DNB Bank ASA

Quarterly Report • Jul 13, 2020

Second quarter 2020 (Unaudited)

Contact information

Group Management

Kjerstin R. Braathen, CEO Ottar Ertzeid, CFO

For further information, please contact

Rune Helland, head of Investor Relations
Anne Engebretsen, Investor Relations
Ida Eilertsen Nygård, Investor Relations
Thor Tellefsen, Long Term Funding
Mathias Bruvik, head of Group Financial Reporting

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
Ida Eilertsen Nygård, Investor Relations	ida.eilertsen.nygard@dnb.no	+47 98 61 19 52
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 ASA, 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

2020

22 October	Q3 2020
TBD	Extraordinary general meeting 1)

1) The distribution of dividends was not considered at the Annual General Meeting held on 30 June 2020. It will be considered at an extraordinary general meeting, to be held in December 2020 at the latest. The new ex-dividend date will be set to the day after the extraordinary general meeting.

2021

10 February	Q4 2020
11 March	Annual report 2020
27 April	Annual General Meeting
28 April	Ex-dividend date
29 April	Q1 2021
as of 7 May	Distribution of dividends
13 July	Q2 2021
21 October	Q3 2021

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

Major changes from 1Q20

No major changes from 1Q20.

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 quarterly figures
• 1.1.5 Comprehensive income statement five years
• 1.1.6 Balance sheet quarterly figures
• 1.1.7 Balance sheet five years
• 1.1.8 Key figures quarterly figures
• 1.1.9 Key figures five years 1.1.10 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

Operating expenses

• 1.4.1 Operating expenses
• 1.4.2 Number of employees full-time positions
• 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 DNB Group
• Exposure at default by industry segment
• Risk classification of portfolio
• 1.6.2 Customer segments
• Exposure at default by industry segment
• Risk classification of portfolio
• 1.6.3 Breakdown of commercial real estate
• Exposure at default by segment
• Risk classification of portfolio
• Exposure at default by geographic distribution
• 1.6.4 Breakdown of shipping
• Exposure at default by segment
• Risk classification of portfolio
• Risk classification of portfolio breakdown into sub-segments
• 1.6.5 Breakdown of oil, gas and offshore
• Exposure at default by segment
  • 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 Deposits from customers and loans to customers
• 1.7.2 Funding
• 1.7.3 Redemption profile
• 1.7.4 Asset encumbrance DNB Bank Group
• 1.7.5 Liquid assets
• 1.7.6 Liquidity Coverage Ratio
• 1.7.7 Credit ratings
• 1.7.8 Major shareholders
• 1.7.9 Ownership according to nationality
• 1.7.10 Share buy-back programmes

Contents chapter 1 - DNB Group (continued)

Capital adequacy

• 1.8.1 Primary capital DNB Group
• 1.8.2 Leverage ratio
• 1.8.3 Specification of capital requirements
• 1.8.4 Specification of capital requirements for credit risk
• 1.8.5 Primary capital including DNB Bank ASA and DNB Bank Group
• 1.8.6 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 Exposure at default 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 Exposure at default 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 Reconciliation of the DNB Livsforsikring Group's and the DNB Group's financial statements
• 2.6.6 Value-adjusted return on assets
• 2.6.7 Financial exposure per sub-portfolio
• 2.6.8 Financial exposure common portfolio
• 2.6.9 Balance sheets 2.6.10 Solvency II margin

DNB Asset Management:

2.6.11 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

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)

2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
9 451	10 395	10 347	9 984	9 581	9 289	9 611	9 152	9 052
2 396	2 237	2 636	2 323	2 538	2 219	2 660	2 082	2 453
1 672	3 228		1 527	1 351	751	430	616	134
131		216	271	285	356	387	215	162
						189	127	153
473		447	438	298	446	226	303	542
4 673	5 148	2 852	4 558	4 472	3 772	3 891	3 343	3 445
14 123	15 543	13 199	14 543	14 053	13 062	13 502	12 495	12 497
							(5 313)	(5 330)
							(26)	(54)
8 414	10 063	7 085	8 906	8 158	7 575	7 322	7 157	7 113
2	780	6			1 739	49	(3)	465
							(11)	54
6 295	5 071	6 913	7 619	7 705	8 998	7 136	7 144	7 632
							(1 429)	(1 526)
		68					(42)	(21)
5 019	4 000	5 945	6 059	6 134	7 582	6 872	5 673	6 084
4 766	3 570	5 620	5 752	5 888	7 339	6 601	5 440	5 850
		(5 698) (12) (2 120) (1 259) (17)	(246) (72) (5 297) (184) (5 771) (1 014) (56)	(447) (5 966) (148) (178) (1 036)	(5 503) (134) (40) (1 247) (1 524) (36)	(5 674) (221) (3) (450) (1 541) (30)	(5 465) (22) (316) (1 365) (51)	(5 716) (464) (235) (124) (141)

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	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Interest income, amortised cost	12 787	15 978	15 980	15 383	14 631	14 231	14 013	13 225	13 028
Other interest income	1 232	1 406	1 323	1 172	1 299	1 330	1 229	1 278	1 309
Interest expenses, amortised cost	(2 917)	(5 704)	(5 701)	(6 079)	(5 850)	(6 030)	(5 223)	(4 834)	(4 512)
Other interest expenses	(1 650)	(1 284)	(1 255)	(492)	(499)	(241)	(408)	(516)	(772)
Net interest income	9 451	10 395	10 347	9 984	9 581	9 289	9 611	9 152	9 052
Commission and fee income etc.	3 334	3 148	3 644	3 284	3 449	3 107	3 600	3 034	3 553
Commission and fee expenses etc.	(938)	(910)	(1 008)	(962)	(912)	(887)	(940)	(952)	(1 100)
Net gains on financial instruments at fair value 1)	1 672	3 228	(447)	1 527	1 351	751	430	616	134
Net financial result, life insurance	84	(355)	35	222	183	256	361	47	103
Net risk result, life insurance	47	109	181	49	103	100	26	167	60
Net insurance result, non-life insurance	0						189	127	153
Profit from investments accounted for by the equity method	174	(346)	52	96	85	178	(10)	94	267
Net gains on investment properties	(7)	(26)	92	7	(11)	5	(6)	17	9
Other income	306	300	302	335	225	263	243	193	266
Net other operating income	4 673	5 148	2 852	4 558	4 472	3 772	3 891	3 343	3 445
Total income	14 123	15 543	13 199	14 543	14 053	13 062	13 502	12 495	12 497
Salaries and other personnel expenses	(3 252)	(2 807)	(3 442)	(3 037)	(3 114)	(3 009)	(3 048)	(2 942)	(2 975)
Other expenses	(1 651)	(1 887)	(1 837)	(1 757)	(2 106)	(1 771)	(2 189)	(1 901)	(1 931)
Depreciation and impairment of fixed and intangible assets	(806)	(787)	(835)	(843)	(674)	(706)	(942)	(495)	(478)
Total operating expenses	(5 710)	(5 480)	(6 114)	(5 637)	(5 895)	(5 487)	(6 179)	(5 338)	(5 384)
Pre-tax operating profit before impairment	8 414	10 063	7 085	8 906	8 158	7 575	7 322	7 157	7 113
Net gains on fixed and intangible assets	2	780	6	(40)	(3)	1 739	49	(3)	465
Impairment of financial instruments	(2 120)	(5 771)	(178)	(1 247)	(450)	(316)	(235)	(11)	54
Pre-tax operating profit	6 295	5 071	6 913	7 619	7 705	8 998	7 136	7 144	7 632
Tax expense	(1 259)	(1 014)	(1 036)	(1 524)	(1 541)	(1 365)	(124)	(1 429)	(1 526)
Profit from operations held for sale, after taxes	(17)	(56)	68	(36)	(30)	(51)	(141)	(42)	(21)
Profit for the period	5 019	4 000	5 945	6 059	6 134	7 582	6 872	5 673	6 084
Portion attributable to shareholders	4 766	3 570	5 620	5 752	5 888	7 339	6 601	5 440	5 850
Portion attributable to non-controlling interests	(4)	(2)	(1)
Portion attributable to additional Tier 1 capital holders	258	433	326	307	246	243	270	233	234
Profit for the period	5 019	4 000	5 945	6 059	6 134	7 582	6 872	5 673	6 084
Earnings/diluted earnings per share (NOK)	3.06	2.28	3.57	3.64	3.71	4.61	4.14	3.41	3.65
Earnings per share excluding operations held for sale (NOK)	3.07	2.32	3.53	3.66	3.73	4.64	4.23	3.44	3.66
Average exchange rates in the period:
EUR/NOK	11.01	10.46	10.08	9.85	9.72	9.75	9.64	9.58	9.55
USD/NOK	10.02	9.49	9.11	8.86	8.64	8.59	8.45	8.24	8.02

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

1.1.3 Income statement - five years

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Interest income, amortised cost	28 761	60 225	52 621	47 318	46 645	50 301
Other interest income	2 638	5 123	5 039	6 547	5 779	7 232
Interest expenses, amortised cost					(8 619) (23 661) (18 792) (10 335) (10 546) (14 222)
Other interest expenses	(2 934)	(2 486)	(2 046)	(8 107)	(7 768)	(7 952)
Net interest income	19 846	39 202	36 822	35 422	34 110	35 358
Commission and fee income etc.	6 482	13 484	13 235	12 279	11 452	11 963
Commission and fee expenses etc.	(1 849)	(3 768)	(3 925)	(3 831)	(3 172)	(3 101)
Net gains on financial instruments at fair value 1)	4 900	3 183	1 342	4 548	6 513	8 683
Net financial result, life insurance	(271)	696	574	804	(72)	(1 251)
Net risk result, life insurance	156	433	395	491	736	861
Net insurance result, non-life insurance		0	622	683	648	534
Profit from investments accounted for by the equity method	(172)	410	314	(112)	1 189	(72)
Net gains on investment properties	(32)	92	62	143	(35)	269
Other income	605	1 126	926	713	795	762
Net other operating income	9 821	15 655	13 546	15 718	18 053	18 648
Total income	29 666	54 857	50 368	51 140	52 163	54 006
Salaries and other personnel expenses					(6 058) (12 603) (11 864) (12 184) (11 904)	(9 822)
Other expenses	(3 538)	(7 472)	(7 789)	(7 878)	(7 251)	(7 790)
Depreciation and impairment of fixed and intangible assets	(1 593)	(3 058)	(2 404)	(2 531)	(2 177)	(2 298)
Total operating expenses					(11 190) (23 133) (22 057) (22 593) (21 333) (19 910)
Pre-tax operating profit before impairment	18 476	31 724	28 311	28 547	30 830	34 096
Net gains on fixed and intangible assets	782	1 703	529	738	(19)	45
Impairment of financial instruments	(7 892)	(2 191)	139	(2 428)	(7 424)	(2 270)
Pre-tax operating profit	11 366	31 235	28 979	26 858	23 387	31 871
Tax expense	(2 273)	(5 465)	(4 493)	(5 054)	(4 140)	(7 048)
Profit from operations held for sale, after taxes	(73)	(49)	(204)	(1)	4	(51)
Profit for the period	9 020	25 721	24 282	21 803	19 251	24 772
Portion attributable to shareholders	8 336	24 603	23 323	20 865	18 656	24 398
Portion attributable to non-controlling interests	(7)	(5)
Portion attributable to additional Tier 1 capital holders	690	1 123	959	938	595	374
Profit for the period	9 020	25 721	24 282	21 803	19 251	24 772
Earnings/diluted earnings per share (NOK)	5.34	15.54	14.56	12.84	11.46	14.98
Earnings per share excluding operations held for sale (NOK)	5.39	15.57	14.69	12.84	11.46	15.01
Average exchange rates in the period:
EUR/NOK	10.73	9.85	9.60	9.33	9.29	8.95

USD/NOK 9.75 8.80 8.14 8.27 8.40 8.07

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

1.1.4 Comprehensive income statement - quarterly figures

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Profit for the period	5 019	4 000	5 945	6 059	6 134	7 582	6 872	5 673	6 084
Actuarial gains and losses	0	(288)	149	(152)			(117)
Property revaluation	17	42	50	(15)	243	1	37	0	(22)
Items allocated to customers (life insurance)	(17)	(42)	(50)	15	(243)	(1)	(37)	(0)	22
Financial liabilities designated at fair value through profit or loss,
changes in credit risk 1)	(399)	615	349	(23)	53	(147)	241	78	29
Tax	100	(82)	(130)	44	(13)	37	(23)	(20)	(7)
Items that will not be reclassified to the income statement	(299)	245	367	(131)	40	(110)	102	59	22
Currency translation of foreign operations		(5 279) 13 345	(180)	2 576	(784)	(1 151)	4 239	(343)	148
Currency translation reserve reclassified to the income statement	0	0						(2)
Hedging of net investments	4 735	(11 745)	209	(2 362)	780	915	(3 469)	307	(284)
Hedging reserve reclassified to the income statement	0	0						1
Financial assets at fair value through OCI	114	(354)	85	(8)	(23)	5
Tax	(1 212)	3 025	(382)	593	(189)	(230)	867	(77)	71
Items that may subsequently be reclassified to the income statement	(1 642)	4 271	(268)	799	(216)	(461)	1 637	(114)	(65)
Other comprehensive income for the period	(1 942)	4 516	99	667	(177)	(572)	1 739	(55)	(43)
Comprehensive income for the period	3 078	8 516	6 045	6 727	5 958	7 011	8 611	5 618	6 041

1) The measurement category for debt securities issued in Norwegian kroner with floating rates was changed from FVTPL to amortised cost as of 31 December 2019. A gain of NOK 251 million before tax (NOK 188 million after tax) was recognised in the Comprehensive income statement in the fourth quarter of 2019, due to the correction. Comparative information has not been restated.

1.1.5 Comprehensive income statement - five years

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Profit for the period	9 020	25 721	24 282	21 803	19 251	24 772
Actuarial gains and losses	(288)	(3)	(117)	(93)	(237)	932
Property revaluation	59	278	(21)	(35)	47	(204)
Items allocated to customers (life insurance)	(59)	(278)	21	35	(47)	204
Financial liabilities designated at fair value through profit or loss, changes in credit risk	216	232	221
Tax	18	(63)	(18)	(10)	53	(259)
Items that will not be reclassified to the income statement	(54)	165	86	(104)	(183)	673
Currency translation of foreign operations	8 066	462	1 309	1 190	(6 476)	9 612
Currency translation reserve reclassified to the income statement	0	0	(2)	(1 306)	(43)
Hedging of net investments	(7 010)	(459)	(1 060)	(687)	5 795	(8 497)
Hedging reserve reclassified to the income statement	0		1	1 224
Financial assets at fair value through OCI	(240)	59
Investments according to the equity method				160	(25)	889
Investments according to the equity method reclassified to the income statement					(855)
Tax	1 812	(208)	265	172	(1 449)	2 294
Tax reclassified to the income statement				(338)
Items that may subsequently be reclassified to the income statement	2 629	(147)	512	414	(3 052)	4 298
Other comprehensive income for the period	2 574	19	599	311	(3 236)	4 972
Comprehensive income for the period	11 594	25 740	24 881	22 113	16 015	29 744

1.1.6 Balance sheet - quarterly figures

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Assets
Cash and deposits with central banks	337 282	415 565	304 746	398 587	395 080	353 045	155 592	312 366	381 327
Due from credit institutions	117 469	170 649	102 961	106 065	133 207	99 260	130 146	123 979	190 592
Loans to customers	1 703 905	1 743 981	1 667 189	1 672 520	1 643 244	1 623 428	1 597 758	1 564 318	1 561 572
Commercial paper and bonds at fair value	473 046	421 579	376 323	365 650	342 098	388 515	409 328	393 535	381 949
Shareholdings	21 652	23 465	36 247	33 506	35 814	38 132	39 802	42 030	36 383
Financial assets, customers bearing the risk	95 194	84 791	98 943	92 857	89 715	85 192	77 241	82 380	78 277
Financial derivatives	200 477	237 176	125 076	139 580	117 339	109 086	124 755	105 229	116 979
Investment property	17 720	18 136	17 403	17 090	16 717	16 591	16 715	16 168	16 318
Investments accounted for by the equity method	18 307	18 799	16 559	16 532	20 973	21 067	16 362	15 831	15 876
Intangible assets	5 362	5 450	5 454	5 384	5 365	5 396	5 455	5 589	5 572
Deferred tax assets	1 180	1 212	1 224	889	880	1 038	996	1 166	1 162
Fixed assets	20 127	20 129	19 098	19 112	18 338	15 121	9 240	8 801	8 643
Assets held for sale	1 315	1 239	1 274	1 209	1 180	1 138	5 044	1 343	1 293
Other assets	40 938	35 196	20 798	45 642	58 673	58 706	46 469	58 129	60 608
Total assets	3 053 973	3 197 365	2 793 294	2 914 624	2 878 624	2 815 716	2 634 903	2 730 865	2 856 551
Liabilities and equity
Due to credit institutions	304 612	364 570	202 782	233 641	230 197	234 446	188 063	252 032	301 895
Deposits from customers	1 104 224	1 082 143	969 557	976 207	991 766	967 705	927 092	984 518	1 029 812
Financial derivatives	174 331	201 831	115 682	123 465	103 649	98 652	110 116	94 969	105 850
Debt securities issued	828 710	923 028	870 170	938 026	912 239	877 858	801 918	781 201	798 094
Insurance liabilities, customers bearing the risk	95 194	84 791	98 943	92 857	89 715	85 192	77 241	82 380	78 277
Liabilities to life insurance policyholders	199 073	197 747	206 876	206 673	206 918	206 848	204 280	207 527	207 685
Non-life insurance liabilities								2 250	2 352
Payable taxes	9 994	8 001	10 710	4 982	4 243	3 226	2 461	7 844	6 365
Deferred taxes	50	51	48	4 368	4 359	4 402	4 216	2 802	2 686
Other liabilities	56 885	53 595	39 125	66 118	75 162	71 614	55 424	64 493	69 617
Liabilities held for sale	385	223	423	258	237	224	3 037	268	231
Provisions	2 832	3 396	1 726	2 537	2 344	2 381	2 536	2 316	2 617
Pension commitments	4 206	4 009	3 903	3 939	3 794	3 614	3 472	3 592	3 489
Subordinated loan capital	33 878	35 749	31 095	31 415	30 504	30 347	31 082	29 267	36 781
Total liabilities	2 814 375	2 959 133	2 551 038	2 684 485	2 655 128	2 586 509	2 410 937	2 515 460	2 645 754
Additional Tier 1 capital	18 376	18 174	26 729	18 715	18 493	15 595	16 194	15 969	15 782
Non-controlling interests	43	50	45	46	47
Share capital	15 504	15 605	15 706	15 803	15 803	15 885	15 944	15 944	16 003
Share premium	22 609	22 609	22 609	22 609	22 609	22 609	22 609	22 609	22 609
Other equity	183 067	181 795	177 167	172 965	166 544	175 118	169 220	160 883	156 403
Total equity	239 599	238 233	242 255	230 139	223 496	229 207	223 966	215 405	210 797
Total liabilities and equity	3 053 973	3 197 365	2 793 294	2 914 624	2 878 624	2 815 716	2 634 903	2 730 865	2 856 551
Exchange rates at the end of the period:

EUR/NOK	10.88	11.55	9.87	9.90	9.72	9.68	9.94	9.46	9.52
USD/NOK	9.71	10.55	8.79	9.08	8.54	8.62	8.68	8.17	8.18

1.1.7 Balance sheet - five years

2019 2018 2017 2016 2015 Amounts in NOK million Assets Cash and deposits with central banks 304 746 155 592 151 595 208 263 19 317 Due from credit institutions 102 961 130 146 239 328 176 442 301 216 Loans to customers 1 667 189 1 597 758 1 545 415 1 509 078 1 542 744 Commercial paper and bonds 376 323 409 328 422 607 390 649 394 919 Shareholdings 36 247 39 802 28 220 22 512 19 341 Financial assets, customers bearing the risk 98 943 77 241 75 206 60 220 49 679 Financial derivatives 125 076 124 755 132 349 157 940 203 029 Investment properties 17 403 16 715 16 306 15 912 16 734 Investments accounted for by the equity method 16 559 16 362 15 609 7 768 9 525
Intangible assets 5 454 5 455 5 600 5 814 6 076
Deferred tax assets 1 224 996 769 1 404 1 151
Fixed assets 19 098 9 240 8 704 7 949 8 860
Assets held for sale 1 274 5 044 52 541 200
Other assets 20 798 46 469 56 559 36 709 25 739
Total assets 2 793 294 2 634 903 2 698 268 2 653 201 2 598 530
Liabilities and equity
Due to credit institutions 202 782 188 063 224 107 212 882 161 537
Deposits from customers 969 557 927 092 971 137 934 897 944 428
Financial derivatives 115 682 110 116 110 262 130 161 154 663
Debt securities issued 870 170 801 918 780 247 765 869 804 928
Insurance liabilities, customers bearing the risk 98 943 77 241 75 206 60 220 49 679
Liabilities to life insurance policyholders 206 876 204 280 208 500 208 160 208 726
Non-life insurance liabilities 2 043 1 892 1 846
Payable taxes 10 710 2 461 4 599 8 874 2 093
Deferred taxes 48 4 216 2 574 3 816 7 672
Other liabilities 39 125 55 424 68 078 44 568 37 675
Liabilities held for sale 423 3 037 41 243 71
Provisions 1 726 2 536 1 812 2 094 1 285
Pension commitments 3 903 3 472 3 267 2 756 2 549
Subordinated loan capital 31 095 31 082 29 538 29 347 30 953
Total liabilities 2 551 038 2 410 937 2 481 371 2 446 779 2 408 105
Additional Tier 1 capital 26 729 16 194 16 159 15 952 8 353
Non-controlling interests 45
Share capital 15 706 15 944 16 180 16 286 16 257
Share premium 22 609 22 609 22 609 22 609 22 609
Other equity 177 167 169 220 161 948 151 576 143 207
Total equity 242 255 223 966 216 897 206 423 190 425
Total liabilities and equity 2 793 294 2 634 903 2 698 268 2 653 201 2 598 530

Exchange rates at the end of the period:
EUR/NOK	9.87	9.94	9.83	9.08	9.60
USD/NOK	8.79	8.68	8.20	8.61	8.80

1.1.8 Key figures - quarterly figures

		2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
	Interest rate analysis
1	Combined weighted total average spread for lending and deposits (%)	1.25	1.38	1.34	1.32	1.32	1.32	1.31	1.30	1.27
2	Average spread for ordinary lending to customers (%)	2.14	1.94	1.80	1.80	1.85	1.90	1.92	1.95	1.89
3	Average spread for deposits from customers (%)	(0.07)	0.49	0.62	0.55	0.46	0.39	0.36	0.29	0.32
4	Net interest margin (%)	1.42	1.62	1.61	1.58	1.55	1.54	1.57	1.49	1.52
	Rate of return/profitability
5	Cost/income ratio (%)	40.4	35.3	46.3	38.8	41.9	42.0	45.8	42.7	43.1
6	Return on equity, annualised (%)	8.7	6.5	10.4	10.9	11.3	14.1	12.9	10.9	11.8
7	RAROC, annualised (%)	10.5	6.5	10.0	10.0	9.5	10.1	9.1	9.2	10.0
8	Average equity including allocated dividend (NOK million)	220 074	220 036	214 237	208 786	209 115	210 499	203 362	197 499	198 591
	Financial strength at end of period
9	Common Equity Tier 1 capital ratio (%) 1)	18.2	17.7	18.6	18.3	17.3	17.1	17.2	17.1	16.9
10	Tier 1 capital ratio (%) 1)	19.6	19.1	20.8	19.9	18.9	18.4	18.5	18.6	18.4
11	Capital ratio (%) 1)	21.8	21.4	22.9	22.1	21.0	20.6	20.8	20.7	21.1
	Loan portfolio and impairment
12	Net loans at amortised cost and financial commitments in	12.49	12.24	6.88	6.97	6.19	6.78	7.14	6.77	6.27
	stage 2, per cent of net loans at amortised cost 2)
13	Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost 2)	1.83	1.61	1.13	1.34	1.31	1.38	1.51	1.71	1.76
14	Impairment relative to average net loans to customers at
	amortised cost, annualised (per cent) 2)	(0.51)	(1.41)	(0.04)	(0.31)	(0.11)	(0.08)	(0.06)	(0.00)	0.01
Liquidity
15	Ratio of customer deposits to net loans to customers at end of
	period (%)	64.8	62.1	58.2	58.4	60.4	59.6	58.0	62.9	65.9
	Total assets owned or managed by DNB
16	Customer assets under management at end of period (NOK	685	630	689	660	644	634	597	625	613
	billion)
17	Total combined assets at end of period (NOK billion)	3 444	3 545	3 177	3 275	3 226	3 157	2 951	3 064	3 181
18	Average total assets (NOK billion)	3 231	3 075	2 907	2 889	2 859	2 874	2 710	2 780	2 762
Staff
19	Number of full-time positions at end of period	8 914	8 863	9 020	8 931	8 962	8 990	9 196	9 172	9 100
	The DNB share
20	Number of issued shares at end of period (1 000) 3)	1 550 365	1 580 301	1 580 301	1 580 301	1 580 301	1 604 367	1 604 367	1 604 367	1 604 367
21	Number of outstanding shares at end of period (1 000) 3)	1 550 365	1 560 543	1 570 586	1 580 301	1 580 301	1 588 484	1 594 352	1 594 352	1 600 254
22	Average number of outstanding shares (1 000) 3)	1 555 454	1 565 565	1 574 621	1 580 301	1 585 756	1 591 317	1 594 352	1 595 550	1 602 996
23	Earnings per share (NOK)	3.06	2.28	3.57	3.64	3.71	4.61	4.14	3.41	3.65
24	Earnings per share excl. operations held for sale (NOK)	3.07	2.32	3.53	3.66	3.73	4.64	4.23	3.44	3.66
25	Dividend per share (NOK)	-	-	-	-	-	-	-	-	-
26	Total shareholder's return (%)	8.9	(28.8)	8.0	6.5	5.4	14.9	(15.4)	12.8	9.9
27	Dividend yield (%)	-	-	-	-	-	-	-	-	-
28	Book value per share incl. allocated dividend at end of period (NOK)	142.66	140.98	137.20	133.76	129.69	134.48	130.32	125.09	121.86
29	Share price at end of period (NOK)	127.10	116.75	164.00	160.25	158.70	158.80	138.15	171.25	159.30
30	Price/earnings ratio	10.37	12.80	11.49	11.00	10.68	8.61	8.34	12.56	10.91
31	Price/book value	0.89	0.83	1.20	1.20	1.22	1.18	1.06	1.37	1.31
32	Market capitalisation (NOK billion)	197.1	182.2	257.6	253.2	250.8	252.3	220.3	273.0	254.9

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) Reference is made to table 1.7.10 for information on share buy-back programmes.

For definitions of selected key figures, see table 1.1.10.

1.1.9 Key figures - five years

		YTD 2020	2019	2018	2017	2016	2015
	Interest rate analysis
1	Combined weighted total average spread for lending and
	deposits (%)	1.32	1.33	1.30	1.30	1.32	1.33
2	Average spread for ordinary lending to customers (%)	2.04	1.84	1.94	2.07	2.04	2.17
3	Average spread for deposits from customers (%)	0.20	0.51	0.29	0.17	0.21	0.01
4	Net interest margin (%)	1.52	1.57	1.53	1.44	1.40	1.46
	Rate of return/profitability
5	Cost/income ratio (%)	37.7	42.2	43.8	44.2	40.9	36.9
6	Return on equity, annualised (%)	7.6	11.7	11.7	10.8	10.1	14.5
7	RAROC, annualised (%)	8.2	9.9	9.5	10.0	11.1	11.2
8	Average equity including allocated dividend (NOK million)	220 055	210 653	200 004	193 686	184 056	168 674
	Financial strength at end of period
9	Common Equity Tier 1 capital ratio (%) 1)	18.2	18.6	17.2	16.7	17.6	16.0
10	Tier 1 capital ratio (%) 1)	19.6	20.8	18.5	18.2	19.4	17.0
11	Capital ratio (%) 1)	21.8	22.9	20.8	20.3	21.4	19.8
	Loan portfolio and impairment
12	Net loans at amortised cost and financial commitments in
	stage 2, per cent of net loans at amortised cost 2)	12.49	6.88	7.14
13	Net loans at amortised cost and financial commitments in
14	stage 3, per cent of net loans at amortised cost 2) Impairment relative to average net loans to customers at	1.83	1.13	1.51	1.12	1.70	0.91
	amortised cost, annualised (per cent) 2)	(0.96)	(0.04)	(0.06)	(0.15)	(0.48)	(0.15)
Liquidity
15	Ratio of customer deposits to net loans to customers at end of
	period (%)	64.8	58.2	58.0	62.8	62.0	61.2
	Total assets owned or managed by DNB
16	Customer assets under management at end of period (NOK
	billion)	685	689	597	614	548	562
17	Total combined assets at end of period (NOK billion)	3 444	3 177	2 951	3 026	2 931	2 901
18	Average total assets (NOK billion)	3 231	2 907	2 772	2 857	2 841	2 946
Staff
19	Number of full-time positions at end of period	8 914	9 020	9 196	9 144	11 007	11 380
	The DNB share
20	Number of issued shares at end of period (1 000) 3)	1 550 365	1 580 301	1 604 367	1 628 799	1 628 799	1 628 799
21	Number of outstanding shares at end of period (1 000) 3)	1 550 365	1 570 586	1 594 352	1 618 049	1 628 578	1 625 658
22	Average number of outstanding shares (1 000) 3)	1 560 476	1 582 999	1 601 841	1 625 258	1 627 735	1 627 744
23	Earnings per share (NOK)	5.34	15.54	14.56	12.84	11.46	14.99
24	Earnings per share excl. operations held for sale (NOK)	5.39	15.57	14.69	12.84	11.46	15.02
25	Dividend per share (NOK)		9.00	8.25	7.10	5.70	4.50
26	Total shareholder's return (%)	(22.5)	25.2	(4.7)	23.5	22.2	1.9
27	Dividend yield (%)	-	5.49	5.97	4.67	4.44	4.10
28	Book value per share incl. allocated dividend at end of period
	(NOK)	142.66	137.20	130.32	124.06	116.95	112.00
29	Share price at end of period (NOK)	127.10	164.00	138.15	152.10	128.40	109.80
30	Price/earnings ratio	11.79	10.53	9.41	11.85	11.20	7.33
31	Price/book value	0.89	1.20	1.06	1.23	1.10	0.98
32	Market capitalisation (NOK billion)	197.1	257.6	220.3	246.1	209.1	178.5

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) Reference is made to table 1.7.10 for information on share buy-back programmes.

For definitions of selected key figures, see table 1.1.10.

1.1.10 Key figures - definitions

1, 2, 3	Based on customer segments and nominal values and excluding impaired loans. Measured against the 3-month money market rate.
4	Based on net interest income relative to net loans to customers and deposits from customers
5	Total operating expenses relative to total income.
6	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.
7	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.
12	Net loans at amortised cost and financial commitments in stage 2 divided by net loans to customers at amortised costs.
13	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.
14	Impairment relative to average net loans to customers at amortised cost, annualised (per cent).
16	Total assets under management for external clients in DNB Asset Management, DNB Livsforsikring and DNB Forsikring (until 31 December 2018).
17	Total assets and customer assets under management.
20	Number of issued shares. For information about the share buy-back programme, refer to table 1.7.10
21	Number of issued shares excluding DNB shares owned for trading purpose and as part of buy-back programmes. For more information, refer to table 1.7.10
23	The shareholders' share of profits relative to the average number of outstanding shares.
24	The shareholders' share of profits excluding profits from operations held for sale relative to the average number of outstanding shares.
26	Closing price at end of period less closing price at beginning of period, including dividends reinvested in DNB shares on the dividend payment date, relative to closing price at beginning of period.
28	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.
30	Closing price at end of period relative to annualised earnings per share.
31	Share price at end of period relative to book value per share.
32	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	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income from loans to customers 1)	8 585	7 763	7 247	7 112	7 201	7 153	7 202	7 272	6 789
Personal customers	3 565	3 011	2 569	2 615	2 747	2 855	2 987	3 036	2 871
Corporate customers	4 889	4 576	4 481	4 369	4 288	4 172	4 142	4 181	3 868
Other	131	176	197	128	166	127	73	54	50
Net interest income on deposits from customers	(186)	1 200	1 530	1 304	1 073	905	852	703	765
Personal customers	(252)	733	944	808	638	514	465	354	403
Corporate customers	71	482	576	513	430	385	372	337	348
Other	(5)	(16)	10	(17)	5	6	15	11	13
Equity and non-interest bearing items	235	844	919	771	644	560	523	448	482
Personal customers 2)	115	201	225	191	166	145	132	79	71
Corporate customers 2)	252	381	437	376	321	276	253	156	142
Other	(132)	262	256	204	157	140	139	213	269
Other	817	589	651	798	663	671	1 033	730	1 016
Total net interest income	9 451	10 395	10 347	9 984	9 581	9 289	9 611	9 152	9 052

1.2.2 Average volumes - split by segments

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Loans to customers 3)			1 692 368 1 682 537 1 661 790 1 635 193 1 619 010 1 594 542 1 562 046 1 551 548 1 513 557
Personal customers	793 211	792 882	791 327	784 832	778 193	770 771	767 482	761 467	751 582
Corporate customers	798 250	777 301	763 110	751 079	745 571	729 655	709 006	705 504	681 919
Other	100 907	112 355	107 353	99 283	95 246	94 116	85 558	84 576	80 056
Deposits from customers 3)		1 127 999 1 036 106 1 005 512		976 381	957 548	966 073		950 778 1 000 007	971 413
Personal customers	451 875	434 849	428 280	432 812	417 703	412 882	407 741	416 265	405 145
Corporate customers	613 160	558 847	545 689	523 131	522 959	513 980	519 274	531 531	531 079
Other	62 965	42 410	31 544	20 438	16 887	39 211	23 763	52 211	35 190
Equity and non-interest bearing items	195 118	201 875	195 037	185 853	183 806	184 033	181 241	175 423	176 432
Personal customers 2)	49 234	48 692	48 051	47 774	48 433	47 664	47 036	46 330	47 392
Corporate customers	107 286	97 607	98 818	97 921	97 834	95 360	92 476	93 791	96 429
Other	38 599	55 577	48 168	40 157	37 540	41 009	41 729	35 301	32 611

1.2.3 Interest rate spreads - split by segments 4)

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Total lending - customer segments	2.14	1.94	1.80	1.80	1.85	1.90	1.92	1.95	1.89
Personal customers	1.81	1.53	1.29	1.32	1.42	1.50	1.54	1.58	1.53
Corporate customers	2.46	2.37	2.33	2.31	2.31	2.32	2.32	2.35	2.28
Total deposits - customer segments	(0.07)	0.49	0.62	0.55	0.46	0.39	0.36	0.29	0.32
Personal customers	(0.22)	0.68	0.87	0.74	0.61	0.50	0.45	0.34	0.40
Corporate customers	0.05	0.35	0.42	0.39	0.33	0.30	0.28	0.25	0.26
Combined spread - customer segments - weighted total
average	1.25	1.38	1.34	1.32	1.32	1.32	1.31	1.30	1.27
Net interest margin	1.42	1.62	1.61	1.58	1.55	1.54	1.57	1.49	1.52

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

Customer segments

Per cent

1.2.5 Net interest income

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Interest on amounts due from credit institutions	3	618	696	792	871	1 109	852	1 100	1 011
Interest on loans to customers	11 420	14 146	14 086	13 480	12 803	12 185	12 097	11 357	11 032
Interest on impaired loans and guarantees	307	233	304	298	295	265	351	207	381
Interest on commercial paper and bonds	1 022	1 105	1 047	981	1 092	1 128	1 143	1 069	1 069
Front-end fees etc.	115	74	101	85	84	76	84	67	65
Other interest income	1 151	1 203	1 069	918	784	798	715	701	778
Total interest income	14 019	17 380	17 303	16 555	15 929	15 561	15 242	14 503	14 336
Interest on amounts due to credit institutions	(171)	(863)	(909)	(1 007)	(1 006)	(1 357)	(1 112)	(1 038)	(966)
Interest on deposits from customers	(1 346)	(2 597)	(2 693)	(2 539)	(2 361)	(2 295)	(2 149)	(2 123)	(1 969)
Interest on debt securities issued	(1 350)	(2 093)	(2 333)	(2 752)	(2 651)	(2 436)	(2 107)	(1 893)	(1 799)
Interest on subordinated loan capital	(123)	(86)	(20)	(120)	(116)	(112)	(109)	(131)	(133)
Contributions to the deposit guarantee and resolution funds 1)	(217)	(334)	(391)	(223)	(219)	(274)	(136)	(124)	(140)
Other interest expenses 2)	(1 362)	(1 012)	(609)	70	5	201	(18)	(42)	(277)
Total interest expenses	(4 568)	(6 985)	(6 956)	(6 571)	(6 349)	(6 272)	(5 631)	(5 350)	(5 284)
Net interest income	9 451	10 395	10 347	9 984	9 581	9 289	9 611	9 152	9 052

Full year figures

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Interest on amounts due from credit institutions	621	3 468	3 935	2 713	1 340	1 608
Interest on loans to customers	25 566	52 555	45 112	44 447	44 229	48 728
Interest on impaired loans and guarantees	540	1 162	1 161	1 172	911	619
Interest on commercial paper and bonds	2 128	4 249	4 227	4 200	4 626	4 655
Front-end fees etc.	189	346	284	300	294	337
Other interest income	2 355	3 569	2 942	1 033	1 024	1 584
Total interest income	31 399	65 349	57 660	53 865	52 424	57 532
Interest on amounts due to credit institutions	(1 033)	(4 280)	(3 981)	(2 465)	(1 705)	(1 365)
Interest on deposits from customers	(3 942)	(9 888)	(8 146)	(7 519)	(6 645)	(9 394)
Interest on debt securities issued		(3 443) (10 171)	(7 409)	(6 002)	(6 371)	(6 633)
Interest on subordinated loan capital	(208)	(368)	(484)	(452)	(532)	(569)
Contributions to the deposit guarantee and resolution funds 1)	(551)	(1 106)	(564)	(637)	(768)	(845)
Other interest expenses 2)	(2 374)	(334)	(253)	(1 367)	(2 295)	(3 367)
Total interest expenses					(11 553) (26 147) (20 838) (18 442) (18 314) (22 174)
Net interest income	19 846	39 202	36 822	35 422	34 110	35 358

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	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income	9 451	10 395	10 347	9 984	9 581	9 289	9 611	9 152	9 052
	Changes	Changes	Changes	Changes	Changes	Changes	Changes	Changes
Changes from previous quarters:	from 1Q20	from 4Q19	from 3Q19	from 2Q19	from 1Q19	from 4Q18	from 3Q18	from 2Q18
Lending volumes	9	(1)	24	19	103	95	15	142
Deposit volumes	33	24	11	17	15	2	(17)	7
Lending spreads	740	547	(20)	(186)	(175)	(72)	(135)	233
Deposit spreads	(1 428)	(311)	187	223	144	77	161	(78)
Exchange rate movements	118	89	65	39	3	30	34	32
Interest days		(116)		89	88	(173)		82
Long term funding	(48)	(37)	(31)	(7)	(46)	3	3	(11)
Amortisation effects and fees	67	(47)	24	49	20	(32)	50	(30)
Contributions to the deposit guarantee and resolution funds	117	57	(169)	(4)	55	(137)	(13)	16
Interest income on loans subject to impairment provisions	125	(59)	5	10	33	(95)	149	(197)
Other net interest income	(677)	(97)	268	155	52	(19)	212	(96)
Total	(945)	48	363	404	291	(321)	458	100

1.3.1 Net other operating income

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Money transfer and interbank transactions	293	394	460	464	423	443	501	461	444
Guarantee commissions	233	226	211	193	192	225	201	193	193
Asset management services	353	351	367	322	327	307	428	332	309
Credit broking	56	48	186	61	135	85	249	100	136
Corporate finance	368	187	357	256	324	196	201	47	244
Real estate broking	347	268	281	295	364	265	284	269	346
Custodial services	45	37	39	51	32	35	30	38	42
Securities broking	123	138	101	91	88	100	181	120	209
Sale of insurance products	594	564	585	581	605	533	529	501	511
Other income from banking services	(16)	24	50	10	48	30	54	20	18
Net commissions and fees	2 396	2 237	2 636	2 323	2 538	2 219	2 660	2 082	2 453
Net gains on financial instruments at fair value	1 672	3 228	(447)	1 527	1 351	751	430	616	134
Net financial result, life insurance	84	(355)	35	222	183	256	361	47	103
Net risk result, life insurance	47	109	181	49	103	100	26	167	60
Net financial and risk result, life insurance	131	(246)	216	271	285	356	387	215	162
Net premium income/insurance claims, non-life insurance							189	127	153
Profit from investments accounted for by the equity method	174	(346)	52	96	85	178	(10)	94	267
Net gains on investment properties	(7)	(26)	92	7	(11)	5	(6)	17	9
Other income	306	300	302	335	225	263	243	193	266
Other operating income	473	(72)	447	438	298	446	226	303	542
Net other operating income, total	4 673	5 148	2 852	4 558	4 472	3 772	3 891	3 343	3 445

Full year figures

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Money transfer and interbank transactions	687	1 790	1 861	1 810	1 896	1 893
Guarantee commissions 1)	458	821	809
Asset management services	704	1 323	1 367	1 298	1 162	1 117
Credit broking	104	467	576	440	465	754
Corporate finance	555	1 133	598	684	694	555
Real estate broking	615	1 203	1 143	1 150	1 121	1 201
Custodial services	82	157	146	165	143	162
Securities broking	261	380	625	637	440	363
Sale of insurance products	1 158	2 304	2 042	2 049	2 216	2 482
Other income from banking services	8	138	141	214	142	336
Net commissions and fees	4 634	9 716	9 310	8 448	8 280	8 862
Net gains on financial instruments at fair value	4 900	3 183	1 342	4 548	6 513	8 683
Net financial result, life insurance	(271)	696	574	804	(72)	(1 251)
Net risk result, life insurance	156	433	395	491	736	861
Net financial and risk result, life insurance	(115)	1 129	969	1 295	664	(389)
Net premium income/insurance claims, non-life insurance			622	683	648	534
Profit from investments accounted for by the equity method	(172)	410	314	(112)	1 189	(72)
Net gains on investment properties	(32)	92	62	143	(35)	269
Other income	605	1 126	926	713	795	762
Other operating income	401	1 628	1 302	744	1 948	959
Net other operating income, total	9 821	15 655	13 546	15 718	18 053	18 648

1) With effect from January 2018 g uarantee commissions were reclassified to Net commissions and fees from Net gains on financial instruments at fair value.

1.3.2 Net gains on financial instruments at fair value

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Customer revenues in DNB Markets	558	690	555	561	563	493	452	477	550
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spread effects)	283	(51)	180	36	21	148	150	98	74
Credit spread effects on bonds in DNB Markets	264	(296)	30	(3)	12	139	(170)	(12)	(4)
Financial guarantees
Basis swaps	(19)	1 060	(361)	78	740	(187)	(342)	103	(747)
CVA/DVA/FVA	640	(1 081)	213	(72)	(72)	6	(91)	108	14
Exchange rate effects on additional Tier 1 capital	(1 343)	4 097	(742)	812	(125)	(88)	768	(18)	497
Other mark-to-market adjustments	1 289	(1 190)	(320)	114	215	240	(339)	(140)	(249)
Net gains on financial instruments at fair value	1 672	3 228	(447)	1 527	1 351	751	430	616	134

Full year figures

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Customer revenues in DNB Markets	1 248	2 172	2 004	2 348	2 441	2 331
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spread effects)	232	385	497	1 963	2 563	2 207
Credit spread effects on bonds in DNB Markets	(32)	177	40	375	225	(809)
Financial guarantees 1)			0	907	595	876
Basis swaps	1 041	270	(1 358)	(672)	(542)	2 685
CVA/DVA/FVA	(441)	74	236	270	22	181
Exchange rate effects on additional Tier 1 capital	2 754	(143)	721	(616)	(624)	197
Other mark-to-market adjustments	98	248	(797)	(25)	1 834	1 016
Net gains on financial instruments at fair value	4 900	3 183	1 342	4 548	6 513	8 683

1) With effect from January 2018 g uarantee commissions were reclassified to Net commissions and fees from Net gains on financial instruments at fair value.

1.4.1 Operating expenses

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Salaries	(2 203)	(2 113)	(2 261)	(2 161)	(2 129)	(2 047)	(2 162)	(2 073)	(2 059)
Employer's national insurance contributions	(372)	(387)	(420)	(380)	(371)	(381)	(390)	(370)	(363)
Pension expenses	(509)	(84)	(527)	(290)	(399)	(393)	(219)	(349)	(367)
Restructuring expenses	(12)	(14)	(52)	(6)	(3)	(8)	(62)	(6)	(35)
Other personnel expenses	(156)	(209)	(183)	(201)	(213)	(180)	(215)	(144)	(151)
Total salaries and other personnel expenses	(3 252)	(2 807)	(3 442)	(3 037)	(3 114)	(3 009)	(3 048)	(2 942)	(2 975)
Fees	(128)	(114)	(144)	(133)	(149)	(167)	(225)	(167)	(146)
IT expenses	(933)	(958)	(1 025)	(922)	(1 002)	(937)	(1 115)	(934)	(889)
Postage and telecommunications	(45)	(32)	(38)	(32)	(40)	(41)	(41)	(37)	(47)
Office supplies	(6)	(9)	(6)	(8)	(7)	(8)	(11)	(9)	(11)
Marketing and public relations	(167)	(177)	(193)	(200)	(233)	(196)	(180)	(173)	(224)
Travel expenses	(15)	(38)	(100)	(56)	(66)	(44)	(108)	(48)	(65)
Reimbursement to Norway Post for transactions executed	(61)	(56)	(41)	(41)	(41)	(47)	(45)	(45)	(45)
Training expenses	(5)	(16)	(18)	(13)	(14)	(15)	(23)	(9)	(17)
Operating expenses on properties and premises	(116)	(104)	(38)	(164)	(137)	(91)	(271)	(275)	(276)
Operating expenses on machinery, vehicles and office equipment	(16)	(17)	(19)	(17)	(16)	(18)	(20)	(15)	(20)
Other operating expenses	(159)	(367)	(216)	(170)	(401)	(208)	(151)	(189)	(190)
Total other expenses	(1 651)	(1 887)	(1 837)	(1 757)	(2 106)	(1 771)	(2 189)	(1 901)	(1 931)
Impairment losses for goodwill							(0)
Depreciation and impairment of fixed and intangible assets	(806)	(787)	(835)	(843)	(674)	(706)	(942)	(495)	(478)
Total depreciation and impairment of fixed and intangible assets	(806)	(787)	(835)	(843)	(674)	(706)	(942)	(495)	(478)
Total operating expenses	(5 710)	(5 480)	(6 114)	(5 637)	(5 895)	(5 487)	(6 179)	(5 338)	(5 384)

Full year figures

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Salaries	(4 315)	(8 597)	(8 322)	(8 316)	(8 190)	(8 269)
Employer's national insurance contributions	(759)	(1 551)	(1 504)	(1 546)	(1 301)	(1 220)
Pension expenses	(593)	(1 610)	(1 262)	(1 347)	(1 035)	799
Restructuring expenses	(26)	(69)	(123)	(346)	(720)	(390)
Other personnel expenses	(365)	(776)	(654)	(629)	(658)	(742)
Total salaries and other personnel expenses					(6 058) (12 603) (11 864) (12 184) (11 904)	(9 822)
Fees	(242)	(593)	(660)	(559)	(514)	(506)
IT expenses	(1 891)	(3 886)	(3 775)	(3 593)	(3 245)	(3 483)
Postage and telecommunications	(77)	(151)	(173)	(209)	(238)	(287)
Office supplies	(15)	(30)	(43)	(62)	(76)	(89)
Marketing and public relations	(344)	(821)	(749)	(810)	(815)	(859)
Travel expenses	(52)	(266)	(261)	(284)	(237)	(285)
Reimbursement to Norway Post for transactions executed	(117)	(171)	(179)	(183)	(177)	(149)
Training expenses	(21)	(61)	(66)	(65)	(62)	(75)
Operating expenses on properties and premises	(220)	(429)	(1 096)	(1 174)	(1 191)	(1 114)
Operating expenses on machinery, vehicles and office equipment	(33)	(69)	(71)	(82)	(93)	(101)
Other operating expenses	(527)	(995)	(716)	(857)	(604)	(844)
Total other expenses	(3 538)	(7 472)	(7 789)	(7 878)	(7 251)	(7 790)
Impairment losses for goodwill 1)			(0)	(545)	(5)
Depreciation and impairment of fixed and intangible assets	(1 593)	(3 058)	(2 404)	(1 986)	(2 172)	(2 298)
Total depreciation and impairment of fixed and intangible assets	(1 593)	(3 058)	(2 404)	(2 531)	(2 177)	(2 298)
Total operating expenses					(11 190) (23 133) (22 057) (22 593) (21 333) (19 910)

1) Impairment losses for goodwill of NOK 502 million relating to Cresco were recorded in the fourth quarter of 2017.

1.4.2 Number of employees - full-time positions based on the operational structure of the DNB Group

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Full-time positions	2020	2020	2019	2019	2019	2019	2018	2018	2018
Total ordinary operations *)	8 914	8 863	9 020	8 969	8 961	8 969	9 196	9 172	9 100
*) Of which:
Personal Banking	2 778

Personal Banking	2 778
Corporate Banking	2 281
Technology & Services	1 441
Markets	781
Wealth Management	627
Group Finance	405
People	162
Group Risk Management	129
Payments & Innovation	95
Other entities	215

1.4.3 IT expenses

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
IT operating expenses	(524)	(551)	(592)	(573)	(602)	(627)	(695)	(597)	(550)
Depreciation	(96)	(93)	(100)	(45)	(43)	(45)	(60)	(27)	(27)
Impairment	(0)	(1)	(30)	(116)			(232)
Total IT operating expenses	(620)	(645)	(722)	(734)	(645)	(672)	(986)	(623)	(578)
Systems development expenses	(410)	(408)	(433)	(349)	(400)	(310)	(420)	(337)	(339)
Depreciation	(71)	(75)	(81)	(78)	(76)	(76)	(91)	(75)	(74)
Impairment			(33)				(146)
Total systems development expenses	(481)	(483)	(547)	(427)	(476)	(386)	(657)	(412)	(412)
Total IT expenses 1)	(1 101)	(1 128)	(1 269)	(1 161)	(1 120)	(1 058)	(1 643)	(1 035)	(990)
Capitalised systems development expenses	921	993	1 069	1 032	1 017	1 043	1 081	1 242	1 230

1) The figures do not include salaries and indirect expenses.

1.5.1 Loans and financial commitments to customers by industry segment

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

As at 30 June 2020

		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	109 017	8 174	1 363	118 554	(110)	(24)	(311)		(445) 118 109
Commercial real estate	192 603	21 257	1 242	215 101	(122)	(95)	(372)		(590) 214 511
Shipping	46 400	11 182	1 096	58 678	(74)	(274)	(342)	(691)	57 987
Oil, gas and offshore	67 360	33 078	27 508	127 946	(169)	(997)		(9 103) (10 269) 117 677
Power and renewables	62 153	3 765	160	66 078	(75)	(54)	(27)	(155)	65 923
Healthcare	46 207	298		46 505	(33)	(2)		(35)	46 470
Public sector	25 871	24	0	25 896	(9)	(0)	(0)	(10)	25 886
Fishing, fish farming and farming	56 782	7 616	449	64 847	(80)	(65)	(142)	(287)	64 559
Retail industries	55 905	15 086	2 462	73 453	(65)	(97)	(416)	(578)	72 875
Manufacturing	84 891	14 912	770	100 573	(105)	(142)	(235)		(481) 100 092
Technology, media and telecom	44 552	1 723	55	46 330	(67)	(21)	(30)	(119)	46 212
Services	89 626	17 244	2 183	109 053	(135)	(164)	(694)		(993) 108 060
Residential property	117 331	11 141	532	129 003	(44)	(28)	(143)		(214) 128 789
Personal customers	1 036 647	34 733	3 549	1 074 928	(345)	(514)	(680)		(1 539) 1 073 390
Other corporate customers	68 684	28 324	2 442	99 449	(98)	(418)	(1 233)	(1 748)	97 701
Total	2 104 030	208 556	43 808	2 356 394	(1 530)	(2 894)	(13 728)		(18 152) 2 338 242

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

	Maximum exposure					Accumulated impairment
	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2020	2020	2019	2019	2020	2020	2019	2019
Bank, insurance and portfolio management	109 017	127 981	120 711	128 808	(110)	(50)	(13)	(15)
Commercial real estate	192 603	186 027	206 385	200 542	(122)	(142)	(13)	(14)
Shipping	46 400	51 352	50 468	49 571	(74)	(89)	(58)	(66)
Oil, gas and offshore	67 360	79 969	84 651	85 291	(169)	(145)	(92)	(119)
Power and renewables	62 153	63 334	57 562	60 473	(75)	(37)	(13)	(11)
Healthcare	46 207	52 709	49 809	50 966	(33)	(75)	(15)	(12)
Public sector	25 871	25 518	25 022	25 107	(9)	(7)	(7)	(5)
Fishing, fish farming and farming	56 782	63 707	57 210	54 292	(80)	(34)	(8)	(10)
Retail industries	55 905	54 884	62 535	61 977	(65)	(45)	(15)	(19)
Manufacturing	84 891	85 051	82 929	87 038	(105)	(75)	(31)	(36)
Technology, media and telecom	44 552	47 525	39 977	43 712	(67)	(101)	(30)	(31)
Services	89 626	88 036	89 921	85 250	(135)	(98)	(36)	(39)
Residential property	117 331	112 114	119 822	120 774	(44)	(56)	(8)	(8)
Personal customers	1 036 647	1 001 385	981 739	993 153	(345)	(283)	(86)	(87)
Other corporate customers	68 684	86 454	96 461	96 230	(98)	(81)	(27)	(24)
Total	2 104 030	2 126 045	2 125 203	2 143 183	(1 530)	(1 319)	(452)	(495)

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

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

		Maximum exposure			Accumulated impairment
	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2020	2020	2019	2019	2020	2020	2019	2019
Bank, insurance and portfolio management	8 174	3 827	2 004	2 431	(24)	(19)	(8)	(11)
Commercial real estate	21 257	22 440	3 949	4 456	(95)	(97)	(38)	(56)
Shipping	11 182	12 637	6 606	9 110	(274)	(222)	(125)	(205)
Oil, gas and offshore	33 078	34 793	23 702	24 156	(997)	(2 006)	(839)	(1 046)
Power and renewables	3 765	2 308	1 674	1 716	(54)	(28)	(22)	(25)
Healthcare	298	1 380	279	310	(2)	(8)	(3)	(4)
Public sector	24	26	16	16	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	7 616	3 015	1 340	1 372	(65)	(41)	(29)	(34)
Retail industries	15 086	14 223	6 591	6 623	(97)	(129)	(50)	(59)
Manufacturing	14 912	12 941	9 152	8 880	(142)	(160)	(67)	(69)
Technology, media and telecom	1 723	1 949	663	1 340	(21)	(27)	(10)	(20)
Services	17 244	13 554	5 951	5 312	(164)	(186)	(54)	(88)
Residential property	11 141	17 354	2 891	3 025	(28)	(55)	(14)	(18)
Personal customers	34 733	45 512	38 966	38 657	(514)	(591)	(374)	(395)
Other corporate customers	28 324	24 204	8 358	6 978	(418)	(320)	(76)	(91)
Total	208 556	210 162	112 141	114 381	(2 894)	(3 889)	(1 709)	(2 122)

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

		Maximum exposure			Accumulated impairment
	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2020	2020	2019	2019	2020	2020	2019	2019
Bank, insurance and portfolio management	1 363	1 584	59	65	(311)	(382)	(23)	(11)
Commercial real estate	1 242	1 222	1 304	792	(372)	(371)	(388)	(309)
Shipping	1 096	1 220	1 292	2 366	(342)	(290)	(285)	(438)
Oil, gas and offshore	27 508	21 325	13 608	14 924	(9 103)	(6 899)	(4 652)	(4 332)
Power and renewables	160	444	420	417	(27)	(44)	(46)	(55)
Healthcare				32
Public sector	0	0	0	0	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	449	460	484	342	(142)	(155)	(149)	(110)
Retail industries	2 462	3 197	1 854	2 178	(416)	(596)	(492)	(705)
Manufacturing	770	835	457	1 533	(235)	(285)	(207)	(338)
Technology, media and telecom	55	46	38	102	(30)	(31)	(25)	(34)
Services	2 183	2 423	1 730	1 875	(694)	(772)	(868)	(1 083)
Residential property	532	424	418	369	(143)	(101)	(124)	(110)
Personal customers	3 549	3 414	3 513	3 612	(680)	(689)	(642)	(646)
Other corporate customers	2 442	2 494	2 474	2 497	(1 233)	(1 273)	(1 548)	(1 356)
Total	43 808	39 087	27 651	31 104	(13 728)	(11 887)	(9 448)	(9 527)

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	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Maximum exposure at beginning of period	2 375 294	2 264 994	2 288 668	2 276 231	2 254 778	2 206 097	2 180 384	2 186 446	2 159 204
Originated and purchased	203 223	227 509	182 377	230 609	236 991	227 371	194 824	170 845	217 536
Derecognition			(200 815) (169 489) (208 433) (228 568) (210 910) (172 218) (188 981) (165 119) (189 503)
Exchange rate movements	(21 308)	52 279	2 382	10 458	(4 628)	(6 725)	19 861	(10 214)	(2 176)
Other				(63)	(1)	252	7	(1 573)	1 385
Maximum exposure at end of period	2 356 394	2 375 294	2 264 994	2 288 668	2 276 231	2 254 778	2 206 097	2 180 384	2 186 446

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Maximum exposure at beginning of period	2 126 045	2 125 203	2 143 183	2 147 148	2 116 461	2 062 316	2 041 720	2 054 286	2 023 850
Transfer into Stage 1	46 598	15 022	19 006	20 579	26 611	22 114	20 106	18 387	12 902
Transfer to Stage 2		(71 550) (118 658)	(25 859)				(40 484) (26 383) (24 340) (34 365) (28 718)		(14 739)
Transfer to Stage 3	(1 321)	(3 705)	(2 280)	(337)	(1 902)	(491)	(1 001)	(2 565)	(996)
Originated and purchased	201 380	217 576	181 515	227 092	236 670	225 851	189 154	168 076	210 773
Derecognition			(179 112) (156 198) (192 638) (220 234) (200 047) (162 821) (171 484) (156 713) (176 577)
Exchange rate movements	(18 010)	46 805	2 277	9 482	(4 261)	(6 421)	18 180	(9 460)	(1 992)
Other				(63)	(1)	252	7	(1 573)	1 065
Maximum exposure at end of period	2 104 030	2 126 045	2 125 203	2 143 183	2 147 148	2 116 461	2 062 316	2 041 720	2 054 286

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Maximum exposure at beginning of period	210 162	112 141	114 381	99 794	107 944	111 783	103 979	96 506	102 962
Transfer to Stage 1	(46 191)	(14 311)	(18 633)				(20 408) (26 485) (21 695) (19 333) (18 150)		(12 508)
Transfer into Stage 2	73 150	119 233	27 889	41 134	27 813	25 425	34 925	29 373	16 297
Transfer to Stage 3	(9 710)	(8 842)	(1 279)	(2 513)	(1 515)	(1 059)	(3 771)	(668)	(4 715)
Originated and purchased	1 843	9 933	862	3 517	321	1 275	3 138	1 873	3 900
Derecognition	(17 936)	(12 689)	(11 117)	(7 959)	(8 006)	(7 536)	(8 475)	(4 430)	(9 545)
Exchange rate movements	(2 761)	4 696	37	816	(279)	(249)	1 319	(524)	(135)
Other									250
Maximum exposure at end of period	208 556	210 162	112 141	114 381	99 794	107 944	111 783	103 979	96 506

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Maximum exposure at beginning of period	39 087	27 651	31 104	29 289	30 373	31 998	34 686	35 655	32 393
Transfer to Stage 1	(407)	(712)	(373)	(171)	(126)	(419)	(774)	(237)	(394)
Transfer to Stage 2	(1 600)	(575)	(2 030)	(650)	(1 430)	(1 085)	(559)	(655)	(1 558)
Transfer into Stage 3	11 032	12 547	3 559	2 850	3 417	1 550	4 772	3 233	5 711
Originated and purchased	1	(0)	0		(0)	245	2 533	897	2 864
Derecognition	(3 767)	(603)	(4 677)	(375)	(2 857)	(1 861)	(9 022)	(3 977)	(3 383)
Exchange rate movements	(537)	778	68	161	(88)	(55)	362	(230)	(49)
Other									70
Maximum exposure at end of period	43 808	39 087	27 651	31 104	29 289	30 373	31 998	34 686	35 655

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Accumulated impairment at beginning of period	(17 094)	(11 609)	(12 144)				(10 903) (11 442) (11 617) (11 823) (12 282)		(13 936)
Originated and purchased	(324)	(282)	(155)	(77)	(155)	(99)	(191)	(146)	(392)
Increased expected credit loss 1)	(5 374)	(7 428)	(2 482)	(3 030)	(1 721)	(2 197)	(1 980)	(2 235)	(1 573)
Decreased (reversed) expected credit loss 1)	3 688	1 482	2 269	1 567	1 497	2 092	1 788	2 303	2 011
Write-offs	135	1 033	656	194	775	214	640	324	1 476
Derecognition (including repayments)	544	141	283	188	115	138	140	95	111
Exchange rate movements	275	(430)	(36)	(81)	25	28	(190)	118	20
Other		0	0	(2)	4	0			(0)
Accumulated impairment at end of period	(18 152)	(17 094)	(11 609)	(12 144)	(10 903)	(11 442)	(11 617)	(11 823)	(12 282)

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Accumulated impairment at beginning of period	(1 319)	(452)	(495)	(496)	(580)	(501)	(490)	(502)	(505)
Changes due to significant change in credit risk	(166)	(42)	(81)	(166)	(102)	(81)	(105)	(56)	(142)
Originated and purchased	(268)	(151)	(50)	(48)	(140)	(91)	(82)	(96)	(75)
Increased expected credit loss 1)	(381)	(783)	(64)	(107)	(39)	(84)	(64)	(58)	(34)
Decreased (reversed) expected credit loss 1)	536	137	230	303	358	170	247	189	242
Write-offs						0	0		(0)
Derecognition (including repayments)	39	17	10	23	6	3	6	26	11
Exchange rate movements	29	(46)	(2)	(5)	2	4	(12)	6	1
Other			0	1		(0)
Accumulated impairment at end of period	(1 530)	(1 319)	(452)	(495)	(496)	(580)	(501)	(490)	(502)

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Accumulated impairment at beginning of period	(3 889)	(1 709)	(2 122)	(1 915)	(2 056)	(2 226)	(2 311)	(2 498)	(3 768)
Changes due to significant change in credit risk	446	124	(69)	146	82	81	219	34	817
Originated and purchased	(56)	(131)	(106)	(29)	(16)	(9)	(109)	(49)	(317)
Increased expected credit loss 1)	(988)	(2 288)	(363)	(702)	(465)	(344)	(348)	(387)	(244)
Decreased (reversed) expected credit loss 1)	976	198	690	255	455	300	256	501	913
Write-offs						0	1		(0)
Derecognition (including repayments)	468	114	253	160	75	135	131	66	100
Exchange rate movements	149	(196)	9	(39)	9	7	(65)	23	1
Other		0				1
Accumulated impairment at end of period	(2 894)	(3 889)	(1 709)	(2 122)	(1 915)	(2 056)	(2 226)	(2 311)	(2 498)

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Accumulated impairment at beginning of period	(11 887)	(9 448)	(9 527)	(8 492)	(8 806)	(8 891)	(9 023)	(9 282)	(9 663)
Changes due to significant change in credit risk	(280)	(82)	150	19	19	0	(114)	21	(675)
Originated and purchased							0	(1)
Increased expected credit loss	(4 004)	(4 357)	(2 054)	(2 221)	(1 217)	(1 769)	(1 568)	(1 790)	(1 294)
Decreased (reversed) expected credit loss	2 175	1 146	1 349	1 009	684	1 623	1 285	1 613	856
Write-offs	135	1 033	656	194	775	214	639	324	1 459
Derecognition (including repayments)	36	10	20	5	33	0	3	3	17
Exchange rate movements	96	(188)	(42)	(37)	14	16	(113)	89	18
Other			0	(3)	4	0			(0)
Accumulated impairment at end of period	(13 728)	(11 887)	(9 448)	(9 527)	(8 492)	(8 806)	(8 891)	(9 023)	(9 282)

1) DNB performed a recalibration of the IFRS 9 models used for stage 1 and stage 2 loans and financial commitments in the second quarter of 2019. The net effect of the recalibration was a decrease in expected credit loss of NOK 6 million. As the recalibration resulted in both increases and decreases on a financial instrument level, the effect is included in 'Increased expected credit loss' and 'Decreased (reversed) expected credit loss'.

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

Net loans at amortised cost (stage 3)

Net financial commitmens (stage 3)

Net loans at amortised cost and financial commitments (stage 3) as a percentage of net loans at amortised cost

Net loans at amortised cost and financial commitments (stage 3) as a percentage of net loans at amortised cost and financial commitments

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

1.5.5 Impairment of financial instruments

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Personal customers	(43)	(522)	(81)	(97)	(68)	(108)	(56)	(76)	(94)
Commercial real estate	15	(143)	(70)	6	(21)	(39)	41	20	10
Shipping	(136)	(211)	171	(102)	5	32	147	(261)	75
Oil, gas and offshore	(1 863)	(2 605)	(360)	78	54	(46)	(198)	500	157
Other industry segments	(93)	(2 289)	163	(1 132)	(420)	(154)	(168)	(193)	(95)
Total	(2 120)	(5 771)	(178)	(1 247)	(450)	(316)	(235)	(11)	54

1.6.1 DNB Group

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. Exposures at default are based on full implementation of IRB.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Commercial real estate 1)	195.8	193.7	191.1	188.0	184.7	180.1	176.5	173.9	186.6
Shipping 1)	60.5	67.0	58.7	62.6	68.7	66.6	70.6	71.5	72.8
Oil, gas and offshore 1)	99.7	108.7	95.9	100.4	99.2	105.3	101.9	100.2	103.8
Power and renewables	50.8	50.4	46.2	50.5	47.5	46.3	48.2	41.8	39.0
Healthcare	38.2	46.0	39.2	42.6	36.2	37.7	37.8	33.5	35.6
Public sector	14.5	12.6	12.7	12.2	11.5	11.3	10.6	11.7	10.6
Fishing, fish farming and farming	56.3	59.8	49.2	48.1	44.2	42.6	41.0	35.9	35.1
Retail industries	51.7	54.0	51.1	53.4	52.5	50.0	50.2	49.6	51.2
Manufacturing	74.1	78.5	69.8	75.7	74.7	71.8	76.2	74.6	78.7
Technology, media and telecom	37.6	40.5	33.6	38.0	40.0	38.9	38.4	42.3	44.0
Services	63.3	70.3	64.9	58.9	58.7	61.5	59.0	55.6	52.0
Residential property	110.9	108.6	102.4	104.9	110.6	111.0	108.7	104.0	95.0
Personal customers *)	1 063.5	1 051.8	1 029.5	1 033.3	1 034.7	1 016.4	999.3	997.0	978.8
Other corporate customers	83.5	82.7	74.8	79.0	74.7	71.8	71.6	76.2	80.6
Total customers	2 000.6	2 024.7	1 919.2	1 947.7	1 938.1	1 911.2	1 890.0	1 867.7	1 863.8
Credit institutions	62.1	64.7	57.4	60.2	60.2	57.9	49.9	47.7	47.8
Total net exposure at default, DNB Group **)	2 062.7	2 089.3	1 976.6	2 008.0	1 998.3	1 969.1	1 939.9	1 915.4	1 911.6
*) Of which:
- Mortgages	933.4	915.0	898.4	901.3	900.6	884.3	865.4	865.3	852.6
- Other exposures	130.1	136.8	131.1	132.0	134.1	132.1	133.8	131.6	126.2
**) Of wich international portfolio	436.6	469.1	402.0	419.0	413.7	418.7	415.6	395.9	388.2

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

1.6.1 DNB Group (continued)

Risk classification of portfolio 1) *)

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -	1 488.2	1 505.3	1 447.0	1 468.1	1 469.2	1 439.7	1 414.8	1 391.8	1 399.1
PD 0.75% -	459.3	466.7	432.1	434.9	428.7	428.7	424.4	414.8	409.3
PD 3.00% -	86.2	89.9	79.6	82.8	79.2	78.5	76.7	81.9	76.6
Net commitments in stage 3	29.0	27.4	17.9	22.1	21.2	22.2	23.9	26.8	26.5
Total portfolio	2 062.7	2 089.3	1 976.6	2 008.0	1 998.3	1 969.1	1 939.9	1 915.4	1 911.6
*) Of which international portfolio:
PD 0.01% -	287.5	317.0	279.3	292.5	290.3	290.0	288.6	278.0	271.5
PD 0.75% -	112.9	114.8	95.4	95.8	93.7	96.0	94.4	82.3	84.5
PD 3.00% -	22.4	26.1	21.2	22.5	22.7	25.2	23.1	24.2	22.6
Net commitments in stage 3	13.7	11.3	6.2	8.2	7.0	7.5	9.5	11.4	9.7
Total international portfolio	436.6	469.1	402.0	419.0	413.7	418.7	415.6	395.9	388.2

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

*) Of which mortgages 47 per cent of total exposure at default.

1.6.2 Customer segments

Exposure at default by industry segment

Personal customers

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Mortgages	933.4	914.2	897.5	900.6	899.9	883.5	864.6	864.5	851.7
Other exposures	86.7	87.0	84.8	86.2	90.6	89.1	90.8	90.9	91.2
Total customers	1 020.2	1001.2	982.4	986.8	990.4	972.6	955.4	955.4	942.9
Credit institutions
Total net exposure at default	1 020.2	1001.2	982.4	986.8	990.4	972.6	955.4	955.4	942.9

Corporate customers

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Commercial real estate	195.8	193.7	191.1	188.0	184.7	180.1	176.5	173.9	186.6
Shipping	60.5	67.0	58.7	62.6	68.7	66.6	70.6	71.5	72.8
Oil, gas and offshore	99.7	108.7	95.9	100.4	99.2	105.3	101.9	100.2	103.8
Power and renewables	50.8	50.4	46.2	50.5	47.5	46.3	48.2	41.8	39.0
Healthcare	38.2	46.0	39.2	42.6	36.2	37.7	37.8	33.5	35.6
Public sector	14.5	12.6	12.7	12.2	11.5	11.3	10.6	11.7	10.6
Fishing, fish farming and farming	56.3	59.8	49.2	48.0	44.2	42.6	41.0	35.9	35.1
Retail industries	51.6	54.0	51.1	53.4	52.5	50.0	50.2	49.6	51.2
Manufacturing	74.1	78.5	69.8	75.7	74.7	71.8	76.2	74.6	78.7
Technology, media and telecom	37.6	40.5	33.6	38.0	39.9	38.9	38.4	42.3	44.0
Services	63.3	70.3	64.9	58.8	58.7	61.4	59.0	55.5	52.0
Residential property	110.9	108.6	102.4	104.9	110.6	111.0	108.7	104.0	95.0
Personal customers	43.5	50.8	47.2	46.7	44.4	43.9	44.0	41.7	36.0
Other corporate customers	83.5	82.7	74.7	79.0	74.7	71.7	71.5	76.1	80.6
Total customers	980.4	1023.5	936.8	960.9	947.6	938.6	934.6	912.3	920.9
Credit institutions	62.1	64.7	57.4	60.2	60.2	57.9	49.9	47.7	47.8
Total net exposure at default	1 042.5	1088.1	994.2	1021.2	1007.8	996.5	984.4	960.0	968.7

1.6.2 Customer segments (continued)

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -
Personal customers	808.6	791.2	778.9	781.4	789.8	776.1	763.9	762.8	756.2
Corporate customers	679.6	714.1	668.1	686.7	679.4	663.6	651.0	629.1	642.9
Total DNB Group	1 488.2	1 505.3	1 447.0	1 468.1	1 469.2	1 439.7	1 414.8	1 391.8	1 399.1
PD 0.75% -
Personal customers	191.3	190.5	185.3	187.2	183.2	179.5	174.5	175.2	169.4
Corporate customers	268.0	276.2	246.7	247.7	245.5	249.2	249.9	239.6	239.9
Total DNB Group	459.3	466.7	432.1	434.9	428.7	428.7	424.4	414.8	409.3
PD 3.00% -
Personal customers	16.7	15.7	15.8	15.9	14.9	14.6	14.6	14.7	14.5
Corporate customers	69.5	74.2	63.8	67.0	64.2	63.9	62.1	67.2	62.2
Total DNB Group	86.2	89.9	79.6	82.8	79.2	78.5	76.7	81.9	76.6
Net commitments in stage 3
Personal customers	3.5	3.7	2.3	2.4	2.5	2.4	2.5	2.7	2.8
Corporate customers	25.5	23.7	15.6	19.8	18.8	19.8	21.4	24.1	23.6
Total DNB Group	29.0	27.4	17.9	22.1	21.2	22.2	23.9	26.8	26.5
Total Personal customers	1 020.2	1 001.2	982.4	986.8	990.4	972.6	955.4	955.4	942.9
Total Corporate customers	1 042.5	1 088.1	994.2	1 021.2	1 007.8	996.5	984.4	960.0	968.7
Total risk classification of portfolio - DNB Group	2 062.7	2 089.3	1 976.6	2 008.0	1 998.3	1 969.1	1 939.9	1 915.4	1 911.6

1.6.3 Breakdown of commercial real estate

Exposure at default by segment

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Retail store facility building loans	1.9	1.8	1.6	1.6	1.7	1.9	1.7	1.9	1.7
Hotel building loans	8.3	8.6	7.7	6.2	5.3	6.0	4.7	3.7	4.3
Shopping centre building loans	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.2
Office premises building loans	6.7	6.5	5.6	5.4	4.9	4.1	3.7	3.0	3.4
Leasing of retail store facilities	19.4	19.2	18.3	18.2	17.9	16.4	15.8	16.2	13.1
Leasing of hotels	23.6	23.4	19.1	20.5	20.4	20.6	20.6	21.1	20.2
Leasing of shopping centres	11.7	11.3	10.6	11.1	10.9	11.5	10.9	10.5	10.3
Leasing of office premises	77.4	78.1	74.1	76.4	78.7	80.3	79.3	80.8	80.9
Leasing of warehouse/ logistics/ multi-purpose buildings	27.2	27.7	23.9	24.7	24.3	22.7	23.6	23.4	20.4
Other	19.2	16.8	29.8	23.6	20.2	16.1	15.9	13.0	31.9
Total	195.8	193.7	191.1	188.0	184.6	180.0	176.5	173.9	186.6

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -	142.9	142.9	139.6	139.1	138.6	133.7	130.1	126.6	137.1
PD 0.75% -	45.6	43.7	44.2	41.0	40.2	40.4	40.1	41.1	42.9
PD 3.00% -	6.5	6.3	6.5	7.5	5.3	5.4	5.7	5.5	6.0
Net commitments in stage 3	0.9	0.8	0.9	0.5	0.5	0.6	0.5	0.7	0.6
Total	195.8	193.7	191.1	188.0	184.6	180.0	176.5	173.9	186.6

Exposure at default by segment Risk classification of portfolio

1.6.3 Breakdown of commercial real estate (continued)

Exposure at default by geographic distribution

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Oslo/ Akershus	69.6	69.4	60.8	59.2	57.9	56.1	55.8	53.6	58.3
Eastern Norway excl. Oslo/ Akershus	44.1	43.7	50.6	49.3	48.3	46.0	43.6	43.4	43.2
Western Norway	41.8	36.3	36.4	35.2	34.6	33.7	33.4	32.4	32.5
Central/ Northern Norway	28.1	34.7	34.4	33.1	32.8	31.6	31.4	31.0	33.5
Sweden	5.7	4.8	4.5	6.4	6.3	6.8	7.0	7.0	12.6
Other Europe	6.6	4.7	4.4	4.8	4.8	5.9	5.3	6.5	6.4
Total	195.8	193.7	191.1	188.0	184.6	180.0	176.5	173.9	186.6

Exposure at default by geographic distribution

1.6.4 Breakdown of shipping

Exposure at default by segment

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Chemical and product tankers	6.2	7.2	6.3	6.7	6.7	7.0	7.7	8.1	8.8
Container	5.9	7.1	7.3	7.5	9.0	8.5	9.4	11.2	12.0
Crude oil carriers	15.1	16.4	14.4	13.9	14.9	15.1	17.0	17.0	16.5
Dry bulk	12.7	14.4	13.5	15.1	15.2	15.0	12.8	13.3	13.8
Gas carriers	15.0	16.1	12.5	14.2	16.1	14.9	13.5	12.5	12.3
Other shipping	5.6	5.9	4.7	5.4	6.8	6.1	10.3	9.4	9.3
Total	60.5	67.0	58.7	62.6	68.7	66.6	70.6	71.5	72.8

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -	14.1	14.0	13.5	13.8	14.3	11.6	13.1	13.2	13.1
PD 0.75% -	40.3	46.7	38.1	39.4	46.0	45.2	43.2	43.4	46.4
PD 3.00% -	5.3	5.4	6.0	7.4	6.3	7.7	11.7	11.8	11.4
Net commitments in stage 3	0.8	0.9	1.0	2.0	2.1	2.2	2.6	3.1	1.9
Total 1)	60.5	67.0	58.7	62.6	68.7	66.6	70.6	71.5	72.8

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

Exposure at default by segment Risk classification of portfolio

1.6.4 Breakdown of shipping (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -
Crude oil sector	4.3	2.4	2.1	2.0	2.0	2.0	2.0	1.3	1.3
Dry bulk sector	2.0	2.3	1.9	2.4	2.2	1.0	0.4	0.4	0.3
Container sector	2.3	2.5	3.1	3.2	3.4	3.1	3.3	3.9	4.5
Other	5.6	6.8	6.4	6.2	6.7	5.5	7.4	7.7	6.9
Total	14.1	14.0	13.5	13.8	14.3	11.6	13.1	13.2	13.1
PD 0.75% -
Crude oil sector	10.5	13.6	10.9	10.4	12.5	11.2	10.6	11.6	10.7
Dry bulk sector	8.9	10.5	10.6	9.7	9.9	11.1	8.4	8.7	9.2
Container sector	2.9	3.7	3.1	3.1	4.4	4.3	5.0	5.1	6.6
Other	18.0	18.8	13.6	16.2	19.3	18.6	19.1	18.0	19.8
Total	40.3	46.7	38.1	39.4	46.0	45.2	43.2	43.4	46.4
PD 3.00% -
Crude oil sector	0.3	0.3	1.4	1.5	0.5	1.9	4.2	4.0	4.5
Dry bulk sector	1.5	1.2	0.6	1.6	1.8	1.4	2.2	3.2	3.0
Container sector	0.6	0.8	0.9	0.9	0.9	0.8	0.8	0.8	0.6
Other	3.0	3.1	3.2	3.4	3.2	3.5	4.5	3.8	3.4
Total	5.3	5.4	6.0	7.4	6.3	7.7	11.7	11.8	11.4
Net commitments in stage 3
Crude oil sector							0.2	0.2
Dry bulk sector	0.4	0.4	0.4	1.3	1.5	1.5	1.7	1.1	1.3
Container sector	0.0	0.1	0.2	0.3	0.3	0.3	0.3	1.4	0.3
Other	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.2
Total	0.8	0.9	1.0	2.0	2.1	2.2	2.6	3.1	1.9
Total shipping	60.5	67.0	58.7	62.6	68.7	66.6	70.6	71.5	72.8

1.6.5 Breakdown of oil, gas and offshore

Exposure at default by segment

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Oil and gas	43.9	44.5	40.8	41.0	39.3	45.1	38.3	39.9	40.3
Offshore	34.7	41.0	35.2	38.5	36.5	35.2	34.0	35.4	35.7
Oilfield services	15.6	17.3	14.5	16.0	15.7	17.7	22.2	17.7	18.7
Midstream	5.6	5.9	5.4	4.8	7.7	7.3	7.4	7.2	9.1
Total	99.7	108.7	95.9	100.4	99.2	105.3	101.9	100.2	103.8

Risk classification of portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -	38.6	43.7	39.9	42.0	42.9	45.7	43.3	42.4	44.8
PD 0.75% -	28.3	27.5	29.1	30.7	27.0	29.0	31.3	27.7	27.0
PD 3.00% -	16.0	23.9	18.0	16.9	20.5	20.2	16.0	17.8	19.0
Net commitments in stage 3	16.8	13.6	8.9	10.8	8.8	10.4	11.4	12.4	13.0
Total 1)	99.7	108.7	95.9	100.4	99.2	105.3	101.9	100.2	103.8

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

Exposure at default by segment Risk classification of portfolio

39 28 ^{16 17} 0 10 20 30 40 50 60 70 80 31 Dec. 2018 31 March 2019 30 June 2019 30 Sept. 2019 31 Dec. 2019 31 March 2020 30 June 2020 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

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
PD 0.01% -
Oil and gas sector	30.1	30.5	29.3	29.5	31.4	34.1	32.1	33.0	35.0
Offshore sector	3.4	4.3	3.5	3.8	4.5	3.4	1.6	1.9	2.0
Oilfield services sector	5.1	8.9	7.1	8.7	7.0	8.2	9.5	7.5	7.8
Total	38.6	43.7	39.9	42.0	42.9	45.7	43.3	42.4	44.8
PD 0.75% -
Oil and gas sector	11.5	11.1	11.5	11.6	11.0	13.7	10.2	9.5	9.5
Offshore sector	10.6	12.5	12.8	14.5	9.4	8.2	12.1	11.4	10.5
Oilfield services sector	6.2	3.8	4.7	4.7	6.5	7.1	9.1	6.7	7.0
Total	28.3	27.5	29.1	30.7	27.0	29.0	31.3	27.7	27.0
PD 3.00% -
Oil and gas sector	4.9	6.5	5.1	3.6	4.6	3.7	2.5	3.8	4.0
Offshore sector	8.2	13.7	10.6	11.0	14.1	14.6	10.5	11.0	11.7
Oilfield services sector	2.9	3.7	2.3	2.3	1.8	1.8	3.1	2.9	3.3
Total	16.0	23.9	18.0	16.9	20.5	20.2	16.0	17.8	19.0
Net commitments in stage 3
Oil and gas sector	3.1	2.3	0.2	1.2	0.0	0.9	0.9	0.8	0.8
Offshore sector	12.4	10.5	8.3	9.2	8.4	9.0	9.9	11.1	11.6
Oilfield services sector	1.3	0.8	0.3	0.4	0.4	0.6	0.6	0.6	0.6
Total	16.8	13.6	8.9	10.8	8.8	10.4	11.4	12.4	13.0
Total oil, gas and offshore	99.7	108.7	95.9	100.4	99.2	105.3	101.9	100.2	103.8

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	Standard & Poor's
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 Deposits from customers and loans to customers

		30 June 31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK billion	2020	2020	2019	2019	2019	2019	2018	2018	2018
Deposits from customers	1 104	1 082	970	976	992	968	927	985	1 030
Deposits adjusted for exchange rate movements	1 068	1 029	956	959	983	958	914	980	1 030
Deposits adjusted for short-term money market investments	1 069	1 040	959	967	962	936	917	936	956
Deposits adjusted for short-term money market investments and
exchange rate movements	1 033	986	945	950	953	926	904	932	956
Repos	8	10	7	2	2	2	2	2	3
Deposits from customers, adjusted for repos	1 096	1 072	963	975	990	966	925	983	1 027
Loans to customers	1 704	1 744	1 667	1 673	1 643	1 623	1 598	1 564	1 562
Repos	75	82	81	84	68	69	61	55	31
Loans to customers, adjusted for repos	1 629	1 662	1 587	1 588	1 576	1 554	1 537	1 510	1 530
Deposit to loan ratio excluding repos (per cent)	67.3	64.5	60.7	61.4	62.8	62.1	60.2	65.1	67.1
Deposit to loan ratio including repos (per cent)	64.8	62.1	58.2	58.4	60.4	59.6	58.0	62.9	65.9

1.7.2 Funding

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.

		NOK billion	Maturity (years)
	Covered bonds
	Senior bonds
	Total	0.0	0.0
2020
	Additional Tier 1 capital and Tier 2 loans	4.0	5.0
	Total including Tier 1 capital and Tier 2 loans	4.0	5.0
	Covered bonds	45.8	6.7
	Senior bonds	84.1	3.7
2019	Total	129.9	4.8
	Additional Tier 1 capital and Tier 2 loans	10.2	5.0
	Total including Tier 1 capital and Tier 2 loans	140.1	4.8
	Covered bonds	78.1	7.3
	Senior bonds	11.2	4.9
2018	Total	89.3	7.0
	Additional Tier 1 capital and Tier 2 loans	9.7	5.0
	Total including Tier 1 capital and Tier 2 loans	98.9	6.8

1.7.3 Redemption profile as at 30 June 2020

Amounts in NOK billion	2020	2021	2022	2023	2024	2025	2026	2027	2028	>2028
Senior unsecured bonds	29.1	42.4	62.5	59.9	14.4	0.5	2.1	1.8	1.3	0.5
Covered bonds	24.6	79.8	100.9	74.0	45.2	27.9	41.4	4.2	5.3	43.7
Total	53.7	122.2	163.4	133.9	59.5	28.3	43.5	6.0	6.6	44.2

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

1.7.4 Asset encumbrance DNB Bank Group as at 31 March 2020

Encumbered and unencumbered assets, carrying amounts

Amounts in NOK million	Encumbered assets	Unencumbered assets	Total assets
Equity instruments	382	5 519	5 901
Debt securities:	30 170	238 268	268 438
Covered bonds	8 062	61 258	69 319
Issued by general governments	8 941	76 884	85 825
Issued by financial corporations	20 432	148 235	168 668
Issued by non-financial corporations	796	12 816	13 613
Other assets *)	648 040	1 996 537	2 644 578
Total	678 592	2 240 324	2 918 916
*) of which home mortgage loans	538 054	461 696

Collateral received, fair value

Amounts in NOK million	Encumbered collateral received	Collateral received available for encumbrance	Total collateral received
Equity instruments	19 224	8 119	27 343
Debt securities:	131 825	147 598	279 423
Covered bonds	880	43 267	44 147
Issued by general governments	120 004	76 732	196 736
Issued by financial corporations	11 671	52 534	64 205
Issued by non-financial corporations	151	18 331	18 482
Other collateral received	0	91 388	91 388
Total	151 049	247 105	398 154

Sources of encumbrance

		Encumbered assets
		and encumbered
Amounts in NOK million	Matching liabilities	collateral received
Derivatives	28 641	28 641
Repurchase agreements	110 900	110 964
Collateralised deposits other than repurchase agreements	64 920	63 940
Debt securities issued: covered bonds	584 363	596 050
Total	788 824	799 595

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

1.7.5 Liquid assets 1) as at 30 June 2020

Amounts in NOK million	NOK	EUR	USD	SEK 2)	Other	Total *)
Cash and balances with central banks	11 366	189 528	46 437	41 785	367	289 484
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	47 941	24 973	16 153	174	44 945	134 187
Securities issued by municipalities and PSEs	19 831	9 685	52 236	11 829	4 074	97 655
Extremely high quality covered bonds	61 857	1 229	1 218	114	1 157	65 574
Other assets
Level 1 assets	140 995	225 415	116 045	53 902	50 543	586 901
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	16 020		1 099		106	17 225
High quality covered bonds	7 130	6	1 332	210	288	8 965
Corporate debt securities (lowest rating AA-)	85	5				90
Other assets
Level 2A assets	23 235	11	2 431	210	394	26 280
Asset-backed securities
High quality covered bonds
Corporate debt securities (rated A+ to BBB-)	392	76	90	88		646
Shares (major stock index)	5 508	28 445	1 860	2 958	1 591	40 362
Other assets
Level 2B assets	5 900	28 521	1 950	3 046	1 591	41 008
Level 2 assets	29 135	28 532	4 380	3 255	1 986	67 288
Total liquid assets	170 130	253 947	120 426	57 157	52 529	654 188

*) Total figures per quarter

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Cash and balances with central banks	289 484	362 235	224 827	364 289	368 350	296 997	125 008	288 851	381 287
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	134 187	102 529	94 676	69 845	67 707	106 209	130 194	125 834	142 866
Securities issued by municipalities and PSEs	97 655	93 916	61 977	79 574	69 145	74 521	60 080	94 181	96 120
Extremely high quality covered bonds	65 574	94 304	80 825	70 148	74 325	79 757	85 403	77 864	74 911
Other assets
Level 1 assets	586 901	652 984	462 307	583 856	579 528	557 483	400 685	586 729	695 184
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	17 225	18 619	17 728	14 641	13 760	14 682	23 129	7 800	10 124
High quality covered bonds	8 965	9 576	14 067	12 236	12 734	21 896	20 950	22 666	26 594
Corporate debt securities (lowest rating AA-)	90	948		140	14	112	223	389	20
Other assets
Level 2A assets	26 280	29 143	31 795	27 017	26 508	36 689	44 302	30 855	36 739
Asset-backed securities									5
High quality covered bonds			177				443	387
Corporate debt securities (rated A+ to BBB-)	646	2 307	92	515	119	213	450	611	454
Shares (major stock index)	40 362	6 001	9 118	9 763	5 814	8 618	7 476	8 261	7 188
Other assets
Level 2B assets	41 008	8 308	9 387	10 278	5 934	8 832	8 369	9 259	7 647
Level 2 assets	67 288	37 450	41 182	37 295	32 442	45 521	52 671	40 114	44 386
Total	654 188	690 435	503 489	621 151	611 970	603 003	453 356	626 843	739 570

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

2) Not a significant currency as at 30 June 2020.

1.7.6 Liquidity Coverage Ratio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2020	2020	2019	2019	2019	2019	2018	2018	2018
EUR	206	161	227	197	249	155	190	201	282
USD	203	299	220	260	261	276	243	175	136
NOK	75	82	62	68	71	69	65	70	78
Total	134	128	138	137	146	123	117	129	131

1.7.7 DNB Bank ASA - credit ratings from international rating agencies

	Moody's		Standard & Poor's
	Long-term	Short-term	Long-term	Short-term
As at 30 June 2020	Aa2 1)	P-1	AA- 1)	A-1+
As at 31 March 2020	Aa2 1)	P-1	AA-1)	A-1+
As at 31 December 2019	Aa2 1)	P-1	AA-1)	A-1+
As at 30 September 2019	Aa2 1)	P-1	AA-1)	A-1+
As at 30 June 2019	Aa2 1)	P-1	AA-1)	A-1+
As at 31 March 2019	Aa2 2)	P-1	AA-1)	A-1+
As at 31 December 2018	Aa2 2)	P-1	A+ 3)	A-1
As at 30 September 2018	Aa2 2)	P-1	A+ 3)	A-1
As at 30 June 2018	Aa2 2)	P-1	A+ 3)	A-1

1) Stable outlook.

2) Negative outlook.

3) Positive outlook.

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

1.7.8 Major shareholders as at 30 June 2020

	Shares in 1 000	Ownership in per cent
Norwegian Government/Ministry of Trade, Industry and Fisheries	537 302	34.4
DNB Savings Bank Foundation	130 001	8.3
Folketrygdfondet	104 586	6.7
The Vanguard Group	33 421	2.1
Capital World Investors	31 552	2.0
DWS Investment	30 830	2.0
BlackRock Institutional Trust	26 767	1.7
Fidelity International	23 807	1.5
T. Rowe Price Associates	22 484	1.4
Schroder Investment Management	20 645	1.3
Davis Selected Advisers	19 911	1.3
Storebrand Kapitalforvaltning	16 812	1.1
KLP Forsikring	15 616	1.0
DNB Asset Management	15 242	1.0
Nordea Funds	13 129	0.8
SAFE Investment	12 340	0.8
Danske Invest Asset Management	11 737	0.8
APG Asset Management	11 703	0.7
Polaris Capital Management	11 451	0.7
State Street Global Advisors	11 329	0.7
Total largest shareholders	1 100 664	70.5
Other shareholders	459 880	29.5
Total	1 560 543	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 table 1.7.10.

1.7.9 Ownership according to nationality as at 30 June 2020

1.7.10 Share buy-back programmes

The Annual General Meeting held on 30 June 2020 resolved a reduction in the company's share capital by cancelling or redeeming a total of 29 936 364 shares repurchased according to the authorisation given by the 2019 AGM. The total number of issued shares after the cancellation is 1 550 365 021, which has been reflected in the accounts as of 30 June 2020. The transaction is expected to be completed and formally registered during the third quarter.

Buy-back programmes

		Authorisation from AGM 2019
Accumulated number of shares	31 March 2020	31 Dec. 2019	30 Sept. 2019
The Group's portfolio of own shares aquired under the share buy-back programme	19 758 000	9 715 000
Redemption of shares from the state of Norway	10 178 364	5 004 697
Total purchased shares	29 936 364	14 719 697	0
Total price of repurchased shares (NOK 1 000)	3 157 023	1 575 861
Average price of repurchased shares (NOK)	159.78	162.21

1.8.1 Primary capital - DNB Group

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD IV). 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. The figures as at 30 June are partially based on estimates.

On 31 December 2019, Norway fully implemented the EU's capital requirements legislation CRR/CRD IV, and the so-called Basel I floor was removed. The additional capital requirements due to the transitional rules have been removed from the historical figures. The harmonised rules include the introduction of the SME discount factor.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Total equity excluding interim profits	231 262	234 663	242 255	211 156	210 268	221 868	223 966	198 683	199 515
50 per cent of interim profits for the year to date	4 545	2 446		9 157	6 463	3 721		8 150	5 755
Effect from regulatory consolidation	(4 956)	(4 956)	(4 963)	(4 187)	(4 195)	(4 195)	(5 595)	(4 823)	(4 942)
Net additional Tier 1 capital instruments included in total equity	(18 281)	(18 129)	(26 559)	(18 605)	(18 438)	(15 590)	(16 039)	(15 870)	(15 730)
Total equity for capital adequacy purpose	212 570	214 023	210 734	197 521	194 098	205 804	202 333	186 140	184 597
Deductions	(29 216)	(32 119)	(32 430)	(15 138)	(14 503)	(28 864)	(25 501)	(13 243)	(13 622)
Common equity Tier 1 capital	183 355	181 904	178 304	182 382	179 595	176 940	176 831	172 896	170 975
Additional Tier 1 capital instruments, net	14 354	14 763	21 987	15 907	16 290	13 981	14 054	15 272	15 508
Tier 1 capital	197 709	196 667	200 291	198 290	195 885	190 922	190 886	188 169	186 483
Additional Tier 2 capital instruments, net	21 777	23 806	19 925	21 996	21 897	22 484	23 117	21 204	26 928
Total eligible capital	219 487	220 473	220 216	220 285	217 783	213 405	214 003	209 372	213 411
Risk-weighted assets	1 008 180	1 029 758	960 691		998 515 1 037 866	1 035 415	1 029 560	1 010 799	1 011 060
Minimum capital requirement	80 654	82 381	76 855	79 881	83 029	82 833	82 365	80 864	80 885
Common equity Tier 1 capital ratio (%)	18.2	17.7	18.6	18.3	17.3	17.1	17.2	17.1	16.9
Tier 1 capital ratio (%)	19.6	19.1	20.8	19.9	18.9	18.4	18.5	18.6	18.4
Capital ratio (%)	21.8	21.4	22.9	22.1	21.0	20.6	20.8	20.7	21.1

Capital adequacy figures include 50 per cent of interim profits in all quarters.

1.8.2 Leverage ratio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Tier 1 capital	197 709	196 667	200 291	198 290	195 885	190 922	190 866	188 169	186 483
Leverage exposure
Securities financing transactions (SFTs)	227 586	280 448	214 252	202 863	187 010	187 834	167 354	162 437	195 448
Derivatives market value	65 390	116 754	43 485	60 761	45 395	41 453	51 141	34 615	42 710
Potential future exposure on derivatives	43 968	39 440	30 630	32 088	30 988	28 129	29 507	29 748	27 911
Eligible cash variation margin	(27 581)	(59 106)	(21 555)	(31 971)	(20 458)	(18 100)	(22 642)	(13 519)	(17 463)
Off balance sheet commitments	261 370	263 258	254 315	234 641	233 052	234 914	236 929	233 316	236 550
Loans and advances and other assets	2 359 324	2 417 153	2 202 571	2 304 777	2 313 091	2 260 702	2 099 388	2 200 297	2 285 934
Deductions	(13 972)	(15 819)	(14 711)	(14 033)	(14 643)	(14 614)	(10 168)	(11 062)	(10 717)
Total exposure	2 916 085	3 042 128	2 708 987	2 789 126	2 774 434	2 720 316	2 551 508	2 635 832	2 760 372
Leverage ratio (%)	6.8	6.5	7.4	7.1	7.1	7.0	7.5	7.1	6.8

1.8.3 Specification of capital requirements

The majority of the credit portfolios are reported according to the IRB approach. Exposures to central governments, institutions, equity positions and other assets are, however, reported according to the standardised approach.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
IRB approach
Corporate	33 322	34 440	30 537	32 811	33 541	33 467	33 716	33 360	33 684
Specialised lending (SL)	607	606	503	515	557	573	526	524	449
Retail - mortgages	14 059	14 003	13 893	13 874	13 683	13 730	13 617	13 485	13 162
Retail - other exposures	1 545	1 645	1 653	1 709	1 722	1 700	1 727	1 744	1 740
Securitisation								1	1
Total credit risk, IRB approach	49 533	50 693	46 586	48 907	49 503	49 471	49 587	49 115	49 036
Standardised approach
Central government	29	29	6	7	8	13	12	11	11
Institutions	1 990	2 384	2 300	2 758	2 693	2 715	2 859	3 349	3 200
Corporate	9 258	9 806	9 320	10 164	11 462	11 829	11 824	10 600	10 469
Retail - mortgages	2 522	2 446	2 245	2 233	2 817	2 461	2 539	2 406	2 499
Retail - other exposures	3 448	3 230	2 812	2 961	3 392	3 172	2 958	2 941	3 153
Equity positions	3 943	3 926	3 852	3 771	3 784	3 795	3 753	3 574	3 641
Securitisation
Other assets	1 435	1 412	1 279	913	1 143	1 194	540	561	581
Total credit risk, standardised approach	22 624	23 234	21 814	22 807	25 298	25 178	24 484	23 441	23 553
Total credit risk 1)	72 157	73 927	68 400	71 715	74 802	74 650	74 070	72 556	72 589
Market risk
Position risk, debt instruments	778	787	842	738	748	803	927	806	782
Position risk, equity instruments	49	45	30	32	28	26	16	25	22
Currency risk	1	10	1	1	1	1
Commodity risk	0	1	0	0	0	0	1	1	2
Credit value adjustment risk (CVA)	441	383	354	355	410	313	311	399	413
Total market risk	1 269	1 226	1 227	1 126	1 187	1 143	1 254	1 231	1 219
Operational risk	7 228	7 228	7 228	7 040	7 040	7 040	7 040	7 077	7 077
Total capital requirements	80 654	82 381	76 855	79 881	83 029	82 833	82 365	80 864	80 885

1) See next page for further details.

1.8.4 Specification of capital requirements for credit risk

As at 30 June 2020			Average
		EAD,	risk	Risk-	Capital
	Nominal	exposure	weights	weighted	require
Amounts in NOK million	exposure	at default	(per cent)	assets	ments
IRB approach
Corporate	1 020 906	844 958	49.3	416 524	33 322
Specialised Lending (SL)	14 005	13 294	57.1	7 587	607
Retail - mortgages	808 166	808 158	21.7	175 737	14 059
Retail - other exposures	94 148	78 389	24.6	19 309	1 545
Securitisation
Total credit risk, IRB approach	1 937 225	1 744 799	35.5	619 157	49 533
Standardised approach
Central government	409 407	408 807	0.1	362	29
Institutions	214 291	183 356	13.6	24 878	1 990
Corporate	195 615	167 315	69.2	115 724	9 258
Retail - mortgages	68 434	64 634	48.8	31 519	2 522
Retail - other exposures	162 782	58 139	74.1	43 102	3 448
Equity positions	23 586	23 552	209.2	49 281	3 943
Other assets	23 793	22 726	78.9	17 940	1 435
Total credit risk, standardised approach	1 097 908	928 529	30.5	282 806	22 624
Total credit risk	3 035 132	2 673 328	33.7	901 963	72 157

As at 31 March 2020			Average
		EAD,	risk	Risk-	Capital
	Nominal	exposure	weights	weighted	require
Amounts in NOK million	exposure	at default	(per cent)	assets	ments
IRB approach
Corporate	1 061 876	884 941	48.6	430 494	34 440
Specialised Lending (SL)	13 842	13 372	56.7	7 578	606
Retail - mortgages	803 916	803 916	21.8	175 034	14 003
Retail - other exposures	96 627	80 958	25.4	20 558	1 645
Securitisation
Total credit risk, IRB approach	1 976 261	1 783 187	35.5	633 663	50 693
Standardised approach
Central government	436 397	453 350	0.1	361	29
Institutions	237 142	172 858	17.2	29 800	2 384
Corporate	199 491	171 568	71.4	122 579	9 806
Retail - mortgages	65 957	62 345	49.0	30 577	2 446
Retail - other exposures	146 476	54 638	73.9	40 379	3 230
Equity positions	22 412	22 374	219.3	49 076	3 926
Other assets	24 238	23 445	75.3	17 648	1 412
Total credit risk, standardised approach	1 132 114	960 579	30.2	290 421	23 234
Total credit risk	3 108 374	2 743 767	33.7	924 084	73 927

1.8.5 Primary capital - including DNB Bank ASA and DNB Bank Group

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD IV). 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. The figures as at 30 June are partially based on estimates

On 31 December 2019, Norway fully implemented the EU's capital requirements legislation CRR/CRD IV, and the so-called Basel I floor was removed. The additional capital requirements due to the transitional rules have been removed from the historical figures. The harmonised rules include the introduction of the SME discount factor.

		DNB Bank ASA			DNB Bank Group			DNB Group
	30 June	31 March	30 June	30 June	31 March	30 June	30 June	31 March	30 June
Amounts in NOK million	2020	2020	2019	2020	2020	2019	2020	2020	2019
Total equity excluding profit for the period	177 468	177 276	178 957	221 867	223 606	198 975	231 262	234 663	210 268
Effect from regulatory consolidation				(199)	(199)	(235)	(4 956)	(4 956)	(4 195)
Additional Tier 1 capital instruments included in total equity	(17 995)	(17 995)	(18 274)	(17 995)	(17 995)	(18 274)	(17 995)	(17 995)	(18 274)
Net accrued interest on additional Tier 1 capital instruments	(286)	(134)	(165)	(286)	(134)	(165)	(286)	(134)	(165)
Total equity	159 187	159 147	160 519	203 387	205 278	180 302	208 026	211 578	187 635
Deductions
Pension funds above pension commitments
Goodwill	(2 424)	(2 431)	(2 363)	(2 998)	(3 006)	(2 935)	(4 703)	(4 711)	(4 640)
Deferred tax assets that are not due to
temporary differences	(457)	(457)	(562)	(935)	(896)	(524)	(935)	(896)	(524)
Other intangible assets	(870)	(942)	(973)	(1 451)	(1 569)	(1 636)	(1 451)	(1 569)	(1 636)
Dividends payable etc.				(25 000)	(25 000)		(13 953)	(15 671)
Significant investments in financial sector entities 1)							(6 227)	(6 168)	(4 904)
Expected losses exceeding actual losses,
IRB portfolios	(112)	(439)	(1 394)	(655)	(1 191)	(2 027)	(655)	(1 191)	(2 027)
Value adjustments due to the requirements for prudent valuation (AVA)	(766)	(825)	(465)	(1 012)	(1 283)	(912)	(1 012)	(1 283)	(912)
Adjustments for unrealised losses/(gains) on debt measured at fair value	31	(74)	90	(160)	(459)	247	(160)	(459)	247
Adjustments for unrealised losses/(gains) arising from the institution's own credit risk related to derivative liabilities	(723)	(983)	(512)	(119)	(170)	(106)	(119)	(170)	(106)
Common Equity Tier 1 capital	153 865	152 996	154 341	171 057	171 703	172 409	178 810	179 459	173 132
- including 50 per cent of profit for the period	156 745	154 916	159 651	174 948	173 729	177 847	183 355	181 904	179 595
Additional Tier 1 capital instruments	17 995	17 995	18 274	17 995	17 995	18 274	17 995	17 995	18 274
Deduction of holdings of Tier 1 instruments in insurance
companies 2)							(1 500)	(1 500)	(1 500)
Non-eligible Tier 1 capital, DNB Group 3)							(2 140)	(1 732)	(483)
Tier 1 capital	171 860	170 990	172 615	189 052	189 698	190 682	193 164	194 221	189 422
- including 50 per cent of profit for the period	174 739	172 911	177 925	192 943	191 724	196 121	197 709	196 667	195 885
Perpetual subordinated loan capital	6 385	6 933	5 616	6 385	6 933	5 616	6 385	6 933	5 616
Term subordinated loan capital	27 169	28 539	24 508	27 169	28 539	24 508	27 169	28 539	24 508
Deduction of holdings of Tier 2 instruments in insurance
companies 2)							(5 750)	(5 750)	(5 761)
Non-eligible Tier 2 capital, DNB Group 3)							(6 027)	(5 916)	(2 466)
Additional Tier 2 capital instruments, net	33 555	35 472	30 123	33 555	35 472	30 123	21 777	23 806	21 897
Total eligible capital	205 415	206 462	202 738	222 607	225 170	220 806	214 942	218 027	211 320
- including 50 per cent of profit for the period	208 294	208 383	208 048	226 498	227 196	226 244	219 487	220 473	217 783
Risk-weighted assets	826 410	850 580	848 356	971 976		993 153 1 062 683	1 008 180	1 029 758	1 089 484
Minimum capital requirement	66 113	68 046	67 868	77 758	79 452	85 015	80 654	82 381	87 159
Capital ratios incl. 50 per cent of profit for the period (%):
Common equity Tier 1 capital ratio	19.0	18.2	18.8	18.0	17.5	16.7	18.2	17.7	16.5
Tier 1 capital ratio	21.1	20.3	21.0	19.9	19.3	18.5	19.6	19.1	18.0
Capital ratio	25.2	24.5	24.5	23.3	22.9	21.3	21.8	21.4	20.0
Capital ratios excl. 50 per cent of profit for the period (%):
Common equity Tier 1 capital ratio	18.6	18.0	18.2	17.6	17.3	16.2	17.7	17.4	15.9
Tier 1 capital ratio	20.8	20.1	20.3	19.5	19.1	17.9	19.2	18.9	17.4

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

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

3) Tier 1 and Tier 2 capital in DNB Bank ASA not included in consolidated own funds, in accordance with Articles 85-88 of the CRR.

Capital ratio 24.9 24.3 23.9 22.9 22.7 20.8 21.3 21.2 19.4

1.8.6 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.

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Capital requirements for the CRD IV group	173 087	176 874	178 419	197 996	199 016	197 331	197 536	190 083	190 549
Solvency capital requirements for the insurance companies	19 593	18 671	16 780	17 901	18 475	18 573	18 204	17 667	18 122
Total capital requirements	192 680	195 546	195 199	215 896	217 491	215 904	215 740	207 750	208 670
Net primary capital for entities included in the CRD IV report	228 257	231 283	231 568	222 942	223 322	221 679	221 946	208 764	215 155
Intercompany		(31 819) (31 819) (29 597) (29 597) (29 795) (29 795) (25 696) (24 196) (24 196)
Net primary capital for the insurance companies	34 600	31 901	33 357	34 883	34 878	34 612	33 758	33 739	34 334
Total net primary capital	231 038	231 366	235 329	228 228	228 404	226 496	230 009	218 308	225 294
Overfunding	38 358	35 821	40 129	12 331	10 914	10 592	14 269	10 558	16 624

Historical capital requirement figures have not been changed to reflect the removal of the Basel I floor.

Chapter 2 - Segmental reporting

Financial performance

Market shares

Personal customers

Corporate customers

Other operations

Main subsidiaries and product units

2.1.1 Extracts from income statement

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Amounts in NOK million	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19
Net interest income	3 390	3 374	5 944	5 808	117	398			9 451	9 581
Net other operating income	1 149	1 282	1 851	2 058	2 025	1 739	(352)	(607)	4 673	4 472
Total income	4 538	4 657	7 794	7 866	2 143	2 137	(352)		(607) 14 123	14 053
Operating expenses	(2 214)	(2 133)	(3 149)	(2 892)	(698)	(1 476)	352	607	(5 710)	(5 895)
Pre-tax operating profit before impairment	2 324	2 524	4 646	4 974	1 444	660			8 414	8 158
Net gains on fixed and intangible assets			0	(0)	1	(2)			2	(3)
Impairment of financial instruments	(82)	(76)	(2 030)	(371)	(8)	(3)			(2 120)	(450)
Profit from repossessed operations			(29)	(47)	29	47
Pre-tax operating profit	2 242	2 448	2 587	4 556	1 466	702			6 295	7 705
Tax expense	(561)	(612)	(647)	(1 111)	(52)	182			(1 259)	(1 541)
Profit from operations held for sale, after taxes				0	(17)	(30)			(17)	(30)
Profit for the period	1 682	1 836	1 940	3 445	1 398	854			5 019	6 134

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	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19
Loans to customers 1)	795.6	781.0	815.8	762.2	135.1	123.9	(31.5)	(28.1)	1 715.0	1 639.1
Deposits from customers 1)	453.4	418.9	613.8	523.8	73.4	25.5	(10.4)	(8.6)	1 130.1	959.6
Assets under management	132.4	121.3	351.7	338.6	196.2	202.6			680.2	662.5
Allocated capital 2)	49.2	48.4	107.3	97.8	36.7	34.7

Key figures

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
Per cent	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19	2Q20	2Q19
Cost/income ratio	48.8	45.8	40.4	36.8					40.4	41.9
Ratio of deposits to loans 1) 3)	57.0	53.6	75.2	68.7					65.9	58.5
Return on allocated capital, annualised 2)	13.7	15.2	7.3	14.1					8.7	11.3

Balance sheet items

	Personal customers		Corporate customers		Other operations		Eliminations		DNB Group
	30 June		30 June		30 June		30 June		30 June
Amounts in NOK billion	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
Loans to customers	799.9	787.7	802.0	759.7	133.9	124.0	(31.9)	(28.2)	1 703.9	1 643.2
Deposits from customers	468.8	435.6	602.9	526.0	39.6	38.0	(7.1)	(7.9)	1 104.2	991.8

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

2) Allocated capital for the segments is calculated based on the external capital adequacy requirement (Basel III/Solvency II) which must be met by the Group. The capital allocated corresponds to a common equity Tier 1 capital ratio of 16.8 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

Norwegian units

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Share of group income	81.5	84.6	78.9	83.2	81.2	80.6	81.9	81.1	78.1
Cost/income ratio	38.9	33.3	48.3	38.3	42.4	42.5	46.5	43.7	45.6
Share of net loans to customers	87.0	86.0	88.1	87.9	87.3	87.2	87.1	87.6	87.5
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised
cost 1) 2)	1.5	1.5	1.1	1.2	1.1	1.2	1.3	1.5	1.6
Provision ratio (per cent) 2) 3)	45.8	41.8	39.0	38.0	36.1	36.3	34.7	30.9	30.6
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.69)	(0.68)	(0.13)	(0.18)	(0.10)	(0.11)	(0.13)	(0.06)	(0.33)

International units

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Share of group income	18.5	15.4	21.1	16.8	18.8	19.4	18.1	18.9	21.9
Cost/income ratio	47.0	46.1	38.8	41.1	39.9	40.0	42.7	38.5	34.2
Share of net loans to customers	13.0	14.0	11.9	12.1	12.7	12.8	12.9	12.4	12.5
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised
cost 1) 2)	3.9	2.1	1.3	2.1	2.1	2.2	2.5	2.8	2.5
Provision ratio (per cent) 2) 3)	26.7	53.1	57.9	43.5	41.9	43.2	42.3	45.8	50.1
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.47)	(1.06)	(0.33)	(0.86)	(0.66)	(0.03)	0.12	(0.02)	(0.44)

1) As a result of IFRS 9, unutilized credit lines and other financial commitments have been included.

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

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

The figures are based on the financial accounts.

2.2.1 DNB's market shares in Norway as at 31 March 2020

1) Includes the public sector.

Source: Statistics Norway and Finance Norway

2.2.2 Development in market shares, loans and deposits

Retail customers

	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Per cent	2020	2019	2019	2019	2019	2018	2018	2018	2018
Total loans to households 1) 2)	23.4	23.5	23.7	23.8	24.0	24.0	24.2	24.4	24.5
Bank deposits from households 1) 3)	28.6	28.6	28.7	28.9	28.9	29.1	29.1	29.3	29.3

Corporate customers

	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Per cent	2020	2019	2019	2019	2019	2018	2018	2018	2018
Total loans to corporate customers 4)	11.3	11.4	11.7	11.5	11.9	11.3	11.2	11.1	10.9
Deposits from corporate customers 5)	36.0	36.7	36.6	35.3	36.2	36.1	38.5	39.3	37.7

Based on nominal values.

1) Households are defined as employees, recipients of property income, pensions and social contributions, students etc., housing cooperatives etc.,

unincorporated enterprises within households and non-profit institutions serving households.

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

3) Domestic commercial and savings banks.

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

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

Source: Statistics Norway and DNB

2.2.3 DNB Livsforsikring - market shares

	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Per cent	2020	2019	2019	2019	2019	2018	2018	2018	2018
Insurance funds including products with a choice of investment
profile	20.1	20.6	20.8	20.9	21.1	21.0	21.3	21.3	21.6
Corporate market - defined benefit	41.0	41.1	41.3	41.3	41.4	41.3	41.3	41.2	41.6
Corporate market - defined contribution 1)	27.8	29.0	29.0	29.0	28.8	28.5	28.7	28.6	28.6
Retail market	37.6	36.2	37.7	38.8	39.6	40.0	40.7	41.6	41.9

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 May	31 March	31 Dec.	30 Sep.	30 June	31 March	31 Dec.	30 Sept.	30 June
Per cent	2020	2020	2019	2019	2019	2019	2018	2018	2018
Equity funds	36.5	36.2	34.1	34.4	33.8	33.8	32.5	32.1	32.1
Balanced funds 1)	40.5	40.6	40.1	39.9	39.7	41.6	41.0	41.0	40.3
Fixed-income funds	30.1	28.8	27.1	26.4	26.4	26.7	26.4	25.2	25.0
Total mutual funds	35.1	34.5	32.7	32.5	32.1	32.4	31.5	31.1	31.0

1) Include hedge funds.

Source: Fund and Asset Management Association, Norway

2.3.1 Personal customers (PC) - Financial performance

2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
3 390	3 706	3 523	3 425	3 374	3 380	3 465	3 336	3 249
1 149	1 161	1 173	1 298	1 282	1 143	1 313	1 269	1 337
4 538	4 866	4 696	4 723	4 657	4 523	4 778	4 605	4 586
								(2 114)
2 324	2 619	2 447	2 610	2 524	2 436	2 497	2 608	2 472
						49
								(101)
2 242	1 886	2 340	2 537	2 448	2 335	2 457	2 533	2 371
								(593)
1 682	1 414	1 755	1 903	1 836	1 751	1 843	1 900	1 778
795.6	795.8	794.3	788.0	781.0	773.5	770.8	764.4	755.4
453.4	435.4	431.1	434.8	418.9	413.4	410.0	418.0	406.2
132.4	132.3	135.9	126.8	121.3	116.6	120.4	122.7	117.9
49.2	48.7	48.1	47.8	48.4	47.7	47.0	46.3	47.4
48.8	46.2	47.9	44.7	45.8	46.1	47.7	43.4	46.1
57.0	54.7	54.3	55.2	53.6	53.4	53.2	54.7	53.8
13.7	11.7	14.5	15.8	15.2	14.9	15.5	16.3	15.0
		(2 214) (82) (561)	(2 247) (734) (471)	(2 249) (3) (103) (585)	(2 113) (0) (73) (634)	(2 133) (76) (612)	(2 087) (101) (584)	(2 281) (1 997) (89) (75) (614) (633)

Loans to personal customers including loans transferred to DNB Livsforsikring

Personal Banking will continue to manage the portfolio on behalf of DNB Livsforsikring. See specification of the effects of the transfer on net interest income and loans to customers in the table below:

Amounts in NOK billion	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Loans to customers 1)	795.6	795.8	794.3	788.0	781.0	773.5	770.8	764.4	755.4
Home mortgages transferred to DNB Livsforsikring - assets under management	11.3	12.2	12.9	13.5	14.2	14.7	15.3	16.0	16.7
Loans to personal customers	807.0	808.0	807.2	801.5	795.2	788.3	786.1	780.3	772.1
Net interest income on the transferred portfolio (NOK million)	18	22	23	24	25	26	28	27	27

1) Loans to customers include accrued interest, impairment and value adjustments. Correspondingly, deposits from customers include accrued interest. 2) Allocated capital corresponds to the external capital adequacy requirement (Basel III) which must be met by the Group.

Both the establishment of Fremtind with effect from 2019 and the transfer of personal risk products to the company with effect from 2020 affects income and cost in this segment. Up until year-end 2018, the activities in DNB Forsikring were consolidated into the Personal customer segment, while as from January 2019, the segment's profit from the non-life insurance activities consists of sales commissions from Fremtind. The transfer of personal risk products from DNB Livsforsikring to Fremtind in the second part of the merger has a similar effect.

2.3.2 PC - Key performance metrics - main customer divisions

Income figures

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income
Private Banking	215	253	266	235	215	204	198	192	193
Personal Banking	3 174	3 452	3 257	3 190	3 160	3 176	3 267	3 145	3 055
Other operating income
Private Banking	178	191	202	164	149	151	177	141	148
Personal Banking	970	970	971	1 134	1 134	991	1 135	1 128	1 190
Net impairment of financial instruments
Private Banking	(54)	(383)	(4)	(1)	(11)	(3)	(3)	(1)	(0)
Personal Banking	(28)	(350)	(99)	(71)	(65)	(97)	(85)	(73)	(101)

Volumes

Amounts in NOK billion	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net loans to customers (average)
Private Banking	42.2	42.0	40.5	38.7	37.3	35.4	33.3	30.8	28.8
Personal Banking	753.4	753.9	753.8	749.3	743.8	738.1	737.5	733.6	726.6
Deposits from customers (average)
Private Banking	74.2	74.5	70.2	70.4	65.4	63.1	58.8	62.8	62.4
Personal Banking	379.2	361.0	360.8	364.4	353.5	350.2	351.3	355.1	343.8
Allocated capital (average)
Private Banking	3.5	3.2	2.9	2.8	2.9	2.7	2.4	2.2	2.1
Personal Banking	45.7	45.5	45.1	44.9	45.6	45.0	44.7	44.1	45.3

Key figures

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Lending spreads
Private Banking	1.75	1.50	1.32	1.25	1.40	1.44	1.40	1.45	1.44
Personal Banking	1.81	1.53	1.29	1.33	1.42	1.51	1.55	1.59	1.54
Deposits spreads
Private Banking	(0.14)	0.39	0.53	0.49	0.43	0.37	0.40	0.32	0.37
Personal Banking	(0.24)	0.74	0.94	0.79	0.65	0.53	0.46	0.34	0.40
Calculated profit on allocated capital
Private Banking	15.9	(10.6)	30.2	26.5	19.4	21.6	23.5	24.2	25.8
Personal Banking	13.6	13.3	13.5	15.1	14.9	14.5	15.1	15.9	14.5

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.

2.3.4 PC - Exposure at default by industry segment as at 30 June 2020

2.3.5 PC - Distribution of loan to value

Loan to value per risk grade as at 30 June 2020

		Risk grade			Share of loan to
		Low Moderate	High	Total	value in per cent *)
Loan to value in NOK billion 1)
0-40	110	19	1	130	15.4 %
40-60	239	51	3	293	34.5 %
60-75	179	48	3	230	27.1 %
75-85	105	36	4	145	17.0 %
>85	35	14	1	51	6.0 %
Total exposure at default	669	168	12	848	100.0 %

*) Development in loan to value	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
	2020	2020	2019	2019	2019	2019	2018	2018	2018
Loan to value in per cent 1)
0-40	15.4 %	15.3 %	15.7 %	16.2 %	16.3 %	15.6 %	15.7 %	16.8 %	16.9 %
40-60	34.5 %	33.3 %	34.4 %	35.5 %	34.9 %	32.9 %	32.6 %	34.4 %	34.2 %
60-75	27.1 %	27.6 %	27.3 %	27.1 %	27.3 %	28.1 %	28.5 %	28.3 %	28.9 %
75-85	17.0 %	16.8 %	16.6 %	16.1 %	16.1 %	16.4 %	16.1 %	15.2 %	14.7 %
>85	6.0 %	7.1 %	6.0 %	5.1 %	5.5 %	7.0 %	7.0 %	5.2 %	5.2 %
Total	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %
Average loan to value	60.3 %	60.6 %	60.1 %	59.4 %	59.6 %	60.5 %	60.3 %	59.1 %	58.9 %
Total exposure at default (NOK billion)	848	840	832	828	822	812	803	799	790
Total drawn amount (NOK billion)	759	753	747	745	740	731	724	722	715

1) The total exposure (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	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Average loans to customers	656	638	637	636	633	629	627	623	619
Spreads measured against actual funding costs (per cent)	0.54	0.71	0.65	0.63	0.60	0.62	0.73	0.68	0.65

2.3.7 DNB Eiendom - Residential real estate broking in Norway

	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Number of properties sold	6 900	5 354	5 337	6 006	6 994	5 723	5 155	5 810	7 233
Fees on real estate broking (NOK million)	347	272	248	299	344	272	248	272	350
Market shares (per cent) 1)	18.5	19.0	18.4	18.4	18.3	18.6	17.9	17.9	19.0

1) Management's estimates.

2.4.1 Corporate customers (CC) - Financial performance

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income	5 944	6 108	6 227	6 042	5 808	5 559	5 615	5 406	5 464
Net other operating income	1 851	1 728	2 193	1 735	2 058	1 884	2 043	1 684	2 038
Total income	7 794	7 836	8 420	7 777	7 866	7 443	7 657	7 090	7 502
Operating expenses	(3 149)	(3 046)	(3 083)	(2 689)	(2 892)	(2 880)	(3 005)	(2 648)	(2 700)
Pre-tax operating profit before impairment	4 646	4 790	5 337	5 088	4 974	4 563	4 653	4 442	4 802
Net gains on fixed and intangible assets	0	(0)	16	(0)	(0)	(0)	(0)	2	1
Impairment of financial instruments	(2 030)	(5 038)	(75)	(1 174)	(371)	(215)	(146)	64	156
Profit from repossessed operations 1)	(29)	(80)	92	(71)	(47)	(82)	(147)	(99)	(18)
Pre-tax operating profit	2 587	(329)	5 370	3 842	4 556	4 265	4 360	4 409	4 941
Tax expense	(647)	82	(1 310)	(944)	(1 111)	(1 042)	(1 039)	(1 048)	(1 173)
Profit for operations held for sale, after taxes			(0)	(2)	0	2	1	(11)
Profit for the period	1 940	(246)	4 060	2 896	3 445	3 226	3 323	3 349	3 768
Average balance sheet items in NOK billion:
Loans to customers 2)	815.8	792.9	780.7	767.2	762.2	746.4	726.3	716.4	700.9
Deposits from customers 2)	613.8	559.5	547.1	524.2	523.8	514.5	520.3	532.3	531.7
Assets under management	351.7	350.8	358.8	345.2	338.6	321.0	314.1	317.1	310.9
Allocated capital 3)	107.3	97.6	98.8	97.9	97.8	95.4	92.5	93.8	96.4
Key figures in per cent:
Cost/income ratio	40.4	38.9	36.6	34.6	36.8	38.7	39.2	37.4	36.0
Ratio of deposits to loans	75.2	70.6	70.1	68.3	68.7	68.9	71.6	74.3	75.9
Return on allocated capital, annualised 3)	7.3	(1.0)	16.3	11.7	14.1	13.7	14.3	14.2	15.7

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

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

3) Allocated capital corresponds to the external capital adequacy requirement (Basel III) which must be met by the Group.

2.4.2 CC - Key performance metrics - main customer divisions

Income figures

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income
Small and Medium-sized Enterprises	2 643	2 862	2 873	2 756	2 598	2 483	2 479	2 350	2 270
Future & Tech Industries	1 936	1 957	1 937	1 879	1 869	1 736	1 867	1 741	1 740
Ocean Industries	1 114	1 046	1 051	1 029	947	889	882	861	914
Active Portfolio Management & Restructuring	207	231	312	274	256	215	293	285	262
Other operating income
Small and Medium-sized Enterprises	727	807	777	757	707	741	693	628	694
Future & Tech Industries	780	752	933	694	843	786	860	582	758
Ocean Industries	345	152	456	263	360	270	328	255	396
Active Portfolio Management & Restructuring	18	31	12	17	26	21	22	21	57
Net impairment of financial instruments
Small and Medium-sized Enterprises	(85)	(1 195)	(142)	(16)	(261)	(176)	(101)	(217)	(33)
Future & Tech Industries	113	(949)	281	(1 121)	(241)	11	17	(6)	(98)
Ocean Industries	(164)	(1 321)	223	(39)	129	(13)	111	243	388
Active Portfolio Management & Restructuring	(1 903)	(1 572)	(406)	7	(65)	5	(173)	14	(124)

Volumes

Amounts in NOK billion	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net loans to customers (average)
Small and Medium-sized Enterprises	347.6	341.4	335.3	326.6	321.3	315.8	311.1	304.0	299.7
Future & Tech Industries	289.7	280.3	278.3	277.6	280.0	268.3	252.0	247.3	239.5
Ocean Industries	138.1	127.9	123.6	118.5	114.8	112.0	107.0	105.9	107.9
Active Portfolio Management & Restructuring	32.2	32.0	33.7	34.7	36.4	39.1	42.5	44.9	45.7
Deposits from customers (average)
Small and Medium-sized Enterprises	275.0	256.6	258.1	257.6	255.4	244.4	248.4	253.9	249.0
Future & Tech Industries	199.8	172.1	163.7	147.4	144.1	142.9	138.8	142.9	140.7
Ocean Industries	108.7	100.6	94.4	91.8	96.2	99.0	104.0	104.0	109.0
Active Portfolio Management & Restructuring	9.0	8.1	7.9	7.2	7.0	7.8	8.2	10.7	10.2
Allocated capital (average)
Small and Medium-sized Enterprises	34.7	34.3	34.6	33.0	32.5	32.3	30.1	28.7	28.2
Future & Tech Industries	33.4	31.1	29.5	29.9	30.0	29.1	27.0	26.8	27.6
Ocean Industries	24.3	20.6	19.6	19.9	19.7	19.2	18.7	18.0	19.1
Active Portfolio Management & Restructuring	10.4	11.0	11.5	12.2	12.5	12.3	13.9	15.0	16.9

Key figures

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Lending spreads
Small and Medium-sized Enterprises	2.64	2.50	2.44	2.44	2.46	2.48	2.45	2.44	2.40
Future & Tech Industries	2.11	2.10	2.08	2.05	2.08	2.08	2.08	2.09	2.07
Ocean Industries	2.67	2.65	2.66	2.58	2.55	2.54	2.46	2.42	2.47
Active Portfolio Management & Restructuring	2.25	2.32	2.41	2.34	2.19	2.18	2.08	2.04	1.95
Deposits spreads
Small and Medium-sized Enterprises	0.09	0.63	0.71	0.63	0.52	0.48	0.43	0.36	0.39
Future & Tech Industries	(0.05)	0.01	0.02	0.02	(0.04)	(0.03)	0.05	0.06	0.08
Ocean Industries	(0.02)	0.11	0.19	0.21	0.19	0.16	0.18	0.15	0.17
Active Portfolio Management & Restructuring	0.04	0.49	0.59	0.44	0.41	0.41	0.47	0.65	0.51
Calculated profit on allocated capital
Small and Medium-sized Enterprises	17.2	10.2	19.5	20.6	17.3	17.6	19.2	17.3	19.1
Future & Tech Industries	16.3	7.3	21.5	5.4	15.3	17.1	20.5	17.8	17.7
Ocean Industries	11.1	(7.5)	20.6	13.2	16.7	14.0	15.7	18.9	21.7
Active Portfolio Management & Restructuring	(51.2)	(38.6)	(4.0)	5.4	3.5	4.6	1.5	4.9	2.2

2.4.3 CC - Risk classification of portfolio

2.5.1 Other operations - Financial performance

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income	117	582	597	518	398	350	531	409	340
Net other operating income	2 025	2 837	67	2 083	1 739	1 364	1 406	1 047	637
Total income	2 143	3 418	662	2 601	2 137	1 714	1 938	1 455	977
Operating expenses	(698)	(765)	(1 362)	(1 392)	(1 476)	(1 138)	(1 764)	(1 349)	(1 139)
Pre-tax operating profit before impairment	1 444	2 653	(699)	1 208	660	576	173	107	(162)
Net gains on fixed and intangible assets	1	780	(7)	(40)	(2)	1 740	0	(5)	464
Impairment of financial instruments	(8)	(0)	0	(0)	(3)	(1)	(0)	0	(0)
Profit from repossessed operations 1)	29	80	(92)	71	47	82	147	99	18
Pre-tax operating profit	1 466	3 514	(797)	1 240	702	2 397	320	201	320
Tax expense	(52)	(625)	859	55	182	261	1 529	253	239
Profit from operations held for sale, after taxes	(17)	(56)	68	(33)	(30)	(53)	(142)	(30)	(21)
Profit for the period	1 398	2 833	130	1 261	854	2 605	1 707	423	538
Average balance sheet items in NOK billion:
Loans to customers	135.1	145.0	136.7	128.3	123.9	123.4	113.8	113.3	108.0
Deposits from customers	73.4	55.6	44.6	29.6	25.5	49.3	39.7	69.0	56.8

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.

2.6.1 Total DNB Markets activity - Financial performance

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income	307	246	262	277	244	236	262	235	217
Net fees and commissions	661	477	747	521	633	465	719	327	641
Net financial items	1 514	(304)	847	571	512	717	384	621	608
Total income	2 483	419	1 856	1 370	1 390	1 418	1 365	1 182	1 466
Operating expenses	(816)	(754)	(802)	(722)	(761)	(775)	(746)	(728)	(756)
Pre-tax operating profit before impairment	1 667	(335)	1 053	648	628	643	619	454	710
Net gains on fixed and intangible assets			7
Impairment loss of financial instruments	(1)
Pre-tax operating profit	1 666	(335)	1 061	648	628	643	619	454	710
Tax expense	(416)	84	(265)	(162)	(157)	(161)	(149)	(109)	(170)
Profit for the period	1 249	(252)	796	486	471	482	470	345	540
Average balance sheet items in NOK billion:
Allocated capital 1)	10.2	7.7	10.0	9.9	9.4	9.7	9.0	9.7	10.9
Key figures in per cent:
Cost/income ratio	32.9	180.0	43.2	52.7	54.8	54.7	54.6	61.6	51.6
Return on allocated capital, annualised 1)	49.2	(13.2)	31.5	19.4	20.1	20.2	20.8	14.1	19.8

1) Allocated capital corresponds to the external capital adequacy requirement (Basel III) which must be met by the Group.

2.6.2 Total DNB Markets activity - Break down of revenues

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Fixed income, currencies and commodities	642	769	604	594	653	511	584	468	519
Equities	234	199	235	212	207	227	197	179	244
IBD	341	224	506	303	356	247	507	157	390
Securities services	70	57	57	48	61	53	57	49	58
Interest income on allocated capital	30	15	30	27	19	17	15	10	9
Total customer revenues	1 316	1 265	1 432	1 184	1 296	1 055	1 360	864	1 220
Fixed income, currencies and commodities	1 114	(834)	405	153	77	335	(25)	309	247
Equities	46	(28)	0	14	3	14	17	1	(9)
Interest income on allocated capital	7	17	19	19	14	14	13	8	9
Total risk management revenues	1 166	(846)	423	186	94	363	5	318	246
Total income	2 483	419	1 856	1 370	1 390	1 418	1 365	1 182	1 466

2.6.3 Total DNB Markets activity - Value-at-Risk

	30 June 2020		Second quarter 2020
Amounts in NOK thousand	Actual		Average Maximum	Minimum
Currency risk	2 820	3 554	9 450	1 110
Interest rate risk	35 450	33 017	54 280	20 268
Equities	3 009	2 618	3 651	2 082
Diversification effects 1)	(2 350)	(2 846)
Total	38 929	36 343

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.

2.6.4 DNB Livsforsikring Group - Financial performance - quarterly figures

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Value-adjusted financial result 1)	3 456	(5 203)	2 527	2 086	2 435	3 730	(757)	2 224	2 283
Guaranteed return on policyholders' funds	(1 453)	(1 448)	(1 457)	(1 466)	(1 473)	(1 473)	(1 489)	(1 485)	(1 498)
Financial result after guaranteed returns	2 004	(6 651)	1 070	620	962	2 257	(2 247)	738	786
+ From market value adjustment reserve	(3 388)	5 026	(947)	(363)	(566)	(1 865)	2 327	(812)	(892)
Recorded interest result before the application of/(transfers to) additional allocations	(1 384)	(1 625)	123	257	395	392	81	(74)	(106)
Application of/(transfers to) additional allocations	1 149	1 539	(145)		(20)	20	(14)	28	7
Recorded interest result	(235)	(86)	(22)	257	376	412	67	(46)	(100)
Risk result	64	92	150	51	80	69	72	58	35
Administration result	77	88	48	65	66	64	37	79	86
Upfront pricing of risk and guaranteed rate of return	23	26	26	26	26	28	31	35	30
Allocations to policyholders, products with guaranteed rates of return	(27)	(31)	49	(226)	(365)	(464)	(74)	31	53
Return on corporate portfolio	349	(230)	99	88	97	235	289	15	106
I Pre-tax operating profit - pensions with guarantees	251	(142)	351	261	280	343	423	172	211
Recorded interest result	(28)	(2)	215	50	80	19	114	1	1
Risk result	(13)	16	13	(8)	23	12	(39)	82	61
Administration result	120	113	96	105	86	82	75	76	68
Upfront pricing of risk and guaranteed rate of return	23	23	24	24	25	24	25	25	26
Allocations to policyholders, products with guaranteed rates of return	(1)	(1)	(248)	(31)	(63)	(6)	(97)	16	14
Interest on allocated capital	25	(17)	7	6	8	16	20	1	7
II Pre-tax operating profit - new pension products	127	132	108	146	159	148	97	200	178
Recorded interest result	0	(1)	(10)	6	5	(1)	4	5	4
Risk result	(4)	1	17	5	(1)	19	(7)	28	(36)
Administration result	1	3	3	6	8	2	5	3	2
Allocations to policyholders, products with guaranteed rates of return			(0)				(0)
Other 2)	2	1 200
Interest on allocated capital	0	(0)	1	0	1	1	1	0	0
III Pre-tax operating profit - risk products	(0)	1 203	10	17	12	22	4	36	(30)
Pre-tax operating profit (I + II + III)	378	1 194	468	425	451	513	525	408	359
Tax expense	28	(82)	(146)	(328)	(88)	(118)	692	(83)	(65)
Profit	406	1 112	322	97	363	395	1 216	325	294

1) Excluding unrealised gains on long-term securities.

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

2.6.4 DNB Livsforsikring Group - Financial performance - five years

Amounts in NOK million	YTD 2020	2019	2018	2017	2016	2015
Value-adjusted financial result 1)		(1 747) 10 778	4 824	9 055	7 973	8 749
Guaranteed return on policyholders' funds	(2 901)	(5 869)	(5 960)	(6 002)	(6 044)	(6 268)
Financial result after guaranteed returns	(4 648)	4 909	(1 136)	3 053	1 929	2 481
+ From market value adjustment reserve	1 639	(3 742)	1 614	(705)	8	537
Recorded interest result before the application of/(transfers to) additional allocations	(3 009)	1 167	478	2 348	1 937	3 018
Application of/(transfers to) additional allocations	2 688	(145)	28	(1 010)	(753)	(855)
Recorded interest result	(321)	1 022	506	1 338	1 185	2 163
Risk result	156	351	266	308	448	599
Administration result	165	242	269	295	327	291
Upfront pricing of risk and guaranteed rate of return	49	107	132	130	288	535
Provisions for higher life expectancy, group pension				(621)	(1 452)	(3 141)
Allocations to policyholders, products with guaranteed rates of return	(59)	(1 006)	(640)	(834)	(455)	(802)
Return on corporate portfolio	119	519	492	736	439	500
I Pre-tax operating profit - pensions with guarantees	109	1 234	1 025	1 351	779	145
Recorded interest result	(30)	365	204	478	110	303
Risk result	3	41	122	120	165	148
Administration result	233	369	285	214	141	167
Upfront pricing of risk and guaranteed rate of return	46	97	101	108	126	123
Allocations to policyholders, products with guaranteed rates of return	(2)	(349)	(137)	(438)	(38)	(207)
Interest on allocated capital	9	37	34	67	38	45
II Pre-tax operating profit - new pension products	259	561	609	548	543	579
Recorded interest result	(0)	(0)	19	18	16	26
Risk result	(3)	41	7	63	123	114
Administration result	4	18	11	3	(9)	(23)
Allocations to policyholders, products with guaranteed rates of return		(0)	(0)
Other 2)	1 203
Interest on allocated capital	0	3	2	4	2	3
III Pre-tax operating profit - risk products	1 203	61	39	88	133	119
Pre-tax operating profit (I + II + III)	1 572	1 857	1 672	1 987	1 455	843
Tax expense	(54)	(680)	477	(116)	(144)	692
Profit	1 518	1 177	2 150	1 870	1 311	1 535

1) Excluding unrealised gains on long-term securities.

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

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

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
DNB Group:
Net financial result, DNB Livsforsikring	88	(365)	94	154	144	218	331	27	92
Net risk result, DNB Livsforsikring	47	109	181	49	103	100	26	167	60
Net financial and risk result in DNB Livsforsikring Group	135	(255)	275	203	247	318	357	195	152
Eliminations in the group accounts	(4)	10	(59)	68	38	38	30	20	11
Net financial and risk result from DNB Livsforsikring Group	131	(246)	216	271	285	356	387	215	162
DNB Livsforsikring Group:
Recorded interest result	(263)	(89)	183	312	461	430	185	(40)	(94)
Return on corporate portfolio	375	(247)	107	95	105	252	310	16	114
- Administration result - corporate portfolio	(4)	(3)	(4)	(5)	(6)	(6)	(6)	(5)	(5)
Provisions for higher life expectancy, group pension
Allocations to policyholders, products with guaranteed rates of
return	(28)	(32)	(199)	(258)	(428)	(470)	(171)	47	67
Risk result	47	109	181	49	103	100	26	167	60
Net financial and risk result in DNB Livsforsikring Group	135	(255)	275	203	247	318	357	195	152
Eliminations in the group accounts	(4)	10	(59)	68	38	38	30	20	11
Net financial and risk result from DNB Livsforsikring Group	131	(246)	216	271	285	356	387	215	162
DNB Group:
Commission and fee income etc. *)	519	509	538	533	532	505	522	515	519
Commission and fee expenses etc. **)	(80)	(81)	(99)	(92)	(103)	(89)	(95)	(92)	(95)
Other income	25	26	4	3	3	3	5	4	2
Operating expenses	(223)	(205)	(251)	(222)	(228)	(225)	(264)	(214)	(219)
Administration result including upfront pricing of risk and
guaranteed rate of return	241	249	193	222	204	195	168	213	207
DNB Livsforsikring Group:
Upfront pricing of risk and guaranteed rate of return	46	49	50	50	51	52	56	60	56
Administration result	199	203	147	176	159	148	118	158	156
+ Administration result - corporate portfolio	(4)	(3)	(4)	(5)	(6)	(6)	(6)	(5)	(5)
Administration result including upfront pricing of risk and guaranteed rate of return	241	249	193	222	204	195	168	213	207

*) Details on commision and fee income etc. for product groups

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
New pension products
- administration income	284	267	266	257	245	236	240	227	229
- upfront pricing	23	23	24	24	25	24	25	25	26
Risk products
- administration income	0	0	38	36	38	34	38	32	32
Pensions with guarantees
Defined benefit:
- administration income	43	49	41	40	41	46	41	43	43
- upfront pricing	23	26	26	26	26	28	31	35	30
Paid-up policies:
- administration income	88	88	89	90	93	82	89	89	92
Previously established individual products:
- administration income	58	57	54	60	65	56	59	63	66
Commisions and fee income etc. excl. DNB Pensjonstjenester	519	509	538	533	532	505	522	515	519

**) Details on commission and fee expenses etc. for product groups

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
New pension products	(48)	(51)	(45)	(48)	(50)	(44)	(43)	(47)	(48)
Risk products	(0)	(0)	(10)	(9)	(9)	(10)	(9)	(8)	(9)
Pensions with guarantees
Defined benefit	(4)	(4)	(6)	(4)	(5)	(4)	(4)	(6)	(5)
Paid-up policies	(18)	(18)	(26)	(20)	(26)	(19)	(24)	(18)	(20)
Previously established individual products	(7)	(6)	(9)	(8)	(9)	(8)	(10)	(9)	(9)
Corporate portfolio	(3)	(2)	(3)	(3)	(4)	(4)	(5)	(4)	(4)
Total commission and fee expenses etc.	(80)	(81)	(99)	(92)	(103)	(89)	(95)	(92)	(95)

2.6.6 DNB Livsforsikring Group - Value-adjusted return on assets

Per cent	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Return - common portfolio 1)
Financial assets
Norwegian equities	-	(31.46)	8.76	1.83	0.12	8.39	(16.76)	4.52	10.86
International equities 2)	-	(18.78)	7.62	0.84	3.62	12.11	(12.32)	2.68	2.90
Norwegian bonds	3.97	0.74	(0.16)	0.78	0.88	1.13	0.61	0.04	0.88
International bonds	5.43	(3.27)	0.99	1.54	2.24	3.53	(0.33)	0.44	(0.22)
Money market instruments	1.12	(0.05)	0.45	0.46	0.42	0.54	0.24	0.29	0.38
Bonds	0.69	1.01	1.08	1.12	1.06	1.04	1.14	1.12	1.12
Investment properties	(1.10)	2.10	0.98	2.52	2.25	1.21	2.23	1.18	1.45
Value-adjusted return on assets I 3)	1.92	(2.91)	1.39	1.10	1.29	2.01	(0.45)	1.18	1.21
Recorded return on assets 4) *)	0.08	(0.16)	1.00	0.91	1.01	0.96	0.87	0.73	0.72
Value-adjusted return on assets I, annualised 3)	8.00	(11.00)	5.72	4.51	5.29	8.39	(1.77)	4.81	4.96
Return - corporate portfolio
Value-adjusted return on assets I 3)	1.40	(0.51)	0.57	0.53	0.58	1.02	1.17	0.21	0.52

*) Recorded return broken down on sub-portfolios in the common portfolio:

Previously established individual products	(0.36)	(0.88)	2.06	1.03	1.04	1.41	0.95	0.84	0.79
Paid-up policies low guarantee	0.15	(0.36)	0.72	0.94	1.05	0.97	0.88	0.74	0.74
Paid-up policies high guarantee	0.15	0.40	0.62	0.92	1.01	0.87	0.88	0.74	0.74
Paid-up policies profit sharing	0.15	(0.22)	0.72	0.94	1.04	0.96
Common portfolio	0.07	0.40	0.64	0.83	0.90	0.97	0.57	0.77	0.75
Guaranteed products for retail customers	0.37	(1.22)	2.56	0.68	0.97	0.48	1.20	0.37	0.39
Risk products - defined contribution	0.07	(0.58)	1.15	0.74	0.67	0.47	0.78	0.53	0.49
Risk products	0.25	(0.63)	1.58	0.61	0.69	0.12	0.71	0.71	0.71
Recorded return on assets	0.08	(0.16)	1.00	0.91	1.01	0.96	0.87	0.73	0.72

1) Returns are calculated on a quarterly basis.

2) International equities include DNB Livsforsikring Group's exposure in hedge funds, private equities and real estate funds.

3) Excluding changes in value of commercial paper and bonds held to maturity.

4) Excluding unrealised gains on financial instruments.

Based on IAS 39 classification. IFRS 9 has not been implemented for insurance companies.

2.6.7 DNB Livsforsikring Group - Financial exposure per sub-portfolio as at 30 June 2020

		Equities,		Bonds,	Money	Bonds	Loans
	Equities,	inter-	Bonds,	inter-	market	held to	and	Real
Amounts in NOK million	Norwegian		national Norwegian		national instruments		maturity receivables	estate	Other	Total
Common portfolio		1 254	2 777	898	2 029	5 680	3 084	2 392	290	18 403
Guaranteed products for retail customers		971	1 660	539	1 444	3 695	1 510	1 593	233	11 645
Paid-up policies low guarantee		2 361	5 227	1 690	2 106	13 296	4 989	4 430	545	34 645
Paid-up policies high guarantee		4 040	8 947	2 893	3 605	22 757	8 538	7 583	933	59 295
Paid-up policies profit sharing		2 961	6 556	2 120	2 641	16 676	6 257	5 557	684	43 452
Risk products - defined contribution		192	411	103	966	939	328	220	5	3 162
Risk products		129	81	22	861	663	221	64	1	2 043
Previously established individual products		2 018	3 815	1 556	2 853	9 101	3 245	4 974	104	27 665
Total common portfolio	0	13 925	29 473	9 821	16 505	72 808	28 171	26 812	2 795	200 311
Corporate portfolio	132	1 448			20 494	6 265	2 456	1 382	1 174	33 350
Total	132	15 374	29 473	9 821	36 999	79 073	30 627	28 194	3 969	233 661

2.6.8 DNB Livsforsikring Group - Financial exposure - common portfolio

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Equities, Norwegian 1)		19	2 942	2 711	2 666	3 062	2 640	3 174	3 028
Equities, international 1) 2)	13 925	12 482	24 123	22 449	21 114	21 925	22 193	22 147	20 913
Bonds, Norwegian	29 473	28 620	22 182	22 324	21 199	20 195	20 824	21 581	21 965
Bonds, international	9 821	8 073	6 245	6 244	7 055	6 853	6 601	6 629	6 607
Money market instruments	16 505	20 808	22 988	23 478	23 914	25 092	20 842	24 550	26 408
Bonds held to maturity	72 808	71 418	71 566	72 158	72 831	74 340	69 548	73 487	71 242
Loans and receivables	28 171	28 404	29 417	29 539	30 409	32 648	39 996	34 420	35 888
Real estate	26 812	27 100	26 462	26 462	25 660	20 840	20 868	20 439	20 352
Other	2 795	423	661	611	1 846	1 626	867	1 486	1 091
Total	200 311	197 347	206 585	205 977	206 693	206 581	204 380	207 913	207 493
Per cent
Equities, Norwegian 1)		0.0	1.4	1.3	1.3	1.5	1.3	1.5	1.5
Equities, international 1) 2)	7.0	6.3	11.7	10.9	10.2	10.6	10.9	10.7	10.1
Bonds, Norwegian	14.7	14.5	10.7	10.8	10.3	9.8	10.2	10.4	10.6
Bonds, international	4.9	4.1	3.0	3.0	3.4	3.3	3.2	3.2	3.2
Money market instruments	8.2	10.5	11.1	11.4	11.6	12.1	10.2	11.8	12.7
Bonds held to maturity	36.3	36.2	34.6	35.0	35.2	36.0	34.0	35.3	34.3
Loans and receivables	14.1	14.4	14.2	14.3	14.7	15.8	19.6	16.6	17.3
Real estate	13.4	13.7	12.8	12.8	12.4	10.1	10.2	9.8	9.8
Other	1.4	0.2	0.3	0.3	0.9	0.8	0.4	0.7	0.5
Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0

1) Equity exposure per sub-portfolio in the common portfolio, see table above.

2) International equities include DNB Livsforsikring Group's exposure in hedge funds, private equities and real estate funds.

The figures represent net exposure after derivative contracts.

2.6.9 DNB Livsforsikring Group - Balance sheets

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Due from credit institutions	2 533	5 311	2 488	3 825	4 413	2 273	3 704	2 807	3 455
Loans to customers	23 646	24 694	25 534	25 756	26 628	26 104	27 156	28 390	29 940
Commercial paper and bonds	164 306	158 168	155 418	155 971	153 227	157 637	153 481	154 796	157 164
Shareholdings	15 079	17 706	28 410	26 369	27 993	30 443	31 573	32 085	27 962
Financial assets, customers bearing the risk	95 194	84 791	98 943	92 857	89 715	85 192	77 241	82 380	78 277
Financial derivatives	377	290	592	42	218	114	29	391	127
Investment properties	22 683	23 078	22 299	22 090	21 647	16 750	16 844	16 249	16 131
Investments in associated companies	4 208	4 505	4 457	4 437	4 432	4 581	4 554	4 511	4 461
Intangible assets	3	4	5	6	7	9	10	19	23
Deferred tax assets	3	3	2
Fixed assets	82	83	82	82	85	87	3	3	3
Other assets	1 533	1 601	1 420	1 579	1 412	1 574	1 221	1 037	1 139
Total assets	329 648	320 233	339 648	333 014	329 778	324 764	315 815	322 669	318 684
Financial derivatives	77	4 170	129	327	64	114	743	69	164
Insurance liabilities, customers bearing the risk	95 194	84 791	98 943	92 857	89 715	85 192	77 241	82 380	78 277
Liabilities to life insurance policyholders	199 073	197 747	206 876	206 673	206 918	206 848	204 280	207 527	207 685
Payable taxes	829	830	842	459	452	449	457	23	21
Deferred taxes	884	911	817	1 048	1 001	893	767	1 899	1 805
Other liabilities	3 236	1 850	1 954	1 913	1 993	2 001	2 056	1 712	1 999
Pension commitments	232	216	222	206	192	188	187	191	187
Subordinated loan capital	7 007	7 009	7 010	7 011	7 010	7 010	7 010	5 505	5 505
Total liabilities	306 532	297 523	316 793	310 493	307 345	302 694	292 740	299 305	295 645
Share capital	1 641	1 641	1 750	1 750	1 750	1 750	1 750	1 750	1 750
Share premium reserve	6 016	6 016	6 016	6 016	6 016	6 016	6 016	6 016	6 016
Other equity	15 458	15 053	15 089	14 756	14 667	14 304	15 309	15 598	15 273
Total equity	23 115	22 710	22 855	22 522	22 433	22 070	23 075	23 364	23 039
Total liabilities and equity	329 648	320 233	339 648	333 014	329 778	324 764	315 815	322 669	318 684
Insurance liabilities sub-portfolio:
New pension products	111 858	101 407	115 866	109 988	107 076	102 795	94 305	99 912	96 134
Risk products	44	49	1 087	1 070	1 052	1 006	950	967	953
Pensions with guarantees	182 374	181 091	188 874	188 479	188 510	188 246	186 273	189 034	188 881
Total insurance liabilities	294 276	282 547	305 827	299 537	296 639	292 047	281 528	289 913	285 967

The figures encompass DNB Livsforsikring AS including subsidiaries as included in the DNB Group accounts before eliminations of intra-group transactions and balances.

2.6.10 DNB Livsforsikring Group - Solvency II margin

	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June
Amounts in NOK million	2020	2020	2019	2019	2019	2019	2018	2018	2018
Share capital	1 641	1 641	1 750	1 750	1 750	1 750	1 750	1 750	1 750
Share premium	6 016	6 016	6 016	6 016	6 016	6 016	6 016	6 016	6 016
Reconciliation reserve 1)	17 366	14 694	16 569	17 492	17 496	17 478	17 431	19 064	19 659
Including effect of transitional rules 2)	16 436	11 360	4 928	6 271	6 069	5 578	5 200	2 083	4 069
Subordinated loans (Tier 1 restricted)	1 500	1 500	1 500	1 500	1 500	1 500	1 500
Total Tier 1 capital	26 523	23 851	25 835	26 758	26 762	26 744	26 697	26 829	27 425
Subordinated loans	5 500	5 500	5 500	5 500	5 500	5 500	5 500	5 500	5 500
Risk equalisation fund	715	715	715	601	601	601	601	516	516
Total Tier 2 capital	6 215	6 215	6 215	6 101	6 101	6 101	6 101	6 016	6 016
Total Tier 3 capital 3)	0	0	0	0	0	0	0	0	0
Total capital	32 738	30 066	32 050	32 859	32 863	32 844	32 797	32 846	33 441
Total capital without transitional rules	14 893	17 985	27 122	26 587	26 793	27 266	27 598	30 763	29 371
Market and counterparty risk	25 737	24 328	30 963	29 783	30 721	30 809	30 613	30 457	31 085
Life, health and non-life risk	10 624	10 461	10 288	12 215	11 755	11 556	10 973	11 274	11 155
Operational risk	1 104	1 015	1 130	1 153	1 149	1 145	1 123	1 112	1 129
Diversification 4)	(6 987)	(6 850)	(7 207)	(7 739)	(7 653)	(7 454)	(7 322)	(7 479)	(7 377)
Risk absorbing deferred tax	(4 696)	(4 560)	(4 093)	(4 512)	(4 756)	(5 017)	(5 007)	(4 856)	(5 011)
Risk-absorbing technical provisions 5)	(7 192)					(6 712) (15 176) (13 860) (13 569) (13 282) (12 603) (13 981) (13 323)
Solvency capital requirement (SCR)	18 591	17 683	15 905	17 040	17 647	17 757	17 777	17 196	17 657
Minimum capital requirement (MCR)	8 008	7 877	7 157	7 469	7 483	7 470	7 332	7 312	7 681
Solvency margin with transitional rules (%)	176	170	202	193	186	185	184	191	189
Solvency margin without transitional rules (%)	80	101	169	155	150	150	152	174	164

1) Profit earned that is included as equity in the financial statements must be replaced by the reconciliation reserve in the solvency balance. The reconciliation reserve includes profit earned, but is based on the valuation of assets and liabilities in the solvency balance. The reconciliation reserve includes the present value of future profits. The value of future profits is implicitly included as a consequence of the valuation of insurance liabilities.

2) The transitional rules imply that technical insurance reserves in solvency capital calculations are carried at book value, whereby insurance liabilities are calculated based on the contracts' guaranteed rate of return. There will be a 16-year linear phase-in period for technical insurance reserves measured at fair value up to 2032. In addition, the transitional rules imply that the stress factor for equities acquired prior to 1 January 2016 will be increased from 22 to 39 per cent over a seven-year period.

3) Deferred tax assets.

4) Diversification between market and counterparty risk and insurance risk.

5) Future discretionary bonus (FDB) is included in technical provisions and is risk absorbing when calculating the solvency capital requirement.

2.6.11 DNB Asset Management - Financial performance

Amounts in NOK million	2Q20	1Q20	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
Net interest income	0	5	5	4	3	3	2	1	1
Net commission income
- from retail customers	182	193	189	177	168	155	102	105	102
- from institutional clients	163	157	176	162	158	143	279	152	142
Other income	5	(3)	3	5	2	4	0	3	1
Total income	351	352	374	348	330	304	383	261	246
Operating expenses 1)	(154)	(296)	(159)	(116)	(336)	(141)	(179)	(129)	(125)
Pre-tax operating profit	196	56	215	231	(6)	163	204	132	120
Tax expense	(55)	(13)	(36)	(57)	(17)	(41)	(32)	(39)	(40)
Profit for the period	141	43	178	174	(23)	122	172	93	80
Assets under management (NOK billion) 2)
Institutional	553	511	555	536	528	529	499	517	508
- of which DNB Livsforsikring Group 3)	277	264	284	280	275	278	266	273	269
Retail	115	100	113	105	95	93	86	92	88
Total	668	611	668	641	623	623	584	609	596
Key figures
Cost/income ratio (%)	44.0	84.0	42.6	33.5	101.8	46.4	46.8	49.3	51.0
Assets under management - net inflow *) Changes from previous quarters (NOK million)
Retail market	5 350	(3 135)	4 435	1 897	(48)	822	(184)	1 592	1 511
Institutional clients	10 188	(15 407)	4 728	1 725	(11 143)	7 038	267	1 120	(7 652)
Total	15 538	(18 541)	9 163	3 621	(11 191)	7 861	82	2 711	(6 141)
*) Excluding dividends:
Retail market		326				344
Institutional clients		2 488				3 838
Total	0	2 814	0	0	0	4 182	0	0	0
Performance fee	1	3	16	16	12	(0)	112	11	13

1) A provision for a legal claim of NOK 200 million related to the DNB Norge case was recorded in the second quarter of 2019 and NOK 169 million

in the first quarter of 2020.

2) Assets under management and assets under operation at end of period.

3) Managed on behalf of the DNB Livsforsikring Group.

Chapter 3 - The Norwegian economy

3.1.1 Basic information about Norway

Area	385 199 square kilometres
Population	5.4 million
Fertility rate	1.6
Life expectancy	M: 81.0 F: 84.5
Work participation rate, per cent 15-74 years	70.2 (M: 73.1 F:67.3)
Gross domestic product 2019	USD 403.2 billion
GDP per capita 2019	USD 75 388
Rating	AAA, Aaa
Currency exchange rate used	8.80 USD/NOK (Average 2019)
Net lending 2019	USD 16.4 billion or 4.1 per cent of GDP

Source: Statistics Norway, Norges Bank, DNB Markets

3.1.2 Government net financial liabilities 2019

Source: OECD Economic Outlook No. 106 database, November 2019 (Norway: National Budget 2020 (MoF))

3.1.3 GDP growth mainland Norway and unemployment rate

Source: Thomson Datastream, Statistics Norway

3.1.4 Contribution to volume growth in GDP, mainland Norway

Per cent	2017	2018	2019	F 2020
Household demand	1.7	0.6	0.7	(4.2)
Gross fixed capital formation, mainland companies	0.9	0.7	0.6	(1.0)
Gross fixed capital formation, petroleum activity	(0.2)	(0.1)	1.1	(1.0)
Public sector demand	0.7	0.9	1.0	0.8
Exports, mainland Norway	0.2	0.9	1.3	(1.4)
Imports, mainland Norway	1.3	0.8	2.0	(2.8)
Changes in stocks and statistical discrepancies	0.1	0.1	(0.3)	(0.4)
GDP, mainland Norway	2.0	2.2	2.3	(4.3)

Source: Statistics Norway and DNB Markets

3.1.5 Composition of GDP in 2019 3.1.6 Composition of exports in 2019

Source: Statistics Norway, annual national accounts 7 February 2020

3.1.7 Key macro-economic indicators, Norway

2017	2018	2019	F 2020
2.0	2.2	2.3	(4.3)
2.3	1.3	1.2	(2.5)
2.2	1.9	1.5	(6.3)
2.6	2.8	6.1	(7.0)
1.8	2.7	2.2	1.1
6.7	6.0	6.8	12.7
4.2	3.9	3.7	4.5

1) Per cent of household disposable income.

Source: Statistics Norway and DNB Markets

3.1.8 Credit market, 12 month percentage growth

Source: Thomson Datastream, Statistics Norway

3.1.9 Deposit market, 12 month percentage growth

Source: Thomson Datastream, Statistics Norway

3.1.10 House prices

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

3.1.11 Household interest burden 1) and debt burden 2)

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

2) Household debt as a percentage of disposable income.

Source: Statistics Norway, DNB Markets

Appendix

Disclosure for main features of regulatory capital instruments

Ordinary shares

Additional Tier 1 capital

		NOK Notes	NOK Notes	USD Notes	USD Notes
1. Issuer	DNB 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)	NO0010031479	NO0010767957	NO0010858749	XS1506066676	XS2075280995
3. Governing law for the instrument	Norway	English 9)	English 9)	English 9)	English 9)
Regulatory treatment:
4. Transitional rules	Common Equity 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
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	Common shares	Other additional Tier 1	Other additional Tier 1	Other additional Tier 1	Other additional Tier 1
8. Amount recognised in regulatory capital (in NOK million as at 30 june 2020) 38 214		1 400	2 700	6 120	7 774
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	N/A	NOK 1 400	NOK 2 700	USD 750, NOK 6 120	USD 850, NOK 7 774
9a. Issue price	Various	100	100	100	100
9b. Redemption price	N/A	100	100	100	100
10. Accounting classification	Shareholder's equity	Equity	Equity	Equity	Equity
11. Original date of issuance	N/A	27 June 2016	27 June 2019	18 October 2016	12 November 2019
12. Perpetual or dated	N/A	Perpetual	Perpetual	Perpetual	Perpetual
13. Original maturity date	N/A	NA	NA	NA	NA
14. Issuer call subject to prior supervisory approval	No	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	N/A	27 June 2021 at par	27 June 2024 at par	26 March 2022 at par	12 November 2024 at par
		at every interest payment date The issuer has the right to call	at every interest payment date The issuer has the right to call	The issuer has the right to call at every interest payment date	The issuer has the right to call at every interest payment date
16. Subsequent call dates, if applicable	N/A	thereafter 8)	thereafter 8)	thereafter 8)	thereafter 8)
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Floating	Fixed	Fixed
18. Coupon rate and any related index	N/A	3m Nibor +525	3m Nibor +350	every 5 years at 5y USD MS + 6.50%. Fixed interest reset 508.0	every 5 years at 5y USD T + 4.875%. Fixed interest reset 314.0

20b. Fully discretionary, partially discretionary or mandatory (in terms of
amount)	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
21. Existence of a step-up or other incentive to redeem	N/A	No	No	No	No
22. Non-cumulative or cumulative	Non-cumulative	Non-cumulative	Non-cumulative	Non-cumulative	Non-cumulative
Convertible or non-convertible:
23. Convertible or non-convertible 4)	N/A	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A	N/A
30. Write-down features	No	Yes	Yes	Yes	Yes
31. If write-down, write-down trigger (s)	N/A	Yes	Yes	Yes	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
33. If write-down, permanent or temporary	NA	Temporary	Temporary	Temporary	Temporary
34. If temporary write-down, description of revaluation mechanism	N/A	See footnote 10	See footnote 10	See footnote 10	See footnote 10
35. Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)	Additional Tier 1	Subordinated loans	Subordinated loans	Subordinated loans	Subordinated loans
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

1. Existence of a dividend stopper Yes No No No No

timing) Fully discretionary Fully discretionary Fully discretionary Fully discretionary Fully discretionary

20a. Fully discretionary, partially discretionary or mandatory (in terms of

See footnotes on separate page.

1000

NOK loan NOK loan NOK loan NOK loan SEK loan

Subordinated loans (part 1 of 3)

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)	NO0010782386	NO0010782394	NO0010818446	NO0010883341	XS1551373985
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 30 june 2020)	1 400	170	900	2 500	778
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	NOK 1 400	NOK 170	NOK 900	NOK 2500	SEK 750, NOK 789
9a. Issue price	100	100	100	100	100
9b. Redemption price	Redemption at par	Redemption at par	Redemption at par	Redemption at par	Redemption at par
	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
10. Accounting classification	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	19 January 2017	19 January 2017	13 March 2018	28 May 2020	19 January 2017
12. Perpetual or dated	Dated	Dated	Dated	Dated	Dated
13. Original maturity date	19 January 2027	19 January 2027	13 March 2028	28 May 2030	19 January 2027
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 falling in January 2022	19 January 2022	falling in (or nearest to) March The interest payment date 2023.	The interest payment date falling in May 2025	The interest payment date falling
16. Subsequent call dates, if applicable	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Fixed to floating	Floating	Floating	Floating
		Fixed 3.08%.

18. Coupon rate and any related index	3-month NIBOR + 175	cent	3-month NIBOR + 110 bps	3-month NIBOR + 230	3-month STIBOR + 170
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
amount)	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
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 4)	Non-convertible	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A

Reset/ after first call date: 3-month NIBOR + 1.75 per

See footnotes on separate page.

1. Position in subordination hierarchy in liquidation (specify instrument type immediately senior to instrument) 36. Non-compliant transitioned features 37. If yes, specify non-compliant features

Senior bonds Senior bonds Senior bonds Senior bonds Senior bonds No No No No No N/A N/A N/A N/A N/A

Subordinated loans (part 2 of 3)

SEK loan SEK loan SEK loan SEK loan EUR 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)	XS1551373639	NO0010818453	NO0010818479	XS2180002409	XS1571331955
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 30 june 2020)	1 037	726	311	1 556	7 071
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	SEK 1 000, NOK 1 052	SEK 700, NOK 736	SEK 300, NOK 315	SEK 1500, NOK 1544	EUR 650, NOK 7 509
9a. Issue price	100	100	100	100	99.841
9b. Redemption price	Redemption at par	Redemption at par	Redemption at par	Redemption at par	Redemption at par
	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
10. Accounting classification	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	19 January 2017	13 March 2018	13 March 2018	28 May 2020	1 March 2017
12. Perpetual or dated	Dated	Dated	Dated	Dated	Dated
13. Original maturity date	19 January 2027	13 March 2028	13 March 2028	28 May 2030	1 March 2027
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	19 January 2022	falling in (or nearest to) March The interest payment date 2023.	13 March 2023	The interest payment date falling 1 March 2022
16. Subsequent call dates, if applicable	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter
Coupons/dividends:
17. Fixed or floating dividend/coupon	Fixed to floating	Floating	Fixed to floating	Floating	Fixed
	Fixed 1.98%.

	Reset/ after first call date:		Fixed 1.61%. Reset after first
	3-month STIBOR + 1.70 per		call date: 3-month STIBOR +		1.25%. Thereafter/ Reset
18. Coupon rate and any related index	cent	3-month STIBOR + 106 bps	106 bps	3-month STIBOR + 235	period: 5Y EURO MS+ 115
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
amount)	Mandatory	Mandatory	Mandatory	Mandatory	Mandatory
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 4)	Non-convertible	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A	N/A
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

See footnotes on separate page.

1. If write-down, full or partial 33. If write-down, permanent or temporary

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Senior bonds Senior bonds Senior bonds Senior bonds Senior bonds No No No No No N/A N/A N/A N/A N/A

1. If temporary write-down, description of revaluation mechanism 35. Position in subordination hierarchy in liquidation (specify instrument type immediately senior to instrument) 36. Non-compliant transitioned features 37. If yes, specify non-compliant features

Subordinated loans (part 3 of 3) EUR loan JPY loan JPY loan JPY loan

1. Issuer	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)	XS1794344827	NA	XS1551344705	XS1755125868
3. Governing law for the instrument	English 2)	English 2)	English 2)	English 2)
Regulatory treatment:
4. Transitional rules	Tier 2	Tier 2	Tier 2	Tier 2
5. Post-transitional rules	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
7. Instrument type	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 30 june 2020)	6 528	901	1 037	2 254
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	EUR 600, NOK 6 931	JPY 10 000, NOK 974	JPY 11 500, NOK 1 121	JPY 25 000, NOK 2 436
9a. Issue price	99.604	100	100	100
9b. Redemption price	Redemption at par	Redemption at par	Redemption at par	Redemption at par
	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
10. Accounting classification	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	20 March 2018	4 November 2016	19 January 2017	24 January 2018
12. Perpetual or dated	Dated	Dated	Dated	Dated
13. Original maturity date	20 March 2028	4 November 2026	19 January 2027	24 January 2028
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	20 March 2023	4 November 2021	19 January 2022	24 January 2023
16. Subsequent call dates, if applicable	None	Annual call thereafter	Semiannual call thereafter	Semiannual call thereafter
Coupons/dividends:
17. Fixed or floating dividend/coupon	Fixed	Fixed to floating	Fixed to floating	Fixed
	Fixed 1.125%.	Fixed 1.00%.	Fixed 1.04%.

18. Coupon rate and any related index	per cent	per cent	per cent	Swap + 63.8 bps
19. Existence of a dividend stopper	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of
timing)	Mandatory	Mandatory	Mandatory	Mandatory
20b. Fully discretionary, partially discretionary or mandatory (in terms of
amount)	Mandatory	Mandatory	Mandatory	Mandatory
21. Existence of a step-up or other incentive to redeem	No	No	No	No
22. Non-cumulative or cumulative	Cumulative	Cumulative	Cumulative	Cumulative
Convertible or non-convertible:
23. Convertible or non-convertible 4)	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A
30. Write-down features	No	No	No	No
31. If write-down, write-down trigger (s)	N/A	N/A	N/A	N/A
32. If write-down, full or partial	N/A	N/A	N/A	N/A
33. If write-down, permanent or temporary	N/A	N/A	N/A	N/A
34. If temporary write-down, description of revaluation mechanism	N/A	N/A	N/A	N/A
35. Position in subordination hierarchy in liquidation (specify

See footnotes on separate page.

instrument type immediately senior to instrument) 36. Non-compliant transitioned features 37. If yes, specify non-compliant features

Senior bonds Senior bonds Senior bonds Senior bonds No No No No N/A N/A N/A N/A

Reset/ after call date: 5-year EUR Mid Swap + 0.77

Reset/ after first call date: 6-month JPY LIBOR + 0.97

Reset/ after first call date: 6-month JPY LIBOR + 0.97

Fixed 0.75%. Reset after first call date to 5-year JPY Mid

Perpetual loans USD loan USD loan USD loan JPY loan

1. Issuer	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)	LU0001344653	GB0040940875	GB0042636166	NA
3. Governing law for the instrument	English 2)	English 2)	English 2)	English 1)
Regulatory treatment:
4. Transitional rules	Tier 2	Tier 2	Tier 2	Tier 2
5. Post-transitional rules	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
7. Instrument type	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 30 june 2020)	2 087	1 941	1 456	901
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	USD 215, NOK 2 267	USD 200, NOK 2 109	USD 150, NOK 1 582	JPY 10 000, NOK 974
9a. Issue price	99.15	100	100
9b. Redemption price	100	100	100	100
	Perpetual subordinated loan	Perpetual subordinated loan	Perpetual subordinated loan
10. Accounting classification	capital - amortised cost	capital - amortised cost	capital - amortised cost
11. Original date of issuance	18 November 1985	28 August 1986	21 August 1986	25 February 1999
12. Perpetual or dated	Perpetual	Perpetual	Perpetual	Perpetual
13. Original maturity date
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	November 1990	August 1991	5 years after issue	February 2029
16. Subsequent call dates, if applicable	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	Every 5 years thereafter
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Floating	Fixed

18. Coupon rate and any related index	3m USD Libor + 25	6m USD Libor + 13	6m USD Libor + 15	4.51%. From Feb. 2029 6m YEN Libor + 1.65% p.a.
19. Existence of a dividend stopper	No	No	No	Yes
20a. Fully discretionary, partially discretionary or mandatory (in terms of
timing)	Partially discretionary	Partially discretionary	Partially discretionary	Partially discretionary
20b. Fully discretionary, partially discretionary or mandatory (in terms of
amount)	Partially discretionary	Partially discretionary	Partially discretionary	Partially discretionary
21. Existence of a step-up or other incentive to redeem	No	No	No	Yes 7)
22. Non-cumulative or cumulative	Non-cumulative 6)	Non-cumulative 6)	Non-cumulative 6)	Non-cumulative 6)
Convertible or non-convertible:
23. Convertible or non-convertible 4)	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A

	Non-convertible	Non-convertible	Non-convertible	Non-convertible
24. If convertible, conversion trigger(s)	N/A	N/A	N/A	N/A
25. If convertible, fully or partially	N/A	N/A	N/A	N/A
26. If convertible, conversion rate	N/A	N/A	N/A	N/A
27. If convertible, mandatory or optional conversion	N/A	N/A	N/A	N/A
28. If convertible, specify instrument type convertible into	N/A	N/A	N/A	N/A
29. If convertible, specify issuer of instrument it converts into	N/A	N/A	N/A	N/A
30. Write-down features	No	No	No	No
31. If write-down, write-down trigger (s)	N/A	N/A	N/A	N/A
32. If write-down, full or partial	N/A	N/A	N/A	N/A
33. If write-down, permanent or temporary	N/A	N/A	N/A	N/A
34. If temporary write-down, description of revaluation mechanism	N/A	N/A	N/A	N/A
35. Position in subordination hierarchy in liquidation (specify
instrument type immediately senior to instrument)	Senior bonds	Senior bonds	Senior bonds	Senior bonds
36. Non-compliant transitioned features	No	No	No	Yes
37. If yes, specify non-compliant features	N/A	N/A	N/A

See footnotes on separate page.

Disclosure of main features of regulatory capital instruments - footnotes

1) Except for the subordination provisions and certain provisions relating to the payment of interest and principal, which will be governed by the laws of Norway.

2) Except for status and subordination which will be governed by the laws of Norway.

3) Under certain circumstances there will be no coupon payment if capital requirements.are breached.

4) All subordinated debt might be written down or converted according to the Guarantee Schemes Act.

5) Subject to the availability of Available Distributable Funds, the Issuer undertakes to reinstate all Converted Amounts as Notes upon the occurrence of any of the following events: (i) the Issuer or DNB ASA declares or makes a dividend (in the form of cash, stock or another instrument), an interest payment or any other payment on any share capital or any obligations of the Issuer ranking or expressed to rank junior to the Notes; or (ii) the Issuer or DNB ASA (as applicable) redeems, repurchases or otherwise acquires any of its respective share capital, or any Parity Tier 1 Securities or any obligations of the Issuer ranking or expressed to rank junior to the Notes or paysor makes available any moneys to a sinking fund or for redemption of any such share capital, Parity Tier 1 Securities or obligations other than as set out in Condition 3 of the "Terms and Conditions of the Notes".

6) Non-cumulative but cumulative under certain circumstances, e.g. dividend payment.

7) The borrower undertakes not to make any distribution to Holders of Primary Capital certificates of the Borrower or to other creditors ranking junior to the Lender while any arrears of interest (including any corresponding additional interest amount) remains outstanding in respect of the loan.

8) Subject to the outstanding principal amount of the notes being equal to their original principal amount.

9) The Notes and any non-contractual obligations arising out of or in connection with the Notes will be governed by, and construed in accordance with, English law except that (i) the provisions relating to subordination, Write-Down and Discretionary Reinstatement and any non-contractual obligations arising out of or in connection with such provisions and (ii) any other write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Bank from time to time, will in each case be governed by, and construed in accordance with, Norwegian law.

10) 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 MDA.

We are here. So you can stay ahead.

DNB

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

Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo

dnb.no