DNB Bank ASA

Earnings Release • Oct 20, 2022

Sustainable growth in turbulent times

Sustainable growth in turbulent times

20 October 2022

DNB is reporting a strong third quarter, with a profit of NOK 7 575 million,

which is an increase of NOK 692 million compared with the third quarter of last

year. A high level of customer activity and quick pace of transition in

Norwegian companies helped boost the result.

The result shows that the level of activity in the Norwegian economy remained

high in the third quarter. At the same time, there were indications that the

central bank's monetary policy was helping to cool down the economy.

"I'm impressed by the robustness of the Norwegian business sector, and its

outstanding ability to adapt in these turbulent times. Norwegian companies are

experiencing a high level of activity, which is evident throughout our corporate

portfolio. Our customers are continuing their green transition. We financed

sustainable projects worth NOK 43 billion during this quarter. At the moment,

every fifth Norwegian krone DNB has helped to raise in the bond market has had a

sustainable label," says CEO Kjerstin Braathen.

Profitable growth

Income from customer-driven activities remained high during the quarter and was

up NOK 294 million, or 12 per cent, compared with the corresponding quarter last

year. A high level of activity and growth in all product areas contributed to

this income growth, which was particularly strong in the areas of transactions

and payment services.

Profitable growth, the acquisition of Sbanken and positive repricing effects

contributed to an increase in the bank's net interest income, when including

Sbanken, of NOK 2 487 million, or 25.5 per cent, from the third quarter of 2021,

and of NOK 728 million, or 6.3 per cent, from the second quarter of this year.

Solid portfolio

The bank's customer portfolio is still very solid, and sound banking practices

contributed to net reversals of impairment provisions amounting to NOK 148

million in the quarter, mainly associated with corporate customers within oil,

gas and offshore.

DNB facilitated sustainable financing worth NOK 43 billion in the quarter, and

over the past two years, the bank has financed green or sustainability-linked

projects worth NOK 345 billion. DNB is thus well on its way to achieving its

goal of financing and facilitating sustainable activities worth NOK 1 500

billion by 2030.

"We find that our customers are well equipped to handle the new financial

situation. Having said this, we fully understand that some customers may be

concerned about their finances. We have advisers and experts all over the

country who are ready to provide good advice to those who need it in the time

ahead," says Braathen.

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

corresponding quarter of 2021):

· Pre-tax operating profit before impairment amounted to NOK 9.7 billion (8.6)

· Profit for the quarter was NOK 7.6 billion (6.9)

· Earnings per share were NOK 4.77 (4.29)

· Return on equity was 12.7 per cent (11.4)

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

· Common equity Tier 1 (CET1) capital ratio was 18.1 per cent (19.2)

Further details on DNB's results can be found on ir.dnb.no

For further information:

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

50

Thomas Midteide, Group Executive Vice President of Communications &

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

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

-12 of the Securities Trading Act.