1	91.5	86.1	83.1	83.3	74.3
* Of which exposure at default in stage 3	1.5	1.5	1.4	1.6	1.6	1.2	1.2	1.3	1.2

1 For a breakdown into sub-segments, see next page.

Exposure at default Risk classification of portfolio

* Of which exposure at default of NOK 1.5 billion in stage 3 as at 30 June 2024.

1.6.6 Breakdown of power and renewables (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2024	2024	2023	2023	2023	2023	2022	2022	2022
Low risk
Hydro	26.0	24.8	24.3	24.3	27.5	28.9	29.9	28.7	25.7
Wind	17.2	15.8	13.8	15.9	17.7	16.5	15.4	16.2	15.3
Solar	14.7	14.9	14.4	12.7	11.3	9.5	8.2	7.6	6.4
Other	19.4	19.3	20.1	19.2	19.8	17.9	16.7	17.4	15.0
Total	77.4	74.9	72.6	72.1	76.4	72.8	70.1	69.9	62.4
Medium risk
Hydro	2.4	2.6	3.3	1.7	1.6	1.0	0.9	3.7	3.3
Wind	5.9	7.2	5.9	5.3	5.4	4.0	4.9	3.9	3.5
Solar	3.5	4.8	2.7	2.0	2.0	2.0	1.9	2.1	1.8
Other	2.6	3.4	3.3	3.0	3.4	3.8	3.6	1.9	1.7
Total	14.4	18.1	15.2	11.9	12.5	10.7	11.3	11.6	10.3
High risk*
Hydro	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.7
Wind	0.8	0.8	0.8	0.8	1.3	0.8	0.0	0.0
Solar	1.4	0.4	0.4	0.5	0.5	1.0	1.0	1.0	0.9
Other	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Total	3.0	2.0	1.9	2.1	2.6	2.6	1.7	1.8	1.7
Total power and renewables	94.8	94.9	89.8	86.1	91.5	86.1	83.1	83.3	74.3
* Of which exposure at default in stage 3
Hydro	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
Wind	0.8	0.8	0.8	0.8	0.8
Solar	0.0	0.0	0.0	0.0	0.0	0.5	0.5	0.6	0.5
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total	1.5	1.5	1.4	1.6	1.6	1.2	1.2	1.3	1.2

1.6.7 DNB's risk classification

	Risk classification	Probability of default (per cent)		External rating
Risk grade		As from	Up to	Moody's	S&P Global
1		0.01	0.10	Aaa – A3	AAA – A
2	Low risk	0.10 0.25		Baa1 – Baa2	BBB+ – BBB
3		0.25	0.50	Baa3	BBB
4		0.50	0.75	Ba1	BB+
5		0.75	1.25	Ba2	BB
6	Medium risk	1.25	2.00
7		2.00	3.00	Ba3	BB
8		3.00	5.00	B1	B+
9	High risk	5.00	8.00	B2	B
10		8.00	impaired	B3, Caa/C	B-, CCC/C

DNB's risk classification system, where 1 represents the lowest risk and 10 the highest risk.

1.7.1 Funding

X1AO0

DNB Bank ASA issues senior debt and subordinated debt. DNB Boligkreditt AS, which is a wholly owned subsidiary of DNB Bank ASA, issues covered bonds. DNB issues bonds through large public transactions and private placements.

	2024			2023		2022
	NOK	Maturity	NOK	Maturity	NOK	Maturity
	billion	(years)1	billion	(years)1	billion	(years)1
Covered bonds	51.6	4.9	38.0	4.0
Senior preferred bonds	4.1	5.0	11.2	5.0	60.5	3.4
Senior non-preferred bonds			34.3	3.9	21.5	3.9
Total	55.7	4.9	83.5	4.1	82.0	3.5
Tier 2 capital			11.4		11.0
Additional Tier 1 capital	10.6		5.9		4.8
Total including Tier 2 capital and additional Tier 1 capital	66.2		100.8		97.8

1 Maturity as per first call option.

1.7.2 Redemption profile as at 30 June 2024

113

Amounts in NOK billion	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	>2033
Senior preferred bonds	32.5	19.5	19.2	14.8	13.1	0.6					0.7
Senior non-preferred bonds	1.1	23.5	36.1	21.8	23.1						0.9
Covered bonds	32.2	52.2	58.1	40.1	44.9	22.9	3.0	22.2	2.1	5.9	35.7
Total	65.8	95.2	113.5	76.8	81.0	23.5	3.0	22.2	2.1	5.9	37.3

X1AO

1.7.3 Minimum requirement for own funds and eligible liabilities (MREL)

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Own funds and eligible liabilities	393 805	399 936	409 776	392 895	391 986	383 751	353 241	366 362	337 087
- of which own funds and subordinated liabilities	309 944	318 791	307 742	288 221	284 014	269 077	251 777	231 333	210 704
Own funds and eligible liabilities including eligible YTD results	400 847	403 381	409 776	402 488	401 861	388 916	353 241	378 372	345 104
- of which own funds and subordinated liabilities including eligible YTD results	316 986	322 236	307 742	297 814	293 889	274 243	251 777	243 154	218 721
Total risk exposure amount (TREA) of the resolution group	975 016	972 813	986 095	961 382	983 841	963 812	945 588	920 896	912 029
Own funds and eligible liabilities as a percentage of TREA	40.39	41.11	41.56	40.87	39.84	39.82	37.36	39.78	36.96
- of which own funds and subordinated liabilities	31.79	32.77	31.21	29.98	28.87	27.92	26.63	25.12	23.10
Own funds and eligible liabilities as a percentage of TREA including eligible YTD results	41.11	41.47	41.56	41.87	40.85	40.35	37.36	41.09	37.84
- of which own funds and subordinated liabilities including eligible YTD results	32.51	33.12	31.21	30.98	29.87	28.45	26.63	26.40	23.98
MREL requirement expressed as percentage of the total risk exposure amount	37.73	37.67	37.66	37.94	37.89	37.68	35.75	35.75	35.75
MREL requirement expressed as nominal amount	367 883	366 491	371 408	364 704	372 757	363 146	338 048	329 220	326 050
Surplus (+) / deficit (-) of MREL capital	25 921	33 445	38 368	28 191	19 229	20 605	15 193	37 141	11 037
Surplus (+) / deficit (-) of MREL capital including eligible YTD results	32 964	36 890	38 368	37 784	29 104	25 771	15 193	49 152	19 054

1.7.4 Asset encumbrance as at 31 March 2024

Encumbered and unencumbered assets, carrying amounts

	Encumbered	Unencumbered	Total
Amounts in NOK million	assets	assets	assets
Equity instruments	31	7 752	7 783
Debt securities	26 632	285 287	311 920
- of which (per product) covered bonds	911	64 998	65 909
- of which (per sector) issued by general governments	4 583	82 288	86 871
- of which (per sector) issued by financial corporations	21 839	189 993	211 832
- of which (per sector) issued by non-financial corporations	211	13 006	13 217
Other assets	443 352	2 798 624	3 241 975
- of which home mortgage loans	365 927	874 748	1 240 675
Total	470 016	3 091 663	3 561 678

Collateral received, fair value

		Collateral received
	Encumbered	available for	Total
Amounts in NOK million	collateral received	encumbrance	collateral received
Equity instruments	31 334	106 624	137 957
Debt securities	113 976	39 515	153 490
- of which (per product) covered bonds	50 277	31 422	81 699
- of which (per sector) issued by general governments	51 912	3 667	55 579
- of which (per sector) issued by financial corporations	54 496	35 200	89 696
- of which (per sector) issued by non-financial corporations	7 568	8 215	15 783
Other assets
Total	145 309	146 138	291 447

Sources of encumbrance

49 325	17 038
466 495	395 367
6 503	6 503
92 956	148 432
24 200	24 200
Matching liabilities	Encumbered assets and encumbered collateral received

The above tables are according to the CRD reporting and the EU regulations.

1.7.5 Liquid assets as at 30 June 2024

Amounts in NOK million	NOK	EUR	USD	SEK1	Other	Total*
Cash and balances with central banks	19 523	175 919	331 124	11 764	1 365	539 696
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	36 256	909	56 295	21 722	17 242	132 425
Securities issued by municipalities and PSEs	28 867	7 202	62 046	22 421	6 585	127 120
Extremely high quality covered bonds	118 010	1 783	2	346		120 141
Other assets
Level 1 assets	202 656	185 813	449 467	56 254	25 191	919 382
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	16 783		915			17 698
High quality covered bonds	10 168	2	6 287		2 134	18 591
Corporate debt securities (lowest rating AA-)						0
Other assets						0
Level 2A assets	26 951	2	7 202	0	2 134	36 288
Asset-backed securities						0
High quality covered bonds						0
Corporate debt securities (rated A+ to BBB-)	7	60	11			77
Shares (major stock index)	20 557	676	13 220	2 324		36 777
Other assets						0
Level 2B assets	20 564	736	13 230	2 324	0	36 855
Level 2 assets	47 515	738	20 432	2 324	2 134	73 143
Total liquid assets	250 171	186 551	469 900	58 579	27 325	992 525

* Total figures per quarter

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Cash and balances with central banks	539 696	808 254	303 422	637 927	551 642	547 621	298 242	433 570	345 765
Securities issued or guaranteed by sovereigns, central banks,
MDBs and international organisations	132 425	88 229	247 991	55 645	78 178	98 301	157 521	98 469	138 578
Securities issued by municipalities and PSEs	127 120	127 846	112 037	100 657	105 670	102 097	77 281	82 081	82 015
Extremely high quality covered bonds	120 141	109 698	116 102	99 515	94 278	118 385	108 714	83 270	92 845
Other assets
Level 1 assets	919 382	1 134 026	779 551	893 744	829 768	866 405	641 759	697 390	659 203
Securities issued or guaranteed by sovereigns, central banks,
municipalities and PSEs	17 698	19 991	21 239	23 854	23 059	29 231	23 976	27 090	20 172
High quality covered bonds	18 591	15 794	20 102	23 407	19 789	9 456	9 275	8 615	6 688
Corporate debt securities (lowest rating AA-)			447	1 125	154	3	3	3
Other assets				0
Level 2A assets	36 288	35 785	41 788	48 386	43 002	38 689	33 253	35 708	26 860
Asset-backed securities
High quality covered bonds							5 995	2 983	1 051
Corporate debt securities (rated A+ to BBB-)	77	42	31	64	141	90	196	267	118
Shares (major stock index)	36 777	23 140	2 363	3 043	1 280	2 949	1 400	1 340	1 469
Other assets
Level 2B assets	36 855	23 182	2 394	3 108	1 421	3 038	7 591	4 590	2 639
Level 2 assets	73 143	58 967	44 181	51 494	44 423	41 728	40 844	40 298	29 499
Total liquid assets	992 525	1 192 993	823 732	945 239	874 191	908 132	682 603	737 688	688 702

1 Not a significant currency.

All definitions are in accordance with Liquidity Coverage Ratio in CRR.

1.7.6 Liquidity Coverage Ratio (LCR)

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2024	2024	2023	2023	2023	2023	2022	2022	2022
EUR	127	252	179	546	154	161	171	166	179
USD	275	165	314	166	276	233	155	348	304
NOK	73	81	65	65	63	65	64	78	72
Total	135	139	146	140	130	122	120	153	139

1.7.7 Net Stable Funding Ratio (NSFR)

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Total available stable funding (ASF)	1 754 098	1 795 162	1 746 528	1 725 017	1 717 075	1 762 038	1 667 269	1 738 911	1 694 413
Total required stable funding (RSF)	1 525 617	1 513 802	1 491 420	1 480 464	1 493 037	1 488 276	1 464 426	1 487 274	1 449 364
Net Stable Funding Ratio (per cent)	115	119	117	117	115	118	114	117	117

X13AO

X12AO

1.7.8 DNB Bank ASA - credit ratings from international rating agencies

	Moody's			S&P Global
	Long-term	Short-term	Long-term	Short-term
As at 30 June 2024	Aa21	P-1	AA-2	A-1+
As at 31 March 2024	Aa21	P-1	AA-2	A-1+
As at 31 December 2023	Aa21	P-1	AA-2	A-1+
As at 30 September 2023	Aa21	P-1	AA-2	A-1+
As at 30 June 2023	Aa22	P-1	AA-2	A-1+
As at 31 March 2023	Aa22	P-1	AA-2	A-1+
As at 31 December 2022	Aa22	P-1	AA-2	A-1+
As at 7 October 2022	Aa22	P-1	AA-2	A-1+
As at 30 June 2022	Aa23	P-1	AA-2	A-1+

1 Positive outlook.

2 Stable outlook.

3 Negative outlook.

Covered bonds issued by DNB Boligkreditt are rated Aaa by Moody's and AAA by S&P Global, both with a stable outlook.

X13AO

1.7.9 Major shareholders

	Shares in 1 000	Ownership in per cent
Norwegian Government/Ministry of Trade, Industry and Fisheries	507 460	34.0
DNB Savings Bank Foundation	130 001	8.7
Folketrygdfondet	98 123	6.6
BlackRock, Inc.	58 515	3.9
Vanguard Group Holdings	40 348	2.7
Deutsche Bank AG Group	32 216	2.2
T. Rowe Price Group, Inc.	26 330	1.8
The Capital Group Companies, Inc.	25 844	1.7
Storebrand Kapitalforvaltning	22 654	1.5
DNB Asset Management	19 845	1.3
State Street Corporation	18 580	1.2
Kommunal Landspensjonskasse	17 190	1.2
Ameriprise Financials, Inc.	16 550	1.1
BNP Paribas, S.A.	15 788	1.1
Schroders PLC	15 617	1.0
Nordea AB	15 268	1.0
SAS Rue La Boetie	14 727	1.0
Danske Bank Group	12 234	0.8
Marathon	11 434	0.8
Svenska Handelsbanken AB	10 388	0.7
Total largest shareholders	1 109 112	74.4
Other shareholders	381 919	25.6
Total outstanding shares at the end of the period	1 491 031	100.0

The owners of shares in nominee accounts are determined on the basis of third-party analyses.

The sum in the table represents number of outstanding shares at the end of the period, while the largest shareholders are based on figures as at 17 June 2024. For information related to share buy-back programmes and redemption of shares, refer to 1.7.11.

1.7.10 Ownership according to nationality

Based on figures as at 17 June 2024.

Source: Nasdaq

X14AO

1.7.11 Share buy-back programmes

Under the authorisation from the Annual General Meeting (AGM) in 2023, DNB repurchased 33 054 725 shares, corresponding to 2.143 per cent of the share capital. In addition, a proportion of the Norwegian government's holding, equivalent to 1.104 per cent of issued shares, was redeemed after the AGM on 29 April, bringing total buy-backs to 3.247 per cent. The transaction was completed on 21 June, and the total number of issued shares has been reduced to 1 492 530 286.

Further more, at the AGM on 29 April 2024, the Board was given an authorisation for a new share buy-back programme of 3.5 per cent of the company's share capital. In addition, DNB Markets was authorised to repurchase 0.5 per cent for hedging purposes. The authorisation is valid up to the AGM in 2025. A programme of up to 1.0 per cent was announced on 17 June, and at 30 June 1 499 699 shares had been repurchased in the open market. In addition, a proportion of the Norwegian government's holding, will be redeemed after the AGM in 2025, bringing total buy-backs to 2 272 271 shares or 0.15 per cent as at 30 June 2024.

Buy-back programmes

	Authorisation from AGM 2024
Accumulated number of shares	30 June 2024
The Group's portfolio of own shares aquired in the open market	1 499 699
Redemption of shares from the state of Norway	772 572
Total purchased shares	2 272 271
Sum paid for repurchased shares in the open market (NOK)	313 360 106
Average price of repurchased shares (NOK)	208.95

X15AO

1.8.1 Own funds - condensed

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata.

Capital adequacy figures include part of the interim profit. For quarterly figures, 50 per cent of profit have been included in the Common equity Tier 1 capital, up to and including the second quarter of 2023. From 30 September 2023, the highest of the dividend payout ratio of the preceding year and average of the dividend pay-out ratio for the past three years has been deducted from interim profit, in accordance with CRR. The Group's dividend policy has not been changed.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Total equity	269 425	282 605	269 296	264 102	254 065	263 790	249 840	241 598	229 552
Effect from regulatory consolidation	2 869	3 318	2 835	2 011	2 295	2 429	2 244	2 758	3 088
Adjustment to retained earnings for foreseeable dividends	(12 139)	(5 938)		(18 622)	(8 863)	(4 554)		(10 597)	(7 180)
Net additional Tier 1 capital instruments included in total equity	(30 176)	(25 259)	(22 004)	(22 358)	(18 704)	(18 545)	(16 089)	(14 849)	(11 436)
Total equity for capital adequacy purpose	229 980	254 726	250 127	225 133	228 793	243 120	235 994	218 910	214 023
Regulatory adjustments	(23 377)	(48 250)	(50 200)	(27 770)	(21 960)	(42 029)	(41 907)	(21 433)	(21 409)
Common equity Tier 1 capital	206 602	206 476	199 927	197 362	206 833	201 091	194 088	197 477	192 614
Additional Tier 1 capital	20 280	23 349	20 303	20 303	16 774	16 673	14 357	12 834	9 540
Tier 1 capital	226 882	229 825	220 230	217 665	223 607	217 764	208 445	210 311	202 155
Tier 2 capital	27 027	27 631	27 184	27 106	27 819	19 843	23 018	23 432	21 892
Own funds	253 909	257 456	247 414	244 771	251 427	237 606	231 463	233 743	224 047

Total risk exposure amount	1 090 019	1 089 131	1 099 949	1 078 884	1 095 070	1 080 106	1 061 993	1 089 515	1 070 703
Minimum capital requirement	87 201	87 130	87 996	86 311	87 606	86 408	84 959	87 161	85 656
Common equity Tier 1 capital ratio (%)	19.0	19.0	18.2	18.3	18.9	18.6	18.3	18.1	18.0
Tier 1 capital ratio (%)	20.8	21.1	20.0	20.2	20.4	20.2	19.6	19.3	18.9
Total capital ratio (%)	23.3	23.6	22.5	22.7	23.0	22.0	21.8	21.5	20.9

See table 1.8.4 for more details.

1.8.2 Leverage ratio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Tier 1 capital	226 882	229 825	220 230	217 665	223 607	217 764	208 445	210 311	202 155
Leverage exposure
Securities financing transactions (SFTs)	256 701	198 579	204 617	172 653	159 799	145 528	111 488	134 950	145 880
Derivatives market value	58 621	75 792	57 211	80 114	98 460	83 214	82 788	160 171	123 815
Potential future exposure on derivatives	47 380	45 982	48 361	46 512	52 002	54 869	62 231	81 617	71 526
Eligible cash variation margin	(44 261)	(55 475)	(42 567)	(65 576)	(67 664)	(53 825)	(49 518)	(78 364)	(60 305)
Off balance sheet commitments	312 325	306 485	310 481	296 020	296 927	291 717	283 259	292 023	283 076
Loans and advances and other assets		2 896 344 3 164 216 2 704 372 2 923 571 2 858 817 2 864 134 2 588 681 2 699 098 2 572 498
Deductions	(20 285)	(20 308)	(20 675)	(21 269)	(21 534)	(21 812)	(20 791)	(20 923)	(20 999)
Total exposure amount		3 506 825 3 715 273 3 261 800 3 432 025 3 376 807 3 363 760 3 058 140 3 268 572 3 115 491
Leverage ratio (%)	6.5	6.2	6.8	6.3	6.6	6.5	6.8	6.4	6.5
Leverage ratio excluding central bank deposits (%)	7.7	7.9	7.5	7.8	7.9	7.8	7.6	7.4	7.3

1.8.3 Specification of exposure at default (EAD), risk exposure amount (REA) and average risk weights

	30 June 2024				31 March 2024		31 December 2023
			Average			Average			Average
	EAD	REA	risk weight	EAD	REA	risk weight	EAD	REA	risk weight
	(NOK million)		(per cent)	(NOK million)		(per cent)	(NOK million)		(per cent)
IRB approach
Corporates, of which:	1 010 872	406 349	40.2	997 374	412 530	41.4	976 834	423 906	43.4
Specialised lending (SL)	6 964	2 254	32.4	6 474	2 065	31.9	7 051	2 349	33.3
SME 1	194 733	77 832	40.0	195 973	78 168	39.9	198 699	92 035	46.3
Other corporates	809 176	326 263	40.3	794 927	332 297	41.8	771 083	329 522	42.7
Retail, of which:	996 844	223 312	22.4	987 667	221 800	22.5	992 650	222 345	22.4
Secured by mortgages on immovable
property	930 336	202 517	21.8	919 614	200 704	21.8	925 692	201 714	21.8
Other retail	66 508	20 795	31.3	68 054	21 096	31.0	66 958	20 631	30.8
Total credit risk, IRB approach	2 007 716	629 661	31.4	1 985 042	634 329	32.0	1 969 484	646 251	32.8
Standardised approach
Central governments and central banks	588 735	91	0.0	863 631	91	0.0	458 206	86	0.0
Regional governments or local authorities	47 910	529	1.1	44 928	526	1.2	42 322	727	1.7
Public sector entities	87 240	21	0.0	90 833	19	0.0	79 929	14	0.0
Multilateral development banks	59 858			59 979			54 305	594	1.1
International organisations	1 008			977			987
Institutions	54 903	16 124	29.4	67 451	19 465	28.9	59 076	18 679	31.6
Corporates	174 181	118 736	68.2	166 138	108 913	65.6	168 934	114 560	67.8
Retail	76 583	57 181	74.7	71 109	53 059	74.6	67 911	50 659	74.6
Secured by mortgages on immovable
property	121 077	49 377	40.8	133 379	54 331	40.7	138 845	53 842	38.8
Exposures in default	3 236	4 440	137.2	2 978	3 924	131.8	3 072	4 061	132.2
Items associated with particular high risk	734	1 100	150.0	743	1 115	150.0	732	1 099	150.0
Covered bonds	59 894	5 989	10.0	59 172	5 922	10.0	54 010	5 401	10.0
Collective investment undertakings	1 367	200	14.6	1 374	201	14.5	1 583	568	35.9
Equity positions	24 103	55 641	230.8	24 053	55 587	231.1	22 957	53 586	233.4
Other assets	30 652	16 929	55.2	32 899	19 554	59.4	29 631	16 233	54.8
Total credit risk, standardised approach	1 331 481	326 360	24.5	1 619 644	322 706	19.9	1 182 498	320 109	27.1
Total credit risk	3 339 197	956 021	28.6	3 604 685	957 036	26.5	3 151 982	966 360	30.7
Settlement risk		7			12			0
Market risk
Position and general risk, debt instruments		8 456			6 531			8 136
Position and general risk, equity instruments		1 129			870			757
Currency risk		5			0			0
Commodity risk		81			158			5
Total market risk		9 671			7 560			8 899
Credit value adjustment risk (CVA)		3 130			3 333			3 500
Operational risk		121 190			121 190			121 190
Total risk exposure amount and capital requirement		1 090 019			1 089 131			1 099 949

1 As of the first quarter of 2024, the classification of SMEs was changed in line with the EBA's definition. The SME category includes all exposures that qualify for SME discount. Historical figures have note been restated, and the figures are thus not comparable.

1.8.4 Own funds - DNB Bank ASA and DNB Group

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata.

		DNB Bank ASA		DNB Group
	30 June	31 March	31 Dec.	30 June	31 March	31 Dec.
Amounts in NOK million	2024	2024	2023	2024	2024	2023
Total equity	244 952	236 492	227 433	269 425	282 605	269 296
Effect from regulatory consolidation				2 869	3 318	2 835
Adjustment to retained earnings for foreseeable dividends	(8 980)	(4 460)		(12 139)	(5 938)
Additional Tier 1 capital instruments included in total equity	(29 554)	(24 849)	(21 803)	(29 554)	(24 849)	(21 803)
Net accrued interest on additional Tier 1 capital instruments	(622)	(410)	(201)	(622)	(410)	(201)
Common Equity Tier 1 capital instruments	205 795	206 773	205 430	229 980	254 726	250 127
Regulatory adjustments:
Pension funds above pension commitments	(50)	(46)	(44)	(50)	(46)	(44)
Goodwill	(6 433)	(6 439)	(6 435)	(9 509)	(9 520)	(9 516)
Deferred tax assets that rely on future profitability, excluding temporary differences	(14)	(14)	(14)	(369)	(306)	(306)
Other intangible assets	(1 689)	(1 601)	(1 429)	(2 564)	(2 501)	(2 355)
Dividends payable and group contributions					(24 153)	(24 153)
Share buy-back programme	(2 822)	(3 589)	(5 165)	(2 822)	(3 589)	(5 165)
Deduction for investments in insurance companies1				(3 670)	(3 681)	(4 277)
IRB provisions shortfall	(1 403)	(1 467)	(1 553)	(2 756)	(2 797)	(2 876)
Additional value adjustments (AVA)	(933)	(906)	(933)	(928)	(940)	(939)
Insufficient coverage for non-performing exposures	(358)	(441)	(316)	(437)	(517)	(362)
(Gains) or losses on liabilities at fair value resulting from own credit risk	(11)	(26)	(33)	(27)	(51)	(73)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(246)	(433)	(380)	(246)	(149)	(134)
Common Equity Tier 1 capital	191 836	191 811	189 129	206 602	206 476	199 927
Additional Tier 1 capital instruments	21 780	24 849	21 803	21 780	24 849	21 803
Deduction of holdings of Tier 1 instruments in insurance companies2				(1 500)	(1 500)	(1 500)
Additional Tier 1 capital	21 780	24 849	21 803	20 280	23 349	20 303
Tier 1 capital	213 616	216 660	210 932	226 882	229 825	220 230
Term subordinated loan capital	32 615	33 219	32 772	32 615	33 219	32 772
Deduction of holdings of Tier 2 instruments in insurance companies2				(5 588)	(5 588)	(5 588)
Tier 2 capital	32 615	33 219	32 772	27 027	27 631	27 184
Own funds	246 231	249 879	243 704	253 909	257 456	247 414
Total risk exposure amount	953 473	955 036	966 418	1 090 019	1 089 131	1 099 949
Minimum capital requirement	76 278	76 403	77 313	87 201	87 130	87 996
Capital ratios (%):
Common equity Tier 1 capital ratio	20.1	20.1	19.6	19.0	19.0	18.2
Tier 1 capital ratio	22.4	22.7	21.8	20.8	21.1	20.0
Total capital ratio	25.8	26.2	25.2	23.3	23.6	22.5

1 Deductions are made for significant investments in financial sector entities when the total value of the investments exceed 10 per cent of common equity Tier 1 capital. The amounts that are not deducted are given a risk weight of 250 per cent.

2 Investments in Tier 1 and Tier 2 instruments issued by the Group's insurance companies are deducted from the Group's Tier 1 and Tier 2 capital.

1.8.5 Cross-sectoral financial group

Financial groups that consist of both a credit institution and an insurance undertaking and have been defined by the authorities as a "financial conglomerate" or cross-sectoral financial group, have to report capital adequacy on a consolidated basis. The cross-sectoral calculation tests that the DNB Group complies with both sectoral requirements, the "capital adequacy requirement in accordance with CRD" and "the Solvency requirement". Intra group capital is excluded from the calculation.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2024	2024	2023	2023	2023	2023	2022	2022	2022
Capital requirements for the CRD IV group	207 203	206 698	209 093	211 284	209 318	204 658	196 760	195 754	191 317
Solvency capital requirements for the insurance companies	14 250	14 155	14 167	13 308	14 746	16 876	17 445	16 717	16 987
Total capital requirements	221 453	220 852	223 261	224 593	224 065	221 534	214 205	212 471	208 304
Own funds for entities included in the CRD report	264 610	268 161	258 721	246 718	253 125	244 112	243 171	234 526	228 731
Intercompany	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)
Net own funds for the insurance companies	36 423	35 469	34 348	34 741	34 278	32 046	32 887	33 990	34 294
Total own funds in the cross-sectoral group	269 335	271 933	261 372	249 762	255 705	244 461	244 361	236 819	231 329
Overfunding	47 882	51 081	38 111	25 170	31 640	22 926	30 156	24 348	23 024

X16AO

Chapter 2 - Segmental reporting

Financial performance

Market shares

Personal customers

Corporate customers

Other operations

Main subsidiaries and product units

X17AO

2.1.1 Extracts from income statement

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Amounts in NOK million	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23
Net interest income	5 521	5 203	9 238	9 507	1 058	523			15 817	15 232
Net other operating income	1 570	1 467	3 463	2 725	880	515	(157)	264	5 756	4 971
Total income	7 091	6 670	12 700	12 232	1 938	1 038	(157)	264	21 572	20 203
Operating expenses	(3 029)	(2 744)	(4 411)	(4 067)	(222)	(8)	157	(264)	(7 505)	(7 083)
Pre-tax operating profit before impairment	4 062	3 926	8 289	8 165	1 716	1 030			14 067	13 120
Net gains on fixed and intangible assets	(3)	0	0	1	(1)	14			(3)	15
Impairment of financial instruments	(81)	(104)	(479)	(765)	1	(1)			(560)	(871)
Profit from repossessed operations			(54)	14	54	(14)
Pre-tax operating profit	3 979	3 822	7 756	7 414	1 770	1 028			13 504	12 263
Tax expense	(995)	(955)	(1 939)	(1 853)	233	(12)			(2 701)	(2 821)
Profit from operations held for sale, after taxes					(37)	19			(37)	19
Profit for the period	2 984	2 866	5 817	5 560	1 966	1 035			10 766	9 462

2.1.2 Main balance sheet items and key figures

Average balance sheet items

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Amounts in NOK billion	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23
Loans to customers1	938.6	960.1	968.9	955.4	107.0	112.4	(8.6)	(8.6)	2 005.9	2 019.2
Deposits from customers1	575.8	586.6	890.5	864.4	202.5	68.5	(8.9)	(10.0)	1 659.9	1 509.5
Assets under management	274.0	219.3	526.9	495.2	243.0	188.7			1 043.9	903.2
Allocated capital2	61.7	63.2	111.8	107.1	26.9	26.5

Key figures

	Personal Corporate customers customers		Other operations		Eliminations		DNB Group
Per cent	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23
Cost/income ratio	42.7	41.1	34.7	33.3					34.8	35.1
Ratio of deposits to loans1, 3	61.3	61.1	91.9	90.5					82.8	74.8
Return on allocated capital, annualised2	19.5	18.2	20.9	20.8					16.6	15.6

Balance sheet items

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
	30 June			30 June 30 June 30 June			30 June
Amounts in NOK billion	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Loans to customers	942.2	964.5	975.6	963.7	102.4	105.8	(8.6)	(8.5)	2 011.6	2 025.5
Deposits from customers	589.3	601.8	888.6	843.3	96.3	37.6	(8.9)	(9.9)	1 565.3	1 472.9

1 Loans to customers include accrued interest, impairment and value adjustments. Correspondingly, deposits from customers include accrued interest.

2 The capital allocated to the business segments is based on the external capital adequacy expectations. The capital allocated corresponds to a common equity Tier 1 capital ratio of 17.5 per cent in 2024 and 2023. Recorded capital is used for the Group.

3 Deposits from customers relative to loans to customers. Calculated on the basis of average balance sheet items.

2.1.3 Key figures - Norwegian and international units

Per cent	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Norwegian units
Share of group income	78.3	76.7	77.2	78.5	77.6	80.4	79.3	80.2	81.4
Cost/income ratio	34.9	36.3	39.3	32.7	35.1	33.0	39.4	38.3	37.1
Share of net loans to customers	87.0	86.9	87.5	87.7	87.7	87.6	88.0	87.6	87.6
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost	1.1	1.1	1.1	1.1	1.2	1.1	1.3	1.4	1.5
Provision ratio1	30.5	32.0	30.1	30.7	27.6	31.7	28.2	26.0	25.1
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.12)	(0.08)	(0.09)	(0.12)	0.04	0.04	(0.13)	0.06	0.02
International units
Share of group income	21.7	23.3	22.8	21.5	22.4	19.6	20.7	19.8	18.6
Cost/income ratio	34.3	33.9	36.0	32.7	34.9	37.8	40.7	41.4	46.6
Share of net loans to customers	13.0	13.1	12.5	12.3	12.3	12.4	12.0	12.4	12.4
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost	1.2	1.2	1.7	0.5	0.6	1.1	1.1	1.0	0.8
Provision ratio1	28.2	28.8	22.3	51.0	56.6	25.9	25.6	30.9	50.3
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.07)	0.12	(0.65)	(0.56)	(0.64)	(0.05)	(0.23)	(0.07)	0.08

1 The provision ratio includes impairment on loans and financial commitments as a percentage of gross loans to customers at amortised cost and financial commitments in stage 3.

The figures are based on the financial accounts.

X19AO

X18AO

2.2.1 DNB's market shares in Norway as at 31 May 2024

Source: Statistics Norway and Finance Norway

2.2.2 Development in market shares, loans and deposits

Retail customers

	31 May	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2024	2024	2023	2023	2023	2023	2022	2022	2022
Total loans to households1, 2	22.9	23.1	23.4	23.6	23.9	24.0	24.2	24.2	24.2
Bank deposits from households1, 3	29.3	29.5	30.4	30.9	31.3	31.5	31.8	32.0	32.2

Corporate customers

	31 May	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2024	2024	2023	2023	2023	2023	2022	2022	2022
Total loans to corporate customers4	12.2	12.1	12.0	12.1	12.2	12.4	12.3	11.7	11.7
Deposits from corporate customers5	33.6	34.4	34.3	35.4	35.8	37.5	37.4	38.1	36.7

Based on nominal values.

1 Households are defined as employees, recipients of property income, pensions and social contributions, students etc., housing cooperatives etc., unincorporated enterprises within households and non-profit institutions serving households.

2 Total loans include all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies and finance companies.

3 Domestic commercial and savings banks.

4 Total loans include all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies, finance companies and foreign institutions, as well as bonds and commercial paper. Excluding loans to financial institutions, central government and social security services.

5 Excluding deposits from financial institutions, central government and social security services.

Source: Statistics Norway and DNB

2.2.3 DNB Livsforsikring - market shares

	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Per cent	2024	2023	2023	2023	2023	2022	2022	2022	2022
Insurance funds including products with a choice of investment
profile	17.8	18.0	18.0	17.6	18.4	18.3	18.6	18.3	18.8
Corporate market - defined-benefit pension	40.0	40.4	40.0	40.3	40.3	40.4	40.4	40.3	40.3
Corporate market - defined-contribution pension1	29.4	29.6	29.6	29.3	29.6	29.9	29.6	29.7	29.6
Retail market	23.6	24.5	25.3	25.9	26.9	27.6	28.7	28.9	28.6

1 Paid-up policies with choice of investment profile, which stem from defined-benefit pension schemes, are not included in defined-contribution pension schemes.

Source: Finance Norway

2.2.4 DNB Asset Management - market shares retail market

	31 May	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2024	2024	2023	2023	2023	2023	2022	2022	2022
Equity funds	36.1	35.4	35.3	35.8	35.1	34.6	35.1	35.5	35.6
Balanced funds1	40.1	39.9	41.3	40.9	40.6	41.1	41.1	40.9	41.0
Fixed-income funds2	22.8	22.0	46.2	46.9	47.8	48.5	50.8	48.9	49.8
Total mutual funds	34.8	34.2	37.8	38.2	37.7	37.5	38.4	38.3	38.5

1 Including hedge funds.

2 With effect from 1 January 2024, the reporting of nominee accounts has been changed. Historical figures have not been restated.

Source: Fund and Asset Management Association, Norway

X20AO19

2.3.1 Personal customers (PC) - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	5 521	5 526	5 703	5 507	5 203	5 245	4 793	3 936	3 946
Net other operating income	1 570	1 358	1 186	1 474	1 467	1 296	1 487	1 404	1 341
Total income	7 091	6 884	6 889	6 981	6 670	6 541	6 280	5 341	5 286
Operating expenses								(3 029) (2 811) (2 911) (2 785) (2 744) (2 695) (2 753) (2 566) (2 658)
Pre-tax operating profit before impairment	4 062	4 072	3 978	4 196	3 926	3 845	3 527	2 775	2 628
Net gains on fixed and intangible assets	(3)	0			0	0
Impairment of financial instruments	(81)	(67)	(149)	(111)	(104)	(147)	(136)	(98)	(65)
Pre-tax operating profit	3 979	4 005	3 829	4 085	3 822	3 699	3 391	2 677	2 563
Tax expense		(995) (1 001)		(957) (1 021)	(955)	(925)	(848)	(669)	(641)
Profit for the period	2 984	3 004	2 872	3 064	2 866	2 774	2 543	2 008	1 922
Average balance sheet items in NOK billion:
Loans to customers1	938.6	948.1	957.6	960.1	960.1	954.5	952.3	936.2	926.0
Deposits from customers1	575.8	573.2	582.4	592.7	586.6	581.5	584.6	591.2	579.5
Assets under management	274.0	254.0	233.5	225.4	219.3	206.1	195.0	194.1	200.3
Allocated capital2	61.7	61.7	61.7	62.6	63.2	62.3	60.7	57.9	56.6
Key figures in per cent:
Cost/income ratio	42.7	40.8	42.2	39.9	41.1	41.2	43.8	48.0	50.3
Ratio of deposits to loans	61.3	60.5	60.8	61.7	61.1	60.9	61.4	63.2	62.6
Return on allocated capital, annualised2	19.5	19.6	18.5	19.4	18.2	18.1	16.6	13.8	13.6

1 Loans to customers include accrued interest, impairment and value adjustments. Correspondingly, deposits from customers include accrued interest.

2 The allocated capital is based on the external capital adequacy expectations.

2.3.2 PC - Key performance metrics - main customer divisions

Income figures

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income
Private Banking	431	436	472	505	479	443	488	420	341
Personal Banking	5 090	5 090	5 231	5 003	4 724	4 801	4 305	3 517	3 605
Other operating income
Private Banking	280	265	218	238	247	239	254	225	227
Personal Banking	1 291	1 092	968	1 236	1 220	1 058	1 233	1 179	1 114
Impairment of financial instruments
Private Banking	(19)	(13)	(58)	(43)	(50)	(60)	(1)	(5)	(5)
Personal Banking	(62)	(54)	(92)	(69)	(54)	(87)	(135)	(93)	(61)

Volumes

Amounts in NOK billion	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Loans to customers (average)
Private Banking	55.2	54.5	55.7	55.9	55.9	54.7	53.9	52.6	51.1
Personal Banking	883.3	893.7	901.9	904.1	904.2	899.8	898.4	883.6	874.9
Deposits from customers (average)*
Private Banking	95.7	94.2	95.8	95.2	94.0	92.2	91.6	92.3	87.6
Personal Banking	480.1	479.0	486.6	497.5	492.6	489.3	493.1	498.9	492.0
Allocated capital (average)
Private Banking	5.0	5.0	5.0	5.0	5.0	4.9	4.8	4.7	4.8
Personal Banking	56.7	56.7	56.7	57.6	58.1	57.4	55.9	53.2	51.8
* Covered by the deposit gurantee scheme (end of period) 1	442.8	435.0	355.7	353.7	348.1	316.4	322.4	323.7	325.6

1 Due to a change in the scope of the reporting to Statistics Norway, the figures from the first quarter of 2024 cannot be compared with figures for previous quarters. Previous figures did not include any deposits for which the total amount exceeded NOK 2 million. The figures as from 1Q24 include all deposits that are covered by the guarantee scheme. For deposits exceeding the guaranteed amount, only NOK 2 million is included in the figures.

Key figures

Per cent	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Lending spreads
Private Banking	1.34	1.35	1.18	0.94	1.05	1.24	0.89	0.84	1.33
Personal Banking	1.02	0.93	0.71	0.36	0.54	0.89	0.38	0.37	1.08
Deposit spreads
Private Banking	0.66	0.71	0.80	1.07	0.98	0.84	1.15	1.05	0.63
Personal Banking	2.05	2.15	2.49	2.79	2.41	2.00	2.34	1.87	0.96
Return on allocated capital
Private Banking	26.0	27.4	24.1	28.1	27.0	25.2	32.0	27.2	22.8
Personal Banking	18.9	18.9	18.0	18.7	17.4	17.5	15.3	12.6	12.8

2.3.3 PC - Risk classification of portfolio

* Of which exposure at default of NOK 6.2 billion in stage 3 as at 30 June 2024.

2.3.5 PC - Distribution of loan to value

Loan to value per risk grade as at 30 June 2024

		Risk grade			Share of loan to
		Low Moderate	High	Total	value in per cent*
Loan to value in NOK billion1
0-40	164	48	2	213	20.6
40-60	312	93	5	410	39.7
60-75	179	55	4	238	23.0
75-85	99	34	3	136	13.1
>85	25	10	1	36	3.5
Total exposure at default	780	239	14	1 033	100.0

* Development in loan to value	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
	2024	2024	2023	2023	2023	2023	2022	2022	2022
Loan to value in per cent1
0-40	20.6	19.2	19.9	21.7	22.5	21.7	21.6	23.4	23.2
40-60	39.7	38.5	34.6	38.1	39.3	38.2	38.4	41.6	41.6
60-75	23.0	24.1	25.0	23.4	23.0	23.6	23.7	22.4	22.9
75-85	13.1	13.7	13.1	12.8	12.0	11.9	11.6	10.2	10.2
>85	3.5	4.5	7.4	4.0	3.2	4.5	4.7	2.3	2.2
Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Average loan to value DNB	55.7	56.7	58.5	56.3	55.5	56.2	56.2	54.2	54.3
Average loan to value Sbanken			47.6	46.2	45.2	46.2	46.8	44.7	43.7
Total exposure at default (NOK billion)	1 033	1 034	1 046	1 048	1 048	1 042	1 036	1 024	1 012
Total drawn amount (NOK billion)	898	899	909	913	915	912	909	900	890

1 The total exposure at default (EAD) is included in the actual collateral category.

Distribution of home mortgages in the personal customers segment within actual collateral categories. The volumes represent the IRBapproved mortgage portfolio and are the expected outstanding amount in the event of default.

Development in loan to value

2.3.6 DNB Boligkreditt - Average mortgage lending - volumes and spreads

Amounts in NOK billion	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Average loans to customers	688	684	693	683	679	682	686	683	681
Spreads measured against actual funding costs (per cent)	0.52	0.46	0.30	0.24	0.33	0.34	0.04	0.12	0.46

Sbanken Boligkreditt has been included as of 1 September 2023.

2.3.7 DNB Eiendom - Residential real estate broking in Norway

	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Number of properties sold	5 643	3 932	3 425	4 485	5 695	4 494	3 650	4 757	5 921
Market shares of residential real estate broking, existing
homes (per cent)1	14.4	15.1	14.9	15.7	16.1	15.8	15.2	15.1	15.1

1 Source: Eiendomsverdi AS.

X21AO0

2.4.1 Corporate customers (CC) - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	9 238	9 247	9 896	9 674	9 507	8 884	9 044	8 076	7 128
Net other operating income	3 463	2 558	3 104	2 728	2 725	2 814	3 349	1 885	2 661
Total income	12 700	11 805	13 000	12 403	12 232	11 697	12 393	9 961	9 789
Operating expenses		(4 411) (4 226) (4 328) (4 019) (4 067) (4 031) (4 105) (3 652) (3 625)
Pre-tax operating profit before impairment	8 289	7 579	8 672	8 384	8 165	7 666	8 288	6 308	6 165
Net gains on fixed and intangible assets	0	0	0	(0)	1		0	(1)	1
Impairment of financial instruments	(479)	(254)	(770)	(827)	(765)	225	(537)	244	276
Profit from repossessed operations1	(54)	(43)	(111)	(6)	14	132	199	15	86
Pre-tax operating profit	7 756	7 282	7 791	7 551	7 414	8 023	7 950	6 567	6 526
Tax expense		(1 939) (1 821) (1 948) (1 888) (1 853) (2 006) (1 988) (1 642) (1 632)
Profit for the period	5 817	5 462	5 843	5 663	5 560	6 017	5 963	4 925	4 895
Average balance sheet items in NOK billion:
Loans to customers2	968.9	956.4	964.2	949.7	955.4	926.7	914.6	887.7	848.7
Deposits from customers2	890.5	857.4	844.5	833.0	864.4	867.9	830.4	821.5	760.2
Assets under management	526.9	560.0	524.6	504.2	495.2	471.6	448.3	441.2	454.5
Allocated capital3	111.8	111.6	110.4	108.2	107.1	106.3	110.7	108.8	105.0
Key figures in per cent:
Cost/income ratio	34.7	35.8	33.3	32.4	33.3	34.5	33.1	36.7	37.0
Ratio of deposits to loans	91.9	89.6	87.6	87.7	90.5	93.7	90.8	92.5	89.6
Return on allocated capital, annualised3	20.9	19.7	21.0	20.8	20.8	22.9	21.4	18.0	18.7

1 Profits from repossessed operations which are fully consolidated in the DNB Group are presented net under "Profit from repossessed operations" under the various segments.

2 Loans to customers include accrued interest, impairment and value adjustments. Correspondingly, deposits from customers include accrued interest.

3 The allocated capital is based on the external capital adequacy expectations.

2.4.2 CC - Key performance metrics - Small and medium-sized enterprises (SME)1

	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Income figures (NOK million)
Net interest income	2 864	2 842	2 948	2 973	2 771	2 634	2 677	2 285	2 005
Other operating income	1 191	848	904	784	839	823	732	750	797
Impairment of financial instruments	(154)	(252)	(332)	(326)	(257)	(127)	(432)	(62)	(123)
Average balance sheet items (NOK billion)
Net loans to customers2	267.9	264.8	266.5	262.9	261.6	257.4	255.2	252.7	253.9
Deposits from customers2	221.4	229.1	229.8	233.7	238.5	240.7	240.3	240.7	237.7
Allocated capital3	25.1	24.5	24.4	23.7	23.4	23.1	25.9	25.3	25.7
Key figures (per cent, annualised)
Lending spreads	2.37	2.36	2.34	2.19	2.27	2.35	2.17	2.09	2.32
Deposit spreads	2.00	1.99	2.06	2.24	1.90	1.70	1.81	1.40	0.78
Return on allocated capital	30.9	28.5	28.3	28.9	28.4	29.6	23.3	23.4	19.7

1 SME according to the EBA definition.

2 Loans to customers include accrued interest, impairment and value adjustments. Correspondingly, deposits from customers include accrued interest.

3 The allocated capital is based on the external capital adequacy expectations.

2.4.3 CC - Risk classification of portfolio

* Of which exposure at default of NOK 18.9 billion in stage 3 as at 30 June 2024.

2.4.4 CC - Exposure at default by industry segment as at 30 June 2024

X2AO1

2.5.1 Other operations - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	1 058	753	398	537	523	471	233	241	451
Net other operating income	880	998	(571)	768	515	1 651	(927)	179	994
Total income	1 938	1 750	(174)	1 305	1 038	2 122	(694)	420	1 445
Operating expenses	(222)	(288)	(191)	227	(8)	(74)	70	345	(220)
Pre-tax operating profit before impairment	1 716	1 462	(364)	1 532	1 030	2 048	(623)	764	1 225
Net gains on fixed and intangible assets	(1)	(2)	(0)	(4)	14	0	(25)	1	(0)
Impairment of financial instruments	1	(1)	(1)	1	(1)	1	(1)	1	(1)
Profit from repossessed operations1	54	43	111	6	(14)	(132)	(199)	(15)	(86)
Pre-tax operating profit	1 770	1 501	(254)	1 536	1 028	1 918	(848)	752	1 138
Tax expense	233	264	1 081	(121)	(12)	(207)	2 317	22	(79)
Profit from operations held for sale, after taxes	(37)	(29)	(138)	(0)	19	(30)	127	26	81
Profit for the period	1 966	1 737	688	1 415	1 035	1 681	1 595	800	1 140
Average balance sheet items in NOK billion:
Loans to customers	107.0	104.7	108.4	106.7	112.4	108.0	105.3	104.6	107.1
Deposits from customers	202.5	131.0	53.1	89.5	68.5	50.7	58.1	36.4	28.2

1 Profits from repossessed operations which are fully consolidated in the DNB Group are presented net under "Profit from repossessed operations" under the relevant segments, with an opposing entry in Other operations. The repossessed operations are fully consolidated in Other operations.

DNB's share of profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment.

X2AO

2.6.1 Total DNB Markets activity - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	394	410	290	471	424	315	399	300	232
Net fees and commissions	1 224	727	870	675	827	696	747	613	823
Net financial items	1 145	1 066	953	944	1 239	1 352	1 157	664	795
Total income	2 763	2 203	2 112	2 089	2 491	2 364	2 303	1 578	1 850
Operating expenses					(1 160) (1 108) (1 185) (1 057) (1 062) (1 021) (1 076)			(874)	(896)
Pre-tax operating profit before impairment	1 603	1 095	928	1 032	1 429	1 343	1 227	704	953
Impairment loss of financial instruments	(0)	(0)	(1)	0	(1)	(1)	1	0	(1)
Pre-tax operating profit	1 603	1 095	927	1 032	1 428	1 342	1 228	704	952
Tax expense	(401)	(274)	(232)	(258)	(357)	(336)	(307)	(176)	(238)
Profit for the period	1 202	821	695	774	1 071	1 007	921	528	714
Average balance sheet items in NOK billion:
Allocated capital1	8.2	8.1	7.6	7.3	7.1	7.9	10.4	9.5	8.4
Key figures in per cent:
Cost/income ratio	42.0	50.3	56.1	50.6	42.6	43.2	46.7	55.4	48.5
Return on allocated capital, annualised1	58.7	41.0	36.1	42.1	60.9	51.5	35.0	22.0	33.9

1 Allocated capital corresponds to the external capital adequacy expectations.

2.6.2 Total DNB Markets activity - Breakdown of revenues

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Fixed income, currencies and commodities	1 024	794	910	824	868	875	899	769	728
Equities	339	262	269	281	321	316	300	328	324
IBD	745	395	541	356	430	338	453	317	491
Securities services	160	133	100	114	125	122	108	91	112
Interest income on allocated capital	34	48	47	42	42	23	46	26	11
Total customer revenues	2 300	1 632	1 866	1 616	1 786	1 674	1 807	1 532	1 667
Fixed income, currencies and commodities	406	555	207	408	647	636	470	7	114
Equities	16	(27)	(3)	22	20	24	(7)	16	57
Interest income on allocated capital	40	43	43	44	38	29	34	24	12
Total risk management revenues	463	571	246	473	705	689	497	46	183
Total income	2 763	2 203	2 112	2 089	2 491	2 364	2 303	1 578	1 850

2.6.3 Total DNB Markets activity - Value-at-Risk

	30 June 2024	Second quarter 2024
Amounts in NOK thousand			Actual Average Maximum Minimum
Currency risk	1 840	1 879	3 980	862
Interest rate risk	17 799	14 062	26 246	4 535
Equities	2 453	3 018	4 793	2 357
Total	22 092	18 959

1 Diversification effects refer to currency and interest rate risk only.

Value-at-Risk is the maximum loss that could be incurred on trading positions from one day to the next at a 99 per cent confidence level.

X23AO

2.6.4 DNB Livsforsikring Group - Legal entity consolidated accounts and solvency capital

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Upfront pricing of risk and guaranteed rate of return	42	43	43	41	44	45	46	47	48
Administration result	133	113	132	137	148	122	171	130	151
Administration result including upfront pricing of risk and guaranteed rate of return	175	156	175	178	192	167	217	177	199
Recorded interest result	764	681	364	(257)	(127)	(23)	61	(87)	(287)
Return on corporate portfolio	249	255	207	149	113	212	220	60	(38)
- Administration result - corporate portfolio	0	(1)	0	(0)	(1)	(1)	(1)	(1)	(1)
Allocations to policyholders, products with guaranteed rates of return	(756)	(754)	(125)	17	(45)	(105)	(104)	(15)	163
Risk result	124	124	36	79	54	181	160	123	73
Net financial and risk result	382	304	482	(12)	(6)	263	339	82	(88)
Pre-tax operating profit	557	460	656	166	186	431	556	259	110
Tax expense	(133)	(93)	(177)	(56)	(45)	(70)	208	(110)	(22)
Profit for the period	424	367	479	110	141	360	764	149	88
Premium reserve at end of period	373 344	366 219	352 269	341 856	340 482	335 796	328 568	321 481	324 914
Non - guaranteed products	202 434	194 945	181 778	170 481	167 995	162 394	154 042	144 706	146 905
Guaranteed products	170 911	171 274	170 490	171 375	172 487	173 402	174 526	176 775	178 008
Solvency capital
Solvency II margin (%)
With transitional rules	263.2	257.4	248.4	269.6	235.6	189.4	187.3	201.9	201.8
Without transitional rules	263.2	257.4	248.4	269.6	235.6	189.4	187.3	201.9	201.8
Capital requirement
With transitional rules	12 806	12 782	12 795	11 975	13 510	15 630	16 203	15 532	15 773
Without transitional rules	12 806	12 782	12 795	11 975	13 510	15 630	16 203	15 532	15 773
Solvency capital
With transitional rules	33 703	32 901	31 780	32 284	31 829	29 597	30 355	31 352	31 829
Without transitional rules	33 703	32 901	31 780	32 284	31 829	29 597	30 355	31 352	31 829

The figures are as presented in the DNB Livsforsikring consolidated accounts, including use of additonal allocations/reserves (not according to IFRS 17).

2.6.5 DNB Livsforsikring Group - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net commissions and fees	197	181	181	180	192	168	180	181	187
Insurance service result	358	141	198	372	401	125	439	295	313
Insurance revenue, incl. release of CSM and risk adjustment	1 078	1 046	965	1 038	1 004	926	995	985	999
Insurance service expense, incl. operating expenses	(705)	(925)	(857)	(653)	(556)	(823)	(575)	(720)	(683)
Net revenue/expense from reinsurance contracts	(14)	20	90	(12)	(47)	23	19	31	(2)
Finance result, life insurance	75	62	128	(8)	(63)	29	65	(34)	(36)
Investment income from underlying assets or pool of assets, measured at fair value	2 248	11	7 817		(608) (3 396)	1 931	5 605		(189) (4 800)
Insurance finance income or expense	(2 173)	51	(7 689)	599	3 334		(1 902) (5 540)	155	4 764
Reinsurance finance income or expense	1	1		0	0
Other income	241	256	224	152	107	209	219	47	(59)
Total income	871	639	731	696	637	532	903	489	405
Operating expenses	(116)	(113)	(117)	(100)	(109)	(104)	(113)	(92)	(94)
Pre-tax operating profit	755	526	615	596	528	428	790	397	311
Tax expense	(193)	(111)	(167)	(164)	(130)	(70)	150	(144)	(72)
Profit for the period	563	416	448	432	398	358	940	253	239
Total average equity in the period	15 841	16 051	16 690	16 440	16 011	18 032	15 776	15 015	14 775
Return on equity, annualised (%)	14.3	10.4	10.6	10.4	10.1	8.1	23.6	6.7	6.5

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17.

2.6.6 DNB Livsforsikring Group - Non-guaranteed products income*

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net commissions and fees	194	175	182	171	180	160	169	167	165
Insurance service result	98	(120)	(60)	76	121	(107)	159	42	59
Insurance revenue, incl. release of CSM and risk adjustment	717	686	621	634	629	593	647	609	634
Insurance service expense, incl. operating expenses	(605)	(826)	(771)	(546)	(460)	(723)	(507)	(597)	(572)
Net revenue/expense from reinsurance contracts	(14)	20	90	(12)	(47)	23	19	31	(2)
Finance result, life insurance	75	62	128	(8)	(63)	29	66	(27)	(30)
Investment income from underlying assets or pool of assets, measured at fair value	213	133	505	60	(121)	216	402	(44)	(294)
Insurance finance income or expense	(138)	(71)	(377)	(69)	58	(187)	(336)	17	264
Reinsurance finance income or expense	1	1	0	0	0
Other income	26	36	35	40	12	18	24	5	(3)
Total income	393	153	286	279	250	100	418	187	191
Operating expenses	(112)	(109)	(113)	(96)	(105)	(100)	(109)	(89)	(91)
Pre-tax operating profit	280	43	173	183	145	(1)	309	98	100
Tax expense	(67)	(9)	(45)	(47)	(2)	(16)	37	(40)	(26)
Profit for the period	214	34	127	136	143	(17)	346	58	74
Premium income	5 285	4 754	4 708	5 124	3 636	4 482	4 264	3 823	3 996
Contract service margin (CSM)	219	178	80	168	255	285	293	299	315

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17, and include a limited portfolio of individual guaranteed products.

* Of which defined-contribution pension:

Net commissions and fees	175	161	170	155	159	151	149	146	148
Other income	(5)	11	9	10	4	7	8	1	(1)
Total income	171	172	179	166	163	158	158	148	147
Operating expenses	(98)	(95)	(99)	(83)	(92)	(87)	(92)	(74)	(76)
Pre-tax operating profit	72	77	80	83	72	71	66	73	71
Premium income	4 109	3 346	4 044	3 681	3 484	3 292	3 695	3 317	3 017

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17.

2.6.7 DNB Livsforsikring Group - Guaranteed products income

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net commissions and fees	3	6	(1)	8	12	9	11	14	21
Insurance service result	260	262	258	296	280	232	280	253	254
Insurance revenue, incl. release of CSM and risk adjustment	361	360	344	403	375	333	348	376	365
Insurance service expense, incl. operating expenses	(100)	(99)	(86)	(107)	(95)	(100)	(68)	(123)	(111)
Net revenue/expense from reinsurance contracts
Finance result, life insurance		0	0	(0)	0		(1)	(6)	(5)
Investment income from underlying assets or pool of assets, measured at fair value	2 035	(122)	7 313		(668) (3 276)	1 715	5 203		(145) (4 506)
Insurance finance income or expense	(2 035)	122	(7 313)	668	3 276		(1 715) (5 204)	139	4 500
Reinsurance finance income or expense					(1)	(1)
Other income	215	219	189	112	95	191	195	42	(56)
Total income	479	487	446	417	387	432	485	302	214
Operating expenses	(4)	(4)	(4)	(4)	(4)	(4)	(4)	(3)	(3)
Pre-tax operating profit	475	483	442	413	383	429	481	299	211
Tax expense	(126)	(102)	(121)	(117)	(129)	(53)	113	(104)	(47)
Profit for the period	349	381	321	297	255	376	594	195	165
Premium income	361	662	271	422	289	647	280	453	236
Contract service margin (CSM) at end of period	12 270	11 637	10 429	12 923	11 553	9 711	11 234	12 599	12 048

X24AO

2.6.8 DNB Asset Management - Financial performance

Amounts in NOK million	2Q24	1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22
Net interest income	25	31	25	20	21	15	13	7	3
Net commission income
- from retail customers	294	254	247	244	240	235	239	257	256
- from institutional clients	240	243	450	207	193	161	337	180	175
Other income	(3)	8	5	(1)	10	3	6	2	(0)
Total income	556	536	727	471	465	414	594	446	434
Operating expenses	(209)	(210)	(253)	(189)	(189)	(183)	(236)	(173)	(161)
Pre-tax operating profit before impairment	347	326	475	282	276	232	359	274	273
Net gains on fixed and intangible assets	(3)
Pre-tax operating profit	345	326	475	282	276	232	359	274	273
Tax expense	(89)	(82)	(117)	(71)	(67)	(58)	(90)	(68)	(68)
Profit for the period	259	244	358	211	208	173	269	206	205
Assets under management (NOK billion)1
Institutional clients	787	766	725	676	678	662	632	601	607
- of which DNB Livsforsikring Group 2	379	371	350	330	328	324	316	291	296
Retail customers	258	244	219	204	203	191	177	169	174
Total	1 045	1 009	945	880	881	853	809	770	782
Key figures (%) Commission margin3
	0.21	0.21	0.21	0.22	0.22	0.23	0.23	0.24	0.25
- from retail customers	0.46	0.46	0.48	0.49	0.50	0.51	0.57	0.58	0.58
- from institutional clients	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.15	0.15
Return on equity (annualised)	42.1 37.6	39.7 39.3	64.9 34.8	39.0 40.1	38.8 40.7	32.8 44.1	47.4 39.6	36.4 38.7	35.6 37.1
Cost/income ratio
Assets under management - net inflow*
Changes from previous quarters (NOK million)
Retail customers	5 676	2 966	4 488	2 823	2 185	(28)	3 617	(713)	(58)
Institutional clients	3 792	1 596	10 304	5 916		(488) (2 552) 13 568		3 009	(5 633)
Total	9 467	4 562	14 792	8 739	1 698	(2 580) 17 185		2 296	(5 691)
* Excluding dividends:		585				536
Retail customers		2 580				1 285
Institutional clients Total	0	3 165	0	0	0	1 821	0	0	0
Performance fee	9	8	238	15	2	1	164	1	0
Mutual funds with a sustainability profile (NOK billion)
Total assets invested in mutual funds with a sustainability profile
at end of period	113.6	112.6	124.3	112.0	110.5	30.6	27.4	25.2	24.8

1 Assets under management and assets under operation at end of period.

2 Managed on behalf of the DNB Livsforsikring Group.

3 Excluding performance fee and platform fees (from 2023).

X25AO

Chapter 3 - The Norwegian economy

X27AO

X26AO

3.1.1 Basic information about Norway

Area	385 199 square kilometres
Population	5.6 million
Fertility rate	1.40
Life expectancy	M: 81.4 F: 86.4
Work participation rate, per cent 15-74 years	69.2 (M: 71.4 F: 66.8)
Gross domestic product 2023	USD 485.2 billion
GDP per capita 2023	USD 87 560
Rating	AAA, Aaa
Currency exchange rate used	10.56 USD/NOK (average 2023)
Net lending 2023	USD 86.4 billion or 17.8 per cent of GDP

Sources: Statistics Norway, Norges Bank, DNB Markets

3.1.2 Government net financial liabilities 2023

Sources: OECD Economic Outlook No. 115 database, May 2024

3.1.3 GDP growth mainland Norway and unemployment rate

Sources: LSEG Datastream, Statistics Norway, DNB Markets

3.1.4 Contribution to volume growth in GDP, mainland Norway

Per cent	2021	2022	2023	F 2024	F 2025	F 2026	F 2027
Household demand	2.7	3.0	(1.4)	(0.3)	1.3	1.6	1.8
Gross fixed capital formation, mainland companies	0.3	1.9	0.5	(0.1)	0.1	0.2	0.3
Gross fixed capital formation, petroleum activity	0.4	0.2	(0.2)	(0.4)	(0.2)	(0.1)	0.0
Public sector demand	0.9	0.4	1.2	1.0	0.9	0.7	0.6
Exports, mainland Norway	1.9	2.4	1.3	0.6	0.5	0.5	0.6
Imports, mainland Norway	1.0	5.1	0.2	0.3	1.1	1.2	1.5
Changes in stocks and statistical discrepancies	(0.7)	1.1	(0.5)	0.2
GDP, mainland Norway	4.5	3.7	0.7	0.8	1.5	1.8	1.8

3.1.5 Composition of GDP in 2023 3.1.6 Composition of exports in 2023

Sources: Statistics Norway, annual national accounts 16 May 2024

3.1.7 Key macro-economic indicators, Norway

Per cent	2021	2022	2023	F 2024	F 2025	F 2026	F 2027
GDP growth
- mainland Norway	4.5	3.7	0.7	0.8	1.5	1.8	1.8
- Norway, total	3.9	3.0	0.5	1.3	1.4	1.3	1.3
Private consumption	5.1	6.2	(0.8)	0.7	2.2	2.4	2.5
Gross fixed investment	0.7	5.2	(0.0)	0.1	2.6	3.0	3.5
Inflation (CPI)	3.5	5.8	5.5	3.7	3.1	2.9	2.5
Savings ratio1	14.3	4.7	4.1	5.5	6.8	7.4	7.7
Unemployment rate	4.4	3.3	3.6	3.8	4.1	4.1	4.1

1 Per cent of household disposable income.

3.1.8 Credit market, 12 month percentage growth

Sources: LSEG Datastream, Statistics Norway, DNB Markets

3.1.9 Deposit market, 12 month percentage growth

3.1.10 House prices

Sources: Real Estate Norway, Statistics Norway, DNB Markets

3.1.11 Household interest burden1 and debt burden²

1 Interest expenses after tax as a percentage of disposable income.

2 Household debt as a percentage of disposable income.

DNB

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Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo

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