DNB Bank ASA

Earnings Release • Feb 9, 2023

Well equipped for supporting our customers through challenging times

Well equipped for supporting our customers through challenging times

DNB's profit for the fourth quarter of 2022 was NOK 9 947 million, an increase

of NOK 3 792 million from the corresponding quarter last year.

The high level of activity in the Norwegian economy continued into the fourth

quarter. A tight labour market and rising inflation contributed to Norges Bank

raising the key policy rate several times to curb inflation. In addition, the

result was driven by growth and a reduction in tax of NOK 1 284 million

following the winding up of a subsidiary in Asia.

"Looking back, it's been a highly unusual year, with the reopening of society

after the pandemic, geopolitical turmoil and uncommonly high inflation. In a

turbulent financial market, the Norwegian economy has once again shown

resilience, and Norwegian companies' ability to adapt has really impressed me.

DNB is well equipped for supporting personal customers and businesses through

uncertain times," says CEO Kjerstin Braathen.

After a year of high activity and good results in all areas of the bank, DNB is

in a very sound financial position. At the Annual General Meeting, the Board of

Directors will propose a dividend of NOK 12.50 per share for 2022, in line with

the Group's dividend policy. Around half of DNB's dividends are channelled back

into Norwegian society.

"For the fifth year in a row, the DNB Savings Bank Foundation will receive more

than NOK 1 billion in dividends from DNB, and this year they will receive more

than NOK 1.6 billion. They use this money to promote positive causes in society,

for example by donating more than NOK 20 million to the Norwegian Trekking

Association. That's something we're proud of," says Braathen.

Increased activity in all product areas

Loans to customers increased by NOK 220 billion, or 12.3 per cent, in 2022.

Customer deposits increased by NOK 153 billion, or 10.7 per cent, during the

same period. A high level of customer activity, increased interest rate levels

and volume growth contributed to an increase in net interest income of NOK 3 785

million, or 36.8 per cent, compared with the fourth quarter of 2021, which was

characterised by historically low interest rates in the market. Compared with

the third quarter of 2022, the increase was NOK 1 818 million, or 14.8 per cent.

"Never before have we spoken with more customers, and we find that, on the

whole, our customers are well prepared. Our customers are seeking advice, and

businesses and personal customers alike are making necessary adjustments in the

face of the new economic situation," says Braathen.

Income from customer-driven activities (commission and fee income) remained on a

level with that of the corresponding quarter of last year and reached a solid 3

038 million, in a turbulent financial market. All product areas, and in

particular money transfer and banking services, contributed to a solid growth in

income of NOK 441 million in 2022, or 4 per cent, compared with the previous

year.

A driving force for sustainable transition

Throughout 2022, DNB saw a strong demand for financing for sustainable

initiatives. 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 track to reach our target, and the status for this goal was

a total of NOK 391 billion at the end of last year. DNB Markets participated in

51 transactions across a wide range of regions and sectors, increasing its

transaction volume by 47 per cent compared with the previous year.

Financial key figures for the fourth quarter of 2022 (figures for the

corresponding quarter in 2021):

· Pre-tax operating profit before impairment amounted to NOK 10.98 billion

(8.2)

· Profit was NOK 9.9 billion (6.2)

· Earnings per share were NOK 6.26 (3.79)

· Return on equity was 16.2 per cent (10.3)

· Cost/income ratio was 40.7 per cent (43.9)

· Common equity Tier 1 (CET 1) capital ratio was 18.3 per cent (19.4)

Financial key figures for 2022 (corresponding figures for 2021):

· Pre-tax operating profit before impairment amounted to NOK 39.6 billion

(31.9)

· Profit was NOK 32.9 billion (25.4)

· Earnings per share were NOK 20.65 (15.74)

· Return on equity was 13.8 per cent (10.7)

· Cost/income ratio was 40.1 per cent (43.0)

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.