DNB Bank ASA

Earnings Release • Apr 27, 2023

Continued solid growth for DNB

Continued solid growth for DNB

DNB's profit in the first quarter of 2023 was NOK 10 472 million. This is an

increase of NOK 371 million, or 3.7 per cent, from the fourth quarter of 2022.

The first quarter of the year was marked by international market turbulence. The

level of activity in the Norwegian economy remained high, and this, combined

with a tight labour market and high inflation, was a contributory factor in the

decision by the Norwegian central bank, Norges Bank, to raise the key policy

rate.

"I am happy to say that many customers are choosing us, and that we are

experiencing growth in both the personal and corporate customer markets. Over

the past 12 months, lending growth has exceeded 6 per cent, which is a

development we are very pleased with. Behind our quarterly figures lie thousands

of good conversations with customers about investments, new jobs, or with people

who have bought a new home or their first car," says CEO Kjerstin Braathen.

High level of activity and profitable growth

Loans to customers increased by a total of NOK 10.8 billion, or 0.6 per cent, in

the quarter. Customer deposits increased by NOK 69.1 billion, or 4.9 per cent,

during the same period. Profitable growth and higher interest rate levels

contributed to the bank's net interest income increasing by NOK 529 million, or

3.8 per cent, compared with the fourth quarter of 2022.

"More customers than before are contacting us for advice concerning their

finances. We see that the number of savings agreements is increasing and monthly

savings amounts are going up, and that customers are taking a more conscious

approach to investing their savings so as to achieve the highest possible

return. The recognition we received in the form of Morningstar naming us best

fund company is being noticed, and there has also been strong growth in the

number of customers who want to have their capital actively managed by us," says

Braathen.

There has been a lot of activity together with our customers this quarter, and

income from customer-driven activities (commission and fee income) amounted to a

solid NOK 2 634 million, which was an increase of 1.8 per cent compared with the

corresponding quarter last year. All product areas, particularly money transfers

and banking services, contributed to the strong growth in income.

The high demand for financing of sustainable initiatives continues. The bank

aims to be a driving force for sustainable transition by financing and

facilitating sustainable activities worth NOK 1 500 billion by 2030. We are well

on the way to reaching our target, and the status for this goal at the end of

the quarter was a total of NOK 423 billion.

The bank's customer portfolio is robust and well-diversified, and sound banking

practices in the restructuring work contributed to net reversals of impairment

provisions totalling NOK 79 million in the quarter, mainly associated with

corporate customers within the offshore industry segment.

Financial key figures for the first quarter of 2023 (figures for the

corresponding quarter in 2022):

· Pre-tax operating profit before impairment amounted to NOK 13.6 billion

(9.3)

· Profit was NOK 10.5 billion (7.6)

· Earnings per share were NOK 6.59 (4.77)

· Return on equity was 17.2 per cent (13.7)

· Cost/income ratio was 34.0 per cent (38.5)

· Common equity Tier 1 (CET 1) capital ratio was 18.6 per cent (18.1)

For further information:

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

Thomas Midteide, Group Executive Vice President of Communications &

Sustainability, tel.: (+47) 96 23 20 17

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Securities Trading Act