DNB Bank ASA

Fund Information / Factsheet • Feb 9, 2023

DNB Group

Factbook

Fourth quarter 2022 (Preliminary and unaudited)

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
Julie Raaholt Strømme, Investor Relations	julie.raaholt.stromme@dnb.no	+47 90 55 45 45
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 2023

9 March	Annual report 2022
25 April	Annual General Meeting
26 April	Ex-dividend date
5 May	Distribution of dividends
27 April	Q1 2023
12 July	Q2 2023
19 October	Q3 2023

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

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 five years
• 1.1.4 Comprehensive income statement
• 1.1.5 Balance sheet quarterly figures
• 1.1.6 Balance sheet five years 1.1.7 Key figures - quarterly figures
• 1.1.8 Key figures five years
• 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

• EAD by industry segment
• Risk classification of portfolio
• 1.6.2 Customer segments - EAD
  • Risk classification of portfolio
• 1.6.3 Breakdown of commercial real estate
  • EAD

- Risk classification of portfolio

• EAD by geographic distribution
• 1.6.4 Breakdown of shipping
  • EAD
    • Risk classification of portfolio
  • Risk classification of portfolio breakdown into sub-segments
• 1.6.5 Breakdown of oil, gas and offshore
  • EAD
    • Risk classification of portfolio
    • Risk classification of portfolio breakdown into sub-segments
• 1.6.6 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 main customer divisions
• 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 Break down of revenues
  • 2.6.3 Value-at-Risk
• DNB Livsforsikring Group:
  • 2.6.4 Financial performance
  • 2.6.5 Non-guaranteed products income
  • 2.6.6 Guaranteed products income
  • 2.6.7 Reconciliation of the DNB Livsforsikring Group's and the DNB Group's financial statements

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

Appendix

Disclosure of main features of regulatory capital instruments

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 - condensed 1)

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	14 071	12 253	11 525	10 445	10 285	9 766	9 409	9 230	9 479
Net commissions and fees	3 038	2 742	2 829	2 844	3 049	2 448	2 883	2 631	2 494
Net gains on financial instruments at fair value 2)	256	706	1 624	1 562	704	1 585	532	799	184
Net financial and risk result, life insurance	354	83	(102)	32	203	147	228	212	474
Other operating income	809	344	443	257	391	396	541	474	694
Net other operating income 3)	4 457	3 875	4 794	4 695	4 348	4 577	4 184	4 116	3 847
Total income	18 527	16 128	16 319	15 141	14 633	14 343	13 593	13 346	13 326
Operating expenses	(7 522)	(6 458)	(6 389)	(5 966)	(6 410)	(5 738)	(5 980)	(5 705)	(6 076)
Restructuring costs and non-recurring effects	(26)	(15)	(135)	0	(17)	(14)	(58)	(112)	(434)
Pre-tax operating profit before impairment	10 979	9 655	9 795	9 175	8 206	8 591	7 555	7 528	6 816
Net gains on fixed and intangible assets	(25)	1	0	1	24	0	(103)	(3)	(15)
Impairment of loans and guarantees	(674)	148	209	589	(275)	200	833	110	(1 250)
Pre-tax operating profit	10 280	9 803	10 005	9 765	7 955	8 791	8 285	7 636	5 552
Tax expense	(460)	(2 255)	(2 301)	(2 246)	(2 025)	(1 934)	(1 823)	(1 680)	(570)
Profit from operations held for sale, after taxes	127	26	81	36	225	26	(30)	(71)	292
Profit for the period	9 947	7 575	7 785	7 555	6 155	6 883	6 432	5 885	5 274
Portion attributable to shareholders	9 704	7 397	7 611	7 299	5 875	6 657	6 210	5 665	5 083

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Interest income, amortised cost	27 417	19 893	15 311	12 620	11 869	10 938	10 542	10 647	11 043
Other interest income	1 811	1 436	817	687	684	594	733	880	1 002
Interest expenses, amortised cost	(14 992)	(8 389)	(3 807)	(1 892)	(1 305)	(1 025)	(1 097)	(1 267)	(1 363)
Other interest expenses	(166)	(687)	(796)	(969)	(963)	(741)	(769)	(1 031)	(1 203)
Net interest income	14 071	12 253	11 525	10 445	10 285	9 766	9 409	9 230	9 479
Commission and fee income etc.	3 963	3 813	3 847	3 720	4 094	3 389	3 845	3 665	3 504
Commission and fee expenses etc.	(926)	(1 070)	(1 018)	(876)	(1 045)	(940)	(962)	(1 034)	(1 009)
Net gains on financial instruments at fair value 1)	256	706	1 624	1 562	704	1 585	532	799	184
Net financial result, life insurance	194	(40)	(175)	(98)	218	53	206	104	479
Net risk result, life insurance	160	123	73	130	(14)	94	22	108	(4)
Profit from investments accounted for by the equity method 2)	482	5	144	(15)	(6)	185	260	86	264
Net gains on investment properties	(9)	4	2	(4)	45	10	6	31	(8)
Other income	336	334	297	276	353	202	275	358	439
Net other operating income	4 457	3 875	4 794	4 695	4 348	4 577	4 184	4 116	3 847
Total income	18 527	16 128	16 319	15 141	14 633	14 343	13 593	13 346	13 326
Salaries and other personnel expenses	(4 275)	(3 625)	(3 627)	(3 344)	(3 706)	(3 302)	(3 480)	(3 337)	(3 540)
Other expenses	(2 357)	(1 947)	(2 022)	(1 772)	(1 856)	(1 608)	(1 724)	(1 658)	(2 086)
Depreciation and impairment of fixed and intangible assets	(916)	(901)	(874)	(850)	(865)	(842)	(835)	(822)	(884)
Total operating expenses	(7 548)	(6 473)	(6 524)	(5 966)	(6 427)	(5 752)	(6 038)	(5 817)	(6 509)
Pre-tax operating profit before impairment	10 979	9 655	9 795	9 175	8 206	8 591	7 555	7 528	6 816
Net gains on fixed and intangible assets	(25)	1	0	1	24	0	(103)	(3)	(15)
Impairment of financial instruments	(674)	148	209	589	(275)	200	833	110	(1 250)
Pre-tax operating profit	10 280	9 803	10 005	9 765	7 955	8 791	8 285	7 636	5 552
Tax expense	(460)	(2 255)	(2 301)	(2 246)	(2 025)	(1 934)	(1 823)	(1 680)	(570)
Profit from operations held for sale, after taxes	127	26	81	36	225	26	(30)	(71)	292
Profit for the period	9 947	7 575	7 785	7 555	6 155	6 883	6 432	5 885	5 274
Portion attributable to shareholders	9 704	7 397	7 611	7 299	5 875	6 657	6 210	5 665	5 083
Portion attributable to non-controlling interests	9	6	36	31	56	3	(12)	(20)	(11)
Portion attributable to additional Tier 1 capital holders	234	172	138	225	225	223	235	240	202
Profit for the period	9 947	7 575	7 785	7 555	6 155	6 883	6 432	5 885	5 274
Earnings/diluted earnings per share (NOK)	6.26	4.77	4.91	4.71	3.79	4.29	4.01	3.65	3.28
Earnings per share excluding operations held for sale (NOK)	6.18	4.75	4.86	4.68	3.64	4.28	4.03	3.70	3.09
Average exchange rates in the period:

EUR/NOK	10.40	10.07	10.02	9.93	9.98	10.33	10.09	10.25	10.76
USD/NOK	10.20	10.00	9.41	8.85	8.73	8.76	8.37	8.52	9.03

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	2022	2021	2020	2019	2018
Interest income, amortised cost	75 241	43 997	50 660	60 225	52 621
Other interest income	4 751	2 890	4 636	5 123	5 039
Interest expenses, amortised cost	(29 080)			(4 693) (11 511) (23 661) (18 792)
Other interest expenses	(2 619)	(3 504)	(5 161)	(2 486)	(2 046)
Net interest income	48 294	38 690	38 623	39 202	36 822
Commission and fee income etc.	15 343	14 992	13 289	13 484	13 235
Commission and fee expenses etc.	(3 890)	(3 981)	(3 789)	(3 768)	(3 925)
Net gains on financial instruments at fair value 1)	4 147	3 621	5 902	3 183	1 342
Net financial result, life insurance	(119)	581	418	696	574
Net risk result, life insurance	487	210	241	433	395
Net insurance result, non-life insurance					622
Profit from investments accounted for by the equity method 2)	617	524	402	410	314
Net gains on investment properties	(7)	91	(61)	92	62
Other income	1 244	1 188	1 373	1 126	926
Net other operating income	17 821	17 225	17 776	15 655	13 546
Total income	66 115	55 915	56 399	54 857	50 368
Salaries and other personnel expenses				(14 871) (13 826) (12 873) (12 603) (11 864)
Other expenses	(8 098)	(6 845)	(7 208)	(7 472)	(7 789)
Depreciation and impairment of fixed and intangible assets	(3 541)	(3 363)	(3 320)	(3 058)	(2 404)
Total operating expenses				(26 510) (24 034) (23 401) (23 133) (22 057)
Pre-tax operating profit before impairment	39 605	31 881	32 998	31 724	28 311
Net gains on fixed and intangible assets	(24)	(82)	767	1 703	529
Impairment of financial instruments	272	868	(9 918)	(2 191)	139
Pre-tax operating profit	39 854	32 667	23 847	31 235	28 979
Tax expense	(7 262)	(7 462)	(4 229)	(5 465)	(4 493)
Profit from operations held for sale, after taxes	270	150	221	(49)	(204)
Profit for the period	32 861	25 355	19 840	25 721	24 282
Portion attributable to shareholders	32 010	24 407	18 712	24 603	23 323
Portion attributable to non-controlling interests	82	26	(15)	(5)
Portion attributable to additional Tier 1 capital holders	769	922	1 143	1 123	959
Profit for the period	32 861	25 355	19 840	25 721	24 282
Earnings/diluted earnings per share (NOK)	20.65	15.74	12.04	15.54	14.56
Earnings per share excluding operations held for sale (NOK)	20.47	15.65	11.89	15.57	14.69

Average exchange rates in the period:

EUR/NOK	10.10	10.17	10.73	9.85	9.60
USD/NOK	9.61	8.59	9.42	8.80	8.14

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Profit for the period	9 947	7 575	7 785	7 555	6 155	6 883	6 432	5 885	5 274
Actuarial gains and losses	(237)	118	118	414	(38)	0		(144)	(36)
Property revaluation	(191)	(12)	62	305	25	34	71	82	488
Items allocated to customers (life insurance)	201	(19)	(36)	(305)	(22)	(18)	(71)	(82)	(488)
Financial liabilities designated at fair value through profit or loss, changes in credit risk	(74)	58	67	89	30	33	(3)	(31)	(40)
Tax	78	(44)	(40)	(126)	4	(8)	1	44	18
Items that will not be reclassified to the income statement	(223)	102	172	377	(1)	41	(2)	(131)	(57)
Currency translation of foreign operations	(3 674)	3 289	5 707	(2 047)	(333)	9	1 120	(1 815)	(4 607)
Currency translation reserve reclassified to the income statement	(5 213)	0			6			(6)
Hedging of net investments	3 182	(2 832)	(4 890)	1 662	260	(108)	(864)	1 392	3 898
Hedging reserve reclassified to the income statement	5 137
Financial assets at fair value through OCI	248	(258)	(321)	(373)	(103)	(27)	(70)	100	129
Tax	(854)	774	1 303	(324)	(42)	33	234	(373)	(1 007)
Tax reclassified to the income statement	(1 284)
Items that may subsequently be reclassified to the income statement	(2 457)	972	1 799	(1 082)	(211)	(94)	420	(702)	(1 586)
Other comprehensive income for the period	(2 680)	1 074	1 972	(705)	(212)	(53)	418	(834)	(1 644)
Comprehensive income for the period	7 267	8 649	9 756	6 850	5 943	6 830	6 850	5 051	3 631

Full year figures

Amounts in NOK million	2022	2021	2020	2019	2018
Profit for the period	32 861	25 355	19 840	25 721	24 282
Actuarial gains and losses	414	(183)	(324)	(3)	(117)
Property revaluation	165	212	578	278	(21)
Items allocated to customers (life insurance)	(160)	(193)	(578)	(278)	21
Financial liabilities designated at fair value through profit or loss, changes in credit risk	140	29	33	232	221
Tax	(131)	41	72	(63)	(18)
Items that will not be reclassified to the income statement	428	(93)	(218)	165	86
Currency translation of foreign operations	3 275	(1 018)	3 519	462	1 309
Currency translation reserve reclassified to the income statement	(5 213)	0			(2)
Hedging of net investments	(2 878)	680	(3 246)	(459)	(1 060)
Hedging reserve reclassified to the income statement	5 137				1
Financial assets at fair value through OCI	(704)	(101)	103	59
Tax	900	(148)	786	(208)	265
Tax reclassified to the income statement	(1 284)
Items that may subsequently be reclassified to the income statement	(767)	(587)	1 161	(147)	512
Other comprehensive income for the period	(340)	(681)	943	19	599
Comprehensive income for the period	32 522	24 674	20 783	25 740	24 881

1.1.5 Balance sheet - quarterly figures

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021	2020
Assets
Cash and deposits with central banks	309 988	441 873	382 631	383 193	296 727	532 067	513 674	423 444	283 526
Due from credit institutions	20 558	67 039	47 012	63 084	44 959	52 670	48 269	56 424	78 466
Loans to customers	1 961 464	1 959 268	1 924 509	1 840 303	1 744 922	1 723 214	1 710 930	1 685 685	1 693 811
Commercial paper and bonds	488 087	427 356	430 426	409 938	425 267	416 658	408 819	425 078	439 231
Shareholdings	33 350	36 220	34 614	38 866	35 297	35 388	34 506	35 508	29 360
Financial assets, customers bearing the risk	138 259	128 365	130 260	137 361	138 747	131 703	129 966	122 659	116 729
Financial derivatives	185 687	312 574	235 950	156 951	135 400	150 016	129 073	135 587	186 740
Investment properties	14 651	18 092	18 283	18 006	17 823	17 485	18 649	17 969	18 087
Investments accounted for by the equity method 1)	19 257	18 790	18 843	19 593	19 549	18 708	18 628	18 445	18 389
Intangible assets	10 273	10 173	10 266	10 175	5 804	5 796	5 277	5 341	5 498
Deferred tax assets	510	768	723	613	649	4 151	4 253	4 305	4 377
Fixed assets	21 254	22 055	21 690	21 429	21 430	21 339	21 027	20 661	20 474
Assets held for sale	1 767	1 822	2 072	2 218	2 245	2 471	2 456	2 399	2 402
Other assets	31 324	40 994	50 528	46 179	30 423	34 644	34 569	35 714	21 852
Total assets	3 236 431	3 485 388	3 307 807	3 147 909	2 919 244	3 146 308	3 080 095	2 989 220	2 918 943
Liabilities and equity
Due to credit institutions	177 298	229 776	226 847	208 934	149 611	258 471	280 278	212 390	207 457
Deposits from customers	1 396 630	1 470 882	1 393 381	1 321 825	1 247 719	1 233 576	1 230 931	1 171 527	1 105 574
Financial derivatives	190 142	279 309	211 668	137 429	114 348	129 813	117 961	127 603	174 979
Debt securities issued	737 886	788 949	778 553	765 485	702 759	806 029	755 002	800 460	777 829
Insurance liabilities, customers bearing the risk	138 259	128 365	130 260	137 361	138 747	131 703	129 966	122 659	116 729
Liabilities to life insurance policyholders	191 059	191 565	193 449	196 931	199 379	199 414	199 986	200 373	200 422
Payable taxes	4 057	6 233	4 643	5 539	3 054	9 607	7 925	7 399	7 556
Deferred taxes	5 136	1 720	1 624	1 634	1 571	40	11	42	48
Other liabilities	34 200	47 735	53 275	56 745	39 718	48 178	42 385	49 729	31 522
Liabilities held for sale	541	461	476	550	896	868	882	859	1 016
Provisions	977	1 089	1 007	1 200	1 642	1 590	1 576	2 136	2 096
Pension commitments	4 657	4 383	4 538	4 643	5 073	4 969	4 891	4 731	4 476
Senior non-preferred bonds	59 702	54 069	40 617	37 952	37 769	38 102	31 351	18 284	8 523
Subordinated loan capital	36 788	29 841	28 345	27 201	33 047	31 451	31 400	31 009	32 319
Total liabilities	2 977 332	3 234 377	3 068 684	2 903 428	2 675 332	2 893 811	2 834 547	2 749 199	2 670 547
Additional Tier 1 capital	16 089	14 849	11 438	11 317	16 974	17 136	16 932	18 139	18 362
Non-controlling interests	227	421	399	325	266	404	270	155	119
Share capital	19 378	19 380	19 380	19 380	19 379	19 379	15 503	15 504	15 503
Share premium	18 733	18 733	18 733	18 733	18 733	18 733	22 609	22 609	22 609
Other equity	204 672	197 629	189 173	194 726	188 559	196 845	190 234	183 614	191 804
Total equity	259 098	251 011	239 123	244 481	243 912	252 497	245 548	240 020	248 396
Total liabilities and equity	3 236 431	3 485 388	3 307 807	3 147 909	2 919 244	3 146 308	3 080 095	2 989 220	2 918 943
Exchange rates at the end of the period

USD/NOK 9.84 10.84 9.92 8.74 8.82 8.75 8.57 8.54	EUR/NOK	10.52	10.59	10.33	9.70	9.99	10.13	10.18	10.02	10.46
										8.52

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	2022	2021	2020	2019	2018
Assets
Cash and deposits with central banks	309 988	296 727	283 526	304 746	155 592
Due from credit institutions	20 558	44 959	78 466	102 961	130 146
Loans to customers	1 961 464	1 744 922	1 693 811	1 667 189	1 597 758
Commercial paper and bonds	488 087	425 267	439 231	376 323	409 328
Shareholdings	33 350	35 297	29 360	36 247	39 802
Financial assets, customers bearing the risk	138 259	138 747	116 729	98 943	77 241
Financial derivatives	185 687	135 400	186 740	125 076	124 755
Investment properties	14 651	17 823	18 087	17 403	16 715
Investments accounted for by the equity method 1)	19 257	19 549	18 389	16 559	16 362
Intangible assets	10 273	5 804	5 498	5 454	5 455
Deferred tax assets	510	649	4 377	1 224	996
Fixed assets	21 254	21 430	20 474	19 098	9 240
Assets held for sale	1 767	2 245	2 402	1 274	5 044
Other assets	31 324	30 423	21 852	20 798	46 469
Total assets	3 236 431	2 919 244	2 918 943	2 793 294	2 634 903
Liabilities and equity
Due to credit institutions	177 298	149 611	207 457	202 782	188 063
Deposits from customers	1 396 630	1 247 719	1 105 574	969 557	927 092
Financial derivatives	190 142	114 348	174 979	115 682	110 116
Debt securities issued	737 886	702 759	777 829	870 170	801 918
Insurance liabilities, customers bearing the risk	138 259	138 747	116 729	98 943	77 241
Liabilities to life insurance policyholders	191 059	199 379	200 422	206 876	204 280
Payable taxes	4 057	3 054	7 556	10 710	2 461
Deferred taxes	5 136	1 571	48	48	4 216
Other liabilities	34 200	39 718	31 522	39 125	55 424
Liabilities held for sale	541	896	1 016	423	3 037
Provisions	977	1 642	2 096	1 726	2 536
Pension commitments	4 657	5 073	4 476	3 903	3 472
Senior non-preferred bonds	59 702	37 769	8 523
Subordinated loan capital	36 788	33 047	32 319	31 095	31 082
Total liabilities	2 977 332	2 675 332	2 670 547	2 551 038	2 410 937
Additional Tier 1 capital	16 089	16 974	18 362	26 729	16 194
Non-controlling interests	227	266	119	45
Share capital	19 378	19 379	15 503	15 706	15 944
Share premium	18 733	18 733	22 609	22 609	22 609
Other equity	204 672	188 559	191 804	177 167	169 220
Total equity	259 098	243 912	248 396	242 255	223 966
Total liabilities and equity	3 236 431	2 919 244	2 918 943	2 793 294	2 634 903

Exchange rates at the end of the period:
EUR/NOK	10.52	9.99	10.46	9.87	9.94
USD/NOK	9.84	8.82	8.52	8.79	8.68

1) See table 1.3.3 for details on Fremtind.

1.1.7 Key figures - quarterly figures

Definitions:		4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
	Interest rate analysis
-1-	Combined weighted total average spreads for lending and deposits (%)	1.30	1.16	1.20	1.18	1.15	1.16	1.18	1.19	1.23
-1-	Average spreads for ordinary lending to customers (%)	1.29	1.25	1.67	1.69	1.79	1.97	2.05	1.95	2.02
-1-	Average spreads for deposits from customers (%)	1.31	1.05	0.58	0.50	0.30	0.11	0.02	0.13	0.08
-2-	Net interest margin (%)	1.70	1.50	1.48	1.46	1.42	1.36	1.36	1.37	1.39
	Average NIBOR (%)	3.31	2.39	1.33	1.18	0.78	0.38	0.26	0.45	0.38
	NIBOR at end of period (%)	3.26	2.94	1.68	1.32	0.95	0.58	0.20	0.38	0.49
	Rate of return/profitability
-3-	Cost/income ratio (%)	40.7	40.1	40.0	39.4	43.9	40.1	44.4	43.6	48.8
-4-	Return on equity, annualised (%)	16.2	12.7	13.3	12.9	10.3	11.4	11.1	10.0	8.9
-5-	RAROC, annualised (%) Average equity attributable to shareholders, (NOK million)	11.0 237 861	11.9 230 430	14.6 230 090	11.7 229 858	9.9 226 216	10.7 231 748	8.8 224 364	8.5 230 498	5.7 227 901
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%) 1)	18.3	18.1	18.0	18.1	19.4	19.2	19.1	19.2	18.7
	Tier 1 capital ratio (%) 1)	19.6	19.3	18.9	19.0	21.0	20.8	20.3	20.6	20.1
	Capital ratio (%) 1)	21.8	21.5	20.9	21.0	24.0	23.4	22.2	22.4	22.1
	Leverage ratio (%) 1)	6.8	6.4	6.5	6.5	7.3	6.8	6.7	6.9	7.1
	Loan portfolio and impairment
-6-	Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost	9.28	8.58	8.35	8.03	8.30	9.28	9.38	9.66	10.51
-7-	Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost	1.25	1.32	1.43	1.39	1.55	1.63	1.54	1.64	1.55
-8-	Impairment relative to average net loans to customers at amortised cost, annualised (per cent)	(0.14)	0.03	0.05	0.14	(0.06)	0.05	0.20	0.03	(0.30)
	Liquidity Ratio of customer deposits to net loans to customers at end of period (%)	73.5	76.7	74.1	73.8	74.2	73.9	72.5	70.9	67.3
	Total assets owned or managed by DNB
-9-	Customer assets under management at end of period (NOK billion)	823	799	809	835	882	852	847	805	761
-10-	Total combined assets at end of period (NOK billion)	3 730	3 964	3 793	3 649	3 463	3 667	3 597	3 471	3 363
	Average total assets (NOK billion) Staff	3 507	3 487	3 475	3 381	3 404	3 367	3 322	3 245	3 230
	Number of full-time positions at end of period	10 351	10 241	10 072	9 851	9 410	9 260	9 151	9 096	9 050
	Sustainability
	Finance and facilitate sustainable activities (NOK billion,
	accumulated) 2)	390.9	349.1	302.9	257.5	220.6	159.2	134.3	103.5	74.0
	Total assets invested in mutual funds with a sustainability profile (NOK billion)	27.4	25.2	24.8	26.1	28.4	26.0	25.2	22.3	19.1
	Score from Traction's reputation survey in Norway (points)	60	60	62	63	63	61	63	66
	Customer satisfaction index, CSI, personal customers in
	Norway (score)	71.1	72.9	73.3	73.9	72.7	72.7	72.5	75.3	74.8
	Female representation at management levels 1-4 (%)	38.3	38.1	38.4	39.8	39.8	39.0	38.0	37.6	39.5
	The DNB share
-11-	Number of issued shares at end of period (1 000) 3)	1 550 365	1 550 365	1 550 365	1 550 365	1 550 365	1 550 365	1 550 365	1 550 365	1 550 365
-12-	Number of outstanding shares at end of period (1 000) 3)	1 550 261	1 550 365	1 550 363	1 550 365	1 550 351	1 550 334	1 549 728	1 550 365	1 550 365
	Average number of outstanding shares (1 000) 3)	1 550 330	1 550 274	1 550 364	1 550 364	1 550 360	1 550 282	1 550 153	1 550 365	1 550 365
-13-	Earnings per share (NOK)	6.26	4.77	4.91	4.71	3.79	4.29	4.01	3.65	3.28
-14- -16-	Earnings per share excl. operations held for sale (NOK) Book value per share incl. allocated dividend at end of period (NOK)	6.18 156.61	4.75 152.06	4.86 146.60	4.68 150.18	3.64 146.21	4.28 151.55	4.03 147.35	3.70 143.02	3.09 148.30
	Share price at end of period (NOK)	194.45	172.85	176.55	200.10	202.00	199.95	187.60	182.00	168.00
-17-	Price/earnings ratio	7.77	9.06	8.99	10.63	13.33	11.64	11.71	12.45	12.81
-18-	Price/book value	1.24	1.14	1.20	1.33	1.38	1.32	1.27	1.27	1.13
-19-	Market capitalisation (NOK billion)	301.4	268.0	273.7	310.2	313.2	310.0	290.7	282.2	260.5

1) Including 50 per cent of profit for the period, except for the full year figures.

2) In the fourth quarter, DNB updated its calculation method for the conversion of transactions in foreign currencies. Furthermore, due to improved data quality, some changes were made in historic volumes.

3) 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:		2022	2021	2020	2019	2018
	Interest rate analysis
-1-	Combined weighted total average spreads for lending and
	deposits (%)	1.21	1.17	1.27	1.33	1.30
-1-	Average spreads for ordinary lending to customers (%)	1.47	1.94	2.04	1.84	1.94
-1-	Average spreads for deposits from customers (%)	0.88	0.14	0.12	0.51	0.29
-2-	Net interest margin (%)	1.54	1.38	1.45	1.57	1.53
	Average NIBOR (%)	2.05	0.47	0.70	1.55	1.06
	NIBOR at end of period (%)	3.26	0.95	0.49	1.84	1.27
	Rate of return/profitability
-3-	Cost/income ratio (%)	40.1	43.0	41.5	42.2	43.8
-4-	Return on equity, annualised (%)	13.8	10.7	8.4	11.7	11.7
-5-	RAROC, annualised (%)	12.3	9.5	8.3	9.9	9.5
	Average equity attributable to shareholders, (NOK million)	232 060	228 207	222 490	210 653	200 004
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%) 1)	18.3	19.4	18.7	18.6	17.2
	Tier 1 capital ratio (%) 1)	19.6	21.0	20.1	20.8	18.5
	Capital ratio (%) 1)	21.8	24.0	22.1	22.9	20.8
	Leverage ratio (%) 1)	6.8	7.3	7.1	7.4
	Loan portfolio and impairment
-6-	Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost 2)	9.28	8.30	10.51	6.88	7.14
-7-	Net loans at amortised cost and financial commitments in
	stage 3, per cent of net loans at amortised cost 2) Impairment relative to average net loans to customers at	1.25	1.55	1.55	1.13	1.51
-8-	amortised cost, annualised (per cent) 2)	0.01	0.05	(0.60)	(0.14)	0.01
	Liquidity Ratio of customer deposits to net loans to customers at end of
	period (%)	73.5	74.2	67.3	57.5	57.4
	Total assets owned or managed by DNB
	Customer assets under management at end of period (NOK
-9-	billion)	823	882	761	689	597
-10-	Total combined assets at end of period (NOK billion)	3 730	3 463	3 363	3 177	2 951
	Average total assets (NOK billion)	3 507	3 404	3 230	2 907	2 772
	Staff
	Number of full-time positions at end of period	10 351	9 410	9 050	9 020	9 225
	Sustainability
	Finance and facilitate sustainable activities (NOK billion,
	accumulated) 3) Total assets invested in mutual funds with a sustainability	390.9	220.8	74.4
	profile (NOK billion)	27.4	28.4	19.1
	Score from Traction's reputation survey in Norway (points)	60	63
	Customer satisfaction index, CSI, personal customers in
	Norway (score)	72.8	73.3	73.6	72.8	74.7
	Female representation at management levels 1-4 (%)	38.3	39.8	39.5	38.0	38.1
	The DNB share
-11-	Number of issued shares at end of period (1 000) 4)	1 550 365	1 550 365	1 550 365	1 580 301	1 604 367
-12-	Number of outstanding shares at end of period (1 000) 4)	1 550 261	1 550 351	1 550 365	1 570 586	1 594 352
	Average number of outstanding shares (1 000) 4)	1 550 333	1 550 290	1 554 540	1 582 999	1 601 841
-13-	Earnings per share (NOK)	20.65	15.74	12.04	15.54	14.56
-14-	Earnings per share excl. operations held for sale (NOK)	20.47	15.65	11.89	15.57	14.69
	Dividend per share (NOK) 5)	12.50	9.75	9.00	8.40	8.25
-15-	Total shareholder's return (%)	1.2	31.8	2.4	25.2	(4.7)
	Dividend yield (%) Book value per share incl. allocated dividend at end of period	6.43	4.83	5.36	5.12	5.97
-16-	(NOK)	156.61	146.21	148.30	137.20	130.32
	Share price at end of period (NOK)	194.45	202.00	168.00	164.00	138.15
-17-	Price/earnings ratio	9.42	12.91	14.12	10.53	9.41
-18-	Price/book value	1.24	1.38	1.13	1.20	1.06
-19-	Market capitalisation (NOK billion)	301.4	313.2	260.5	257.6	220.3

1) Including 50 per cent of profit for the period, except for the full year figures.

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

3) In the fourth quarter, DNB updated its calculation method for the conversion of transactions in foreign currencies. Furthermore, due to improved data quality, some changes were made in historic volumes.

4) See 1.7.11 for information on share buy-back programmes.

5) The Board of Directors will propose a dividend of NOK 12.50 per share for 2022.

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 3-month 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. Comparable to previously reported figures under IAS 39.
-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, DNB Livsforsikring and DNB Forsikring (until 31 December 2018).
-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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income from loans to customers 1)	6 058	5 705	7 399	6 838	7 366	8 033	8 169	7 639	8 156
Personal customers	987	925	2 510	2 222	2 573	3 170	3 371	3 014	3 228
Corporate customers	5 012	4 757	4 793	4 562	4 726	4 782	4 696	4 557	4 856
Other	59	24	97	53	67	82	102	68	72
Net interest income on deposits from customers	4 627	3 731	1 920	1 538	944	330	63	353	230
Personal customers	3 160	2 597	1 315	1 021	628	158	(5)	177	112
Corporate customers	1 483	1 143	610	514	318	172	70	176	120
Other	(16)	(8)	(5)	2	(2)	(0)	(2)	0	(2)
Equity and non-interest bearing items	1 714	1 176	643	590	393	195	132	234	198
Personal customers 2)	394	256	127	107	61	15	8	40	48
Corporate customers 2)	737	486	236	191	108	26	12	74	89
Other	584	435	273	293	224	154	113	119	61
Other	1 671	1 640	1 564	1 480	1 583	1 207	1 044	1 003	894
Total net interest income	14 071	12 253	11 525	10 445	10 285	9 766	9 409	9 230	9 479

1.2.2 Average volumes - split by segments

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Loans to customers 3)								1 942 028 1 902 284 1 855 396 1 722 806 1 713 980 1 691 451 1 677 280 1 674 365 1 688 080
Personal customers	948 575	933 509	922 614	831 817	837 297	829 841	822 168	815 876	812 976
Corporate customers	894 754	871 579	833 422	793 278	776 719	770 209	759 058	758 031	779 070
Other	98 699	97 196	99 360	97 711	99 964	91 402	96 054	100 458	96 034
Deposits from customers 3)								1 460 465 1 439 768 1 359 902 1 325 139 1 353 417 1 320 219 1 273 971 1 220 460 1 170 016
Personal customers	582 445	590 025	578 928	497 193	489 685	489 890	476 717	463 929	460 470
Corporate customers	827 720	820 100	759 672	748 872	745 881	731 046	703 489	673 904	646 828
Other	50 300	29 642	21 302	79 073	117 851	99 283	93 764	82 628	62 718
Equity and non-interest bearing items	203 193	193 742	191 814	200 242	197 398	203 562	197 717	204 537	202 528
Personal customers 2)	60 945	58 168	56 876	49 104	48 549	48 124	47 330	47 399	48 547
Corporate customers 2)	111 060	109 210	105 386	101 856	98 917	99 420	96 190	100 268	103 165
Other	31 188	26 364	29 552	49 282	49 932	56 019	54 198	56 869	50 816

1.2.3 Interest rate spreads - split by segments 4)

Per cent	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Total lending - customer segments	1.29	1.25	1.67	1.69	1.79	1.97	2.05	1.95	2.02
Personal customers	0.41	0.39	1.09	1.08	1.22	1.52	1.64	1.50	1.58
Corporate customers	2.22	2.17	2.31	2.33	2.41	2.46	2.48	2.44	2.48
Total deposits - customer segments	1.31	1.05	0.58	0.50	0.30	0.11	0.02	0.13	0.08
Personal customers	2.15	1.75	0.91	0.83	0.51	0.13	(0.00)	0.15	0.10
Corporate customers	0.71	0.55	0.32	0.28	0.17	0.09	0.04	0.11	0.07
Combined spreads - customer segments - weighted total
average	1.30	1.16	1.20	1.18	1.15	1.16	1.18	1.19	1.23
Net interest margin	1.70	1.50	1.48	1.46	1.42	1.36	1.36	1.37	1.39

1) Excluding impaired loans.

2) Allocated capital.

3) Average nominal amount, excluding impaired loans.

4) 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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Interest on amounts due from credit institutions	3 922	2 078	444	(35)	(43)	(216)	(382)	(288)	(223)
Interest on loans to customers	21 309	15 936	13 163	11 159	10 424	9 738	9 612	9 607	9 900
Interest on impaired loans and guarantees	321	329	251	221	258	270	274	246	327
Interest on commercial paper and bonds	2 230	1 483	1 018	723	636	569	657	694	727
Front-end fees etc.	108	102	138	104	128	99	98	126	107
Other interest income	1 339	1 401	1 115	1 136	1 149	1 072	1 015	1 142	1 206
Total interest income	29 229	21 329	16 128	13 307	12 553	11 532	11 275	11 528	12 045
Interest on amounts due to credit institutions	(2 321)	(1 360)	(613)	(154)	(45)	1	(1)	(24)	(41)
Interest on deposits from customers	(6 836)	(3 773)	(1 681)	(1 017)	(723)	(529)	(537)	(612)	(640)
Interest on debt securities issued	(5 482)	(2 898)	(1 112)	(379)	(288)	(290)	(367)	(462)	(512)
Interest on subordinated loan capital	(271)	(150)	(106)	(103)	(83)	(84)	(81)	(87)	(99)
Contributions to the deposit guarantee and resolution funds 1)	(296)	(296)	(337)	(301)	(267)	(268)	(277)	(280)	(256)
Other interest expenses 2)	49	(600)	(755)	(907)	(862)	(596)	(603)	(833)	(1 018)
Total interest expenses	(15 158)	(9 076)	(4 603)	(2 861)	(2 268)	(1 766)	(1 865)	(2 298)	(2 566)
Net interest income	14 071	12 253	11 525	10 445	10 285	9 766	9 409	9 230	9 479

Full year figures

Amounts in NOK million	2022	2021	2020	2019	2018
Interest on amounts due from credit institutions	6 409	(928)	156	3 468	3 935
Interest on loans to customers	61 567	39 381	45 185	52 555	45 112
Interest on impaired loans and guarantees	1 121	1 048	1 207	1 162	1 161
Interest on commercial paper and bonds	5 454	2 556	3 641	4 249	4 227
Front-end fees etc.	451	451	393	346	284
Other interest income	4 990	4 379	4 714	3 569	2 942
Total interest income	79 992	46 887	55 296	65 349	57 660
Interest on amounts due to credit institutions	(4 448)	(69)	(1 105)	(4 280)	(3 981)
Interest on deposits from customers	(13 307)	(2 402)	(5 249)	(9 888)	(8 146)
Interest on debt securities issued	(9 871)	(1 407)		(4 696) (10 171)	(7 409)
Interest on subordinated loan capital	(629)	(334)	(420)	(368)	(484)
Contributions to the deposit guarantee and resolution funds	(1 231)	(1 091)	(1 064)	(1 106)	(564)
Other interest expenses 2)	(2 213)	(2 895)	(4 139)	(334)	(253)
Total interest expenses	(31 698)			(8 197) (16 673) (26 147) (20 838)
Net interest income	48 294	38 690	38 623	39 202	36 822

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	14 071	12 253	11 525	10 445	10 285	9 766	9 409	9 230	9 479
	Changes	Changes	Changes	Changes	Changes	Changes	Changes	Changes
Changes from previous quarters:	from 3Q22	from 2Q22	from 1Q22	from 4Q21	from 3Q21	from 2Q21	from 1Q21	from 4Q20
Lending volumes	80	157	450	40	90	35	55	(21)
Deposit volumes	(93)	73	131	2	(4)	6	8	2
Lending spreads	184	(1 930)	(81)	(405)	(703)	(313)	388	(230)
Deposit spreads	993	1 716	239	608	620	258	(299)	121
Exchange rate movements	56	77	76	9	(39)	73	(32)	(106)
Interest days		101	92	(179)		89	88	(159)
Long term funding	(92)	(51)	1	81	11	13	32	56
Amortisation effects and fees	(2)	(50)	87	(80)	135	71	(56)	(8)
Contributions to the deposit guarantee and resolution funds	(0)	41	(36)	(35)	1	9	3	(23)
Interest income on loans subject to impairment provisions	(71)	11	1	(47)	(19)	(5)	32	(82)
Other net interest income 1)	764	583	118	167	427	121	(39)	200
Total	1 818	728	1 079	160	519	357	180	(249)

1) Including interest on equity.

1.3.1 Net other operating income

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Money transfer and interbank transactions	585	602	499	434	403	378	308	317	302
Guarantee commissions	232	235	228	237	232	211	202	208	220
Asset management services	568	437	432	432	469	467	431	407	391
Credit broking	130	15	62	102	214	150	147	107	139
Corporate finance	275	339	342	496	610	181	584	451	372
Real estate broking	229	252	341	245	259	298	395	306	310
Custodial services	117	72	101	73	67	64	66	61	58
Securities broking	121	145	160	176	147	119	124	165	121
Sale of insurance products	667	601	643	595	610	624	642	606	577
Other income from banking services	114	44	22	53	37	(44)	(15)	5	5
Net commissions and fees	3 038	2 742	2 829	2 844	3 049	2 448	2 883	2 631	2 494
Net gains on financial instruments at fair value	256	706	1 624	1 562	704	1 585	532	799	184
Net financial result, life insurance	194	(40)	(175)	(98)	218	53	206	104	479
Net risk result, life insurance	160	123	73	130	(14)	94	22	108	(4)
Net financial and risk result, life insurance	354	83	(102)	32	203	147	228	212	474
Profit from investments accounted for by the equity method 1)	482	5	144	(15)	(6)	185	260	86	264
Net gains on investment properties	(9)	4	2	(4)	45	10	6	31	(8)
Other income	336	334	297	276	353	202	275	358	439
Other operating income	809	344	443	257	391	396	541	474	694
Net other operating income, total	4 457	3 875	4 794	4 695	4 348	4 577	4 184	4 116	3 847

Full year figures

Amounts in NOK million	2022	2021	2020	2019	2018
Money transfer and interbank transactions	2 120	1 406	1 341	1 790	1 861
Guarantee commissions	932	853	900	821	809
Asset management services	1 869	1 773	1 480	1 323	1 367
Credit broking	308	618	358	467	576
Corporate finance	1 453	1 827	1 164	1 133	598
Real estate broking	1 067	1 258	1 272	1 203	1 143
Custodial services	362	257	180	157	146
Securities broking	603	555	467	380	625
Sale of insurance products	2 505	2 482	2 323	2 304	2 042
Other income from banking services	233	(17)	15	138	141
Net commissions and fees	11 453	11 011	9 500	9 716	9 310
Net gains on financial instruments at fair value	4 147	3 621	5 902	3 183	1 342
Net financial result, life insurance	(119)	581	418	696	574
Net risk result, life insurance	487	210	241	433	395
Net financial and risk result, life insurance	368	790	659	1 129	969
Net premium income/insurance claims, non-life insurance					622
Profit from investments accounted for by the equity method 1)	617	524	402	410	314
Net gains on investment properties	(7)	91	(61)	92	62
Other income	1 244	1 188	1 373	1 126	926
Other operating income	1 854	1 803	1 714	1 628	1 302
Net other operating income, total	17 821	17 225	17 776	15 655	13 546

1) See table 1.3.3 for details on Fremtind.

1.3.2 Net gains on financial instruments at fair value

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Customer revenues in DNB Markets	835	712	680	626	653	558	515	502	559
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and
credit spreads effects) 1)	157	86	132	386	2	81	30	69	32
Hedging of defined-benefit pension scheme	63	(58)	(141)	(28)	76	9	67	66	101
Credit spreads on bonds	(67)	(41)	(78)	(144)	(75)	86	18	153	92
Credit spreads on fixed-rate loans	156	(61)	(253)	(285)	(67)	47	14	81	84
CVA/DVA/FVA	180	(107)	(19)	48	1	(9)	30	241	238
Other mark-to-market adjustments	382	(978)	(120)	469	(110)	392	12	2	738
Basis swaps	(604)	369	428	629	100	147	(212)	(345)	(152)
Exchange rate effects on additional Tier 1 capital	(847)	783	997	(138)	125	274	59	29	(1 508)
Net gains on financial instruments at fair value	256	706	1 624	1 562	704	1 585	532	799	184

Full year figures

Amounts in NOK million	2022	2021	2020	2019	2018
Customer revenues in DNB Markets	2 852	2 228	2 354	2 172	2 004
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spreads effects) 1)	761	182	319	388	497
Hedging of defined-benefit pension scheme	(164)	219	37
Credit spreads on bonds	(331)	182	(13)	445	78
Credit spreads on fixed-rate loans	(443)	74	(20)	185	(9)
CVA/DVA/FVA	103	262	(65)	74	236
Other mark-to-market adjustments	(247)	296	1 910	(207)	(827)
Basis swaps	822	(310)	526	270	(1 358)
Exchange rate effects on additional Tier 1 capital	794	487	855	(143)	721
Net gains on financial instruments at fair value	4 147	3 621	5 902	3 183	1 342

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 results 1)

Income statement

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21
Income	3 764	3 681	3 549	3 477	3 478	3 411	3 344	3 281
Profit after tax	213	337	171	79	549	559	811	466
Share of profit after tax	75	118	60	28	192	196	284	163
Depreciation and impairment of value adjustments after tax	(61)	(61)	(61)	(61)	(61)	(61)	(61)	(61)
Other adjustments	21	(76)	76	(14)	0	(15)	(0)	(0)
The Group's share of profit after tax 2)	35	(19)	75	(47)	131	120	223	102

Balance sheet

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021
The Group's share of equity, including unpaid dividends	3 267	3 187	3 069	3 798	3 771	3 590	3 394	3 401
Goodwill	1 467	1 467	1 467	1 467	1 467	1 467	1 467	1 419
Value adjustments after tax	1 434	1 494	1 555	1 616	1 676	1 737	1 798	1 858
Eliminations	8	(18)	89	0	14	0	(1)	7
Carrying amount	6 176	6 131	6 181	6 881	6 929	6 794	6 658	6 685

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

2) DNB Group's share of Fremtind's results for 2Q22 was based on estimates.

Financial performance – Fremtind

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21
Insurance premium	3 764	3 681	3 549	3 477	3 478	3 411	3 344	3 281
Claims	(2 656)	(2 268)	(2 095)	(2 438)	(2 094)	(1 950)	(1 656)	(2 091)
Operational cost	(943)	(887)	(893)	(848)	(879)	(802)	(825)	(794)
Other operational income/cost	(29)	(22)	(100)	(29)	(56)	31	(12)	71
Operational profit	135	504	462	162	449	690	851	467
Other income/cost	(4)	(1)	(2)	(12)	12	(1)	(0)	(0)
Financial results	157	(51)	(232)	(38)	217	52	192	158
Pre-tax operating profit	288	452	227	111	677	741	1 043	624
Tax expense	(75)	(115)	(56)	(32)	(128)	(181)	(232)	(158)
Profit after tax	213	337	171	79	549	559	811	466
Run-off claims	(18)	(32)	33	27	(9)	43	98	51
Claims ratio (%)	70.6	61.6	59.0	70.1	60.2	57.2	49.5	63.7
Cost/income ratio (%)	25.1	24.1	25.1	24.4	25.3	23.5	24.7	24.2
Combined ratio (%)	95.6	85.7	84.2	94.5	85.5	80.7	74.2	87.9
Book equity at end of period, including unpaid dividends	9 333	9 106	8 769	10 851	10 773	10 256	9 697	9 717
Return on equity, annualised (%)	8.1	15.1	7.8	2.9	23.8	22.4	35.1	19.2
Return on financial portfolio (%) 1)	1.3	(0.2)	(1.2)	(0.4)	1.2	0.5	1.1	1.0
Solvency II ratio at end of period (%) 2)	223	218	205	207	261	245	245	233

1) Value adjusted.

2) Preliminary ratio.

1.4.1 Operating expenses

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Salaries	(2 963)	(2 691)	(2 673)	(2 440)	(2 600)	(2 341)	(2 362)	(2 251)	(2 418)
Employer's national insurance contributions	(608)	(484)	(471)	(451)	(463)	(432)	(428)	(419)	(432)
Pension expenses	(485)	(286)	(334)	(284)	(403)	(343)	(482)	(403)	(452)
Restructuring expenses	(10)	(8)	(1)	1	(20)	(1)	(37)	(83)	(52)
Other personnel expenses	(209)	(156)	(148)	(171)	(220)	(185)	(170)	(180)	(185)
Total salaries and other personnel expenses	(4 275)	(3 625)	(3 627)	(3 344)	(3 706)	(3 302)	(3 480)	(3 337)	(3 540)
Fees	(245)	(181)	(198)	(164)	(264)	(135)	(132)	(108)	(170)
IT expenses	(1 163)	(1 080)	(1 079)	(1 049)	(968)	(924)	(1 044)	(987)	(992)
Postage and telecommunications	(38)	(37)	(46)	(35)	(37)	(31)	(28)	(37)	(36)
Office supplies	(7)	(4)	(9)	(9)	(17)	(5)	(6)	(12)	(9)
Marketing and public relations	(228)	(191)	(244)	(178)	(189)	(161)	(164)	(160)	(183)
Travel expenses	(91)	(41)	(42)	(12)	(38)	(10)	(5)	(2)	(12)
Reimbursement to Norway Post for transactions executed	(0)	(0)	(0)		(0)		(0)		(0)
Training expenses	(35)	(13)	(11)	(16)	(24)	(10)	(11)	(8)	(13)
Operating expenses on properties and premises	(131)	(110)	(98)	(92)	(108)	(97)	(110)	(94)	(81)
Operating expenses on machinery, vehicles and office
equipment	(9)	(7)	(8)	(8)	(15)	(12)	(14)	(17)	(13)
Other operating expenses	(411)	(281)	(287)	(211)	(197)	(221)	(208)	(232)	(579)
Total other expenses	(2 357)	(1 947)	(2 022)	(1 772)	(1 856)	(1 608)	(1 724)	(1 658)	(2 086)
Impairment losses for goodwill	(2)				(7)				(10)
Depreciation and impairment of fixed and intangible assets	(914)	(901)	(874)	(850)	(858)	(842)	(835)	(822)	(874)
Total depreciation and impairment of fixed and intangible assets	(916)	(901)	(874)	(850)	(865)	(842)	(835)	(822)	(884)
Total operating expenses	(7 548)	(6 473)	(6 524)	(5 966)	(6 427)	(5 752)	(6 038)	(5 817)	(6 509)

Full year figures

Amounts in NOK million	2022	2021	2020	2019	2018
Salaries	(10 768)	(9 555)	(9 022)	(8 597)	(8 322)
Employer's national insurance contributions	(2 014)	(1 743)	(1 590)	(1 551)	(1 504)
Pension expenses	(1 389)	(1 631)	(1 467)	(1 610)	(1 262)
Restructuring expenses	(18)	(142)	(81)	(69)	(123)
Other personnel expenses	(683)	(755)	(714)	(776)	(654)
Total salaries and other personnel expenses				(14 871) (13 826) (12 873) (12 603) (11 864)
Fees	(789)	(640)	(540)	(593)	(660)
IT expenses	(4 372)	(3 923)	(3 807)	(3 886)	(3 775)
Postage and telecommunications	(155)	(132)	(148)	(151)	(173)
Office supplies	(28)	(40)	(29)	(30)	(43)
Marketing and public relations	(841)	(675)	(693)	(821)	(749)
Travel expenses	(186)	(55)	(73)	(266)	(261)
Reimbursement to Norway Post for transactions executed	(0)	(0)	(117)	(171)	(179)
Training expenses	(75)	(53)	(42)	(61)	(66)
Operating expenses on properties and premises	(431)	(409)	(415)	(429)	(1 096)
Operating expenses on machinery, vehicles and office
equipment	(32)	(59)	(59)	(69)	(71)
Other operating expenses	(1 190)	(858)	(1 286)	(995)	(716)
Total other expenses	(8 098)	(6 845)	(7 208)	(7 472)	(7 789)
Impairment losses for goodwill	(2)	(7)	(10)		(0)
Depreciation and impairment of fixed and intangible assets	(3 539)	(3 356)	(3 310)	(3 058)	(2 404)
Total depreciation and impairment of fixed and intangible assets	(3 541)	(3 363)	(3 320)	(3 058)	(2 404)
Total operating expenses				(26 510) (24 034) (23 401) (23 133) (22 057)

1.4.2 Full-time positions based on the operational structure

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Full-time positions	2022	2022	2022	2022	2021	2021	2021	2021	2020
Total ordinary operations *)	10 351	10 241	10 072	9 851	9 410	9 260	9 151	9 096	9 050

*) Of which:
Personal Banking	3 171
Corporate Banking	2 258
Technology & Services	1 793
Markets	817
Wealth Management	776
Products & Innovation	622
Group Finance	376
Group Risk Management	156
People	159
Other entities	224

1.4.3 IT expenses

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Software and licenses	(321)	(313)	(322)	(357)	(296)	(280)	(189)	(470)	(308)
IT consultants	(502)	(306)	(522)	(492)	(549)	(535)	(649)	(595)	(592)
Leasing	8	8	8	8	8	8	8	8	8
Other IT expenses	(349)	(470)	(243)	(207)	(130)	(117)	(214)	70	(100)
IT expenses	(1 163)	(1 080)	(1 079)	(1 049)	(968)	(924)	(1 044)	(987)	(992)
Depreciation	(134)	(146)	(137)	(129)	(140)	(135)	(156)	(144)	(215)
Impairment	(12)	1	3			2	(2)		28
Depreciation and impairment	(146)	(145)	(134)	(129)	(140)	(133)	(159)	(144)	(186)
Total IT expenses	(1 310)	(1 225)	(1 214)	(1 178)	(1 108)	(1 057)	(1 203)	(1 131)	(1 178)
Capitalised systems development expenses	1 380	1 173	1 263	1 222	1 206	1 165	888	972	1 088

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 31 December 2022

	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	123 223	2 742	157	126 122	(30)	(16)	(71)		(117) 126 005
Commercial real estate	240 128	24 163	1 751	266 043	(151)	(59)	(394)		(605) 265 438
Shipping	45 318	55	219	45 593	(33)	(1)	(189)	(223)	45 370
Oil, gas and offshore	79 772	7 281	13 119	100 171	(19)	(27)	(2 577)	(2 623)	97 548
Power and renewables	95 708	8 913	1 155	105 775	(35)	(23)	(596)		(654) 105 122
Healthcare	49 388	1 828	0	51 215	(13)	(8)	(0)	(22)	51 194
Public sector	17 900	11	0	17 911	(0)	(0)	(0)	(0)	17 911
Fishing, fish farming and farming	90 738	3 958	1 183	95 878	(20)	(31)	(133)	(184)	95 694
Retail industries	68 080	12 544	1 368	81 993	(58)	(69)	(288)	(414)	81 578
Manufacturing	87 386	8 434	276	96 096	(45)	(49)	(94)	(187)	95 908
Technology, media and telecom	46 567	3 439	77	50 083	(16)	(12)	(27)	(55)	50 028
Services	93 641	12 600	936	107 177	(93)	(130)	(373)		(596) 106 580
Residential property	145 640	13 111	1 244	159 995	(73)	(36)	(248)		(357) 159 638
Personal customers	1 177 090	53 242	4 519	1 234 851	(156)	(283)	(692)		(1 130) 1 233 721
Other corporate customers	76 105	26 079	4 689	106 873	(88)	(244)	(1 066)	(1 398)	105 475
Total	2 436 683	178 400	30 693	2 645 776	(831)	(987)	(6 748)		(8 567) 2 637 209

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

		Maximum exposure				Accumulated impairment
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2022	2022	2022	2022	2022	2022	2022	2022
Bank, insurance and portfolio management	123 223	120 865	117 630	123 136	(30)	(23)	(22)	(21)
Commercial real estate	240 128	248 797	244 241	237 205	(151)	(118)	(110)	(116)
Shipping	45 318	52 624	45 769	40 559	(33)	(37)	(52)	(61)
Oil, gas and offshore	79 772	88 041	79 378	71 682	(19)	(112)	(89)	(104)
Power and renewables	95 708	96 264	88 129	80 267	(35)	(33)	(23)	(37)
Healthcare	49 388	56 752	55 149	46 097	(13)	(16)	(10)	(11)
Public sector	17 900	16 020	13 574	14 183	(0)	(0)	(1)	(3)
Fishing, fish farming and farming	90 738	83 477	79 898	72 219	(20)	(17)	(18)	(56)
Retail industries	68 080	74 213	68 778	66 060	(58)	(53)	(49)	(46)
Manufacturing	87 386	84 764	83 392	78 477	(45)	(41)	(38)	(38)
Technology, media and telecom	46 567	47 253	45 720	46 404	(16)	(15)	(10)	(14)
Services	93 641	92 647	93 605	94 844	(93)	(82)	(66)	(75)
Residential property	145 640	153 581	148 477	143 701	(73)	(61)	(57)	(54)
Personal customers	1 177 090	1 199 538	1 211 579	1 201 792	(156)	(161)	(121)	(70)
Other corporate customers	76 105	76 230	76 235	75 970	(88)	(62)	(58)	(54)
Total	2 436 683	2 491 066	2 451 553	2 392 596	(831)	(833)	(723)	(759)

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
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2022	2022	2022	2022	2022	2022	2022	2022
Bank, insurance and portfolio management	2 742	3 845	3 898	2 053	(16)	(17)	(17)	(21)
Commercial real estate	24 163	16 554	15 578	16 872	(59)	(31)	(30)	(44)
Shipping	55	2 338	6 010	5 441	(1)	(2)	(24)	(41)
Oil, gas and offshore	7 281	13 726	14 808	20 016	(27)	(187)	(253)	(251)
Power and renewables	8 913	4 955	5 495	1 921	(23)	(11)	(12)	(3)
Healthcare	1 828	1 296	4	8	(8)	(3)	(0)	(0)
Public sector	11	58	10	10	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	3 958	4 187	3 550	6 574	(31)	(30)	(31)	(34)
Retail industries	12 544	7 428	7 096	4 774	(69)	(38)	(36)	(31)
Manufacturing	8 434	7 161	6 473	4 030	(49)	(41)	(34)	(25)
Technology, media and telecom	3 439	1 499	1 116	1 090	(12)	(10)	(5)	(7)
Services	12 600	10 259	10 756	8 433	(130)	(113)	(97)	(91)
Residential property	13 111	6 498	7 325	7 731	(36)	(25)	(20)	(21)
Personal customers	53 242	53 058	46 308	40 568	(283)	(271)	(240)	(195)
Other corporate customers	26 079	32 363	29 041	25 080	(244)	(259)	(249)	(264)
Total	178 400	165 224	157 469	144 602	(987)	(1 038)	(1 049)	(1 027)

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

		Maximum exposure			Accumulated impairment
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2022	2022	2022	2022	2022	2022	2022	2022
Bank, insurance and portfolio management	157	163	1 051	589	(71)	(64)	(62)	(56)
Commercial real estate	1 751	1 032	1 104	1 118	(394)	(187)	(200)	(220)
Shipping	219	328	310	276	(189)	(206)	(188)	(168)
Oil, gas and offshore	13 119	15 661	15 085	14 155	(2 577)	(2 650)	(3 395)	(3 648)
Power and renewables	1 155	1 261	1 180	1 660	(596)	(668)	(566)	(515)
Healthcare	0	0	0	0	(0)
Public sector	0	1	0	0	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	1 183	416	390	425	(133)	(139)	(132)	(113)
Retail industries	1 368	1 320	1 273	1 402	(288)	(229)	(203)	(232)
Manufacturing	276	214	215	1 431	(94)	(72)	(76)	(112)
Technology, media and telecom	77	77	72	84	(27)	(19)	(20)	(20)
Services	936	1 067	1 487	976	(373)	(362)	(385)	(356)
Residential property	1 244	626	554	553	(248)	(153)	(150)	(163)
Personal customers	4 519	4 432	4 726	4 729	(692)	(648)	(630)	(635)
Other corporate customers	4 689	5 025	6 780	5 017	(1 066)	(1 098)	(1 532)	(1 381)
Total	30 693	31 625	34 227	32 414	(6 748)	(6 495)	(7 539)	(7 618)

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Maximum exposure at beginning of period	2 687 915	2 643 248	2 569 612	2 446 557	2 418 090	2 399 864	2 348 697	2 352 394	2 377 423
Originated and purchased	206 414	214 788	250 856	231 076	239 007	251 771	262 535	200 869	244 291
Derecognition								(228 888) (184 930) (201 673) (206 909) (207 968) (233 005) (217 485) (193 502) (252 290)
Acquisition of Sbanken				109 825
Exchange rate movements	(19 667)	14 811	24 453	(10 937)	(2 573)	(538)	6 116	(11 064)	(17 031)
Other
Maximum exposure at end of period	2 645 776	2 687 915	2 643 248	2 569 612	2 446 557	2 418 090	2 399 864	2 348 697	2 352 394

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Maximum exposure at beginning of period	2 491 066	2 451 553	2 392 596	2 268 620	2 223 397	2 206 175	2 149 879	2 140 422	2 109 922
Transfer into Stage 1	29 763	27 761	38 314	24 486	39 371	23 830	18 060	48 985	55 077
Transfer to Stage 2	(63 491)	(40 227)	(52 388)	(37 628)	(37 972)	(31 719)	(29 334)	(44 121)	(33 630)
Transfer to Stage 3	(1 724)	(824)	(700)	(490)	(1 068)	(925)	(280)	(1 594)	(406)
Originated and purchased	201 877	211 042	245 653	230 078	236 978	250 714	259 309	195 675	242 771
Derecognition				(202 266) (171 987) (194 091) (188 129) (189 679) (224 060) (197 030) (179 191) (218 380)
Acquisition of Sbanken				105 690
Exchange rate movements	(18 545)	13 749	22 168	(10 030)	(2 405)	(618)	5 569	(10 299)	(14 931)
Other
Maximum exposure at end of period	2 436 683	2 491 066	2 451 553	2 392 596	2 268 620	2 223 397	2 206 175	2 149 879	2 140 422

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Maximum exposure at beginning of period	165 224	157 469	144 602	142 154	156 559	157 110	159 451	173 928	222 620
Transfer to Stage 1	(27 931)	(25 926)	(36 789)	(23 211)	(38 208)	(23 484)	(16 691)	(48 926)	(54 615)
Transfer into Stage 2	63 927	41 571	52 722	38 423	39 055	31 923	30 917	44 335	34 367
Transfer to Stage 3	(2 134)	(1 541)	(678)	(1 186)	(945)	(1 584)	(3 320)	(2 424)	(2 434)
Originated and purchased	3 587	1 514	5 203		998	1 616	3 197	3 912	1 519
Derecognition	(23 283)	(8 813)	(9 718)	(14 064)	(15 131)	(9 061)	(16 976)	(10 663)	(25 905)
Acquisition of Sbanken				3 309
Exchange rate movements	(990)	950	2 126	(821)	(173)	38	532	(709)	(1 625)
Other
Maximum exposure at end of period	178 400	165 224	157 469	144 602	142 154	156 559	157 110	159 451	173 928

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Maximum exposure at beginning of period	31 625	34 227	32 414	35 783	38 135	36 579	39 367	38 044	44 881
Transfer to Stage 1	(1 830)	(1 835)	(1 525)	(1 274)	(1 163)	(347)	(1 370)	(59)	(462)
Transfer to Stage 2	(436)	(1 344)	(335)	(795)	(1 083)	(205)	(1 583)	(214)	(737)
Transfer into Stage 3	3 859	2 365	1 378	1 676	2 014	2 509	3 599	4 018	2 840
Originated and purchased	950	2 231		999	1 032	(560)	29	1 282
Derecognition	(3 340)	(4 130)	2 136	(4 715)	(3 157)	116	(3 479)	(3 648)	(8 005)
Acquisition of Sbanken				826
Exchange rate movements	(132)	111	158	(85)	6	42	15	(56)	(475)
Other
Maximum exposure at end of period	30 693	31 625	34 227	32 414	35 783	38 135	36 579	39 367	38 044

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Accumulated impairment at beginning of period	(8 365)	(9 311)	(9 404)	(11 191)	(12 896)	(13 273)	(15 247)	(15 469)	(18 136)
Originated and purchased	(169)	(184)	(98)	(145)	(140)	(117)	(189)	(212)	(278)
Increased expected credit loss	(1 633)	(1 283)	(1 291)	(1 014)	(1 433)	(1 062)	(1 343)	(2 220)	(3 082)
Decreased (reversed) expected credit loss	1 318	886	1 179	1 661	1 200	1 164	2 270	2 293	2 797
Write-offs	129	987	364	1 462	1 887	239	956	109	2 859
Derecognition (including repayments)	116	558	57	119	193	163	300	227	202
Acquisition of Sbanken				(333)
Exchange rate movements	36	(19)	(118)	38	(2)	(11)	(20)	24	170
Other		(1)
Accumulated impairment at end of period	(8 567)	(8 365)	(9 311)	(9 404)	(11 191)	(12 896)	(13 273)	(15 247)	(15 469)

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Accumulated impairment at beginning of period	(833)	(723)	(759)	(743)	(720)	(804)	(809)	(1 049)	(1 129)
Changes due to significant change in credit risk	(63)	(83)	(47)	(80)	(115)	(66)	(27)	(34)	(133)
Originated and purchased	(102)	(72)	(78)	(126)	(128)	(103)	(159)	(115)	(209)
Increased expected credit loss	(151)	(182)	(98)	(76)	(123)	(74)	(86)	(160)	(63)
Decreased (reversed) expected credit loss	302	172	271	244	248	306	217	515	440
Write-offs
Derecognition (including repayments)	5	65		28	93	20	64	26	25
Acquisition of Sbanken				(11)
Exchange rate movements	11	(9)	(11)	5	1	1	(4)	8	19
Other
Accumulated impairment at end of period	(831)	(833)	(723)	(759)	(743)	(720)	(804)	(809)	(1 049)

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Accumulated impairment at beginning of period	(1 038)	(1 049)	(1 027)	(1 078)	(1 273)	(1 501)	(1 800)	(1 780)	(2 296)
Changes due to significant change in credit risk	44	79	47	84	106	79	72	46	204
Originated and purchased	(65)	(108)	(20)	(19)	(12)	(14)	(29)	(96)	(69)
Increased expected credit loss	(256)	(314)	(274)	(161)	(189)	(202)	(241)	(629)	(314)
Decreased (reversed) expected credit loss	229	158	199	110	169	261	315	468	496
Write-offs
Derecognition (including repayments)	80	211	59	76	120	107	188	185	166
Acquisition of Sbanken				(46)
Exchange rate movements	19	(17)	(34)	6		(3)	(6)	6	33
Other
Accumulated impairment at end of period	(987)	(1 038)	(1 049)	(1 027)	(1 078)	(1 273)	(1 501)	(1 800)	(1 780)

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

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Accumulated impairment at beginning of period	(6 495)	(7 539)	(7 618)	(9 369)	(10 903)	(10 968)	(12 638)	(12 640)	(14 711)
Changes due to significant change in credit risk	19	4		(5)	9	(13)	(45)	(12)	(71)
Originated and purchased	(2)	(2)
Increased expected credit loss	(1 226)	(787)	(920)	(778)	(1 121)	(786)	(1 016)	(1 431)	(2 704)
Decreased (reversed) expected credit loss	787	556	708	1 306	783	597	1 737	1 310	1 860
Write-offs	129	987	364	1 462	1 887	239	956	109	2 859
Derecognition (including repayments)	31	282	(2)	15	(21)	36	47	17	11
Acquisition of Sbanken				(276)
Exchange rate movements	6	7	(72)	26	(4)	(8)	(10)	10	117
Other
Accumulated impairment at end of period	(6 748)	(6 495)	(7 539)	(7 618)	(9 369)	(10 903)	(10 968)	(12 638)	(12 640)

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

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Personal customers	(147)	(136)	(94)	(36)	(64)	(26)	39	(24)	139
Commercial real estate	(249)	(0)	26	12	(7)	35	7	46	(41)
Shipping	2	43	30	(12)	65	101	81	155	(36)
Oil, gas and offshore	152	333	313	760	133	90	(26)	127	(1 340)
Other industry segments	(432)	(93)	(65)	(134)	(402)	0	733	(193)	28
Total	(674)	148	209	589	(275)	200	833	110	(1 250)

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 following tables show the exposure at default in DNB's customer segments and exclude central banks, equity positions and exposure in associated companies. EAD is based on the internal monitoring of credit risk where all exposures are measured with internal models. Sbanken has been included in the figures as of 30 June 2022.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Bank, insurance and portfolio management	60.9	62.9	60.4	58.1	49.1	53.3	54.1	45.3	49.2
Commercial real estate 1)	231.3	230.7	224.3	218.8	209.5	207.6	207.2	203.3	202.1
Shipping 1)	42.6	52.3	49.2	42.4	44.5	46.7	44.2	47.4	50.1
Oil, gas and offshore 1)	89.0	135.1	124.7	102.1	91.3	93.0	77.7	75.5	78.4
Power and renewables	83.5	82.6	73.9	59.3	60.2	53.4	52.3	50.9	50.8
Healthcare	41.4	47.5	44.7	34.7	32.3	27.2	28.1	30.3	32.4
Public sector	8.0	8.4	8.1	9.5	10.1	10.4	9.2	10.1	11.8
Fishing, fish farming and farming	81.6	75.9	71.7	65.6	66.3	62.9	58.8	58.3	59.0
Retail industries	62.9	62.6	62.5	54.0	55.3	55.2	53.6	52.2	51.3
Manufacturing	69.0	69.8	66.7	57.9	64.1	58.7	59.0	59.2	64.2
Technology, media and telecom	39.8	38.4	36.0	35.8	34.2	33.9	33.4	31.3	35.2
Services	64.4	63.7	63.7	59.7	59.1	60.4	60.4	57.9	60.3
Residential property	139.9	140.5	135.7	131.6	127.1	122.6	122.3	119.9	119.1
Personal customers *)	1 233.6	1 242.6	1 240.9	1 113.0	1 105.6	1 117.3	1 118.6	1 098.2	1 078.8
Other corporate customers	88.5	93.0	90.2	85.5	88.8	88.8	86.5	83.4	84.9
Total exposure at default in customer segments **)	2 336.4	2 405.9	2 352.7	2 128.1	2 097.7	2 091.3	2 065.5	2 023.3	2 027.6
*) Of which:
- Mortgages	1 101.5	1 109.4	1 106.4	988.6	980.0	991.9	994.4	977.4	955.5
- Other exposures	132.1	133.2	134.5	124.4	125.6	125.4	124.2	120.8	123.3
**) Of which international portfolio	459.6	512.3	485.7	422.3	418.8	402.0	381.6	367.6	393.2

1) For a breakdown, see tables 1.6.3 - 1.6.5.

1.6.1 Credit portfolio (continued)

Risk classification of portfolio 1) *)

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -	1 775.2	1 824.1	1 796.4	1 607.8	1 570.5	1 547.5	1 522.3	1 477.8	1 476.7
PD 0.75% -	470.5	488.0	459.8	433.1	432.9	442.7	439.5	441.6	441.5
PD 3.00% -	69.7	74.5	78.3	68.8	73.5	79.7	83.2	83.8	83.6
Net commitments in stage 3	20.9	19.4	18.2	18.3	20.7	21.5	20.6	20.0	25.7
Total portfolio	2 336.4	2 405.9	2 352.7	2 128.1	2 097.7	2 091.3	2 065.5	2 023.3	2 027.6
*) Of which international portfolio:
PD 0.01% -	334.6	379.3	353.9	306.0	294.6	273.3	254.9	239.0	257.1
PD 0.75% -	91.5	98.0	98.1	85.6	91.3	93.5	91.7	93.6	99.2
PD 3.00% -	23.4	26.2	25.7	22.2	22.7	24.8	25.7	26.6	25.5
Net commitments in stage 3	10.1	8.8	8.1	8.5	10.3	10.4	9.3	8.4	11.5
Total international portfolio	459.6	512.3	485.7	422.3	418.8	402.0	381.6	367.6	393.2

1) For a breakdown of commercial real estate, shipping and oil, gas and offshore, see tables 1.6.3 - 1.6.5.

Based on DNB's risk classification system. The volumes represent the expected outstanding amount in the event of default. PD = probability of default.

Exposure at default by industry segment

*) Of which mortgages 47.1 per cent of total exposure at default.

1.6.2 Customer segments

Exposure at default

Personal customers 31 Dec. 30 Sept. 30 June 31 March 31 Dec. 30 Sept. 30 June 31 March 31 Dec. Amounts in NOK billion 2022 2022 2022 2022 2021 2021 2021 2021 2020 Mortgages 1 101.3 1 109.2 1 106.1 988.4 979.8 991.3 993.7 977.4 955.5 Other exposures 73.8 74.9 76.1 67.4 68.9 70.9 72.5 71.2 74.5 Total exposure at default 1 175.1 1 184.1 1 182.2 1 055.8 1 048.7 1 062.2 1 066.3 1 048.6 1 030.0

Corporate customers, by industry segment

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Bank, insurance and portfolio management	60.9	62.9	60.4	58.1	49.1	53.3	54.1	45.3	49.2
Commercial real estate	231.3	230.7	224.3	218.8	209.5	207.6	207.2	203.3	202.1
Shipping	42.6	52.3	49.2	42.4	44.5	46.7	44.2	47.4	50.1
Oil, gas and offshore	89.0	135.1	124.7	102.1	91.3	93.0	77.7	75.5	78.4
Power and renewables	83.5	82.6	73.9	59.3	60.2	53.4	52.3	50.9	50.8
Healthcare	41.4	47.5	44.7	34.7	32.3	27.2	28.1	30.3	32.4
Public sector	8.0	8.4	8.1	9.5	10.1	10.4	9.2	10.1	11.8
Fishing, fish farming and farming	81.6	75.9	71.7	65.6	66.3	62.9	58.8	58.3	59.0
Retail industries	62.9	62.6	62.5	54.0	55.3	55.2	53.6	52.1	51.3
Manufacturing	69.0	69.8	66.7	57.9	64.1	58.7	59.0	59.2	64.2
Technology, media and telecom	39.8	38.4	36.0	35.8	34.2	33.9	33.4	31.3	35.2
Services	64.4	63.7	63.7	59.7	59.1	60.3	60.4	57.9	60.3
Residential property	139.9	140.5	135.7	131.6	127.1	122.6	122.3	119.9	119.1
Personal customers	58.5	58.5	58.7	57.3	57.0	55.1	52.4	49.7	48.9
Other corporate customers	88.5	92.9	90.1	85.5	88.8	88.8	86.5	83.4	84.9
Total exposure at default	1 161.2	1 221.8	1170.5	1072.3	1 049.0	1 029.1	999.2	974.7	997.6

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -
Personal customers	955.1	959.8	975.8	852.6	846.8	855.3	861.2	839.9	823.7
Corporate customers	820.2	864.2	820.6	755.2	723.7	692.2	661.0	637.9	653.0
Total	1 775.2	1 824.1	1 796.4	1 607.8	1 570.5	1 547.5	1 522.3	1 477.8	1 476.7
PD 0.75% -
Personal customers	204.9	208.5	190.2	188.2	186.3	191.0	188.8	190.6	188.1
Corporate customers	265.6	279.5	269.6	244.9	246.6	251.7	250.6	251.0	253.4
Total	470.5	488.0	459.8	433.1	432.9	442.7	439.5	441.6	441.5
PD 3.00% -
Personal customers	12.7	13.3	13.4	12.7	13.2	13.2	13.5	14.6	15.2
Corporate customers	57.0	61.2	64.8	56.1	60.4	66.4	69.7	69.2	68.4
Total	69.7	74.5	78.3	68.8	73.5	79.7	83.2	83.8	83.6
Net commitments in stage 3
Personal customers	2.4	2.5	2.8	2.2	2.3	2.7	2.7	3.4	3.0
Corporate customers	18.5	16.9	15.4	16.1	18.4	18.9	17.9	16.6	22.7
Total	20.9	19.4	18.2	18.3	20.7	21.5	20.6	20.0	25.7
Total Personal customers	1 175.1	1 184.1	1 182.2	1 055.8	1 048.7	1 062.2	1 066.3	1 048.6	1 030.0
Total Corporate customers	1 161.2	1 221.8	1 170.5	1 072.3	1 049.0	1 029.1	999.2	974.7	997.6
Total risk classification of portfolio	2 336.4	2 405.9	2 352.7	2 128.1	2 097.7	2 091.3	2 065.5	2 023.3	2 027.6

1.6.3 Breakdown of commercial real estate

Exposure at default

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Retail store facility building loans	1.3	1.3	1.3	1.0	1.0	1.0	1.6	2.2	2.3
Hotel building loans	13.9	9.9	8.3	7.9	7.8	7.7	9.0	11.7	9.7
Shopping centre building loans	1.3	1.3	1.2	1.1	1.8	0.1	0.5	0.5	0.5
Office premises building loans	4.0	5.1	4.9	5.4	3.9	3.8	4.7	4.9	5.1
Leasing of retail store facilities	18.5	18.7	19.3	18.8	17.9	17.8	17.8	16.9	18.4
Leasing of hotels	24.8	28.8	27.6	26.0	26.4	25.7	25.9	25.6	27.6
Leasing of shopping centres	11.8	12.1	12.5	12.5	11.0	12.4	11.5	11.3	11.0
Leasing of office premises	86.5	87.9	86.7	86.8	79.4	79.6	79.5	77.9	77.5
Leasing of warehouse/ logistics/ multi-purpose buildings	32.1	34.4	33.0	32.8	27.2	28.4	27.9	26.7	25.5
Other	37.1	31.3	29.5	26.5	33.2	31.1	28.8	25.6	24.5
Total	231.3	230.7	224.3	218.8	209.5	207.6	207.2	203.3	202.1

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -	176.3	172.7	167.7	164.1	154.2	152.1	149.5	148.8	148.7
PD 0.75% -	48.2	51.7	50.1	49.4	49.7	49.3	51.3	47.4	45.8
PD 3.00% -	5.5	5.5	5.8	4.6	4.8	5.3	5.6	6.4	6.8
Net commitments in stage 3	1.2	0.7	0.7	0.8	0.8	0.9	0.8	0.7	0.8
Total	231.3	230.7	224.3	218.8	209.5	207.6	207.2	203.3	202.1

Exposure at default Risk classification of portfolio

1.6.3 Breakdown of commercial real estate (continued)

Exposure at default by geographic distribution

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Oslo/ Akershus	92.0	92.4	87.8	86.4	80.8	75.4	75.8	76.2	70.8
Eastern Norway excl. Oslo/ Akershus	48.5	48.7	47.9	46.5	44.6	46.6	46.9	43.7	44.1
Western Norway	45.1	43.1	43.1	41.7	43.5	41.5	41.0	41.3	40.5
Central/ Northern Norway	31.1	31.9	31.6	30.8	28.2	30.3	29.5	28.7	28.3
Sweden	9.4	9.3	9.4	9.2	8.2	8.1	8.6	7.6	7.6
Other Europe	5.2	5.3	4.5	4.2	4.4	5.7	5.5	5.9	10.8
Total	231.3	230.7	224.3	218.8	209.5	207.6	207.2	203.3	202.1

Exposure at default by geographic distribution

1.6.4 Breakdown of shipping

Exposure at default

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Chemical and product tankers	4.7	5.7	5.8	4.4	4.3	4.1	4.0	4.2	4.6
Container	1.4	3.1	2.9	3.0	3.5	5.4	4.2	4.2	4.1
Crude oil carriers	11.7	14.2	13.3	11.0	11.6	11.4	11.4	11.5	11.9
Dry bulk	8.6	9.9	9.5	8.7	8.6	9.0	8.4	9.2	9.7
Gas carriers	10.3	12.4	11.9	10.4	10.0	10.3	10.0	12.0	14.1
Other shipping	6.0	7.0	5.8	4.9	6.5	6.6	6.2	6.2	5.7
Total	42.6	52.3	49.2	42.4	44.5	46.7	44.2	47.4	50.1

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -	17.5	20.7	18.0	14.7	13.6	12.1	11.7	12.5	11.8
PD 0.75% -	25.1	29.7	28.3	25.6	27.9	30.9	27.8	29.9	32.7
PD 3.00% -	0.0	1.8	2.7	2.1	2.7	3.4	4.3	4.6	4.9
Net commitments in stage 3	0.0	0.1	0.1	0.1	0.2	0.3	0.4	0.4	0.7
Total 1)	42.6	52.3	49.2	42.4	44.5	46.7	44.2	47.4	50.1

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

Exposure at default Risk classification of portfolio

1.6.4 Breakdown of shipping (continued)

Risk classification of portfolio - breakdown into sub-segments

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -
Crude oil sector	4.0	6.0	5.5	4.6	3.8	3.1	3.1	3.8	3.7
Dry bulk sector	4.9	5.3	4.6	3.1	1.7	1.7	1.7	1.7	1.7
Container sector	1.3	1.6	1.5	1.0	1.3	1.5	1.3	1.2	1.3
Other	7.2	7.8	6.4	5.9	6.8	5.9	5.6	5.8	5.0
Total	17.5	20.7	18.0	14.7	13.6	12.1	11.7	12.5	11.8
PD 0.75% -
Crude oil sector	7.6	7.8	7.3	6.4	7.7	8.1	7.4	7.5	8.0
Dry bulk sector	3.8	4.5	4.9	5.5	6.9	7.1	2.6	6.7	7.1
Container sector	0.1	1.5	1.4	1.9	2.2	3.7	1.8	2.7	2.4
Other	13.6	15.9	14.8	11.8	11.2	12.0	16.0	12.9	15.3
Total	25.1	29.7	28.3	25.6	27.9	30.9	27.8	29.9	32.7
PD 3.00% -
Crude oil sector		0.5	0.5	0.2	0.2	0.2	0.9	0.2	0.2
Dry bulk sector	0.0		0.0	0.0	0.0	0.2	0.2	0.6	0.7
Container sector						0.2	0.2	0.3	0.3
Other	0.0	1.3	2.2	1.0	2.5	2.7	3.0	3.5	3.8
Total	0.0	1.8	2.7	2.1	2.7	3.4	4.3	4.6	4.9
Net commitments in stage 3
Crude oil sector		0.0
Dry bulk sector	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2
Container sector						0.0	0.0	0.0	0.0
Other	0.0	0.1	0.0	0.1	0.2	0.2	0.2	0.2	0.4
Total	0.0	0.1	0.1	0.1	0.2	0.3	0.4	0.4	0.7
Total shipping	42.6	52.3	49.2	42.4	44.5	46.7	44.2	47.4	50.1

1.6.5 Breakdown of oil, gas and offshore

Exposure at default

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
Oil and gas	45.5	87.7	80.8	62.8	47.7	49.3	33.8	29.7	31.7
Offshore	26.2	25.6	24.2	21.7	24.1	24.5	25.0	26.5	28.1
Oilfield services	14.5	18.8	16.7	14.9	16.6	16.0	15.5	15.0	14.6
Midstream	2.9	3.0	3.0	2.6	3.0	3.2	3.4	4.2	4.0
Total	89.0	135.1	124.7	102.1	91.3	93.0	77.7	75.5	78.4

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -	52.2	92.8	82.8	63.8	50.6	46.1	31.1	27.9	28.5
PD 0.75% -	21.1	24.5	24.5	22.7	23.2	26.8	26.6	28.6	23.4
PD 3.00% -	5.5	7.3	7.9	6.6	6.7	9.5	9.5	9.3	13.0
Net commitments in stage 3	10.2	10.6	9.5	9.0	10.7	10.6	10.4	9.8	13.5
Total 1)	89.0	135.1	124.7	102.1	91.3	93.0	77.7	75.5	78.4

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

Exposure at default Risk classification of portfolio

52 21 6 10 0 10 20 30 40 50 60 70 80 90 100 30 June 2021 30 Sept. 2021 31 Dec. 2021 31 March 2022 30 June 2022 30 Sept. 2022 31 Dec. 2022 Net commitments in stage 3 NOK billion PD 0.01% - PD 0.75% - PD 3.0% -

1.6.5 Breakdown of oil, gas and offshore (continued)

Risk classification of portfolio - breakdown into sub-segments

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2022	2022	2022	2022	2021	2021	2021	2021	2020
PD 0.01% -
Oil and gas sector	41.6	80.6	72.5	55.9	43.0	38.4	25.2	21.8	22.3
Offshore sector	4.6	3.0	2.8	2.5	3.0	3.7	2.6	2.8	3.2
Oilfield services sector	5.9	9.2	7.5	5.4	4.6	4.1	3.3	3.3	3.0
Total	52.2	92.8	82.8	63.8	50.6	46.1	31.1	27.9	28.5
PD 0.75% -
Oil and gas sector	6.5	10.1	11.2	9.2	7.3	12.8	10.5	9.9	8.9
Offshore sector	9.0	8.8	8.0	6.3	6.2	4.9	6.8	8.8	8.9
Oilfield services sector	5.6	5.6	5.3	7.3	9.7	9.1	9.2	9.9	5.6
Total	21.1	24.5	24.5	22.7	23.2	26.8	26.6	28.6	23.4
PD 3.00% -
Oil and gas sector	0.3	0.0	0.1	0.4	0.8	1.6	1.5	2.2	2.4
Offshore sector	3.0	3.4	4.0	4.3	3.7	5.4	5.4	5.5	6.0
Oilfield services sector	2.3	3.9	3.8	1.9	2.2	2.5	2.7	1.6	4.7
Total	5.5	7.3	7.9	6.6	6.7	9.5	9.5	9.3	13.0
Net commitments in stage 3
Oil and gas sector	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	2.2
Offshore sector	9.6	10.5	9.4	8.6	10.7	10.1	10.2	9.5	10.0
Oilfield services sector	0.6	0.1	0.1	0.4	0.1	0.5	0.2	0.2	1.3
Total	10.2	10.6	9.5	9.0	10.7	10.6	10.4	9.8	13.5
Total oil, gas and offshore	89.1	135.1	124.7	102.1	91.3	93.0	77.7	75.5	78.4

Based on DNB's risk classification system. The volumes represent the expected outstanding amount in the event of default. PD = probability of default.

1.6.6 DNB's risk classification

		Probability of default (per cent)	External rating
Risk class	As from	Up to	Moody's	S&P Global
1	0.01	0.10	Aaa – A3	AAA – A
2	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	1.25	2.00
7	2.00	3.00	Ba3	BB
8	3.00	5.00	B1	B+
9	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.

	2022		2021		2020
	NOK	Maturity	NOK	Maturity	NOK	Maturity
	billion	(years) 1)	billion	(years) 1)	billion	(years) 1)
Covered bonds			26.1	8.9	33.6	5.9
Senior unsecured bonds	60.5	3.4	17.0	3.0
Senior non-preferred bonds	21.5	3.9	29.7	5.9	8.6	5.0
Total	82.0	3.5	72.8	6.3	42.2	5.7
Additional Tier 1 capital and Tier 2 loans	15.8		4.8		4.0
Total including Tier 1 capital and Tier 2 loans	97.8		77.6		46.2

1) Maturity as per first call option.

1.7.2 Redemption profile as at 31 December 2022

Amounts in NOK billion	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	>2032
Senior unsecured bonds	58.4	51.1	17.3	17.4	13.4	1.3	0.5
Senior non-preferred bonds			22.7	20.8	8.2	12.6					0.8
Covered bonds	80.5	48.6	49.1	42.2	19.8	15.6	2.3	2.7	20.0	1.9	32.3
Total	138.9	99.7	89.1	80.5	41.3	29.5	2.8	2.7	20.0	1.9	33.1

A total overview of subordinated loans can be found in the appendix.

X1AO

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

Amounts in NOK million	31 Dec. 2022	30 Sept. 2022	30 June 2022	31 March 2022	31 Dec. 2021	30 Sept. 2021	30 June 2021	31 March 2021
Own funds and eligible liabilities	353 699	366 362	337 087	314 856	326 126	336 429	314 740	302 874
- of which own funds and subordinated liabilities	251 777	231 333	210 704	203 817	232 393	218 830	195 658	182 792
Own funds and eligible liabilities including eligible YTD results	353 699	378 372	345 104	318 604	326 126	345 728	320 677	305 515
- of which own funds and subordinated liabilities including eligible YTD results	251 777	243 154	218 721	207 565	232 393	228 129	201 595	185 433
Total risk exposure amount (TREA) of the resolution group	945 588	920 896	912 029	871 858	844 196	854 718	846 711	818 487
Own funds and eligible liabilities as a percentage of TREA	37.41	39.78	36.96	36.11	38.63	39.36	37.17	37.00
- of which own funds and subordinated liabilities	26.63	25.12	23.10	23.38	27.53	25.60	23.11	22.33
Own funds and eligible liabilities as a percentage of TREA including eligible YTD results	37.41	41.09	37.84	36.54	38.63	40.45	37.87	37.33
- of which own funds and subordinated liabilities including eligible YTD results	26.63	26.40	23.98	23.81	27.53	26.69	23.81	22.66
MREL requirement expressed as percentage of the total risk exposure amount	35.75	35.75	35.75	35.75	35.75	35.54	35.54	35.54
MREL requirement expressed as nominal amount	338 048	329 220	326 050	311 689	301 800	303 767	300 921	290 890
Surplus (+) / deficit (-) of MREL capital	15 651	37 141	11 037	3 167	24 326	32 662	13 819	11 984
Surplus (+) / deficit (-) of MREL capital including eligible YTD results	15 651	49 152	19 054	6 915	24 326	41 961	19 756	14 625

As of 31 December 2022, Sbanken has been included in DNB's MREL requirement.

1.7.4 Asset encumbrance as at 30 September 2022

Encumbered and unencumbered assets, carrying amounts

	Encumbered	Unencumbered	Total
Amounts in NOK million	assets	assets	assets
Equity instruments	794	6 412	7 206
Debt securities	31 643	247 858	279 501
Of which covered bonds	279	100 730	101 009
Of which issued by general governments	9 513	76 530	86 043
Of which issued by financial corporations	18 007	147 836	165 843
Of which issued by non-financial corporations	4 123	4 266	8 390
Other assets	453 259	2 430 241	2 883 500
Of which home mortgage loans	376 738	844 265	1 221 003
Total	485 696	2 684 512	3 170 207

Collateral received, fair value

		Collateral received
	Encumbered	available for	Total
Amounts in NOK million	collateral received	encumbrance	collateral received
Equity instruments	26 603	4 429	31 032
Debt securities	66 719	91 069	157 789
Of which covered bonds	31 693	35 613	67 306
Of which issued by general governments	26 615	36 997	63 612
Of which issued by financial corporations	40 044	49 042	89 086
Of which issued by non-financial corporations	60	5 031	5 091
Other assets	0	56 886	56 886
Total	93 322	152 383	245 706

Sources of encumbrance

		Encumbered assets
		and encumbered
Amounts in NOK million	Matching liabilities	collateral received
Derivatives	76 521	76 521
Repurchase agreements	87 963	86 724
Collateralised deposits other than repurchase agreements	46 437	44 780
Debt securities issued: covered bonds	394 994	376 738
Total	605 915	584 763

The above tables are according to the CRD IV reporting according to EU regulations and do not include non-financial companies in the DNB Group.

1.7.5 Liquid assets as at 31 December 2022

Amounts in NOK million	NOK	EUR	USD	SEK1)	Other	Total*)
Cash and balances with central banks	1 895	275 798	9 702	8 196	2 650	298 242
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	55 426	2 124	21 072	76 465	2 435	157 521
Securities issued by municipalities and PSEs	22 124	1 506	35 390	18 262		77 281
Extremely high quality covered bonds	108 407	15		292		108 714
Other assets
Level 1 assets	187 853	279 442	66 164	103 215	5 085	641 759
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	23 723		253			23 976
High quality covered bonds	9 219	8		48		9 275
Corporate debt securities (lowest rating AA-)			3			3
Other assets
Level 2A assets	32 942	8	255	48		(0) 33 253
Asset-backed securities
High quality covered bonds	5 995					5 995
Corporate debt securities (rated A+ to BBB-)	112	19	65			196
Shares (major stock index)	583	399		148	270	1 400
Other assets
Level 2B assets	6 690	418	66	148	270	7 591
Level 2 assets	39 632	426	321	196	270	40 844
Total liquid assets	227 484	279 868	66 485	103 411	5 355	682 603

*) Total figures per quarter

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021	2020
Cash and balances with central banks	298 242	433 570	330 441	271 124	509 929	472 292	389 513	269 671	317 717
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	157 521	98 469	130 675	136 906	92 453	82 099	89 866	107 795	109 766
Securities issued by municipalities and PSEs	77 281	82 081	78 588	55 698	100 519	103 953	104 702	94 680	100 297
Extremely high quality covered bonds	108 714	83 270	87 553	69 585	49 875	46 472	58 505	84 967	74 634
Other assets
Level 1 assets	641 759	697 390	627 257	533 313	752 776	704 816	642 585	557 113	602 414
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	23 976	27 090	21 276	34 427	19 475	21 415	24 411	29 356	17 901
High quality covered bonds	9 275	8 615	8 686	6 488	6 533	3 777	6 829	9 183	10 607
Corporate debt securities (lowest rating AA-)	3	3					125		11
Other assets
Level 2A assets	33 253	35 708	29 962	40 915	26 008	25 192	31 365	38 539	28 519
Asset-backed securities
High quality covered bonds	5 995	2 983	798	800
Corporate debt securities (rated A+ to BBB-)	196	267	62	14	108	458	282	76	517
Shares (major stock index)	1 400	1 340	1 987	1 263	3 406	3 969	6 336	13 086	13 093
Other assets
Level 2B assets	7 591	4 590	2 847	2 077	3 514	4 428	6 618	13 162	13 610
Level 2 assets	40 844	40 298	32 809	42 992	29 522	29 619	37 983	51 701	42 129
Total liquid assets	682 603	737 688	660 066	576 305	782 298	734 436	680 568	608 814	644 543

1) Not a significant currency.

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

1.7.6 Liquidity Coverage Ratio (LCR)

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2022	2022	2022	2022	2021	2021	2021	2021	2020
EUR	181	166	179	204	169	238	183	271	221
USD	170	348	304	319	251	244	238	282	266
NOK	80	78	72	70	67	71	72	72	74
Total	149	153	139	137	135	150	148	159	148

1.7.7 Net Stable Funding Ratio (NSFR)

NOK million	31 Dec. 2022	30 Sept. 2022	30 June 2022
Total available stable funding (ASF)	1 667 269	1 738 911	1 694 413
Total required stable funding (RSF)	1 464 426	1 487 274	1 449 364
Net Stable Funding Ratio (per cent)	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 31 December 2022	Aa2 1)	P-1	AA- 1)	A-1+
As at 7 October 2022	Aa2 1)	P-1	AA- 1)	A-1+
As at 30 June 2022	Aa2 2)	P-1	AA- 1)	A-1+
As at 31 March 2022	Aa2 2)	P-1	AA- 1)	A-1+
As at 9 February 2022	Aa2 2)	P-1	AA- 1)	A-1+
As at 30 September 2021	Aa2 1)	P-1	AA- 1)	A-1+
As at 30 June 2021	Aa2 1)	P-1	AA- 1)	A-1+
As at 31 March 2021	Aa2 1)	P-1	AA- 1)	A-1+
As at 31 December 2020	Aa2 1)	P-1	AA- 1)	A-1+

1) Stable outlook.

2) 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 as at 31 December 2022

	Shares in 1 000	Ownership in per cent
Norwegian Government/Ministry of Trade, Industry and Fisheries	527 124	34.0
DNB Savings Bank Foundation	130 001	8.4
The Capital Group Companies, Inc.	112 580	7.3
Folketrygdfondet	88 232	5.7
BlackRock, Inc.	58 294	3.8
Vanguard Group Holdings	37 895	2.4
Deutsche Bank AG Group	31 076	2.0
T. Rowe Price Group, Inc.	20 934	1.4
Storebrand Kapitalforvaltning	19 791	1.3
State Street Corporation	19 073	1.2
DNB Asset Management AS	18 387	1.2
Kommunal Landspensjonskasse	16 743	1.1
Danske Bank Group	15 062	1.0
Crédit Agricole S.A.	14 851	1.0
Schroders PLC	13 611	0.9
Nordea AB	13 173	0.8
Ameriprise Financials, Inc.	11 336	0.7
BNP Paribas, S.A.	10 636	0.7
Polaris Capital Management, LLC	10 418	0.7
Legal & General Group Plc	9 615	0.6
Total largest shareholders	1 178 833	76.0
Other shareholders	371 532	24.0
Total	1 550 365	100.0

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

For information related to the share buy-back programmes and redemption of shares, refer to 1.7.11.

1.7.10 Ownership according to nationality as at 31 December 2022

Source: Nasdaq

1.7.11 Share buy-back programmes

At the Annual General Meeting on 26 April 2022, the Board was given an authorisation for a new share buy-back programme of 3.5 per cent. In addition, DNB Markets was authorised to repurchase 0.5 per cent for hedging purposes. The authorisation is valid up to the Annual General Meeting in 2023. Initially, DNB has applied and received approval for a 1.5 per cent repurchase limit from Finanstilsynet (the Financial Supervisory Authority of Norway), whereof 0.5 per cent can only be used for hedging purposes by DNB Markets.

As at 31 December 2022, the authorisation has not been used and there were no share buy-backs in 2022.

A share buy-back programme of 0.5 per cent was announced on 9 February 2023.

X15AO4

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 within the financial sector, excluding insurance companies. Associated companies are consolidated pro rata.

Capital adequacy figures include 50 per cent of interim profit, except for the full year figures.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021	2020
Total equity	259 098	251 011	239 123	244 481	243 912	252 497	245 548	240 020	248 396
Effect from regulatory consolidation	(7 015)	(6 655)	(6 483)	(6 859)	(6 605)	(6 903)	(6 624)	(6 420)	(6 014)
Adjustment to retained earnings for foreseeable dividends		(10 597)	(7 180)	(3 359)		(8 382)	(5 346)	(2 641)
Net additional Tier 1 capital instruments included in total equity	(16 089)	(14 849)	(11 436)	(11 317)	(16 880)	(17 001)	(16 848)	(18 103)	(18 270)
Total equity for capital adequacy purpose	235 994	218 910	214 023	222 946	220 427	220 212	216 731	212 857	224 112
Regulatory adjustments	(41 907)	(21 433)	(21 409)	(36 374)	(31 122)	(31 207)	(30 338)	(29 898)	(42 997)
Common equity Tier 1 capital	194 088	197 477	192 614	186 572	189 305	189 005	186 393	182 959	181 115
Additional Tier 1 capital instruments, net	14 357	12 834	9 540	9 542	15 095	15 095	12 157	13 121	13 575
Tier 1 capital	208 445	210 311	202 155	196 114	204 400	204 100	198 550	196 080	194 689
Additional Tier 2 capital instruments, net	23 018	23 432	21 892	20 732	29 401	25 484	18 656	18 021	19 499
Own funds	231 463	233 743	224 047	216 846	233 801	229 584	217 206	214 101	214 188

Total risk exposure amount	1 061 993	1 089 515	1 070 703	1 030 327	973 431	982 349	976 567	954 083	967 146
Minimum capital requirement	84 959	87 161	85 656	82 426	77 875	78 588	78 125	76 327	77 372
Common equity Tier 1 capital ratio (%)	18.3	18.1	18.0	18.1	19.4	19.2	19.1	19.2	18.7
Tier 1 capital ratio (%)	19.6	19.3	18.9	19.0	21.0	20.8	20.3	20.6	20.1
Total capital ratio (%)	21.8	21.5	20.9	21.0	24.0	23.4	22.2	22.4	22.1

See table 1.8.4 for more details.

1.8.2 Leverage ratio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021	2020
Tier 1 capital	208 445	210 311	202 155	196 114	204 400	204 100	198 550	196 081	194 689
Leverage exposure
Securities financing transactions (SFTs)	111 488	134 950	145 880	181 325	135 032	135 025	151 871	143 648	157 135
Derivatives market value	82 788	160 171	123 815	51 451	51 645	55 019	45 280	40 173	49 702
Potential future exposure on derivatives	62 231	81 617	71 526	38 573	34 207	35 733	32 058	32 969	31 664
Eligible cash variation margin	(49 518)	(78 364)	(60 305)	(5 670)	(8 573)	(23 064)	(21 429)	(22 638)	(23 245)
Off balance sheet commitments	283 259	292 023	283 076	282 702	271 207	265 430	261 526	258 188	255 641
Loans and advances and other assets	2 588 681	2 699 098	2 572 498	2 473 882	2 320 057	2 556 921	2 498 567	2 413 894	2 299 264
Deductions	(20 791)	(20 923)	(20 999)	(19 801)	(14 871)	(16 102)	(15 157)	(14 990)	(15 049)
Total exposure amount	3 058 140	3 268 572	3 115 491	3 002 460	2 788 704	3 008 964	2 952 716	2 851 245	2 755 112
Leverage ratio (%)	6.8	6.4	6.5	6.5	7.3	6.8	6.7	6.9	7.1
Leverage ratio excluding central bank
deposits (%)	7.6	7.4	7.3	7.4	8.1	8.2	8.4	8.0	8.4

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

	31 December 2022			30 September 2022			31 December 2021
			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:	938 161	408 028	43.5	991 760	423 419	42.7	842 790	377 344	44.8
Specialised lending (SL)	8 996	4 174	46.4	9 218	4 354	47.2	9 396	3 478	37.0
SME	198 608	86 047	43.3	196 679	84 398	42.9	189 157	88 212	46.6
Other corporates	730 558	317 807	43.5	785 862	334 667	42.6	644 237	285 654	44.3
Retail, of which:	995 544	222 405	22.3	987 102	219 693	22.3	973 533	216 169	22.2
Secured by mortgages on immovable
property	923 329	200 096	21.7	915 288	197 103	21.5	899 243	193 788	21.6
Other retail	72 215	22 309	30.9	71 814	22 589	31.5	74 290	22 382	30.1
Total credit risk, IRB approach	72 215	630 434	873.0	1 978 862	643 112	32.5	1 816 323	593 513	32.7
Standardised approach
Central governments and central banks	417 912	1	0.0	496 792	1	0.0	345 786	614	0.2
Regional governments or local authorities	38 892	757	1.9	41 026	732	1.8	43 389	1 157	2.7
Public sector entities	60 668	52	0.1	61 169	219	0.4	51 919	357	0.7
Multilateral development banks	41 812			41 238			30 249
International organisations	455			1 601			4 706
Institutions	61 928	19 120	30.9	68 710	19 943	29.0	68 090	21 262	31.2
Corporates	168 652	116 578	69.1	190 549	135 985	71.4	159 324	114 282	71.7
Retail	66 130	49 332	74.6	66 848	49 758	74.4	59 223	44 086	74.4
Secured by mortgages on immovable
property	129 678	51 465	39.7	126 435	50 345	39.8	26 242	14 830	56.5
Exposures in default	1 975	2 643	133.8	1 581	2 052	129.8	2 110	2 971	140.8
Items associated with particular high risk	904	1 355	150.0	988	1 482	150.0	658	987	150.0
Covered bonds	43 888	4 389	10.0	46 880	4 688	10.0	33 475	3 347	10.0
Collective investment undertakings	1 089	232	21.3	1 121	197	17.6	958	221	23.1
Equity positions	24 572	54 602	222.2	23 615	52 297	221.5	23 945	53 135	221.9
Other assets	24 949	11 581	46.4	25 152	13 099	52.1	17 224	9 052	52.6
Total credit risk, standardised approach	1 083 504	312 107	28.8	1 193 704	330 799	27.7	867 298	266 302	30.7
Total credit risk	3 017 209	942 540	31.2	3 172 566	973 910	30.7	2 683 621	859 815	32.0
Market risk
Position and general risk, debt instruments		8 590			8 041			7 767
Position and general risk, equity instruments		509			612			661
Currency risk		151			26			31
Commodity risk		3			0			0
Total market risk		9 253			8 678			8 459
Credit value adjustment risk (CVA)		4 782			5 772			6 777
Operational risk		105 418			101 154			98 381
Total risk exposure amount and capital requirement		1 061 993			1 089 515			973 431

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 within the financial sector, excluding insurance companies. Associated companies are consolidated pro rata.

Capital adequacy figures include 50 per cent of interim profit, except for full year figures, when relevant.

	DNB Bank ASA			DNB Group
	31 Dec.	30 Sept.	31 Dec.	31 Dec.	30 Sept.	31 Dec.
Amounts in NOK million	2022	2022	2021	2022	2022	2021
Total equity	213 851	216 599	205 399	259 098	251 011	243 912
Effect from regulatory consolidation				(7 015)	(6 655)	(6 605)
Adjustment to retained earnings for foreseeable dividends		(7 290)			(10 597)
Additional Tier 1 capital instruments included in total equity	(15 274)	(13 724)	(16 595)	(15 974)	(14 424)	(16 595)
Net accrued interest on additional Tier 1 capital instruments	(111)	(422)	(285)	(114)	(424)	(285)
Common Equity Tier 1 capital instruments	198 465	195 162	188 520	235 994	218 910	220 427
Regulatory adjustments:
Pension funds above pension commitments					(2)
Goodwill	(2 376)	(2 392)	(2 391)	(9 555)	(8 973)	(4 794)
Deferred tax assets that rely on future profitability, excluding temporary differences	(24)	(25)	(25)	(415)	(440)	(439)
Other intangible assets	(1 020)	(792)	(1 047)	(2 165)	(1 911)	(1 814)
Dividends payable and group contributions 1)				(19 316)		(15 116)
Share buy-back programme	(1 437)			(1 437)
Deduction for investments in insurance companies 2)				(4 677)	(5 574)	(5 242)
IRB provisions shortfall (-)	(1 412)	(1 646)	(1 427)	(2 694)	(2 875)	(2 540)
Additional value adjustments (AVA)	(1 047)	(961)	(914)	(1 194)	(1 085)	(1 002)
Insufficient coverage for non-performing exposures	(49)	(32)		(90)	(63)	(42)
(Gains) or losses on liabilities at fair value resulting from own credit risk	(50)	(74)	8	(150)	(205)	(45)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(391)	(544)	(336)	(214)	(305)	(88)
Common Equity Tier 1 capital	190 659	188 696	182 386	194 088	197 477	189 305
Additional Tier 1 capital instruments	15 274	13 724	16 595	15 974	14 424	16 595
Deduction of holdings of Tier 1 instruments in insurance companies 3)				(1 500)	(1 500)	(1 500)
Non-eligible Tier 1 capital, DNB Group 4)				(117)	(91)
Additional Tier 1 capital instruments, net	205 934	13 724	16 595	208 445	12 834	15 095
Tier 1 capital	205 934	202 420	198 981	208 445	210 311	204 400
Perpetual subordinated loan capital		6 122	5 752		6 122	5 752
Term subordinated loan capital	27 829	22 096	29 237	28 729	22 996	29 237
Deduction of holdings of Tier 2 instruments in insurance companies 3)				(5 588)	(5 588)	(5 588)
Non-eligible Tier 2 capital, DNB Group 4)				(123)	(98)
Additional Tier 2 capital instruments, net	27 829	28 218	34 989	23 018	23 432	29 401
Own funds	233 763	230 639	233 970	231 463	233 743	233 801
Total risk exposure amount	904 035	916 303	833 707	1 061 993	1 089 515	973 431
Minimum capital requirement	72 323	73 304	66 697	84 959	87 161	77 875
Capital ratios (%):
Common equity Tier 1 capital ratio	21.1	20.6	21.9	18.3	18.1	19.4
Tier 1 capital ratio	22.8	22.1	23.9	19.6	19.3	21.0
Total capital ratio	25.9	25.2	28.1	21.8	21.5	24.0

1) The Board will propose a dividend of NOK 12.50 per share for 2022.

2) 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.

3) 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.

4) Tier 1 and Tier 2 capital in subsidiaries not included in consolidated own funds in accordance with Articles 85-88 of the CRR.

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 IV" and "the Solvency II requirement". Intra group capital is excluded from the calculation.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2022	2022	2022	2022	2021	2021	2021	2021	2020
Capital requirements for the CRD IV group	196 760	195 754	191 317	180 717	168 971	171 839	171 743	167 673	169 903
Solvency capital requirements for the insurance
companies	17 445	16 717	16 987	18 009	19 230	19 142	20 190	20 396	20 074
Total capital requirements	214 205	212 471	208 304	198 726	188 201	190 981	191 933	188 069	189 977
Net own funds for entities included in the CRD IV
report	243 171	234 526	228 731	225 960	246 074	233 487	224 403	224 607	227 294
Intercompany	(31 697)	(31 697)	(31 697)	(31 697)	(31 697)	(31 785)	(31 785)	(31 785)	(31 819)
Net own funds for the insurance companies	32 887	33 990	34 294	32 940	36 816	38 086	38 562	39 031	39 334
Total own funds	244 361	236 819	231 329	227 203	251 193	239 788	231 180	231 853	234 809
Overfunding	30 156	24 348	23 024	28 477	62 992	48 808	39 247	43 784	44 832

X15AO

Chapter 2 - Segmental reporting

Financial performance

Market shares

Personal customers

Corporate customers

Other operations

Main subsidiaries and product units

X16AO

2.1.1 Extracts from income statement

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Amounts in NOK million	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21
Net interest income	4 793	3 070	9 044	6 479	233	737			14 071	10 285
Net other operating income	1 483	1 282	3 251	2 679	(648)	1 002	371	(615)	4 457	4 348
Total income	6 277	4 352	12 295	9 158	(415)	1 738	371		(615) 18 527	14 633
Operating expenses	(2 765)	(2 307)	(4 154)	(3 585)	(259)	(1 150)	(371)	615	(7 548)	(6 427)
Pre-tax operating profit before impairment	3 512	2 045	8 141	5 573	(674)	589			10 979	8 206
Net gains on fixed and intangible assets			0	0	(25)	24			(25)	24
Impairment of financial instruments	(136)	(24)	(537)	(251)	(1)	(0)			(674)	(275)
Profit from repossessed operations			199	356	(199)	(356)
Pre-tax operating profit	3 376	2 021	7 803	5 678	(899)	256			10 280	7 955
Tax expense	(844)	(505)	(1 951)	(1 419)	2 335	(101)			(460)	(2 025)
Profit from operations held for sale, after taxes					127	225			127	225
Profit for the period	2 532	1 516	5 853	4 258	1 562	381			9 947	6 155

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	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21
Loans to customers 1)	952.3	840.1	914.6	792.6	105.2	109.2	(8.6)	(8.3)	1 963.4	1 733.7
Deposits from customers 1)	584.6	490.7	830.4	746.2	58.1	124.5	(7.8)	(6.7)	1 465.4	1 354.7
Assets under management	196.1	209.7	451.2	486.7	188.3	195.9			835.6	892.3
Allocated capital 2)	60.9	48.5	111.1	98.9	37.1	35.9

Key figures

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Per cent	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21	4Q22	4Q21
Cost/income ratio	44.0	53.0	33.8	39.1					40.7	43.9
Ratio of deposits to loans 1) 3)	61.4	58.4	90.8	94.1					74.6	78.1
Return on allocated capital, annualised 2)	16.5	12.4	20.9	17.1					16.2	10.3

Balance sheet items

	Personal customers 31 December			Corporate Other customers operations			Eliminations		DNB Group
			31 December		31 December		31 December		31 December
Amounts in NOK billion	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
Loans to customers	953.5	839.0	909.9	804.3	106.4	109.6	(8.3)	(8.0)	1 961.5	1 744.9
Deposits from customers	583.9	492.6	815.1	753.7	5.5	8.6	(7.8)	(7.2)	1 396.6	1 247.7

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 in 2022 and 2021 corresponds to a common equity Tier 1 capital ratio of 17,6 per cent. 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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Norwegian units
Share of group income	79.3	80.2	81.4	78.9	79.2	81.2	80.8	81.6	79.5
Cost/income ratio	40.7	39.8	38.5	39.3	44.3	39.2	43.6	41.7	49.6
Share of net loans to customers	88.0	87.6	87.6	88.5	88.0	88.0	87.9	88.4	88.0
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost	1.3	1.4	1.5	1.5	1.6	1.7	1.6	1.6	1.4
Provision ratio (per cent) 1)	28.2	26.0	25.1	26.7	29.3	31.6	33.8	38.6	41.8
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.13)	0.06	0.02	0.13	(0.15)	(0.05)	0.14	(0.07)	(0.36)
International units
Share of group income	20.7	19.8	18.6	21.1	20.8	18.8	19.2	18.4	20.5
Cost/income ratio	40.7	41.4	46.6	39.6	42.6	44.2	47.7	51.7	46.1
Share of net loans to customers	12.0	12.4	12.4	11.5	12.0	12.0	12.1	11.6	12.0
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost	1.1	1.0	0.8	0.8	1.0	0.8	0.9	2.3	2.6
Provision ratio (per cent) 1)	25.6	30.9	50.3	53.7	51.6	60.4	64.0	39.7	35.6
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.23)	(0.07)	0.08	0.09	0.19	0.10	0.03	0.29	(0.97)

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

X17AO

2.2.1 DNB's market shares in Norway as at 30 November 2022

Source: Statistics Norway and Finance Norway

2.2.2 Development in market shares, loans and deposits

Retail customers

	30 Nov.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2022	2022	2022	2022	2021	2021	2021	2021	2020
Total loans to households 1) 2)	24.2	24.2	24.2	22.1	22.4	22.7	22.8	22.9	23.0
Bank deposits from households 1) 3)	31.9	32.0	32.2	28.3	28.7	28.8	28.8	28.6	28.6

Corporate customers

	30 Nov.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2022	2022	2022	2022	2021	2021	2021	2021	2020
Total loans to corporate customers 4)	12.3	11.7	11.7	11.1	10.8	10.8	10.7	10.7	10.7
Deposits from corporate customers 5)	37.8	38.1	36.7	36.0	36.6	36.6	35.9	37.2	36.5

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

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Per cent	2022	2022	2022	2021	2021	2021	2021	2020	2020
Insurance funds including products with a choice of investment
profile	18.6	18.3	18.8	19.4	19.7	19.8	20.2	20.2	20.3
Corporate market - defined benefit	40.4	40.3	40.3	40.4	40.8	40.7	41.1	41.0	41.3
Corporate market - defined contribution 1)	29.6	29.7	29.6	29.3	29.3	29.3	29.2	29.3	29.1
Retail market	28.7	28.9	28.6	28.4	29.7	30.7	32.1	32.8	34.7

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

Source: Finance Norway

2.2.4 DNB Asset Management - market shares retail market

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2022	2022	2022	2022	2021	2021	2021	2021	2020
Equity funds	35.1	35.5	35.6	34.3	34.5	35.3	35.9	36.4	36.4
Balanced funds 1)	41.1	40.9	41.0	40.5	40.5	40.4	39.3	39.4	39.1
Fixed-income funds	50.8	48.9	49.8	50.8	51.1	52.2	52.2	50.8	51.3
Total mutual funds	38.4	38.3	38.5	37.5	37.7	38.5	38.7	39.1	39.2

1) Including hedge funds.

Source: Fund and Asset Management Association, Norway

X20AO18

2.3.1 Personal customers (PC) - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	4 793	3 936	3 946	3 232	3 070	3 148	3 244	2 982	3 116
Net other operating income	1 483	1 452	1 380	1 265	1 282	1 311	1 400	1 243	1 121
Total income	6 277	5 388	5 326	4 497	4 352	4 459	4 644	4 225	4 238
Operating expenses	(2 765)	(2 576)	(2 668)	(2 280)	(2 307)	(2 177)	(2 322)	(2 243)	(2 254)
Pre-tax operating profit before impairment	3 512	2 812	2 658	2 216	2 045	2 282	2 322	1 982	1 984
Net gains on fixed and intangible assets							0
Impairment of financial instruments	(136)	(98)	(65)	12	(24)	22	114	23	175
Pre-tax operating profit	3 376	2 714	2 592	2 228	2 021	2 303	2 437	2 005	2 159
Tax expense	(844)	(679)	(648)	(557)	(505)	(576)	(609)	(501)	(540)
Profit for the period	2 532	2 036	1 944	1 671	1 516	1 728	1 827	1 504	1 619
Average balance sheet items in NOK billion:
Loans to customers 1)	952.3	936.2	926.0	835.6	840.1	834.5	825.2	819.2	815.0
Deposits from customers 1)	584.6	591.2	579.5	497.4	490.7	490.7	477.2	464.1	462.7
Assets under management	196.1	195.3	201.4	210.2	209.7	201.0	190.9	178.4	163.9
Allocated capital 2)	60.9	58.2	56.9	49.1	48.5	48.1	47.3	47.4	48.5
Key figures in per cent:
Cost/income ratio	44.0	47.8	50.1	50.7	53.0	48.8	50.0	53.1	53.2
Ratio of deposits to loans	61.4	63.2	62.6	59.5	58.4	58.8	57.8	56.7	56.8
Return on allocated capital, annualised 2)	16.5	13.9	13.7	13.8	12.4	14.2	15.5	12.9	13.3

Loans to personal customers including loans transferred to DNB Livsforsikring

Personal Banking manages the portfolio on behalf of DNB Livsforsikring. The fourth quarter included the transfer of a portfolio of mortgages loans from DNB Livsforsikring to DNB Bank ASA and DNB Boligkreditt, amounting to approximately NOK 6 billion. See specification of the effects of the transfer on net interest income and loans to customers in the table below:

Amounts in NOK billion	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Loans to customers 1)	952.3	936.2	926.0	835.6	840.1	834.5	825.2	819.2	815.0
Home mortgages transferred to DNB Livsforsikring - assets under
management	0.000	6.185	6.508	6.953	7.4	8.1	8.7	9.3	9.8
Loans to personal customers	952.3	942.4	932.5	842.6	847.6	842.6	833.8	828.5	824.9
Net interest income on the transferred portfolio (NOK million)	0	5	12	13	15	19	20	18	20

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income
Private Banking	488	420	341	300	256	225	205	226	224
Personal Banking	4 305	3 517	3 605	2 932	2 814	2 923	3 039	2 756	2 893
Other operating income
Private Banking	253	232	232	248	245	225	258	243	209
Personal Banking	1 230	1 220	1 148	1 016	1 037	1 086	1 142	1 000	912
Net impairment of financial instruments
Private Banking	(1)	(5)	(5)	43	22	41	106	101	104
Personal Banking	(135)	(93)	(61)	(31)	(45)	(19)	8	(78)	71

Volumes

Amounts in NOK billion	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net loans to customers (average)
Private Banking	53.9	52.6	51.1	49.3	48.1	45.9	44.5	43.9	43.2
Personal Banking	898.4	883.6	874.9	786.3	792.1	788.6	780.7	775.2	771.8
Deposits from customers (average)
Private Banking	91.6	92.3	87.6	77.3	74.0	72.7	71.1	69.4	71.0
Personal Banking	493.1	498.9	492.0	420.1	416.7	417.9	406.1	394.7	391.7
Allocated capital (average)
Private Banking	4.8	4.8	4.8	4.7	4.6	4.4	4.2	4.0	3.8
Personal Banking	56.1	53.4	52.1	44.4	44.0	43.7	43.2	43.4	44.7

Key figures

Per cent	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Lending spreads
Private Banking	0.89	0.84	1.33	1.29	1.39	1.59	1.62	1.61	1.63
Personal Banking	0.38	0.37	1.08	1.07	1.21	1.51	1.65	1.49	1.58
Deposit spreads
Private Banking	1.15	1.05	0.63	0.62	0.40	0.15	0.06	0.21	0.16
Personal Banking	2.34	1.87	0.96	0.87	0.53	0.13	(0.02)	0.15	0.09
Calculated profit on allocated capital
Private Banking	31.7	27.3	22.9	25.1	19.9	20.7	26.8	28.0	29.0
Personal Banking	15.2	12.7	12.9	12.6	11.6	13.6	14.4	11.5	11.9

2.3.3 PC - Risk classification of portfolio

Based on DNB's risk classification system. The volumes represent the expected outstanding amount in the event of default. PD = probability of default. Figures include Sbanken as of 30 June 2022.

2.3.4 PC - Exposure at default by industry segment as at 31 December 2022

2.3.5 PC - Distribution of loan to value

Loan to value per risk grade as at 31 December 2022

	Risk grade						Share of loan to
		Low Moderate		High Total DNB Sbanken		Total	value in per cent *)
Loan to value in NOK billion 1)
0-40	151	29	1	181	43	223	21.6 %
40-60	295	70	3	367	31	398	38.4 %
60-75	177	47	3	227	18	245	23.7 %
75-85	81	26	2	109	11	120	11.6 %
>85	31	10	1	42	7	49	4.7 %
Total exposure at default	734	181	10	926	110	1 036	100.0 %

*) Development in loan to value	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
	2022	2022	2022	2022	2021	2021	2021	2021	2020
Loan to value in per cent 1)
0-40	21.6 %	23.4 %	23.2 %	20.4 %	19.0 %	19.3 %	19.1 %	17.3 %	16.8 %
40-60	38.4 %	41.6 %	41.6 %	42.1 %	40.6 %	40.9 %	40.7 %	38.2 %	37.5 %
60-75	23.7 %	22.4 %	22.9 %	24.3 %	25.7 %	25.9 %	26.2 %	26.1 %	26.2 %
75-85	11.6 %	10.2 %	10.2 %	11.0 %	11.7 %	11.3 %	11.3 %	14.2 %	15.2 %
>85	4.7 %	2.3 %	2.2 %	2.2 %	3.0 %	2.7 %	2.7 %	4.2 %	4.3 %
Total	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %
Average loan to value DNB	56.2 %	54.2 %	54.3 %	54.8 %	56.0 %	55.7 %	55.8 %	57.9 %	58.4 %
Average loan to value Sbanken	46.8 %	44.7 %	43.7 %
Total exposure at default (NOK billion)	1 036	1 024	1 012	902	902	901	893	882	873
Total drawn amount (NOK billion)	909	900	890	796	800	801	794	785	779

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	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Average loans to customers	686	683	681	684	690	689	687	683	677
Spreads measured against actual funding costs (per cent)	0.04	0.12	0.46	0.56	0.64	0.87	0.81	0.75	0.88

2.3.7 DNB Eiendom - Residential real estate broking in Norway

	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Number of properties sold	3 650	4 757	5 921	4 630	4 995	5 751	7 602	6 368	5 976
Market shares of residential real estate broking, existing
homes (per cent) 1)	15.2	15.1	15.1	15.4	15.5	15.9	17.0	17.6	17.8

1) Source: Eiendomsverdi AS.

X21AO9

2.4.1 Corporate customers (CC) - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	9 044	8 076	7 128	6 501	6 479	6 176	5 912	5 778	6 023
Net other operating income	3 251	1 943	2 645	2 982	2 679	2 064	2 264	2 139	2 506
Total income	12 295	10 018	9 773	9 483	9 158	8 240	8 176	7 917	8 529
Operating expenses	(4 154)	(3 701)	(3 669)	(3 536)	(3 585)	(3 272)	(3 289)	(3 238)	(3 138)
Pre-tax operating profit before impairment	8 141	6 317	6 104	5 947	5 573	4 968	4 887	4 679	5 391
Net gains on fixed and intangible assets	0	(1)	1	1	0	0	(0)	(0)	(1)
Impairment of financial instruments	(537)	244	276	577	(251)	179	709	94	(1 422)
Profit from repossessed operations 1)	199	15	86	49	356	53	(61)	(39)	351
Pre-tax operating profit	7 803	6 575	6 466	6 573	5 678	5 200	5 535	4 734	4 319
Tax expense	(1 951)	(1 644)	(1 616)	(1 643)	(1 419)	(1 300)	(1 384)	(1 184)	(1 080)
Profit for the period	5 853	4 932	4 849	4 930	4 258	3 900	4 151	3 551	3 239
Average balance sheet items in NOK billion:
Loans to customers 2)	914.6	887.7	848.7	810.0	792.6	786.5	773.6	773.4	796.4
Deposits from customers 2)	830.4	821.5	760.2	749.1	746.2	731.2	703.6	674.0	647.4
Assets under management	451.2	443.7	456.9	482.5	486.7	477.0	463.0	431.8	404.6
Allocated capital 3)	111.1	109.2	105.4	101.9	98.9	99.4	96.2	100.3	103.2
Key figures in per cent:
Cost/income ratio	33.8	36.9	37.5	37.3	39.1	39.7	40.2	40.9	36.8
Ratio of deposits to loans	90.8	92.5	89.6	92.5	94.1	93.0	91.0	87.2	81.3
Return on allocated capital, annualised 3)	20.9	17.9	18.5	19.6	17.1	15.6	17.3	14.4	12.5

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 - main customer divisions

Income figures

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income
Small and Medium-sized Enterprises	3 962	3 436	3 160	2 906	2 845	2 670	2 557	2 540	2 722
Future & Tech Industries	2 723	2 553	2 356	2 165	2 071	1 968	1 875	1 894	1 927
Ocean Industries	1 531	1 392	1 205	1 101	1 045	945	923	930	998
Risk Strategy & Portfolio Management					164	152	161	149	194
Other operating income
Small and Medium-sized Enterprises	882	817	831	859	820	754	743	759	841
Future & Tech Industries	822	684	969	1 032	1 211	970	1 071	894	1 099
Ocean Industries	1 134	160	708	959	569	424	622	437	383
Risk Strategy & Portfolio Management					47	10	(5)	21	57
Net impairment of financial instruments
Small and Medium-sized Enterprises	(571)	(170)	(126)	(29)	105	82	85	10	11
Future & Tech Industries	(59)	(63)	31	15	(176)	(87)	133	124	39
Ocean Industries	120	473	357	569	(416)	55	415	(167)	(637)
Risk Strategy & Portfolio Management					205	103	68	101	(828)
Volumes
Amounts in NOK billion	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net loans to customers (average)
Small and Medium-sized Enterprises *)	420.3	412.6	401.5	391.4	386.7	378.2	369.7	362.1	360.1
Future & Tech Industries	341.1	328.6	306.5	282.6	265.7	264.4	259.7	260.6	275.7
Ocean Industries	146.2	142.8	135.0	129.3	113.6	110.9	109.9	117.4	123.6
Risk Strategy & Portfolio Management					20.2	22.3	23.0	24.4	27.8
Deposits from customers (average)
Small and Medium-sized Enterprises *)	304.7	308.8	307.0	305.4	312.1	310.5	301.7	294.1	289.6
Future & Tech Industries	276.0	274.7	263.4	265.4	263.9	259.4	249.5	240.7	224.4
Ocean Industries	231.4	221.5	178.5	161.8	148.5	135.0	124.3	109.4	105.1
Risk Strategy & Portfolio Management					6.0	6.6	6.0	6.3	7.4
Allocated capital (average)
Small and Medium-sized Enterprises	42.3	41.1	41.2	39.8	38.6	37.7	35.7	34.3	35.0
Future & Tech Industries	34.3	34.2	33.9	32.2	30.6	30.1	30.1	30.6	32.7
Ocean Industries	25.2	25.9	23.2	22.8	17.7	17.5	17.3	19.3	21.1
Risk Strategy & Portfolio Management					5.3	4.9	5.8	6.9	7.7
*) Small and Medium-sized Enterprises - at end of period:
Net loans to customers	427.1	420.6	415.4	400.1	393.4	384.7	378.0	366.8	362.8
Deposits from customers	305.4	310.4	311.6	304.1	311.1	311.7	309.1	300.0	289.8
Key figures
Per cent	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Lending spreads
Small and Medium-sized Enterprises	2.16	2.07	2.32	2.29	2.35	2.46	2.51	2.47	2.53
Future & Tech Industries	2.24	2.22	2.23	2.25	2.26	2.27	2.28	2.23	2.21

Ocean Industries	2.65	2.67	2.73	2.71	2.83	2.88	2.79	2.67	2.76
Risk Strategy & Portfolio Management					2.54	2.37	2.44	2.25	2.20
Deposit spreads
Small and Medium-sized Enterprises	1.40	1.02	0.53	0.43	0.25	0.04	(0.02)	0.06	0.11
Future & Tech Industries	0.03	0.05	(0.01)	(0.05)	(0.03)	(0.06)	(0.06)	(0.09)	(0.10)
Ocean Industries	0.14	0.10	0.07	0.02	(0.00)	(0.03)	(0.04)	(0.04)	(0.05)
Risk Strategy & Portfolio Management					0.15	0.04	0.04	0.05	0.03
Calculated profit on allocated capital
Small and Medium-sized Enterprises	19.9	19.4	17.9	17.9	18.7	17.2	17.3	17.6	18.7
Future & Tech Industries	20.5	17.9	19.4	19.2	18.1	19.6	18.5	17.9	18.2
Ocean Industries	26.4	17.7	23.5	27.9	11.3	15.6	21.2	12.1	4.8
Risk Strategy & Portfolio Management					20.7	10.0	27.3	9.4	(24.9)

As of the first quarter of 2022, the Risk, Strategy & Portfolio Management division is part of the Ocean Industries division.

2.4.3 CC - Risk classification of portfolio

Based on DNB's risk classification system. The volumes represent the expected outstanding amount in the event of default. PD = probability of default.

(5.2%)

2.4.4 CC - Exposure at default by industry segment as at 31 December 2022

X2AO0

2.5.1 Other operations - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	233	241	451	713	737	442	253	470	340
Net other operating income	(648)	268	1 089	889	1 002	2 208	1 512	1 561	1 083
Total income	(415)	509	1 540	1 602	1 738	2 649	1 765	2 031	1 423
Operating expenses	(259)	17	(506)	(591)	(1 150)	(1 308)	(1 419)	(1 163)	(1 982)
Pre-tax operating profit before impairment	(674)	526	1 034	1 011	589	1 341	346	868	(559)
Net gains on fixed and intangible assets	(25)	1	(0)	0	24	(0)	(103)	(3)	(13)
Impairment of financial instruments	(1)	1	(1)	1	(0)	0	10	(7)	(3)
Profit from repossessed operations 1)	(199)	(15)	(86)	(49)	(356)	(53)	61	39	(351)
Pre-tax operating profit	(899)	514	947	963	256	1 288	313	896	(926)
Tax expense	2 335	68	(37)	(45)	(101)	(58)	170	5	1 050
Profit from operations held for sale, after taxes	127	26	81	36	225	26	(30)	(71)	292
Profit for the period	1 562	607	992	953	381	1 256	454	830	416
Average balance sheet items in NOK billion:
Loans to customers	105.2	104.6	107.1	106.3	109.2	106.1	130.2	134.3	129.7
Deposits from customers	58.1	36.4	28.2	85.9	124.5	106.3	101.4	94.3	70.1

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.

X21AO

2.6.1 Total DNB Markets activity - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	399	300	232	287	272	213	170	168	172
Net fees and commissions	747	613	823	916	1 158	561	998	885	752
Net financial items	1 157	664	795	892	560	635	591	687	647
Total income	2 303	1 578	1 850	2 095	1 989	1 409	1 759	1 740	1 572
Operating expenses	(1 076)	(874)	(896)	(918)	(957)	(810)	(817)	(809)	(815)
Pre-tax operating profit before impairment	1 227	704	953	1 177	1 032	599	942	931	757
Net gains on fixed and intangible assets								0
Impairment loss of financial instruments	1	0	(1)	40	(0)	39	110	91	(21)
Pre-tax operating profit	1 228	704	952	1 218	1 032	638	1 052	1 022	736
Tax expense	(307)	(176)	(238)	(304)	(258)	(159)	(263)	(256)	(184)
Profit for the period	921	528	714	913	774	478	789	767	552
Average balance sheet items in NOK billion:
Allocated capital 1)	10.4	9.5	8.4	8.6	9.0	8.1	7.6	9.1	10.5
Key figures in per cent:
Cost/income ratio	46.7	55.4	48.5	43.8	48.1	57.5	46.4	46.5	51.8
Return on allocated capital, annualised 1)	35.0	22.0	33.9	43.3	34.1	23.5	41.9	34.1	21.0

1) Allocated capital corresponds to the external capital adequacy expectations.

2.6.2 Total DNB Markets activity - Break down of revenues

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Fixed income, currencies and commodities	899	769	728	698	759	587	599	582	593
Equities	300	328	324	351	363	268	333	346	307
IBD	453	317	491	547	742	318	615	484	464
Securities services	108	91	112	91	86	81	83	81	61
Interest income on allocated capital	46	26	11	11	7	2	0	5	8
Total customer revenues	1 807	1 532	1 667	1 698	1 956	1 255	1 630	1 499	1 433
Fixed income, currencies and commodities	470	7	114	373	42	134	120	224	96
Equities	(7)	16	57	15	(14)	19	8	14	39
Interest income on allocated capital	34	24	12	9	5	1	1	4	4
Total risk management revenues	497	46	183	397	33	154	128	241	139
Total income	2 303	1 578	1 850	2 095	1 989	1 409	1 759	1 740	1 572

2.6.3 Total DNB Markets activity - Value-at-Risk

	31 Dec. 2022		Fourth quarter 2022
Amounts in NOK thousand	Actual		Average Maximum	Minimum
Currency risk	892	2 929	4 990	892
Interest rate risk	17 040	16 621	27 320	8 860
Equities	1 361	2 163	3 925	1 006
Diversification effects 1)	(762)	(2 054)
Total	18 531	19 659

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.

X2AO

2.6.4 DNB Livsforsikring Group - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net commissions and fees	495	431	451	401	407	424	493	458	439
Operating expenses	(266)	(239)	(230)	(221)	(235)	(219)	(255)	(213)	(180)
Administration result	229	192	222	181	172	205	238	245	258
Net financial result	167	(57)	(184)	(97)	223	64	218	107	476
Net risk result	160	123	73	130	(14)	94	22	108	(4)
Other 1)					20		(160)		(20)
Pre-tax operating profit	556	259	110	214	400	363	318	460	711
Tax expense 2)	208	(110)	(22)	(49)	(371)	(92)	(68)	(89)	(147)
Profit	764	149	88	165	29	271	250	371	563
Premium reserve at end of period	328 568	321 481	324 914	333 328	334 944	329 232	328 541	322 037	306 710
Non - guaranteed products 3)	154 042	144 706	146 905	154 053	155 186	147 806	146 564	139 360	126 971
Guaranteed products	174 526	176 775	178 008	179 275	179 758	181 426	181 977	182 677	179 739
Total equity at end of period	25 328	24 571	24 426	24 338	25 002	24 977	24 706	24 456	24 080
Return on equity, annualised (%)	4.7	2.2	2.1	2.8	3.7	4.8	5.1	6.2	10.6
Solvency II margin (%) 4)
With transitional rules	187.3	201.9	201.8	181.1	190.8	195.5	187.8	189.3	193.8
Without transitional rules	187.3	201.9	201.8	179.8	155.4	158.0	142.1	146.4	124.9
Capital requirement
With transitional rules	16 203	15 532	15 773	16 829	18 138	18 074	19 128	19 367	19 015
Without transitional rules	16 203	15 532	15 773	16 829	18 138	18 074	19 128	19 367	19 015
Solvency capital
With transitional rules	30 355	31 352	31 829	30 476	34 617	35 338	35 917	36 661	36 859
Without transitional rules	30 355	31 352	31 829	30 255	28 186	28 550	27 187	28 362	23 743
Dividend paid

1) Gain related to the demerger of the portfolio of individual personal risk products in connection with the second part of the Fremtind merger.

2) The tax expense for the fourth quarter of 2021 was affected by an increased provision of NOK 299 million in DNB Livsforsikring, which relates to a tax matter from 2018.

3) Including a limited portfolio of individual guaranteed products.

4) The 10-year Norwegian swap rate decreased from 3.52 per cent to 3.29 per cent during the fourth quarter of 2022. The volatility adjustment decreased from 23 basispoints to 5 basispoints. The solvency margin increased by 14,5 percentage points. The long-term solvency margin goal is 140 per cent. According to the dividend policy, dividends will be paid when the solvency margin without transitional rules is above 110 per cent, and an upstream distribution of capital will be considered when the solvency margin is above 140 per cent.

2.6.5 DNB Livsforsikring Group - Non-guaranteed products income

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net commissions and fees	267	258	254	247	256	272	282	264	263
Personal customers	75	72	63	66	62	81	86	78	80
Corporate customers	192	187	190	181	194	191	196	186	184
Operating expenses	(169)	(149)	(146)	(141)	(122)	(113)	(132)	(109)	(95)
Administration result	98	109	108	107	134	159	149	155	155
Net financial result	26	10	(7)	(2)	11	10	25	17	58
Net risk result	23	24	(33)	(1)	(90)	(11)	(68)	6	(84)
Profit	147	144	68	104	55	159	106	178	178
Premium income	4 264	3 808	4 011	4 054	3 603	3 484	3 532	3 843	3 051

2.6.6 DNB Livsforsikring Group - Guaranteed products income

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net commissions and fees	228	173	197	154	151	152	213	193	176
Operating expenses	(97)	(90)	(84)	(80)	(114)	(106)	(123)	(104)	(85)
Administration result	131	83	113	74	37	45	89	89	90
Net financial result	141	(67)	(177)	(95)	212	54	193	90	418
Net risk result	137	99	106	131	76	105	90	102	80
Other					20		(160)		(20)
Profit	409	115	42	111	345	204	213	281	568
Premium reserve at end of period	174 526	176 775	178 008	179 275	179 758	181 426	181 977	182 677	179 739

2.6.7 Reconciliation of the DNB Livsforsikring Group's and the DNB Group's financial statements

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21
DNB Group:
Net financial result, DNB Livsforsikring	179	(42)	(161)	(97)	223	64	218	107
Net risk result, DNB Livsforsikring	160	123	73	130	(14)	94	22	108
Net financial and risk result in DNB Livsforsikring Group	339	82	(88)	34	208	158	240	215
Eliminations in the group accounts	27	2	9	(2)	(5)	(11)	(12)	(4)
Net financial and risk result from DNB Livsforsikring Group	366	83	(79)	32	203	147	228	212
DNB Livsforsikring Group:
Recorded interest result	61	(87)	(287)	292	(1 623)	221	783	1 681
Return on corporate portfolio	220	60	(38)	(30)	158	134	137	169
- Administration result - corporate portfolio	(1)	(1)	(1)	(2)	21	(1)	(136)	(1)
Allocations to policyholders, products with guaranteed rates of return	(104)	(15)	163	(360)	1 708	(293)	(839)	(1 744)
Risk result	160	123	73	130	(14)	94	22	108
Net financial and risk result in DNB Livsforsikring Group	339	82	(88)	34	208	158	240	215
Eliminations in the group accounts	27	2	9	(2)	(5)	(11)	(12)	(4)
Net financial and risk result from DNB Livsforsikring Group	366	83	(79)	32	203	147	228	212
DNB Group:
Commission and fee income etc.	493	504	511	493	530	526	376	525
Commission and fee expenses etc.	(13)	(91)	(85)	(94)	(109)	(107)	(90)	(91)
Other income	4	2	2	3	6	4	47	24
Operating expenses	(266)	(239)	(230)	(221)	(235)	(219)	(255)	(213)
Administration result including upfront pricing of risk and guaranteed rate of return	217	177	199	181	192	205	78	245
DNB Livsforsikring Group:
Upfront pricing of risk and guaranteed rate of return	46	47	48	48	49	49	49	50
Administration result	172	130	152	134	122	157	166	196
+ Administration result - corporate portfolio	(1)	(1)	(1)	(2)	21	(1)	(136)	(1)
Administration result including upfront pricing of risk and guaranteed rate of return	217	177	199	181	192	205	78	245

X23AO

2.6.8 DNB Asset Management - Financial performance

Amounts in NOK million	4Q22	3Q22	2Q22	1Q22	4Q21	3Q21	2Q21	1Q21	4Q20
Net interest income	13	7	3	2	1	(0)	(0)	0	(0)
Net commission income
- from retail customers	239	257	256	261	270	264	234	223	202
- from institutional clients	337	180	175	165	227	195	199	176	194
Other income	6	2	(0)	0	5	2	3	6	4
Total income	594	446	434	428	503	460	436	405	399
Operating expenses	(236)	(173)	(161)	(162)	(191)	(157)	(166)	(153)	(194)
Pre-tax operating profit	359	274	273	266	312	303	270	252	205
Tax expense	(90)	(68)	(68)	(68)	(68)	(76)	(77)	(63)	(44)
Profit for the period	269	206	205	199	243	228	193	189	161
Assets under management (NOK billion) 1)
Institutional clients	632	601	607	638	676	659	657	630	601
- of which DNB Livsforsikring Group 2)	316	291	296	310	321	315	312	304	298
Retail customers	177	169	174	179	189	177	172	157	141
Total	809	770	782	818	865	836	829	787	742
Key figures (%)
Commission margin 3)	0.23	0.24	0.25	0.24	0.24	0.24	0.23	0.23	0.22
- from retail customers	0.57	0.58	0.58	0.57	0.60	0.61	0.59	0.60	0.59
- from institutional clients	0.14	0.15	0.15	0.14	0.14	0.14	0.14	0.14	0.13
Return on equity (annualised)	47.4	36.4	35.6	34.1	41.8	44.5	113.7	120.7	107.0
Cost/income ratio	39.6	38.7	37.1	37.8	38.0	34.1	38.0	37.8	48.7
Assets under management - net inflow *) Changes from previous quarters (NOK million)
Retail customers	3 617	(713)	(58)	(1 149)	5 666	4 523	7 738	8 967	9 249
Institutional clients	13 568	3 009	(5 633)	(1 574)	150	(3 215)	5 358	16 355	4 577
Total	17 185	2 296	(5 691)	(2 723)	5 816	1 308	13 096	25 321	13 826
*) Excluding dividends:
Retail customers				914				483
Institutional clients				6 894				3 295
Total	0	0	0	7 807	0	0	0	3 778	0
Performance fee	164	1	0	1	36	4	5	2	31
Mutual funds with a sustainability profile (NOK billion)
Total assets invested in mutual funds with a sustainability profile	27.4	25.2	24.8	26.1	28.4	26.0	25.2	22.3	19.1

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.

X24AO

Chapter 3 - The Norwegian economy

X27AO

X25AO

3.1.1 Basic information about Norway

Area	385 199 square kilometres
Population	5.5 million
Fertility rate	1.6
Life expectancy	M: 81.6 F: 84.7
Work participation rate, per cent 15-74 years	70.5 (M: 73.2 F:67.8)
Gross domestic product 2021	USD 489.5 billion
GDP per capita 2021	USD 89 060
Rating	AAA, Aaa
Currency exchange rate used	8.60 USD/NOK (average 2021)
Net lending 2021	USD 65.7 billion or 13.4 per cent of GDP

Sources: Statistics Norway, Norges Bank, DNB Markets

3.1.2 Government net financial liabilities 2021

Sources: OECD Economic Outlook No. 112 database, November 2022

3.1.3 GDP growth mainland Norway and unemployment rate

Sources: Thomson Datastream, Statistics Norway

3.1.4 Contribution to volume growth in GDP, mainland Norway

Per cent	2021	F 2022	F 2023	F 2024	F 2025	F 2026
Household demand	2.4	3.2	(0.1)	0.7	0.9	0.8
Gross fixed capital formation, mainland companies	0.5	1.7	(0.4)	(0.1)	0.1	0.2
Gross fixed capital formation, petroleum activity	0.1	(0.9)	(0.1)	0.3	(0.0)	0.0
Public sector demand	1.1	0.0	0.5	0.5	0.5	0.4
Exports, mainland Norway	1.3	1.7	0.5	0.3	0.5	0.5
Imports, mainland Norway	0.9	5.2	0.9	0.6	0.7	0.7
Changes in stocks and statistical discrepancies	(0.3)	3.2	1.0
GDP, mainland Norway	4.1	3.7	0.5	1.2	1.2	1.3

Sources: Statistics Norway and DNB Markets

3.1.5 Composition of GDP in 2021 3.1.6 Composition of exports in 2021

Sources: Statistics Norway, annual national accounts 18 November 2022

3.1.7 Key macro-economic indicators, Norway

Per cent	2021	F 2022	F 2023	F 2024	F 2025	F 2026
GDP growth
- mainland Norway	4.1	3.7	0.5	1.2	1.2	1.3
- Norway, total	3.9	3.3	0.9	1.3	1.2	1.1
Private consumption	4.5	6.9	0.4	1.0	1.3	1.4
Gross fixed investment	(1.2)	3.8	(3.3)	2.4	2.0	1.9
Inflation (CPI)	3.5	5.8	4.6	2.3	2.8	2.6
Savings ratio 1)	13.8	4.7	2.7	4.8	5.9	7.1
Unemployment rate	4.4	3.2	3.4	3.8	4.0	4.1

1) Per cent of household disposable income.

Sources: Statistics Norway and DNB Markets

3.1.8 Credit market, 12 month percentage growth

Sources: Thomson Datastream, Statistics Norway

3.1.9 Deposit market, 12 month percentage growth

Sources: Thomson Datastream, Statistics Norway

3.1.10 House prices

Sources: Real Estate Norway, Finn.no, Eiendomsverdi AS, NEF, Statistics Norway and DNB Markets

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

2) Household debt as a percentage of disposable income.

Sources: Statistics Norway, DNB Markets

X26AO

Appendix

Disclosure for main features of regulatory capital instruments

capital instruments as at 31 December 2022
	Ordinary shares			Additional Tier 1 capital (part 1 of 2)
		NOK Notes	NOK Notes	NOK Notes	NOK Notes	NOK Notes
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private 1. Issuer	NO0010031479 DNB Bank ASA	NO0010858749 DNB Bank ASA	NO0012618984 DNB Bank ASA	NO0012618992 DNB Bank ASA	NO0012740119 DNB Bank ASA	NO0012740101 DNB Bank ASA
3. Governing law for the instrument placement)	Norway	English 1)	English 1)	English 1)	English 1)	English 1)
Regulatory treatment:
4. Transitional rules	Common Equity Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1
5. Post-transitional rules	Common Equity Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1
6. Eligible at ind. company/group/group & ind. company level	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group
8. Amount recognised in regulatory capital (in NOK million as at 31 December 7. Instrument type	Common shares 38 111	Other additional Tier 1 2 700	Other additional Tier 1 2 750	Other additional Tier 1 500	Other additional Tier 1 950	Other additional Tier 1 600
2022)
9. Par value of instrument (amounts in millon in the relevant currency and in	N/A	NOK 2 700	NOK 2 750	NOK 500	NOK 950	NOK 600
9a. Issue price NOK million)	Various	100	100	99.97	100	100
9b. Redemption price	N/A	100	100	100	100	100
10. Accounting classification	Shareholder's equity	Equity	Equity	Equity	Equity	Equity
11. Original date of issuance	N/A	27 June 2019	18 August 2022	18 August 2022	4 November 2022	4 November 2022
12. Perpetual or dated	N/A	Perpetual	Perpetual	Perpetual	Perpetual	Perpetual
13. Original maturity date	N/A	N/A	N/A	N/A	N/A	N/A
14. Issuer call subject to prior supervisory approval	No	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	N/A	27 June 2024 at par	including 18 August 2027 and ending on (and including) 18 On any date from and February 2028, at par	including 18 August 2027 and ending on (and including) 18 On any date from and February 2028, at par	and ending on (and including) including 4 November 2027 On any date from and 4 May 2028, at par	and ending on (and including) including 4 November 2027 On any date from and 4 May 2028, at par
16. Subsequent call dates, if applicable	N/A	Any interest payment date after 27 June 2024	Any interest payment date after 18 February 2028	Any interest payment date after 18 February 2028	Any interest payment date after 4 May 2028	Any interest payment date after 4 May 2028
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Floating	Fixed to floating	Fixed to floating	Floating
18. Coupon rate and any related index	N/A	3-month NIBOR + 350 bps	3-month NIBOR + 375 bps	6.72% until 18 Februray 2028. Thereafter 3-month NIBOR + 375 bps	Thereafter 3-month NIBOR + 7.75% until 4 May 2028. 400 bps	3-month NIBOR + 400 bps
19. Existence of a dividend stopper	Yes	No	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing)	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
20b. Fully discretionary, partially discretionary or mandatory (in terms of amount)	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
21. Existence of a step-up or other incentive to redeem 22. Non-cumulative or cumulative	Non-cumulative N/A	Non-cumulative No	Non-cumulative No	Non-cumulative No	Non-cumulative No	Non-cumulative No
Convertible or non-convertible:
23. Convertible or non-convertible 3)	N/A	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)
24. If convertible, conversion trigger(s)	N/A	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
25. If convertible, fully or partially	N/A	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
27. If convertible, mandatory or optional conversion 26. If convertible, conversion rate	N/A N/A	See footnote 3 See footnote 3	See footnote 3 See footnote 3	See footnote 3 See footnote 3	See footnote 3 See footnote 3	See footnote 3 See footnote 3
28. If convertible, specify instrument type convertible into	N/A	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
29. If convertible, specify issuer of instrument it converts into	N/A	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
31. If write-down, write-down trigger (s) 30. Write-down features	N/A No	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes
32. If write-down, full or partial	N/A	Either full or partial	Either full or partial	Either full or partial	Either full or partial	Either full or partial
33. If write-down, permanent or temporary	NA	Temporary	Temporary	Temporary	Temporary	Temporary
34. If temporary write-down, description of revaluation mechanism 35. Position in subordination hierarchy in liquidation (specify	Additional Tier 1 N/A	Subordinated loans See footnote 4	Subordinated loans See footnote 4	Subordinated loans See footnote 4	Subordinated loans See footnote 4	Subordinated loans See footnote 4
instrument type immediately senior to instrument)
36. Non-compliant transitioned features	No	No	No	No	No	No
37. If yes, specify non-compliant features	N/A	N/A	N/A	N/A	N/A	N/A

See footnotes on separate page.

Disclosure of main features of regulatory

Disclosure of main features of regulatory	capital instruments as at 31 December 2022

				Additional Tier 1 capital (part 2 of 2)
	USD Notes	NOK Notes	NOK Notes	NOK Notes	NOK Notes	NOK Notes
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private placement) 1. Issuer	DNB Bank ASA XS2075280995	NO0010847213 Sbanken ASA	NO0010871494 Sbanken ASA	NO0010885205 Sbanken ASA	NO0010891914 Sbanken ASA	NO0011204125 Sbanken ASA
3. Governing law for the instrument	English 1)	Norwegian	Norwegian	Norwegian	Norwegian	Norwegian
Regulatory treatment:
4. Transitional rules	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1
5. Post-transitional rules	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1	Additional Tier 1
6. Eligible at ind. company/group/group & ind. company level	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group
8. Amount recognised in regulatory capital (in NOK million as at 31 December 7. Instrument type	Other additional Tier 1 7 774	Other additional Tier 1 100	Other additional Tier 1 100	Other additional Tier 1 300	Other additional Tier 1 100	Other additional Tier 1 100
9. Par value of instrument (amounts in millon in the relevant currency and in 2022)	USD 850, NOK 7 774	NOK 100	NOK 100	NOK 300	NOK 100	NOK 100
NOK million)
9a. Issue price	100	100	100	100	100	100
10. Accounting classification 9b. Redemption price	Equity 100	Equity 100	Equity 100	Equity 100	Equity 100	Equity 100
11. Original date of issuance	12 November 2019	15 March 2019	19 December 2019	17 June 2020	28 August 2020	11 January 2022
12. Perpetual or dated	Perpetual	Perpetual	Perpetual	Perpetual	Perpetual	Perpetual
13. Original maturity date	N/A	N/A	N/A	N/A	N/A	N/A
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	12 November 2024 at par	21 March 2024 at par	19 December 2024 at par	17 June 2025 at par	28 August 2025 at par	14 January 2027 at par
16. Subsequent call dates, if applicable	Any interest payment date after 12 November 2024	Any interest payment date after 21 March 2024	Any interest payment date after 19 December 2024	Any interest payment date after 17 June 2025	Any interest payment date after 28 August 2025	Any interest payment date after 14 January 2027
Coupons/dividends:
17. Fixed or floating dividend/coupon	Fixed	Floating	Floating	Floating	Floating	Floating
18. Coupon rate and any related index	every 5 years at 5y USD T + 4.875%. Fixed interest reset 314 bps	3-month NIBOR + 360 bps	3-month NIBOR + 315 bps	3-month NIBOR + 310 bps	3-month NIBOR + 300 bps	3-month NIBOR + 260 bps
19. Existence of a dividend stopper	No	No	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing)	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
20b. Fully discretionary, partially discretionary or mandatory (in terms of amount)	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
21. Existence of a step-up or other incentive to redeem	No	No	No	No	No	No
22. Non-cumulative or cumulative	Non-cumulative	Non-cumulative	Non-cumulative	Non-cumulative	Non-cumulative	Non-cumulative
Convertible or non-convertible:
23. Convertible or non-convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)
24. If convertible, conversion trigger(s)	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
25. If convertible, fully or partially	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
26. If convertible, conversion rate	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
27. If convertible, mandatory or optional conversion	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
28. If convertible, specify instrument type convertible into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
29. If convertible, specify issuer of instrument it converts into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
31. If write-down, write-down trigger (s) 30. Write-down features	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes	CET1 below 5.125% Yes
32. If write-down, full or partial	Either full or partial	Either full or partial	Either full or partial	Either full or partial	Either full or partial	Either full or partial
33. If write-down, permanent or temporary	Temporary	Temporary	Temporary	Temporary	Temporary	Temporary
34. If temporary write-down, description of revaluation mechanism	See footnote 4	See footnote 4	See footnote 4	See footnote 4	See footnote 4	See footnote 4
35. Position in subordination hierarchy in liquidation (specify instrument type immediately senior to instrument)	Subordinated loans	Subordinated loans	Subordinated loans	Subordinated loans	Subordinated loans	Subordinated loans
36. Non-compliant transitioned features	No	N/A	N/A	N/A	N/A	N/A
37. If yes, specify non-compliant features	N/A	N/A	N/A	N/A	N/A	N/A

1000

			Subordinated loans (part 1 of 4)
	NOK loan	NOK loan	NOK loan	NOK loan	NOK loan
1. Issuer	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private placement)	NO0010818446	NO0010883341	NO0011151672	NO0011151680	NO0011203374
3. Governing law for the instrument	English 2)	English 2)	English 2)	English 2)	English 2)
Regulatory treatment:
4. Transitional rules	Tier 2	Tier 2	Tier 2	Tier 2	Tier 2
5. Post-transitional rules	Tier 2	Tier 2	Tier 2	Tier 2	Tier 2
6. Eligible at ind. company/group/group & ind. company level	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group
8. Amount recognised in regulatory capital (in NOK million as at 31 December 7. Instrument type	Tier 2 subordinated debt 900	Tier 2 subordinated debt 2 500	Tier 2 subordinated debt 2 350	Tier 2 subordinated debt 450	Tier 2 subordinated debt 2 500
2022)
9. Par value of instrument (amounts in millon in the relevant currency and in NOK million)	NOK 900	NOK 2 500	NOK 2 350	NOK 450	NOK 2 500
9a. Issue price	100	100	100	99.992	100
9b. Redemption price	100	100	100	100	100
10. Accounting classification	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	13 March 2018	28 May 2020	17 November 2021	17 November 2021	19 January 2022
12. Perpetual or dated	Dated	Dated	Dated	Dated	Dated
13. Original maturity date	13 March 2028	28 May 2030	17 February 2032	17 February 2032	19 April 2032
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	falling in (or nearest to) March The interest payment date 2023, at par	falling in (or nearest to) May The interest payment date 2025, at par	and ending on (and including) including 17 November 2026 17 February 2027, at par On any date from and	and ending on (and including) including 17 November 2026 17 February 2027, at par On any date from and	including 19 January 2027 and ending on (and including) 19 On any date from and April 2027, at par
16. Subsequent call dates, if applicable	Any interest payment date after	Any interest payment date after	Any interest payment date after	Any interest payment date after	Any interest payment date after
	the interest payment date in March 2023	the interest payment date in May 2025	17 February 2027	17 February 2027	19 April 2027
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Floating	Fixed to floating	Floating
18. Coupon rate and any related index	3-month NIBOR + 110 bps	3-month NIBOR + 230 bps	3-month NIBOR + 100 bps	Fixed 2.72%. Reset after 17 February 2027: 3-month NIBOR + 100 bps	3-month NIBOR + 105 bps
19. Existence of a dividend stopper	No	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing)	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
20b. Fully discretionary, partially discretionary or mandatory (in terms of	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
amount)
21. Existence of a step-up or other incentive to redeem 22. Non-cumulative or cumulative	Cumulative No	Cumulative No	Cumulative No	Cumulative No	Cumulative No
Convertible or non-convertible:
23. Convertible or non-convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)
24. If convertible, conversion trigger(s)	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
25. If convertible, fully or partially	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
26. If convertible, conversion rate	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
27. If convertible, mandatory or optional conversion	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
28. If convertible, specify instrument type convertible into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
29. If convertible, specify issuer of instrument it converts into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
30. Write-down features	No	No	No	No	No
31. If write-down, write-down trigger (s)	N/A	N/A	N/A	N/A	N/A
32. If write-down, full or partial	N/A	N/A	N/A	N/A	N/A
33. If write-down, permanent or temporary	N/A	N/A	N/A	N/A	N/A
34. If temporary write-down, description of revaluation mechanism 35. Position in subordination hierarchy in liquidation (specify	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A
instrument type immediately senior to instrument)
36. Non-compliant transitioned features	No	No	No	No	No
37. If yes, specify non-compliant features	N/A	N/A	N/A	N/A	N/A

			Subordinated loans (part 2 of 4)
	SEK loan	SEK loan	SEK loan	SEK loan	SEK loan
1. Issuer	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private placement)	NO0010818453	NO0010818479	XS2180002409	XS2408970759	XS2408967375
3. Governing law for the instrument	English 2)	English 2)	English 2)	English 2)	English 2)
Regulatory treatment:
4. Transitional rules	Tier 2	Tier 2	Tier 2	Tier 2	Tier 2
5. Post-transitional rules	Tier 2	Tier 2	Tier 2	Tier 2	Tier 2
6. Eligible at ind. company/group/group & ind. company level	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group
7. Instrument type	Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt
8. Amount recognised in regulatory capital (in NOK million as at 31 December 2022)	662	284	1 418	1 513	473
9. Par value of instrument (amounts in millon in the relevant currency and in	SEK 700, NOK 661	SEK 300, NOK 283	SEK 1 500, NOK 1 544	SEK 1 600, NOK 1 579	SEK 500, NOK 494
NOK million)
9a. Issue price	100	100	100	100	100
9b. Redemption price	100	100	100	100	100
10. Accounting classification	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	13 March 2018	13 March 2018	28 May 2020	17 November 2021	17 November 2021
12. Perpetual or dated	Dated	Dated	Dated	Dated	Dated
13. Original maturity date	13 March 2028	13 March 2028	28 May 2030	17 February 2032	17 February 2032
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	The interest payment date	The interest payment date	The interest payment date	On any date from and	On any date from and
	falling in (or nearest to) 13	falling in (or nearest to) 13	falling in (or nearest to) May	including 17 November 2026	including 17 November 2026
	March 2023, at par	March 2023, at par	2025, at par	and ending on (and including) 17 February 2027, at par	and ending on (and including) 17 February 2027, at par
16. Subsequent call dates, if applicable	Any interest payment date after	Any interest payment date after	Any interest payment date after	Any interest payment date after	Any interest payment date after
	the interest date at (or nearest to) 13 March 2023	the interest date at (or nearest to) 13 March 2023	the interest date at (or nearest to) May 2025	17 February 2027	17 February 2027
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Fixed to floating	Floating	Floating	Fixed to floating
18. Coupon rate and any related index	3-month STIBOR + 106 bps	Fixed 1.61%. Reset after first	3-month STIBOR + 235 bps	3-month STIBOR + 95 bps	Fixed 1.598%.
		call date: 3-month STIBOR + 106 bps			Reset after 17 February 2027: 3-month STIBOR + 95 bps
19. Existence of a dividend stopper	No	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing)	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
20b. Fully discretionary, partially discretionary or mandatory (in terms of	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
amount)
21. Existence of a step-up or other incentive to redeem	No	No	No	No	No
22. Non-cumulative or cumulative	Cumulative	Cumulative	Cumulative	Cumulative	Cumulative
Convertible or non-convertible:
23. Convertible or non-convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)	Convertible 3)
24. If convertible, conversion trigger(s)	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
25. If convertible, fully or partially	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
26. If convertible, conversion rate	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
27. If convertible, mandatory or optional conversion	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
28. If convertible, specify instrument type convertible into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
29. If convertible, specify issuer of instrument it converts into	See footnote 3	See footnote 3	See footnote 3	See footnote 3	See footnote 3
30. Write-down features	No	No	No	No	No
31. If write-down, write-down trigger (s)	N/A	N/A	N/A	N/A	N/A
32. If write-down, full or partial	N/A	N/A	N/A	N/A	N/A
33. If write-down, permanent or temporary	N/A	N/A	N/A	N/A	N/A
34. If temporary write-down, description of revaluation mechanism 35. Position in subordination hierarchy in liquidation (specify	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A	Senior non-preferred bonds N/A
instrument type immediately senior to instrument)
36. Non-compliant transitioned features	No	No	No	No	No
37. If yes, specify non-compliant features	N/A	N/A	N/A	N/A	N/A

Tier 2 subordinated debt 19 December 2019 19 December 2029 NO0010871502 amortised cost See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Sbanken ASA Convertible 3) Cumulative Norwegian Mandatory Mandatory NOK 125 Floating Dated Tier 2 Tier 2 125 100 100 Yes N/A N/A N/A N/A N/A No No No No Any interest payment date after Subordinated loan capital - Senior non-preferred bonds 3-month NIBOR + 160 bps Tier 2 subordinated debt Ind. company and group NOK loan NO0010847205 21 March 2024 15 March 2019 21 March 2029 21 March 2024 amortised cost See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Sbanken ASA Convertible 3) Cumulative Norwegian Mandatory Mandatory NOK 125 Floating Dated Tier 2 Tier 2 125 100 100 Yes N/A N/A N/A N/A N/A No No No No Fixed 1.350%. Reset after first and ending on (and including) including 25 November 2027 call date: JGB 0.2 06/20/32 Subordinated loan capital - Senior non-preferred bonds Tier 2 subordinated debt Ind. company and group On any date from and JPY Loan JPY 9 000, NOK 638 (JB367) + 135.4 bps 25 February 2033 25 February 2028 25 August 2022 DNB Bank ASA XS2521023965 amortised cost See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Convertible 3) Cumulative Mandatory Mandatory English 2) Dated Tier 2 Tier 2 Fixed None Yes 672 100 100 N/A N/A N/A N/A N/A No No No No and ending on (and including) including 28 November 2027 Reset after call date: 5-year Senior non-preferred bonds Subordinated loan capital - EUR Mid-swap + 200 bps Tier 2 subordinated debt Ind. company and group On any date from and EUR 750, NOK 7 772 EUR loan 28 November 2022 28 February 2033 28 Februar 2028 DNB Bank ASA XS2560328648 amortised cost See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Fixed 4.625% Convertible 3) Cumulative Mandatory Mandatory English 2) 99.883 Dated Tier 2 Tier 2 7 888 Fixed None Yes 100 N/A N/A N/A N/A N/A No No No No 5-year EUR Mid-swap + 77 bps Subordinated loan capital - Senior non-preferred bonds Tier 2 subordinated debt Ind. company and group EUR 600, NOK 5 692 EUR loan Reset after call date: DNB Bank ASA XS1794344827 20 March 2018 20 March 2028 20 March 2023 Fixed 1.125%. See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 amortised cost Convertible 3) Cumulative Mandatory Mandatory English 2) 99.604 Dated Tier 2 Tier 2 6 310 None Fixed Yes 100 N/A N/A N/A N/A N/A No No No No 8. Amount recognised in regulatory capital (in NOK million as at 31 December 9. Par value of instrument (amounts in millon in the relevant currency and in 2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private 20a. Fully discretionary, partially discretionary or mandatory (in terms of 20b. Fully discretionary, partially discretionary or mandatory (in terms of 15. Optional call date, contingent call dates and redemption amount 34. If temporary write-down, description of revaluation mechanism 6. Eligible at ind. company/group/group & ind. company level 29. If convertible, specify issuer of instrument it converts into 35. Position in subordination hierarchy in liquidation (specify 28. If convertible, specify instrument type convertible into 21. Existence of a step-up or other incentive to redeem instrument type immediately senior to instrument) 27. If convertible, mandatory or optional conversion 14. Issuer call subject to prior supervisory approval 33. If write-down, permanent or temporary 37. If yes, specify non-compliant features 31. If write-down, write-down trigger (s) 16. Subsequent call dates, if applicable 36. Non-compliant transitioned features 18. Coupon rate and any related index 24. If convertible, conversion trigger(s) 17. Fixed or floating dividend/coupon 23. Convertible or non-convertible 3) 3. Governing law for the instrument 19. Existence of a dividend stopper 22. Non-cumulative or cumulative Convertible or non-convertible: 26. If convertible, conversion rate 25. If convertible, fully or partially 32. If write-down, full or partial 11. Original date of issuance 10. Accounting classification 13. Original maturity date 5. Post-transitional rules 30. Write-down features Regulatory treatment: 12. Perpetual or dated Coupons/dividends: 9b. Redemption price 4. Transitional rules 7. Instrument type 9a. Issue price NOK million) placement) 1. Issuer amount) timing) 2022)		Subordinated loans (part 3 of 4)
			NOK loan
			Ind. company and group
			Subordinated loan capital -
			19 December 2024
			Any interest payment date after 19 December 2024
			3-month NIBOR + 130 bps
			Senior non-preferred bonds

X27AO

		Subordinated loans (part 4 of 4)
	NOK loan	NOK loan	NOK loan
1. Issuer	Sbanken ASA	Sbanken ASA	Sbanken ASA
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private placement)	NO010885197	NO0010891922	NO0011203598
3. Governing law for the instrument	Norwegian	Norwegian	Norwegian
Regulatory treatment:
4. Transitional rules	Tier 2	Tier 2	Tier 2
5. Post-transitional rules	Tier 2	Tier 2	Tier 2
6. Eligible at ind. company/group/group & ind. company level	Ind. company and group	Ind. company and group	Ind. company and group
7. Instrument type	Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt
8. Amount recognised in regulatory capital (in NOK million as at 31 December 2022)	350	150	150
9. Par value of instrument (amounts in millon in the relevant currency and in NOK million)	NOK 350	NOK 150	NOK 150
9a. Issue price	100	100	100
9b. Redemption price	100	100	100
10. Accounting classification	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
	amortised cost	amortised cost	amortised cost
11. Original date of issuance	17 June 2020	28 August 2020	11 January 2022
12. Perpetual or dated	Dated	Dated	Dated
13. Original maturity date	17 June 2030	28 August 2030	14 January 2032
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	17 June 2025	28 August 2025	14 January 2027
16. Subsequent call dates, if applicable	Any interest payment date after 17 June 2025	Any interest payment date after 28 August 2025	Any interest payment date after 14 January 2027
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Floating
18. Coupon rate and any related index	3-month NIBOR + 160 bps	3-month NIBOR + 125 bps	3-month NIBOR + 108 bps

3-month NIBOR + 160 bps	3-month NIBOR + 125 bps	3-month NIBOR + 108 bps
No		No
Mandatory	Mandatory	Mandatory
Mandatory	Mandatory	Mandatory
No		No
Cumulative	Cumulative	Cumulative
		Convertible 3)
		See footnote 3
See footnote 3		See footnote 3
		See footnote 3
		See footnote 3
		See footnote 3
		See footnote 3
No		No
N/A		N/A
N/A		N/A
N/A		N/A
N/A		N/A
Senior non-preferred bonds	Senior non-preferred bonds	Senior non-preferred bonds
No	No	No
	See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Convertible 3)	See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 See footnote 3 Convertible 3) N/A N/A N/A N/A No No No

1. If yes, specify non-compliant features

N/A N/A N/A

Disclosure of main features of regulatory capital instruments - footnotes

X28AO

1) Except for (i) the status and ranking/subordination clause, (ii) the loss absortion following trigger event clause, (iii) the discretionary reinstatement of the notes clause, (iv) any other write-down or conversion of the notes and (v) the meetings of holders clause, which are governed by the laws of Norway.

2) Except for (i) the status and ranking/subordination clause, (ii) the no right of set-off clause, (iii) the contractual recognition of Norwegian loss absorption powers clause and (iv) any other write-down or conversion of the notes, which are governed by the laws of Norway. 3) Additional Tier 1 Capital and subordinated loans may be written down or converted in accordance with the Financial Institutions Act and the Financial Institutions Regulation, subject to a decision by the Financial Supervisory Authority of Norway or another competent public agency 4) Fully discretionary reinstatement pro rata with any written-down AT1 instruments that are to be reinstated out of the same profits. Subject to the maximum write-up amount and to the maximum distributable amount.

DNB

Mailing address: P.O.Box 1600 Sentrum N-0021 Oslo

Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo dnb.no