DNB Bank ASA

Quarterly Report • Feb 6, 2020

Fourth quarter 2019 (Preliminary and 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
Vartika Sarna, 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
Vartika Sarna, Investor Relations	vartika.sarna@dnb.no	+47 90 26 10 05
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

2020

5 March	Annual report 2019
28 April	Annual General Meeting
29 April	Ex-dividend date
30 April	Q1 2020
as of 8 May	Distribution of dividends
13 July	Q2 2020
22 October	Q3 2020

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

Major changes from 3Q19

Organisational changes

DNB's organisational structure, including the Group Management team, was changed on 23 September 2019. The segmental reporting will be changed from 1Q20 and relevant tables updated. The operational structure in table 1.4.2 will also be amended as of 1Q20, reflecting the new organisation.

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 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

Contents chapter 1 - DNB Group (continued)

Liquidity, funding and shareholder structure

• 1.7.1 Development in volumes deposits from customers
• 1.7.2 Deposits per customer group
• 1.7.3 Funding
• 1.7.4 Redemption profile (table and graph)
• 1.7.5 Asset encumbrance DNB Bank Group
• 1.7.6 Liquid assets
• 1.7.7 Liquidity Coverage Ratio
• 1.7.8 Rating
• 1.7.9 Major shareholders
• 1.7.10 Ownership according to nationality (graph)
• 1.7.11 Share buy-back programmes

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

DNB's market shares in Norway

• 2.2.1 Retail market and Corporate market (graphs)
• 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 Risk classification of portfolio
• 2.3.3 Exposure at default by industry segment
• 2.3.4 Distribution of loan to value
• 2.3.5 DNB Boligkreditt Average mortgage lending volumes and spreads
• 2.3.6 DNB Eiendom Residential real estate broking in Norway

Small and medium-sized enterprises (SME)

• 2.4.1 Financial performance
• 2.4.2 Risk classification of portfolio
• 2.4.3 Exposure at default by industry segment

Large corporates and international customers (LCI)

• 2.5.1 Financial performance
• 2.5.2 Risk classification of portfolio
• 2.5.3 Exposure at default by industry segment

Other operations

2.6.1 Financial performance

Main subsidiaries and product units

Total DNB Markets activity:

• 2.7.1 Financial performance
• 2.7.2 Break down of revenues
• 2.7.3 Value-at-Risk

DNB Livsforsikring Group:

• 2.7.4 Financial performance
• 2.7.5 Reconciliation of the DNB Livsforsikring Group's and the DNB Group's financial statements
• 2.7.6 Value-adjusted return on assets
• 2.7.7 Financial exposure per sub-portfolio
• 2.7.8 Financial exposure common portfolio
• 2.7.9 Balance sheets
• 2.7.10 Solvency II margin

DNB Asset Management:

2.7.11 Financial performance

Contents chapter 3 - The Norwegian economy

• 3.1.1 Basic information about Norway
• 3.1.2 Government net financial liabilities (graph)
• 3.1.3 GDP growth mainland Norway and unemployment rate (graph)
• 3.1.4 Contribution to volume growth in GDP, mainland Norway
• 3.1.5 Composition of GDP (graph)
• 3.1.6 Composition of exports (graph)
• 3.1.7 Key macro-economic indicators, Norway
• 3.1.8 Credit market, 12 month percentage growth (graph)
• 3.1.9 Deposit market, 12 month percentage growth (graph)
• 3.1.10 House prices (graph)
• 3.1.11 Household debt burden and interest burden (graph)

Appendix

Disclosure for main features of regulatory capital instruments

Chapter 1 - DNB Group

Financial results and key figures

Net interest income

Net other operating income

Operating expenses

Loans and financial commitments

Exposure at default and risk classification

Liquidity, funding and shareholder structure

Capital adequacy

1.1.1 Income statement - condensed 1)

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	10 347	9 984	9 581	9 289	9 611	9 152	9 052	9 007	8 863
Net commissions and fees	2 636	2 323	2 538	2 219	2 660	2 082	2 453	2 116	2 064
Net gains on financial instruments at fair value 2)	(447)	1 527	1 351	751	430	616	134	162	1 693
Net financial and risk result, life insurance	216	271	285	356	387	215	162	205	266
Net insurance result, non-life insurance					189	127	153	154	164
Other operating income	447	438	298	446	226	303	542	230	228
Net other operating income 3)	2 852	4 558	4 472	3 772	3 891	3 343	3 445	2 867	4 415
Total income	13 199	14 543	14 053	13 062	13 502	12 495	12 497	11 874	13 278
Operating expenses	(5 966)	(5 503)	(5 674)	(5 465)	(5 716)	(5 313)	(5 330)	(5 131)	(5 346)
Restructuring costs and non-recurring effects	(148)	(134)	(221)	(22)	(464)	(26)	(54)	(24)	(672)
Pre-tax operating profit before impairment	7 085	8 906	8 158	7 575	7 322	7 157	7 113	6 719	7 260
Net gains on fixed and intangible assets	6	(40)	(3)	1 739	49	(3)	465	18	(35)
Impairment of loans and guarantees	(178)	(1 247)	(450)	(316)	(235)	(11)	54	330	(402)
Pre-tax operating profit	6 913	7 619	7 705	8 998	7 136	7 144	7 632	7 066	6 823
Tax expense	(1 036)	(1 524)	(1 541)	(1 365)	(124)	(1 429)	(1 526)	(1 413)	(446)
Profit from operations held for sale, after taxes	68	(36)	(30)	(51)	(141)	(42)	(21)		(3)
Profit for the period	5 945	6 059	6 134	7 582	6 872	5 673	6 084	5 653	6 374
Portion attributable to shareholders	5 620	5 752	5 888	7 339	6 601	5 440	5 850	5 432	6 132

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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Interest income, amortised cost	15 980	15 383	14 631	14 231	14 013	13 225	13 028	12 355	11 687
Other interest income	1 323	1 172	1 299	1 330	1 229	1 278	1 309	1 224	1 595
Interest expenses, amortised cost 1)	(5 701)	(6 079)	(5 850)	(6 030)	(5 223)	(4 834)	(4 512)	(4 223)	(2 636)
Other interest expenses 1)	(1 255)	(492)	(499)	(241)	(408)	(516)	(772)	(349)	(1 784)
Net interest income	10 347	9 984	9 581	9 289	9 611	9 152	9 052	9 007	8 863
Commission and fee income etc.	3 644	3 284	3 449	3 107	3 600	3 034	3 553	3 049	3 255
Commission and fee expenses etc.	(1 008)	(962)	(912)	(887)	(940)	(952)	(1 100)	(932)	(1 191)
Net gains on financial instruments at fair value 2)	(447)	1 527	1 351	751	430	616	134	162	1 693
Net financial result, life insurance	35	222	183	256	361	47	103	63	168
Net risk result, life insurance	181	49	103	100	26	167	60	142	98
Net insurance result, non-life insurance					189	127	153	154	164
Profit from investments accounted for by the equity method	52	96	85	178	(10)	94	267	(37)	(74)
Net gains on investment properties	92	7	(11)	5	(6)	17	9	42	146
Other income	302	335	225	263	243	193	266	225	155
Net other operating income	2 852	4 558	4 472	3 772	3 891	3 343	3 445	2 867	4 415
Total income	13 199	14 543	14 053	13 062	13 502	12 495	12 497	11 874	13 278
Salaries and other personnel expenses	(3 442)	(3 037)	(3 114)	(3 009)	(3 048)	(2 942)	(2 975)	(2 900)	(3 023)
Other expenses	(1 837)	(1 757)	(2 106)	(1 771)	(2 189)	(1 901)	(1 931)	(1 768)	(1 977)
Depreciation and impairment of fixed and intangible assets	(835)	(843)	(674)	(706)	(942)	(495)	(478)	(488)	(1 018)
Total operating expenses	(6 114)	(5 637)	(5 895)	(5 487)	(6 179)	(5 338)	(5 384)	(5 155)	(6 018)
Pre-tax operating profit before impairment	7 085	8 906	8 158	7 575	7 322	7 157	7 113	6 719	7 260
Net gains on fixed and intangible assets	6	(40)	(3)	1 739	49	(3)	465	18	(35)
Impairment of financial instruments	(178)	(1 247)	(450)	(316)	(235)	(11)	54	330	(402)
Pre-tax operating profit	6 913	7 619	7 705	8 998	7 136	7 144	7 632	7 066	6 823
Tax expense	(1 036)	(1 524)	(1 541)	(1 365)	(124)	(1 429)	(1 526)	(1 413)	(446)
Profit from operations held for sale, after taxes	68	(36)	(30)	(51)	(141)	(42)	(21)		(3)
Profit for the period	5 945	6 059	6 134	7 582	6 872	5 673	6 084	5 653	6 374
Portion attributable to shareholders	5 620	5 752	5 888	7 339	6 601	5 440	5 850	5 432	6 132
Portion attributable to non-controlling interests	(1)
Portion attributable to additional Tier 1 capital holders	326	307	246	243	270	233	234	221	243
Profit for the period	5 945	6 059	6 134	7 582	6 872	5 673	6 084	5 653	6 374
Earnings/diluted earnings per share (NOK)	3.57	3.64	3.71	4.61	4.14	3.41	3.65	3.36	3.79
Earnings per share excluding operations held for sale (NOK)	3.53	3.66	3.73	4.64	4.23	3.44	3.66	3.36	3.79
Average exchange rates in the period:

EUR/NOK	10.08	9.85	9.72	9.75	9.64	9.58	9.55	9.64	9.61
USD/NOK	9.11	8.86	8.64	8.59	8.45	8.24	8.02	7.84	8.17

1) The presentation of interest income from derivatives has been changed as of 31 December 2019. Figures in previous periods have been restated

correspondingly. For more information see Note 1 Basis for preparation in the DNB Group's fourth quarter report 2019.

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

Average exchange rates in the period:
EUR/NOK	9.85	9.60	9.33	9.29	8.95
USD/NOK	8.80	8.14	8.27	8.40	8.07

1) The presentation of interest income from derivatives has been changed as of 31 December 2019. Figures in previous periods have been restated

correspondingly. For more information see Note 1 Basis for preparation in the DNB Group's fourth quarter report 2019.

2) 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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Profit for the period	5 945	6 059	6 134	7 582	6 872	5 673	6 084	5 653	6 374
Actuarial gains and losses 1)	149	(152)			(117)				(93)
Property revaluation	50	(15)	243	1	37	0	(22)	(36)	5
Items allocated to customers (life insurance)	(50)	15	(243)	(1)	(37)	(0)	22	36	(5)
Financial liabilities designated at fair value through profit or loss, changes in credit risk 2)	349	(23)	53	(147)	241	78	29	(128)
Tax	(130)	44	(13)	37	(23)	(20)	(7)	32	(10)
Items that will not be reclassified to the income statement	367	(131)	40	(110)	102	59	22	(96)	(104)
Currency translation of foreign operations	(180)	2 576	(784)	(1 151)	4 239	(343)	148	(2 735)	2 739
Currency translation reserve reclassified to the income statement						(2)			(1 306)
Hedging of net investments	209	(2 362)	780	915	(3 469)	307	(284)	2 386	(2 187)
Hedging reserve reclassified to the income statement						1			1 224
Financial assets at fair value through OCI	85	(8)	(23)	5
Investments according to the equity method									41
Tax	(382)	593	(189)	(230)	867	(77)	71	(596)	547
Tax reclassified to the income statement									(338)
Items that may subsequently be reclassified to the income statement	(268)	799	(216)	(461)	1 637	(114)	(65)	(946)	719
Other comprehensive income for the period	99	667	(177)	(572)	1 739	(55)	(43)	(1 042)	615
Comprehensive income for the period	6 045	6 727	5 958	7 011	8 611	5 618	6 041	4 611	6 989

1) Pension commitments and pension funds in the defined-benefit schemes have been recalculated. Calculations for the third quarter have been updated with new calculation assumptions in accordance with guidance notes from the Norwegian Accounting Standards Board as of 31 December 2019.

2) The measurement category for debt securities issued in Norwegian kroner with floating rates has been changed from FVTPL to amortised cost as of 31 December 2019. A gain of NOK 251 million before tax (NOK 188 million after tax) has been recognised in the Comprehensive income statement in the fourth quarter, due to the correction. Comparative information has not been restated. The correction does not impact the CET1 capital ratio.

1.1.5 Comprehensive income statement - five years

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

1.1.6 Balance sheet - quarterly figures

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Assets
Cash and deposits with central banks	304 746	398 587	395 080	353 045	155 592	312 366	381 327	275 298	151 595
Due from credit institutions	102 961	106 065	133 207	99 260	130 146	123 979	190 592	181 002	239 328
Loans to customers	1 667 189	1 672 520	1 643 244	1 623 428	1 597 758	1 564 318	1 561 572	1 532 395	1 545 415
Commercial paper and bonds at fair value	376 323	365 650	342 098	388 515	409 328	393 535	381 949	370 091	422 606
Shareholdings	36 247	33 506	35 814	38 132	39 802	42 030	36 383	32 617	28 220
Financial assets, customers bearing the risk	98 943	92 857	89 715	85 192	77 241	82 380	78 277	74 630	75 206
Financial derivatives	125 076	139 580	117 339	109 086	124 755	105 229	116 979	113 255	132 349
Investment property	17 403	17 090	16 717	16 591	16 715	16 168	16 318	16 273	16 306
Investments accounted for by the equity method	16 559	16 532	20 973	21 067	16 362	15 831	15 876	15 202	15 609
Intangible assets	5 454	5 384	5 365	5 396	5 455	5 589	5 572	5 555	5 600
Deferred tax assets	1 224	889	880	1 038	996	1 166	1 162	1 160	769
Fixed assets	19 098	19 112	18 338	15 121	9 240	8 801	8 643	8 653	8 704
Assets held for sale	1 274	1 209	1 180	1 138	5 044	1 343	1 293
Other assets	20 798	45 642	58 673	58 706	46 469	58 129	60 608	46 894	56 559
Total assets	2 793 294	2 914 624	2 878 624	2 815 716	2 634 903	2 730 865	2 856 551	2 673 026	2 698 268
Liabilities and equity
Due to credit institutions	202 782	233 641	230 197	234 446	188 063	252 032	301 895	251 533	224 107
Deposits from customers	969 557	976 207	991 766	967 705	927 092	984 518	1 029 812	954 826	971 137
Financial derivatives	115 682	123 465	103 649	98 652	110 116	94 969	105 850	96 194	110 262
Debt securities issued	870 170	938 026	912 239	877 858	801 918	781 201	798 094	759 608	780 247
Insurance liabilities, customers bearing the risk	98 943	92 857	89 715	85 192	77 241	82 380	78 277	74 630	75 206
Liabilities to life insurance policyholders	206 876	206 673	206 918	206 848	204 280	207 527	207 685	207 753	208 500
Non-life insurance liabilities						2 250	2 352	2 440	2 043
Payable taxes	10 710	4 982	4 243	3 226	2 461	7 844	6 365	5 585	4 599
Deferred taxes	48	4 368	4 359	4 402	4 216	2 802	2 686	2 591	2 574
Other liabilities	39 125	66 118	75 162	71 614	55 424	64 493	69 617	55 016	68 078
Liabilities held for sale	423	258	237	224	3 037	268	231
Provisions	1 726	2 537	2 344	2 381	2 536	2 316	2 617	3 129	1 812
Pension commitments	3 903	3 939	3 794	3 614	3 472	3 592	3 489	3 374	3 267
Subordinated loan capital	31 095	31 415	30 504	30 347	31 082	29 267	36 781	38 208	29 538
Total liabilities	2 551 038	2 684 485	2 655 128	2 586 509	2 410 937	2 515 460	2 645 754	2 454 888	2 481 371
Additional Tier 1 capital	26 729	18 715	18 493	15 595	16 194	15 969	15 782	15 594	16 159
Non-controlling interests	45
Share capital	15 706	15 803	15 803	15 885	15 944	15 944	16 003	16 127	16 180
Share premium	22 609	22 609	22 609	22 609	22 609	22 609	22 609	22 609	22 609
Other equity	177 167	173 011	166 591	175 118	169 220	160 883	156 403	163 809	161 948
Total equity	242 255	230 139	223 496	229 207	223 966	215 405	210 797	218 138	216 897
Total liabilities and equity	2 793 294	2 914 624	2 878 624	2 815 716	2 634 903	2 730 865	2 856 551	2 673 026	2 698 268
Exchange rates at the end of the period:

EUR/NOK	9.87	9.90	9.72	9.68	9.94	9.46	9.52	9.69	9.83
USD/NOK	8.79	9.08	8.54	8.62	8.68	8.17	8.18	7.85	8.20

1.1.7 Balance sheet - five years

	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.
Amounts in NOK million	2019	2018	2017	2016	2015
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

		4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
	Interest rate analysis
1	Combined weighted total average spread for lending and deposits (%)	1.34	1.32	1.32	1.32	1.31	1.30	1.27	1.30	1.31
2	Average spread for ordinary lending to customers (%)	1.80	1.80	1.85	1.90	1.92	1.95	1.89	2.01	2.08
3	Average spread for deposits from customers (%)	0.62	0.55	0.46	0.39	0.36	0.29	0.32	0.20	0.13
	Rate of return/profitability
4	Cost/income ratio (%)	46.3	38.8	41.9	42.0	45.8	42.7	43.1	43.4	45.3
5	Return on equity, annualised (%)	10.4	10.9	11.3	14.1	12.9	10.9	11.8	11.0	12.3
6 7	RAROC, annualised (%) Average equity including allocated dividend (NOK million) 1)	10.0 214 237	10.0 208 786	9.5 209 115	10.1 210 499	9.1 203 362	9.2 197 499	10.0 198 591	9.8 200 566	9.5 197 613
	Financial strength at end of period
8	Common Equity Tier 1 capital ratio (%) 1)	18.6	18.3	17.3	17.1	17.2	17.1	16.9	17.3	16.7
9	Tier 1 capital ratio (%) 1)	20.8	19.9	18.9	18.4	18.5	18.6	18.4	18.9	18.2
10	Capital ratio (%) 1)	22.9	22.1	21.0	20.6	20.8	20.7	21.1	21.7	20.3
	Loan portfolio and impairment
11	Net loans and financial commitments in stage 2, per cent of net loans	6.69	6.83	6.08	6.66	6.99	6.64	6.39	6.61
12	Net loans and financial commitments in stage 3, per cent of net loans	1.09	1.29	1.27	1.33	1.45	1.64	1.69	1.49	1.12
13	Impairment relative to average net loans to customers, annualised (per cent)	(0.04)	(0.30)	(0.11)	(0.08)	(0.06)	(0.00)	0.01	0.09	(0.10)
Liquidity
14	Ratio of customer deposits to net loans to customers at end of period (%)	58.2	58.4	60.4	59.6	58.0	62.9	65.9	62.3	62.8
	Total assets owned or managed by DNB
15	Customer assets under management at end of period (NOK billion)	689	660	644	634	597	625	613	603	614
16	Total combined assets at end of period (NOK billion)	3 177	3 275	3 226	3 157	2 951	3 064	3 181	2 991	3 026
17	Average total assets (NOK billion)	2 907	2 889	2 859	2 874	2 710	2 780	2 762	2 835	2 799
Staff
18	Number of full-time positions at end of period	9 020	8 931	8 962	8 990	9 196	9 172	9 100	9 107	9 144
	The DNB share
19	Number of issued shares at end of period (1 000)	1 580 301	1 580 301	1 580 301	1 604 367	1 604 367	1 604 367	1 604 367	1 628 799	1 628 799
20	Number of outstanding shares at end of period (1 000)	1 570 586	1 580 301	1 580 301	1 588 484	1 594 352	1 594 352	1 600 254	1 612 674	1 618 049
21	Average number of outstanding shares (1 000)	1 574 621	1 580 301	1 585 756	1 591 317	1 594 352	1 595 550	1 602 996	1 614 465	1 619 871
22	Earnings per share (NOK)	3.57	3.64	3.71	4.61	4.14	3.41	3.65	3.36	3.79
23	Earnings per share excl. operations held for sale (NOK)	3.53	3.66	3.73	4.64	4.23	3.44	3.66	3.36	3.79
24	Dividend per share (NOK)	-	-	-	-	-	-	-	-	-
25	Total shareholder's return (%)	8.0	6.5	5.4	14.9	(15.4)	12.8	9.9	0.0	(1.2)
26	Dividend yield (%)	-	-	-	-	-	-	-	-	-
27	Book value per share incl. allocated dividend at end of period (NOK)	137.20	133.76	129.72	134.48	130.32	125.09	121.86	125.60	124.06
28	Share price at end of period (NOK)	164.00	160.25	158.70	158.80	138.15	171.25	159.30	152.15	152.10
29	Price/earnings ratio	11.49	11.00	10.68	8.61	8.34	12.56	10.91	11.31	10.05
30	Price/book value	1.20	1.20	1.22	1.18	1.06	1.37	1.31	1.21	1.23
31	Market capitalisation (NOK billion)	257.6	253.2	250.8	252.3	220.3	273.0	254.9	245.4	246.1

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

For definitions of selected key figures, see table 1.1.10.

1.1.9 Key figures - five years

		2019	2018	2017	2016	2015
	Interest rate analysis
1	Combined weighted total average spread for lending and
	deposits (%)	1.33	1.30	1.30	1.32	1.33
2	Average spread for ordinary lending to customers (%)	1.84	1.94	2.07	2.04	2.17
3	Average spread for deposits from customers (%)	0.51	0.29	0.17	0.21	0.01
	Rate of return/profitability
4	Cost/income ratio (%)	42.2	43.8	44.2	40.9	36.9
5	Return on equity, annualised (%)	11.7	11.7	10.8	10.1	14.5
6	RAROC, annualised (%)	9.9	9.5	10.0	11.1	11.2
7	Average equity including allocated dividend (NOK million) 1)	210 653	200 004	193 686	184 056	168 674
	Financial strength at end of period
8	Common Equity Tier 1 capital ratio (%) 2)	18.6	17.2	16.7	17.6	16.0
9	Tier 1 capital ratio (%) 2)	20.8	18.5	18.2	19.4	17.0
10	Capital ratio (%) 2)	22.9	20.8	20.3	21.4	19.8
	Loan portfolio and impairment
11	Net loans and financial commitments in stage 2, per cent of net
12	loans	6.69	6.99
	Net loans and financial commitments in stage 3, per cent of net loans	1.09	1.45	1.12	1.70	0.91
13	Impairment relative to average net loans to customers,
	annualised (per cent)	(0.13)	0.01	(0.15)	(0.48)	(0.15)
Liquidity
14	Ratio of customer deposits to net loans to customers at end of
	period (%)	58.2	58.0	62.8	62.0	61.2
	Total assets owned or managed by DNB
15	Customer assets under management at end of period (NOK billion)
	Total combined assets at end of period (NOK billion)	689	597	614	548	562
16 17	Average total assets (NOK billion)	3 177 2 907	2 951 2 772	3 026 2 857	2 931 2 841	2 901 2 946
Staff
18	Number of full-time positions at end of period	9 020	9 196	9 144	11 007	11 380
	The DNB share
19	Number of issued shares at end of period (1 000) 1)	1 580 301	1 604 367	1 628 799	1 628 799	1 628 799
20	Number of outstanding shares at end of period (1 000) 1)	1 570 586	1 594 352	1 618 049	1 628 578	1 625 658
21	Average number of outstanding shares (1 000) 1)	1 582 999	1 601 841	1 625 258	1 627 735	1 627 744
22	Earnings per share (NOK)	15.54	14.56	12.84	11.46	14.99
23	Earnings per share excl. operations held for sale (NOK) Dividend per share (NOK)	15.57	14.69	12.84	11.46	15.02
24	Total shareholder's return (%)	9.00 25.2	8.25 (4.7)	7.10 23.5	5.70 22.2	4.50 1.9
25 26	Dividend yield (%)	5.49	5.97	4.67	4.44	4.10
27	Book value per share incl. allocated dividend at end of period
	(NOK)	137.20	130.32	124.06	116.95	112.00
28	Share price at end of period (NOK)	164.00	138.15	152.10	128.40	109.80
29	Price/earnings ratio	10.53	9.41	11.85	11.20	7.33
30	Price/book value	1.20	1.06	1.23	1.10	0.98
31	Market capitalisation (NOK billion) 1)	257.6	220.3	246.1	209.1	178.5

1) Reference is made to table 1.7.11 for information on share buy-back programmes.

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

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	Total operating expenses relative to total income.
5	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.
6	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.
11	Net loans and financial commitments in stage 2 divided by net loans to customers.
12	Net loans and financial commitments in stage 3 divided by net loans to customers. Comparable to previously reported figures under IAS 39.
13	Impairment losses on loans and financial commitments divided by average net loans to customers, annualised.
15	Total assets under management for external clients in DNB Asset Management, DNB Livsforsikring and DNB Forsikring (until 31 December 2018).
16	Total assets and customer assets under management.
19	Number of issued shares. For information about the share buy-back programme, refer to table 1.7.11
20	Number of issued shares excluding DNB shares owned for trading purpose and as part of buy-back programmes. For more information, refer to table 1.7.11
22	The shareholders' share of profits relative to the average number of outstanding shares.
23	The shareholders' share of profits excluding profits from operations held for sale relative to the average number of outstanding shares.
25	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.
27	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.
29	Closing price at end of period relative to annualised earnings per share.
30	Share price at end of period relative to book value per share.
31	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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income from loans to customers 1)	7 247	7 112	7 201	7 153	7 202	7 272	6 789	7 118	7 593
Personal customers	2 569	2 615	2 747	2 855	2 987	3 036	2 871	3 241	3 485
Small and medium-sized enterprises	1 994	1 956	1 920	1 885	1 897	1 895	1 785	1 783	1 842
Large corporates and international customers	2 487	2 413	2 368	2 287	2 245	2 286	2 083	2 042	2 213
Other	197	128	166	127	73	54	50	51	54
Net interest income on deposits from customers	1 530	1 304	1 073	905	852	703	765	463	318
Personal customers	944	808	638	514	465	354	403	185	132
Small and medium-sized enterprises	492	427	353	314	296	263	274	211	157
Large corporates and international customers	85	86	77	71	76	74	74	66	32
Other	10	(17)	5	6	15	11	13	1	(2)
Equity and non-interest bearing items	919	771	644	560	523	448	482	386	353
Personal customers 2)	225	191	166	145	132	79	71	47	33
Small and medium-sized enterprises 2)	133	111	94	81	70	42	37	24	19
Large corporates and international customers 2)	305	266	227	195	182	113	105	71	60
Other	256	204	157	140	139	213	269	245	242
Other	651	798	663	671	1 033	730	1 016	1 040	599
Total net interest income	10 347	9 984	9 581	9 289	9 611	9 152	9 052	9 007	8 863

1.2.2 Average volumes - split by segments

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Loans to customers 3)						1 661 790 1 635 193 1 619 010 1 594 542 1 562 046 1 551 548 1 513 557 1 507 615 1 527 201
Personal customers	791 327	784 832	778 193	770 771	767 482	761 467	751 582	745 978	740 219
Small and medium-sized enterprises	328 489	321 593	316 206	310 935	306 150	298 622	293 125	288 815	283 203
Large corporates and international customers	434 621	429 485	429 365	418 720	402 856	406 883	388 794	391 738	415 269
Other	107 353	99 283	95 246	94 116	85 558	84 576	80 056	81 083	88 510
Deposits from customers 3)	1 005 512	976 381	957 548	966 073		950 778 1 000 007	971 413		992 909 1 046 040
Personal customers	428 280	432 812	417 703	412 882	407 741	416 265	405 145	400 896	401 850
Small and medium-sized enterprises		222 088	217 356	212 022	211 580	215 554	210 175	206 881	209 977
Large corporates and international customers		301 043	305 602	301 958	307 694	315 977	320 904	317 608	337 424
Other	31 544	20 438	16 887	39 211	23 763	52 211	35 190	67 523	96 788
Equity and non-interest bearing items	195 037	185 853	183 806	184 033	181 241	175 423	176 432	177 858	175 273
Personal customers 2)	48 051	47 774	48 433	47 664	47 036	46 330	47 392	47 100	39 828
Small and medium-sized enterprises 2)	32 951	32 270	32 169	31 225	29 223	28 557	28 149	27 910	26 258
Large corporates and international customers 2)	65 867	65 651	65 665	64 135	63 254	65 234	68 280	69 972	73 707
Other	48 168	40 157	37 540	41 009	41 729	35 301	32 611	32 876	35 481

1.2.3 Interest rate spreads - split by segments 4)

Per cent	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Total lending - customer segments	1.80	1.80	1.85	1.90	1.92	1.95	1.89	2.01	2.08
Personal customers	1.29	1.32	1.42	1.50	1.54	1.58	1.53	1.76	1.87
Small and medium-sized enterprises	2.41	2.41	2.44	2.46	2.46	2.52	2.44	2.50	2.58
Large corporates and international customers	2.27	2.23	2.21	2.21	2.21	2.23	2.15	2.11	2.11
Total deposits - customer segments		0.55	0.46	0.39	0.36	0.29	0.32	0.20	0.13
Personal customers	0.87	0.74	0.61	0.50	0.45	0.34	0.40	0.19	0.13
Small and medium-sized enterprises	0.87	0.76	0.65	0.60	0.56	0.48	0.52	0.41	0.30
Large corporates and international customers	0.10	0.11	0.10	0.10	0.10	0.09	0.09	0.08	0.04
Combined spread - customer segments - weighted total
average	1.34	1.32	1.32	1.32	1.31	1.30	1.27	1.30	1.31

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

2.08	2.01	1.89	1.95	1.92	1.90	1.85	1.80	1.80	Lending spread
1.31	1.30	1.27	1.30	1.31	1.32	1.32	1.32	1.34	Combined spread - weighted average
	0.20	0.32	0.29	0.36	0.39	0.46	0.55	0.62	Deposit spread
0.13
4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19

Personal customers

Per cent

1.2.4 Quarterly development in average interest rate spreads (continued)

Small and medium-sized enterprises

Per cent
2.58	2.50	2.44	2.52	2.46	2.46	2.44	2.41	2.41	Lending spread
1.61	1.63	1.64	1.67	1.68	1.71	1.71	1.74	1.78	Combined spread - weighted average
0.30	0.41	0.52	0.48	0.56	0.60	0.65	0.76	0.87	Deposit spread
4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19

Large corporates and international customers

Per cent

2.11	2.11	2.15	2.23	2.21	2.21	2.21	2.23	2.27	Lending spread
1.18	1.21	1.22	1.30	1.30	1.33	1.33	1.36	1.35	Combined spread - weighted average
0.04	0.08	0.09	0.09	0.10	0.10	0.10	0.11	0.10	Deposit spread
4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19

1.2.5 Net interest income

Amounts in NOK million		3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Interest on amounts due from credit institutions	696	792	871	1 109	852	1 100	1 011	971	767
Interest on loans to customers	14 086	13 480	12 803	12 185	12 097	11 357	11 032	10 626	10 922
Interest on impaired loans and guarantees	304	298	295	265	351	207	381	221	285
Interest on commercial paper and bonds	1 047	981	1 092	1 128	1 143	1 069	1 069	944	946
Front-end fees etc.		85	84	76	84	67	65	68	66
Other interest income	1 069	918	784	798	715	701	778	748	296
Total interest income	17 303	16 555	15 929	15 561	15 242	14 503	14 336	13 579	13 283
Interest on amounts due to credit institutions	(909)	(1 007)	(1 006)	(1 357)	(1 112)	(1 038)	(966)	(864)	(711)
Interest on deposits from customers	(2 693)	(2 539)	(2 361)	(2 295)	(2 149)	(2 123)	(1 969)	(1 905)	(1 931)
Interest on debt securities issued 1)	(2 333)	(2 752)	(2 651)	(2 436)	(2 107)	(1 893)	(1 799)	(1 609)	(1 528)
Interest on subordinated loan capital	(20)	(120)	(116)	(112)	(109)	(131)	(133)	(112)	(107)
Resolution and guarantee fund levy 2)	(391)	(223)	(219)	(274)	(136)	(124)	(140)	(164)	(113)
Other interest expenses 1) 3)	(609)	70	5	201	(18)	(42)	(277)	83	(29)
Total interest expenses	(6 956)	(6 571)	(6 349)	(6 272)	(5 631)	(5 350)	(5 284)	(4 572)	(4 420)
Net interest income	10 347	9 984	9 581	9 289	9 611	9 152	9 052	9 007	8 863

Full year figures

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

1) The presentation of interest income from derivatives has been changed as of 31 December 2019. Figures in previous periods have been restated

correspondingly. For more information see Note 1 Basis for preparation in the DNB Group's fourth quarter report 2019.

2) The amounts represent a proportional share of the estimated annual levy.

3) Other interest expenses include interest rate adjustments resulting from interest swaps.

1.2.6 Changes in net interest income

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	10 347	9 984	9 581	9 289	9 611	9 152	9 052	9 007	8 863

Changes from previous quarters:	Changes from 3Q19	Changes from 2Q19	Changes from 1Q19	Changes from 4Q18	Changes from 3Q18	Changes from 2Q18	Changes from 1Q18	Changes from 4Q17
Lending volumes	24	19	103	95	15	142	15	(29)
Deposit volumes	11	17	15	2	(17)	7	7	(7)
Lending spreads	(20)	(186)	(175)	(72)	(135)	233	(434)	(244)
Deposit spreads	187	223	144	77	161	(78)	277	159
Exchange rate movements	65	39	3	30	34	32	14	(39)
Interest days		89	88	(173)		82	84	(171)
Long term funding	(31)	(7)	(46)	3	3	(11)	8	37
Amortisation effects and fees	24	49	20	(32)	50	(30)	27	50
Resolution and guarantee fund levy	(169)	(4)	55	(137)	(13)	16	25	(51)
Interest income on loans subject to impairment provisions	5	10	33	(95)	149	(197)	121	(42)
Other net interest income	268	155	52	(19)	212	(96)	(97)	480
Total	363	404	291	(321)	458	100	45	144

7AO

1.3.1 Net other operating income

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Money transfer and interbank transactions	460	464	423	443	501	461	444	454	409
Guarantee commissions 1)	211	193	192	225	201	193	193	222
Asset management services	367	322	327	307	428	332	309	298	379
Credit broking	186	61	135	85	249	100	136	90	123
Corporate finance	357	256	324	196	201	47	244	106	202
Real estate broking	281	295	364	265	284	269	346	244	251
Custodial services	39	51	32	35	30	38	42	35	33
Securities broking	101	91	88	100	181	120	209	115	147
Sale of insurance products	585	581	605	533	529	501	511	501	503
Other income from banking services	50	10	48	30	54	20	18	50	18
Net commissions and fees	2 636	2 323	2 538	2 219	2 660	2 082	2 453	2 116	2 064
Net gains on financial instruments at fair value	(447)	1 527	1 351	751	430	616	134	162	1 693
Net financial result, life insurance	35	222	183	256	361	47	103	63	168
Net risk result, life insurance	181	49	103	100	26	167	60	142	98
Net financial and risk result, life insurance	216	271	285	356	387	215	162	205	266
Net premium income/insurance claims, non-life insurance					189	127	153	154	164
Profit from investments accounted for by the equity method	52	96	85	178	(10)	94	267	(37)	(74)
Net gains on investment properties	92	7	(11)	5	(6)	17	9	42	146
Other income	302	335	225	263	243	193	266	225	155
Other operating income	447	438	298	446	226	303	542	230	228
Net other operating income, total	2 852	4 558	4 472	3 772	3 891	3 343	3 445	2 867	4 415

Full year figures

Amounts in NOK million	2019	2018	2017	2016	2015
Money transfer and interbank transactions	1 790	1 861	1 810	1 896	1 893
Guarantee commissions 1)	821	809
Asset management services	1 323	1 367	1 298	1 162	1 117
Credit broking	467	576	440	465	754
Corporate finance	1 133	598	684	694	555
Real estate broking	1 203	1 143	1 150	1 121	1 201
Custodial services	157	146	165	143	162
Securities broking	380	625	637	440	363
Sale of insurance products	2 304	2 042	2 049	2 216	2 482
Other income from banking services	138	141	214	142	336
Net commissions and fees	9 716	9 310	8 448	8 280	8 862
Net gains on financial instruments at fair value	3 183	1 342	4 548	6 513	8 683
Net financial result, life insurance	696	574	804	(72)	(1 251)
Net risk result, life insurance	433	395	491	736	861
Net financial and risk result, life insurance	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	410	314	(112)	1 189	(72)
Net gains on investment properties	92	62	143	(35)	269
Other income	1 126	926	713	795	762
Other operating income	1 628	1 302	744	1 948	959
Net other operating income, total	15 655	13 546	15 718	18 053	18 648

1) With effect from January 2018 Guarantee commissions have been 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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Customer revenues in DNB Markets	555	561	563	493	452	477	550	525	600
Trading revenues in DNB Markets (excl. CVA/DVA/FVA and credit spread effects)	180	36	21	148	150	98	74	174	551
Credit spread effects on bonds in DNB Markets	30	(3)	12	139	(170)	(12)	(4)	226	(23)
Financial guarantees 1)									246
Basis swaps	(361)	78	740	(187)	(342)	103	(747)	(372)	62
CVA/DVA/FVA	213	(72)	(72)	6	(91)	108	14	205	94
Exchange rate effects on additional Tier 1 capital	(742)	812	(125)	(88)	768	(18)	497	(527)	330
Other mark-to-market adjustments	(321)	115	214	240	(339)	(140)	(249)	(69)	(166)
Net gains on financial instruments at fair value	(447)	1 527	1 351	751	430	616	134	162	1 694

1) Please see footnote to table 1.3.1 Net other operating income.

Full year figures

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

1.4.1 Operating expenses

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Salaries	(2 261)	(2 161)	(2 129)	(2 047)	(2 162)	(2 073)	(2 059)	(2 027)	(2 047)
Employer's national insurance contributions	(420)	(380)	(371)	(381)	(390)	(370)	(363)	(381)	(389)
Pension expenses	(527)	(290)	(399)	(393)	(219)	(349)	(367)	(327)	(379)
Restructuring expenses	(52)	(6)	(3)	(8)	(62)	(6)	(35)	(20)	(68)
Other personnel expenses	(183)	(201)	(213)	(180)	(215)	(144)	(151)	(144)	(139)
Total salaries and other personnel expenses	(3 442)	(3 037)	(3 114)	(3 009)	(3 048)	(2 942)	(2 975)	(2 900)	(3 023)
Fees	(144)	(133)	(149)	(167)	(225)	(167)	(146)	(122)	(138)
IT expenses	(1 025)	(922)	(1 002)	(937)	(1 115)	(934)	(889)	(838)	(933)
Postage and telecommunications	(38)	(32)	(40)	(41)	(41)	(37)	(47)	(48)	(36)
Office supplies	(6)	(8)	(7)	(8)	(11)	(9)	(11)	(11)	(10)
Marketing and public relations	(193)	(200)	(233)	(196)	(180)	(173)	(224)	(171)	(190)
Travel expenses	(100)	(56)	(66)	(44)	(108)	(48)	(65)	(40)	(113)
Reimbursement to Norway Post for transactions executed	(41)	(41)	(41)	(47)	(45)	(45)	(45)	(45)	(52)
Training expenses	(18)	(13)	(14)	(15)	(23)	(9)	(17)	(18)	(16)
Operating expenses on properties and premises	(38)	(164)	(137)	(91)	(271)	(275)	(276)	(274)	(279)
Operating expenses on machinery, vehicles and office equipment	(19)	(17)	(16)	(18)	(20)	(15)	(20)	(16)	(17)
Other operating expenses	(216)	(170)	(401)	(208)	(151)	(189)	(190)	(186)	(194)
Total other expenses	(1 837)	(1 757)	(2 106)	(1 771)	(2 189)	(1 901)	(1 931)	(1 768)	(1 977)
Impairment losses for goodwill 1)					(0)				(510)
Depreciation and impairment of fixed and intangible assets	(835)	(843)	(674)	(706)	(942)	(495)	(478)	(488)	(508)
Total depreciation and impairment of fixed and intangible assets	(835)	(843)	(674)	(706)	(942)	(495)	(478)	(488)	(1 018)
Total operating expenses	(6 114)	(5 637)	(5 895)	(5 487)	(6 179)	(5 338)	(5 384)	(5 155)	(6 018)

Full year figures

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

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Full-time positions	2019	2019	2019	2019	2018	2018	2018	2018	2017
Total ordinary operations *)	9 020	8 969	8 961	8 969	9 196	9 172	9 100	9 107	9 144

*) Of which:
Personal Banking	2 624
Corporate Banking	1 164
Large Corporates and International	1 090
IT	869
Markets	726
Wealth Management & Insurance	714
Other entities	1 833

1.4.3 IT expenses

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
IT operating expenses	(592)	(573)	(602)	(627)	(695)	(597)	(550)	(569)	(481)
Depreciation	(100)	(45)	(43)	(45)	(60)	(27)	(27)	(26)	(25)
Impairment	(30)	(116)			(232)
Total IT operating expenses	(722)	(734)	(645)	(672)	(986)	(623)	(578)	(596)	(506)
Systems development expenses	(433)	(349)	(400)	(310)	(420)	(337)	(339)	(268)	(452)
Depreciation	(81)	(78)	(76)	(76)	(91)	(75)	(74)	(68)	(69)
Impairment	(33)				(146)				(24)
Total systems development expenses	(517)	(427)	(476)	(386)	(657)	(412)	(412)	(337)	(544)
Total IT expenses 1)	(1 239)	(1 161)	(1 120)	(1 058)	(1 643)	(1 035)	(990)	(932)	(1 051)
Capitalised systems development expenses	1 069	1 032	1 017	1 043	1 081	1 242	1 230	1 190	1 203

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

1.5.1 Loans and financial commitments to customers by industry segment

As at 31 December 2019

	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	120 711	2 004	59	122 774	(13)	(8)	(23)		(44) 122 730
Commercial real estate	206 385	3 949	1 304	211 639	(13)	(38)	(388)		(439) 211 200
Shipping	50 468	6 606	1 292	58 366	(58)	(125)	(285)	(467)	57 899
Oil, gas and offshore	84 651	23 702	13 608	121 961	(92)	(839)	(4 652)		(5 583) 116 378
Power and renewables	57 562	1 674	420	59 657	(13)	(22)	(46)	(81)	59 576
Healthcare	49 809	279		50 088	(15)	(3)		(18)	50 070
Public sector	25 022	16	0	25 038	(7)	(0)	(0)	(7)	25 030
Fishing, fish farming and farming	57 210	1 340	484	59 034	(8)	(29)	(149)	(186)	58 847
Retail industries	62 535	6 591	1 854	70 980	(15)	(50)	(492)	(557)	70 423
Manufacturing	82 929	9 152	457	92 537	(31)	(67)	(207)	(305)	92 233
Technology, media and telecom	39 977	663	38	40 678	(30)	(10)	(25)	(65)	40 613
Services	89 921	5 951	1 730	97 602	(36)	(54)	(868)	(958)	96 645
Residential property	119 822	2 891	418	123 131	(8)	(14)	(124)		(147) 122 984
Personal customers	981 739	38 966	3 513	1 024 218	(86)	(374)	(642)		(1 102) 1 023 116
Other corporate customers	96 461	8 358	2 474	107 292	(27)	(76)	(1 548)		(1 650) 105 642
Total	2 125 203	112 141	27 651	2 264 994	(452)	(1 709)	(9 448)		(11 609) 2 253 385

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.

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

	Maximum exposure				Accumulated impairment
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2019	2019	2019	2019	2019	2019	2019	2019
Bank, insurance and portfolio management	120 711	128 808	116 736	116 361	(13)	(15)	(11)	(17)
Commercial real estate	206 385	200 542	200 998	194 586	(13)	(14)	(15)	(17)
Shipping	50 468	49 571	55 931	53 956	(58)	(66)	(69)	(82)
Oil, gas and offshore	84 651	85 291	91 493	95 989	(92)	(119)	(140)	(123)
Power and renewables	57 562	60 473	58 716	55 716	(13)	(11)	(10)	(14)
Healthcare	49 809	50 966	43 642	45 786	(15)	(12)	(10)	(14)
Public sector	25 022	25 107	22 213	21 310	(7)	(5)	(1)	(1)
Fishing, fish farming and farming	57 210	54 292	51 832	49 685	(8)	(10)	(9)	(7)
Retail industries	62 535	61 977	60 995	61 783	(15)	(19)	(21)	(25)
Manufacturing	82 929	87 038	93 101	91 669	(31)	(36)	(34)	(35)
Technology, media and telecom	39 977	43 712	45 232	44 727	(30)	(31)	(27)	(38)
Services	89 921	85 250	85 651	88 087	(36)	(39)	(31)	(39)
Residential property	119 822	120 774	128 299	125 632	(8)	(8)	(11)	(13)
Personal customers	981 739	993 153	1 001 372	982 424	(86)	(87)	(90)	(127)
Other corporate customers	96 461	96 230	90 938	88 751	(27)	(24)	(18)	(29)
Total	2 125 203	2 143 183	2 147 148	2 116 461	(452)	(495)	(496)	(580)

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

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

	Maximum exposure				Accumulated impairment
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2019	2019	2019	2019	2019	2019	2019	2019
Bank, insurance and portfolio management	2 004	2 431	2 582	1 810	(8)	(11)	(9)	(8)
Commercial real estate	3 949	4 456	3 596	4 047	(38)	(56)	(48)	(42)
Shipping	6 606	9 110	8 252	8 661	(125)	(205)	(133)	(103)
Oil, gas and offshore	23 702	24 156	22 392	27 448	(839)	(1 046)	(1 068)	(1 268)
Power and renewables	1 674	1 716	564	2 323	(22)	(25)	(25)	(54)
Healthcare	279	310	335	341	(3)	(4)	(10)	(10)
Public sector	16	16	140	98	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	1 340	1 372	1 246	1 202	(29)	(34)	(20)	(12)
Retail industries	6 591	6 623	6 858	5 279	(50)	(59)	(41)	(40)
Manufacturing	9 152	8 880	2 769	3 838	(67)	(69)	(35)	(48)
Technology, media and telecom	663	1 340	1 133	499	(10)	(20)	(15)	(7)
Services	5 951	5 312	3 681	4 102	(54)	(88)	(49)	(33)
Residential property	2 891	3 025	2 744	3 197	(14)	(18)	(20)	(12)
Personal customers	38 966	38 657	36 120	38 711	(374)	(395)	(369)	(343)
Other corporate customers	8 358	6 978	7 381	6 388	(76)	(91)	(73)	(76)
Total	112 141	114 381	99 794	107 944	(1 709)	(2 122)	(1 915)	(2 056)

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

	Maximum exposure				Accumulated impairment
	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March
Amounts in NOK million	2019	2019	2019	2019	2019	2019	2019	2019
Bank, insurance and portfolio management	59	65	39	126	(23)	(11)	(21)	(57)
Commercial real estate	1 304	792	809	850	(388)	(309)	(323)	(303)
Shipping	1 292	2 366	2 453	2 573	(285)	(438)	(372)	(394)
Oil, gas and offshore	13 608	14 924	12 797	15 049	(4 652)	(4 332)	(4 130)	(4 783)
Power and renewables	420	417	471	468	(46)	(55)	(62)	(97)
Healthcare		32
Public sector	0	0	1	0	(0)	(0)	(0)	(0)
Fishing, fish farming and farming	484	342	294	220	(149)	(110)	(92)	(68)
Retail industries	1 854	2 178	2 250	2 476	(492)	(705)	(700)	(725)
Manufacturing	457	1 533	1 705	2 166	(207)	(338)	(363)	(325)
Technology, media and telecom	38	102	88	95	(25)	(34)	(33)	(34)
Services	1 730	1 875	1 912	1 081	(868)	(1 083)	(658)	(539)
Residential property	418	369	594	519	(124)	(110)	(243)	(233)
Personal customers	3 513	3 612	3 433	3 483	(642)	(646)	(655)	(657)
Other corporate customers	2 474	2 497	2 441	1 265	(1 548)	(1 356)	(841)	(590)
Total	27 651	31 104	29 289	30 373	(9 448)	(9 527)	(8 492)	(8 806)

1.5.2 Development in maximum exposure of loans and financial commitments to customers

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Maximum exposure at beginning of period	2 288 668	2 276 231	2 254 778	2 206 097	2 180 384	2 186 446	2 159 204	2 175 073
Originated and purchased	182 377	230 609	236 991	227 371	194 824	170 845	217 536	122 655
Derecognition		(208 433) (228 568) (210 910) (172 218) (188 981) (165 119) (189 503) (136 181)
Exchange rate movements	2 382	10 458	(4 628)	(6 725)	19 861	(10 214)	(2 176)	(2 489)
Other		(63)	(1)	252	7	(1 573)	1 385	146
Maximum exposure at end of period	2 264 994	2 288 668	2 276 231	2 254 778	2 206 097	2 180 384	2 186 446	2 159 204

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Maximum exposure at beginning of period	2 143 183	2 147 148	2 116 461	2 062 316	2 041 720	2 054 286	2 023 850	2 027 562
Transfer into Stage 1	19 006	20 579	26 611	22 114	20 106	18 387	12 902	20 941
Transfer to Stage 2	(25 859)	(40 484)	(26 383)				(24 340) (34 365) (28 718) (14 739) (17 574)
Transfer to Stage 3	(2 280)	(337)	(1 902)	(491)	(1 001)	(2 565)	(996)	(1 084)
Originated and purchased	181 515	227 092	236 670	225 851	189 154	168 076	210 773	120 043
Derecognition		(192 638) (220 234) (200 047) (162 821) (171 484) (156 713) (176 577) (124 210)
Exchange rate movements	2 277	9 482	(4 261)	(6 421)	18 180	(9 460)	(1 992)	(2 296)
Other		(63)	(1)	252	7	(1 573)	1 065	466
Maximum exposure at end of period	2 125 203	2 143 183	2 147 148	2 116 461	2 062 316	2 041 720	2 054 286	2 023 850

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Maximum exposure at beginning of period	114 381	99 794	107 944	111 783	103 979	96 506	102 962	118 460
Transfer to Stage 1	(18 633)	(20 408)	(26 485)				(21 695) (19 333) (18 150) (12 508) (20 719)
Transfer into Stage 2	27 889	41 134	27 813	25 425	34 925	29 373	16 297	17 991
Transfer to Stage 3	(1 279)	(2 513)	(1 515)	(1 059)	(3 771)	(668)	(4 715)	(4 298)
Originated and purchased	862	3 517	321	1 275	3 138	1 873	3 900	1 040
Derecognition	(11 117)	(7 959)	(8 006)	(7 536)	(8 475)	(4 430)	(9 545)	(9 098)
Exchange rate movements	37	816	(279)	(249)	1 319	(524)	(135)	(165)
Other							250	(250)
Maximum exposure at end of period	112 141	114 381	99 794	107 944	111 783	103 979	96 506	102 962

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Maximum exposure at beginning of period	31 104	29 289	30 373	31 998	34 686	35 655	32 393	29 052
Transfer to Stage 1	(373)	(171)	(126)	(419)	(774)	(237)	(394)	(222)
Transfer to Stage 2	(2 030)	(650)	(1 430)	(1 085)	(559)	(655)	(1 558)	(417)
Transfer into Stage 3	3 559	2 850	3 417	1 550	4 772	3 233	5 711	5 381
Originated and purchased	0		(0)	245	2 533	897	2 864	1 573
Derecognition	(4 677)	(375)	(2 857)	(1 861)	(9 022)	(3 977)	(3 383)	(2 874)
Exchange rate movements	68	161	(88)	(55)	362	(230)	(49)	(29)
Other							70	(70)
Maximum exposure at end of period	27 651	31 104	29 289	30 373	31 998	34 686	35 655	32 393

From 2Q18 the assessment of originated or purchased during the period and derecognition are presented net per customer instead of per financial instrument. The 1Q18 figures are adjusted accordingly.

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.

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Accumulated impairment at beginning of period	(12 144)	(10 903)	(11 442)				(11 617) (11 823) (12 282) (13 936) (14 984)
Originated and purchased	(155)	(77)	(155)	(99)	(191)	(146)	(392)	(80)
Increased expected credit loss 1)	(2 482)	(3 030)	(1 721)	(2 197)	(1 980)	(2 235)	(1 573)	(2 421)
Decreased (reversed) expected credit loss 1)	2 269	1 567	1 497	2 092	1 788	2 303	2 011	2 886
Write-offs	656	194	775	214	640	324	1 476	471
Derecognition (including repayments)	283	188	115	138	140	95	111	182
Exchange rate movements	(36)	(81)	25	28	(190)	118	20	10
Other	0	(2)	4	0			(0)	1
Accumulated impairment at end of period	(11 609)	(12 144)	(10 903)	(11 442)	(11 617)	(11 823)	(12 282)	(13 936)

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Accumulated impairment at beginning of period	(495)	(496)	(580)	(501)	(490)	(502)	(505)	(554)
Changes due to significant change in credit risk	(81)	(166)	(102)	(81)	(105)	(56)	(142)	(238)
Originated and purchased	(50)	(48)	(140)	(91)	(82)	(96)	(75)	(58)
Increased expected credit loss 1)	(64)	(107)	(39)	(84)	(64)	(58)	(34)	(54)
Decreased (reversed) expected credit loss 1)	230	303	358	170	247	189	242	561
Write-offs				0	0		(0)	(0)
Derecognition (including repayments)	10	23	6	3	6	26	11	(163)
Exchange rate movements	(2)	(5)	2	4	(12)	6	1	1
Other	0	1		(0)
Accumulated impairment at end of period	(452)	(495)	(496)	(580)	(501)	(490)	(502)	(505)

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Accumulated impairment at beginning of period	(2 122)	(1 915)	(2 056)	(2 226)	(2 311)	(2 498)	(3 768)	(5 210)
Changes due to significant change in credit risk	(69)	146	82	81	219	34	817	1 175
Originated and purchased	(106)	(29)	(16)	(9)	(109)	(49)	(317)	(22)
Increased expected credit loss 1)	(363)	(702)	(465)	(344)	(348)	(387)	(244)	(546)
Decreased (reversed) expected credit loss 1)	690	255	455	300	256	501	913	488
Write-offs				0	1		(0)	(0)
Derecognition (including repayments)	253	160	75	135	131	66	100	345
Exchange rate movements	9	(39)	9	7	(65)	23	1	1
Other				1
Accumulated impairment at end of period	(1 709)	(2 122)	(1 915)	(2 056)	(2 226)	(2 311)	(2 498)	(3 768)

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Accumulated impairment at beginning of period	(9 527)	(8 492)	(8 806)	(8 891)	(9 023)	(9 282)	(9 663)	(9 220)
Changes due to significant change in credit risk	150	19	19	0	(114)	21	(675)	(938)
Originated and purchased					0	(1)
Increased expected credit loss	(2 054)	(2 221)	(1 217)	(1 769)	(1 568)	(1 790)	(1 294)	(1 821)
Decreased (reversed) expected credit loss	1 349	1 009	684	1 623	1 285	1 613	856	1 837
Write-offs	656	194	775	214	639	324	1 459	471
Derecognition (including repayments)	20	5	33	0	3	3	17	0
Exchange rate movements	(42)	(37)	14	16	(113)	89	18	7
Other	0	(3)	4	0			(0)	1
Accumulated impairment at end of period	(9 448)	(9 527)	(8 492)	(8 806)	(8 891)	(9 023)	(9 282)	(9 663)

1) DNB has 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 is 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 the flows 'increased expected credit loss' and 'decreased (reversed) expected credit loss'.

From 2Q18 the assessment of increased and decreased expected credit loss are presented net per customer instead of per financial instrument. The 1Q18 figures are adjusted accordingly.

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

Net non-performing and doubtful loans and guarantees as a percentage of net loans (IAS 39)

Stage 3 - Net loans and financial commitments as a percentage of net loans (IFRS 9)

Stage 3 - Net loans and financial commitments as a percentage of net loans and financial commitments (IFRS 9)

1) As a result of the transition to IFRS 9 from 1 January 2018, unutilised credit lines and other financial commitments have been included.

1.5.5 Impairment of financial instruments

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18
Personal customers	(1)	5	32	(7)	(6)	(2)	4	30
Small and medium-sized enterprises	11	(8)	(20)	(6)	(8)	(2)	3	(1)
Large corporates and international customers	37	4	62	(56)	(31)	63	(5)	53
Other	0	(1)	(2)	(1)	(1)	(1)	(0)	0
Stage 1	47	0	72	(70)	(47)	58	3	82
Personal customers	6	(18)	(4)	(5)	(20)	(8)	(8)	(3)
Small and medium-sized enterprises	61	(58)	(99)	1	(15)	(31)	6	1
Large corporates and international customers	335	(88)	252	143	230	184	1 311	1 339
Other	0	0	(1)	0	0	1	(0)
Stage 2	401	(164)	148	139	196	147	1 309	1 337
Personal customers	(108)	(59)	(104)	(88)	(62)	(65)	(97)	(80)
Small and medium-sized enterprises	(214)	50	(142)	(170)	(77)	(184)	(42)	(215)
Large corporates and international customers	(304)	(1 075)	(425)	(126)	(244)	34	(1 118)	(794)
Other	(0)	0	(0)	(0)	0	(0)	(0)	(0)
Stage 3	(626)	(1 084)	(670)	(384)	(384)	(215)	(1 257)	(1 089)
Total	(178)	(1 247)	(450)	(316)	(235)	(11)	54	330

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.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Commercial real estate 1)	191.1	188.0	184.7	180.1	176.5	173.9	186.6	180.7	183.4
Shipping 1)	58.7	62.6	62.4	66.6	70.6	71.5	72.8	76.6	87.9
Oil, gas and offshore 1)	95.9	100.4	99.2	105.3	101.9	100.2	103.8	99.8	108.9
Power and renewables	46.2	50.5	47.5	46.3	48.2	41.8	39.0	38.3	40.1
Healthcare	39.2	42.6	36.2	37.7	37.8	33.5	35.6	32.4	32.7
Public sector	12.7	12.2	11.5	11.3	10.6	11.7	10.6	9.1	10.4
Fishing, fish farming and farming	49.2	48.1	44.2	42.6	41.0	35.9	35.1	35.7	35.8
Retail industries	51.1	53.4	52.5	50.0	50.2	49.6	51.2	49.6	47.5
Manufacturing	69.8	75.7	74.4	71.8	76.2	74.6	78.7	78.3	78.4
Technology, media and telecom	33.6	38.0	40.0	38.9	38.4	42.3	44.0	33.8	39.6
Services	64.9	58.9	58.6	61.5	59.0	55.6	52.0	47.2	52.5
Residential property	102.4	104.9	110.6	111.0	108.7	104.0	95.0	91.9	91.0
Personal customers **)	1 029.5	1 033.3	1 034.7	1 016.4	999.3	997.0	978.8	971.5	960.7
Other corporate customers	74.8	79.0	74.6	71.8	71.6	76.2	80.6	81.0	72.6
Total customers	1 919.2	1 947.7	1 931.1	1 911.2	1 890.0	1 867.7	1 863.8	1 825.8	1 841.6
Credit institutions	57.4	60.2	60.2	57.9	49.9	47.7	47.8	42.4	35.7
Total net exposure at default, DNB Group	1 976.6	2 008.0	1 991.3	1 969.1	1 939.9	1 915.4	1 911.6	1 868.2	1 877.4
*) Of wich international portfolio	402.0	419.0	409.9	418.7	415.6	395.9	388.2	373.7	389.3
**) Of which:
Mortgages	898.4	901.3	900.6	884.3	865.4	865.3	852.6	832.1	829.3
Other exposures	131.1	132.0	134.1	132.1	133.8	131.6	126.2	139.4	131.4

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

1.6.1 DNB Group (continued)

Risk classification of portfolio 1) *)

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -	1 447.0	1 468.1	1 468.0	1 439.7	1 414.8	1 391.8	1 399.1	1 354.8	1 354.9
PD 0.75% -	432.1	434.9	424.7	428.7	424.4	414.8	409.3	408.0	407.8
PD 3.00% -	79.6	82.8	77.3	78.5	76.7	81.9	76.6	80.0	92.2
Net commitments in stage 3	17.9	22.1	21.2	22.2	23.9	26.8	26.5	25.3	22.6
Total portfolio	1 976.6	2 008.0	1 991.3	1 969.1	1 939.9	1 915.4	1 911.6	1 868.2	1 877.4
*) Of which international portfolio:
PD 0.01% -	279.3	292.5	289.6	290.0	288.6	278.0	271.5	250.8	258.6
PD 0.75% -	95.4	95.8	90.6	96.0	94.4	82.3	84.5	85.7	87.5
PD 3.00% -	21.2	22.5	22.7	25.2	23.1	24.2	22.6	27.6	33.5
Net commitments in stage 3	6.2	8.2	7.0	7.5	9.5	11.4	9.7	9.6	9.8
Total international portfolio	402.0	419.0	409.9	418.7	415.6	395.9	388.2	373.7	389.3

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

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

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

Exposure at default by industry segment Risk classification of portfolio

1.6.2 Customer segments

Exposure at default by industry segment

Personal customers

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Mortgages	897.5	900.6	899.9	883.5	864.6	864.5	851.7	831.2	828.4
Other exposures	84.8	86.2	90.6	89.1	90.8	90.9	91.2	99.6	92.7
Total customers	982.4	986.8	990.4	972.6	955.4	955.4	942.9	930.8	921.1
Credit institutions
Total net exposure at default	982.4	986.8	990.4	972.6	955.4	955.4	942.9	930.8	921.1

Small and medium-sized enterprises

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Commercial real estate	120.0	116.8	114.7	111.1	108.5	106.5	110.0	105.7	105.0
Shipping	0.3	0.4	0.3	0.3	0.5	0.5	0.6	0.6	0.6
Oil, gas and offshore	0.7	0.8	0.6	0.5	0.6	0.8	0.6	0.6	0.4
Power and renewables	12.7	14.5	11.7	11.2	11.6	10.3	9.8	9.8	10.1
Healthcare	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Public sector	3.7	2.6	2.4	2.6	2.7	3.1	3.3	2.6	3.5
Fishing, fish farming and farming	21.1	21.1	18.8	18.3	18.8	16.9	16.7	16.0	15.6
Retail industries	20.2	21.3	21.3	19.6	19.3	18.8	19.2	19.2	18.8
Manufacturing	17.5	19.3	19.4	18.6	18.8	18.9	18.7	18.5	18.7
Technology, media and telecom	3.3	3.2	3.1	2.6	2.7	2.6	2.4	2.3	2.4
Services	30.1	24.9	24.8	24.3	21.8	20.6	19.4	18.7	21.1
Residential property	70.0	71.4	71.8	73.2	73.7	68.2	67.7	63.2	62.5
Personal customers	40.6	39.8	37.5	36.8	36.6	34.6	28.6	32.9	31.6
Other corporate customers	33.0	33.9	32.7	28.7	32.3	34.7	33.9	34.2	29.2
Total customers	373.1	370.0	359.2	347.9	347.9	336.2	330.9	324.4	319.6
Credit institutions	6.1	6.2	7.0	5.8	5.6	8.6	8.6	3.2	5.0
Total net exposure at default	379.2	376.2	366.2	353.7	353.5	344.8	339.5	327.6	324.6

Large corporates and international customers

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Commercial real estate	71.2	71.3	70.0	69.0	68.0	67.4	76.5	75.0	78.4
Shipping	58.3	62.3	62.1	66.3	70.1	71.0	72.2	76.0	87.3
Oil, gas and offshore	95.1	99.6	98.6	104.8	101.4	99.5	103.2	99.2	108.5
Power and renewables	33.5	36.0	35.8	35.1	36.6	31.5	29.2	28.5	30.0
Healthcare	39.1	42.6	36.2	37.7	37.8	33.5	35.6	32.3	32.7
Public sector	9.0	9.6	9.0	8.8	7.8	8.6	7.3	6.5	6.9
Fishing, fish farming and farming	28.1	27.0	25.3	24.3	22.2	19.1	18.4	19.7	20.2
Retail industries	31.0	32.2	31.1	30.4	30.8	30.8	31.9	30.4	28.7
Manufacturing	52.3	56.4	54.9	53.1	57.4	55.7	60.0	59.8	59.8
Technology, media and telecom	30.4	34.8	36.9	36.3	35.7	39.7	41.6	31.5	37.2
Services	34.8	33.9	33.8	37.1	37.2	35.0	32.6	28.5	31.5
Residential property	32.5	33.5	38.9	37.8	35.0	35.8	27.3	28.7	28.5
Personal customers	6.7	6.8	6.9	7.1	7.4	7.2	7.4	7.7	8.0
Other corporate customers	41.8	45.1	41.9	43.0	39.2	41.5	46.7	46.8	43.4
Total customers	563.7	590.9	581.4	590.7	586.6	576.1	589.9	570.6	600.9
Credit institutions	51.4	54.0	53.2	52.2	44.2	39.1	39.2	39.2	30.7
Total net exposure at default	615.0	644.9	634.7	642.8	630.9	615.2	629.1	609.7	631.6

1.6.2 Customer segments (continued)

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -
Personal customers	778.9	781.4	789.8	776.1	763.9	762.8	756.2	739.8	736.9
Small and medium-sized enterprises	238.3	235.3	231.3	221.6	220.6	214.7	212.3	205.4	202.7
Large corporates and international customers	429.8	451.5	446.9	442.0	430.3	414.4	430.6	409.6	415.2
Total DNB Group	1 447.0	1 468.1	1 468.0	1 439.7	1 414.8	1 391.8	1 399.1	1 354.8	1 354.9
PD 0.75% -
Personal customers	185.3	187.2	183.2	179.5	174.5	175.2	169.4	174.4	167.4
Small and medium-sized enterprises	111.2	109.5	107.0	107.1	107.1	103.9	103.4	98.2	97.5
Large corporates and international customers	135.5	138.3	134.5	142.1	142.9	135.6	136.5	135.3	142.9
Total DNB Group	432.1	434.9	424.7	428.7	424.4	414.8	409.3	408.0	407.8
PD 3.00% -
Personal customers	15.8	15.9	14.9	14.6	14.6	14.7	14.5	14.1	14.4
Small and medium-sized enterprises	26.5	27.9	24.0	21.0	21.6	21.7	19.7	19.7	20.7
Large corporates and international customers	37.3	39.1	38.4	42.9	40.5	45.5	42.5	46.2	57.0
Total DNB Group	79.6	82.8	77.3	78.5	76.7	81.9	76.6	80.0	92.2
Net commitments in stage 3
Personal customers	2.3	2.4	2.5	2.4	2.5	2.7	2.8	2.5	2.4
Small and medium-sized enterprises	3.2	3.6	3.9	3.9	4.2	4.4	4.1	4.2	3.8
Large corporates and international customers	12.3	16.1	14.9	15.9	17.2	19.7	19.5	18.6	16.4
Total DNB Group	17.9	22.1	21.2	22.2	23.9	26.8	26.5	25.3	22.6
Total Personal customers	982.4	986.8	990.4	972.6	955.4	955.4	942.9	930.8	921.1
Total Small and medium-sized enterprises	379.2	376.2	366.2	353.7	353.5	344.8	339.5	327.6	324.6
Large corporates and international customers	615.0	644.9	634.7	642.8	630.9	615.2	629.1	609.7	631.6
Total risk classification of portfolio - DNB Group	1 976.6	2 008.0	1 991.3	1 969.1	1 939.9	1 915.4	1 911.6	1 868.2	1 877.4

1.6.3 Breakdown of commercial real estate

Exposure at default by segment

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Retail store facility building loans	1.6	1.6	1.7	1.9	1.7	1.9	1.7	1.7	1.7
Hotel building loans	7.7	6.2	5.3	6.0	4.7	3.7	4.3	3.8	3.5
Shopping centre building loans	0.4	0.4	0.3	0.3	0.3	0.3	0.2	0.1	0.3
Office premises building loans	5.6	5.4	4.9	4.1	3.7	3.0	3.4	3.0	2.9
Leasing of retail store facilities	18.3	18.2	17.9	16.4	15.8	16.2	13.1	13.1	13.5
Leasing of hotels	19.1	20.5	20.4	20.6	20.6	21.1	20.2	22.9	23.7
Leasing of shopping centres	10.6	11.1	10.9	11.5	10.9	10.5	10.3	10.2	11.7
Leasing of office premises	74.1	76.4	78.7	80.3	79.3	80.8	80.9	82.6	84.8
Leasing of warehouse/ logistics/ multi-purpose buildings	23.9	24.7	24.3	22.7	23.6	23.4	20.4	20.0	20.0
Other	29.8	23.6	20.2	16.1	15.9	13.0	31.9	23.1	21.3
Total	191.1	188.0	184.6	180.0	176.5	173.9	186.6	180.7	183.4

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -	139.6	139.1	138.6	133.7	130.1	126.6	137.1	134.7	137.0
PD 0.75% -	44.2	41.0	40.2	40.4	40.1	41.1	42.9	39.4	39.7
PD 3.00% -	6.5	7.5	5.3	5.4	5.7	5.5	6.0	5.8	6.1
Net commitments in stage 3	0.9	0.5	0.5	0.6	0.5	0.7	0.6	0.7	0.7
Total	191.1	188.0	184.6	180.0	176.5	173.9	186.6	180.7	183.4

Exposure at default by segment Risk classification of portfolio

1.6.3 Breakdown of commercial real estate (continued)

Exposure at default by geographic distribution

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Oslo/ Akershus	60.8	59.2	57.9	56.1	55.8	53.6	58.3	58.5	62.5
Eastern Norway excl. Oslo/ Akershus	50.6	49.3	48.3	46.0	43.6	43.4	43.2	43.2	43.1
Western Norway	36.4	35.2	34.6	33.7	33.4	32.4	32.5	31.5	32.5
Central/ Northern Norway	34.4	33.1	32.8	31.6	31.4	31.0	33.5	30.7	28.6
Sweden	4.5	6.4	6.3	6.8	7.0	7.0	12.6	10.5	9.9
Poland	0.1	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.4
Other Europe	4.3	4.7	4.6	5.6	5.0	6.2	6.0	5.8	6.4
Total	191.1	188.0	184.6	180.0	176.5	173.9	186.6	180.7	183.4

Exposure at default by geographic distribution

1.6.4 Breakdown of shipping

Exposure at default by segment

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Chemical and product tankers	6.3	6.7	6.5	7.0	7.7	8.1	8.8	10.6	11.6
Container	7.3	7.5	9.0	8.5	9.4	11.2	12.0	11.9	13.2
Crude oil carriers	14.4	13.9	11.8	15.1	17.0	17.0	16.5	16.7	20.0
Dry bulk	13.5	15.1	15.2	15.0	12.8	13.3	13.8	13.4	16.2
Gas carriers	12.5	14.2	15.0	14.9	13.5	12.5	12.3	13.3	15.9
Other shipping	4.7	5.4	5.0	6.1	10.3	9.4	9.3	10.8	11.0
Total	58.7	62.6	62.4	66.6	70.6	71.5	72.8	76.6	87.9

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -	13.5	13.8	13.6	11.6	13.1	13.2	13.1	14.9	15.7
PD 0.75% -	38.1	39.4	42.2	45.2	43.2	43.4	46.4	48.1	55.7
PD 3.00% -	6.0	7.4	4.5	7.7	11.7	11.8	11.4	11.5	14.4
Net commitments in stage 3	1.0	2.0	2.1	2.2	2.6	3.1	1.9	2.0	2.2
Total 1)	58.7	62.6	62.4	66.6	70.6	71.5	72.8	76.6	87.9

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)

Breakdown into sub-segments

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -
Crude oil sector	2.1	2.0	1.4	2.0	2.0	1.3	1.3	1.3	0.4
Dry bulk sector	1.9	2.4	2.2	1.0	0.4	0.4	0.3	0.3	0.2
Container sector	3.1	3.2	3.4	3.1	3.3	3.9	4.5	3.7	4.1
Other	6.4	6.2	6.6	5.5	7.4	7.7	6.9	9.6	11.0
Total	13.5	13.8	13.6	11.6	13.1	13.2	13.1	14.9	15.7
PD 0.75% -
Crude oil sector	10.9	10.4	10.2	11.2	10.6	11.6	10.7	10.8	14.0
Dry bulk sector	10.6	9.7	9.8	11.1	8.4	8.7	9.2	8.1	10.4
Container sector	3.1	3.1	4.4	4.3	5.0	5.1	6.6	7.3	8.1
Other	13.6	16.2	17.8	18.6	19.1	18.0	19.8	21.9	23.2
Total	38.1	39.4	42.2	45.2	43.2	43.4	46.4	48.1	55.7
PD 3.00% -
Crude oil sector	1.4	1.5	0.2	1.9	4.2	4.0	4.5	4.6	5.7
Dry bulk sector	0.6	1.6	1.8	1.4	2.2	3.2	3.0	3.4	3.8
Container sector	0.9	0.9	0.9	0.8	0.8	0.8	0.6	0.6	0.6
Other	3.2	3.4	1.7	3.5	4.5	3.8	3.4	3.0	4.2
Total	6.0	7.4	4.5	7.7	11.7	11.8	11.4	11.5	14.4
Net commitments in stage 3
Crude oil sector					0.2	0.2
Dry bulk sector	0.4	1.3	1.5	1.5	1.7	1.1	1.3	1.6	1.7
Container sector	0.2	0.3	0.3	0.3	0.3	1.4	0.3	0.3	0.4
Other	0.4	0.4	0.4	0.4	0.4	0.4	0.2	0.2	0.1
Total	1.0	2.0	2.1	2.2	2.6	3.1	1.9	2.0	2.2
Total shipping	58.7	62.6	62.4	66.6	70.6	71.5	72.8	76.6	87.9

1.6.5 Breakdown of oil, gas and offshore

Exposure at default by segment

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Oil and gas	40.8	41.0	39.3	45.1	38.3	39.9	40.3	39.5	41.1
Offshore	35.2	38.5	36.5	35.2	34.0	35.4	35.7	34.6	40.2
Oilfield services	14.5	16.0	15.7	17.7	22.2	17.7	18.7	16.8	17.6
Midstream	5.4	4.8	7.7	7.3	7.4	7.2	9.1	8.8	10.0
Total	95.9	100.4	99.2	105.3	101.9	100.2	103.8	99.8	108.9

Risk classification of portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -	39.9	42.0	42.9	45.7	43.3	42.4	44.8	42.2	46.4
PD 0.75% -	29.1	30.7	27.0	29.0	31.3	27.7	27.0	21.9	20.9
PD 3.00% -	18.0	16.9	20.5	20.2	16.0	17.8	19.0	25.6	32.5
Net commitments in stage 3	8.9	10.8	8.8	10.4	11.4	12.4	13.0	10.1	9.2
Total 1)	95.9	100.4	99.2	105.3	101.9	100.2	103.8	99.8	108.9

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

Exposure at default by segment Risk classification of portfolio

40 29 18 9 0 10 20 30 40 50 60 70 80 30 June 2018 30 Sept. 2018 31 Dec. 2018 31 March 2019 30 June 2019 30 Sept. 2019 31 Dec. 2019 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)

Breakdown into sub-segments

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
PD 0.01% -
Oil and gas sector	29.3	29.5	31.4	34.1	32.1	33.0	35.0	33.9	36.3
Offshore sector	3.5	3.8	4.5	3.4	1.6	1.9	2.0	1.9	2.6
Oilfield services sector	7.1	8.7	7.0	8.2	9.5	7.5	7.8	6.5	7.5
Total	39.9	42.0	42.9	45.7	43.3	42.4	44.8	42.2	46.4
PD 0.75% -
Oil and gas sector	11.5	11.6	11.0	13.7	10.2	9.5	9.5	7.5	6.5
Offshore sector	12.8	14.5	9.4	8.2	12.1	11.4	10.5	7.7	7.9
Oilfield services sector	4.7	4.7	6.5	7.1	9.1	6.7	7.0	6.7	6.5
Total	29.1	30.7	27.0	29.0	31.3	27.7	27.0	21.9	20.9
PD 3.00% -
Oil and gas sector	5.1	3.6	4.6	3.7	2.5	3.8	4.0	6.2	7.4
Offshore sector	10.6	11.0	14.1	14.6	10.5	11.0	11.7	16.4	22.0
Oilfield services sector	2.3	2.3	1.8	1.8	3.1	2.9	3.3	3.0	3.0
Total	18.0	16.9	20.5	20.2	16.0	17.8	19.0	25.6	32.5
Net commitments in stage 3
Oil and gas sector	0.2	1.2	0.0	0.9	0.9	0.8	0.8	0.8	0.9
Offshore sector	8.3	9.2	8.4	9.0	9.9	11.1	11.6	8.6	7.7
Oilfield services sector	0.3	0.4	0.4	0.6	0.6	0.6	0.6	0.7	0.7
Total	8.9	10.8	8.8	10.4	11.4	12.4	13.0	10.1	9.2
Total oil, gas and offshore	95.9	100.4	99.2	105.3	101.9	100.2	103.8	99.8	108.9

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 Development in volumes - deposits from customers

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Deposits at end of period	970	976	992	968	927	985	1 030	955	971
Deposits adjusted for exchange rate movements	960	963	988	963	919	985	1 035	964	971
Deposits adjusted for short-term money market investments	967	968	963	937	917	941	971	911	935
Deposits adjusted for short-term money market investments and exchange rate movements	958	955	959	932	909	941	976	920	935

1.7.2 Deposits per customer group

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK billion	2019	2019	2019	2019	2018	2018	2018	2018	2017
Households	403	408	404	389	387	389	398	411	374
Non-financial corporates	465	472	446	445	433	448	472	429	458
Other financial corporates	76	68	86	89	77	101	115	68	94
Other	55	58	60	56	49	60	62	55	55
Credit institutions	202	232	233	231	182	240	292	243	222
Total deposits	1 201	1 238	1 230	1 211	1 128	1 238	1 338	1 206	1 204
Of which repo trading volumes	96.3	84.8	74.4	64.9	40.7	45.0	79.3	46.8	32.5

The above table shows the split of deposits for the CRD IV reporting according to EU regulations and does not include non-financial companies in the DNB Group.

1.7.3 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	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
2018	Senior bonds	11.2	4.9
	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
	Covered bonds	73.4	8.0
	Senior bonds	16.0	3.0
2017	Total	89.4	7.1
	Additional Tier 1 capital and Tier 2 loans	10.6	5.0
	Total including Tier 1 capital and Tier 2 loans	99.9	6.8

1.7.4 Redemption profile as at 31 December 2019

Amounts in NOK billion	2020	2021	2022	2023	2024	2025	2026	2027	2028	>2028
Senior unsecured bonds	52.1	38.7	57.5	55.6	13.0	0.4	1.9	1.6	1.2	0.5
Covered bonds	44.7	74.7	93.0	67.1	41.7	25.4	37.7	3.9	4.8	40.1
Total	96.8	113.4	150.5	122.7	54.7	25.8	39.6	5.5	6.0	40.6

A total overview of subordinated loans as at 31 December 2019 can be found in the appendix.

1.7.5 Asset encumbrance DNB Bank Group as at 30 September 2019

Encumbered and unencumbered assets, carrying amounts

Amounts in NOK million	Encumbered assets	Unencumbered assets	Total assets
Equity instruments	128	6 599	6 727
Debt securities:	30 542	183 317	213 859
Covered bonds	3 337	63 708	67 045
Issued by general governments	20 671	44 260	64 931
Issued by financial corporations	9 117	121 521	130 638
Issued by non-financial corporations	754	17 536	18 290
Other assets *)	542 731	1 839 190	2 381 921
Total	573 401	2 029 105	2 602 506
*) of which home mortgage loans	473 514	506 555	980 069

Collateral received, fair value

Amounts in NOK million	Encumbered collateral received	Collateral received available for encumbrance	Total collateral received
Equity instruments	14 958	8 928	23 886
Debt securities:	53 208	131 861	185 069
Covered bonds	253	28 482	28 735
Issued by general governments	52 552	78 036	130 587
Issued by financial corporations	631	34 293	34 924
Issued by non-financial corporations	26	19 532	19 558
Other collateral received		55 788	55 788
Total	68 166	196 577	264 743

Sources of encumbrance

		Encumbered asstes
	Matching	and encumbered
Amounts in NOK million	Matching liabilities	collateral received
Derivatives	39 595	39 595
Repurchase agreements	75 587	75 630
Collateralised deposits other than
repurchase agreements	15 840	15 085
Debt securities issued: covered bonds	501 232	511 257
Total	632 253	641 567

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.

1.7.6 Liquid assets as at 31 December 2019

Amounts in NOK million	NOK	EUR	USD	Other	Total *)
Cash and deposits with central banks	4	218 434	2 262	1 670	222 370
Deposits with other banks 1)	51 507	13 371	34 463	192	99 533
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	39 170	5 029	45 500	8 773	98 471
Securities issued or guaranteed by municipalities or public sector entities	5 089	125	17 659	7 056	29 929
Covered bonds
- issued by other institutions	56 974	2 604	3 461	5 542	68 581
- own issued	16 146	7			16 153
Securities issued by non-financial corporates	146	41	326	32	545
Securities issued by financial corporates and ABS	9 458	269	45	385	10 156
Total	178 494	239 880	103 715	23 649	545 739

*) Total figures per quarter

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Cash and deposits with central banks	222 370	363 361	368 235	296 984	123 061	287 208	378 164	269 251	146 312
Deposits with other banks 1)	99 533	104 230	96 541	110 778	114 664	97 638	138 616	79 226	211 896
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	98 471	95 419	79 444	115 024	133 808	123 871	121 402	111 012	154 619
Securities issued or guaranteed by municipalities or public sector entities	29 929	29 030	24 608	16 799	14 734	16 797	15 143	13 435	13 921
Covered bonds
- issued by other institutions	68 581	66 836	65 358	84 978	86 318	82 080	74 406	67 579	66 656
- own issued	16 153	15 995	13 870	11 917	9 684	5 622	3 500	7 869	11 942
Securities issued by non-financial corporates	545	134	361	335	525	469	507	755	778
Securities issued by financial corporates and ABS	10 156	6 107	5 918	5 377	7 135	4 616	2 701	3 331	15 341
Total	545 739	681 110	654 336	642 191	489 929	618 301	734 440	552 458	621 465

1) Including netting of repo transactions.

Excluding assets in DNB Livsforsikring and encumbered securities. Including trading portfolio.

1.7.7 Liquidity Coverage Ratio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2019	2019	2019	2019	2018	2018	2018	2018	2017
EUR	227	197	249	155	190	201	282	208	191
USD	220	260	261	276	243	175	136	153	137
NOK	62	68	71	69	65	70	78	62	93
Total	138	137	146	123	117	129	131	110	117

1.7.8 DNB Bank ASA - credit ratings from international rating agencies

Moody's	Standard & Poor's
---------	-------------------

	Moody's		Standard & Poor's
	Long-term	Short-term	Long-term	Short-term
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
As at 31 March 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.

1.7.9 Major shareholders as at 31 December 2019

	Shares in 1 000	Ownership in per cent
Norwegian Government/Ministry of Trade, Industry and Fisheries	537 302	34.0
DNB Savings Bank Foundation	130 001	8.2
Folketrygdfondet	94 902	6.0
The Vanguard Group, Inc.	32 288	2.0
DWS Investment GmbH	30 964	2.0
BlackRock Institutional Trust Company, N.A.	28 118	1.8
Fidelity International	26 020	1.6
Schroder Investment Management Ltd. (SIM)	19 527	1.2
Capital World Investors	18 735	1.2
Storebrand Kapitalforvaltning AS	17 218	1.1
DNB Asset Management AS	15 506	1.0
T. Rowe Price Associates, Inc.	15 458	1.0
KLP Forsikring	15 362	1.0
Davis Selected Advisers, L.P.	13 547	0.9
SAFE Investment Company Limited	13 514	0.9
Nordea Funds Oy	11 673	0.7
Newton Investment Management Ltd.	11 501	0.7
Polaris Capital Management, LLC	11 485	0.7
State Street Global Advisors (US)	11 338	0.7
Columbia Threadneedle Investments (UK)	10 557	0.7
Total largest shareholders	1 065 016	67.4
Other shareholders	515 285	32.6
Total	1 580 301	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 1.7.11.

1.7.10 Ownership according to nationality as at 31 December 2019

1.7.11 Share buy-back programmes

In accordance with the purpose of the buy-back programmes carried out between the Annual General Meetings in 2018 and 2019, the AGM held on 30 April 2019 decided to reduce the company's share capital by NOK 240 655 030, corresponding to 1.5 per cent, from NOK 16 043 668 880 to NOK 15 803 013 850, by deletion or redemption of a total of 24 065 503 shares. The capital reduction was filed with the Norwegian Register of Business Enterprises on 14 May 2019. After the expiry of the subsequent 6 week creditor notice period, the capital reduction was completed in accordance with the resolution from the AGM at 12 July 2019.

The new share capital of DNB ASA is NOK 15 803 013 850 divided into 1 580 301 385 shares of NOK 10.00 each.

Futher more, the AGM authorised DNB ASA to repurchase up to 3.5 per cent of the company's share capital. In addition, DNB Markets was authorised to repurchase 0.5 per cent for hedging purposes. The authorisation is valid up to the AGM in 2020. Initially, DNB has applied and received approval for a 2.5 per cent repurchase limit from Finanstilsynet (the Financial Supervisory Authority of Norway), whereof 0.5 per cent can only be used by DNB Markets for hedging purposes.

A repurchase programme of 1.5 per cent was announced in the fourth quarter of 2019. The programme was amended at 6 February 2020 with an additional 0.5 per cent, totalling 2 per cent.

Buy-back programmes

		Authorisation from AGM 2019		Authorisation from AGM 2018
Accumulated number of shares	31 Dec. 2019	30 Sept. 2019	30 June 2019	31 March 2019	31 Dec. 2018	30 Sept. 2018	30 June 2018
The Group's portfolio of own shares aquired under the share buy-back programme	9 715 000			15 883 232	10 015 000	10 015 000	4 113 000
Redemption of shares from the state of Norway	5 004 697			8 182 271	5 159 242	5 159 242	2 118 817
Total purchased shares	14 719 697	0	0	24 065 503	15 174 242	15 174 242	6 231 817

Total price of repurchased shares (NOK 1 000)	1 575 861	-	-	2 544 017	1 607 573	1 607 573	642 966
Average price of repurchased shares (NOK)	162.21	-	-	160.17	160.52	160.52	156.33

	Announced	Completed
Authorisation 2018: 1.5 per cent 1)	6 June 2018	14 March 2019
Authorisation 2019: 2.0 per cent 1)	24 Oct. 2019

1) Including redemption of goverment shares.

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. 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.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Total equity excluding interim profits	242 255	211 156	210 268	221 868	223 966	198 683	199 515	212 707	216 897
50 per cent of interim profits for the year to date		9 157	6 463	3 721		8 150	5 755	2 790
Effect from regulatory consolidation	(4 963)	(4 187)	(4 195)	(4 195)	(5 595)	(4 823)	(4 942)	(6 496)	(6 328)
Net additional Tier 1 capital instruments included in total equity	(26 559)	(18 605)	(18 438)	(15 590)	(16 039)	(15 870)	(15 730)	(15 589)	(16 013)
Total equity for capital adequacy purpose	210 734	197 521	194 098	205 804	202 333	186 140	184 597	193 412	194 557
Deductions	(32 430)	(15 138)	(14 503)	(28 864)	(25 501)	(13 243)	(13 622)	(21 131)	(23 218)
Common equity Tier 1 capital	178 304	182 382	179 595	176 940	176 831	172 896	170 975	172 281	171 339
Additional Tier 1 capital instruments, net	21 987	15 907	16 290	13 981	14 054	15 272	15 508	15 420	15 517
Tier 1 capital	200 291	198 290	195 885	190 922	190 886	188 169	186 483	187 701	186 856
Additional Tier 2 capital instruments, net	19 925	21 996	21 897	22 484	23 117	21 204	26 928	27 998	21 696
Total eligible capital	220 216	220 285	217 783	213 405	214 003	209 372	213 411	215 699	208 552
Risk-weighted assets	960 691		998 515 1 037 866	1 035 415	1 029 560	1 010 799	1 011 060		994 223 1 027 225
Minimum capital requirement	76 855	79 881	83 029	82 833	82 365	80 864	80 885	79 538	82 178
Common equity Tier 1 capital ratio (%)	18.6	18.3	17.3	17.1	17.2	17.1	16.9	17.3	16.7
Tier 1 capital ratio (%)	20.8	19.9	18.9	18.4	18.5	18.6	18.4	18.9	18.2
Capital ratio (%)	22.9	22.1	21.0	20.6	20.8	20.7	21.1	21.7	20.3

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

1.8.2 Leverage ratio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Tier 1 capital	200 291	198 290	195 885	190 922	190 866	188 169	186 483	187 701	186 863
Leverage exposure
Securities financing transactions (SFTs)	214 252	202 863	187 010	187 834	167 354	162 437	195 448	176 485	251 939
Derivatives market value	43 485	60 761	45 395	41 453	51 141	34 615	42 710	43 293	47 840
Potential future exposure on derivatives	30 630	32 088	30 988	28 129	29 507	29 748	27 911	29 257	37 363
Eligible cash variation margin	(21 555)	(31 971)	(20 458)	(18 100)	(22 642)	(13 519)	(17 463)	(15 758)	(28 744)
Off balance sheet commitments	254 315	234 641	233 052	234 914	236 929	233 316	236 550	231 676	235 576
Loans and advances and other assets	2 202 571	2 304 777	2 313 091	2 260 702	2 099 388	2 200 297	2 285 934	2 141 391	2 071 592
Deductions	(14 711)	(14 033)	(14 643)	(14 614)	(10 168)	(11 062)	(10 717)	(8 749)	(9 699)
Total exposure	2 708 987	2 789 126	2 774 434	2 720 316	2 551 508	2 635 832	2 760 372	2 597 595	2 605 867
Leverage ratio (%)	7.4	7.1	7.1	7.0	7.5	7.1	6.8	7.2	7.2

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

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
IRB approach
Corporate	30 537	32 811	33 541	33 467	33 716	33 360	33 684	32 984	35 197
Specialised lending (SL)	503	515	557	573	526	524	449	441	454
Retail - mortgages	13 893	13 874	13 683	13 730	13 617	13 485	13 162	13 415	13 220
Retail - other exposures	1 653	1 709	1 722	1 700	1 727	1 744	1 740	1 791	1 745
Securitisation						1	1	140	626
Total credit risk, IRB approach	46 586	48 907	49 503	49 471	49 587	49 115	49 036	48 770	51 241
Standardised approach
Central government	6	7	8	13	12	11	11	8	6
Institutions	2 300	2 758	2 693	2 715	2 859	3 349	3 200	3 368	2 989
Corporate	9 320	10 164	11 462	11 829	11 824	10 600	10 469	9 649	9 796
Retail - mortgages	2 245	2 233	2 817	2 461	2 539	2 406	2 499	2 201	2 207
Retail - other exposures	2 812	2 961	3 392	3 172	2 958	2 941	3 153	2 909	2 941
Equity positions	3 852	3 771	3 784	3 795	3 753	3 574	3 641	3 716	3 742
Securitisation
Other assets	1 279	913	1 143	1 194	540	561	581	478	568
Total credit risk, standardised approach	21 814	22 807	25 298	25 178	24 484	23 441	23 553	22 328	22 249
Total credit risk 1)	68 400	71 715	74 802	74 650	74 070	72 556	72 589	71 099	73 490
Market risk
Position risk, debt instruments	842	738	748	803	927	806	782	877	1 120
Position risk, equity instruments	30	32	28	26	16	25	22	21	21
Currency risk	1	1	1	1
Commodity risk	0	0	0	0	1	1	2	1	2
Credit value adjustment risk (CVA)	354	355	410	313	311	399	413	463	468
Total market risk	1 227	1 126	1 187	1 143	1 254	1 231	1 219	1 362	1 611
Operational risk	7 228	7 040	7 040	7 040	7 040	7 077	7 077	7 077	7 077
Total capital requirements	76 855	79 881	83 029	82 833	82 365	80 864	80 885	79 538	82 178

1) See next page for further details.

1.8.4 Specification of capital requirements for credit risk

As at 31 December 2019			Average
		EAD,	risk	Risk-	Capital
	Nominal	exposure	weights	weighted	require
Amounts in NOK million	exposure	at default	(per cent)	assets	ments
IRB approach
Corporate	965 259	800 350	47.7	381 718	30 537
Specialised Lending (SL)	12 219	11 675	53.8	6 281	503
Retail - mortgages	796 424	796 424	21.8	173 664	13 893
Retail - other exposures	98 656	83 466	24.8	20 663	1 653
Securitisation
Total credit risk, IRB approach	1 872 559	1 691 915	34.4	582 327	46 586
Standardised approach
Central government	330 557	375 095	0.0	80	6
Institutions	196 552	124 049	23.2	28 745	2 300
Corporate	181 663	147 058	79.2	116 497	9 320
Retail - mortgages	61 381	58 205	48.2	28 061	2 245
Retail - other exposures	128 473	47 692	73.7	35 149	2 812
Equity positions	21 966	21 909	219.8	48 152	3 852
Other assets	22 314	21 517	74.3	15 993	1 279
Total credit risk, standardised approach	942 905	795 524	34.3	272 676	21 814
Total credit risk	2 815 464	2 487 439	34.4	855 004	68 400

As at 30 September 2019			Average
		EAD,	risk	Risk-	Capital
	Nominal	exposure	weights	weighted	require
Amounts in NOK million	exposure	at default	(per cent)	assets	ments
IRB approach
Corporate	983 249	820 562	50.0	410 132	32 811
Specialised Lending (SL)	12 882	12 333	52.1	6 431	515
Retail - mortgages	794 015	794 015	21.8	173 421	13 874
Retail - other exposures	100 599	85 196	25.1	21 357	1 709
Securitisation
Total credit risk, IRB approach	1 890 746	1 712 106	35.7	611 342	48 907
Standardised approach
Central government	480 500	454 244	0.0	93	7
Institutions	328 016	143 322	24.1	34 480	2 758
Corporate	212 043	148 931	85.3	127 044	10 164
Retail - mortgages	60 600	57 094	48.9	27 913	2 233
Retail - other exposures	139 770	49 632	74.6	37 016	2 961
Equity positions	21 475	21 395	220.3	47 138	3 771
Other assets	19 554	18 741	60.9	11 407	913
Total credit risk, standardised approach	1 261 957	893 360	31.9	285 091	22 807
Total credit risk	3 152 703	2 605 465	34.4	896 433	71 715

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. 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
	31 Dec.	30 Sept.	31 Dec.	31 Dec.	30 Sept.	31 Dec.	31 Dec.	30 Sept.	31 Dec.
Amounts in NOK million	2019	2019	2018	2019	2019	2018	2019	2019	2018
Total equity excluding profit for the period	187 993	179 018	176 562	229 619	199 870	207 933	242 255	211 156	223 966
Effect from regulatory consolidation				(198)	(234)	(234)	(4 963)	(4 187)	(5 595)
Additional Tier 1 capital instruments included in total equity	(26 048)	(18 274)	(15 574)	(26 048)	(18 274)	(15 574)	(26 048)	(18 274)	(15 574)
Net accrued interest on additional Tier 1 capital instruments	(510)	(331)	(465)	(510)	(331)	(465)	(510)	(331)	(465)
Total equity	161 434	160 413	160 523	202 862	181 030	191 660	210 734	188 364	202 333
Deductions
Pension funds above pension commitments
Goodwill	(2 376)	(2 366)	(2 389)	(2 946)	(2 938)	(2 929)	(4 651)	(4 643)	(4 634)
Deferred tax assets that are not due to temporary differences	(457)	(562)	(562)	(868)	(524)	(524)	(868)	(524)	(524)
Other intangible assets	(1 016)	(983)	(1 040)	(1 626)	(1 597)	(1 712)	(1 626)	(1 597)	(1 712)
Dividends payable etc.				(25 000)		(10 758)	(17 625)	(1 266)	(15 360)
Significant investments in financial sector entities 1)							(4 254)	(4 715)	(693)
Expected losses exceeding actual losses, IRB portfolios	(1 633)	(923)	(1 286)	(2 502)	(1 687)	(1 719)	(2 502)	(1 687)	(1 719)
Value adjustments due to the requirements for prudent valuation (AVA)	(532)	(474)	(467)	(810)	(867)	(886)	(810)	(867)	(886)
Adjustments for unrealised losses/(gains) on debt measured at fair value	57	100	63	2	264	176	2	264	176
Adjustments for unrealised losses/(gains) arising from the institution's own credit risk related to derivative liabilities	(460)	(577)	(596)	(96)	(104)	(149)	(96)	(104)	(149)
Common Equity Tier 1 capital	155 017	154 629	154 247	169 016	173 578	173 159	178 304	173 226	176 831
Common Equity Tier 1 capital incl. 50 per cent of profit for the
period		162 361			181 689			182 382
Additional Tier 1 capital instruments	26 048	18 274	15 574	26 048	18 274	15 574	26 048	18 274	15 574
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)							(2 561)	(866)	(19)
Tier 1 capital	181 065	172 903	169 820	195 064	191 852	188 733	200 291	189 133	190 886
Tier 1 capital incl. 50 per cent of profit for the period		180 634			199 962			198 290
Perpetual subordinated loan capital	5 774	5 970	5 693	5 774	5 970	5 693	5 774	5 970	5 693
Term subordinated loan capital	24 943	24 993	25 110	24 943	24 993	25 110	24 943	24 993	25 110
Deduction of holdings of Tier 2 instruments in insurance companies 2)							(5 761)	(5 761)	(5 750)
Non-eligible Tier 2 capital, DNB Group 3)							(5 032)	(3 206)	(1 936)
Additional Tier 2 capital instruments, net	30 717	30 962	30 804	30 717	30 962	30 804	19 925	21 996	23 117
Total eligible capital	211 783	203 865	200 624	225 781	222 814	219 537	220 216	211 129	214 003
Total eligible capital incl. 50 per cent of profit for the period		211 597			230 925			220 285
Risk-weighted assets	804 721	835 207	852 363	924 869		963 823 1 000 415	960 691		998 515 1 029 560
Minimum capital requirement	64 378	66 817	68 189	73 990	77 106	80 033	76 855	79 881	82 365
Common equity Tier 1 capital ratio (%)	19.3	19.4	18.1	18.3	18.9	17.3	18.6	18.3	17.2
Tier 1 capital ratio (%)	22.5	21.6	19.9	21.1	20.7	18.9	20.8	19.9	18.5
Capital ratio (%)	26.3	25.3	23.5	24.4	24.0	21.9	22.9	22.1	20.8
Common equity Tier 1 capital ratio excluding 50 per cent of profit for the period (%)		18.5			18.0			17.3
Tier 1 capital ratio excluding 50 per cent of profit for the period (%)		20.7			19.9			18.9
Capital ratio excluding 50 per cent of profit for the period (%)		24.4			23.1			21.1

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.

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.

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Capital requirements for the CRD IV group	178 419	197 996	199 016	197 331	197 536	190 083	190 549	187 809	188 198
Solvency capital requirements for the insurance companies	16 780	17 901	18 475	18 573	18 204	17 667	18 122	18 336	18 496
Total capital requirements	195 199	215 896	217 491	215 904	215 740	207 750	208 670	206 145	206 694
Net primary capital for entities included in the CRD IV report	231 568	222 942	223 322	221 679	221 946	208 764	215 155	219 190	214 671
Intercompany								(29 597) (29 597) (29 795) (29 795) (25 696) (24 196) (24 196) (23 746) (23 751)
Net primary capital for the insurance companies	33 357	34 883	34 878	34 612	33 758	33 739	34 334	33 958	35 194
Total net primary capital	235 329	228 228	228 404	226 496	230 009	218 308	225 294	229 403	226 114
Overfunding	40 129	12 331	10 914	10 592	14 269	10 558	16 624	23 257	19 420

Historical capital requirement figures have not been changed to reflect the removal of the Basel 1 floor.

Chapter 2 - Segmental reporting

Financial performance

Market shares

Personal customers

Small and medium-sized enterprises

Large corporates and international customers

Other operations

Main subsidiaries and product units

2.1.1 Extracts from income statement

	Personal customers		Small and medium sized enterprises		Large corporates and international customers		Other operations		Eliminations		DNB Group
Amounts in NOK million	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18
Net interest income	3 523	3 465	2 822	2 474	3 405	3 141	597	531			10 347	9 611
Net other operating income	1 173	1 313	599	527	1 594	1 515	67	1 406	(580)		(871) 2 852	3 891
Total income	4 696	4 778	3 421	3 001	4 999	4 657	662	1 938	(580)		(871) 13 199	13 502
Operating expenses							(2 249) (2 281) (1 187) (1 111) (1 896) (1 894) (1 362) (1 764)		580	871	(6 114) (6 179)
Pre-tax operating profit before impairment	2 447	2 497	2 234	1 890	3 103	2 763	(699)	171			7 085	7 322
Net gains on fixed and intangible assets	(3)	49	0		16	(0)	(7)	0			6	49
Impairment of financial instruments	(103)	(89)	(143)	(101)	68	(45)	0	(0)			(178)	(235)
Profit from repossessed operations			13	4	79	(151)	(92)	147
Pre-tax operating profit	2 340	2 457	2 104	1 794	3 266	2 567	(797)	318			6 913	7 136
Tax expense	(585)	(614)	(526)	(448)	(784)	(590)	859	1 529			(1 036)	(124)
Profit from operations held for sale, after taxes					(0)	1	68	(142)			68	(141)
Profit for the period	1 755	1 843	1 578	1 345	2 482	1 978	130	1 707			5 945	6 872

2.1.2 Main balance sheet items and key figures

Average balance sheet items

	Personal customers		Small and medium sized enterprises		Large corporates and international customers		Other operations		Eliminations		DNB Group
Amounts in NOK billion	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18
Loans to customers 1)	794.3	770.8	333.4	310.5	447.3	415.8	136.7	113.8	(28.8)		(27.7) 1 682.9	1 583.2
Deposits from customers 1)	431.1	410.0	225.1	212.1	322.0	308.2	44.6	39.7	(13.1)		(16.0) 1 009.7	954.0
Assets under management	135.9	120.4	118.7	108.1	240.1	206.1	202.6	202.6			697.3	637.2
Allocated capital 2)	48.1	47.0	33.0	29.2	65.9	63.3	35.3	35.0

Key figures

	Personal customers		Small and medium sized enterprises		Large corporates and international customers		Other operations		Eliminations		DNB Group
Per cent	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18	4Q19	4Q18
Cost/income ratio	47.9	47.7	34.7	37.0	37.9	40.7					46.3	45.8
Ratio of deposits to loans 1) 3)	54.3	53.2	67.5	68.3	72.0	74.1					60.0	60.3
Return on allocated capital, annualised 2)	14.5	15.5	19.0	18.3	15.0	12.4					10.4	12.9

Balance sheet items

	Personal customers		Small and medium sized enterprises		Large corporates and international customers		Other operations		Eliminations		DNB Group
	31 Dec.		31 Dec.		31 Dec.		31 Dec.		31 Dec.		31 Dec.
Amounts in NOK billion	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018	2019	2018
Loans to customers	795.2	772.0	334.1	312.8	430.3	424.0	138.5	120.6	(30.9)		(31.7) 1 667.2	1 597.8
Deposits from customers	425.4	412.2	227.8	210.5	313.9	295.7	16.5	23.0	(13.9)	(14.3)	969.6	927.1

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 in 2019 corresponds to a common equity Tier 1 capital ratio of 16.8 per cent compared to 16.2 per cent in 2018. 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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Share of group income	78.9	83.2	81.2	80.6	81.9	81.1	78.1	79.4	82.5
Cost/income ratio	48.3	38.3	42.4	42.5	46.5	43.7	45.6	45.0	45.6
Share of net group loans to customers	88.1	87.9	87.3	87.2	87.1	87.6	87.5	87.2	87.0
Net loans and financial commitments in stage 3, per cent of net
loans to customers 1)	1.1	1.2	1.2	1.2	1.3	1.5	1.6	1.3	0.8
Provision ratio (per cent) 2)	39.0	38.0	36.0	36.3	34.6	30.8	30.5	39.0	43.0
Impairment in stage 3, relative to net loans, annualised	(0.13)	(0.18)	(0.10)	(0.11)	(0.13)	(0.06)	(0.33)	(0.34)	(0.16)

International units

Per cent	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Share of group income	21.1	16.8	18.8	19.4	18.1	18.9	21.9	20.6	17.5
Cost/income ratio	38.8	41.1	39.9	40.0	42.7	38.5	34.2	37.4	43.9
Share of net group loans to customers	11.9	12.1	12.7	12.8	12.9	12.4	12.5	12.8	13.0
Net loans and financial commitments in stage 3, per cent of net
loans to customers 1) 3)	1.3	2.1	2.1	2.2	2.5	2.7	2.5	2.7	2.2
Provision ratio (per cent) 2)	57.9	43.5	41.9	43.2	42.3	45.8	50.1	54.0	56.0
Impairment in stage 3, relative to net loans, annualised	(0.33)	(0.86)	(0.66)	(0.03)	0.12	(0.02)	(0.44)	(0.04)	(0.66)

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

2) The provision ratio includes impairment on loans and financial commitments as a percentage of gross loans and financial commitments in stage 3.

The figures are based on the financial accounts.

1) Includes the public sector.

Source: Statistics Norway and Finance Norway

2.2.2 Development in market shares, loans and deposits

Retail customers

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Per cent	2019	2019	2019	2018	2018	2018	2018	2017	2017
Total loans to households 1) 2)	23.7	23.8	24.0	24.0	24.2	24.4	24.5	24.7	24.7
Bank deposits from households 1) 3)	28.7	28.9	28.9	29.1	29.1	29.3	29.3	29.5	29.4

Corporate customers

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Per cent	2019	2019	2019	2018	2018	2018	2018	2017	2017
Total loans to corporate customers 4)	11.7	11.5	11.9	11.3	11.2	11.1	10.9	11.0	11.2
Deposits from corporate customers 5)	36.6	35.3	36.2	36.1	38.5	39.3	37.7	37.2	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

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Per cent	2019	2019	2019	2018	2018	2018	2018	2017	2017
Insurance funds including products with a choice of investment
profile	20.8	20.9	21.1	21.0	21.3	21.3	21.6	22.0	22.1
Corporate market - defined benefit	41.3	41.3	41.4	41.3	41.3	41.2	41.6	41.6	41.7
Corporate market - defined contribution 1)	29.0	29.0	28.8	28.5	28.7	28.6	28.6	28.9	28.8
Retail market	37.7	38.8	39.6	40.0	40.7	41.6	41.9	41.6	43.8

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

Source: Finance Norway

2.2.4 DNB Asset Management - market shares retail market

	31 Dec.	30 Sep.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Per cent	2019	2019	2019	2019	2018	2018	2018	2018	2017
Equity funds	34.1	34.4	33.8	33.8	32.5	32.1	32.1	30.9	31.2
Balanced funds 1)	40.1	39.9	39.7	41.6	41.0	41.0	40.3	40.1	38.1
Fixed-income funds	27.1	26.4	26.4	26.7	26.4	25.2	25.0	23.8	26.6
Total mutual funds	32.7	32.5	32.1	32.4	31.5	31.1	31.0	29.8	30.7

1) Include hedge funds.

Source: Norwegian Mutual Fund Association

2.3.1 Personal customers (PC) - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	3 523	3 425	3 374	3 380	3 465	3 336	3 249	3 402	3 518
Net other operating income	1 173	1 298	1 282	1 143	1 313	1 269	1 337	1 198	1 154
Total income	4 696	4 723	4 657	4 523	4 778	4 605	4 586	4 600	4 672
Operating expenses	(2 249)	(2 113)	(2 133)	(2 087)	(2 281)	(1 997)	(2 114)	(1 993)	(1 978)
Pre-tax operating profit before impairment	2 447	2 610	2 524	2 436	2 497	2 608	2 472	2 606	2 693
Net gains on fixed and intangible assets	(3)	(0)			49				(0)
Impairment of financial instruments	(103)	(73)	(76)	(101)	(89)	(75)	(101)	(53)	(137)
Pre-tax operating profit	2 340	2 537	2 448	2 335	2 457	2 533	2 371	2 553	2 557
Tax expense	(585)	(634)	(612)	(584)	(614)	(633)	(593)	(638)	(639)
Profit for the period	1 755	1 903	1 836	1 751	1 843	1 900	1 778	1 915	1 917
Average balance sheet items in NOK billion:
Loans to customers 1)	794.3	788.0	781.0	773.5	770.8	764.4	755.4	749.2	743.6
Deposits from customers 1)	431.1	434.8	418.9	413.4	410.0	418.0	406.2	401.3	404.0
Assets under management	135.9	126.8	121.3	116.6	120.4	122.7	117.9	115.9	114.2
Allocated capital 2)	48.1	47.8	48.4	47.7	47.0	46.3	47.4	47.1	39.8
Key figures in per cent:
Cost/income ratio	47.9	44.7	45.8	46.1	47.7	43.4	46.1	43.3	42.3
Ratio of deposits to loans	54.3	55.2	53.6	53.4	53.2	54.7	53.8	53.6	54.3
Return on allocated capital, annualised 2)	14.5	15.8	15.2	14.9	15.5	16.3	15.0	16.5	19.1

Loans to personal customers including loans transferred to DNB Livsforsikring

Personal Banking Norway 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	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Loans to customers 1)	794.3	788.0	781.0	773.5	770.8	764.4	755.4	749.2	743.6
Home mortgages transferred to DNB Livsforsikring - assets under management	12.9	13.5	14.2	14.7	15.3	16.0	16.7	17.5	18.3
Loans to personal customers	807.2	801.5	795.2	788.3	786.1	780.3	772.1	766.7	761.9
Net interest income on the transferred portfolio (NOK million)	23	24	25	26	28	27	27	29	30

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.

The establishment of Fremtind affects both 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-financial insurance activities will consist of sales commissions from Fremtind.

2.3.2 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.

2.3.3 PC - Exposure at default by industry segment as at 31 December 2019

2.3.4 PC - Distribution of loan to value

Loan to value per risk grade as at 31 December 2019

		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	15.7 %
40-60	233	51	2	286	34.4 %
60-75	177	47	3	227	27.3 %
75-85	101	35	3	138	16.6 %
>85	35	14	1	50	6.0 %
Total exposure at default	656	166	10	832	100.0 %

				31 Dec. 201930 Sept. 20130 June 201 31 March 2019
*) Development in loan to value	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
	2019	2019	2019	2019	2018	2018	2018	2018	2017
Loan to value in per cent 1)
0-40	15.7 %	16.2 %	16.3 %	15.6 %	15.7 %	16.8 %	16.9 %	15.4 %	16.4 %
40-60	34.4 %	35.5 %	34.9 %	32.9 %	32.6 %	34.4 %	34.2 %	30.8 %	32.2 %
60-75	27.3 %	27.1 %	27.3 %	28.1 %	28.5 %	28.3 %	28.9 %	30.7 %	30.8 %
75-85	16.6 %	16.1 %	16.1 %	16.4 %	16.1 %	15.2 %	14.7 %	15.4 %	14.1 %
>85	6.0 %	5.1 %	5.5 %	7.0 %	7.0 %	5.2 %	5.2 %	7.7 %	6.5 %
Total	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %	100.0 %
Average loan to value	60.1 %	59.4 %	59.6 %	60.5 %	60.3 %	59.1 %	58.9 %	60.8 %	59.6 %
Total exposure at default (NOK billion)	832	828	822	812	803	799	790	779	771
Total drawn amount (NOK billion)	747	745	740	731	724	722	715	705	699

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

2.3.5 DNB Boligkreditt - Average mortgage lending - volumes and spreads

Amounts in NOK billion	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Average loans to customers	637	636	633	629	627	623	619	620	619
Spreads measured against actual funding costs (per cent)	0.65	0.63	0.60	0.62	0.73	0.68	0.65	0.87	0.91

2.3.6 DNB Eiendom - Residential real estate broking in Norway

	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Number of properties sold	5 337	6 006	6 994	5 723	5 155	5 810	7 233	5 365	4 945
Fees on real estate broking (NOK million)	248	299	344	272	248	272	350	255	233
Market shares (per cent) 1)	18.4	18.4	18.3	18.6	17.9	17.9	19.0	19.9	19.0

1) Management's estimates.

2.4.1 Small and medium-sized enterprises (SME) - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	2 822	2 721	2 581	2 504	2 474	2 387	2 364	2 306	2 281
Net other operating income	599	584	577	584	527	527	558	545	501
Total income	3 421	3 305	3 157	3 088	3 001	2 914	2 922	2 851	2 782
Operating expenses	(1 187)	(1 099)	(1 140)	(1 118)	(1 111)	(1 001)	(1 054)	(1 063)	(1 109)
Pre-tax operating profit before impairment	2 234	2 206	2 017	1 971	1 890	1 913	1 868	1 788	1 673
Net gains on fixed and intangible assets	0		(0)	(0)		2	1	0	(1)
Impairment of financial instruments	(143)	(16)	(261)	(176)	(101)	(217)	(33)	(215)	(150)
Profit from repossessed operations 1)	13		(1)	3	4	(1)	(1)	5	11
Pre-tax operating profit	2 104	2 190	1 755	1 798	1 794	1 698	1 835	1 578	1 534
Tax expense	(526)	(548)	(439)	(450)	(448)	(424)	(459)	(395)	(383)
Profit for the period	1 578	1 643	1 316	1 349	1 345	1 273	1 376	1 184	1 150
Average balance sheet items in NOK billion:
Loans to customers 2)	333.4	325.2	320.4	315.3	310.5	302.7	297.1	293.4	286.4
Deposits from customers 2)	225.1	222.6	217.7	212.2	212.1	215.9	210.4	207.0	210.5
Assets under management	118.7	116.0	117.4	111.4	108.1	106.5	101.6	99.4	95.2
Allocated capital 3)	33.0	32.3	32.2	31.2	29.2	28.6	28.1	27.9	26.3
Key figures in per cent:
Cost/income ratio	34.7	33.3	36.1	36.2	37.0	34.3	36.1	37.3	39.9
Ratio of deposits to loans	67.5	68.5	68.0	67.3	68.3	71.3	70.8	70.5	73.5
Return on allocated capital, annualised 3)	19.0	20.2	16.4	17.5	18.3	17.7	19.6	17.2	17.4

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 SME - 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.

2.4.3 SME - Exposure at default by industry segment as at 31 December 2019

2.5.1 Large corporates and international customers (LCI) - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	3 405	3 320	3 228	3 055	3 141	3 020	3 099	2 851	3 041
Net other operating income	1 594	1 152	1 481	1 300	1 515	1 156	1 481	1 289	1 226
Total income	4 999	4 472	4 709	4 355	4 657	4 176	4 580	4 140	4 267
Operating expenses	(1 896)	(1 590)	(1 752)	(1 763)	(1 894)	(1 648)	(1 646)	(1 702)	(1 741)
Pre-tax operating profit before impairment	3 103	2 882	2 957	2 592	2 763	2 528	2 934	2 438	2 526
Net gains on fixed and intangible assets	16	(0)	(0)	(0)	(0)	0	0	0	0
Impairment of financial instruments	68	(1 159)	(110)	(39)	(45)	281	189	598	(99)
Profit from repossessed operations 1)	79	(71)	(47)	(86)	(151)	(98)	(17)	2	(13)
Pre-tax operating profit	3 266	1 652	2 800	2 467	2 567	2 711	3 106	3 039	2 414
Tax expense	(784)	(396)	(672)	(592)	(590)	(624)	(714)	(699)	(676)
Profit from operations held for sale, after taxes	(0)	(2)	0	2	1	(11)			(0)
Profit for the period	2 482	1 253	2 128	1 877	1 978	2 076	2 392	2 340	1 738
Average balance sheet items in NOK billion:
Loans to customers 2)	447.3	442.0	441.8	431.1	415.8	413.7	403.8	402.6	422.7
Deposits from customers 2)	322.0	301.6	306.1	302.3	308.2	316.4	321.3	317.9	337.8
Assets under management	240.1	229.2	221.2	209.6	206.1	210.6	209.4	213.6	213.7
Allocated capital 3)	65.9	65.7	65.7	64.1	63.3	65.2	68.3	70.0	73.7
Key figures in per cent:
Cost/income ratio	37.9	35.6	37.2	40.5	40.7	39.5	35.9	41.1	40.8
Ratio of deposits to loans	72.0	68.2	69.3	70.1	74.1	76.5	79.5	79.0	79.9
Return on allocated capital, annualised 3)	15.0	7.6	13.0	11.9	12.4	12.6	14.0	13.6	9.4

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.

2.5.2 LCI - 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.

2.5.3 LCI - Exposure at default by industry segment as at 31 December 2019

2.6.1 Other operations - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	597	518	398	350	531	409	340	449	22
Net other operating income	67	2 083	1 739	1 364	1 406	1 047	637	692	2 489
Total income	662	2 601	2 137	1 714	1 938	1 455	977	1 141	2 512
Operating expenses	(1 362)	(1 392)	(1 476)	(1 138)	(1 764)	(1 349)	(1 139)	(1 254)	(2 144)
Pre-tax operating profit before impairment	(699)	1 208	660	576	173	107	(162)	(113)	367
Net gains on fixed and intangible assets	(7)	(40)	(2)	1 740	0	(5)	464	17	(35)
Impairment of financial instruments	0	(0)	(3)	(1)	(0)	0	(0)	0	(16)
Profit from repossessed operations 1)	(92)	71	47	82	147	99	18	(7)	2
Pre-tax operating profit	(797)	1 240	702	2 397	320	201	320	(103)	319
Tax expense	859	55	182	261	1 529	253	239	318	1 252
Profit from operations held for sale, after taxes	68	(33)	(30)	(53)	(142)	(30)	(21)		(3)
Profit for the period	130	1 261	854	2 605	1 707	423	538	215	1 568
Average balance sheet items in NOK billion:
Loans to customers	136.7	128.3	123.9	123.4	113.8	113.3	108.0	108.9	116.8
Deposits from customers	44.6	29.6	25.5	49.3	39.7	69.0	56.8	81.6	112.8

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.

2.7.1 Total DNB Markets activity - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	262	277	244	236	262	235	217	266	(34)
Net fees and commissions	747	521	633	465	719	327	641	390	570
Net financial items	847	571	512	717	384	621	608	1 148	1 200
Total income	1 856	1 370	1 390	1 418	1 365	1 182	1 466	1 804	1 735
Operating expenses	(802)	(722)	(761)	(775)	(746)	(728)	(756)	(758)	(789)
Pre-tax operating profit before impairment	1 053	648	628	643	619	454	710	1 045	946
Net gains on fixed and intangible assets	7
Pre-tax operating profit	1 061	648	628	643	619	454	710	1 045	946
Tax expense	(265)	(162)	(157)	(161)	(149)	(109)	(170)	(251)	(218)
Profit for the period	796	486	471	482	470	345	540	795	728
Average balance sheet items in NOK billion:
Allocated capital 1)	10.0	9.9	9.4	9.7	9.0	9.7	10.9	12.3	12.2
Key figures in per cent:
Cost/income ratio	43.2	52.7	54.8	54.7	54.6	61.6	51.6	42.0	45.5
Return on allocated capital, annualised 1)	31.5	19.4	20.1	20.2	20.8	14.1	19.8	26.2	23.6

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

2.7.2 Total DNB Markets activity - Break down of revenues

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Fixed income, currencies and commodities	604	594	653	511	584	468	519	495	584
Equities	235	212	207	227	197	179	244	186	204
IBD	506	303	356	247	507	157	390	288	416
Securities services	57	48	61	53	57	49	58	51	43
Interest income on allocated capital	30	27	19	17	15	10	9	6	5
Total customer revenues	1 432	1 184	1 296	1 055	1 360	864	1 220	1 027	1 252
Fixed income, currencies and commodities	405	153	77	335	(25)	309	247	751	461
Equities	0	14	3	14	17	1	(9)	19	16
Interest income on allocated capital	19	19	14	14	13	8	9	7	5
Total risk management revenues	423	186	94	363	5	318	246	777	483
Total income	1 856	1 370	1 390	1 418	1 365	1 182	1 466	1 804	1 735

2.7.3 Total DNB Markets activity - Value-at-Risk

	31 Dec. 2019	Fourth quarter 2019
Amounts in NOK thousand	Actual	Average Maximum	Minimum
Currency risk	888	1 298	2 550	834
Interest rate risk	17 640	17 399	23 350	12 440
Equities	3 911	3 798	7 796	951
Diversification effects 1)	(1 118)	(946)
Total	21 321	21 549

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.

2.7.4 DNB Livsforsikring Group - Financial performance - quarterly figures

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Value-adjusted financial result 1)	2 527	2 086	2 435	3 730	(757)	2 224	2 283	1 074	1 944
Guaranteed return on policyholders' funds	(1 457)	(1 466)	(1 473)	(1 473)	(1 489)	(1 485)	(1 498)	(1 487)	(1 513)
Financial result after guaranteed returns	1 070	620	962	2 257	(2 247)	738	786	(413)	430
+ From market value adjustment reserve	(947)	(363)	(566)	(1 865)	2 327	(812)	(892)	991	(492)
Recorded interest result before the application of/(transfers to) additional allocations	123	257	395	392	81	(74)	(106)	578	(62)
Application of/(transfers to) additional allocations	(145)		(20)	20	(14)	28	7	6	(1 010)
Recorded interest result	(22)	257	376	412	67	(46)	(100)	584	(1 072)
Risk result	150	51	80	69	72	58	35	100	117
Administration result	48	65	66	64	37	79	86	67	70
Upfront pricing of risk and guaranteed rate of return	26	26	26	28	31	35	30	36	25
Provisions for higher life expectancy, group pension 2)									(239)
Allocations to policyholders, products with guaranteed rates of return	49	(226)	(365)	(464)	(74)	31	53	(650)	1 263
Return on corporate portfolio	99	88	97	235	289	15	106	82	204
I Pre-tax operating profit - pensions with guarantees	351	261	280	343	423	172	211	219	368
Recorded interest result	215	50	80	19	114	1	1	87	(36)
Risk result	13	(8)	23	12	(39)	82	61	19	(24)
Administration result	96	105	86	82	75	76	68	66	71
Upfront pricing of risk and guaranteed rate of return	24	24	25	24	25	25	26	25	27
Allocations to policyholders, products with guaranteed rates of return	(248)	(31)	(63)	(6)	(97)	16	14	(70)	14
Interest on allocated capital	7	6	8	16	20	1	7	6	16
II Pre-tax operating profit - new pension products	108	146	159	148	97	200	178	133	69
Recorded interest result	(10)	6	5	(1)	4	5	4	5	5
Risk result	17	5	(1)	19	(7)	28	(36)	23	4
Administration result	3	6	8	2	5	3	2	0	4
Allocations to policyholders, products with guaranteed rates of return	(0)				(0)
Interest on allocated capital	1	0	1	1	1	0	0	0	1
III Pre-tax operating profit - risk products	10	17	12	22	4	36	(30)	28	13
Pre-tax operating profit (I + II + III)	468	425	451	513	525	408	359	381	450
Tax expense	(146)	(328)	(88)	(118)	692	(83)	(65)	(67)	96
Profit	322	97	363	395	1 216	325	294	314	546

1) Excluding unrealised gains on long-term securities.

2) At year-end 2017, the required increase in reserves due to new life expectancy assumptions were fully financed.

2.7.4 DNB Livsforsikring Group - Financial performance - five years

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

1) Excluding unrealised gains on long-term securities.

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
DNB Group:
Net financial result, DNB Livsforsikring	94	154	144	218	331	27	92	51	156
Net risk result, DNB Livsforsikring	181	49	103	100	26	167	60	142	98
Net financial and risk result in DNB Livsforsikring Group	275	203	247	318	357	195	152	192	254
Eliminations in the group accounts	(59)	68	38	38	30	20	11	13	12
Net financial and risk result from DNB Livsforsikring Group	216	271	285	356	387	215	162	205	266
DNB Livsforsikring Group:
Recorded interest result	183	312	461	430	185	(40)	(94)	677	(1 103)
Return on corporate portfolio	107	95	105	252	310	16	114	88	221
- Administration result - corporate portfolio	(4)	(5)	(6)	(6)	(6)	(5)	(5)	(5)	(1)
Provisions for higher life expectancy, group pension									(239)
Allocations to policyholders, products with guaranteed rates of
return	(199)	(258)	(428)	(470)	(171)	47	67	(719)	1 277
Risk result	181	49	103	100	26	167	60	142	98
Net financial and risk result in DNB Livsforsikring Group	275	203	247	318	357	195	152	192	254
Eliminations in the group accounts	(59)	68	38	38	30	20	11	13	12
Net financial and risk result from DNB Livsforsikring Group	216	271	285	356	387	215	162	205	266
DNB Group:
Commission and fee income etc. *)	538	533	532	505	522	515	519	508	496
Commission and fee expenses etc. **)	(99)	(92)	(103)	(89)	(95)	(92)	(95)	(91)	(94)
Other income	4	3	3	3	5	4	2	4	8
Operating expenses	(251)	(222)	(228)	(225)	(264)	(214)	(219)	(232)	(215)
Administration result including upfront pricing of risk and
guaranteed rate of return	193	222	204	195	168	213	207	188	196
DNB Livsforsikring Group:
Upfront pricing of risk and guaranteed rate of return	50	50	51	52	56	60	56	61	52
Administration result	147	176	159	148	118	158	156	132	145
+ Administration result - corporate portfolio	(4)	(5)	(6)	(6)	(6)	(5)	(5)	(5)	(1)
Administration result including upfront pricing of risk and guaranteed rate of return	193	222	204	195	168	213	207	189	196

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
New pension products
- administration income	266	257	245	236	240	227	229	226	219
- upfront pricing	24	24	25	24	25	25	26	25	27
Risk products
- administration income	38	36	38	34	38	32	32	32	32
Pensions with guarantees
Defined benefit:
- administration income	41	40	41	46	41	43	43	45	49
- upfront pricing	26	26	26	28	31	35	30	36	25
Paid-up policies:
- administration income	89	90	93	82	89	89	92	81	85
Previously established individual products:
- administration income	54	60	65	56	59	63	66	61	59
Commisions and fee income etc. excl. DNB Pensjonstjenester	538	533	532	505	522	515	519	508	496

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

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
New pension products	(45)	(48)	(50)	(44)	(43)	(47)	(48)	(44)	(46)
Risk products	(10)	(9)	(9)	(10)	(9)	(8)	(9)	(9)	(10)
Pensions with guarantees
Defined benefit	(6)	(4)	(5)	(4)	(4)	(6)	(5)	(5)	(5)
Paid-up policies	(26)	(20)	(26)	(19)	(24)	(18)	(20)	(20)	(20)
Previously established individual products	(9)	(8)	(9)	(8)	(10)	(9)	(9)	(9)	(9)
Corporate portfolio	(3)	(3)	(4)	(4)	(5)	(4)	(4)	(4)	(4)
Total commission and fee expenses etc.	(99)	(92)	(103)	(89)	(95)	(92)	(95)	(91)	(94)

2.7.6 DNB Livsforsikring Group - Value-adjusted return on assets

Per cent	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Return - common portfolio 1)
Financial assets
Norwegian equities	8.76	1.83	0.12	8.39	(16.76)	4.52	10.86	(1.42)	3.30
International equities 2)	7.62	0.84	3.62	12.11	(12.32)	2.68	2.90	(1.27)	5.80
Norwegian bonds	(0.16)	0.78	0.88	1.13	0.61	0.04	0.88	(0.30)	0.32
International bonds	0.99	1.54	2.24	3.53	(0.33)	0.44	(0.22)	(0.86)	1.02
Money market instruments	0.45	0.46	0.42	0.54	0.24	0.29	0.38	0.28	0.26
Bonds	1.08	1.12	1.06	1.04	1.14	1.12	1.12	1.11	1.34
Investment properties	0.98	2.52	2.25	1.21	2.23	1.18	1.45	1.99	1.74
Value-adjusted return on assets I 3)	1.39	1.10	1.29	2.01	(0.45)	1.18	1.21	0.54	1.04
Recorded return on assets 4) *)	1.00	0.91	1.01	0.96	0.87	0.73	0.72	1.09	0.76
Value-adjusted return on assets I, annualised 3)	5.72	4.51	5.29	8.39	(1.77)	4.81	4.96	2.19	4.24
Return - corporate portfolio
Value-adjusted return on assets I 3)	0.57	0.53	0.58	1.02	1.17	0.21	0.52	0.42	0.73

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

Previously established individual products	2.06	1.03	1.04	1.41	0.95	0.84	0.79	0.99	0.70
Paid-up policies low guarantee	0.72	0.94	1.05	0.97	0.88	0.74	0.74	1.35	0.60
Paid-up policies high guarantee	0.62	0.92	1.01	0.87	0.88	0.74	0.74	0.99	1.27
Paid-up policies profit sharing	0.72	0.94	1.04	0.96
Common portfolio	0.64	0.83	0.90	0.97	0.57	0.77	0.75	0.60	0.69
Guaranteed products for retail customers	2.56	0.68	0.97	0.48	1.20	0.37	0.39	0.95	0.48
Risk products - defined contribution	1.15	0.74	0.67	0.47	0.78	0.53	0.49	0.76	0.46
Risk products	1.58	0.61	0.69	0.12	0.71	0.71	0.71	0.71	0.70
Recorded return on assets	1.00	0.91	1.01	0.96	0.87	0.73	0.72	1.09	0.76

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.

2.7.7 DNB Livsforsikring Group - Financial exposure per sub-portfolio as at 31 December 2019

		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	336	2 575	2 343	532	3 537	6 336	3 292	2 360	79	21 390
Guaranteed products for retail customers	358	2 196	1 624	532	775	3 691	1 625	1 863	19	12 682
Paid-up policies low guarantee	497	4 086	3 784	859	2 875	12 866	5 170	4 288	128	34 554
Paid-up policies high guarantee	647	6 309	6 689	1 519	6 227	22 742	9 139	7 579	226	61 077
Paid-up policies profit sharing	565	4 796	4 574	1 039	3 654	15 551	6 249	5 183	155	41 764
Risk products - defined contribution	17	271	279	102	1 287	857	353	217	2	3 384
Risk products	20	193	77	27	992	588	238	64	1	2 200
Previously established individual products	502	3 698	2 812	1 635	3 641	8 936	3 351	4 909	51	29 535
Total common portfolio	2 942	24 123	22 182	6 245	22 988	71 566	29 417	26 462	661	206 585
Corporate portfolio	407				24 025	3 990	2 413	630	1 375	32 841
Total	3 349	24 123	22 182	6 245	47 013	75 556	31 830	27 092	2 036	239 426

2.7.8 DNB Livsforsikring Group - Financial exposure - common portfolio

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Equities, Norwegian 1)	2 942	2 711	2 666	3 062	2 640	3 174	3 028	2 543	2 197
Equities, international 1) 2)	24 123	22 449	21 114	21 925	22 193	22 147	20 913	19 625	15 855
Bonds, Norwegian	22 182	22 324	21 199	20 195	20 824	21 581	21 965	22 421	22 211
Bonds, international	6 245	6 244	7 055	6 853	6 601	6 629	6 607	6 628	6 983
Money market instruments	22 988	23 478	23 914	25 092	20 842	24 550	26 408	27 247	29 688
Bonds held to maturity	71 566	72 158	72 831	74 340	69 548	73 487	71 242	71 479	73 921
Loans and receivables	29 417	29 539	30 409	32 648	39 996	34 420	35 888	36 319	36 730
Real estate	26 462	26 462	25 660	20 840	20 868	20 439	20 352	20 285	20 244
Other	661	611	1 846	1 626	867	1 486	1 091	1 520	1 171
Total	206 585	205 977	206 693	206 581	204 380	207 913	207 493	208 067	208 998
Per cent
Equities, Norwegian 1)	1.4	1.3	1.3	1.5	1.3	1.5	1.5	1.2	1.1
Equities, international 1) 2)	11.7	10.9	10.2	10.6	10.9	10.7	10.1	9.4	7.6
Bonds, Norwegian	10.7	10.8	10.3	9.8	10.2	10.4	10.6	10.8	10.6
Bonds, international	3.0	3.0	3.4	3.3	3.2	3.2	3.2	3.2	3.3
Money market instruments	11.1	11.4	11.6	12.1	10.2	11.8	12.7	13.1	14.2
Bonds held to maturity	34.6	35.0	35.2	36.0	34.0	35.3	34.3	34.4	35.4
Loans and receivables	14.2	14.3	14.7	15.8	19.6	16.6	17.3	17.5	17.6
Real estate	12.8	12.8	12.4	10.1	10.2	9.8	9.8	9.7	9.7
Other	0.3	0.3	0.9	0.8	0.4	0.7	0.5	0.7	0.6
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.

2.7.9 DNB Livsforsikring Group - Balance sheets

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Due from credit institutions	2 488	3 825	4 413	2 273	3 704	2 807	3 455	2 863	4 238
Loans to customers	25 534	25 756	26 628	26 104	27 156	28 390	29 940	30 668	39 902
Commercial paper and bonds	155 418	155 971	153 227	157 637	153 481	154 796	157 164	159 913	155 624
Shareholdings	28 410	26 369	27 993	30 443	31 573	32 085	27 962	26 003	20 304
Financial assets, customers bearing the risk	98 943	92 857	89 715	85 192	77 241	82 380	78 277	74 630	75 206
Financial derivatives	592	42	218	114	29	391	127	250	53
Investment properties	22 299	22 090	21 647	16 750	16 844	16 249	16 131	16 098	16 106
Investments in associated companies	4 457	4 437	4 432	4 581	4 554	4 511	4 461	4 483	4 433
Intangible assets	5	6	7	9	10	19	23	27	31
Deferred tax assets	2
Fixed assets	82	82	85	87	3	3	3	3	2
Other assets	1 420	1 579	1 412	1 574	1 221	1 037	1 139	1 222	980
Total assets	339 648	333 014	329 778	324 764	315 815	322 669	318 684	316 161	316 880
Financial derivatives	129	327	64	114	743	69	164	86	322
Insurance liabilities, customers bearing the risk	98 943	92 857	89 715	85 192	77 241	82 380	78 277	74 630	75 206
Liabilities to life insurance policyholders	206 876	206 673	206 918	206 848	204 280	207 527	207 685	207 753	208 500
Payable taxes	842	459	452	449	457	23	21	3	9
Deferred taxes	817	1 048	1 001	893	767	1 899	1 805	1 612	1 527
Other liabilities	1 954	1 913	1 993	2 001	2 056	1 712	1 999	2 144	1 696
Pension commitments	222	206	192	188	187	191	187	183	184
Subordinated loan capital	7 010	7 011	7 010	7 010	7 010	5 505	5 505	5 505	5 505
Total liabilities	316 793	310 493	307 345	302 694	292 740	299 305	295 645	291 916	292 949
Share capital	1 750	1 750	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	15 089	14 756	14 667	14 304	15 309	15 598	15 273	16 479	16 165
Total equity	22 855	22 522	22 433	22 070	23 075	23 364	23 039	24 245	23 931
Total liabilities and equity	339 648	333 014	329 778	324 764	315 815	322 669	318 684	316 161	316 880
Insurance liabilities sub-portfolio:
New pension products	115 866	109 988	107 076	102 795	94 305	99 912	96 134	92 785	93 348
Risk products	1 087	1 070	1 052	1 006	950	967	953	904	856
Pensions with guarantees	188 874	188 479	188 510	188 246	186 273	189 034	188 881	188 712	189 502
Total insurance liabilities	305 827	299 537	296 639	292 047	281 528	289 913	285 967	282 402	283 706

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

2.7.10 DNB Livsforsikring Group - Solvency II margin

	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2019	2019	2019	2019	2018	2018	2018	2018	2017
Share capital	1 750	1 750	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)	16 569	17 492	17 496	17 478	17 431	19 064	19 659	19 284	20 520
Including effect of transitional rules 2)	4 928	6 271	6 069	5 578	5 200	2 083	4 069	3 685	7 162
Subordinated loans (Tier 1 restricted)	1 500	1 500	1 500	1 500	1 500
Total Tier 1 capital	25 835	26 758	26 762	26 744	26 697	26 829	27 425	27 050	28 286
Subordinated loans	5 500	5 500	5 500	5 500	5 500	5 500	5 500	5 500	5 500
Risk equalisation fund	715	601	601	601	601	516	516	516	516
Total Tier 2 capital	6 215	6 101	6 101	6 101	6 101	6 016	6 016	6 016	6 016
Total Tier 3 capital 3)	0	0	0	0	0	0	0	0	0
Total capital	32 050	32 859	32 863	32 844	32 797	32 846	33 441	33 066	34 302
Total capital without transitional rules	27 122	26 587	26 793	27 266	27 598	30 763	29 371	29 381	27 140
Market and counterparty risk	30 963	29 783	30 721	30 809	30 613	30 457	31 085	30 583	29 554
Life, health and non-life risk	10 288	12 215	11 755	11 556	10 973	11 274	11 155	11 294	11 328
Operational risk	1 130	1 153	1 149	1 145	1 123	1 112	1 129	1 123	1 123
Diversification 4)	(7 207)	(7 739)	(7 653)	(7 454)	(7 322)	(7 479)	(7 377)	(7 455)	(7 423)
Risk absorbing deferred tax	(4 093)	(4 512)	(4 756)	(5 017)	(5 007)	(4 856)	(5 011)	(5 068)	(5 126)
Risk-absorbing technical provisions 5)								(15 176) (13 860) (13 569) (13 282) (12 603) (13 981) (13 323) (12 588) (11 376)
Solvency capital requirement (SCR)	15 905	17 040	17 647	17 757	17 777	17 196	17 657	17 889	18 079
Minimum capital requirement (MCR)	7 157	7 469	7 483	7 470	7 332	7 312	7 681	7 590	7 908
Solvency margin with transitional rules (%)	202	193	186	185	184	191	189	185	190
Solvency margin without transitional rules (%)	169	155	150	150	152	174	164	160	146

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. No spread risk charge is calculated for Government bonds issued in their domestic currency. During a transitional period, this also applies to issues in other EEA (European Economic Area) currencies. The exemption applied up to and including 2018, and there is now an escalation period up to year-end 2019.

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.

2.7.11 DNB Asset Management - Financial performance

Amounts in NOK million	4Q19	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18	1Q18	4Q17
Net interest income	5	4	3	3	2	1	1	2	0
Net commission income
- from retail customers	189	177	168	155	102	105	102	92	91
- from institutional clients	176	162	158	143	279	152	142	139	228
Other income	3	5	2	4	0	3	1	1	1
Total income	374	348	330	304	383	261	246	234	320
Operating expenses 1)	(159)	(116)	(336)	(141)	(179)	(129)	(125)	(114)	(148)
Pre-tax operating profit	215	231	(6)	163	204	132	120	120	173
Tax expense	(36)	(57)	(17)	(41)	(32)	(39)	(40)	(31)	(33)
Profit for the period	178	174	(23)	122	172	93	80	89	139
Assets under management (NOK billion) 2)
Institutional	555	536	528	529	499	517	508	504	512
- of which DNB Livsforsikring Group 3)	284	280	275	278	266	273	269	265	265
Retail	113	105	95	93	86	92	88	82	84
Total	668	641	623	623	584	609	596	586	596
Key figures
Cost/income ratio (%)	42.6	33.5	101.8	46.4	46.8	49.3	51.0	48.8	46.1
Assets under management - net inflow *) Changes from previous quarters (NOK million)
Retail market	4 435	1 897	(48)	822	(184)	1 592	1 511	1 130	4 878
Institutional clients	4 728	1 725	(11 143)	7 038	267	1 120	(7 652)	2 149	2 971
Total	9 163	3 621	(11 191)	7 861	82	2 711	(6 141)	3 280	7 848
*) Excluding dividends:
Retail market				344				245
Institutional clients				3 838				2 657
Total	-	-	-	4 182	-	-	-	2 902	-
Performance fee	16	16	12	(0)	112	11	13	(1)	70

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.

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	70.5 (M: 73.7 F:67.3)
Gross domestic product 2018	USD 399.9 billion
GDP per capita 2018	USD 75 784
Rating	AAA, Aaa
Currency exchange rate used	8.13 USD/NOK (Average 2018)
Current balance 2018	USD 31 billion or 7.1 per cent of GDP

Source: Statistics Norway

3.1.2 Government net financial liabilities 2018

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	F 2019	F 2020	F 2021	F 2022	F 2023
Household demand	1.7	0.6	0.9	0.8	1.1	1.1	1.1
Gross fixed capital formation, mainland companies	0.9	0.7	0.7	0.3	0.0	0.2	0.2
Gross fixed capital formation, petroleum activity	(0.2)	(0.1)	1.2	0.7	(0.5)	(0.2)	(0.1)
Public sector demand	0.7	0.9	1.0	0.7	0.7	0.7	0.7
Exports, mainland Norway	0.2	0.9	1.4	0.6	0.5	0.5	0.5
Imports, mainland Norway	1.3	0.8	2.4	0.4	0.2	0.6	0.9
Changes in stocks and statistical discrepancies	0.1	0.1	(0.4)	(0.8)
GDP, mainland Norway	2.0	2.2	2.5	1.9	1.5	1.6	1.6

Source: Statistics Norway and DNB Markets

3.1.5 Composition of GDP in 2018 3.1.6 Composition of exports in 2018

Source: Statistics Norway, annual national accounts 13 May 2019

3.1.7 Key macro-economic indicators, Norway

Per cent	2017	2018	F 2019	F 2020	F 2021	F 2022	F 2023
GDP growth
- mainland Norway	2.0	2.2	2.5	1.9	1.5	1.6	1.6
- Norway, total	2.3	1.3	1.1	2.6	1.4	1.6	1.5
Private consumption	2.2	1.9	1.6	1.6	1.9	1.9	1.9
Gross fixed investment	2.6	2.8	7.2	2.9	(0.9)	0.8	1.2
Inflation (CPI)	1.8	2.7	2.2	1.8	2.0	1.8	1.8
Savings ratio 1)	6.7	6.0	6.6	7.4	7.6	7.6	7.7
Unemployment rate	4.2	3.9	3.7	3.8	3.9	3.9	3.9

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

Disclosure of main features of regulatory capital instruments as at 31 December 2019

				Additional Tier 1 capital (part 1 of 2)
	Ordinary shares	NOK Notes	NOK Notes	USD Notes	USD Notes
1. Issuer	DNB Group	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	NO0010730708	NO0010767957	XS1207306652	XS1506066676
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
8. Amount recognised in regulatory capital (in NOK million as at 31 December 7. Instrument type 2019)	Common shares 38 315	Other additional Tier 1 2 150	Other additional Tier 1 1 400	Other additional Tier 1 5 903	Other additional Tier 1 6 120
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	N/A	NOK 2 150	NOK 1 400	USD 750, NOK 5 903	USD 750, NOK 6120
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	26 February 2015	27 June 2016	26 March 2015	18 October 2016
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	26 February 2020 at par	27 June 2021 at par	26 March 2020 at par	26 March 2022 at par
		The issuer has the right to call at every interest payment date	at every interest payment date The issuer has the right to call	at every interest payment date The issuer has the right to call	at every interest payment date The issuer has the right to call
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 +325	3m Nibor +525	every 5 years at 5y USD MS + 5.75%. Fixed interest reset 407.5	every 5 years at 5y USD MS + 6.50%. Fixed interest reset 508.0
19. Existence of a dividend stopper	Yes	No	No	No	No
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing) Fully discretionary		Fully discretionary	Fully discretionary	Fully discretionary	Fully discretionary
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
28. If convertible, specify instrument type convertible into 27. If convertible, mandatory or optional conversion	N/A N/A	N/A N/A	N/A 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

See footnotes on separate page.

Disclosure of main features of regulatory	capital instruments as at 31 December 2019

DNB Bank ASA XS1571331955 amortised cost 1 March 2027 1 March 2017 1 March 2022 Senior bonds Cumulative Mandatory Mandatory thereafter English 2) 99.841 Dated Tier 2 Tier 2 6 413 Fixed Yes N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A No No No at every interest payment date The issuer has the right to call every 5 years at 5y USD T + 4.875%. Fixed interest reset 12 November 2024 at par Ind. company and group Other additional Tier 1 USD Notes USD 850, NOK 7774 Subordinated loans 12 November 2019 Either full or partial Fully discretionary Fully discretionary Additional Tier 1 Additional Tier 1 See footnote 10 Non-cumulative Non-convertible DNB Bank ASA XS2075280995 thereafter 8) Temporary Perpetual English 9) Equity 7 774 Fixed 314.0 100 100 Yes N/A N/A N/A N/A N/A N/A Yes Yes NA No No The issuer has the right to call at every interest payment date Ind. company and group Other additional Tier 1 NOK Notes 27 June 2024 at par Subordinated loans Either full or partial Fully discretionary Fully discretionary Additional Tier 1 Additional Tier 1 NO0010858749 Non-convertible See footnote 10 DNB Bank ASA Non-cumulative 3m Nibor +350 27 June 2019 thereafter 8) NOK 2 700 Temporary Perpetual English 9) Floating Equity 2 700 Yes Yes Yes 100 100 N/A N/A N/A N/A N/A N/A NA No No 20a. Fully discretionary, partially discretionary or mandatory (in terms of timing) 8. Amount recognised in regulatory capital (in NOK million as at 31 December 9. Par value of instrument (amounts in millon in the relevant currency and in 2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private 20b. Fully discretionary, partially discretionary or mandatory (in terms of 15. Optional call date, contingent call dates and redemption amount 34. If temporary write-down, description of revaluation mechanism 6. Eligible at ind. company/group/group & ind. company level 29. If convertible, specify issuer of instrument it converts into 35. Position in subordination hierarchy in liquidation (specify 28. If convertible, specify instrument type convertible into 21. Existence of a step-up or other incentive to redeem instrument type immediately senior to instrument) 27. If convertible, mandatory or optional conversion 14. Issuer call subject to prior supervisory approval 33. If write-down, permanent or temporary 16. Subsequent call dates, if applicable 31. If write-down, write-down trigger (s) 24. If convertible, conversion trigger(s) 18. Coupon rate and any related index 17. Fixed or floating dividend/coupon 23. Convertible or non-convertible 4) 19. Existence of a dividend stopper 3. Governing law for the instrument 22. Non-cumulative or cumulative 26. If convertible, conversion rate Convertible or non-convertible: 25. If convertible, fully or partially 32. If write-down, full or partial 10. Accounting classification 11. Original date of issuance 13. Original maturity date 5. Post-transitional rules 30. Write-down features Regulatory treatment: 12. Perpetual or dated 9b. Redemption price Coupons/dividends: 4. Transitional rules 7. Instrument type 9a. Issue price NOK million) placement) 1. Issuer amount) 2019)		Additional Tier 1 capital (part 2 of 2)			Subordinated loans (part 1 of 3)
			EUR loan	NOK loan	NOK loan	SEK loan
				DNB Bank ASA	DNB Bank ASA	DNB Bank ASA
				NO0010782386	NO0010782394	XS1239410043
				English 2)	English 2)	English 2)
				Tier 2	Tier 2	Tier 2
				Tier 2	Tier 2	Tier 2
			Ind. company and group	Ind. company and group	Ind. company and group	Ind. company and group
			Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt	Tier 2 subordinated debt
				1 400	170	2 834
			EUR 650, NOK 5 751	NOK 1 400	NOK 170	SEK 3000, NOK 2766
				100	100	100
			Redemption at par	Redemption at par	Redemption at par	Redemption at par
			Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -	Subordinated loan capital -
				amortised cost	amortised cost	amortised cost
				19 January 2017 Dated	19 January 2017 Dated	28 May 2015 Dated
				19 January 2027 Yes	19 January 2027 Yes	28 May 2025 Yes
				The interest payment date
				falling in January 2022	19 January 2022	28 May 2020. Call at par.
			Any interest payment date	Any interest payment date thereafter	Any interest payment date thereafter	N/A
				Floating	Fixed to floating	Floating
			1.25%. Thereafter/ Reset		3-month NIBOR + 1.75 per Reset/ after first call date: Fixed 3.08%.
			period: 5Y EURO MS+ 115	3-month NIBOR + 175	cent	3-month STIBOR + 140
				No	No	No
				Mandatory	Mandatory	Mandatory
				Mandatory	Mandatory	Mandatory
				No	No	No
				Cumulative	Cumulative	Cumulative
			Non-convertible	Non-convertible	Non-convertible	Non-convertible
				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
				N/A	N/A	N/A
				No	No	No
				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
No No No 36. Non-compliant transitioned features				No	No	No

See footnotes on separate page.

1. If yes, specify non-compliant features

N/A N/A N/A N/A N/A N/A

Disclosure of main features of regulatory	capital instruments as at 31 December 2019

				Subordinated loans (part 2 of 3)
	SEK loan	SEK loan	SEK loan	JPY loan	JPY loan	JPY loan
1. Issuer	DNB Bank ASA	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)	XS1239410712	XS1551373985	XS1551373639	NA	XS1551344705	XS1755125868
3. Governing law for the instrument	English 2)	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	Tier 2
5. Post-transitional rules	Tier 2	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	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	Tier 2 subordinated debt
8. Amount recognised in regulatory capital (in NOK million as at 31 December 2019)	945	708	945	809	931	2 024
9. Par value of instrument (amounts in millon in the relevant currency and in
9a. Issue price NOK million)	SEK 1000, NOK 922 100	SEK 750, NOK 708 100	SEK 1000, NOK 944 100	JPY 10 000, NOK 793 100	JPY 11 500, NOK 847 100	JPY 25 000, NOK 1776 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 -	Subordinated loan capital -
10. Accounting classification	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost	amortised cost
11. Original date of issuance	28 May 2015	19 January 2017	19 January 2017	4 November 2016	19 January 2017	24 January 2018
12. Perpetual or dated	Dated	Dated	Dated	Dated	Dated	Dated
13. Original maturity date	Interest date falling in or nearest to May 2025	19 January 2027	19 January 2027	4 November 2026	19 January 2027	24 January 2028
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	28 May 2020. Call at par.	The interest payment date falling 19January 2022		4 November 2021	19 January 2022	24 January 2023
16. Subsequent call dates, if applicable	N/A	Any interest payment date thereafter	Any interest payment date thereafter	Annual call thereafter	Semiannual call thereafter	Semiannual call thereafter
Coupons/dividends:
17. Fixed or floating dividend/coupon	Fixed	Floating	Fixed to floating	Fixed to floating	Fixed to floating	Fixed
			3-month STIBOR + 1.70 per Reset/ after first call date: Fixed 1.98%.	6-month JPY LIBOR + 0.97 Reset/ after first call date: Fixed 1.00%.	6-month JPY LIBOR + 0.97 Reset/ after first call date: Fixed 1.04%.	Fixed 0.75%. Reset after first call date to 5-year JPY Mid
18. Coupon rate and any related index	1.97 %	3-month STIBOR + 170	cent	per cent	per cent	Swap + 63.8 bps
20a. Fully discretionary, partially discretionary or mandatory (in terms of timing) 19. Existence of a dividend stopper	Mandatory No	Mandatory No	Mandatory No	Mandatory No	Mandatory No	Mandatory No
20b. Fully discretionary, partially discretionary or mandatory (in terms of
21. Existence of a step-up or other incentive to redeem amount)	Mandatory No	Mandatory No	Mandatory No	Mandatory No	Mandatory No	Mandatory No
22. Non-cumulative or cumulative	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	Non-convertible
24. If convertible, conversion trigger(s)	N/A	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	N/A
26. If convertible, conversion rate	N/A	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	N/A
29. If convertible, specify issuer of instrument it converts into 28. If convertible, specify instrument type convertible into	N/A N/A	N/A N/A	N/A N/A	N/A N/A	N/A N/A	N/A N/A
30. Write-down features	No	No	No	No	No	No
31. If write-down, write-down trigger (s)	N/A	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	N/A
33. If write-down, permanent or temporary	N/A	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	N/A
35. Position in subordination hierarchy in liquidation (specify instrument type immediately senior to instrument)	Senior bonds	Senior bonds	Senior bonds	Senior bonds	Senior bonds	Senior bonds
36. Non-compliant transitioned features	No	No	No	No	No	No
37. If yes, specify non-compliant features	N/A	N/A	N/A	N/A	N/A	N/A

See footnotes on separate page.

Disclosure of main features of regulatory capital instruments as at 31 December 2019

			Subordinated loans (part 3 of 3)
	NOK loan	SEK loan	SEK loan	EUR loan
2. Unique identifier (e.g. CUSIP, ISIN, or Bloomberg identifier for private 1. Issuer	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA	DNB Bank ASA
placement)	NO0010818446	NO0010818453	NO0010818479	XS1794344827
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
6. Eligible at ind. company/group/group & ind. company level 5. Post-transitional rules	Ind. company and group Tier 2	Ind. company and group Tier 2	Ind. company and group Tier 2	Ind. company and group Tier 2
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 31 December 2019)	900	661	283	5 920
9. Par value of instrument (amounts in millon in the relevant currency and in
9a. Issue price NOK million)	NOK 900 100	SEK 700, NOK 661 100	SEK 300, NOK 283 100	EUR 600, NOK 5692 99.604
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	13 March 2018	13 March 2018	13 March 2018	20 March 2018
12. Perpetual or dated	Dated	Dated	Dated	Dated
13. Original maturity date	13 March 2028	13 March 2028	13 March 2028	20 March 2028
14. Issuer call subject to prior supervisory approval	Yes	Yes	Yes	Yes
15. Optional call date, contingent call dates and redemption amount	falling in (or nearest to) March The interest payment date 2023.	falling in (or nearest to) March The interest payment date 2023.	13 March 2023	20 March 2023
16. Subsequent call dates, if applicable	Any interest payment date thereafter	Any interest payment date thereafter	Any interest payment date thereafter	None
Coupons/dividends:
17. Fixed or floating dividend/coupon	Floating	Floating	Fixed to floating	Fixed
			Fixed 1.61%. Reset after first call date: 3-month STIBOR +	5-year EUR Mid Swap + 0.77 Reset/ after call date: Fixed 1.125%.
18. Coupon rate and any related index 19. Existence of a dividend stopper	3-month NIBOR + 110 bps No	3-month STIBOR + 106 bps No	106 bps No	per cent 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
29. If convertible, specify issuer of instrument it converts into 28. If convertible, specify instrument type convertible into	N/A N/A	N/A N/A	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	No

See footnotes on separate page.

1. If yes, specify non-compliant features

N/A N/A N/A N/A

Disclosure of main features of regulatory capital instruments as at 31 December 2019

			Perpetual loans
	USD loan	USD loan	USD loan	YEN 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 31 December 2019)	1 889	1 757	1 318	809
9. Par value of instrument (amounts in millon in the relevant currency and in
NOK million)	USD 215, NOK 1 692	USD 200, NOK 1 331	USD 150, NOK 1 769	JPY 10 000, NOK 655
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 11. Original date of issuance	capital - amortised cost 18 November 1985	capital - amortised cost 28 August 1986	capital - amortised cost 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
	Any interest payment date	Any interest payment date	Any interest payment date
16. Subsequent call dates, if applicable	thereafter	thereafter	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) 20b. Fully discretionary, partially discretionary or mandatory (in terms of	Partially discretionary	Partially discretionary	Partially discretionary	Partially discretionary
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
31. If write-down, write-down trigger (s) 30. Write-down features	N/A No	N/A No	N/A No	N/A No
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 Yes

N/A N/A N/A

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