DNB Bank ASA

Earnings Release • Jul 11, 2019

More log-ins and purchases by DNB customers

More log-ins and purchases by DNB customers

DNB's profits in the second quarter of 2019 were NOK 6 134 million, an increase

of NOK 50 million from the same quarter last year. The bank is experiencing

strong growth in its main digital channels.

The mobile bank is the bank's most important 'branch office', as it has been for

a long time. The figures for the first half of the year show that the digital

development has gained even more momentum in 2019. DNB launched several new

digital services in the second quarter, including a digital fund adviser and the

accounting solution DNB Regnskap, which makes life easier for small businesses.

DNB's new mobile bank, which was launched in January this year, already has 826

000 users.

"More than 60 per cent of our active customers use the new mobile bank. This

trend will continue as we develop new functionality, and we see the same

tendency within savings. Customers are logging in more often and also buying

more in the savings app Spare, which has now sold mutual funds for a total of

NOK 2.3 billion. So far this year, sales are up 50 per cent," says CEO Rune

Bjerke, who today is presenting DNB's quarterly figures for the fiftieth and

last time.

Growth in all areas

Net interest income in the second quarter amounted to NOK 9 581 million, up NOK

291 million from the previous quarter. Once again, the bank is able to present

quarterly results with growth in all business areas.

In total, lending volumes have increased by 6.3 per cent, backed by a strong

development in the Norwegian economy. Macroeconomic prospects also contribute to

keeping impairment losses at a relatively low level in a historical perspective.

With strong contributions from real estate broking and the sale of non-life

insurance products, the net commission and fee income was NOK 85 million higher

than in the same quarter last year.

"I am very pleased with the team effort in DNB these days. We are constantly

becoming better at helping our customers through the various phases of their

lives, whether they are purchasing a home, starting their own business or saving

money for the next generation. We have a total customer offering that few of our

competitors can match," says Bjerke.

"But then, good feedback and trust from both our customers and owners are what

we live on. Therefore, we were especially pleased when we in June were the

largest bank in the Nordic region in terms of market value," adds the departing

CEO.

Financial key figures for the second quarter of 2019 (compared with figures for

the corresponding quarter in 2018):

·  Pre-tax operating profit before impairment amounted to NOK 8.2 billion

(7.1)

·  Profit for the quarter was NOK 6.1 billion (6.1)

·  Earnings per share were NOK 3.71 (3.65)

·  Return on equity was 11.3 per cent (11.8)

·  Cost/income ratio ended at 41.9 per cent (43.1)

·  CET1 capital ratio (according to transitional rules) was 16.5 per cent

(16.2)

Details concerning DNB's results can be found on dnb.no/ir.

Contact:

Thomas Midteide, Group Executive Vice President of Media & Marketing, tel. (+47)

962 32 017

Rune Helland, head of Investor Relations, tel. (+47) 977 13 250

Jan Ole Huseby, senior adviser in Investor Relations, tel. (+47) 958 61 003

This information is subject to the disclosure requirements according to Section

5-12 of the Norwegian Securities Trading Act.