DNB Bank ASA

Quarterly Report • Feb 5, 2025

DNB-konsernet | Årsrapport 2023

Fourth quarter report 2024

Preliminary and unaudited

DNB Group

5

Financial highlights

Income statement	4th quarter	4th quarter	Full year	Full year
Amounts in NOK million	2024	2023	2024	2023
Net interest income	16 718	15 997	64 190	61 547
Net commissions and fees	3 287	2 927	12 466	11 115
Net gains on financial instruments at fair value	372	(162)	4 225	5 283
Net insurance result	467	326	1 421	1 183
Other operating income	873	900	4 235	2 569
Net other operating income	4 998	3 991	22 347	20 150
Total income	21 716	19 988	86 537	81 697
Operating expenses	(7 792)	(7 639)	(30 032)	(28 395)
Restructuring costs and non-recurring effects	(435)	(64)	(415)	(225)
Pre-tax operating profit before impairment	13 489	12 286	56 089	53 077
Net gains on fixed and intangible assets	2	0	(2)	11
Impairment of financial instruments	(157)	(920)	(1 209)	(2 649)
Pre-tax operating profit	13 334	11 366	54 878	50 440
Tax expense	(765)	(1 824)	(9 074)	(10 811)
Profit from operations held for sale, after taxes	106	(138)	0	(149)
Profit for the period	12 675	9 403	45 804	39 479
Balance sheet			31 Dec.	31 Dec.
Amounts in NOK million			2024	2023
Total assets			3 614 125	3 439 724
Loans to customers			2 251 513	1 997 363
Deposits from customers			1 487 763	1 422 941
Total equity			283 325	269 296
Average total assets			3 980 927	3 687 312
Total combined assets1			4 350 348	4 034 568
Key figures and alternative performance measures
	4th quarter 2024	4th quarter 2023	Full year 2024	Full year 2023
Return on equity, annualised (per cent)1	19.0	14.6	17.5	15.9
Earnings per share (NOK)	8.21	5.93	29.34	24.83
Combined weighted total average spreads for lending and deposits
(per cent)1	1.39	1.42	1.40	1.39
Average spreads for ordinary lending to customers (per cent)1	1.65	1.50	1.64	1.45
Average spreads for deposits from customers (per cent)1	1.03	1.31	1.08	1.32
Cost/income ratio (per cent)1	37.9	38.5	35.2	35.0
Ratio of customer deposits to net loans to customers at end of period,
customer segments (per cent)1	74.3	74.9	74.3	74.9
Net loans at amortised cost and financial commitments in stage 2, per
cent of net loans at amortised cost1	7.22	9.35	7.22	9.35
Net loans at amortised cost and financial commitments in stage 3, per
cent of net loans at amortised cost1	0.97	1.17	0.97	1.17
Impairment relative to average net loans to customers at amortised cost, annualised (per cent)1	(0.03)	(0.18)	(0.06)	(0.13)
Common equity Tier 1 capital ratio at end of period (per cent)	19.4	18.2	19.4	18.2
Leverage ratio at end of period (per cent)	6.9	6.8	6.9	6.8
Share price at end of period (NOK)	226.90	216.00	226.90	216.00
Book value per share at end of period (NOK) Price/book value1	176.16	162.92	176.16	162.92
	1.29	1.33	1.29	1.33
Dividend per share (NOK)2			16.75	16.00
Sustainability:
Lending and facilitation of funding to the sustainable transition (NOK billion, accumulated)	751.8	561.8	751.8	561.8
Total assets invested in mutual funds and portfolios with a sustainability
profile at end of period (NOK billion)	137.8	124.3	137.8	124.3
Score from Traction's reputation survey in Norway (points)	57	57	57	57
Customer satisfaction index, CSI, personal customers in Norway (score)	73.0	68.5	73.0	68.5
Female representation at management levels 1-4 (per cent)	36.0	38.8	36.0	38.8

1) Defined as alternative performance measure (APM). APMs are described on ir.dnb.no.

2) The Board of Directors will propose a dividend of NOK 16.75 per share for 2024.

For additional key figures and definitions, please see the Factbook on ir.dnb.no.

Directors' report 4
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	Income statement 12
	Comprehensive income statement 12
	Balance sheet 13
	Statement of changes in equity 14
	Cash flow statement 15
Note G1	Basis for preparation 16
Note G2	Segments 16
Note G3	Capital adequacy 17
Note G4	Taxes 19
Note G5	Development in gross carrying amount and maximum exposure 20
Note G6	Development in accumulated impairment of financial instruments 21
Note G7	Loans and financial commitments to customers by industry segment 22
Note G8	Financial instruments at fair value 24
Note G9	Debt securities issued, senior non-preferred bonds and subordinated loan capital 25
	Note G10 Contingencies 26

	Income statement 27
	Comprehensive income statement 27
	Balance sheet 28
	Statement of changes in equity 29
Note P1	Basis for preparation 30
Note P2	Capital adequacy 30
Note P3	Development in accumulated impairment of financial instruments 31
Note P4	Financial instruments at fair value 32
Note P5	Information on related parties 32

Information about DNB 33
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Directors' report

The Norwegian economy remained resilient in the fourth quarter of 2024, with a capacity utilisation close to normal levels. The inflationary pressure continued to ease during the quarter and is now closer to the target level of 2.0 per cent. These were important factors in the decision of the Norwegian central bank, Norges Bank, to keep the key policy rate unchanged at its monetary policy meeting in December. The first lowering of the key policy rate is still expected in March 2025.

DNB's results in the fourth quarter were solid, driven by strong deliveries across the Group. The capital situation remained sound, and the portfolio well-diversified and robust.

Fourth quarter financial performance

The Group delivered profits of NOK 12 675 million in the quarter, an increase of NOK 3 271 million, or 34.8 per cent, from the corresponding quarter of last year. Compared with the third quarter of 2024, profits increased by NOK 515 million or 4.2 per cent.

Earnings per share were NOK 8.21, compared with NOK 5.93 in the year-earlier period, and NOK 7.83 in the third quarter.

The common equity Tier 1 (CET1) capital ratio was 19.4 per cent at end-December, up from 18.2 per cent a year earlier and from 19.0 per cent in the previous quarter.

The leverage ratio was 6.9 per cent at end-December, up from 6.8 per cent in the year-earlier period and from 6.3 per cent at end-September.

Annualised return on equity (ROE) was 19.0 per cent in the fourth quarter, driven by strong results across the Group. The corresponding figures were 14.6 per cent in the fourth quarter of 2023, and 18.9 per cent in the third quarter of 2024.

The Board of Directors will propose to the Annual General Meeting a dividend for 2024 of NOK 16.75 per share, or a total of NOK 24 835 million.

Net interest income was up NOK 721 million, or 4.5 per cent, from the fourth quarter of 2023, due to profitable volume growth. Compared with the previous quarter, net interest income increased by NOK 589 million, or 3.7 per cent. The increase was driven by lending growth in all segments.

Net other operating income amounted to NOK 4 998 million, up NOK 1 006 million, or 25.2 per cent, from the corresponding period in 2023. Net commissions and fees reached an all-time high fourth quarter result, with strong deliveries across product areas, and increased by NOK 360 million and 249 million, compared with the same quarter of last year and the previous quarter, respectively. Compared with the previous quarter, net other operating income decreased by NOK 1 724 million, or 25.7 per cent, mainly due to negative effects on basis swaps and other mark-to-market adjustments.

Operating expenses amounted to NOK 8 227 million in the fourth quarter, up NOK 524 million, or 6.8 per cent, from the corresponding period a year earlier. Compared with the previous quarter, operating expenses were up NOK 795 million, or 10.7 per cent, due to restructuring expenses and seasonally higher activity.

Impairment of financial instruments amounted to NOK 157 million in the fourth quarter.

Sustainability

In the fourth quarter of 2024, DNB signed an agreement with the European Investment Bank (EIB) that will channel NOK 2.2 billion to green financing activities for Nordic businesses. This is the first agreement of its kind in the Nordics. The capital will primarily support the transition to zero-emissions technology for vehicles, construction machinery and other transport technology.

Towards the end of the year, DNB announced a strategic partnership with HUB Ocean, a foundation focused on advancing ocean data solutions in order to strengthen sustainable practices within ocean industries. This collaboration aims to support DNB's commitment to sustainable growth, focusing on the shipping, seafood and renewable energy sectors by applying data-driven insight.

The fourth quarter of 2024 marked a strong period for the sustainable bond market, and DNB Markets saw a record number of transactions and overall volume on par with last year. There was also a return of momentum in the sustainability-linked loan market after an almost two-year decline.

In the fourth quarter of 2024, DNB Asset Management (DAM) updated its expectations document on climate change and launched a new expectations document on health and sustainable food systems. DAM also launched targets for biodiversity towards the end of the year.

To increase the level of sustainability competence in DNB, over 85 per cent of employees in the corporate banking segment (large corporates and international customers and corporate customers Norway) and all employees in DAM achieved third-party sustainability certification before the year ended. A competencebuilding programme for corporate banking and the commercial real estate sector was launched in the fourth quarter of 2024. Topics included energy efficiency, energy performance certificates and how to assess customers' transition risk in the credit process.

As of 31 December, DNB had mobilised a cumulative total of NOK 752 billion to the sustainable transition, through lending and facilitation, thereby passing the halfway mark to reaching the target of NOK 1 500 billion by 2030. With regards to the target of NOK 200 billion in assets in mutual funds and portfolios with a sustainability profile by 2025, NOK 138 billion had been invested as of 31 December.

Other events in the fourth quarter

In December, the Norwegian payment service provider Vipps launched its mobile payment solution Tap with Vipps. At the same time, DNB started offering Apple Pay to all of its customers.

In November, the Norwegian Supreme Court gave DNB unanimous support in the case regarding the deduction of external interest expenses in Norwegian taxation. The case represented a tax exposure of approximately NOK 1.7 billion for the period covered by the decision.

DNB held its Capital Markets Day in London in November. During the event, the Group presented its updated strategy and changed some of its financial targets, raising the ROE target from above 13 to above 14 per cent and the ambition for net commission and fee income from 4-5 per cent to above 9 per cent.

In the fourth quarter, DNB's mobile banking app came in second place in Cicero Consulting's ranking of Norway's best mobile banking apps.

DNB Markets was ranked first in the categories Corporate Finance, ECM Advisors and M&A Advisors in the Kantar Prospera survey, which was published in the fourth quarter of 2024. In addition, Markets was given the top ranking in Domestic Equity for the tenth year running, which is the longest winning streak for any bank in the Nordics.

DNB achieved a score of 57 in Traction's reputation survey for the fourth quarter. The goal is a score of over 65.

Acquisition of the Carnegie Group

On 21 October, DNB Bank ASA entered into an agreement to acquire all the shares of Carnegie Holding AB, the parent company of the Carnegie Group.

The purchase price is expected to be approximately SEK 12 billion payable in cash consideration. The purchase price is subject to certain adjustments, including payment for the shares of the minority shareholders in the subsidiaries of Carnegie Holding AB. The transaction is expected to close in the first half of 2025, provided the necessary regulatory approvals are obtained from the authorities in relevant jurisdictions. The transaction is expected to reduce DNB's CET1 capital ratio by approximately 120 basis points upon closing.

Fourth quarter income statement – main items

Net interest income

Amounts in NOK million	4Q24	3Q24	4Q23
Lending spreads, customer segments	8 104	7 760	7 179
Deposit spreads, customer segments	3 705	3 855	4 680
Amortisation effects and fees	1 393	1 211	1 150
Operational leasing	753	791	791
Contributions to the deposit guarantee and resolution funds	(328)	(327)	(308)
Other net interest income	3 092	2 839	2 504
Net interest income	16 718	16 129	15 997

Net interest income increased by NOK 721 million, or 4.5 per cent, from the fourth quarter of 2023. This was mainly due to profitable volume growth. There was an average increase of NOK 56.7 billion, or 3.0 per cent, in the healthy loan portfolio compared with the fourth quarter of 2023. Adjusted for exchange rate effects, volumes were up NOK 49.2 billion, or 2.6 per cent. During the same period, deposits were up NOK 15.6 billion, or 1.1 per cent. Adjusted for exchange rate effects, deposits were up NOK 8.2 billion, or 0.6 per cent. Average lending spreads widened by 15 basis points, and average deposit spreads narrowed by 28 basis points compared with the fourth quarter of 2023. Volume-weighted spreads for the customer segments narrowed by 3 basis points.

Compared with the third quarter of 2024, net interest income increased by NOK 589 million, or 3.7 per cent, driven by lending growth in all segments. There was an average increase of NOK 52.5 billion, or 2.8 per cent, in the healthy loan portfolio, and deposits remained at the same level. Average lending spreads widened by 3 basis points, and average deposit spreads narrowed by 4 basis points compared with the previous quarter. Volumeweighted spreads for the customer segments remained stable.

Net other operating income

Amounts in NOK million	4Q24	3Q24	4Q23
Net commissions and fees	3 287	3 038	2 927
Basis swaps	(836)	(194)	(500)
Exchange rate effects related to additional Tier 1 capital	982	(19)	(392)
Net gains on other financial instruments at fair value	226	1 873	730
Net insurance result	467	318	326
Net profit from associated companies	256	1 016	274
Other operating income	616	690	626
Net other operating income	4 998	6 722	3 991

Net other operating income increased by NOK 1 006 million, or 25.2 per cent, compared with the fourth quarter of 2023. This was mainly due to a positive exchange rate effect related to additional Tier 1 (AT1) capital. Net commissions and fees reached an all-time high fourth quarter result, and increased by NOK 360 million, or 12.3 per cent. The increase was mainly driven by solid income from investment banking and asset management services.

Compared with the previous quarter, net other operating income decreased by NOK 1 724 million, or 25.7 per cent, mainly due to negative exchange rate effects on basis swaps and other mark-tomarket adjustments. However, this was partly offset by strong results from net commissions and fees which increased by NOK 250 million, or 8.2 per cent. In addition, the third quarter included a

positive non-recurring effect from the merger between Eika and Fremtind.

Operating expenses

Amounts in NOK million	4Q24	3Q24	4Q23
Salaries and other personnel expenses	(4 555)	(4 399)	(4 413)
Restructuring expenses	(427)	(0)	(15)
Other expenses	(2 334)	(2 123)	(2 298)
Depreciation of fixed and intangible assets	(903)	(910)	(929)
Impairment of fixed and intangible assets	(8)		(49)
Total operating expenses	(8 227)	(7 431)	(7 703)

Operating expenses were up NOK 524 million, or 6.8 per cent, compared with the fourth quarter of 2023. This was mainly due to costs relating to a restructuring process within the Group's staff and support functions.

Compared with the third quarter, operating expenses were up NOK 795 million, or 10.7 per cent, reflecting the restructuring within staff and support, as well as higher activity. There were lower pension expenses in the quarter, due to the decreased return on the closed defined-benefit pension scheme. The scheme is partly hedged, and a corresponding loss was recognised in net gains on financial instruments

The cost/income ratio was 37.9 per cent in the fourth quarter.

Impairment of financial instruments by industry segment

Amounts in NOK million	4Q24	3Q24	4Q23
Personal customers	(79)	(44)	(117)
Commercial real estate	42	9	(122)
Residential property	33	(93)	(67)
Power and renewables	(1)	6	(88)
Oil, gas and offshore	144	137	(45)
Other	(295)	(185)	(482)
Total impairment of financial instruments	(157)	(170)	(920)

Impairment of financial instruments amounted to NOK 157 million in the quarter.

Impairment provisions in the personal customers industry segment amounted to NOK 79 million, primarily in stage 3 and driven by consumer finance.

The corporate customers industry segments saw impairment provisions of NOK 77 million. Excluding the legacy portfolio in Poland, which increased by NOK 268 million, the corporate customers segment showed reversals of NOK 191 million. The corresponding quarter of 2023 saw impairment provisions of NOK 804 million, whereas impairment provisions in the previous quarter were NOK 126 million. The reversals in the quarter could primarily be seen within stage 3 in the oil, gas and offshore segment, mainly due to reversals and recoveries relating to a few specific customers. The real estate-related segments also showed reversals across all stages.

The macro forecasts remained relatively stable during the quarter and did not have a significant impact on the portfolio.

The Group's loan portfolio remained robust, with 99.3 per cent in stages 1 and 2. Net stage 3 loans and financial commitments amounted to NOK 21.2 billion at end-December 2024, which was a decrease of NOK 0.2 billion from the previous quarter and a decrease of NOK 1.7 billion from the corresponding period of 2023.

Taxes in the quarter

The DNB Group's tax expense for the fourth quarter is estimated at NOK 765 million, or 6 per cent of the pre-tax operating profit. The tax expense was mainly affected by the estimated debt interest distribution between the US and Norway in Norwegian taxation, which resulted in a higher interest deduction in Norway, an increase in tax-exempt income as well higher as non-deductible expenses compared with the estimated forecast in the previous quarters.

Financial performance – segments

Financial governance in DNB is adapted to the different customer segments. Reported figures reflect total sales of products and services to the relevant segments.

Personal customers

Income statement in NOK million	4Q24	3Q24	4Q23
Net interest income	5 525	5 580	5 703
Net other operating income	1 439	1 600	1 186
Total income	6 964	7 180	6 889
Operating expenses	(2 645)	(2 781)	(2 911)
Pre-tax operating profit before impairment	4 319	4 399	3 978
Net gains on fixed and intangible assets	(1)
Impairment of financial instruments	(55)	(34)	(149)
Pre-tax operating profit	4 263	4 365	3 829
Tax expense	(1 066)	(1 091)	(957)
Profit for the period	3 197	3 274	2 872
Average balance sheet items in NOK billion
Loans to customers	953.8	943.1	957.6
Deposits from customers	582.3	582.3	582.4
Key figures in per cent
Lending spreads1	1.00	0.98	0.74
Deposit spreads1	1.72	1.82	2.21
Return on allocated capital	20.7	21.1	18.5
Cost/income ratio	38.0	38.7	42.2
Ratio of deposits to loans	61.0	61.7	60.8

1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).

The personal customers segment delivered strong profits and an increase in return on allocated capital of 2.2 percentage points from the corresponding quarter of last year. Compared with the previous quarter, return on allocated capital decreased by 0.4 percentage point.

Average loans to customers remained relatively stable compared with the fourth quarter of 2023. Compared with the previous quarter, average loans increased by 1.1 per cent. Average deposits from customers were stable compared with both the corresponding period of 2023 and the previous quarter. Combined spreads on loans and deposits narrowed by 2 basis points both from the fourth quarter of 2023 and 3 basis points from the previous quarter.

Net other operating income increased by 21.3 per cent from the corresponding quarter of 2023, mainly due to a positive development in income from long-term saving products as well as real estate broking activities. Compared with the previous quarter, there was a seasonal decrease of 10.1 per cent.

There was a positive development in operating expenses, with a decrease of 9.1 per cent from the fourth quarter of 2023 and 4.9 per cent from the previous quarter. Restructuring expenses relating to the downsizing in staff and support functions amounted to NOK 80 million in the quarter.

Impairment provisions amounted to NOK 55 million in the personal customers segment in the quarter, compared with impairment provisions of NOK 149 million and NOK 34 million in the corresponding quarter of 2023 and the third quarter of 2024, respectively. The impairment provisions were mainly in stage 3 and driven by consumer finance. The macro effect on the impairment provisions for the quarter was insignificant. Overall, the credit portfolio remained robust.

DNB's market share of credit to households in Norway was 22.9 per cent at end-November 2024. The market share of total household savings was 28.9 per cent at the same point in time, while the market share of savings in mutual funds amounted to 33.6 per cent at end-December. DNB Eiendom had a market share of 13.6 per cent in the fourth quarter.

Corporate customers Norway

4Q24	3Q24	4Q23
5 057	4 889	4 936
1 058	1 113	964
6 115	6 002	5 900
(1 819)	(1 755)	(1 581)
4 296	4 247	4 320
(45)	(148)	(418)
(19)	(6)
4 232	4 094	3 902
(1 058)	(1 023)	(975)
3 174	3 070	2 926
531.2	523.2	518.6
390.8	390.1	352.3
2.20	2.18	2.23
1.13	1.15	1.33
23.5	24.5	23.2
29.8	29.2	26.8
73.6	74.6	67.9

The corporate customers Norway segment delivered solid profits and a return on allocated capital of 23.5 per cent in the fourth quarter. The result was mainly driven by sound volume growth and was primarily due to an increase in net interest income.

Net interest income increased by NOK 121 million, or 2.4 per cent, from the fourth quarter of last year, and NOK 167 million, or 3.4 per cent, from the third quarter of 2024. Average loans to customers were up 2.4 per cent compared with the corresponding quarter of last year and 1.5 per cent from the previous quarter. Lending spreads narrowed by 3 basis points compared with the corresponding quarter of last year. Compared with the previous quarter, lending spreads widened by 2 basis points. This was due to DNB Finans. Average deposit volumes were up NOK 38.5 billion, or 10.9 per cent, compared with the corresponding quarter of 2023. Compared with the previous quarter, deposit volumes were down 0.1 per cent. This can be ascribed to normal fluctuations. Deposit spreads narrowed through the year, and were 2 basis points lower than the previous quarter. The ratio of deposits to loans remained at a high level of 73.6 per cent in the quarter.

Net other operating income amounted to NOK 1 058 million in the fourth quarter, an increase of NOK 94 million, or 9.8 per cent, from the corresponding quarter of 2023, and a decrease of NOK 55 million, or 4.9 per cent, compared with the previous quarter.

Operating expenses amounted to NOK 1 819 million in the fourth quarter, up NOK 239 million, or 15.1 per cent, compared with the corresponding quarter of last year. Compared with the previous quarter, operating expenses were up NOK 64 million, or 3.7 per cent, mainly due to restructuring expenses as a consequence of the downsizing process.

Impairment of financial instrument amounted to NOK 45 million in the quarter. This was a decrease from both the corresponding quarter in 2023 and the previous quarter of NOK 373 million and NOK 103 million, respectively. The impairments were spread over various industries and could primarily be seen in stage 3.

DNB will continue to build on its market-leading position in the corporate customers Norway segment. In line with DNB's net-zero emissions ambition, which is embedded into key sectoral strategies, the Group is assisting its customers in their transition to a lowcarbon economy and more sustainable value creation, and has a strong focus on energy efficiency in its property portfolios.

Large corporates and international customers

Income statement in NOK million	4Q24	3Q24	4Q23
Net interest income	5 044	4 690	4 906
Net other operating income	2 421	1 878	2 161
Total income	7 465	6 569	7 066
Operating expenses	(2 949)	(2 685)	(2 769)
Pre-tax operating profit before impairment	4 516	3 883	4 298
Net gains on fixed and intangible assets	1	0	0
Impairment of financial instruments	(58)	11	(352)
Profit from repossessed operations	147	(52)	(111)
Pre-tax operating profit	4 606	3 843	3 835
Tax expense	(1 152)	(961)	(959)
Profit for the period	3 455	2 882	2 876
Average balance sheet items in NOK billion
Loans to customers	491.8	460.3	445.6
Deposits from customers	475.4	472.1	492.2
Key figures in per cent
Lending spreads1	2.33	2.31	2.30
Deposit spreads1	0.12	0.10	0.25
Return on allocated capital	22.1	18.3	18.9
Cost/income ratio	39.5	40.9	39.2
Ratio of deposits to loans	96.7	102.6	110.5

1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).

The return on allocated capital in the fourth quarter in the large corporates and international customers segment was 22.1 per cent. The result was affected by solid net interest income and other operating income.

Net interest income increased by NOK 138 million, or 2.8 per cent, compared with the corresponding quarter of last year. Compared with the previous quarter, net interest income increased by NOK 353 million, or 7.5 per cent. Average loans to customers were up 10.4 per cent and 6.8 per cent from the corresponding quarter of 2023 and the third quarter of 2024, respectively. Lending spreads in the fourth quarter widened by 2 basis points compared with the corresponding quarter of 2023. Compared with the previous quarter, lending spreads widened by 1 basis point. Average deposit volumes were down 3.4 per cent compared with the corresponding quarter of 2023. Compared with the third quarter of 2024, deposit volumes increased by 0.7 per cent. Deposit spreads increased by 2 basis points from the previous quarter. The ratio of deposits to loans decreased to 96.7 per cent, but this development has been expected for some time.

Net other operating income amounted to NOK 2 421 million in the fourth quarter, which is an increase of 12.1 per cent compared with the fourth quarter of 2023. The increase in net other operating income from the previous quarter was linked to higher income from Markets activities. Total income for the quarter ended at NOK 7 465 million.

Operating expenses amounted to NOK 2 949 million in the fourth quarter, up NOK 264 million, or 9.8 per cent, from the previous quarter.

Impairment of financial instruments amounted to NOK 58 million in the quarter. Excluding the legacy portfolio in Poland, there were net reversals of NOK 210 million. The previous quarter saw net reversals of NOK 11 million, while the corresponding quarter in 2023 showed impairment provisions of NOK 352 million. The reversals could be seen in all three stages, but primarily in stage 3, relating to a few specific customers spread across various industry segments.

DNB is well positioned for continued profitable growth in the large corporates and international customers segment. The segment has embedded DNB's net-zero emissions ambition into key sectoral strategies, and through a wide range of advisory services and sustainable finance products, the Group is assisting its customers in their transition to a low-carbon economy and more sustainable value creation.

Other operations

This segment includes the results from risk management in DNB Markets and from traditional pension products with a guaranteed rate of return. In addition, the other operations segment includes Group items not allocated to the customer segments.

Income statement in NOK million	4Q24	3Q24	4Q23
Net interest income	1 093	969	452
Net other operating income	348	2 462	(592)
Total income	1 441	3 431	(140)
Operating expenses	(1 082)	(542)	(171)
Pre-tax operating profit before impairment	359	2 889	(310)
Net gains on fixed and intangible assets	2	0	(0)
Impairment of financial instruments	1	1	(1)
Profit from repossessed operations	(128)	58	111
Pre-tax operating profit	233	2 949	(200)
Tax expense	2 510	25	1 067
Profit from operations held for sale, after taxes	106	(40)	(138)
Profit for the period	2 849	2 934	729
Average balance sheet items in NOK billion
Loans to customers	192.2	126.1	108.4

The profit for the other operations segment was NOK 2 849 million in the fourth quarter.

Deposits from customers 183.7 177.9 53.1

Risk management income improved in the quarter, reaching NOK 552 million, which was an increase of NOK 305 million compared with the corresponding quarter of last year. The main contributor to the increased income was interest rate and bond trading. In addition, lower counterparty risk (XVA) had a positive impact on the income for the quarter.

The pre-tax operating profit for guaranteed pension products was NOK 451 million, compared with NOK 442 million in the fourth quarter of 2023. The contractual service margin release was somewhat higher in the fourth quarter of 2024 due to increased interest rates, and the return on the company portfolio was slightly lower than in the same period of 2023. The solvency margin without transitional rules was 262 per cent as of 31 December, an increase from 259 per cent at the end of the third quarter, mainly due to higher interest rates and a volatility adjustment. In December, DNB Livsforsikring made a capital repayment of NOK 1.5 billion to DNB Bank ASA. In addition, the Board of Directors will propose a dividend for the financial year 2024 of NOK 1.5 billion to be paid in the first quarter of 2025. Total dividends in the fourth quarter caused a reduction in the solvency margin of 15 percentage points. At the current interest rate level, the transitional rules for technical insurance provisions have no effect, and the solvency margins with and without transitional rules are equal.

DNB's share of the profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment. There was a decrease in profit from these companies of NOK 21 million compared with the fourth quarter of 2023, and of NOK 758 million compared with the previous quarter. The decrease from the third quarter can mainly be ascribed to a non-recurring positive effect from the merger between Fremtind and Eika which was recognised in the third quarter.

Full year 2024

DNB recorded profits of NOK 45 804 million in 2024, up NOK 6 325 million, or 16.0 per cent, from 2023. Return on equity was 17.5 per cent, compared with 15.9 per cent in the year-earlier period, and earnings per share were NOK 29.34, up from NOK 24.83 in 2023.

Net interest income increased by NOK 2 643 million from 2023, driven by widened combined spreads and higher interest on equity.

Net other operating income increased by NOK 2 196 million, or 10.9 per cent. Net commissions and fees showed a strong development in 2024 and increased by NOK 1 351 million, or 12.2 per cent. This was mainly due to money transfer and banking and investment banking services, as well as all-time high levels in asset management services.

Total operating expenses were up NOK 1 827 million from 2023, due to higher activity and restructuring expenses.

Impairment of financial instruments totalled NOK 1 209 million in 2024. Impairment provisions of NOK 345 million and NOK 863 million could be seen in the personal customers and corporate customers industry segments, respectively. The impairment provisions in the corporate customers segments were spread across various industry segments. The impairment provisions were partly curtailed by net reversals within the oil, gas and offshore industry segment.

Income statement for 2024 – main items

Net interest income

Amounts in NOK million	2024	2023
Lending spreads, customer segments	31 289	27 261
Deposit spreads, customer segments	15 505	18 925
Amortisation effects and fees	4 799	4 327
Operational leasing	3 137	2 993
Resolution fund fee and deposit guarantee fund levy	(1 371)	(1 259)
Other net interest income	10 832	9 300
Net interest income	64 190	61 547

Net interest income increased by NOK 2 643 million, or 4.3 per cent from 2023, mainly due to widened combined spreads and higher interest on equity. There was an average increase in the healthy loan portfolio of NOK 21.4 billion, or 1.1 per cent, from 2023. In the same period, there was an increase of NOK 4.4 billion, or 0.3 per cent, in average deposit volumes. Combined spreads widened by 1 basis point compared with the year-earlier period. Average lending spreads for the customer segments widened by 20 basis points, and average deposit spreads narrowed by 24 basis points.

Net other operating income

Amounts in NOK million	2024	2023
Net commissions and fees	12 466	11 115
Basis swaps	(1 559)	(612)
Exchange rate effects related to additional Tier 1 capital	1 427	332
Net gains on other financial instruments at fair value	4 357	5 563
Net insurance result	1 421	1 183
Net profit from associated companies	1 719	449
Other operating income	2 516	2 120
Net other operating income	22 347	20 150

Net other operating income increased by NOK 2 196 million, or 10.9 per cent, compared with 2023. This was mainly due to positive exchange rate effects related to AT1 capital as well as solid results from net commissions and fees, which showed a strong

development and increased by NOK 1 351 million, or 12.2 per cent,

in 2024. The increase in net commissions and fees was driven by solid performance across product areas, particularly within investment banking and asset management services, with asset management services reaching an all-time high. However, this was partly offset by negative exchange rate effects relating to basis swaps. In addition, there was a positive non-recurring effect in the third quarter from associated companies relating to the merger between Eika and Fremtind.

Operating expenses

Amounts in NOK million	2024	2023
Salaries and other personnel expenses	(17 521)	(16 278)
Restructuring expenses	(440)	(42)
Other expenses	(8 893)	(8 506)
Depreciation of fixed and intangible assets	(3 618)	(3 613)
Impairment of fixed and intangible assets	25	(181)
Operating expenses	(30 448)	(28 620)

Total operating expenses were up NOK 1 827 million, or 6.4 per cent in 2024, reflecting higher activity and restructuring expenses relating to the downsizing within the Group's staff and support functions, as well higher personnel expenses.

The cost/income ratio was 35.2 per cent in 2024.

Impairment of financial instruments by industry segment

Amounts in NOK million	2024	2023
Personal customers	(345)	(276)
Commercial real estate	(25)	(241)
Residential property	(169)	(200)
Power and renewables	(33)	(292)
Oil, gas and offshore	247	905
Other	(883)	(2 545)
Total impairment of financial instruments	(1 209)	(2 649)

Impairment of financial instruments totalled NOK 1 209 million in 2024.

Impairment provisions of NOK 345 million and NOK 863 million could be seen in the personal customers and corporate customers industry segments, respectively.

Impairment provisions in the personal customers industry segment were primarily in stage 3 and related to consumer finance. The mortgage portfolio remained stable throughout the year.

Impairment provisions in the corporate customers industry segments amounted to NOK 564 million, excluding the legacy portfolio in Poland. These could mainly be seen in stage 3, spread across various industries driven by customer-specific events, as well as object financing. The impairment provisions were partly curtailed by net reversals within the oil, gas and offshore segment relating to specific customers.

Net stage 3 loans and financial commitments decreased by NOK 2 billion during the year, totalling NOK 21 billion at end-December 2024. The decrease for the year can primarily be ascribed to specific customers in connection with restructuring.

Taxes for the full year 2024

The DNB Group's tax expense for the full year 2024 was NOK 9 074 million, or 17 per cent of the pre-tax operating profit. The tax expense was affected by the estimated debt interest distribution resulting in a higher interest deduction in Norway, an increase in tax-exempt income as well as higher non-deductible expenses compared with 2023. In 2024, the debt interest distribution resulted in an interest deduction in Norway which reduced the tax expense for the Group by NOK 3 690 million, compared with NOK 2 464 million in 2023.

Funding, liquidity and balance sheet

The bank's short-term funding programmes have been a reliable and stable source of funding for a long period of time. In the first half of 2024, interest rates in Europe were higher than they had been for some time. Combined with the expectation of a decline in interest rates, there was considerable interest from European investors. The outstanding volume under the European Commercial Paper / Certificates of Deposit (ECP/ECD) Programmes increased throughout the first half of the year, and for some time it was higher than the outstanding volume under the US Commercial Paper (USCP) Programme in the US. In the second half of the year, the outstanding volume under the USCP Programme increased, at the same time that the bank issued less funding under the European programmes. At the end of the year, the situation was more normalised, with the outstanding volume in USD being highest.

Access to short-term funding has been good throughout the year, with USD remaining the most important currency. At the same time, the European market has proved to be a good source of shortterm funding, which is positive for the diversification of DNB's shortterm funding.

Developments in credit risk premiums for financial issuers were positive for most instrument types in 2024. However, the credit risk premiums for covered bonds stand out, as these premiums ended at a higher level than at the beginning of the year.

As usual, the volume of issues at the beginning of year was high, which led to marginally higher credit risk premiums. Strong macro figures from the leading economies, indicating continued high activity, contributed to lower credit risk premiums during the first quarter. The positive sentiment continued into the second quarter, with a further reduction in credit risk premiums. However, the situation deteriorated towards the end of the second quarter, as a result of increased political unrest in the EU, and President Macron's decision to call a snap election in France. The third quarter was characterised by quieter markets during the summer and stable developments in the credit risk premiums. In the early autumn, the markets weakened, mainly due to an increase in the key policy rate in Japan, which led to a reversal of financial positions that was financed through loans in JPY and weaker macro figures in the US. However, a surprisingly large 50-basis point cut in the key policy rate by the US Federal Reserve, along with somewhat improved macroeconomic figures at the end of the third quarter of 2024, helped improve the sentiment.

In the fourth quarter of 2024, the market's main focus was increased government bond yields in the EU, especially in Germany and France. The higher required rate of return for presumably safe European government bonds led to a substantial increase in covered bonds, but the positive trend for the credit risk premium for unsecured corporate bonds continued, resulting in a lower level at year-end than at the beginning of 2024.

DNB made issues in the SEK, JPY, NOK, EUR, USD and CHF markets totalling NOK 121 billion in 2024, compared with NOK 101 billion in 2023. In the fourth quarter of 2024, DNB issued longterm financing equivalent to NOK 33 billion. In 2024, new issues were mainly linked to covered bonds, which constituted about 60 per cent of the volume issued. The remaining volume was mainly issued in the form of senior unsecured debt, as well as additional Tier 1 capital (AT1/T2). The average maturity of new issues in 2024 was about 5 years.       

The total nominal value of long-term debt securities issued by the Group was NOK 533 billion at end-December, compared with NOK 506 billion a year earlier. The average remaining term to maturity for long-term debt securities issued was 3.6 years, at the same level a year earlier.

The short-term liquidity requirement, the Liquidity Coverage Ratio (LCR), remained stable at above 100 per cent throughout the year, and was 148 per cent at the end of 2024. The net long-term stable funding ratio (NSFR) was 113 per cent, which was well

above the minimum requirement of 100 per cent for stable and long-term funding.

Total combined assets in the DNB Group were NOK 4 350 billion at the end of December, up from NOK 4 035 billion a year earlier. Total assets in the Group's balance sheet were NOK 3 614 billion at end-December 2024, compared with NOK 3 440 billion at end-December 2023.

Loans to customers increased by NOK 254.2 billion, or 12.7 per cent, from the end of 2023 to the end of 2024. Customer deposits were up NOK 64.8 billion, or 4.6 per cent, during the same period. The ratio of customer deposits to net loans to customers was 74.3 per cent, down from 74.9 per cent a year earlier.

Capital position

The common equity Tier 1 (CET1) capital ratio was 19.4 per cent at year-end 2024, up from 18.2 per cent a year earlier and from 19.0 per cent at end-September. The CET1 ratio was positively impacted by retained earnings in the quarter, a net reversal relating to the proposed dividend payout ratio, repayment of excess capital from DNB Livsforsikring and a lower risk exposure amount relating to credit risk. These effects were partly offset by a redemption of AT1 capital and increased operational risk.

The CET1 capital ratio requirement for DNB at year-end 2024 was 15.3 per cent, while the expectation from the supervisory authorities was 16.6 per cent including Pillar 2 Guidance. The Group thus had a solid 2.8 percentage-point headroom above the current supervisory authorities' capital level expectation.

The risk exposure amount increased by NOK 11 billion from end-September and amounted to NOK 1 121 billion at year-end.

The leverage ratio was 6.9 per cent at year-end, up from 6.8 per cent in the year-earlier period, and from 6.3 per cent at end-September.

Capital adequacy

The capital adequacy regulations specify a minimum requirement for own funds based on a risk exposure amount that includes credit risk, market risk and operational risk. In addition to meeting the Pillar 1 minimum requirement, DNB must meet the Pillar 2 requirements and the combined buffer requirements under Pillar 1.

Capital and risk

	4Q24	3Q24	4Q23
CET1 capital ratio, per cent	19.4	19.0	18.2
Tier 1 capital ratio, per cent	21.2	20.9	20.0
Capital ratio, per cent	23.8	23.4	22.5
Risk exposure amount, NOK billion	1 121	1 110	1 100
Leverage ratio, per cent	6.9	6.3	6.8

As the DNB Group consists of both a credit institution and a life insurance company, DNB has to satisfy a cross-sectoral calculation test to demonstrate that it complies with sectoral requirements: the capital adequacy requirement, in accordance with the Capital Requirements Regulation / Capital Requirements Directive (CRR/CRD), and the Solvency II requirement. At the end ot 2024-, DNB complied with these requirements by a good margin, with excess capital of NOK 54.8 billion.

New regulatory framework

CRR III – Norwegian implementation

On 6 December, the Norwegian Ministry of Finance made certain changes to the Regulations on capital requirements and implementation of CRR/CRD (CRR/CRD Regulations) based on a proposal from Finanstilsynet (the Financial Supervisory Authority of Norway) on the implementation of the Capital Requirements Regulation III (CRR III) in Norway.

The Norwegian risk weight floors for exposures secured by real estate under the internal ratings-based (IRB) approach have been maintained, with some adjustments. For exposures secured by residential property, the requirement for the average risk weight has been increased, from 20 to 25 per cent. For exposures secured by commercial property, the requirement for an average risk weight of 35 per cent has been maintained.

In line with Finanstilsynet's proposal, the specific Norwegian loss given default (LGD) floor of 20 per cent has now been removed. The Norwegian requirement will therefore be in line with the CRR III, which entails a requirement for an average LGD value of at least 5 per cent for residential property and 10 per cent for commercial property. In addition, under the CRR III, the calculation will now be made at exposure level, rather than at portfolio level, as was the case previously.

The changes in the minimum requirement for average risk weight for IRB banks take effect on 1 July 2025.

Lending regulations

On 4 December, the Ministry of Finance adopted changes to the Norwegian Lending Regulations, in accordance with Section 1-7 of the Norwegian Financial Institutions Act. The Ministry decided to maintain most of the current requirements, but did make certain changes. The equity requirement for mortgages has been reduced from 15 to 10 per cent, which means that the maximum loan-tovalue ratio has increased from 85 to 90 per cent. This change is in line with the consultation response from the Norwegian central bank, Norges Bank.

The Ministry emphasised that the Lending Regulations do not prevent banks from making individual assessments of the borrower's expenses and repayment capacity, especially for families with children, where economies of scale may be considered for large families. According to Section 5 of the Lending Regulations, the borrower must be able to withstand an interest rate increase of 3 percentage points or an interest rate of at least 7 per cent. For fixed-rate loans, the interest rate increase was previously calculated based on the amount outstanding at the end of the fixed-rate period according to the repayment schedule. Changes have been made so that the customer's expected income and expenses at the end of the fixed-rate period can be considered.

The expiry date for Section 19 of the Lending Regulations has been repealed. This means that the Lending Regulations have become 'permanent' and no longer need to be renewed periodically. However, the Ministry of Finance has stated that the regulations will still be assessed regularly. The changes took effect on 31 December 2024.

Countercyclical buffer kept unchanged

According to Section 34 of the CRR/CRD Regulations, Norges Bank is required to make a decision on the level of the countercyclical capital buffer rate for exposures in Norway each year. On 21 November, Norges Bank's Monetary Policy and Financial Stability Committee decided to maintain the countercyclical capital buffer requirement at 2.5 per cent. The Committee pointed to the risk that vulnerabilities in the financial system could amplify an economic downturn in Norway, leading to bank losses. However, the Committee emphasised that the solvency stress test in the Financial Stability Report 2024 H1 showed that Norwegian banks are able to withstand substantial losses while continuing to lend, thereby not contributing to an economic downturn.

Systemically important financial institutions

On 3 December, the Ministry of Finance decided that DNB Bank ASA, Kommunalbanken AS, Nordea Eiendomskreditt AS and Sparebank 1 Sør-Norge ASA (formerly Sparebank 1 SR-Bank ASA) will continue to be considered systemically important financial institutions in Norway. This decision was in line with the recommendation from Finanstilsynet.

According to the capital requirements regulations, national authorities must annually assess which institutions are to be classified as systemically important. Systemically important institutions are identified based on the criteria set out in Section 30 of the CRR/CRD Regulations.

The Ministry of Finance's decision means that DNB Bank ASA must continue to meet an Other Systemically Important Institution (O-SII) buffer requirement of 2 per cent, while Kommunalbanken AS, Nordea Eiendomskreditt AS and Sparebank 1 Sør-Norge ASA must continue to meet a requirement of 1 per cent.

Macroeconomic developments

There was a clear upturn in the Norwegian economy in the third quarter of 2024. Mainland GDP increased by 0.4 and 0.3 per cent, respectively, during the first two quarters of 2024. Growth in the third quarter rose to 0.5 per cent. Adjusted for the volatile sectors power generation and fishing, the GDP for mainland companies remained virtually unchanged in the first and second quarters of 2024, but rose by about 1 per cent quarter-on-quarter in the third quarter. Despite weak growth in the first half of 2024, unemployment remained relatively stable. At the end of 2024, registered unemployment was 2.0 per cent, compared with 1.9 per cent in December 2023.

As in other countries, there was a pronounced decline in inflation in Norway in 2024. In December last year, annual growth in the consumer price index was 2.7 per cent, down from 4.8 per cent one year earlier. The high inflation in 2022 and 2023 contributed to a clear decline in real wages. Norges Bank raised the key policy rate to 4.5 per cent in December 2023 in order to counteract inflation. The central bank kept the rate unchanged in 2024, but signalled in December that it would probably be lowered in March 2025. The 3-month NIBOR was 4.68 per cent at the end of last year, 5 basis points lower than one year earlier. The stability in the money market rate is primarily due to the key policy rate remaining at a stable 4.5 per cent throughout the year. In addition, the structural liquidity in the money market was relatively high, which contributed to keeping the money market premiumin low and stable.

The increase in interest rates in 2022 and 2023 contributed to the weakening of Norwegian households' purchasing power. However, the large financial buffers of households after the pandemic, together with employment growth, helped support household demand. A high level of oil and gas investment has contributed to keeping activity up and has offset the decline in housing investment. The housing market has been supported by high immigration and public funding. These forces also dominated in 2024, while the decline in inflation and relatively high wage growth led to an increase in real wages of about 2 per cent.

The Norwegian krone, measured by the I-44 import-weighted index, moved laterally in 2024, but with large fluctuations. At the end of 2024, the import-weighted exchange rate was 5.2 per cent higher than one year earlier (weaker NOK). The value of the NOK has gone hand in hand with a relatively well-balanced economy, with low unemployment and normal capacity utilisation.

Future prospects

The Group's overriding financial target is a return on equity (ROE) above 14 per cent.

The following factors will contribute to the Group reaching the ROE target: growth in loans and in commissions and fees from capital-light products, combined with cost control and efficient capital management. The ambition for annual organic loan growth for the Group is between 3 and 4 per cent over time, but could be lower or higher in certain years. DNB has an ambition to increase net commissions and fees by more than 9 per cent annually in the period 2025–2027, and to maintain a cost/income ratio below 40 per cent.

The long-term tax rate is expected to be 23 per cent. However, for 2025, due to the debt interest distribution between the US and Norway in Norwegian taxation, the tax is expected to be lower than the long-term expectation.

The supervisory expectation for the common equity Tier 1 (CET1) capital ratio for DNB is above 16.6 per cent. In its capital planning, DNB has set the supervisory expectation plus some headroom as its target capital level. The headroom will reflect market-driven fluctuations, including in foreign exchange and potential regulatory changes. The actual ratio achieved in 2024 was 19.4 per cent. In its capital planning, DNB has also taken into account the following: The expected acquisition of Carnegie will reduce the CET1 capital ratio of approximately 120 basis points from the expected closing of the transaction in the first half of 2025. Once the EU's Banking Package (CRR III) has been implemented, it will have a negative effect of around 20 basis points on the CET1 capital ratio. Furthermore, the Ministry of Finance's decision to increase the risk weight floors for mortgages from 20 to 25 per cent will have a negative effect of approximately 70 basis points from 1 July 2025. These negative effects will be countered by, among other things, positive effects from profit generation and dividends from DNB Livsforsikring in the same period.

The Group's dividend policy remains unchanged, with a payout ratio of more than 50 per cent in cash dividends and an ambition to increase the nominal dividend per share each year. In addition to dividend payments, repurchases of own shares are being used as a flexible tool for allocating excess capital to DNB's owners. The Board of Directors will propose to the Annual General Assembly a dividend for 2024 of NOK 16.75 per share, or a total of NOK 24 835 million, corresponding to a payout ratio of 57 per cent, 64 per cent including the completed share buy-back programme of 1.0 per cent.

Oslo, 4 February 2025 The Board of Directors of DNB Bank ASA

Olaug Svarva (Chair of the Board)

Jens Petter Olsen (Vice Chair of the Board)

Gro Bakstad

Petter-Børre Furberg

Lillian Hattrem

Haakon Christopher Sandven

Eli Solhaug

Kim Wahl

Kjerstin R. Braathen (Group Chief Executive Officer, CEO)

Accounts for the DNB Group

G – INCOME STATEMENT

	4th quarter	4th quarter	Full year	Full year
Amounts in NOK million	2024	2023	2024	2023
Interest income, effective interest method	46 021	43 595	186 742	153 550
Other interest income	1 912	1 236	6 812	7 095
Interest expenses, effective interest method	(31 256)	(29 441)	(129 643)	(101 757)
Other interest expenses	42	607	279	2 658
Net interest income	16 718	15 997	64 190	61 547
Commission and fee income	4 356	3 856	16 298	14 772
Commission and fee expenses	(1 069)	(929)	(3 832)	(3 658)
Net gains on financial instruments at fair value	372	(162)	4 225	5 283
Net insurance result	467	326	1 421	1 183
Profit from investments accounted for by the equity method	256	274	1 719	449
Net gains on investment properties	102	45	103	43
Other income	515	581	2 413	2 077
Net other operating income	4 998	3 991	22 347	20 150
Total income	21 716	19 988	86 537	81 697
Salaries and other personnel expenses	(4 982)	(4 428)	(17 961)	(16 320)
Other expenses	(2 334)	(2 298)	(8 893)	(8 506)
Depreciation and impairment of fixed and intangible assets	(910)	(977)	(3 594)	(3 794)
Total operating expenses	(8 227)	(7 703)	(30 448)	(28 620)
Pre-tax operating profit before impairment	13 489	12 286	56 089	53 077
Net gains on fixed and intangible assets	2	0	(2)	11
Impairment of financial instruments	(157)	(920)	(1 209)	(2 649)
Pre-tax operating profit	13 334	11 366	54 878	50 440
Tax expense	(765)	(1 824)	(9 074)	(10 811)
Profit from operations held for sale, after taxes	106	(138)	0	(149)
Profit for the period	12 675	9 403	45 804	39 479
Portion attributable to shareholders	12 178	9 019	43 870	38 166
Portion attributable to non-controlling interests	28	(15)	33	2
Portion attributable to additional Tier 1 capital holders	469	400	1 901	1 312
Profit for the period	12 675	9 403	45 804	39 479
Earnings/diluted earnings per share (NOK)	8.21	5.93	29.34	24.83
Earnings per share excluding operations held for sale (NOK)	8.14	6.02	29.34	24.93

G – COMPREHENSIVE INCOME STATEMENT

	4th quarter	4th quarter	Full year	Full year
Amounts in NOK million	2024	2023	2024	2023
Profit for the period	12 675	9 403	45 804	39 479
Actuarial gains and losses	207	(331)	207	(291)
Property revaluation	5	3	(11)	2
Financial liabilities designated at FVTPL, changes in credit risk	(1)	(52)	(75)	(102)
Tax	(50)	96	(31)	99
Items that will not be reclassified to the income statement	161	(284)	89	(292)
Currency translation of foreign operations	2 590	(1 030)	7 150	4 950
Currency translation reserve reclassified to the income statement			(29)
Hedging of net investment	(1 987)	1 075	(5 686)	(3 845)
Financial assets at fair value through OCI	(270)	(139)	191	(147)
Tax	564	(234)	1 374	998
Items that may subsequently be reclassified to the income statement	896	(328)	3 000	1 955
Other comprehensive income for the period	1 057	(611)	3 089	1 663
Comprehensive income for the period	13 732	8 792	48 893	41 142

G – BALANCE SHEET

	Note	31 Dec. 2024	31 Dec. 2023
Amounts in NOK million
Assets
Cash and deposits with central banks		147 944	331 408
Due from credit institutions		165 563	94 259
Loans to customers	G5, G6, G7, G8	2 251 513	1 997 363
Commercial paper and bonds	G8	574 896	569 464
Shareholdings	G8	33 107	22 281
Assets, customers bearing the risk	G8	202 255	166 722
Financial derivatives	G8	159 853	178 263
Investment properties		8 205	9 454
Investments accounted for by the equity method		19 462	19 100
Intangible assets		10 735	10 456
Deferred tax assets		687	388
Fixed assets		21 006	21 439
Assets held for sale		1 399	1 195
Other assets		17 501	17 932
Total assets		3 614 125	3 439 724
Liabilities and equity
Due to credit institutions		237 089	206 714
Deposits from customers	G8	1 487 763	1 422 941
Financial derivatives	G8	163 112	189 178
Debt securities issued	G8, G9	854 765	807 928
Insurance liabilities, customers bearing the risk		202 255	166 722
Insurance liabilities		189 877	195 319
Payable taxes		3 115	9 488
Deferred taxes		4 823	2 722
Other liabilities		24 509	22 583
Liabilities held for sale		548	540
Provisions		1 598	1 146
Pension commitments		5 594	5 343
Senior non-preferred bonds	G8, G9	119 484	99 848
Subordinated loan capital	G8, G9	36 269	39 957
Total liabilities		3 330 800	3 170 428
Additional Tier 1 capital		21 916	22 004
Non-controlling interests		218	168
Share capital		18 533	18 960
Share premium		18 733	18 733
Other equity		223 925	209 431
Total equity		283 325	269 296
Total liabilities and equity		3 614 125	3 439 724

G – STATEMENT OF CHANGES IN EQUITY

					Net
	Non-			Additional	currency	Liability
	controlling	Share	Share	Tier 1	translation	credit	Other	Total
Amounts in NOK million Balance sheet as at 31 December 2022	interests 227	capital 19 378	premium 18 733	capital 16 089	reserve 5 200	reserve 150	equity 190 063	equity 249 840
Profit for the period	2			1 312			38 166	39 479
Actuarial gains and losses							(291)	(291)
Property revaluation							2	2
Financial assets at fair value through OCI							(147)	(147)
Financial liabilities designated at FVTPL,
changes in credit risk						(102)		(102)
Currency translation of foreign operations					4 950			4 950
Hedging of net investment					(3 845)			(3 845)
Tax on other comprehensive income					961	25	110	1 096
Comprehensive income for the period	2			1 312	2 066	(76)	37 839	41 142
Interest payments AT1 capital				(1 225)				(1 225)
AT1 capital issued				5 829			(5)	5 823
Net purchase of treasury shares		1					19	20
Share buy-back programme		(419)					(6 517)	(6 936)
Non-controlling interests	(62)							(62)
Dividends paid for 2022
(NOK 12.50 per share)							(19 316)	(19 316)
Other equity transactions							10	10
Balance sheet as at 31 December 2023	168	18 960	18 733	22 004	7 266	73	202 092	269 296
Profit for the period	33			1 901			43 870	45 804
Actuarial gains and losses							207	207
Property revaluation							(11)	(11)
Financial assets at fair value through OCI							191	191
Financial liabilities designated at FVTPL,
changes in credit risk						(75)		(75)
Currency translation of foreign operations					7 150			7 150
Hedging of net investment					(5 686)			(5 686)
Reclassified to the income statement on the liquidation of foreign operations					(29)			(29)
Tax on other comprehensive income					1 421	19	(98)	1 342
Comprehensive income for the period
	33			1 901	2 857	(57)	44 159	48 893
Interest payments AT1 capital				(1 866)				(1 866)
AT1 capital issued1				10 551			(27)	10 524
AT1 capital redeemed2				(12 313)				(12 313)
Currency movements on
redemption AT1 capital				1 638			(1 638)
Share buy-back programme		(427)					(6 674)	(7 101)
Non-controlling interests	17						26	44
Dividends paid for 2023 (NOK 16.00 per share)							(24 153)	(24 153)

1 The DNB Group's parent, DNB Bank ASA, has issued three additional Tier 1 capital instruments in 2024. The first was issued in February, has a nominal value of SEK 1 100 million and is perpetual with a floating interest of 3-month STIBOR plus 3.1 per cent p.a. The second was issued in February, has a nominal value of SEK 2 000 million and is perpetual with an interest rate of 5.89 per cent p.a. until 27 August 2029. Thereafter 3-month STIBOR plus 3.1 per cent. The third was issued in May, has a nominal value of USD 700 million and is perpetual with an interest rate of 7.38 per cent p.a.

2 Four additional Tier 1 capital instruments have been redeemed in 2024.The first was issued by Sbanken ASA in 2019, had a nominal value of NOK 100 million and was redeemed in March. The second was issued by DNB Bank ASA in 2019, had a nominal value of NOK 2 700 million and was redeemed in June. The third was issued by DNB Bank ASA in 2019, had a nominal value of USD 850 million and was redeemed in November. The fourth was issued by Sbanken ASA in 2019, had a nominal value of NOK 100 million and was redeemed in December.

G – CASH FLOW STATEMENT

Amounts in NOK million	Full year 2024	Full year 2023
Operating activities
Net payments on loans to customers	(213 709)	(13 895)
Net receipts on deposits from customers	23 755	6 476
Receipts on issued bonds and commercial paper	1 220 860	1 566 536
Payments on redeemed bonds and commercial paper	(1 218 046)	(1 511 124)
Net payments on loans to credit institutions	(33 824)	(38 759)
Interest received	192 969	157 263
Interest paid	(118 200)	(94 298)
Net receipts on commissions and fees	12 672	10 577
Net receipts/(payments) on the sale of financial assets in liquidity or trading portfolio	13 495	(52 503)
Payments to operations	(26 560)	(23 960)
Taxes paid	(10 122)	(2 956)
Receipts on premiums	21 565	18 852
Net payments on premium reserve transfers	(2 592)	(1 496)
Payments of insurance settlements	(16 099)	(15 270)
Other net payments	(2 609)	(1 319)
Net cash flow from operating activities	(156 444)	4 124
Investing activities
Net payments on the acquisition or disposal of fixed assets	(2 677)	(4 081)
Receipts on investment properties	882	2 616
Payments on and for investment properties	(17)	(16)
Investment in long-term shares	(139)	(407)
Disposals of long-term shares	314	117
Dividends received on long-term investments in shares	756	14
Net cash flow from investing activities	(880)	(1 756)
Financing activities
Receipts on issued senior non-preferred bonds	11 780	34 685
Payments on redeemed senior non-preferred bonds	(1 163)	(80)
Receipts on issued subordinated loan capital	1 417	11 788
Redemptions of subordinated loan capital	(5 978)	(10 030)
Receipts on issued AT1 capital	10 524	5 829
Redemptions of AT1 capital	(12 313)
Interest payments on AT1 capital	(1 866)	(1 225)
Lease payments	(724)	(559)
Net purchase of own shares	(7 101)	(6 916)
Dividend payments	(24 153)	(19 316)
Net cash flow from financing activities	(29 575)	14 176
Effects of exchange rate changes on cash and cash equivalents Net cash flow	3 559 (183 340)	1 913 18 458
Cash as at 1 January	335 580	317 123
Net receipts of cash	(183 340)	18 458
Cash at end of period*
	152 240	335 580
*) Of which: Cash and deposits with central banks	147 944	331 408
Deposits with credit institutions with no agreed period of notice1	4 296	4 172

1 Recorded under "Due from credit institutions" in the balance sheet.

NOTE G1 BASIS FOR PREPARATION

The quarterly financial statements for the Group have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as adopted by the European Union. When preparing the consolidated financial statements, the management makes estimates, judgements and assumptions that affect the application of the accounting principles, as well as income, expenses, and the carrying amount of assets and liabilities. Estimates and assumptions are subject to continual evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be probable on the balance sheet date. A description of the accounting policies, significant estimates, and areas where judgement is applied by the Group, can be found in Note G1 Accounting principles in the annual report for 2023. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the Group are in conformity with those described in the annual report. With effect from the third quarter of 2024, the Group has changed the composition of reportable segments. For further information, see note G2 Segments.

NOTE G2 SEGMENTS

According to DNB's management model, the operating segments are independent profit centres that are fully responsible for their profit after tax and for achieving the targeted returns on allocated capital. DNB has the following operating segments: Personal customers, Large corporates and international customers, Corporate customers Norway, Risk management and Traditional pension products (with guaranteed rate of return). The Risk management and Traditional pension products segments are included in Other operations. DNB's share of profit in major associated companies (most importantly Luminor, Vipps and Fremtind) is included in Other operations. With effect from the third quarter 2024, DNB has changed the composition of reportable segments, as Corporate customers has been divided into Large corporates and international customers and Corporate customers Norway. Figures for 2023 have been adjusted accordingly.

Income statement, fourth quarter

	Corporate		Large corporates
		Personal	customers		and international		Other
		customers	Norway		customers		operations		Eliminations		DNB Group
		4th quarter	4th quarter		4th quarter		4th quarter		4th quarter		4th quarter
Amounts in NOK million	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Net interest income	5 525	5 703	5 057	4 936	5 044	4 906	1 093	452			16 718	15 997
Net other operating income	1 439	1 186	1 058	964	2 421	2 161	348	(592)	(269)	272	4 998	3 991
Total income	6 964	6 889	6 115	5 900	7 465	7 066	1 441	(140)	(269)	272	21 716	19 988
Operating expenses	(2 645)	(2 911)	(1 819)	(1 581)	(2 949)	(2 769)	(1 082)	(171)	269	(272)	(8 227)	(7 703)
Pre-tax operating profit before impairment	4 319	3 978	4 296	4 320	4 516	4 298	359	(310)			13 489	12 286
Net gains on fixed and intangible assets	(1)				1	0	2	(0)			2	0
Impairment of financial instruments	(55)	(149)	(45)	(418)	(58)	(352)	1	(1)			(157)	(920)
Profit from repossessed operations			(19)		147	(111)	(128)	111
Pre-tax operating profit	4 263	3 829	4 232	3 902	4 606	3 835	233	(200)			13 334	11 366
Tax expense	(1 066)	(957)	(1 058)	(975)	(1 152)	(959)	2 510	1 067			(765)	(1 824)
Profit from operations held for sale, after taxes							106	(138)			106	(138)
Profit for the period	3 197	2 872	3 174	2 926	3 455	2 876	2 849	729			12 675	9 403

Income statement, Full year

			Corporate		Large corporates
		Personal	customers		and international		Other
		customers	Norway		customers		operations		Eliminations		DNB Group
		Full year		Full year	Full year		Full year		Full year		Full year
Amounts in NOK million	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Net interest income	22 152	21 658	19 436	18 651	18 602	19 115	4 001	2 123			64 190	61 547
Net other operating income	5 967	5 423	4 014	3 379	8 520	8 076	4 644	2 280	(798)	992	22 347	20 150
Total income	28 118	27 081	23 450	22 030	27 122	27 191	8 645	4 403	(798)	992	86 537	81 697
Operating expenses	(11 266)	(11 135)	(6 796)	(5 949)	(11 091)	(10 580)	(2 093)	37	798	(992)	(30 448)	(28 620)
Pre-tax operating profit before impairment	16 852	15 945	16 653	16 081	16 031	16 611	6 553	4 440			56 089	53 077
Net gains on fixed and intangible assets	(3)	0		0	2	1	(1)	10			(2)	11
Impairment of financial instruments	(237)	(511)	(670)	(1 131)	(303)	(1 006)	1	(1)			(1 209)	(2 649)
Profit from repossessed operations			(25)		(2)	28	27	(28)
Pre-tax operating profit	16 612	15 434	15 959	14 950	15 727	15 633	6 580	4 422			54 878	50 440
Tax expense	(4 153)	(3 859)	(3 990)	(3 738)	(3 932)	(3 908)	3 000	693			(9 074)	(10 811)
Profit from operations held for sale, after taxes							0	(149)			0	(149)
Profit for the period	12 459	11 576	11 969	11 213	11 796	11 725	9 581	4 966			45 804	39 479

NOTE G3 CAPITAL ADEQUACY

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata.

Own funds

Amounts in NOK million 2024 2023 Total equity 283 325 269 296 Effect from regulatory consolidation 1 976 2 835 Adjustment to retained earnings for foreseeable dividends Additional Tier 1 capital instruments included in total equity (21 676) (21 803) Net accrued interest on additional Tier 1 capital instruments (239) (201) Common equity Tier 1 capital instruments 263 386 250 127 Regulatory adjustments Pension funds above pension commitments (59) (44) Goodwill (9 614) (9 516) Deferred tax assets that rely on future profitability, excluding temporary differences (203) (306) Other intangible assets (2 668) (2 355) Dividends payable and group contributions1 (24 835) (24 153) Share buy-back program (1 123) (5 165) Deduction for investments in insurance companies2 (2 904) (4 277) IRB provisions shortfall (2 985) (2 876) Additional value adjustments (AVA) (851) (939) Insufficient coverage for non-performing exposures (358) (362) (Gains) or losses on liabilities at fair value resulting from own credit risk (17) (73) (Gains) or losses on derivative liabilities resulting from own credit risk (DVA) (238) (134) Securitisation positions (289) Common equity Tier 1 capital 217 240 199 927 Additional Tier 1 capital instruments 21 680 21 803 Deduction of holdings of Tier 1 instruments in insurance companies3 (1 500) (1 500) Non-eligible Additional Tier 1 capital (10) Additional Tier 1 20 170 20 303 Tier 1 capital 237 410 220 230 Term subordinated loan capital 34 788 32 772 Deduction of holdings of Tier 2 instruments in insurance companies3 (5 588) (5 588) Non-eligible Tier 2 capital (25) Tier 2 capital 29 175 27 184 Own funds 266 585 247 414 Total risk exposure amount 1 121 130 1 099 949 Minimum capital requirement 89 690 87 996 Capital ratios (per cent): Common equity Tier 1 capital ratio 19.4 18.2		31 Dec.	31 Dec.
	Tier 1 capital ratio	21.2	20.0
Total capital ratio 23.8 22.5

1 The Board of Directors will propose a dividend of NOK 16.75 per share for 2024.

2 Deductions are made for significant investments in financial sector entities when the total value of the investments exceeds 10 per cent of common equity Tier 1 capital. The amounts that are not deducted are given a risk weight of 250 per cent.

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

NOTE G3 CAPITAL ADEQUACY (continued)

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

Specification of exposures

				Risk
		Exposure	Average	exposure
	Original	at default	risk weight	amount	Capital	Capital
	exposure 31 Dec.	(EAD) 31 Dec.	in per cent 31 Dec.	(REA) 31 Dec.	requirement 31 Dec.	requirement 31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
IRB approach
Corporate exposures	1 350 887	1 092 440	39.4	430 963	34 477	33 912
of which specialised lending (SL)	38 422	33 766	42.6	14 389	1 151	188
of which small and medium-sized enterprises (SME)	216 910	198 833	40.3	80 065	6 405	7 363
of which other corporates	1 095 555	859 840	39.1	336 508	26 921	26 362
Retail exposures	1 044 899	1 030 847	22.4	231 044	18 484	17 788
of which secured by mortgages on immovable property	963 233	963 233	21.8	210 447	16 836	16 137
of which other retail	81 666	67 613	30.5	20 598	1 648	1 651
Total credit risk, IRB approach	2 395 786	2 123 287	31.2	662 007	52 961	51 700
Standardised approach
Central government and central banks	273 529	273 235	0.0	102	8	7
Regional government or local authorities	59 740	52 494	1.3	666	53	58
Public sector entities	107 562	105 555	0.0	17	1	1
Multilateral development banks	64 659	65 678				48
International organisations	724	724
Institutions	93 238	57 569	29.8	17 175	1 374	1 494
Corporate	167 074	150 951	64.9	97 962	7 837	9 165
Retail	185 082	81 824	74.7	61 110	4 889	4 053
Secured by mortgages on immovable property	116 572	108 572	40.5	43 997	3 520	4 307
Exposures in default	4 564	3 462	135.1	4 676	374	325
Items associated with particular high risk	764	757	150.0	1 135	91	88
Covered bonds	59 015	59 015	10.0	5 902	472	432
Collective investment undertakings	3 302	3 302	26.2	864	69	45
Equity positions	24 192	24 191	236.7	57 256	4 580	4 287
Other assets	30 065	30 065	55.7	16 735	1 339	1 299
Total credit risk, standardised approach	1 190 081	1 017 395	30.2	307 597	24 608	25 609
Total credit risk	3 585 867	3 140 682	30.9	969 604	77 568	77 309
Settlement risk				16	1	0
Securitisation positions				1 524	122
Market risk
Position and general risk, debt instruments				6 163	493	651
Position and general risk, equity instruments				602	48	61
Currency risk				6	0	0
Commodity risk				74	6	0
Total market risk				6 845	548	712
Credit value adjustment risk (CVA)				3 107	249	280
Operational risk				140 035	11 203	9 695
Total risk exposure amount				1 121 130	89 690	87 996

NOTE G4 TAXES

Reconciliation of tax expense against nominal tax rate

	Full year	Full year
Amounts in NOK million	2024	2023
Pre-tax operating profit	54 878	50 440
Estimated tax expense - nominal tax rate - 22 per cent	(12 073)	(11 097)
Tax effect of financial tax	(829)	(954)
Tax effect of different tax rates in other countries	(28)	(51)
Tax effect of debt interest distribution with international branches	3 690	2 464
Tax effect of tax-exempt income and non-deductible expenses	341	(104)
Tax effect of change in deferred taxes not recognised in the balance sheet	(1)	27
Tax related to previous years	(173)	(1 096)
Total tax expense	(9 074)	(10 811)
Effective tax rate	17%	21%

In 2024, the debt interest distribution resulted in an interest deduction in Norway which reduced the tax expenses for the Group by NOK 3 690  million, compared with NOK 2 464 million in 2023. The increased deduction in 2024 follows from higher activity and a higher interest rate level in the United States.

Uncertain tax liabilities

Tax effect of debt interest distribution between DNB Bank ASA in Norway and international branch offices

In 2021, DNB Bank ASA received a decision from the tax authorities relating to the deduction of external interest expenses. According to Norwegian tax legislation, external interest expenses are to be distributed proportionally between DNB Bank ASA's operations in Norway and certain international branch offices, based on the respective entities' total assets. This could result in additions to or deductions from the bank's income in Norway.

The decision covered the fiscal years 2015‒2019, and the limitation of interest deduction in Norwegian taxation was calculated by including internal receivables, which gave a tax exposure of approximately NOK 1,7 billion for the period in question.

DNB has disagreed with the tax authorities' interpretation of the legislation and a legal proceeding were initiated in 2021. The District Court ruled in DNB's disfavour in June 2022, while the Court of Appeal ruled fully in favour of DNB in November 2023. The Supreme Court of Norway issued a final ruling in the case in November 2024, where DNB received unanimous support in the case and the tax authorities decision from 2021 was declared invalid. There has been no provision in the accounts related to the case.

Tax effect of the reorganisation of the lending activities in Sweden and the UK in 2015

In the second quarter of 2023, DNB Bank ASA received a draft decision from the Norwegian tax authorities relating to a reorganisation of the lending activities in Sweden and in the UK in 2015. The tax authorities questioned the valuation and calculation of taxable gains/losses relating to loan portfolios that were sold from branches of DNB Bank ASA to subsidiaries in Sweden and the UK. The Group's maximum tax exposure related to this matter is estimated to be approximately NOK 1.2 billion. DNB disagrees with the Norwegian tax authorities' approach. It is DNB's view that it has a strong case. A provision has been recognized in the accounts based on the best estimate in the case.

Liquidation of the Group's subsidiary in Singapore

In 2023, DNB Bank ASA recognised a provision in the accounts due to uncertainty attached to the Group's tax treatment of the profits from the liquidation of its subsidiary in Singapore in 2022 (DNB Asia Ltd.).

In December 2024, DNB Bank ASA received a letter from the Norwegian tax authorities notifying the Group of a possible change in the tax assessment for 2022. In the letter, the tax authorities stated that they were considering finding that Singapore is to be deemed a low-tax country for the subsidiary so that the tax exemption method does not apply. This means that the profit from the liquidation of the subsidiary is taxable for DNB Bank ASA. The tax authorities' position is particularly based on the authorities' assessment that the subsidiary would qualify for a tax incentive scheme in Singapore that would have resulted in the company effectively being taxed less than two-thirds of the Norwegian effective taxation.

DNB Bank ASA disagrees with the tax authorities' assessments and position on the matter. DNB Bank ASA is of the view that the tax incentive scheme cannot be applied to the assessment of whether Singapore should be considered a low-tax country and that Singapore is thus not to be considered a low-tax country for the subsidiary. DNB Bank ASA is therefore of the opinion that the exemption method may be applied, meaning that the profit is not taxable. The notice results in a total tax exposure for DNB of about NOK 1.36 billion. A provision has been recognized in the accounts based on the best estimate in the case.

Notice of change in the tax assessment for DNB Bank ASA for 2019–2023

DNB Bank ASA received a notice from the Norwegian tax authorities in the third quarter of 2024 of a change to the tax assessment due to changed pricing of intra-Group transactions with international subsidiaries. The notice covers the fiscal years 2019–2023. The amount stated in the notice relating to the fiscal years 2019–2021 entails a tax exposure of about NOK 1.3 billion, while the change for 2022 and 2023 has not been quantified. DNB disagrees with the tax authorities' approach and assessments. DNB is of opinion that it has a strong case, and no provisions have been recognised in the accounts.

See also note G24 Taxes in the annual report for 2023.

NOTE G5 DEVELOPMENT IN GROSS CARRYING AMOUNT AND MAXIMUM EXPOSURE

Loans to customers at amortised cost
	Full year 2024				Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 1 Jan.	1 791 350	145 406	26 283	1 963 040	1 750 560	142 273	27 499	1 920 333
Transfer to stage 1	118 026	(115 018)	(3 008)		98 766	(95 121)	(3 644)
Transfer to stage 2	(142 399)	144 625	(2 226)		(146 983)	151 640	(4 657)
Transfer to stage 3	(3 346)	(9 525)	12 871		(5 174)	(8 846)	14 020
Originated and purchased	641 167	3 868	2 703	647 738	459 375	10 524	2 735	472 634
Derecognition	(364 136)	(44 008)	(12 955)	(421 100)	(377 292)	(55 901)	(9 891)	(443 084)
Exchange rate movements	14 992	656	142	15 791	12 424	1 166	232	13 823
Other1	(131)	(127)	(5)	(263)	(325)	(329)	(10)	(665)
Gross carrying amount as at end of period	2 055 522	125 877	23 806	2 205 206	1 791 350	145 406	26 283	1 963 040

Financial commitments

		Full year 2024			Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Maximum exposure as at 1 Jan.	747 287	38 506	3 091	788 885	686 122	36 127	3 194	725 444
Transfer to stage 1	24 716	(24 509)	(207)		21 467	(20 835)	(631)
Transfer to stage 2	(26 628)	26 726	(98)		(31 434)	31 560	(126)
Transfer to stage 3	(349)	(611)	959		(686)	(1 933)	2 619
Originated and purchased	562 504	3 431	959	566 894	425 524	3 608	88	429 219
Derecognition	(511 944)	(10 318)	(1 501)	(523 763)	(362 389)	(10 246)	(2 063)	(374 697)
Exchange rate movements	15 615	586	19	16 220	8 683	225	11	8 919
Maximum exposure as at end of period	811 201	33 811	3 223	848 235	747 287	38 506	3 091	788 885

1 The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland. See note G50 Contingencies in DNB Group's annual report 2023.

NOTE G6 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS

Loans to customers at amortised cost
	Full year 2024			Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(680)	(834)	(6 261)	(7 775)	(637)	(793)	(6 544)	(7 974)
Transfer to stage 1	(468)	438	30		(354)	262	92
Transfer to stage 2	111	(134)	23		91	(116)	26
Transfer to stage 3	5	102	(107)		7	51	(58)
Originated and purchased	(435)	(143)		(578)	(237)	(50)	(1)	(288)
Increased expected credit loss	(290)	(855)	(5 715)	(6 860)	(374)	(884)	(4 892)	(6 150)
Decreased (reversed) expected credit loss	933	454	4 925	6 311	799	488	3 299	4 586
Write-offs			1 370	1 370			1 556	1 556
Derecognition	51	238	158	447	31	217	297	546
Exchange rate movements	(7)	(3)	(30)	(40)	(6)	(10)	(35)	(51)
Other
Accumulated impairment as at end of period	(779)	(739)	(5 607)	(7 124)	(680)	(834)	(6 261)	(7 775)

Financial commitments

	Full year 2024			Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(245)	(228)	(205)	(679)	(194)	(195)	(204)	(593)
Transfer to stage 1	(124)	122	2		(113)	111	2
Transfer to stage 2	26	(30)	5		22	(25)	3
Transfer to stage 3		13	(13)		1	14	(14)
Originated and purchased	(252)	(32)		(284)	(209)	(110)		(319)
Increased expected credit loss	(66)	(158)	(819)	(1 043)	(66)	(202)	(110)	(378)
Decreased (reversed) expected credit loss	383	89	751	1 223	315	82	113	510
Derecognition	15	52	83	149	1	98	6	105
Exchange rate movements	(3)	(5)		(9)	(2)	(1)		(3)
Other
Accumulated impairment as at end of period	(266)	(178)	(198)	(642)	(245)	(228)	(205)	(679)

For explanatory comments about the impairment of financial instruments, see the directors' report.

NOTE G7 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT

Loans to customers as at 31 December 2024

	Gross
	carrying	Accumulated impairment		Loans at
Amounts in NOK million	amount	Stage 1	Stage 2	Stage 3	fair value	Total
Bank, insurance and portfolio management	293 272	(28)	(10)	(76)		293 159
Commercial real estate	241 239	(151)	(78)	(526)	105	240 589
Shipping	39 865	(17)	(0)	(261)		39 587
Oil, gas and offshore	38 656	(12)	(2)	(800)		37 841
Power and renewables	73 568	(33)	(34)	(878)		72 623
Healthcare	32 964	(16)	(6)			32 941
Public sector	3 854	(0)	(0)			3 853
Fishing, fish farming and farming	91 358	(15)	(24)	(186)	80	91 214
Retail industries	52 982	(50)	(102)	(284)		52 547
Manufacturing	57 135	(38)	(39)	(137)		56 922
Technology, media and telecom	38 683	(18)	(16)	(43)		38 605
Services	64 150	(87)	(88)	(475)	29	63 527
Residential property	127 729	(59)	(63)	(513)	312	127 407
Personal customers	971 039	(169)	(160)	(651)	52 897	1 022 956
Other corporate customers	78 712	(86)	(117)	(776)	9	77 742
Total1	2 205 206	(779)	(739)	(5 607)	53 431	2 251 513

1 Of which NOK 221 435 million in repo trading volumes.

Loans to customers as at 31 December 2023

	Gross
	carrying	Accumulated impairment		Loans at
Amounts in NOK million	amount	Stage 1	Stage 2	Stage 3	fair value	Total
Bank, insurance and portfolio management	107 209	(20)	(18)	(46)		107 125
Commercial real estate	234 327	(163)	(71)	(572)	78	233 598
Shipping	33 972	(17)	(1)	(206)		33 749
Oil, gas and offshore	32 931	(8)	(4)	(1 099)		31 820
Power and renewables	59 366	(25)	(17)	(766)		58 558
Healthcare	30 411	(9)	(6)	(12)		30 384
Public sector	1 820	(0)	(0)	(0)		1 820
Fishing, fish farming and farming	77 590	(13)	(46)	(120)	87	77 498
Retail industries	52 363	(40)	(105)	(395)	1	51 824
Manufacturing	45 632	(33)	(37)	(156)		45 405
Technology, media and telecom	31 316	(11)	(9)	(315)	1	30 981
Services	85 517	(84)	(139)	(427)	16	84 882
Residential property	127 397	(70)	(29)	(387)	269	127 179
Personal customers	972 110	(110)	(210)	(563)	41 635	1 012 862
Other corporate customers	71 081	(76)	(142)	(1 197)	12	69 677
Total1	1 963 040	(680)	(834)	(6 261)	42 099	1 997 364

1 Of which NOK 66 698 million in repo trading volumes.

NOTE G7 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT (continued)

Financial commitments as at 31 December 2024

	Maximum	Accumulated impairment
Amounts in NOK million	exposure	Stage 1	Stage 2	Stage 3	Total
Bank, insurance and portfolio management	37 547	(18)	(2)	(0)	37 527
Commercial real estate	23 468	(20)	(2)	(3)	23 444
Shipping	19 584	(7)	(0)		19 577
Oil, gas and offshore	75 098	(11)	(11)	(0)	75 076
Power and renewables	86 165	(26)	(8)		86 130
Healthcare	35 119	(12)	(29)		35 078
Public sector	15 132	(0)	(0)		15 132
Fishing, fish farming and farming	32 438	(4)	(5)	(0)	32 428
Retail industries	36 772	(28)	(50)	(95)	36 599
Manufacturing	57 378	(33)	(13)	(1)	57 332
Technology, media and telecom	22 901	(14)	(3)	(60)	22 825
Services	29 827	(31)	(13)	(5)	29 778
Residential property	30 883	(16)	(6)	(15)	30 846
Personal customers	305 029	(15)	(18)	(3)	304 994
Other corporate customers	40 892	(31)	(18)	(16)	40 826
Total	848 235	(266)	(178)	(198)	847 593

Financial commitments as at 31 December 2023

	Maximum	Accumulated impairment
Amounts in NOK million	exposure	Stage 1	Stage 2	Stage 3	Total
Bank, insurance and portfolio management	37 177	(20)	(4)	(0)	37 153
Commercial real estate	29 480	(21)	(2)	(2)	29 455
Shipping	21 452	(7)	(0)		21 445
Oil, gas and offshore	79 394	(10)	(6)	(0)	79 378
Power and renewables	64 615	(20)	(8)		64 587
Healthcare	25 220	(6)	(30)		25 184
Public sector	13 416	(0)	(0)		13 416
Fishing, fish farming and farming	26 280	(4)	(3)	(0)	26 273
Retail industries	37 602	(29)	(42)	(12)	37 519
Manufacturing	59 176	(34)	(15)	(4)	59 122
Technology, media and telecom	38 685	(9)	(5)	(30)	38 641
Services	26 787	(25)	(51)	(9)	26 702
Residential property	25 178	(25)	(9)	(9)	25 135
Personal customers	269 591	(11)	(23)	(3)	269 554
Other corporate customers	34 832	(23)	(29)	(135)	34 644
Total	788 885	(245)	(228)	(205)	788 206

NOTE G8 FINANCIAL INSTRUMENTS AT FAIR VALUE

Amounts in NOK million	Level 1	Level 2	Level 3	Total
Assets as at 31 December 2024
Loans to customers			53 431	53 431
Commercial paper and bonds	7 498	550 280	531	558 309
Shareholdings	6 369	12 818	13 920	33 107
Assets, customers bearing the risk		202 255		202 255
Financial derivatives	626	156 794	2 434	159 853
Liabilities as at 31 December 2024
Deposits from customers		40 621		40 621
Debt securities issued		3 740		3 740
Senior non-preferred bonds		1 776		1 776
Subordinated loan capital		1 100		1 100
Financial derivatives	885	160 134	2 093	163 112
Other financial liabilities1	2 759	1		2 759
Assets as at 31 December 2023
Loans to customers			42 099	42 099
Commercial paper and bonds	29 801	521 952	385	552 138
Shareholdings	4 122	4 144	14 015	22 281
Assets, customers bearing the risk		166 722		166 722
Financial derivatives	1 172	174 339	2 752	178 263
Liabilities as at 31 December 2023
Deposits from customers		44 308		44 308
Debt securities issued		4 493		4 493
Senior non-preferred bonds		1 757		1 757
Subordinated loan capital		1 093		1 093
Financial derivatives	1 653	185 180	2 345	189 178
Other financial liabilities1	3 036	0		3 036

1 Short positions, trading activities.

For a further description of the instruments and valuation techniques, see the annual report for 2023.

Financial instruments at fair value, level 3

					Financial liabilities
	Financial assets Commercial
	Loans to	paper and	Share-	Financial	Financial
Amounts in NOK million	customers	bonds	holdings	derivatives	derivatives
Carrying amount as at 31 December 2022	49 105	847	16 744	3 431	3 129
Net gains recognised in the income statement	492	8	948	108	(21)
Additions/purchases	4 368	1 045	1 830	1 353	1 294
Sales		(1 021)	(4 309)
Settled	(11 866)			(2 141)	(2 057)
Transferred from level 1 or level 2		241
Transferred to level 1 or level 2		(728)	(1 096)
Other		(8)	(103)	1
Carrying amount as at 31 December 2023	42 099	385	14 015	2 752	2 345
Net gains recognised in the income statement	(67)	7	535	214	(33)
Additions/purchases	19 890	847	960	1 752	1 664
Sales		(501)	(1 589)
Settled	(8 491)	(1)		(2 284)	(1 883)
Transferred from level 1 or level 2		29
Transferred to level 1 or level 2		(257)
Other		23	0
Carrying amount as at 31 December 2024	53 431	531	13 920	2 434	2 093

Sensitivity analysis, level 3

An increase in the discount rate on fixed-rate loans by 10 basis points will decrease the fair value by NOK 136 million. The effects on other Level 3 financial instruments are insignificant.

NOTE G9 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL

As an element in liquidity management, the DNB Group issues and redeems own securities issued by DNB Bank ASA and DNB Boligkreditt AS (bond debt only).

Debt securities issued 2024

	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
Commercial papers issued, nominal amount	450 636	1 069 622	(1 057 545)	16 090		422 469
Bond debt, nominal amount1	91 663	28 110	(61 742)	6 410		118 885
Covered bonds, nominal amount1	320 813	123 128	(98 759)	11 587		284 857
Value adjustments2	(8 347)		(0)	33	9 904	(18 284)
Debt securities issued	854 765	1 220 860	(1 218 046)	34 120	9 904	807 928
DNB Bank ASA	540 340	1 097 732	(1 119 287)	22 533	4 439	534 923
Debt securities issued 2023
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2023	2023	2023	2023	2023	2022
Commercial papers issued, nominal amount	422 469	1 514 109	(1 361 699)	(22 403)		292 462
Bond debt, nominal amount	118 885	14 418	(63 953)	9 309		159 111
Covered bonds, nominal amount	284 857	38 008	(85 473)	19 197		313 125
Value adjustments2	(18 284)			33	8 496	(26 812)
Debt securities issued	807 928	1 566 536	(1 511 124)	6 135	8 496	737 886
DNB Bank ASA	534 923	1 528 531	(1 425 329)	(13 063)	2 879	441 903
Senior non-preferred bonds 2024
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
Senior non-preferred bonds, nominal amount	120 568	11 780	(1 163)	7 798		102 153
Value adjustments2	(1 085)				1 220	(2 305)
Senior non-preferred bonds	119 484	11 780	(1 163)	7 798	1 220	99 848
DNB Bank ASA	119 484	11 780	(1 163)	7 798	1 220	99 848
Senior non-preferred bonds 2023
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2023	2023	2023	2023	2023	2022
Senior non-preferred bonds, nominal amount	102 153	34 685	(80)	2 363		65 185
Value adjustments2	(2 305)				3 178	(5 483)
Senior non-preferred bonds	99 848	34 685	(80)	2 363	3 178	59 702

DNB Bank ASA 99 848 34 675 (4) 2 363 5 068 57 746

NOTE G9 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL (continued)

Balance Exchange Balance sheet Matured/ rate Other sheet 31 Dec. Issued redeemed movements changes 31 Dec. Amounts in NOK million 2024 2024 2024 2024 2024 2023 Term subordinated loan capital, nominal amount 34 788 1 417 (255) 850 3 32 772 Perpetual subordinated loan capital, nominal amount 724 (5 723) 8 6 439 Value adjustments2 757 (4) 15 746 Subordinated loan capital and perpetual subordinated loan capital securities 36 269 1 417 (5 982) 858 18 39 957 DNB Bank ASA 36 269 1 417 (5 982) 858 18 39 957

Subordinated loan capital and perpetual subordinated loan capital securities 2024

Subordinated loan capital and perpetual subordinated loan capital securities 2023

	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2023	2023	2023	2023	2023	2022
Term subordinated loan capital, nominal amount	32 772	11 788	(10 030)	418		30 596
Perpetual subordinated loan capital, nominal amount	6 439			133		6 306
Value adjustments2	746		(4)		864	(114)
Subordinated loan capital and perpetual
subordinated loan capital securities	39 957	11 788	(10 034)	551	864	36 788
DNB Bank ASA	39 957	11 788	(10 034)	551	1 774	35 877

1 Excluding own bonds. The total nominal amount of outstanding covered bonds in DNB Boligkreditt was NOK 478.0 billion as at 31 December 2024. The market value of the cover pool represented NOK 764.0 billion.

2 Including accrued interest, fair value adjustments and premiums/discounts.

NOTE G10 CONTINGENCIES

Due to its extensive operations in Norway and abroad, the DNB Group is regularly a party to various legal actions and tax-related disputes. None of the current disputes are expected to have any material impact on the Group's financial position.

See note G4 Taxes for tax-related disputes.

Accounts for DNB Bank ASA

P – INCOME STATEMENT

Amounts in NOK million	4th quarter 2024	4th quarter 2023	Full year 2024	Full year 2023
Interest income, effective interest method	38 318	37 377	157 368	130 687
Other interest income	3 334	3 138	11 835	10 507
Interest expenses, effective interest method	(29 444)	(28 229)	(121 128)	(94 694)
Other interest expenses	677	691	1 655	3 175
Net interest income	12 885	12 977	49 731	49 675
Commission and fee income	3 047	2 652	11 367	10 587
Commission and fee expenses	(930)	(826)	(3 370)	(3 203)
Net gains on financial instruments at fair value	1 208	292	5 831	5 665
Other income	5 514	7 593	9 918	10 099
Net other operating income	8 839	9 711	23 746	23 149
Total income	21 723	22 688	73 477	72 824
Salaries and other personnel expenses	(4 331)	(3 804)	(15 460)	(13 795)
Other expenses	(2 182)	(2 210)	(8 384)	(7 861)
Depreciation and impairment of fixed and intangible assets	(948)	(1 501)	(3 669)	(4 346)
Total operating expenses	(7 461)	(7 515)	(27 513)	(26 002)
Pre-tax operating profit before impairment	14 262	15 173	45 964	46 822
Net gains on fixed and intangible assets	2	36	30	36
Impairment of financial instruments	(39)	(550)	(1 041)	(848)
Pre-tax operating profit	14 225	14 659	44 953	46 010
Tax expense	2 302	516	(3 844)	(6 695)
Profit for the period	16 528	15 175	41 109	39 316
Portion attributable to shareholders of DNB Bank ASA	16 059	14 776	39 209	38 019
Portion attributable to additional Tier 1 capital holders	469	400	1 901	1 297
Profit for the period	16 528	15 175	41 109	39 316

P – COMPREHENSIVE INCOME STATEMENT

Amounts in NOK million	4th quarter 2024	4th quarter 2023	Full year 2024	Full year 2023
Profit for the period	16 528	15 175	41 109	39 316
Actuarial gains and losses	211	(303)	211	(274)
Financial liabilities designated at FVTPL, changes in credit risk	(7)	(38)	(43)	(24)
Tax	(50)	86	(41)	75
Items that will not be reclassified to the income statement	154	(254)	127	(223)
Currency translation of foreign operations	(19)	17	98	135
Financial assets at fair value through OCI	(257)	(140)	193	(196)
Tax	64	35	(48)	49
Items that may subsequently be reclassified to the income statement	(212)	(88)	243	(12)
Other comprehensive income for the period	(58)	(342)	369	(235)
Comprehensive income for the period	16 470	14 833	41 479	39 081

P – BALANCE SHEET

Amounts in NOK million	Note	31 Dec. 2024	31 Dec. 2023
Assets
Cash and deposits with central banks		146 666	330 263
Due from credit institutions		616 146	547 958
Loans to customers	P3, P4	1 316 934	1 128 358
Commercial paper and bonds	P4	568 079	503 075
Shareholdings	P4	7 087	5 052
Financial derivatives	P4	196 895	203 041
Investments in associated companies		10 953	10 697
Investments in subsidiaries		133 529	127 604
Intangible assets		8 552	8 231
Deferred tax assets		474	1 089
Fixed assets		16 868	17 578
Other assets		14 709	22 334
Total assets		3 036 891	2 905 278
Liabilities and equity
Due to credit institutions		365 799	296 319
Deposits from customers	P4	1 483 414	1 419 130
Financial derivatives	P4	203 470	221 388
Debt securities issued	P4, G9	540 340	534 923
Payable taxes		1 325	7 746
Deferred taxes		1 016	937
Other liabilities		46 429	52 146
Provisions		1 114	727
Pension commitments		4 909	4 723
Senior non-preferred bonds	P4, G9	119 484	99 848
Subordinated loan capital	P4, G9	36 269	39 957
Total liabilities		2 803 569	2 677 845
Additional Tier 1 capital		21 916	22 004
Share capital		18 533	18 960
Share premium		18 733	18 733
Other equity		174 140	167 736
Total equity		233 322	227 433
Total liabilities and equity		3 036 891	2 905 278

P – STATEMENT OF CHANGES IN EQUITY

				Net
			Additional	currency	Liability
	Share	Share	Tier 1	translation	credit	Other	Total
Amounts in NOK million	capital	premium	capital	reserve	reserve	equity	equity
Balance sheet as at 31 December 2022	19 378	18 733	15 386	506	50	159 798	213 851
Profit for the period			1 297			38 019	39 316
Actuarial gains and losses						(274)	(274)
Financial assets at fair value through OCI						(196)	(196)
Financial liabilities designated at FVTPL, changes in credit risk					(24)		(24)
Currency translation of foreign operations				135			135
Tax on other comprehensive income					6	118	124
Comprehensive income for the period			1 297	135	(18)	37 667	39 081
Interest payments AT1 capital			(1 213)				(1 213)
AT1 capital issued			5 829			(5)	5 823
Net purchase of treasury shares	1					19	20
Share buy-back programme	(419)					(6 517)	(6 936)
Merger Sbanken ASA			705			245	950
Other equity transactions						10	10
Dividends for 2023 (NOK 16.00 proposed per share)						(24 153)	(24 153)
Balance sheet as at 31 December 2023	18 960	18 733	22 004	641	33	167 063	227 433
Profit for the period			1 901			39 209	41 109
Actuarial gains and losses						211	211
Financial assets at fair value through OCI						193	193
Financial liabilities designated at FVTPL, changes in credit risk					(43)		(43)
Currency translation of foreign operations				98			98
Tax on other comprehensive income					11	(100)	(89)
Comprehensive income for the period			1 901	98	(32)	39 512	41 479
Interest payments AT1 capital			(1 866)				(1 866)
AT1 capital issued1			10 551			(27)	10 524
AT1 capital redeemed2			(12 313)				(12 313)
Currency movements on redemption AT1 capital			1 638			(1 638)
Share buy-back programme	(427)					(6 674)	(7 101)
Dividends for 2024 (NOK 16.75 proposed per share)						(24 835)	(24 835)
Balance sheet as at 31 December 2024	18 533	18 733	21 916	739	0	173 401	233 322

1 DNB Bank ASA has issued three additional Tier 1 capital instruments in 2024. The first was issued in February, has a nominal value of SEK 1 100 million and is perpetual with a floating interest of 3-month STIBOR plus 3.1 per cent p.a. The second was issued in February, has a nominal value of SEK 2 000 million and is perpetual with an interest rate of 5.89 per cent p.a. until 27 August 2029. Thereafter 3-month STIBOR plus 3.1 per cent. The third was issued in May, has a nominal value of USD 700 million and is perpetual with an interest rate of 7.38 per cent p.a.

2 Four additional Tier 1 capital instruments have been redeemed in 2024.The first was issued by Sbanken ASA in 2019, had a nominal value of NOK 100 million and was redeemed in March. The second was issued by DNB Bank ASA in 2019, had a nominal value of NOK 2 700 million and was redeemed in June. The third was issued by DNB Bank ASA in 2019, had a nominal value of USD 850 million and was redeemed in November. The fourth was issued by Sbanken ASA in 2019, had a nominal value of NOK 100 million and was redeemed in December.

NOTE P1 BASIS FOR PREPARATION

DNB Bank ASA has prepared the financial statements according to the Norwegian Ministry of Finance's regulations on annual accounts. A description of the accounting principles applied by the company when preparing the financial statements can be found in Note 1 Accounting principles in the annual report for 2023. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the company are in conformity with those described in the annual report.

See note G9 to the consolidated accounts for information about debt securities issued, senior non-preferred bonds and subordinated loan capital, and note G10 for information about contingencies.

NOTE P2 CAPITAL ADEQUACY

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD).

Own funds

	31 Dec.	31 Dec.
Amounts in NOK million	2024	2023
Total equity	233 322	227 433
Adjustment to retained earnings for foreseeable dividends
Additional Tier 1 capital instruments included in total equity	(21 676)	(21 803)
Net accrued interest on additional Tier 1 capital instruments	(239)	(201)
Common equity Tier 1 capital instruments	211 407	205 430
Regulatory adjustments
Pension funds above pension commitments	(59)	(44)
Goodwill	(6 446)	(6 435)
Deferred tax assets that rely of future profitability, excluding temporary differences	(14)	(14)
Other intangible assets	(1 837)	(1 429)
Share buy-back program	(1 123)	(5 165)
IRB provisions shortfall	(1 525)	(1 553)
Additional value adjustments (AVA)	(826)	(933)
Insufficient coverage for non-performing exposures	(277)	(316)
(Gains) or losses on liabilities at fair value resulting from own credit risk	(0)	(33)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(248)	(380)
Securitisation positions	(289)
Common equity Tier 1 capital	198 762	189 129
Additional Tier 1 capital instruments	21 680	21 803
Non-eligible Tier 1 capital	(10)
Additional Tier 1 capital	21 670	21 803
Tier 1 capital	220 432	210 932
Term subordinated loan capital	34 788	32 772
Non-eligible Tier 2 capital	(25)
Tier 2 capital	34 763	32 772
Own funds	255 195	243 704
Total risk exposure amount	966 936	966 418
Minimum capital requirement	77 355	77 313
Capital ratios (per cent):
Common equity Tier 1 capital ratio	20.6	19.6
Tier 1 capital ratio	22.8	21.8
Total capital ratio	26.4	25.2

NOTE P3 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS

Loans to customers at amortised cost
		Full year 2024			Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(569)	(761)	(5 442)	(6 771)	(483)	(617)	(5 806)	(6 905)
Transfer to stage 1	(386)	359	27		(309)	221	88
Transfer to stage 2	103	(124)	21		79	(103)	24
Transfer to stage 3	5	100	(104)		5	50	(54)
Originated and purchased	(365)	(100)		(465)	(163)	(49)		(212)
Increased expected credit loss	(256)	(740)	(5 148)	(6 145)	(272)	(717)	(3 307)	(4 296)
Decreased (reversed) expected credit loss	792	419	4 306	5 517	558	354	2 875	3 787
Write-offs			1 008	1 008			952	952
Derecognition (including repayments)	35	183	112	330	31	149	44	224
Merger Sbanken ASA					(12)	(46)	(252)	(309)
Exchange rate movements	(1)	(1)	(3)	(6)	(2)	(3)	(5)	(10)
Accumulated impairment as at end of period	(643)	(665)	(5 222)	(6 530)	(569)	(761)	(5 442)	(6 771)

Financial commitments

	Full year 2024			Full year 2023
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(210)	(181)	(205)	(596)	(165)	(173)	(203)	(540)
Transfer to stage 1	(116)	115	2		(94)	92	2
Transfer to stage 2	23	(28)	5		20	(22)	3
Transfer to stage 3		13	(13)		1	13	(14)
Originated and purchased	(232)	(32)		(263)	(178)	(95)		(273)
Increased expected credit loss	(56)	(143)	(662)	(861)	(62)	(171)	(110)	(343)
Decreased (reversed) expected credit loss	355	75	604	1 034	268	85	112	465
Derecognition	14	47	83	144	3	92	7	102
Merger Sbanken ASA					(2)	(2)	(1)	(5)
Exchange rate movements	(1)			(1)	(1)	(1)		(2)
Other
Accumulated impairment as at end of period	(223)	(134)	(187)	(544)	(210)	(181)	(205)	(596)

For explanatory comments about the impairment of financial instruments, see the directors' report.

NOTE P4 FINANCIAL INSTRUMENTS AT FAIR VALUE

Amounts in NOK million	Level 1	Level 2	Level 3	Total
Assets as at 31 December 2024
Loans to customers		195 313	12 221	207 534
Commercial paper and bonds	4 218	563 503	358	568 079
Shareholdings	5 267	1 176	644	7 087
Financial derivatives	626	193 835	2 434	196 895
Liabilities as at 31 December 2024
Deposits from customers		40 621		40 621
Debt securities issued		2		2
Senior non-preferred bonds		1 776		1 776
Subordinated loan capital		1 100		1 100
Financial derivatives	885	200 492	2 093	203 470
Other financial liabilities1	2 759	1		2 759
Assets as at 31 December 2023
Loans to customers		229 137	10 064	239 201
Commercial paper and bonds	26 770	476 057	248	503 075
Shareholdings	3 315	962	775	5 052
Financial derivatives	1 172	199 117	2 752	203 041
Liabilities as at 31 December 2023
Deposits from customers		44 308		44 308
Debt securities issued		117		117
Senior non-preferred bonds		1 757		1 757
Subordinated loan capital		1 093		1 093
Financial derivatives	1 653	217 390	2 345	221 388
Other financial liabilities1	3 036	0		3 036

1 Short positions, trading activities.

Loans with floating interest rate measured at fair value through other comprehensive income are categorised within level 2, since the valuation is mainly based on observable inputs. The corresponding loans are measured at amortised cost in the Group, due to a hold to collect business model.

For a further description of the instruments and valuation techniques, see the annual report for 2023.

NOTE P5 INFORMATION ON RELATED PARTIES

DNB Boligkreditt AS

In 2024, loan portfolios representing NOK 41.2 billion (NOK 1.2 billion in 2023) were transferred from the bank to DNB Boligkreditt in accordance with the "Agreement relating to transfer of loan portfolio between DNB Bank ASA and DNB Boligkreditt AS".

At end-December 2024, the bank had invested NOK 157.8 billion in covered bonds issued by DNB Boligkreditt.

The servicing agreement between DNB Boligkreditt and DNB Bank ensures DNB Boligkreditt a minimum margin achieved on loans to customers. A margin below the minimum level will be at DNB Bank's risk, resulting in a negative management fee (payment from DNB Bank to DNB Boligkreditt). The management fee paid to the bank for purchased services amounted to a negative NOK 267 million in 2024 (a negative NOK 1 915 million in 2023).

In 2024, DNB Boligkreditt entered into reverse repurchasing agreements (reverse repos) with the bank as counterparty. The value of the repos amounted to NOK 24.6 billion at end-December 2024.

At end-December, DNB Bank had placed cash collateral of NOK 16.1 billion related to the CSA-agreement on derivatives against DNB Boligkreditt. The cash collateral paid is presented as financial derivative assets in the balance sheet of DNB Bank. The amount has been placed by DNB Boligkreditt in a deposit account with DNB Bank and is presented as due to credit institutions.

DNB Boligkreditt has a long-term overdraft facility in DNB Bank with a limit of NOK 260 billion.

Information about DNB

Organisation number

Register of Business Enterprises NO 984 851 006 MVA

Board of Directors

Olaug Svarva Chair of the Board Jens Petter Olsen Vice Chair of the Board Gro Bakstad Petter-Børre Furberg Lillian Hattrem Haakon Christopher Sandven Eli Solhaug Kim Wahl

Group Management

Kjerstin R. Braathen	Group Chief Executive Officer (CEO)
Ida Lerner	Group Chief Financial Officer (CFO)
Maria Ervik Løvold	Group Executive Vice President of Personal Banking
Rasmus Aage Figenschou	Group Executive Vice President of Corporate Banking Norway
Harald Serck-Hanssen	Group Executive Vice President of Large Corporates & International
Håkon Hansen	Group Executive Vice President of Wealth Management
Alexander Opstad	Group Executive Vice President of Markets
Per Kristian Næss-Fladset	Group Executive Vice President of Products, Data & Innovation
Fredrik Berger	Group Chief Compliance Officer (CCO)
Eline Skramstad	Group Chief Risk Officer (CRO)
Elin Sandnes	Group Executive Vice President of Technology & Services and Chief Operating Officer (COO)
Even Graff Westerveld	Group Executive Vice President of People & Communication

Contact information

Rune Helland, Head of Investor Relations tel. +47 23 26 84 00 rune.helland@dnb.no Anne Engebretsen, Investor Relations tel. +47 23 26 84 08 anne.engebretsen@dnb.no Thor Tellefsen, Long Term Funding tel. +47 23 26 84 04 thor.tellefsen@dnb.no Head office tel. +47 91 50 48 00

Financial calendar

2025
19 March	Annual report 2024
29 April	Annual General Meeting
30 April	Ex-dividend date
9 May	Distribution of dividends
7 May	Q1 2025
11 July	Q2 2025
22 October	Q3 2025

Other sources of information

Separate annual and quarterly reports are prepared for DNB Boligkreditt and DNB Livsforsikring. The reports and the Factbook are available on ir.dnb.no. Annual and quarterly reports can be ordered by sending an e-mail to Investor Relations.

To simplify life for people and businesses and make them prosper - that's why we're building the world's best bank for Norway

DNB

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

Visiting address: Dronning Eufemias gate 30 Bjørvika, Oslo

dnb.no