DNB Bank ASA

Investor Presentation • Oct 22, 2025

Contact information

Group Management

Kjerstin R. Braathen, CEO Ida Lerner, CFO

For further information, please contact

Rune Helland, Head of Investor Relations rune.helland@dnb.no +47 23 26 84 00 Anne Engebretsen, Investor Relations anne.engebretsen@dnb.no +47 23 26 84 08 Thor Tellefsen, Long Term Funding thor.tellefsen@dnb.no +47 23 26 84 04 Mathias Bruvik, Head of Group Financial Reporting mathias.bruvik@dnb.no +47 91 75 87 74

Address

DNB, P.O.Box 1600 Sentrum, N-0021 Oslo

Visiting address: Dronning Eufemias gate 30, Bjørvika, 0191 Oslo

Telephone number

+47 91 50 48 00

Information on the Internet

DNB's Investor Relations page: ir.dnb.no

Financial calendar

2026

4 February Q4 2025

11 March Annual report 2025 21 April Annual General Meeting

22 April Ex-dividend date

23 April Q1 2026

30 April Distribution of dividends

14 July Q2 2026 21 October Q3 2026

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

Assumptions and changes

Acquisition of Carnegie

On 21 October 2024, DNB announced an agreement to acquire all the shares of Carnegie Holding AB, the parent company of the Carnegie Group. Following the fulfilment of all conditions precedent, including obtaining all required regulatory approvals, the transaction was completed on 6 March 2025.

Carnegie has been included in the DNB Group's balance sheet figures as of 31 March 2025, and the Group's profit figures include Carnegie with effect from 1 March.

Reference is also made to note G2 Acquisitions in DNB's quarterly report for the third quarter of 2025.

Following the acquistion of Carnegie, DNB Markets was renamed DNB Carnegie, and this change has been reflected in tables 2.7.1-2.7.3. Further on, table 2.9.1 has been changed to include asset management activities for the Group (including Carnegie).

Changes in the Capital Requirements Regulation 3 (CRR3)

The amended Capital Requirements Regulation 3 (CRR3) entered into force in Norway on 1 April 2025, and tables 1.6.1–1.6.6 and 1.8.3 were changed from the second quarter of 2025.

Amended tables related to Net Interest Income (NII)

In the third quarter, tables 1.2.1, 1.2.2 and 1.2.3 have been changed and now specify interest income and volumes related to customer segments. Table 1.2.5 has been simplified and table 1.2.6 now includes equity on non-interest bearing items. A new line item specifying performing loans has been included in table 2.1.2.

Changes in balance sheet presentation of cash collateral pledged and received

As from the third quarter, DNB has presented cash collateral pledged as receivable under 'Other assets' and cash collateral received as a payable under 'Other liabilities'. Cash collateral pledged and received in relation to derivatives was previously presented under 'Financial derivates'. The changes are reflected in the comparative figures and impact tables 1.1.5 and 1.1.6.

FACTBOOK DNB – 3Q25 CONTENTS

Contents chapter 1 - DNB Group

Financial results and key figures

• 1.1.1 Income statement condensed
• 1.1.2 Income statement quarterly figures
• 1.1.3 Income statement full-year figures
• 1.1.4 Comprehensive income statement
• 1.1.5 Balance sheet quarterly figures
• 1.1.6 Balance sheet full-year figures
• 1.1.7 Key figures quarterly figures
• 1.1.8 Key figures full-year figures
• 1.1.9 Key figures definitions

Net interest income

• 1.2.1 Net interest income split by segments
• 1.2.2 Average volumes split by segments
• 1.2.3 Interest rate spreads split by segments
• 1.2.4 Quarterly development in average interest rate spreads
• 1.2.5 Net interest income
• 1.2.6 Changes in net interest income

Net other operating income

• 1.3.1 Net other operating income
• 1.3.2 Net gains on financial instruments at fair value
• 1.3.3 Profit from investments accounted for by the equity method Fremtind

Operating expenses

• 1.4.1 Operating expenses
• 1.4.2 Full-time positions based on the operational structure
• 1.4.3 IT expenses

Loans and financial commitments

• 1.5.1 Loans and financial commitments to customers by industry segment
• 1.5.2 Development in maximum exposure of loans and financial commitments to customers
• 1.5.3 Development in accumulated impairment of loans and financial commitments to customers
• 1.5.4 Stage 3 development in net loans at amortised cost and financial commitments to customers
• 1.5.5 Impairment of financial instruments

Exposure at default (EAD) and risk classification

• 1.6.1 Credit portfolio
• 1.6.2 Customer segments
• 1.6.3 Breakdown of commercial real estate
• 1.6.4 Breakdown of shipping
• 1.6.5 Breakdown of oil, gas and offshore
• 1.6.6 Breakdown of power and renewables
• 1.6.7 DNB's risk classification

Liquidity, funding and shareholder structure

• 1.7.1 Funding
• 1.7.2 Redemption profile
• 1.7.3 Minimum requirement for own funds and eligible liabilities (MREL)
• 1.7.4 Asset encumbrance
• 1.7.5 Liquid assets
• 1.7.6 Liquidity Coverage Ratio (LCR)
• 1.7.7 Net Stable Funding Ratio (NSFR)
• 1.7.8 Credit ratings
• 1.7.9 Major shareholders
• 1.7.10 Ownership according to nationality
• 1.7.11 Share buy-back programmes

Capital adequacy

• 1.8.1 Own funds condensed
• 1.8.2 Leverage ratio
• 1.8.3 Specification of exposure at default, risk exposure amount and average risk weights
• 1.8.4 Own funds DNB Bank ASA and DNB Group
• 1.8.5 Cross-sectoral financial group

FACTBOOK DNB – 3Q25 CONTENTS

Contents chapter 2 - Segmental reporting

Financial performance

• 2.1.1 Extracts from income statement
• 2.1.2 Main balance sheet items and key figures
• 2.1.3 Key figures Norwegian and international units

Market shares

• 2.2.1 DNB's market shares in Norway
• 2.2.2 Development in market shares, loans and deposits
• 2.2.3 DNB Livsforsikring market shares
• 2.2.4 DNB Asset Management market shares retail market

Personal customers (PC)

• 2.3.1 Financial performance
• 2.3.2 Key performance metrics main customer divisions
• 2.3.3 Risk classification of portfolio
• 2.3.4 EAD by industry segment
• 2.3.5 Distribution of loan to value
• 2.3.6 DNB Boligkreditt Average mortgage lending volumes and spreads
• 2.3.7 DNB Eiendom Residential real estate broking in Norway

Corporate customers Norway (CCN)

• 2.4.1 Financial performance
• 2.4.2 Risk classification of portfolio
• 2.4.3 EAD by industry segment
• 2.4.4 Key performance metrics Small and medium-sized enterprises

Large corporates and international customers (LCIC)

• 2.5.1 Financial performance
• 2.5.2 Risk classification of portfolio
• 2.5.3 EAD by industry segment

Other operations

2.6.1 Financial performance

Product areas

DNB Carnegie

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

DNB Livsforsikring Group

• 2.8.1 Legal entity consolidated accounts and solvency capital
• 2.8.2 Financial performance
• 2.8.3 Non-guaranteed products income
• 2.8.4 Guaranteed products income

Asset Management

2.9.1 Assets under management

Contents chapter 3 - The Norwegian economy

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

Chapter 1 - DNB Group

Financial results and key figures

Net interest income

Net other operating income

Operating expenses

Loans and financial commitments

Exposure at default and risk classification

Liquidity, funding and shareholder structure

Capital adequacy

1.1.1 Income statement - condensed1

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income	15 990	16 152	16 410	16 718	16 129	15 817	15 526	15 997	15 718
Net commissions and fees	3 916	4 370	3 500	3 287	3 038	3 439	2 702	2 927	2 735
Net gains on financial instruments at fair value2	1 387	519	1 193	372	1 660	1 010	1 183	(162)	1 703
Net insurance result	521	357	280	467	318	433	203	326	364
Other operating income	876	1 093	530	873	1 706	873	783	900	449
Net other operating income3	6 700	6 339	5 503	4 998	6 722	5 756	4 872	3 991	5 252
Total income	22 691	22 491	21 913	21 716	22 851	21 572	20 398	19 988	20 970
Operating expenses	(8 428)	(8 672)	(7 885)	(7 792)	(7 431)	(7 503)	(7 306)	(7 639)	(6 850)
Restructuring costs and non-recurring effects	(55)	(53)	(23)	(435)	(0)	(3)	22	(64)	(8)
Pre-tax operating profit before impairment	14 208	13 766	14 006	13 489	15 419	14 067	13 113	12 286	14 112
Net gains on fixed and intangible assets	2	3	18	2	0	(3)	(2)	0	(4)
Impairment of loans and guarantees	(862)	(677)	(410)	(157)	(170)	(560)	(323)	(920)	(937)
Pre-tax operating profit	13 347	13 091	13 614	13 334	15 250	13 504	12 789	11 366	13 172
Tax expense	(2 669)	(2 618)	(2 723)	(765)	(3 050)	(2 701)	(2 558)	(1 824)	(3 029)
Profit from operations held for sale, after taxes	6	(31)	(43)	106	(40)	(37)	(29)	(138)	(0)
Profit for the period	10 684	10 442	10 849	12 675	12 160	10 766	10 203	9 403	10 142
Portion attributable to shareholders	10 268	10 049	10 434	12 178	11 632	10 271	9 789	9 019	9 805

¹ See table 1.1.2 "Income statement" for more details.

² See table 1.3.2 "Net gains on financial instruments at fair value" for specification.

³ See table 1.3.1 "Net other operating income" for specification.

1.1.2 Income statement - quarterly figures

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Interest income, effective interest method	40 746	46 136	45 172	46 021	46 882	47 571	46 268	43 595	40 897
Other interest income	1 345	1 390	1 653	1 912	1 233	1 594	2 073	1 236	2 296
Interest expenses, effective interest method	(24 419)	(30 206)	(30 181)	(31 256)	(32 021)	(33 203)	(33 163)	(29 441)	(28 179)
Other interest expenses	(1 682)	(1 168)	(235)	42	35	(146)	348	607	704
Net interest income	15 990	16 152	16 410	16 718	16 129	15 817	15 526	15 997	15 718
Commission and fee income etc.	5 388	5 804	4 592	4 356	3 951	4 354	3 636	3 856	3 610
Commission and fee expenses etc.	(1 472)	(1 434)	(1 092)	(1 069)	(914)	(915)	(934)	(929)	(875)
Net gains on financial instruments at fair value1	1 387	519	1 193	372	1 660	1 010	1 183	(162)	1 703
Net insurance result	521	357	280	467	318	433	203	326	364
Profit from investments accounted for by the equity method2	361	394	27	256	1 016	258	188	274	(65)
Net gains on investment properties	5	(2)	9	102	5	(7)	3	45	0
Other income	511	701	494	515	685	622	592	581	514
Net other operating income	6 700	6 339	5 503	4 998	6 722	5 756	4 872	3 991	5 252
Total income	22 691	22 491	21 913	21 716	22 851	21 572	20 398	19 988	20 970
Salaries and other personnel expenses	(5 082)	(5 203)	(4 590)	(4 982)	(4 399)	(4 319)	(4 261)	(4 428)	(3 940)
Other expenses	(2 460)	(2 549)	(2 431)	(2 334)	(2 123)	(2 288)	(2 148)	(2 298)	(2 018)
Depreciation and impairment of fixed and intangible assets	(941)	(972)	(886)	(910)	(910)	(898)	(875)	(977)	(900)
Total operating expenses	(8 483)	(8 725)	(7 907)	(8 227)	(7 431)	(7 505)	(7 284)	(7 703)	(6 858)
Pre-tax operating profit before impairment	14 208	13 766	14 006	13 489	15 419	14 067	13 113	12 286	14 112
Net gains on fixed and intangible assets	2	3	18	2	0	(3)	(2)	0	(4)
Impairment of financial instruments	(862)	(677)	(410)	(157)	(170)	(560)	(323)	(920)	(937)
Pre-tax operating profit	13 347	13 091	13 614	13 334	15 250	13 504	12 789	11 366	13 172
Tax expense	(2 669)	(2 618)	(2 723)	(765)	(3 050)	(2 701)	(2 558)	(1 824)	(3 029)
Profit from operations held for sale, after taxes	6	(31)	(43)	106	(40)	(37)	(29)	(138)	(0)
Profit for the period	10 684	10 442	10 849	12 675	12 160	10 766	10 203	9 403	10 142
Portion attributable to shareholders	10 268	10 049	10 434	12 178	11 632	10 271	9 789	9 019	9 805
Portion attributable to non-controlling interests	25	(7)	6	28	(1)	6	(1)	(15)	6
Portion attributable to additional Tier 1 capital holders	390	400	409	469	529	489	414	400	331
Profit for the period	10 684	10 442	10 849	12 675	12 160	10 766	10 203	9 403	10 142
Earnings/diluted earnings per share (NOK)	6.98	6.79	7.04	8.21	7.83	6.83	6.48	5.93	6.39
Earnings per share excluding operations held for sale (NOK)	6.98	6.81	7.07	8.14	7.86	6.86	6.50	6.02	6.39
Average exchange rates in the period:
EUR/NOK	11.80	11.69	11.65	11.76	11.76	11.58	11.42	11.64	11.41
USD/NOK	10.10	10.31	11.08	11.02	10.71	10.76	10.52	10.83	10.48

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

² See table 1.3.3 for details on Fremtind.

1.1.3 Income statement - full-year figures

Amounts in NOK million	YTD 2025	2024	2023	2022	2021	2020
Interest income, effective interest method	132 054	186 742	153 550	75 241	43 997	50 660
Other interest income	4 388	6 812	7 095	4 751	2 890	4 636
Interest expenses, effective interest method	(84 806)	(129 643)	(101 757)	(29 080)	(4 693)	(11 511)
Other interest expenses	(3 085)	279	2 658	(2 619)	(3 504)	(5 161)
Net interest income	48 552	64 190	61 547	48 294	38 690	38 623
Commission and fee income etc.	15 785	16 298	14 772	14 184	14 992	13 289
Commission and fee expenses etc.	(3 998)	(3 832)	(3 658)	(3 856)	(3 981)	(3 789)
Net gains on financial instruments at fair value1	3 099	4 225	5 283	4 147	3 621	5 902
Net financial result, life insurance (prior to IFRS 17)					581	418
Net risk result, life insurance (prior to IFRS 17)					210	241
Net insurance result	1 158	1 421	1 183	1 235	0
Profit from investments accounted for by the equity method2	781	1 719	449	746	524	402
Net gains on investment properties	11	103	43	(7)	91	(61)
Other income	1 706	2 413	2 077	1 390	1 188	1 373
Net other operating income	18 542	22 347	20 150	17 840	17 225	17 776
Total income	67 094	86 537	81 697	66 133	55 915	56 399
Salaries and other personnel expenses	(14 876)	(17 961)	(16 320)	(14 690)	(13 826)	(12 873)
Other expenses	(7 441)	(8 893)	(8 506)	(7 648)	(6 845)	(7 208)
Depreciation and impairment of fixed and intangible assets	(2 799)	(3 594)	(3 794)	(3 465)	(3 363)	(3 320)
Total operating expenses	(25 115)	(30 448)	(28 620)	(25 803)	(24 034)	(23 401)
Pre-tax operating profit before impairment	41 979	56 089	53 077	40 331	31 881	32 998
Net gains on fixed and intangible assets	23	(2)	11	(24)	(82)	767
Impairment of financial instruments	(1 950)	(1 209)	(2 649)	272	868	(9 918)
Pre-tax operating profit	40 052	54 878	50 440	40 579	32 667	23 847
Tax expense	(8 010)	(9 074)	(10 811)	(7 411)	(7 462)	(4 229)
Profit from operations held for sale, after taxes	(67)	0	(149)	270	150	221
Profit for the period	31 974	45 804	39 479	33 438	25 355	19 840
Portion attributable to shareholders	30 752	43 870	38 166	32 587	24 407	18 712
Portion attributable to non-controlling interests	24	33	2	82	26	(15)
Portion attributable to additional Tier 1 capital holders	1 199	1 901	1 312	769	922	1 143
Profit for the period	31 974	45 804	39 479	33 438	25 355	19 840
Earnings/diluted earnings per share (NOK)	20.81	29.34	24.83	21.02	15.74	12.04
Earnings per share excluding operations held for sale (NOK)	20.86	29.34	24.93	20.85	15.65	11.89
Average exchange rates in the period:
EUR/NOK	11.67	11.63	11.41	10.10	10.17	10.73
USD/NOK	10.69	10.75	10.56	9.61	8.59	9.42

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

² See table 1.3.3 for details on Fremtind.

1.1.4 Comprehensive income statement

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Profit for the period	10 684	10 442	10 849	12 675	12 160	10 766	10 203	9 403	10 142
Actuarial gains and losses				207				(331)	40
Property revaluation	(8)	3	(0)	5	0	(16)		3	(1)
Financial liabilities designated at fair value through profit or loss, changes in credit risk	(10)	(13)	1	(1)	(8)	(37)	(30)	(52)	(108)
Tax	2	3	(0)	(50)	2	9	8	96	17
Items that will not be reclassified to the income statement	(16)	(7)	1	161	(6)	(44)	(23)	(284)	(51)
Currency translation of foreign operations	(1 771)	528	(4 054)	2 590	1 898	(1 328)	3 991	(1 030)	(2 094)
Currency translation reserve reclassified to the income statement			(1)			(29)
Hedging of net investments	1 325	(439)	3 200	(1 987)	(1 527)	1 016	(3 188)	1 075	1 664
Financial assets at fair value through OCI	204	13	196	(270)	(76)	88	449	(139)	102
Tax	(382)	106	(849)	564	401	(276)	685	(234)	(442)
Items that may subsequently be reclassified to the income statement	(624)	209	(1 509)	896	695	(529)	1 937	(328)	(770)
Other comprehensive income for the period	(639)	202	(1 508)	1 057	690	(573)	1 914	(611)	(821)
Comprehensive income for the period	10 044	10 644	9 341	13 732	12 850	10 194	12 117	8 792	9 321

Full-year figures

Amounts in NOK million	YTD 2025	2024	2023	2022	2021	2020
Profit for the period	31 974	45 804	39 479	33 438	25 355	19 840
Actuarial gains and losses		207	(291)	414	(183)	(324)
Property revaluation	(6)	(11)	2	5	212	578
Items allocated to customers, life insurance (prior to IFRS 17)					(193)	(578)
Financial liabilities designated at fair value through profit or loss, changes in credit risk	(22)	(75)	(102)	140	29	33
Tax	5	(31)	99	(131)	41	72
Items that will not be reclassified to the income statement	(22)	89	(292)	428	(93)	(218)
Currency translation of foreign operations	(5 297)	7 150	4 950	3 275	(1 018)	3 519
Currency translation reserve reclassified to the income statement	(1)	(29)		(5 213)	0
Hedging of net investments	4 086	(5 686)	(3 845)	(2 878)	680	(3 246)
Hedging reserve reclassified to the income statement				5 137
Financial assets at fair value through OCI	413	191	(147)	(704)	(101)	103
Tax	(1 125)	1 374	998	900	(148)	786
Tax reclassified to the income statement				(1 284)
Items that may subsequently be reclassified to the income statement	(1 923)	3 000	1 955	(767)	(587)	1 161
Other comprehensive income for the period	(1 945)	3 089	1 663	(340)	(681)	943
Comprehensive income for the period	30 029	48 893	41 142	33 098	24 674	20 783

1.1.5 Balance sheet - quarterly figures

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Assets
Cash and deposits with central banks	226 525	434 618	545 441	147 944	590 605	542 410	821 623	331 408	660 444
Due from credit institutions	101 246	117 428	152 220	165 563	160 038	181 926	123 057	94 259	62 767
Loans to customers¹	2 467 848	2 290 686	2 323 370	2 251 513	2 074 352	2 011 602	2 008 528	1 997 363	2 014 716
Commercial paper and bonds at fair value	517 787	512 722	523 783	574 896	534 679	468 962	472 983	569 464	415 852
Shareholdings	34 707	32 461	30 277	33 107	31 725	31 386	29 525	22 281	27 061
Assets, customers bearing the risk	232 628	217 718	203 569	202 255	196 648	187 007	179 450	166 722	155 131
Financial derivatives	105 211	107 403	119 397	141 144	114 526	126 265	141 311	142 543	161 600
Investment property	5 937	6 328	7 348	8 205	8 571	8 945	9 206	9 454	10 231
Investments accounted for by the equity method²	17 366	16 984	19 212	19 462	19 406	18 187	18 953	19 100	18 760
Intangible assets	21 761	22 227	22 128	10 735	10 585	10 461	10 452	10 456	10 419
Deferred tax assets	289	294	298	687	392	390	395	388	550
Fixed assets	21 141	21 583	21 855	21 006	21 421	21 635	21 832	21 439	21 531
Assets held for sale	2 081	2 022	2 029	1 399	1 395	1 197	1 220	1 195	1 447
Other assets	46 624	53 306	59 315	36 210	87 614	67 014	57 874	53 652	88 590
Total assets	3 801 152	3 835 781	4 030 241	3 614 125	3 851 957	3 677 388	3 896 408	3 439 724	3 649 099
Liabilities and equity
Due to credit institutions	381 248	376 911	495 523	237 089	413 816	331 847	429 290	206 714	339 219
Deposits from customers	1 536 884	1 552 606	1 625 502	1 487 763	1 573 719	1 565 330	1 565 992	1 422 941	1 485 663
Financial derivatives	110 760	93 366	123 855	117 032	108 672	123 472	130 855	155 588	168 562
Debt securities issued	825 673	872 400	849 551	854 765	837 010	773 133	853 808	807 928	803 259
Liabilities, customers bearing the risk	232 628	217 718	203 569	202 255	196 648	187 007	179 450	166 722	155 131
Insurance liabilities	189 585	191 725	189 035	189 877	193 920	192 598	193 121	195 319	191 490
Payable taxes	9 521	7 171	5 775	3 115	6 014	4 760	10 496	9 488	8 546
Deferred taxes	5 075	5 029	5 001	4 823	2 746	2 700	2 746	2 722	3 030
Other liabilities	71 500	72 255	81 667	70 589	92 209	83 878	102 798	56 172	94 074
Liabilities held for sale	475	432	442	548	385	387	451	540	376
Provisions	1 339	1 361	1 504	1 598	1 128	1 213	1 315	1 146	1 093
Pension commitments	5 966	5 776	5 607	5 594	5 849	5 698	5 585	5 343	5 020
Senior non-preferred bond	110 708	125 719	114 816	119 484	104 805	102 363	103 730	99 848	90 296
Subordinated loan capital	35 740	36 693	35 441	36 269	34 924	33 575	34 168	39 957	39 237
Total liabilities	3 517 102	3 559 163	3 737 286	3 330 800	3 571 845	3 407 963	3 613 803	3 170 428	3 384 997
Additional Tier 1 capital	21 883	22 045	22 135	21 916	30 301	30 176	25 259	22 004	22 358
Non-controlling interests	688	671	691	218	190	157	167	168	183
Share capital	18 348	18 449	18 533	18 533	18 533	18 638	18 862	18 960	19 131
Share premium	18 733	18 733	18 733	18 733	18 733	18 733	18 733	18 733	18 733
Other equity	224 397	216 720	232 863	223 925	212 354	201 721	219 584	209 431	203 697
Total equity	284 050	276 618	292 955	283 325	280 112	269 425	282 605	269 296	264 102
Total liabilities and equity	3 801 152	3 835 781	4 030 241	3 614 125	3 851 957	3 677 388	3 896 408	3 439 724	3 649 099
Exchange rates at the end of the period: EUR/NOK	11.70	11.86	11.40	11.78	11.76	11.40	11.65	11.21	11.28

EUR/NOK	11.70	11.86	11.40	11.78	11.76	11.40	11.65	11.21	11.28
USD/NOK	9.97	10.13	10.55	11.35	10.53	10.66	10.78	10.13	10.66

^{402 777} 226 731 296 523 221 435 92 948 61 872 62 695 66 698 68 650 1 Of which repo trading volumes

² See table 1.3.3 for details on Fremtind.

1.1.6 Balance sheet - full-year figures

	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.
Amounts in NOK million	2024	2023	2022	2021	2020
Assets
Cash and deposits with central banks	147 944	331 408	309 988	296 727	283 526
Due from credit institutions	165 563	94 259	20 558	44 959	78 466
Loans to customers¹	2 251 513	1 997 363	1 961 464	1 744 922	1 693 811
Commercial paper and bonds at fair value	574 896	569 464	485 440	425 267	439 231
Shareholdings	33 107	22 281	33 350	35 297	29 360
Assets, customers bearing the risk	202 255	166 722	138 259	138 747	116 729
Financial derivatives	141 144	142 543	137 754	107 530	132 056
Investment property	8 205	9 454	14 651	17 823	18 087
Investments accounted for by the equity method²	19 462	19 100	19 246	19 549	18 389
Intangible assets	10 735	10 456	10 273	5 804	5 498
Deferred tax assets	687	388	510	649	4 377
Fixed assets	21 006	21 439	21 254	21 430	20 474
Assets held for sale	1 399	1 195	1 767	2 245	2 402
Other assets	36 210	53 652	78 889	58 293	76 536
Total assets	3 614 125	3 439 724	3 233 405	2 919 244	2 918 943
Liabilities and equity
Due to credit institutions	237 089	206 714	177 298	149 611	207 457
Deposits from customers	1 487 763	1 422 941	1 396 630	1 247 719	1 105 574
Financial derivatives	117 032	155 588	153 911	85 282	123 264
Debt securities issued	854 765	807 928	737 886	702 759	777 829
Liabilities, customers bearing the risk	202 255	166 722	138 259	138 747	116 729
Insurance liabilities	189 877	195 319	200 601	199 379	200 422
Payable taxes	3 115	9 488	4 057	3 054	7 556
Deferred taxes	4 823	2 722	2 055	1 571	48
Other liabilities	70 589	56 172	70 202	68 784	83 237
Liabilities held for sale	548	540	541	896	1 016
Provisions	1 598	1 146	977	1 642	2 096
Pension commitments	5 594	5 343	4 657	5 073	4 476
Senior non-preferred bond	119 484	99 848	59 702	37 769	8 523
Subordinated loan capital	36 269	39 957	36 788	33 047	32 319
Total liabilities	3 330 800	3 170 428	2 983 565	2 675 332	2 670 547
Additional Tier 1 capital	21 916	22 004	16 089	16 974	18 362
Non-controlling interests	218	168	227	266	119
Share capital	18 533	18 960	19 378	19 379	15 503
Share premium	18 733	18 733	18 733	18 733	22 609
Other equity	223 925	209 431	195 413	188 559	191 804
		269 296	249 840	243 912	248 396
Total equity	283 325

|--|

EUR/NOK	11.78	11.21	10.52	9.99	10.46
USD/NOK	11.35	10.13	9.84	8.82	8.52

221 435 66 698 56 872 54 779 54 166

¹ Of which repo trading volumes

² See table 1.3.3 for details on Fremtind.

1.1.7 Key figures - quarterly figures

Definitions:		3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
	Interest rate analysis -1- Combined weighted total average spreads for lending and deposits (%)	1.35	1.35	1.36	1.39	1.39	1.40	1.43	1.42	1.38
	-1- Average spreads for ordinary lending to customers (%)	1.73	1.66	1.72	1.65	1.62	1.67	1.62	1.50	1.28
	-1- Average spreads for deposits from customers (%)	0.84	0.95	0.90	1.03	1.07	1.04	1.18	1.31	1.51
	-2- Net interest margin (%)	1.80	1.85	1.90	1.94	1.90	1.89	1.87	1.90	1.87
	Average NIBOR (%)	4.28	4.57	4.54	4.69	4.74	4.72	4.71	4.72	4.65
	NIBOR at end of period (%)	4.13	4.34	4.57	4.68	4.73	4.73	4.73	4.73	4.72
	Rate of return/profitability
	-3- Cost/income ratio (%)	37.4	38.8	36.1	37.9	32.5	34.8	35.7	38.5	32.7
	-4- Return on equity, annualised (%)	15.8	15.4	15.9	19.0	18.9	16.6	15.6	14.6	16.3
	-5- RAROC, annualised (%)	16.0	15.0	15.2	15.3	17.7	16.0	15.9	12.3	16.8
	Average equity attributable to shareholders, (NOK million)	257 823	262 561	266 101	254 661	244 668	249 405	251 687	245 460	238 252
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%)1	17.9	18.3	18.5	19.4	19.0	19.0	19.0	18.2	18.3
	Tier 1 capital ratio (%)1	19.7	20.1	20.3	21.2	20.9	20.8	21.1	20.0	20.2
	Capital ratio (%)1	22.3	22.7	22.8	23.8	23.4	23.3	23.6	22.5	22.7
	Leverage ratio (%)1	6.3	6.2	6.0	6.9	6.3	6.5	6.2	6.8	6.3
	Loan portfolio and impairment
	-6- Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost	6.58	6.32	6.32	7.22	8.69	9.32	10.04	9.35	9.36
	-7- Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost	0.82	0.95	0.99	0.97	1.06	1.07	1.07	1.17	1.01
	-8- Impairment relative to average net loans to customers at amortised cost, annualised (per cent)	(0.15)	(0.12)	(0.08)	(0.03)	(0.03)	(0.11)	(0.07)	(0.18)	(0.19)
	Liquidity Ratio of customer deposits to net loans to customers at end of period, customer segments (%)	73.6	73.4	76.1	74.3	72.7	77.1	77.3	74.9	75.2
	Total assets owned or managed by DNB -9- Assets under management at end of period (NOK billion)	1 579	1 564	1 468	1 140	1 101	1 059	1 021	945	880
	-10- Total combined assets at end of period (NOK billion)	4 960	4 989	5 102	4 362	4 562	4 358	4 547	4 035	4 199
	Average total assets (NOK billion)	4 279	4 281	4 217	3 981	3 969	4 000	3 991	3 687	3 684
	Staff
	Number of full-time positions at end of period	10 917	11 058	11 188	10 603	10 719	10 628	10 584	10 617	10 596
	Sustainability Lending and facilitiation of funding to the sustainable transition (NOK billion, accumulated)	877.3	835.5	792.2	751.8	690.5	645.2	603.0	561.8	504.9
	Total assets invested in mutual funds and portfolios
	with a sustainability profile at end of period (NOK billion)	225.6	223.5	152.7	137.8	141.8	113.6	112.6	124.3	112.0
	Score from Traction's reputation survey in Norway (points) Customer satisfaction index, CSI, personal customers in Norway (score)	59 70.9	59 71.6	60 74.4	57 73.0	55 71.1	58 69.7	55 69.3	57 68.5	59 70.7
	Female representation at management levels 1-4 (%)	37.5	36.8	36.9	36.5	37.4	37.5	38.7	38.8	38.6
	The DNB share -11- Number of issued shares at end of period (1 000)2	1 477 605	1 477 605	1 492 530	1 492 530	1 492 530	1 492 530	1 542 613	1 542 613	1 542 613
	-12- Number of outstanding shares at end of period (1 000)2	1 469 527	1 475 931	1 482 680	1 482 680	1 482 680	1 491 031	1 508 952	1 516 838	1 530 502
	Average number of outstanding shares (1 000)2	1 470 159	1 480 430	1 482 680	1 482 680	1 484 888	1 502 776	1 510 159	1 520 912	1 535 579
	-13- Earnings per share (NOK)	6.98	6.79	7.04	8.21	7.83	6.83	6.48	5.93	6.39
	-14- Earnings per share excl. operations held for sale (NOK)	6.98	6.81	7.07	8.14	7.86	6.86	6.50	6.02	6.39
	-16- Book value per share incl. allocated dividend at end of period (NOK)	177.93	172.03	182.19	176.16	168.36	160.35	170.44	162.92	157.83
	Share price at end of period (NOK)	271.50	278.60	275.50	226.90	216.40	209.70	215.10	216.00	215.60
	-17- Price/earnings ratio	9.72	10.26	9.79	6.91	6.91	7.67	8.30	9.11	8.44
	-18- Price/book value	1.53	1.62	1.51	1.29	1.29	1.31	1.26	1.33	1.37
	-19- Market capitalisation (NOK billion)	399.0	411.2	408.5	336.4	320.9	312.7	324.6	327.6	330.0

¹ Including part of the interim profit. For quarterly figures, the highest of the dividend payout ratio of the preceding year and average of the dividend pay-out ratio for the past three years has been deducted from interim profit, in accordance with CRR.

For definitions of selected key figures, see table 1.1.9.

² See table 1.7.11 for information on share buy-back programmes.

1.1.8 Key figures - full-year figures

Definitions:		YTD 2025	2024	2023	2022	2021	2020
	Interest rate analysis
	-1- Combined weighted total average spreads for lending and deposits
	(%)	1.36	1.40	1.39	1.21	1.17	1.27
	-1- Average spreads for ordinary lending to customers (%)	1.70	1.64	1.45	1.47	1.94	2.04
	-1- Average spreads for deposits from customers (%)	0.90	1.08	1.32	0.88	0.14	0.12
	-2- Net interest margin (%)	1.85	1.90	1.84	1.54	1.38	1.45
	Average NIBOR (%)	4.46	4.72	4.16	2.05	0.47	0.70
	NIBOR at end of period (%)	4.13	4.68	4.73	3.26	0.95	0.49
	Rate of return/profitability
	-3- Cost/income ratio (%)	37.4	35.2	35.0	39.0	43.0	41.5
	-4- Return on equity, annualised (%)	15.7	17.5	15.9	14.7	10.7	8.4
	-5- RAROC, annualised (%)	15.4	16.2	15.5	13.0	9.5	8.3
	Average equity attributable to shareholders (NOK million)	262 162	250 106	239 526	222 431	228 207	222 490
	Financial strength at end of period
	Common equity Tier 1 capital ratio (%)	17.9	19.4	18.2	18.3	19.4	18.7
	Tier 1 capital ratio (%)	19.7	21.2	20.0	19.6	21.0	20.1
	Capital ratio (%)	22.3	23.8	22.5	21.8	24.0	22.1
	Leverage ratio (%)	6.3	6.9	6.8	6.8	7.3	7.1
-6-	Loan portfolio and impairment
	Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost	6.58	7.22	9.35	9.28	8.30	10.51
-7-	Net loans at amortised cost and financial commitments in
	stage 3, per cent of net loans at amortised cost	0.82	0.97	1.17	1.25	1.55	1.55
	-8- Impairment relative to average net loans to customers at amortised
	cost, annualised (per cent)	(0.11)	(0.06)	(0.13)	0.01	0.05	(0.60)
	Liquidity
	Ratio of customer deposits to net loans to customers at end of
	period, customer segments (%)	73.6	74.3	74.9	75.1	75.8	67.3
	Total assets owned or managed by DNB
-9-	Assets under management at end of period (NOK billion)	1 579	1 140	945	809	882	761
	-10- Total combined assets at end of period (NOK billion)	4 960	4 362	4 035	3 727	3 463	3 363
	Average total assets (NOK billion)	4 279	3 981	3 687	3 502	3 404	3 230
	Staff
	Number of full-time positions at end of period	10 917	10 603	10 617	10 351	9 410	9 050
	Sustainability Lending and facilitiation of funding to the sustainable transition (NOK
	billion, accumulated)	877.3	751.8	561.8	390.9	220.6	74.4
	Total assets invested in mutual funds and portfolios with a sustainability profile at end of
	period (NOK billion)	225.6	137.8	124.3	27.4	28.4	19.1
	Score from Traction's reputation survey in Norway (points)	59	57	57	60	63
	Customer satisfaction index, CSI, personal customers in Norway
	(score)	70.9	73.0	68.5	71.1	72.7	74.8
	Female representation at management levels 1-4 (%)	37.5	36.5	38.8	38.3	39.8	39.5
	The DNB share
-11-	Number of issued shares at end of period (1 000)¹	1 477 605	1 492 530	1 542 613	1 550 365	1 550 365	1 550 365
-12-	Number of outstanding shares at end of period (1 000)¹	1 469 527	1 482 680	1 516 838	1 550 261	1 550 351	1 550 365
	Average number of outstanding shares (1 000)¹	1 477 756	1 495 277	1 536 882	1 550 333	1 550 290	1 554 540
	-13- Earnings per share (NOK)	20.81	29.34	24.83	21.02	15.74	12.04
-14-	Earnings per share excl. operations held for sale (NOK)	20.86	29.34	24.93	20.85	15.65	11.89
	Dividend per share (NOK)		16.75	16.00	12.50	9.75	9.00
	-15- Total shareholder's return (%)	27.6	13.7	18.7	1.2	31.8	2.4
	Dividend yield (%)		7.38	7.41	6.43	4.83	5.36
-16-	Book value per share incl. allocated dividend at end of period (NOK)	177.93	176.16	162.92	150.64	146.21	148.30
				216.00	194.45	202.00	168.00
	Share price at end of period (NOK)	271.50	226.90
	-17- Price/earnings ratio -18- Price/book value	9.79 1.53	7.73 1.29	8.70 1.33	9.25 1.29	12.91 1.38	14.12 1.13

¹ See table 1.7.11 for information on share buy-back programmes.

For definitions of selected key figures, see table 1.1.9.

1.1.9 Key figures - definitions

-19-

Number of outstanding shares multiplied by the closing share price, at end of period.

-1-	Based on customer segments and nominal values and excluding impaired loans. Measured against the corresponding money market rate.
-2-	Based on net interest income relative to net loans to customers and deposits from customers.
-3-	Total operating expenses relative to total income.
-4-	Return on equity represents the shareholders' share of profit for the period relative to average equity excluding additional Tier 1 capital and non-controlling interests.
-5-	RAROC (Risk-Adjusted Return On Capital) is defined as risk-adjusted profits (shareholders' share) relative to average equity excluding additional Tier 1 capital and non controlling interests. Risk-adjusted profits indicate the level of profits in a normalised situation. Among other things, recorded impairment losses on loans are replaced by normalised losses.
-6-	Net loans at amortised cost and financial commitments in stage 2 divided by net loans to customers at amortised cost.
-7-	Net loans at amortised cost and financial commitments in stage 3 divided by net loans to customers at amortised cost.
-8-	Impairment relative to average net loans to customers at amortised cost, annualised (per cent).
-9-	Total assets under management or under reporting for the Group's assets management businesses, and assets under advisory/distribution for other providers.
-10-	Total assets and assets under management.
-11-	Number of issued shares.
-12-	Number of issued shares excluding DNB shares owned for trading purpose and as part of buy-back programmes.
-13-	The shareholders' share of profits relative to the average number of outstanding shares.
-14-	The shareholders' share of profits excluding profits from operations held for sale relative to the average number of outstanding shares.
-15-	Share price performance including the value of all re-invested dividends. The dividend is calculated re-invested as from the day the share is traded exclusive the right to the dividend (ex-dividend date).
-16-	The shareholders' share of equity, excluding additional Tier 1 capital and non-controlling interests, at end of period relative to the number of outstanding shares.
-17-	Closing price at end of period relative to annualised earnings per share.
-18-	Share price at end of period relative to book value per share.

1.2.1 Net interest income - split by segments

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Interest margin on performing loans to customers¹	9 212	9 013	9 518	9 034	8 197	8 056	7 795	7 295	6 195
Customer segments	8 713	8 189	8 342	8 104	7 760	7 826	7 598	7 179	6 105
Personal customers	2 924	2 492	2 603	2 372	2 305	2 405	2 243	1 778	943
Corporate customers Norway	2 943	2 903	2 907	2 898	2 829	2 866	2 834	2 873	2 697
Large corporates and international customers	2 845	2 794	2 833	2 835	2 626	2 555	2 521	2 528	2 465
Other operations	499	824	1 176	930	438	229	197	116	90
Interest margin on deposits from customers	2 711	3 071	2 983	3 136	3 305	3 496	4 040	4 596	5 274
Customer segments	3 148	3 531	3 355	3 705	3 855	3 775	4 169	4 680	5 374
Personal customers	2 043	2 349	2 212	2 471	2 619	2 575	2 714	3 203	3 720
Corporate customers Norway	965	1 042	1 023	1 095	1 113	1 100	1 076	1 166	1 301
Large corporates and international customers	139	139	120	138	123	101	379	311	353
Other operations	(437)	(459)	(373)	(568)	(550)	(280)	(129)	(85)	(100)
Equity and non-interest bearing items	2 534	2 736	2 801	2 901	2 860	2 856	2 792	2 704	2 562
Customer segments²	1 794	1 808	1 661	1 729	1 741	1 724	1 629	1 668	1 633
Personal customers ²	705	718	640	660	691	671	587	592	591
Corporate customers Norway ²	498	505	492	511	499	503	495	501	473
Large corporates and international customers ²	591	585	529	558	552	550	546	575	569
Other operations	740	928	1 140	1 172	1 119	1 132	1 163	1 036	929
Other net interest income	1 534	1 331	1 108	1 647	1 766	1 409	899	1 402	1 688
Customer segments	1 875	1 841	1 892	2 087	1 803	1 362	1 322	2 017	2 018
Personal customers	133	72	6	21	(35)	(130)	(18)	129	254
Corporate customers Norway	454	408	489	553	448	315	300	396	373
Large corporates and international customers	1 288	1 362	1 397	1 512	1 390	1 177	1 039	1 492	1 391
Other operations	(341)	(510)	(784)	(440)	(37)	47	(422)	(615)	(330)
Total net interest income	15 990	16 152	16 410	16 718	16 129	15 817	15 526	15 997	15 718
Customer segments	15 529	15 369	15 250	15 625	15 160	14 687	14 718	15 545	15 129
Personal customers	5 806	5 630	5 461	5 525	5 580	5 521	5 526	5 703	5 507
Corporate customers Norway	4 860	4 859	4 910	5 057	4 889	4 784	4 706	4 936	4 844
Large corporates and international customers	4 864	4 880	4 879	5 044	4 690	4 382	4 486	4 906	4 778
Other operations	461	783	1 160	1 093	969	1 129	809	452	589

¹ Excluding impaired loans.

² Allocated capital.

1.2.2 Average volumes - split by segments

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Performing loans to customers1								2 239 393 2 201 172 2 204 128 2 139 436 2 020 621 1 985 594 1 978 654 1 999 465 1 987 985
Customer segments								2 001 760 1 977 388 1 969 828 1 954 990 1 902 529 1 885 950 1 881 214 1 898 276 1 887 455
Personal customers	962 787	958 241	951 441	947 192	933 793	931 364	941 287	951 544	953 906
Corporate customers Norway	536 759	531 914	526 837	523 320	515 646	514 527	508 492	511 407	510 725
Large corporates and international customers	502 215	487 233	491 550	484 478	453 090	440 059	431 436	435 325	422 824
Other operations	237 632	223 784	234 299	184 447	118 093	99 644	97 440	101 189	100 530
Deposits from customers1								1 571 574 1 648 780 1 684 385 1 601 815 1 596 820 1 647 453 1 545 804 1 455 245 1 495 138
Customer segments								1 487 655 1 492 314 1 506 947 1 428 118 1 428 399 1 453 896 1 423 630 1 412 527 1 415 290
Personal customers	625 360	617 169	591 184	570 709	573 633	570 375	571 185	575 159	587 633
Corporate customers Norway	414 852	415 444	406 780	386 018	386 251	390 693	375 434	349 139	349 518
Large corporates and international customers	447 443	459 701	508 982	471 391	468 514	492 829	477 010	488 228	478 139
Other operations	83 919	156 467	177 439	173 697	168 422	193 557	122 174	42 718	79 848
Equity and non-interest bearing items	231 899	236 778	246 635	241 126	236 387	239 854	234 989	224 054	215 494
Customer segments	193 985	192 061	182 049	177 472	174 328	173 472	173 329	172 099	170 743
Personal customers 2	70 938	71 363	64 711	61 546	61 742	61 701	61 748	61 690	62 556
Corporate customers Norway 2	53 642	53 302	54 868	53 757	49 893	51 581	52 517	50 038	48 074
Large corporates and international customers 2	69 405	67 396	62 471	62 170	62 693	60 190	59 064	60 371	60 113
Other operations	37 914	44 716	64 586	63 654	62 059	66 382	61 660	51 956	44 751

¹ Average nominal amount, excluding impaired loans.

1.2.3 Interest rate spreads - split by segments¹

Per cent	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Average lending spreads - customer segments	1.73	1.66	1.72	1.65	1.62	1.67	1.62	1.50	1.28
Personal customers	1.20	1.04	1.11	1.00	0.98	1.04	0.96	0.74	0.39
Corporate customers Norway	2.18	2.19	2.24	2.20	2.18	2.24	2.24	2.23	2.09
Large corporates and international customers	2.25	2.30	2.34	2.33	2.31	2.34	2.35	2.30	2.31
Average deposits spreads - customer segments	0.84	0.95	0.90	1.03	1.07	1.04	1.18	1.31	1.51
Personal customers	1.30	1.53	1.52	1.72	1.82	1.82	1.91	2.21	2.51
Corporate customers Norway	0.92	1.01	1.02	1.13	1.15	1.13	1.15	1.33	1.48
Large corporates and international customers	0.12	0.12	0.10	0.12	0.10	0.08	0.32	0.25	0.29
Combined weighted average spreads
- customer segments	1.35	1.35	1.36	1.39	1.39	1.40	1.43	1.42	1.38
Net interest margin	1.80	1.85	1.90	1.94	1.90	1.89	1.87	1.90	1.87

¹ Spreads are calculated based on money market rates and do not include additional funding costs related to liquidity measures. See ir.dnb.no for definition and additional information on alternative performance measures (APMs) .

² Allocated capital.

1.2.4 Quarterly development in average interest rate spreads

Customer segments

Per cent

1.62	1.67	1.62	1.65	1.72	1.66	1.73
1.43
	1.40	1.39	1.39	1.36	1.35	1.35
1.18
	1.04	1.07	1.03	0.90	0.95	0.84

Lending spreads Combined spreads - weighted average

Deposit spreads

1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25

Personal customers

Per cent

1.2.4 Quarterly development in average interest rate spreads (continued)

Corporate customers Norway

Per cent

2.24	2.24	2.18	2.20	2.24	2.19	2.18	Lending spreads
1.78	1.76	1.74	1.75	1.71	1.67	1.63	Combined spreads - weighted average
1.15	1.13	1.15	1.13	1.02	1.01		Deposit spreads
						0.92

1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25

Large corporates and international customers

Per cent

1.2.5 Net interest income

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Interest margin on performing loans - customer segments	8 713	8 189	8 342	8 104	7 760	7 826	7 598	7 179	6 105
Interest margin on deposits - customer segments	3 148	3 531	3 355	3 705	3 855	3 775	4 169	4 680	5 374
Amortisation effects and fees	1 420	1 370	1 436	1 393	1 211	1 141	1 055	1 150	1 074
Equity and non-interest bearing items	2 534	2 736	2 801	2 901	2 860	2 856	2 792	2 704	2 562
Operational leasing	697	721	725	753	791	793	800	791	762
Contributions to the deposit guarantee and resolution funds	(339)	(341)	(342)	(328)	(327)	(372)	(344)	(308)	(309)
Other	(181)	(55)	93	191	(21)	(204)	(543)	(200)	151
Net interest income	15 990	16 152	16 410	16 718	16 129	15 817	15 526	15 997	15 718

1.2.6 Changes in net interest income

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income	15 990	16 152	16 410	16 718	16 129	15 817	15 526	15 997	15 718

Changes from previous quarters:	Changes from 2Q25	Changes from 1Q25	Changes from 4Q24	Changes from 3Q24	Changes from 2Q24	Changes from 1Q24	Changes from 4Q23	Changes from 3Q23
Lending volumes	120	91	80	212	68	(9)	(30)	15
Deposit volumes	30	129	109	(7)	(50)	36	(20)	(105)
Lending spreads	320	(272)	322	93	(239)	196	587	995
Deposit spreads	(451)	18	(388)	(147)	89	(432)	(424)	(592)
Exchange rate movements	(8)	(74)	(11)	43	19	44	(44)	68
Interest days	129	130	(225)		127		(161)
Long term funding	23	(50)	(110)	(16)	21	(5)	73	3
Amortisation effects and fees	50	(66)	43	182	70	86	(95)	76
Equity and non-interest bearing items	(202)	(66)	(99)	41	4	65	88	141
Contributions to the deposit guarantee and resolution funds	2	1	(13)	(2)	45	(28)	(36)	1
Interest income on loans subject to impairment provisions	13	(35)	0	29	(13)	58	(77)	37
Other net interest income	(187)	(66)	(16)	162	172	279	(331)	(361)
Total	(162)	(258)	(308)	589	312	290	(471)	279

1.3.1 Net other operating income

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Money transfer and interbank transactions	654	555	581	587	641	626	558	554	654
Guarantee commissions	263	306	288	290	279	271	258	259	235
Asset management services	1 135	1 060	827	712	658	596	536	690	484
Credit broking	151	165	66	172	69	137	116	150	83
Corporate finance	635	970	699	562	402	731	276	394	280
Real estate broking	289	357	282	228	265	344	220	207	261
Custodial services	74	106	90	81	68	93	100	77	85
Securities broking	307	404	240	145	162	149	159	123	168
Sale of insurance products	429	385	381	394	356	351	319	351	339
Other income from banking services	(21)	61	45	117	139	141	160	122	147
Net commissions and fees	3 916	4 370	3 500	3 287	3 038	3 439	2 702	2 927	2 735
Net gains on financial instruments at fair value	1 387	519	1 193	372	1 660	1 010	1 183	(162)	1 703
Net life insurance result	521	357	280	467	318	433	203	326	364
Profit from investments accounted for by the equity
method	361	394	27	256	1 016	258	188	274	(65)
Net gains on investment properties	5	(2)	9	102	5	(7)	3	45	0
Other income	511	701	494	515	685	622	592	581	514
Other operating income	876	1 093	530	873	1 706	873	783	900	449
Net other operating income, total	6 700	6 339	5 503	4 998	6 722	5 756	4 872	3 991	5 252

Full-year figures

YTD 2025	2024	2023	2022	2021	2020
1 791	2 412	2 371	2 121	1 406	1 341
858	1 098	997	932	853	900
3 022	2 503	2 055	1 868	1 773	1 480
382	494	319	308	618	358
2 305	1 970	1 511	1 453	1 827	1 164
928	1 056	1 050	1 067	1 258	1 272
270	342	342	363	257	180
951	616	596	603	555	467
1 194	1 419	1 376	1 382	2 482	2 323
86	556	497	231		15
11 786	12 466	11 115	10 328	11 011	9 500
3 099	4 225	5 283	4 147	3 621	5 902
				581	418
				210	241
1 158	1 421	1 183	1 235
1 158	1 421	1 183	1 235	790	659
781	1 719	449	746	524	402
11	103	43		91	(61)
1 706	2 413	2 077	1 390	1 188	1 373
2 499	4 235	2 569	2 129	1 803	1 714
18 542	22 347	20 150	17 840	17 225	17 776
					(17) (7)

1.3.2 Net gains on financial instruments at fair value

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Customer revenues in DNB Carnegie	700	898	786	894	921	851	715	816	752
Trading revenues in DNB Carnegie (excl. CVA/DVA/FVA and credit spreads effects)1	97	189	212	268	138	225	227	222	251
Hedging of defined-benefit pension scheme	91	118	(8)	(5)	42	39	99	82	(19)
Credit spreads on bonds	30	17	(7)	(50)	32	57	87	(16)	(12)
Credit spreads on fixed-rate loans	6	3	16	(28)	(55)	110	54	22	136
CVA/DVA/FVA	51	(60)	39	77	(153)	42	42	(137)	65
Other mark-to-market adjustments	284	(327)	406	(930)	947	55	(344)	(260)	702
Basis swaps	264	(97)	209	(836)	(194)	(290)	(240)	(500)	(162)
Exchange rate effects related to additional Tier 1 capital	(136)	(222)	(459)	982	(19)	(79)	543	(392)	(11)
Net gains on financial instruments at fair value	1 387	519	1 193	372	1 660	1 010	1 183	(162)	1 703

Full-year figures

Amounts in NOK million	YTD 2025	2024	2023	2022	2021	2020
Customer revenues in DNB Carnegie	2 384	3 380	3 120	2 852	2 228	2 354
Trading revenues in DNB Carnegie (excl. CVA/DVA/FVA and credit spreads effects)1	497	858	1 199	761	182	319
Hedging of defined-benefit pension scheme	201	176	173	(164)	219	37
Credit spreads on bonds	40	126	70	(331)	182	(13)
Credit spreads on fixed-rate loans	25	81	(18)	(443)	74	(20)
CVA/DVA/FVA	30	9	42	103	262	(65)
Other mark-to-market adjustments	364	(273)	976	(247)	296	1 910
Basis swaps	375	(1 559)	(612)	822	(310)	526
Exchange rate effects related to additional Tier 1 capital	(816)	1 427	332	794	487	855
Net gains on financial instruments at fair value	3 099	4 225	5 283	4 147	3 621	5 902

¹ CVA: Credit valuation adjustment. DVA: Debit valuation adjustment. FVA: Funding valuation adjustment.

1.3.3 Profit from investments accounted for by the equity method – Fremtind

DNB Group's share of Fremtind's financial results¹

Income statement²

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Income	6 223	5 386	6 086	6 044	6 116	4 008	4 293	4 018	3 991
Profit after tax	1 161	850	606	964	825	388	206	912	8
Share of profit after tax	330	242	172	274	235	136	72	319	3
Depreciation and impairment of value adjustments after tax	(42)	(42)	(42)	(42)	(42)	(53)	(53)	(61)	(61)
Merger with Eika Forsikring					716
Other adjustments	(39)	39	(90)	(32)	(30)	42	0	(9)	(41)
The Group's share of profit after tax2	250	239	40	200	879	125	19	249	(99)

Balance sheet

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2023	2024	2023	2023
The Group's share of equity	5 184	4 848	4 600	4 614	4 993	3 384	3 262	3 109	3 071
Unpaid dividends			663	663			286	286
Goodwill	1 286	1 286	1 286	1 286	1 286	1 467	1 467	1 467	1 467
Value adjustments after tax	650	691	733	775	817	1 085	1 138	1 191	1 252
Eliminations	(5)	36	58	(39)	(2)	28	(91)	(11)	1
Carrying amount2	7 115	6 861	7 340	7 300	7 094	5 965	6 062	6 043	5 791

¹ Represents DNB Bank ASA's ownership interest in Fremtind Forsikring (Fremtind), which was 35 per cent up to and including the second quarter of 2024. After the merger between Eika Forsikring and Fremtind, which was completed on 1 July, DNB's ownership interest in Fremtind is 28.46 per cent.

Financial performance – Fremtind

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Insurance premium	6 223	5 386	6 086	6 044	6 116	4 008	4 293	4 018	3 991
Claims	(4 755)	(4 482)	(5 167)	(4 888)	(5 128)	(3 695)	(4 418)	(3 597)	(3 962)
Other operational income/cost	(38)	(463)	(224)	142	(372)	(158)	32	(493)	(12)
Operational profit	1 430	440	695	1 299	616	154	(93)	(72)	17
Other income/cost	(268)	(154)	(147)	(172)	(148)	(32)	(25)	(37)	(62)
Financial results	341	850	305	43	627	374	351	904	65
Pre-tax operating profit	1 503	1 136	852	1 170	1 095	495	233	794	20
Tax expense	(342)	(286)	(246)	(207)	(271)	(108)	(27)	118	(12)
Profit after tax	1 161	850	606	964	825	388	206	912	8
Claims ratio (%)	55.6	59.5	64.5	61.1	65.5	70.7	83.9	66.7	77.7
Cost/income ratio (%)	20.8	23.8	20.4	19.8	18.3	21.6	19.0	23.9	23.1
Combined ratio (%)	76.4	83.3	84.9	80.9	83.8	92.2	102.9	90.6	100.8
Book equity at end of period	18 216	17 033	16 162	16 213	17 544	9 669	9 319	8 883	8 773
Return on equity, annualised (%)	26.4	20.5	15.3	23.2	24.1	14.9	8.9	41.2	0.0
Return on financial portfolio (%)1	1.1	3.0	1.0	0.2	2.4	1.4	1.5	4.2	0.3
Solvency II ratio at end of period (%)2	203	187	187	217	206	185	191	197	198

¹ Value adjusted.

² Second quarter figures are based on estimates.

² Preliminary ratio.

1.4.1 Operating expenses

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Salaries			(3 508) (3 690) (3 288) (3 251) (3 117) (3 065) (2 932) (3 060) (2 845)
Employer's national insurance contributions	(696)	(647)	(628)	(639)	(616)	(579)	(600)	(582)	(561)
Pension expenses	(646)	(681)	(469)	(479)	(528)	(523)	(568)	(600)	(397)
Restructuring expenses	(55)	(30)	(23)	(427)	(0)	(3)	(10)	(15)	(8)
Other personnel expenses	(178)	(155)	(181)	(188)	(138)	(149)	(152)	(172)	(129)
Total salaries and other personnel expenses			(5 082) (5 203) (4 590) (4 982) (4 399) (4 319) (4 261) (4 428) (3 940)
Fees	(162)	(204)	(246)	(209)	(166)	(164)	(156)	(239)	(163)
IT expenses			(1 680) (1 655) (1 519) (1 468) (1 371) (1 487) (1 446) (1 483) (1 260)
Postage and telecommunications	(34)	(30)	(32)	(28)	(27)	(31)	(22)	(27)	(28)
Office supplies	(6)	(9)	(5)	(6)	(5)	(7)	(5)	(6)	(5)
Marketing and public relations	(223)	(259)	(222)	(227)	(209)	(272)	(205)	(218)	(227)
Travel expenses	(60)	(77)	(61)	(77)	(59)	(68)	(48)	(81)	(42)
Reimbursement to Norway Post for transactions executed	(0)	(0)	(0)	(0)	(1)	(0)	(0)	(0)	(0)
Training expenses	(18)	(14)	(27)	(39)	(16)	(18)	(16)	(31)	(11)
Operating expenses on properties and premises	(114)	(127)	(111)	(102)	(106)	(85)	(107)	(85)	(117)
Operating expenses on machinery, vehicles and office equipment	(7)	(8)	(8)	(7)	(6)	(7)	(7)	(7)	(7)
Other operating expenses	(155)	(167)	(199)	(171)	(158)	(150)	(136)	(120)	(157)
Total other expenses			(2 460) (2 549) (2 431) (2 334) (2 123) (2 288) (2 148) (2 298) (2 018)
Depreciation and impairment of fixed and intangible assets	(941)	(972)	(886)	(910)	(910)	(898)	(875)	(977)	(900)
Total operating expenses			(8 483) (8 725) (7 907) (8 227) (7 431) (7 505) (7 284) (7 703) (6 858)

Full year figures

Amounts in NOK million	YTD 2025	2024	2023	2022	2021	2020
Salaries	(10 486)	(12 364)	(11 554)		(10 619) (9 555) (9 022)
Employer's national insurance contributions			(1 972) (2 434) (2 243) (1 984) (1 743) (1 590)
Pension expenses			(1 796) (2 097) (1 880) (1 373) (1 631) (1 467)
Restructuring expenses	(107)	(440)	(42)	(18)	(142)	(81)
Other personnel expenses	(514)	(626)	(600)	(697)	(755)	(714)
Total salaries and other personnel expenses	(14 876)	(17 961)	(16 320)	(14 690)	(13 826)	(12 873)
Fees	(613)	(695)	(735)	(765)	(640)	(540)
IT expenses			(4 855) (5 772) (5 298) (4 366) (3 923) (3 807)
Postage and telecommunications	(95)	(108)	(117)	(154)	(132)	(148)
Office supplies	(20)	(23)	(22)	(28)	(40)	(29)
Marketing and public relations	(704)	(913)	(916)	(841)	(675)	(693)
Travel expenses	(199)	(251)	(228)	(184)	(55)	(73)
Reimbursement to Norway Post for transactions executed	(0)	(1)	(0)	(0)	(0)	(117)
Training expenses	(60)	(89)	(76)	(74)	(53)	(42)
Operating expenses on properties and premises	(352)	(400)	(435)	(427)	(409)	(415)
Operating expenses on machinery, vehicles and office equipment	(23)	(27)	(31)	(32)	(59)	(59)
Other operating expenses	(520)	(614)	(649)	(778)		(858) (1 286)
Total other expenses			(7 441) (8 893) (8 506) (7 648) (6 845) (7 208)
Impairment losses for goodwill				(2)	(7)	(10)
Depreciation and impairment of fixed and intangible assets			(2 799) (3 594) (3 794) (3 463) (3 356) (3 310)
Total depreciation and impairment of fixed and intangible assets			(2 799) (3 594) (3 794) (3 465) (3 363) (3 320)
Total operating expenses	(25 115)	(30 448)	(28 620)	(25 803)	(24 034)	(23 401)

1.4.2 Full-time positions based on the operational structure

	30 Sept.		30 June 31 March	31 Dec.	30 Sept.		30 June 31 March	31 Dec.	30 Sept.
Full-time positions	2025¹	2025¹	2025¹	2024	2024	2024	2024	2023	2023
Total ordinary operations*	10 917	11 058	11 188	10 603	10 719	10 628	10 584	10 617	10 596

* Of which:
Personal Banking	2 720
Technology & Services	2 305
Large Corporates & International	1 312
Corporate Banking Norway	1 002
DNB Carnegie¹ ²	1 398
Wealth Management ¹	1 099
Group Finance	424
Products, Data & Innovation	167
People & Communication	166
Group Risk Management	148
Other entities	177

¹ Carnegie has been included from March 2025, and from the second quarter of 2025 included in the respective areas.

1.4.3 IT expenses

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Software and licenses	(652)	(591)	(544)	(483)	(450)	(461)	(488)	(431)	(395)
IT consultants	(622)	(609)	(583)	(617)	(541)	(660)	(613)	(715)	(568)
Leasing	8	8	8	(2)	6	8	8	8	8
Other IT expenses	(414)	(464)	(400)	(367)	(386)	(375)	(353)	(345)	(305)
IT expenses		(1 680) (1 655) (1 519) (1 468) (1 371) (1 487) (1 446) (1 483) (1 260)
Depreciation	(114)	(114)	(105)	(132)	(103)	(102)	(95)	(113)	(111)
Impairment	(0)	(23)		(8)				(49)
Depreciation and impairment	(114)	(137)	(105)	(140)	(103)	(102)	(95)	(162)	(111)
Total IT expenses		(1 794) (1 792) (1 624) (1 609) (1 474) (1 589) (1 541) (1 645) (1 371)
Capitalised systems development expenses	1 958	1 963	1 879	1 928	1 754	1 635	1 593	1 573	1 524

The figures do not include salaries and indirect expenses.

² DNB Markets was renamed DNB Carnegie in May 2025.

1.5.1 Loans and financial commitments to customers by industry segment

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

As at 30 September 2025

		Maximum exposure				Accumulated impairment
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Net total
Bank, insurance and portfolio management	507 278	1 702	1 278	510 257	(33)	(5)	(27)		(64) 510 193
Commercial real estate	255 065	27 026	3 825	285 916	(190)	(150)	(762)		(1 102) 284 814
Shipping	53 779	966	5	54 750	(36)	(4)	(1)	(41)	54 709
Oil, gas and offshore	95 805	8 401	2 659	106 865	(51)	(40)	(680)		(771) 106 094
Power and renewables	139 739	9 477	2 304	151 520	(49)	(30)	(837)		(916) 150 605
Healthcare	57 022	1 525	693	59 239	(27)	(5)	(140)	(172)	59 068
Public sector	18 833	24	1	18 859	(0)	(0)	(0)	(0)	18 858
Fishing, fish farming and farming	114 928	7 398	1 139	123 464	(28)	(48)	(211)		(286) 123 178
Retail industries	75 905	14 045	1 371	91 321	(58)	(126)	(288)	(472)	90 848
Manufacturing	107 903	9 550	467	117 919	(55)	(76)	(160)		(291) 117 628
Technology, media and telecom	69 152	4 972	119	74 243	(32)	(64)	(56)	(151)	74 092
Services	90 422	7 264	1 305	98 991	(71)	(90)	(409)	(570)	98 421
Residential property	126 900	15 367	2 774	145 040	(77)	(72)	(471)		(619) 144 421
Personal customers	1 302 486	39 160	5 629	1 347 274	(234)	(205)	(746)	(1 185)	1 346 089
Other corporate customers	133 284	13 325	1 853	148 462	(80)	(172)	(839)		(1 091) 147 371
Total	3 148 499	160 201	25 423	3 334 122	(1 020)	(1 086)	(5 628)	(7 734)	3 326 388

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

		Maximum exposure				Accumulated impairment
	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2025	2025	2025	2024	2025	2025	2025	2024
Bank, insurance and portfolio management	507 278	320 325	392 338	325 263	(33)	(45)	(41)	(47)
Commercial real estate	255 065	246 907	244 882	241 425	(190)	(184)	(180)	(170)
Shipping	53 779	53 183	55 437	59 135	(36)	(21)	(19)	(24)
Oil, gas and offshore	95 805	101 989	105 355	107 837	(51)	(22)	(22)	(23)
Power and renewables	139 739	158 860	151 064	147 074	(49)	(56)	(62)	(60)
Healthcare	57 022	59 309	63 231	64 136	(27)	(31)	(30)	(28)
Public sector	18 833	20 667	18 412	18 943	(0)		(0)	(0)
Fishing, fish farming and farming	114 928	117 168	112 964	119 547	(28)	(18)	(17)	(19)
Retail industries	75 905	76 056	73 808	70 301	(58)	(61)	(77)	(78)
Manufacturing	107 903	106 151	103 397	104 662	(55)	(59)	(75)	(71)
Technology, media and telecom	69 152	65 710	65 580	56 585	(32)	(33)	(32)	(32)
Services	90 422	87 529	83 693	80 530	(71)	(94)	(118)	(119)
Residential property	126 900	141 598	139 301	139 288	(77)	(79)	(78)	(75)
Personal customers	1 302 486	1 297 544	1 284 589	1 229 403	(234)	(242)	(244)	(184)
Other corporate customers	133 284	106 631	103 508	102 597	(80)	(90)	(109)	(117)
Total	3 148 499	2 959 628	2 997 559	2 866 724	(1 020)	(1 035)	(1 105)	(1 044)

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

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

	Maximum exposure				Accumulated impairment
	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2025	2025	2025	2024	2025	2025	2025	2024
Bank, insurance and portfolio management	1 702	4 015	4 637	4 706	(5)	(13)	(14)	(11)
Commercial real estate	27 026	21 990	18 943	20 532	(150)	(101)	(75)	(81)
Shipping	966	1 058	745	17	(4)	(2)	(1)	(0)
Oil, gas and offshore	8 401	1 905	2 831	2 814	(40)	(11)	(14)	(13)
Power and renewables	9 477	6 986	8 277	11 022	(30)	(21)	(25)	(42)
Healthcare	1 525	2 039	2 504	3 947	(5)	(6)	(24)	(35)
Public sector	24	33	38	43	(0)		(0)	(0)
Fishing, fish farming and farming	7 398	3 287	2 718	3 141	(48)	(25)	(23)	(29)
Retail industries	14 045	14 184	15 438	17 171	(126)	(84)	(106)	(151)
Manufacturing	9 550	6 611	8 305	9 541	(76)	(49)	(39)	(52)
Technology, media and telecom	4 972	5 515	2 467	3 219	(64)	(85)	(18)	(19)
Services	7 264	8 576	10 124	10 414	(90)	(93)	(95)	(101)
Residential property	15 367	14 134	15 073	17 217	(72)	(67)	(67)	(69)
Personal customers	39 160	39 808	38 637	40 768	(205)	(175)	(186)	(178)
Other corporate customers	13 325	12 267	13 736	15 134	(172)	(113)	(127)	(135)
Total	160 201	142 410	144 472	159 688	(1 086)	(845)	(813)	(916)

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

		Maximum exposure				Accumulated impairment
	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.
Amounts in NOK million	2025	2025	2025	2024	2025	2025	2025	2024
Bank, insurance and portfolio management	1 278	1 220	797	850	(27)	(19)	(73)	(76)
Commercial real estate	3 825	2 990	2 725	2 750	(762)	(596)	(508)	(529)
Shipping	5	115	368	297	(1)	(2)	(243)	(261)
Oil, gas and offshore	2 659	2 842	2 934	3 103	(680)	(793)	(802)	(800)
Power and renewables	2 304	2 376	2 414	1 637	(837)	(845)	(854)	(878)
Healthcare	693	703	0	0	(140)	(95)	(0)	(0)
Public sector	1		0	0	(0)		(0)
Fishing, fish farming and farming	1 139	1 161	1 142	1 108	(211)	(192)	(184)	(186)
Retail industries	1 371	1 519	2 855	2 282	(288)	(428)	(294)	(379)
Manufacturing	467	402	283	311	(160)	(172)	(143)	(138)
Technology, media and telecom	119	112	1 764	1 780	(56)	(47)	(90)	(104)
Services	1 305	3 238	3 429	3 033	(409)	(400)	(501)	(480)
Residential property	2 774	3 112	1 996	2 107	(471)	(623)	(541)	(528)
Personal customers	5 629	5 644	5 682	5 897	(746)	(720)	(639)	(654)
Other corporate customers	1 853	1 616	1 665	1 873	(839)	(771)	(783)	(793)
Total	25 423	27 050	28 055	27 029	(5 628)	(5 703)	(5 654)	(5 805)

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

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Maximum exposure at beginning of period	3 129 088	3 170 086	3 053 441	2 874 729	2 794 553	2 767 990	2 751 924	2 758 643	2 774 744
Originated and purchased	550 519	341 038	396 099	385 800	277 446	214 673	457 724	223 990	219 858
Derecognition								(337 680) (381 469) (281 457) (217 271) (208 397) (182 585) (457 619) (228 593) (227 810)
Acquisitions			15 429
Exchange rate movements	(7 469)	(444)	(13 221)	10 425	11 150	(5 525)	15 960	(2 152)	(8 166)
Other	(334)	(123)	(205)	(242)	(21)			35	19
Maximum exposure at end of period	3 334 122	3 129 088	3 170 086	3 053 441	2 874 729	2 794 553	2 767 990	2 751 924	2 758 643

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Maximum exposure at beginning of period	2 959 628	2 997 559	2 866 724	2 669 937	2 582 461	2 541 596	2 538 637	2 546 707	2 564 413
Transfer into Stage 1	29 086	23 237	36 693	36 844	37 538	41 474	26 886	33 715	29 210
Transfer to Stage 2	(52 533)	(34 211)	(34 589)	(32 392)	(45 146)	(43 760)	(47 729)	(48 737)	(55 526)
Transfer to Stage 3	(6 137)	(1 939)	(555)	(729)	(1 477)	(603)	(886)	(3 218)	(837)
Originated and purchased	548 589	338 881	390 155	383 424	274 500	213 740	332 007	221 622	216 672
Derecognition					(322 735) (363 316) (263 371) (200 346) (188 366) (164 910) (322 458) (209 198) (199 834)
Acquisitions			15 429
Exchange rate movements	(7 244)	(525)	(12 830)	10 108	10 439	(5 077)	15 137	(2 281)	(7 400)
Other1	(153)	(59)	(97)	(120)	(11)			28	9
Maximum exposure at end of period	3 148 499	2 959 628	2 997 559	2 866 724	2 669 937	2 582 461	2 541 596	2 538 637	2 546 707

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Maximum exposure at beginning of period	142 410	144 472	159 688	177 073	184 687	198 608	183 912	185 440	182 218
Transfer to Stage 1	(26 450)	(22 657)	(36 360)	(35 355)	(37 168)	(41 237)	(25 767)	(33 491)	(28 825)
Transfer into Stage 2	53 041	37 146	35 131	32 820	45 609	44 130	48 792	51 033	55 811
Transfer to Stage 3	(2 090)	(2 853)	(1 463)	(2 828)	(1 782)	(2 522)	(3 004)	(4 240)	(1 876)
Originated and purchased	1 803	1 457	4 547	1 337	1 961	244	3 757	1 838	2 667
Derecognition	(8 128)	(15 135)	(16 562)	(13 585)	(16 806)	(14 140)	(9 795)	(16 782)	(23 866)
Acquisitions
Exchange rate movements	(212)	42	(407)	343	582	(396)	714	104	(694)
Other1	(173)	(61)	(104)	(117)	(10)			8	5
Maximum exposure at end of period	160 201	142 410	144 472	159 688	177 073	184 687	198 608	183 912	185 440

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Maximum exposure at beginning of period	27 050	28 055	27 029	27 720	27 404	27 786	29 375	26 495	28 113
Transfer to Stage 1	(2 635)	(581)	(333)	(1 489)	(370)	(238)	(1 118)	(224)	(385)
Transfer to Stage 2	(508)	(2 934)	(543)	(428)	(462)	(371)	(1 063)	(2 295)	(285)
Transfer into Stage 3	8 228	4 792	2 017	3 557	3 258	3 125	3 890	7 457	2 712
Originated and purchased	127	700	1 397	1 039	985	689	949	530	519
Derecognition	(6 817)	(3 018)	(1 524)	(3 340)	(3 225)	(3 535)	(4 356)	(2 613)	(4 111)
Acquisitions
Exchange rate movements	(13)	39	16	(26)	129	(52)	109	25	(72)
Other1	(8)	(3)	(4)	(5)				0	5
Maximum exposure at end of period	25 423	27 050	28 055	27 029	27 720	27 404	27 786	29 375	26 495

¹ The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland.

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Accumulated impairment at beginning of period	(7 583)	(7 572)	(7 766)	(8 271)	(8 278)	(8 759)	(8 454)	(8 537)	(8 469)
Originated and purchased	(156)	(189)	(165)	(188)	(239)	(172)	(263)	(119)	(124)
Increased expected credit loss	(1 083)	(1 039)	(862)	(716)	(950)	(3 049)	(3 188)	(1 737)	(1 443)
Decreased (reversed) expected credit loss	687	755	1 085	938	1 134	2 734	2 729	1 044	941
Write-offs	333	403	63	413	24	687	246	680	387
Derecognition (including repayments)	54	75	94	53	75	265	204	215	129
Acquisitions			(29)
Exchange rate movements	12	(16)	8	8	(40)	17	(33)	(2)	44
Other			-				(1)
Accumulated impairment at end of period	(7 734)	(7 583)	(7 572)	(7 766)	(8 271)	(8 278)	(8 759)	(8 454)	(8 537)

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Accumulated impairment at beginning of period	(1 035)	(1 105)	(1 044)	(1 039)	(1 055)	(977)	(925)	(892)	(928)
Changes due to significant change in credit risk	(51)	(65)	(76)	(116)	(139)	(145)	(50)	(32)	(100)
Originated and purchased	(113)	(147)	(131)	(153)	(191)	(148)	(195)	(105)	(89)
Increased expected credit loss	(164)	(51)	(107)	(82)	(33)	(139)	(102)	(118)	(101)
Decreased (reversed) expected credit loss	338	331	276	346	377	305	288	221	296
Write-offs
Derecognition (including repayments)	1	2	3	1	6	47	12	1	28
Acquisitions			(29)
Exchange rate movements	4		2	(3)	(5)	3	(5)	(1)	5
Other
Accumulated impairment at end of period	(1 020)	(1 035)	(1 105)	(1 044)	(1 039)	(1 055)	(977)	(925)	(892)

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Accumulated impairment at beginning of period	(845)	(813)	(916)	(979)	(1 009)	(1 084)	(1 063)	(1 019)	(1 006)
Changes due to significant change in credit risk	48	51	85	130	169	142	70	50	107
Originated and purchased	(43)	(42)	(34)	(35)	(48)	(24)	(68)	(16)	(35)
Increased expected credit loss	(401)	(216)	(181)	(208)	(248)	(296)	(261)	(316)	(290)
Decreased (reversed) expected credit loss	102	102	145	123	92	186	142	144	102
Write-offs
Derecognition (including repayments)	50	73	87	59	67	64	100	95	99
Acquisitions			-
Exchange rate movements	2	(2)	3	(2)	(4)	3	(5)		4
Other
Accumulated impairment at end of period	(1 086)	(845)	(813)	(916)	(979)	(1 009)	(1 084)	(1 063)	(1 019)

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Accumulated impairment at beginning of period	(5 703)	(5 654)	(5 805)	(6 253)	(6 214)	(6 698)	(6 466)	(6 626)	(6 535)
Changes due to significant change in credit risk	2	15	(10)	(11)	(30)	4	(23)	(13)	(8)
Originated and purchased								2
Increased expected credit loss	(518)	(772)	(574)	(426)	(669)	(2 614)	(2 825)	(1 303)	(1 052)
Decreased (reversed) expected credit loss	247	322	664	469	665	2 243	2 299	679	543
Write-offs	333	403	63	413	24	687	246	680	387
Derecognition (including repayments)	3		4	(7)	2	154	92	119	2
Acquisitions
Exchange rate movements	6	(14)	3	13	(31)	11	(23)	(1)	35
Other
Accumulated impairment at end of period	(5 628)	(5 703)	(5 654)	(5 805)	(6 253)	(6 214)	(6 698)	(6 466)	(6 626)

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

Per cent

• Net financial commitments in stage 3
• Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost
• Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost and financial commitments

1.5.5 Impairment of financial instruments

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Personal customers	(103)	(18)	(81)	(79)	(44)	(111)	(111)	(117)	(86)
Commercial real estate	(153)	(115)	(31)	42	9	(141)	64	(122)	(98)
Residential property	(53)	(108)	(22)	33	(93)	(29)	(79)	(67)	(132)
Power and renewables	(8)	(15)	(28)	(1)	6	(21)	(18)	(88)	(20)
Oil, gas and offshore	41	2	(9)	144	137	(20)	(14)	(45)	(171)
Other	(585)	(423)	(240)	(295)	(185)	(238)	(165)	(482)	(430)
Total	(862)	(677)	(410)	(157)	(170)	(560)	(323)	(920)	(937)

1.6.1 Credit portfolio

Exposure at default by industry segment

Exposure at default, EAD, is the share of the approved credit that is expected to be drawn at the time of any future default at the same time as there is a downturn in the market. The tables show the EAD in DNB's credit portfolio and is calculated by using external credit conversion factors that are aligned with regulatory requirements.

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Bank, insurance and portfolio management	134.8	150.6	134.3	128.9	119.4	107.2	113.1	109.8	107.3
Commercial real estate1	252.9	249.4	248.7	247.4	244.2	245.6	243.8	245.2	243.5
Shipping1	49.9	47.5	48.9	53.2	46.2	47.3	43.7	45.5	46.3
Oil, gas and offshore1	64.4	63.9	73.0	77.1	69.2	69.4	72.3	73.0	74.8
Power and renewables1	105.6	116.9	114.4	115.0	104.0	94.8	94.9	89.8	86.1
Healthcare	45.2	44.7	49.3	53.6	52.8	52.1	51.4	45.5	45.8
Public sector	13.7	12.6	15.7	13.5	12.2	11.0	10.4	10.1	8.5
Fishing, fish farming and farming	108.1	104.5	101.7	110.4	99.2	95.5	90.2	91.7	92.5
Retail industries	64.9	65.5	68.4	64.4	66.7	68.2	67.3	65.6	66.7
Manufacturing	82.9	81.8	83.2	89.7	83.1	79.5	79.8	74.3	73.6
Technology, media and telecom	53.0	50.3	51.9	53.1	47.4	48.3	48.9	47.5	43.6
Services	75.1	78.0	73.8	69.2	73.6	75.9	72.5	71.1	68.1
Residential property	142.2	139.0	140.2	141.5	140.2	139.2	140.4	139.1	140.5
Other corporate customers	105.4	92.8	95.3	95.8	96.5	89.9	86.9	86.3	86.3
Personal customers*	1 226.7	1 220.7	1 222.8	1 209.1	1 197.3	1 182.6	1 179.7	1 187.0	1 194.6
Total exposure at default in customer segments**	2 524.7	2 518.3	2 521.6	2 521.8	2 452.0	2 406.4	2 395.2	2 381.4	2 378.3
Central banks	203.4	464.2	511.9	225.8	630.2	563.9	857.6	429.0	637.4
Bonds	298.2	295.9	296.7	298.6	293.5	257.5	261.8	236.7	225.5
Carnegie	10.1	9.7	10.7
Total exposure at default in Group	3 036.3	3 288.2	3 340.9	3 046.2	3 375.7	3 227.8	3 514.6	3 047.1	3 241.2
* Of which:
- Mortgages	1 071.2	1 066.4	1 093.1	1 079.4	1 069.4	1 059.1	1 056.9	1 065.2	1 072.1
- Other exposures	155.6	154.3	129.7	129.7	127.9	123.6	122.8	121.8	122.6
** Of which international portfolio	605.9	613.0	611.8	626.2	578.1	554.0	553.8	541.4	526.7

¹ For a breakdown, see tables 1.6.3 - 1.6.6.

1.6.1 Credit portfolio (continued)

Risk classification of portfolio^{1, 2}

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk	1 865.5	1 876.4	1 886.3	1 895.5	1 846.5	1 777.8	1 780.7	1 811.3	1 809.1
Medium risk	536.4	522.2	514.6	526.6	507.7	529.2	518.7	478.6	477.0
High risk*	122.8	119.8	120.7	99.7	97.8	99.4	95.8	91.5	92.1
Total portfolio	2 524.7	2 518.3	2 521.6	2 521.8	2 452.0	2 406.4	2 395.2	2 381.4	2 378.3
* Of which exposure at default in stage 3	25.1	29.0	26.3	25.5	25.3	25.1	24.7	27.9	26.0

1	Of which	international	nortfolio:

· · · · · · · · · · · · · · · · · · ·
Low risk	484.4	481.4	481.5	497.3	447.7	431.0	434.0	423.9	407.5
Medium risk	95.1	102.4	100.8	101.1	103.0	93.0	91.7	88.9	89.2
High risk*	26.3	29.2	29.6	27.8	27.4	29.9	28.1	28.6	29.9
Total international portfolio	605.9	613.0	611.8	626.2	578.1	554.0	553.8	541.4	526.7
					1
* Of which exposure at default in stage 3	7.5	11.1	9.2	8.2	7.5	7.9	9.1	12.0	9.9

² For a breakdown of commercial real estate, shipping, oil, gas and offshore and power and renewables, see tables 1.6.3–1.6.6.

Exposure at default by industry segment

Risk classification of portfolio

^* Of which exposure at default of NOK 25.1 billion in stage 3 as at 30 September 2025.

1.6.2 Customer segments

Exposure at default

Personal customers

Other exposures	155.6	154.3	129.7	129.7	127.9	123.6	122.8	121.8	122.6
Mortgages	1 071.2	1 066.4	1 093.1	1 079.4	1 069.4	1 059.1	1 056.9	1 065.2	1 072.1
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.

Corporate customers Norway, by industry segment

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Bank, insurance and portfolio management	6.5	10.6	11.3	13.4	11.2	13.4	12.9	10.8	11.6
Commercial real estate	238.9	236.3	236.4	234.9	231.3	233.8	231.6	232.9	230.9
Shipping	1.5	1.0	1.2	1.1	1.2	1.0	1.0	1.1	1.1
Oil, gas and offshore	1.3	1.4	1.3	1.2	0.6	0.7	0.5	0.5	0.5
Power and renewables	15.8	19.2	17.3	15.0	15.6	15.6	15.4	15.6	14.7
Healthcare	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
Public sector	7.6	6.9	7.9	7.8	7.6	6.6	6.3	6.4	5.1
Fishing, fish farming and farming	35.1	35.4	35.6	34.2	32.3	32.0	29.5	29.4	29.7
Retail industries	18.5	18.6	18.7	18.0	18.4	18.9	19.6	19.3	20.1
Manufacturing	18.5	17.2	16.9	18.0	17.1	16.8	15.8	15.6	16.2
Technology, media and telecom	3.4	3.3	3.3	3.3	3.4	3.4	3.0	3.0	3.3
Services	20.3	20.3	21.1	22.9	25.0	25.7	24.0	24.1	23.7
Residential property	141.1	138.3	139.1	140.4	139.1	138.1	139.2	138.0	139.5
Other corporate customers	30.6	27.2	27.7	24.7	26.0	22.6	22.3	21.9	22.3
Total exposure at default	539.2	535.6	537.8	535.0	528.9	528.7	521.2	518.7	518.7

Large corporates and international customers, by industry segment

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Bank, insurance and portfolio management	98.7	101.5	97.6	103.4	90.6	83.5	88.8	90.8	84.4
Commercial real estate	9.8	9.7	9.3	9.7	10.1	8.9	9.5	9.5	9.7
Shipping	48.3	46.5	47.7	52.1	45.0	46.2	42.6	44.4	45.2
Oil, gas and offshore	63.1	62.5	71.7	75.8	68.6	68.8	71.7	72.5	74.2
Power and renewables	89.8	97.7	97.0	100.0	88.4	79.1	79.5	74.2	71.3
Healthcare	45.1	44.6	49.2	53.6	52.7	52.1	51.4	45.4	45.8
Public sector	3.0	2.9	3.3	3.0	3.3	3.2	2.8	2.6	2.2
Fishing, fish farming and farming	72.7	69.0	66.0	76.0	64.7	61.4	60.4	62.0	62.3
Retail industries	45.8	46.4	49.2	45.9	47.7	48.6	47.0	45.5	45.9
Manufacturing	64.3	64.5	66.3	71.7	65.5	61.8	64.0	58.6	57.4
Technology, media and telecom	49.5	46.5	48.5	49.5	43.8	44.6	45.6	44.3	40.1
Services	50.4	51.2	50.0	44.5	46.7	47.6	46.6	45.5	42.9
Residential property	0.9	0.6	0.9	0.9	0.9	0.8	1.0	0.8	0.8
Other corporate customers	73.2	64.5	65.6	69.7	69.1	65.9	63.3	63.5	62.9
Total exposure at default	714.5	708.1	722.1	755.8	697.0	672.6	674.1	659.5	644.9

Other corporate customers

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Total exposure at default	44.2	53.9	38.8	21.9	28.8	22.5	20.1	16.2	20.0

1.6.2 Customer segments (continued)

Risk classification of portfolio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk
Personal customers	941.7	950.9	959.2	949.0	952.1	894.0	901.6	956.9	953.8
Corporate customers Norway	352.0	353.9	362.6	364.2	359.0	371.0	363.7	361.5	371.6
Large corporates and international customers	536.0	526.4	533.8	567.3	513.5	497.9	501.8	483.4	470.5
Other	35.9	45.1	30.7	14.9	21.9	15.0	13.6	9.4	13.2
Total	1 865.5	1 876.4	1 886.3	1 895.5	1 846.5	1 777.8	1 780.7	1 811.3	1 809.1
Medium risk
Personal customers	237.9	224.6	219.8	235.5	220.9	261.7	253.2	207.8	216.9
Corporate customers Norway	148.1	145.5	138.5	134.2	136.0	127.8	126.8	127.8	121.1
Large corporates and international customers	143.8	144.9	149.5	151.8	145.6	133.8	133.8	137.5	133.3
Other	6.6	7.2	6.7	5.1	5.3	6.0	4.9	5.5	5.8
Total	536.4	522.2	514.6	526.6	507.7	529.2	518.7	478.6	477.0
High risk*
Personal customers	47.1	45.2	43.8	24.6	24.3	27.0	24.8	22.2	24.0
Corporate customers Norway	39.1	36.2	36.7	36.6	33.9	30.0	30.7	29.4	26.0
Large corporates and international customers	34.7	36.8	38.8	36.6	37.9	40.9	38.6	38.6	41.1
Other	1.8	1.6	1.4	1.9	1.7	1.5	1.7	1.3	1.1
Total	122.8	119.8	120.7	99.7	97.8	99.4	95.8	91.5	92.1
Total Personal customers	1 226.7	1 220.7	1 222.8	1 209.1	1 197.3	1 182.6	1 179.7	1 187.0	1 194.6
Total Corporate customers Norway	539.2	535.6	537.8	535.0	528.9	528.7	521.2	518.7	518.7
Total Large corporates and international customers	714.5	708.1	722.1	755.8	697.0	672.6	674.1	659.5	644.9
Total Other	44.2	53.9	38.8	21.9	28.8	22.5	20.1	16.2	20.0
Total risk classification of portfolio	2 524.7	2 518.3	2 521.6	2 521.8	2 452.0	2 406.4	2 395.2	2 381.4	2 378.3
* Of which exposure at default in stage 3
Personal customers	6.2	6.2	6.2	6.2	6.3	6.2	5.4	5.1	5.3
Corporate customers Norway	9.7	8.9	7.6	7.8	7.7	7.2	7.1	8.6	5.3

Personal customers	6.2	6.2	6.2	6.2	6.3	6.2	5.4	5.1	5.3
Corporate customers Norway	9.7	8.9	7.6	7.8	7.7	7.2	7.1	8.6	5.3
Large corporates and international customers	8.0	12.6	11.7	10.4	10.2	10.9	11.4	13.6	14.9
Other	1.2	1.2	0.8	1.0	1.1	0.8	0.9	0.6	0.6
Total	25.1	29.0	26.3	25.5	25.3	25.1	24.7	27.9	26.0

1.6.3 Breakdown of commercial real estate

Exposure at default

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Retail store facility building loans	1.4	1.5	1.5	1.5	1.6	1.5	1.5	1.6	1.3
Hotel building loans	10.8	11.2	8.7	8.6	7.6	7.5	12.2	9.9	17.4
Shopping centre building loans	1.5	1.5	1.5	1.9	2.2	2.2	1.9	1.8	1.6
Office premises building loans	7.0	6.7	6.5	6.3	4.8	5.9	6.1	6.1	6.6
Leasing of retail store facilities	20.3	20.6	22.0	21.2	20.6	20.8	19.8	19.4	18.5
Leasing of hotels	30.6	25.8	26.7	26.4	27.6	29.9	30.8	31.0	27.8
Leasing of shopping centres	11.3	12.3	12.2	12.5	12.4	11.5	12.2	12.0	12.1
Leasing of office premises	86.6	91.0	90.3	90.9	91.6	92.1	89.4	92.5	89.8
Leasing of warehouse/ logistics/ multi-purpose buildings	36.1	35.9	36.7	36.2	36.8	36.3	35.1	35.0	34.2
Other	47.3	43.0	42.7	41.8	39.0	37.8	34.7	35.8	34.3
Total	252.9	249.4	248.7	247.4	244.2	245.6	243.8	245.2	243.5

Risk classification of portfolio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk	179.7	178.7	179.6	180.7	178.6	185.2	181.1	180.5	182.1
Medium risk	60.3	57.8	57.0	54.1	53.2	49.4	52.2	53.0	52.6
High risk*	12.8	12.9	12.2	12.6	12.4	11.0	10.5	11.6	8.8
Total	252.9	249.4	248.7	247.4	244.2	245.6	243.8	245.2	243.5
* Of which exposure at default in stage 3	2.8	3.0	2.7	2.9	2.8	2.7	2.4	4.4	2.0

Exposure at default

Risk classification of portfolio

^* Of which exposure at default of NOK 2.8 billion in stage 3 as at 30 September 2025.

1.6.3 Breakdown of commercial real estate (continued)

Exposure at default by geographic distribution

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Oslo/ Akershus	91.5	91.6	92.1	90.8	90.8	91.8	90.1	90.2	86.5
Eastern Norway excl. Oslo/ Akershus	62.8	63.6	63.1	63.8	62.3	64.1	63.0	62.6	64.0
Western Norway	43.6	44.3	44.3	44.0	42.3	39.8	38.6	39.5	39.9
Central/ Northern Norway	36.5	37.1	36.5	37.3	36.3	36.2	36.8	37.4	37.8
Sweden	8.4	8.0	8.2	7.1	8.5	10.0	11.4	11.0	10.9
Other Europe	10.2	4.8	4.4	4.3	3.9	3.8	4.0	4.5	4.5
Total	252.9	249.4	248.7	247.4	244.2	245.6	243.8	245.2	243.5

Exposure at default by geographic distribution

1.6.4 Breakdown of shipping

Exposure at default

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Chemical and product tankers	7.0	6.7	6.7	6.8	6.6	5.3	5.8	6.2	6.1
Container	1.0	1.2	1.4	2.2	1.7	1.9	1.8	1.6	1.7
Crude oil carriers	14.6	13.0	13.8	13.6	11.4	13.0	11.6	13.8	12.0
Dry bulk	9.2	10.9	11.6	12.1	9.8	9.7	8.9	9.1	8.1
Gas carriers	9.0	9.4	9.8	10.2	9.2	9.4	10.0	9.7	12.0
Other shipping	9.1	6.3	5.6	8.3	7.4	7.9	5.7	5.1	6.4
Total	49.9	47.5	48.9	53.2	46.2	47.3	43.7	45.5	46.3

Risk classification of portfolio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk	34.3	29.6	30.1	31.1	30.6	32.8	30.8	32.5	30.8
Medium risk	15.4	17.8	18.4	21.8	15.3	14.2	12.6	12.8	15.3
High risk*	0.1	0.1	0.4	0.4	0.2	0.2	0.3	0.2	0.2
Total1	49.9	47.5	48.9	53.2	46.2	47.3	43.7	45.5	46.3
* Of which exposure at default in stage 3	0.0	0.0	0.2	0.3	0.2	0.2	0.2	0.2	0.2

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

^* Of which exposure at default of NOK 0.0 billion in stage 3 as at 30 September 2025.

1.6.4 Breakdown of shipping (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk
Crude oil sector	11.4	9.7	10.2	7.4	5.4	7.3	7.5	10.0	7.5
Dry bulk sector	4.4	4.4	4.6	5.7	5.0	5.1	5.8	5.2	5.7
Container sector	1.0	1.2	1.4	1.7	1.4	1.4	1.3	1.0	1.1
Other	17.5	14.3	14.1	16.2	18.8	18.9	16.3	16.2	16.5
Total	34.3	29.6	30.1	31.1	30.6	32.8	30.8	32.5	30.8
Medium risk
Crude oil sector	3.2	3.3	3.6	6.1	6.0	5.7	4.1	3.8	4.5
Dry bulk sector	4.8	6.5	6.8	6.2	4.6	4.3	2.8	3.7	2.2
Container sector	0.0	0.0	0.0	0.5	0.4	0.5	0.5	0.6	0.6
Other	7.4	8.0	8.0	9.0	4.4	3.8	5.1	4.7	8.0
Total	15.4	17.8	18.4	21.8	15.3	14.2	12.6	12.8	15.3
High risk*
Crude oil sector						0.0	0.0	0.2
Dry bulk sector			0.2	0.3	0.2	0.2	0.2		0.2
Container sector
Other	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Total	0.1	0.1	0.4	0.4	0.2	0.2	0.3	0.2	0.2
Total shipping	49.9	47.5	48.9	53.2	46.2	47.3	43.7	45.5	46.3
* Of which exposure at default in stage 3
Crude oil sector

Crude oil sector
Dry bulk sector			0.2	0.3	0.2	0.2	0.2	0.2	0.2
Container sector
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total	0.0	0.0	0.2	0.3	0.2	0.2	0.2	0.2	0.2

1.6.5 Breakdown of oil, gas and offshore

Exposure at default

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Oil and gas	32.1	31.7	36.2	38.0	32.6	30.6	31.9	36.3	36.3
Offshore	21.8	21.9	25.9	26.6	24.4	26.7	26.8	24.3	25.2
Oilfield services	10.5	10.3	10.9	12.4	12.3	12.1	13.6	12.3	13.2
Total	64.4	63.9	73.0	77.1	69.2	69.4	72.3	73.0	74.8

Risk classification of portfolio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk	51.7	50.5	54.8	57.2	50.0	47.8	50.6	46.1	42.9
Medium risk	9.5	9.9	14.1	15.5	14.0	16.0	15.2	19.3	22.3
High risk*	3.2	3.5	4.1	4.4	5.2	5.7	6.5	7.6	9.6
Total1	64.4	63.9	73.0	77.1	69.2	69.4	72.3	73.0	74.8
* Of which exposure at default in stage 3	2.7	2.9	3.0	3.2	3.7	3.7	4.5	5.8	7.9

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

^* Of which exposure at default of NOK 2.7 billion in stage 3 as at 30 September 2025.

1.6.5 Breakdown of oil, gas and offshore (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk
Oil and gas sector	29.0	28.4	32.8	35.1	28.7	26.1	28.4	31.6	30.3
Offshore sector	14.1	13.3	12.0	10.6	10.1	10.9	10.7	8.8	6.9
Oilfield services sector	8.5	8.9	10.0	11.5	11.2	10.8	11.4	5.6	5.7
Total	51.7	50.5	54.8	57.2	50.0	47.8	50.6	46.1	42.9
Medium risk
Oil and gas sector	2.7	3.0	3.0	2.6	3.5	4.1	3.2	4.4	5.7
Offshore sector	5.0	5.6	10.4	12.2	10.0	11.0	10.5	8.8	9.3
Oilfield services sector	1.8	1.3	0.6	0.7	0.5	0.8	1.5	6.2	7.3
Total	9.5	9.9	14.1	15.5	14.0	16.0	15.2	19.3	22.3
High risk*
Oil and gas sector	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Offshore sector	2.8	3.0	3.6	3.8	4.3	4.8	5.5	6.7	9.0
Oilfield services sector	0.1	0.1	0.2	0.2	0.6	0.6	0.6	0.6	0.2
Total	3.2	3.5	4.1	4.4	5.2	5.7	6.5	7.6	9.6
Total oil, gas and offshore	64.4	63.9	73.0	77.1	69.2	69.4	72.3	73.0	74.8
* Of which exposure at default in stage 3
Oil and gas sector	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Offshore sector	2.3	2.6	2.7	2.8	3.3	3.4	4.1	5.3	7.4
Oilfield services sector	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2
Total	2.7	2.9	3.0	3.2	3.7	3.7	4.5	5.8	7.9

1.6.6 Breakdown of power and renewables

Exposure at default

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Hydro	25.8	29.2	29.2	27.9	29.2	29.1	28.1	28.3	26.7
Wind	29.1	29.7	31.2	30.3	26.0	24.0	23.8	20.4	22.0
Solar	23.4	25.9	25.9	29.9	22.7	19.6	20.2	17.6	15.1
Other	27.3	32.2	28.0	26.9	26.2	22.0	22.8	23.4	22.2
Total	105.6	116.9	114.4	115.0	104.0	94.8	94.9	89.8	86.1

Risk classification of portfolio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk	88.4	97.6	94.0	95.4	84.4	77.4	74.9	72.6	72.1
Medium risk	13.1	15.9	16.7	15.7	16.6	14.4	18.1	15.2	11.9
High risk*	4.1	3.5	3.6	3.9	3.0	3.0	2.0	1.9	2.1
Total1	105.6	116.9	114.4	115.0	104.0	94.8	94.9	89.8	86.1
* Of which exposure at default in stage 3	2.2	2.3	2.5	1.6	1.5	1.5	1.5	1.4	1.6

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

^* Of which exposure at default of NOK 2.2 billion in stage 3 as at 30 September 2025.

1.6.6 Breakdown of power and renewables (continued)

Risk classification of portfolio - breakdown into sub-segments

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK billion	2025	2025	2025	2024	2024	2024	2024	2023	2023
Low risk
Hydro	22.6	26.4	27.0	25.5	26.1	26.0	24.8	24.3	24.3
Wind	22.8	23.0	23.4	23.6	19.1	17.2	15.8	13.8	15.9
Solar	17.8	20.0	19.5	21.6	17.0	14.7	14.9	14.4	12.7
Other	25.2	28.2	24.1	24.7	22.2	19.4	19.3	20.1	19.2
Total	88.4	97.6	94.0	95.4	84.4	77.4	74.9	72.6	72.1
Medium risk
Hydro	2.4	2.1	1.5	1.6	2.3	2.4	2.6	3.3	1.7
Wind	5.3	5.8	6.9	5.8	6.0	5.9	7.2	5.9	5.3
Solar	3.9	4.1	4.5	6.2	4.3	3.5	4.8	2.7	2.0
Other	1.4	3.9	3.8	2.1	3.9	2.6	3.4	3.3	3.0
Total	13.1	15.9	16.7	15.7	16.6	14.4	18.1	15.2	11.9
High risk*
Hydro	0.8	0.7	0.7	0.8	0.7	0.7	0.7	0.7	0.7
Wind	0.9	0.8	0.8	0.9	0.8	0.8	0.8	0.8	0.8
Solar	1.7	1.8	2.0	2.1	1.4	1.4	0.4	0.4	0.5
Other	0.7	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Total	4.1	3.5	3.6	3.9	3.0	3.0	2.0	1.9	2.1
Total power and renewables	105.6	116.9	114.4	115.0	104.0	94.8	94.9	89.8	86.1
* Of which exposure at default in stage 3
Hydro	0.7	0.7	0.7	0.8	0.7	0.7	0.7	0.7	0.7
Wind	0.7	0.7	0.8	0.9	0.8	0.8	0.8	0.8	0.8
Solar	0.8	0.9	0.9	0.0	0.0	0.0	0.0	0.0	0.0

1.6.7 DNB's risk classification

	Risk	Probability of default (per cent)		External rating
Risk grade	classification	As from	Up to	Moody's	S&P Global
1		0.01	0.10	Aaa – A3	AAA – A
2	Low risk	0.10	0.25	Baa1 – Baa2	BBB+ – BBB
3		0.25	0.50	Baa3	BBB
4		0.50	0.75	Ba1	BB+
5		0.75	1.25	Ba2	BB
6	Medium risk	1.25	2.00
7		2.00	3.00	Ba3	BB
8		3.00	5.00	B1	B+
9	High risk	5.00	8.00	B2	B
10		8.00	impaired	B3, Caa/C	B-, CCC/C

Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total 2.2 2.3 2.5 1.6 1.5 1.5 1.5 1.4 1.6

DNB's risk classification system, where 1 represents the lowest risk and 10 the highest risk.

1.7.1 Funding

DNB Bank ASA issues senior debt and subordinated debt. DNB Boligkreditt AS, which is a wholly owned subsidiary of DNB Bank ASA, issues covered bonds. DNB issues bonds through large public transactions and private placements.

	2025		2024		2023
	NOK	Maturity	NOK	Maturity	NOK	Maturity
	billion	(years)1	billion	(years)1	billion	(years)1
Covered bonds	63.9	4.8	73.7	4.9	38.0	4.0
Senior preferred bonds	22.0	3.9	22.6	5.0	11.2	5.0
Senior non-preferred bonds	9.5	5.0	11.8	5.0	34.4	3.9
Total	95.4	4.6	108.1	5.0	83.5	4.1
Tier 2 capital	4.7		1.4		11.4
Additional Tier 1 capital			11.1		5.9
Total including Tier 2 capital and additional Tier 1 capital	100.1		120.6		100.8

¹ Maturity as per first call option.

1.7.2 Redemption profile as at 30 September 2025

Amounts in NOK billion	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	>2034
Senior preferred bonds		19.4	14.9	24.2	22.0	10.0					0.7
Senior non-preferred bonds	9.0	35.1	21.3	23.2	12.1	9.2					0.9
Covered bonds	18.1	56.8	40.4	47.7	62.1	45.0	35.9	2.1	5.9	2.6	34.2
Total	27.0	111.3	76.7	95.2	96.2	64.1	35.9	2.1	5.9	2.6	35.8

1.7.3 Minimum requirement for own funds and eligible liabilities (MREL)

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Own funds and eligible liabilities	383 639	400 697	416 427	426 397	385 942	393 805	399 936	409 776	392 895
- of which own funds and subordinated liabilities	300 621	326 161	325 292	342 608	312 505	309 944	318 791	307 742	288 221
Own funds and eligible liabilities including eligible YTD results - of which own funds and subordinated liabilities including	395 365	408 672	420 443	426 397	396 814	400 847	403 381	409 776	402 488
eligible YTD results	312 346	334 136	329 308	342 608	323 378	316 986	322 236	307 742	297 814
Total risk exposure amount (TREA) of the resolution group			997 816 1 009 632 1 001 082	994 951	983 206	975 016	972 813	986 095	961 382
Own funds and eligible liabilities as a percentage of TREA	38.45	39.69	41.60	42.86	39.25	40.39	41.11	41.56	40.87
- of which own funds and subordinated liabilities	30.13	32.30	32.49	34.43	31.78	31.79	32.77	31.21	29.98
Own funds and eligible liabilities as a percentage of TREA including eligible YTD results	39.62	40.48	42.00	42.86	40.36	41.11	41.47	41.56	41.87
- of which own funds and subordinated liabilities including eligible YTD results	31.30	33.09	32.90	34.43	32.89	32.51	33.12	31.21	30.98
MREL requirement expressed as percentage of the total risk exposure amount	36.92	36.77	37.11	36.93	37.72	37.73	37.67	37.66	37.94
MREL requirement expressed as nominal amount	368 429	371 278	371 484	367 399	370 912	367 883	366 491	371 408	364 704
Surplus (+) / deficit (-) of MREL capital Surplus (+) / deficit (-) of MREL capital including eligible	16 278	29 419	44 944	58 997	15 030	25 921	33 445	38 368	28 191
YTD results	28 003	37 393	48 960	58 997	25 903	32 964	36 890	38 368	37 784

1.7.4 Asset encumbrance as at 30 June 2025

Encumbered and unencumbered assets, carrying amounts

	Encumbered	Unencumbered	Total
Amounts in NOK million	assets	assets	assets
Equity instruments	287	7 856	8 144
Debt securities	80 576	272 087	352 663
- of which (per product) covered bonds	36 955	24 987	61 941
- of which (per sector) issued by general governments	1 355	90 655	92 011
- of which (per sector) issued by financial corporations	79 221	148 473	227 693
- of which (per sector) issued by non-financial corporations		32 958	32 958
Other assets	438 704	2 663 593	3 102 297
- of which home mortgage loans	422 439	863 885	1 286 324
Total	519 567	2 943 536	3 463 103

Collateral received, fair value

		Collateral received
	Encumbered	available for	Total
Amounts in NOK million	collateral received	encumbrance	collateral received
Equity instruments	25 052	166 893	191 945
Debt securities	193 755	254 783	448 538
- of which (per product) covered bonds	66 079	68 287	134 366
- of which (per sector) issued by general governments	584	4 876	5 461
- of which (per sector) issued by financial corporations	192 632	246 800	439 432
- of which (per sector) issued by non-financial corporations	538	3 107	3 645
Other collateral received
Total	218 807	421 676	640 483

Sources of encumbrance

		Encumbered assets
		and encumbered
Amounts in NOK million	Matching liabilities	collateral received
Derivatives	16 098	16 097
Repurchase agreements	198 943	206 776
Collateralised deposits other than repurchase agreements	7 528	7 514
Debt securities issued: covered bonds	402 323	422 439
Fair value of securities borrowed with non cash-collateral	75 574	85 392
Other	3	156
Total	700 470	738 375

The above tables are according to the CRR/CRD reporting and the EU regulations.

1.7.5 Liquid assets as at 30 Sept 2025

Amounts in NOK million	NOK	EUR	USD	SEK1	Other	Total*
Cash and balances with central banks	50 021	12 300	92 568	25 313	1 860	182 063
Securities issued or guaranteed by sovereigns, central banks, MDBs and international organisations	34 846	295 746	75 454	4 444	4 057	414 545
Securities issued by municipalities and PSEs	26 013	15 578	81 906	32 185		155 682
Extremely high quality covered bonds	89 637	2 299		10 957		102 893
Other assets						0
Level 1 assets	200 517	325 923	249 928	72 900	5 917	855 184
Securities issued or guaranteed by sovereigns, central banks, municipalities and PSEs	14 770		150			14 920
High quality covered bonds	6 216	2	596	624	31	7 469
Corporate debt securities (lowest rating AA-)						0
Other assets						0
Level 2A assets	20 986	2	746	624	31	22 389
Asset-backed securities						0
High quality covered bonds						0
Corporate debt securities (rated A+ to BBB-)		138				138
Shares (major stock index)	1 891	1	0	126		2 018
Other assets						0
Level 2B assets	1 891	140	0	126	0	2 156
Level 2 assets	22 877	142	746	750	31	24 545
Total liquid assets	223 393	326 065	250 674	73 649	5 948	879 729

* Total figures per quarter

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Cash and balances with central banks	182 063	397 362	489 065	142 889	583 619	539 696	808 254	303 422	637 927
Securities issued or guaranteed by sovereigns, central banks,
MDBs and international organisations	414 545	189 677	334 379	354 229	172 490	132 425	88 229	247 991	55 645
Securities issued by municipalities and PSEs	155 682	158 913	166 316	151 357	132 725	127 120	127 846	112 037	100 657
Extremely high quality covered bonds	102 893	116 320	125 439	161 828	113 332	120 141	109 698	116 102	99 515
Other assets
Level 1 assets	855 184		862 272 1 115 198		810 303 1 002 166		919 382 1 134 026	779 551	893 744
Securities issued or guaranteed by sovereigns, central banks,
municipalities and PSEs	14 920	15 539	25 302	20 314	21 664	17 698	19 991	21 239	23 854
High quality covered bonds	7 469	8 738	14 156	20 526	16 452	18 591	15 794	20 102	23 407
Corporate debt securities (lowest rating AA-)			70	429	453			447	1 125
Other assets									0
Level 2A assets	22 389	24 277	39 528	41 269	38 569	36 288	35 785	41 788	48 386
Asset-backed securities
High quality covered bonds
Corporate debt securities (rated A+ to BBB-)	138	166	204	111	64	77	42	31	64
Shares (major stock index)	2 018	1 644	869	2 270	33 951	36 777	23 140	2 363	3 043
Other assets
Level 2B assets	2 156	1 810	1 073	2 381	34 015	36 855	23 182	2 394	3 108
Level 2 assets	24 545	26 087	40 601	43 650	72 583	73 143	58 967	44 181	51 494
Total liquid assets	879 729		888 359 1 155 799		853 953 1 074 749		992 525 1 192 993	823 732	945 239

¹ Not a significant currency.

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

1.7.6 Liquidity Coverage Ratio (LCR)

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Per cent	2025	2025	2025	2024	2024	2024	2024	2023	2023
EUR	157	181	132	155	130	127	252	179	546
USD	312	235	144	356	216	275	165	314	166
NOK	74	78	75	68	67	73	81	65	65
Total	129	142	124	148	127	135	139	146	140

1.7.7 Net Stable Funding Ratio (NSFR)

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Total available stable funding (ASF)					1 832 823 1 856 219 1 807 907 1 769 677 1 742 902 1 754 098 1 795 162 1 746 528 1 725 017
Total required stable funding (RSF)					1 595 753 1 613 320 1 578 283 1 561 610 1 550 223 1 525 617 1 513 802 1 491 420 1 480 464
Net Stable Funding Ratio (per cent)	115	115	115	113	112	115	119	117	117

1.7.8 DNB Bank ASA - credit ratings from international rating agencies

		Moody's		S&P Global
	Long-term	Short-term	Long-term	Short-term
As at 30 September 2025	Aa22	P-1	AA-2	A-1+
As at 30 June 2025	Aa22	P-1	AA-2	A-1+
As at 31 March 2025	Aa22	P-1	AA-2	A-1+
As at 31 December 2024	Aa22	P-1	AA-2	A-1+
As at 30 September 2024	Aa22	P-1	AA-2	A-1+
As at 3 September 2024	Aa21	P-1	AA-2	A-1+
As at 30 June 2024	Aa21	P-1	AA-2	A-1+
As at 31 March 2024	Aa21	P-1	AA-2	A-1+
As at 31 December 2023	Aa21	P-1	AA-2	A-1+
As at 30 September 2023	Aa22	P-1	AA-2	A-1+
As at 30 June 2023	Aa22	P-1	AA-2	A-1+
As at 31 March 2023	Aa22	P-1	AA-2	A-1+
As at 31 December 2022	Aa22	P-1	AA-2	A-1+

¹ Positive outlook.

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

² Stable outlook.

1.7.9 Major shareholders as at 30 September 2025

	Shares in 1 000	Ownership in per cent
Norwegian Government/Ministry of Trade, Industry and Fisheries	502 386	34.2
DNB Savings Bank Foundation	130 001	8.8
Folketrygdfondet	94 644	6.4
BlackRock, Inc.	66 844	4.5
The Vanguard Group, Inc.	36 678	2.5
Deutsche Bank AG Group	33 967	2.3
Storebrand Kapitalforvaltning	23 285	1.6
Schroders PLC	22 903	1.6
DNB Asset Management AS	20 185	1.4
Kommunal Landspensjonskasse	19 303	1.3
T. Rowe Price Group, Inc.	18 840	1.3
Mawer Investment Management Ltd.	18 275	1.2
State Street Corporation	18 001	1.2
Nordea Funds Oy	16 966	1.2
BNP Paribas, S.A.	15 622	1.1
Ameriprise Financial, Inc.	11 653	0.8
SAS Rue La Boétie	11 522	0.8
Caisse des Dépôts et Consignations	11 184	0.8
Svenska Handelsbanken AB	9 045	0.6
Marathon-London	8 880	0.6
Total largest shareholders	1 090 182	74.2
Other shareholders	379 345	25.8
Total outstanding shares at the end of the period	1 469 527	100.0

The owners of shares in nominee accounts are determined on the basis of third-party analyses.

For information related to share buy-back programmes and redemption of shares, refer to 1.7.11.

1.7.10 Ownership according to nationality as at 30 September 2025

1.7.11 Share buy-back programmes

At the Annual General Meeting (AGM) on 29 April 2025 the Board was given an authorisation for a new share buy-back programme of 3.5 per cent of the company's share capital. In addition, DNB Carnegie was authorised to repurchase 0.5 percent for hedging purposes. This authorisation is valid up to the Annual General Meeting in 2026.

A buy-back programme of 1.0 per cent was initiated on 17 June and completed on 26 September. A total number of 9 752 192 shares were bought back in the open market. In addition, a proportion of the Norwegian government's holding, will be redeemed after the AGM in 2026, bringing total share buy-backs to 14 776 048 shares or 1.0 percent.

Furthermore, on 21 October, the Board of Directors approved a new share buy-back programme of 1.0 per cent.

Buy-back programmes

	Authorisation from AGM 2025
Accumulated number of shares	30 September 2025
The Group's portfolio of own shares acquired in the open market	9 752 192
Redemption of shares from the state of Norway	5 023 856
Total purchased shares	14 776 048
Sum paid for repurchased shares in the open market (NOK)	2 614 109 635
Average price of repurchased shares (NOK)	268.05

1.8.1 Own funds - condensed

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.

Capital adequacy figures include part of the interim profit. For quarterly figures, the highest of the dividend payout ratio of the preceding year and average of the dividend pay-out ratio for the past three years has been deducted from interim profit, in accordance with CRR.

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Total equity	284 050	276 618	292 955	283 325	280 112	269 425	282 605	269 296	264 102
Effect from regulatory consolidation	1 540	2 442	2 569	1 976	1 672	2 869	3 318	2 835	2 011
Adjustment to retained earnings for foreseeable dividends		(17 588) (11 962)	(6 024)			(18 740) (12 139)	(5 938)		(18 622)
Net additional Tier 1 capital instruments included in total equity					(21 883) (22 045) (22 135) (21 916) (30 301) (30 176) (25 259) (22 004) (22 358)
Total equity for capital adequacy purpose	246 119	245 053	267 365	263 386	232 743	229 980	254 726	250 127	225 133
Regulatory adjustments					(37 871) (38 011) (58 064) (46 145) (21 457) (23 377) (48 250) (50 200) (27 770)
Common equity Tier 1 capital	208 248	207 042	209 301	217 240	211 286	206 602	206 476	199 927	197 362
Additional Tier 1 capital	20 116	20 216	20 515	20 170	20 270	20 280	23 349	20 303	20 303
Tier 1 capital	228 364	227 258	229 817	237 410	231 556	226 882	229 825	220 230	217 665
Tier 2 capital	30 473	29 595	28 674	29 175	27 973	27 027	27 631	27 184	27 106
Own funds	258 838	256 853	258 491	266 585	259 529	253 909	257 456	247 414	244 771
Total risk exposure amount	1 161 647	1 129 517	1 133 959	1 121 130	1 109 919	1 090 019	1 089 131	1 099 949	1 078 884
Minimum capital requirement	92 932	90 361	90 717	89 690	88 794	87 201	87 130	87 996	86 311

Common equity Tier 1 capital ratio (%) 17.9 18.3 18.5 19.4 19.0 19.0 19.0 18.2 18.3 Tier 1 capital ratio (%) 19.7 20.1 20.3 21.2 20.9 20.8 21.1 20.0 20.2 Total capital ratio (%) 22.3 22.7 22.8 23.8 23.4 23.3 23.6 22.5 22.7

See table 1.8.4 for more details.

1.8.2 Leverage ratio

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Tier 1 capital	228 364	227 258	229 817	237 410	231 556	226 882	229 825	220 230	217 665
Leverage exposure
Securities financing transactions (SFTs)	553 741	382 523	487 887	409 846	245 896	256 701	198 579	204 617	172 653
Derivatives market value	36 988	52 312	52 393	85 170	43 726	58 621	75 792	57 211	80 114
Potential future exposure on derivatives	43 399	45 770	46 362	54 087	47 173	47 380	45 982	48 361	46 512
Eligible cash variation margin			(23 745) (35 183) (36 301) (60 791) (39 374) (44 261) (55 475) (42 567) (65 576)
Off balance sheet commitments	333 185	320 162	334 583	335 264	315 760	312 325	306 485	310 481	296 020
Loans and advances and other assets	2 709 614	2 927 195	2 981 791	2 658 106	3 067 793	2 896 344	3 164 216	2 704 372	2 923 571
Deductions			(31 551) (33 815) (31 526) (19 644) (20 079) (20 285) (20 308) (20 675) (21 269)
Total exposure amount	3 621 629	3 658 964	3 835 188	3 462 040	3 660 895	3 506 825	3 715 273	3 261 800	3 432 025
Leverage ratio (%)	6.3	6.2	6.0	6.9	6.3	6.5	6.2	6.8	6.3
Leverage ratio excluding central bank deposits (%)	6.6	7.0	6.9	7.2	7.5	7.7	7.9	7.5	7.8

1.8.3 Specification of exposure at default (EAD), risk exposure amount (REA) and average risk weights

	30 \$	September 20	025	3	30 June 2025	i	30 9	September 20	024
			Average			Average			Average
	EAD	REA	risk weight	EAD	REA	risk weight	EAD	REA	risk weight
	(NOK r	nillion)	(per cent)	(NOK r	nillion)	(per cent)	(NOK r	nillion)	(per cent)
F-IRB approach
Corporates	266 212	125 321	47.1	277 394	132 216	47.7
A-IRB approach
Corporates	698 348	291 517	41.7	714 620	301 726	42.2	1 030 634	413 963	40.2
Retail - Secured by residential mortgages	1 052 787	255 780	24.3	1 046 702	217 746	20.8	948 165	207 211	21.9
Other retail	126 014	36 743	29.2	89 946	25 136	27.9	67 132	20 733	30.9
Total credit risk, IRB approach	2 143 362	709 362	33.1	2 128 662	676 824	31.8	2 045 931	641 907	31.4
Standardised approach
Sovereigns, PCEs and MDBs¹	491 752	1 406	0.3	695 177	1 218	0.2	890 720	758	1.3
Institutions incl. Covered Bonds	148 294	25 977	17.5	156 721	29 652	18.9	117 996	22 436	19.0
Corporates	105 007	52 909	50.4	118 677	63 837	53.8	178 534	121 241	67.9
Retail	92 415	65 350	70.7	69 579	52 272	75.1	80 289	59 946	74.7
Secured by mortgages on immovable property	109 489	50 903	46.5	109 197	50 616	46	114 037	46 335	40.6
Equity exposures	27 710	58 842	212.3	30 091	57 934	193	26 566	57 948	218.1
Other	44 271	22 786	51.5	46 348	22 979	49.6	38 466	26 683	69.4
Total credit risk, standardised approach	1 018 938	278 173	27.3	1 225 790	278 508	22.7	1 446 608	335 348	23.2
Total credit risk	3 162 300	987 535	31.2	3 354 453	955 332	28.5	3 492 539	977 255	28.0
Other risks		2 000			2 103
Market risk		7 698			7 247			8 328
Credit value adjustment risk (CVA)		3 418			3 840			3 146
Operational risk		160 996			160 996			121 190
Total risk exposure amount		1 161 647			1 129 517			1 109 919

¹ Sovereigns: Central governments and central banks, Regional governments and local authorities, and International organisations. PCEs: Public sector entities. MDBs: Multilateral development banks.

1.8.4 Own funds - DNB Bank ASA and DNB Group

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.

		DNB Bank ASA			DNB Group
	30 Sept.	30 June	30 Sept.	30 Sept.	30 June	30 Sept.
Amounts in NOK million	2025	2025	2024	2025	2025	2024
Total equity	252 238	246 751	252 207	284 050	276 618	280 112
Effect from regulatory consolidation				1 540	2 442	1 672
Adjustment to retained earnings for foreseeable dividends	(13 350)				(8 741) (14 650) (17 588) (11 962) (18 740)
Additional Tier 1 capital instruments included in total equity		(21 280) (21 380) (29 554) (21 280) (21 380) (29 554)
Net accrued interest on additional Tier 1 capital instruments	(603)	(665)	(747)	(603)	(665)	(747)
Common Equity Tier 1 capital instruments	217 005	215 965	207 256	246 119	245 053	232 743
Regulatory adjustments:
Pension funds above pension commitments	(82)	(79)	(53)	(82)	(79)	(53)
Goodwill	(7 205)	(7 197)			(6 452) (17 789) (18 097)	(9 512)
Deferred tax assets that rely on future profitability, excluding temporary differences	(14)	(14)	(14)	(203)	(296)	(362)
Other intangible assets	(1 600)	(1 710)	(1 772)	(4 769)	(5 014)	(2 632)
Proposed dividends payable and group contributions
Share buy-back programme	(5 815)	(3 666)	(1 123)	(5 815)	(3 666)	(1 123)
Significant investments in financial sector entities1				(3 728)	(3 831)	(3 244)
IRB provisions shortfall	(2 170)	(3 415)	(1 481)	(3 856)	(5 230)	(2 878)
Additional value adjustments (AVA)	(773)	(766)	(910)	(724)	(761)	(934)
Insufficient coverage for non-performing exposures	(262)	(250)	(368)	(401)	(507)	(463)
(Gains) or losses on liabilities at fair value resulting from own credit risk	7	4	(5)	(8)	(15)	(17)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(205)	(221)	(238)	(205)	(221)	(238)
Securitisation positions	(291)	(294)		(291)	(294)
Common Equity Tier 1 capital	198 594	198 357	194 840	208 248	207 042	211 286
Additional Tier 1 capital instruments	21 280	21 380	29 554	21 626	21 726	29 554
Deduction of holdings of Tier 1 instruments in insurance companies2				(1 500)	(1 500)	(1 500)
Non-eligible Tier 1 capital	(10)	(10)	(7 784)	(10)	(10)	(7 784)
Additional Tier 1 capital	21 270	21 370	21 770	20 116	20 216	20 270
Tier 1 capital	219 864	219 727	216 609	228 364	227 258	231 556
Term subordinated loan capital	34 586	35 208	33 582	34 586	35 208	33 582
Deduction of holdings of Tier 2 instruments in insurance companies2	(1 500)			(4 088)	(5 588)	(5 588)
Non-eligible Tier 2 capital	(25)	(25)	(21)	(25)	(25)	(21)
Tier 2 capital	33 061	35 183	33 561	30 473	29 595	27 973
Own funds	252 925	254 910	250 170	258 838	256 853	259 529
Total risk exposure amount	1 012 076	1 010 719	965 070	1 161 647	1 129 517	1 109 919
Minimum capital requirement	80 966	80 858	77 206	92 932	90 361	88 794
Capital ratios (%):
Common equity Tier 1 capital ratio Tier 1 capital ratio	19.6 21.7	19.6 21.7	20.2 22.4	17.9 19.7	18.3 20.1	19.0 20.9

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

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

1.8.5 Cross-sectoral financial group

Financial groups that consist of both a credit institution and an insurance undertaking and have been defined by the authorities as a "financial conglomerate" or cross-sectoral financial group, have to report capital adequacy on a consolidated basis. The cross-sectoral calculation tests that the DNB Group complies with both sectoral requirements, the "capital adequacy requirement in accordance with CRD" and "the Solvency requirement". Intra group capital is excluded from the calculation.

	30 Sept.	30 June	31 March	31 Dec.	30 Sept.	30 June	31 March	31 Dec.	30 Sept.
Amounts in NOK million	2025	2025	2025	2024	2024	2024	2024	2023	2023
Capital requirements for the CRD group	216 922	209 971	212 344	212 892	210 913	207 203	206 698	209 093	211 284
Solvency capital requirements for the insurance companies	14 751	14 897	14 706	14 740	14 415	14 250	14 155	14 167	13 308
Total capital requirements	231 673	224 868	227 050	227 632	225 328	221 453	220 852	223 261	224 593
Own funds for entities included in the CRD report	268 154	267 772	269 204	276 577	269 803	264 610	268 161	258 721	246 718
Intercompany								(30 448) (31 948) (31 948) (31 948) (31 697) (31 697) (31 697) (31 697) (31 697)
Net own funds for the insurance companies	37 875	37 835	37 713	37 225	36 382	36 423	35 469	34 348	34 741
Total own funds in the cross-sectoral group	275 581	273 659	274 969	281 855	274 489	269 335	271 933	261 372	249 762
Overfunding	43 908	48 791	47 919	54 223	49 161	47 882	51 081	38 111	25 170

Chapter 2 - Segmental reporting

Financial performance

Market shares

Personal customers

Corporate customers Norway

Large corporates and international customers

Other operations

Main subsidiaries and product units

2.1.1 Extracts from income statement

	Pers custo		custo	orate mers way	Large co and inter custo	national	Oth opera		Elimin	ations		NB
Amounts in NOK million	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24
Net interest income	5 806	5 580	4 860	4 889	4 864	4 690	461	969			15 990	16 129
Net other operating income	2 089	1 600	1 054	1 113	2 272	1 878	1 828	2 462	(544)	(331)	6 700	6 722
Total income	7 895	7 180	5 914	6 002	7 135	6 569	2 289	3 431	(544)	(331)	22 690	22 851
Operating expenses	(3 116)	(2 781)	(1 778)	(1 755)	(3 234)	(2 685)	(899)	(542)	544	331	(8 483)	(7 431)
Pre-tax operating profit before impairment	4 779	4 399	4 137	4 247	3 901	3 883	1 390	2 889			14 208	15 419
Net gains on fixed and intangible assets	0				0	0	2	0			2	0
Impairment of financial instruments	(140)	(34)	(373)	(148)	(359)	11	9	1			(862)	(170)
Profit from repossessed operations	29			(6)	(36)	(52)	8	58
Pre-tax operating profit	4 668	4 365	3 764	4 094	3 506	3 843	1 409	2 949			13 347	15 250
Tax expense	(1 167)	(1 091)	(941)	(1 023)	(877)	(961)	315	25			(2 669)	(3 050)
Profit from operations held for sale, after taxes							6	(40)			6	(40)
Profit for the period	3 501	3 274	2 823	3 070	2 630	2 882	1 730	2 934			10 684	12 160

2.1.2 Main balance sheet items and key figures

Average balance sheet items

	Pers custo		custo	orate mers way	Large co and inter custo		Otl opera		Elimin	ations	DI Gro	NB oup
Amounts in NOK billion	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24
Loans to customers 1	969.7	943.1	545.8	523.2	506.1	460.3	246.1	126.1	(8.5)	(8.6)	2 259.3	2 044.1
- of which performing loans²	962.8	933.8	536.8	515.6	502.2	453.1	246.1	126.7	(8.5)	(8.6)	2 239.4	2 020.6
Deposits from customers¹	634.8	582.3	418.7	390.1	449.8	472.1	95.5	177.9	(11.6)	(9.4)	1 587.2	1 613.0
Allocated capital 3	70.9	61.7	53.6	49.9	69.4	62.7	31.4	32.6

Key figures

	Pers custo		custo	orate mers way	Large co and inter custo		Oth opera		Elimin	ations	DN Gro
Per cent	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24	3Q25	3Q24
Cost/income ratio	39.5	38.7	30.1	29.2	45.3	40.9					37.4	32.5
Ratio of deposits to loans¹ ⁴	65.5	61.7	76.7	74.6	88.9	102.6					70.3	78.9
Return on allocated capital, annualised 3	19.6	21.1	20.9	24.5	15.0	18.3					15.8	18.9

Balance sheet items

	Pers custo		Corpo custo Non	mers	Large co and inter custo	national	Oth opera		Elimin	ations	DN Gro	NB
	30 Sept	·		30 September		30 September		30 Sep	tember	30 Sep	tember
Amounts in NOK billion	2025	2024			2025	2024	2025	2024	2025	2024	2025	2024
Loans to customers	976.0	949.9	546.2	526.0	502.1	472.7	451.2	134.3	(7.5)	(8.5)	2 467.8	2 074.4
Deposits from customers	629.3	577.1	391.9	367.9	468.4	471.7	61.8	166.9	(14.5)	(9.8)	1 536.9	1 573.7
Assets under management⁵	631.2	282.0	53.1	45.8	894.4	773.0					1 578.7	1 100.8

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

² Average nominal amount, excluding impaired loans.

³ The capital allocated to the corporate segments is based on the external capital adequacy expectations. The capital allocated corresponds to a common equity Tier 1 capital ratio of 17.5 per cent in 2025 and 2024. Recorded capital is used for the Group.

⁴ Deposits from customers relative to loans to customers. Calculated on the basis of average balance sheet items.

⁵ See table 2.9.1 Assets under management.

2.1.3 Key figures - Norwegian and international units

Per cent	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Norwegian units
Share of group income	68.8	80.3	78.5	76.7	78.5	78.3	76.7	77.2	78.5
Cost/income ratio	29.4	39.5	36.2	38.9	32.6	34.9	36.3	39.3	32.7
Share of net loans to customers	88.1	87.3	87.7	87.0	86.8	87.0	86.9	87.5	87.7
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost Provision ratio1	0.9 28.9	1.0 26.3	1.0 26.8	1.0 28.2	1.1 29.1	1.1 30.5	1.1 32.0	1.1 30.1	1.1 30.7
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.06)	(0.09)	(0.04)	(0.01)	0.01	(0.12)	(0.08)	(0.09)	(0.12)
International units
Share of group income	31.2	19.7	21.5	23.3	21.5	21.7	23.3	22.8	21.5
Cost/income ratio	55.0	36.1	35.5	34.5	32.4	34.3	33.9	36.0	32.7
Share of net loans to customers	11.9	12.7	12.3	13.0	13.2	13.0	13.1	12.5	12.3
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans to customers at amortised cost	0.4	0.4	0.8	0.7	1.0	1.2	1.2	1.7	0.5
Provision ratio1	53.3	51.6	29.0	34.4	34.5	28.2	28.8	22.3	51.0
Impairment in stage 3, relative to net loans to customers at amortised cost, annualised	(0.06)	(0.18)	(0.09)	0.13	(0.33)	(0.07)	0.12	(0.65)	(0.56)

¹ The provision ratio includes impairment on loans and financial commitments as a percentage of gross loans to customers at amortised cost and financial commitments in stage 3.

The figures are based on the financial accounts.

2.2.1 DNB's market shares in Norway as at 31 August 2025

Source: Statistics Norway and Finance Norway

2.2.2 Development in market shares, loans and deposits

Retail customers

		31 Aug. 30 June	31 Mar.	31 Des.	30 Sept.		30 June 31 March	31 Dec.	30 Sept.
Per cent	2025	2025	2025	2024	2024	2024	2024	2023	2023
Total loans to households1, 2	22.5	22.7	22.8	22.8	22.8	22.8	23.1	23.4	23.6
Bank deposits from households1, 3	28.6	28.7	28.6	28.8	28.9	29.3	29.5	30.4	30.9

Corporate customers

		31 Aug. 30 June	31 Mar.	31 Des.	30 Sept.		30 June 31 March	31 Dec.	30 Sept.
Per cent	2025	2025	2025	2024	2024	2024	2024	2023	2023
Total loans to corporate customers4	14.0	14.1	13.9	13.6	12.5	12.2	12.1	12.0	12.1
Deposits from corporate customers5	33.5	32.8	33.8	33.5	32.6	33.0	34.4	34.3	35.4

Based on nominal values.

• 1 Households are defined as employees, recipients of property income, pensions and social contributions, students etc., housing cooperatives etc., unincorporated enterprises within households and non-profit institutions serving households.
• 2 Total loans include all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies and finance companies.
• 3 Domestic commercial and savings banks.
• 4 Total loans include all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies, finance companies and foreign institutions, as well as bonds and commercial paper. Excluding loans to financial institutions, central government and social security services.
• 5 Excluding deposits from financial institutions, central government and social security services.

Source: Statistics Norway and DNB

2.2.3 DNB Livsforsikring - market shares

	30 June 31 March		31 Dec.	30 Sept.		30 June 31 March	31 Dec.	30 Sept.	30 June
Per cent	2025	2025	2024	2024	2024	2024	2023	2023	2023
Insurance funds including products with a choice of investment profile	17.4	17.6	17.3	17.6	17.6	17.8	18.0	18.0	17.6
Corporate market - defined-benefit pension	39.8	39.9	40.0	39.9	40.0	40.0	40.4	40.0	40.3
Corporate market - defined-contribution pension1	29.5	29.6	29.3	29.5	29.4	29.4	29.6	29.6	29.3
Retail market	21.4	21.9	21.5	22.4	23.1	23.6	24.5	25.3	25.9

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

Source: Finance Norway

2.2.4 DNB Asset Management - market shares retail market

		31 Aug. 30 June 31 March		31 Dec.	30 Sep.		30 June 31 March	31 Dec.	30 Sept.
Per cent	2025	2025	2025	2024	2024	2024	2024	2023	2023
Equity funds	39.6	39.1	38.7	37.0	35.9	36.1	35.4	35.3	35.8
Balanced funds1	39.4	39.0	39.2	32.1	31.5	39.9	39.9	41.3	40.9
Fixed-income funds2	32.0	32.9	31.7	17.7	17.9	22.0	22.0	46.2	46.9
Total mutual funds	38.2	38.0	37.5	33.6	32.5	34.6	34.2	37.8	38.2

¹ Including hedge funds.

Source: Fund and Asset Management Association, Norway

² With effect from 1 January 2024, the reporting of nominee accounts has been changed. Historical figures have not been restated.

2.3.1 Personal customers (PC) - Financial performance

3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
5 806	5 630	5 461	5 525	5 580	5 521	5 526	5 703	5 507
2 089	2 039	1 648	1 439	1 600	1 570	1 358	1 186	1 474
7 895	7 670	7 109	6 964	7 180	7 091	6 884	6 889	6 981
4 779	4 582	4 370	4 319	4 399	4 062	4 072	3 978	4 196
0	0	0		0		0
								(111)
29		23
4 668	4 552	4 330	4 263	4 365	3 979	4 005	3 829	4 085
								(957) (1 021)
3 501	3 414	3 247	3 197	3 274	2 984	3 004	2 872	3 064
969.7	965.8	958.9	953.8	943.1	938.6	948.1	957.6	960.1
634.8	622.9	593.3	582.3	582.3	575.8	573.2	582.4	592.7
70.9	71.4	64.7	61.5	61.7	61.7	61.7	61.7	62.6
								39.9
65.5	64.5	61.9	61.0	61.7	61.3	60.5	60.8	61.7
19.6	19.2	20.4	20.7	21.1	19.5	19.6	18.5	19.4
	39.5	(140) 40.3	(12) (18) 38.5	(63) 38.0	(1) (55) 38.7	(34) (1 167) (1 138) (1 082) (1 066) (1 091) 42.7	(3) (81) 40.8	(3 116) (3 088) (2 739) (2 645) (2 781) (3 029) (2 811) (2 911) (2 785) (67) (149) (995) (1 001) 42.2

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

² The allocated capital is based on the external capital adequacy expectations.

2.3.2 PC - Key performance metrics - main customer divisions

Income figures

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income
Private Banking	516	510	447	452	439	431	436	472	505
Personal Banking	5 290	5 120	5 014	5 073	5 140	5 090	5 090	5 231	5 003
Other operating income
Private Banking	727	721	443	297	309	280	265	218	238
Personal Banking	1 362	1 319	1 205	1 142	1 291	1 291	1 092	968	1 236
Impairment of financial instruments
Private Banking	(6)	(14)	(3)	(8)	(16)	(19)	(13)	(58)	(43)
Personal Banking	(134)	2	(59)	(47)	(18)	(62)	(54)	(92)	(69)

Volumes

Amounts in NOK billion	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Loans to customers (average)
Private Banking	62.6	61.8	58.8	57.1	56.0	55.2	54.5	55.7	55.9
Personal Banking	907.2	904.0	900.1	896.7	887.1	883.3	893.7	901.9	904.1
Deposits from customers (average)*
Private Banking	120.6	120.4	108.4	99.7	96.4	95.7	94.2	95.8	95.2
Personal Banking	514.2	502.5	484.9	482.6	485.9	480.1	479.0	486.6	497.5
Allocated capital (average)
Private Banking	11.2	11.0	7.0	5.2	5.2	5.0	5.0	5.0	5.0
Personal Banking	59.7	60.4	57.7	56.3	56.5	56.7	56.7	56.7	57.6
* Covered by the deposit gurantee scheme (end of period) 1	458.1	457.7	444.8	439.2	440.5	442.8	435.0	355.7	353.7

¹ Due to a change in the scope of the reporting to Statistics Norway, the figures from the first quarter of 2024 cannot be compared with figures for previous quarters. Previous figures did not include any deposits for which the total amount exceeded NOK 2 million. The figures as from 1Q24 include all deposits that are covered by the guarantee scheme. For deposits exceeding the guaranteed amount, only NOK 2 million is included in the figures.

Key figures

Per cent	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Lending spreads
Private Banking	1.62	1.35	1.41	1.33	1.32	1.34	1.35	1.18	0.94
Personal Banking	1.18	1.02	1.09	0.98	0.96	1.02	0.93	0.71	0.36
Deposit spreads
Private Banking	0.36	0.51	0.51	0.60	0.62	0.66	0.71	0.80	1.07
Personal Banking	1.52	1.77	1.74	1.95	2.05	2.05	2.15	2.49	2.79
Return on allocated capital
Private Banking	18.5	15.4	25.4	28.0	27.4	26.0	27.4	24.1	28.1
Personal Banking	19.8	19.9	19.7	20.0	20.5	18.9	18.9	18.0	18.7

2.3.3 PC - Risk classification of portfolio

^* Of which exposure at default of NOK 6.2 billion in stage 3 as at 30 September 2025.

2.3.4 PC - Exposure at default by industry segment as at 30 September 2025

2.3.5 PC - Distribution of loan to value

Loan to value per risk grade as at 30 September 2025

		Risk grade			Share of loan to
		Low Moderate	High	Total	value in per cent*
Loan to value in NOK billion1
0-40	200.3	19.5	3.8	223.6	20.8
40-60	348.2	70.8	9.9	428.8	39.9
60-75	176.7	54.9	9.3	240.9	22.4
75-90	95.6	56.2	8.7	160.6	14.9
>90	12.3	7.8	1.5	21.7	2.0
Total exposure at default	833.1	209.2	33.2	1 075.5	100.0

* Development in loan to value	30 Sept.		30 June 31 March	31 Dec.	30 Sept.		30 June 31 March	31 Dec.	30 Sept.
	2025	2025	2025	2024	2024	2024	2024	2023	2023
Loan to value in per cent1
0-40	20.8	21.3	20.9	19.6	20.4	20.6	19.2	19.9	21.7
40-60	39.9	40.7	40.2	38.1	39.3	39.7	38.5	34.6	38.1
60-75	22.4	22.4	22.7	23.8	23.1	23.0	24.1	25.0	23.4
75-90	14.9	14.0	14.5	16.5	15.4	15.0	16.4	18.6	15.8
>90	2.0	1.6	1.7	2.0	1.7	1.7	1.8	1.9	1.0
Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
Average loan to value DNB	55.8	55.2	55.5	56.8	55.9	55.7	56.7	58.5	56.3
Average loan to value Sbanken								47.6	46.2
Total exposure at default (NOK billion)	1 075	1 069	1 061	1 053	1 043	1 033	1 034	1 046	1 048
Total drawn amount (NOK billion)	930	925	919	915	906	898	899	909	913

¹ The total exposure at default (EAD) is included in the actual collateral category.

Distribution of home mortgages in the personal customers segment within actual collateral categories. The volumes represent the IRB-approved mortgage portfolio and are the expected outstanding amount in the event of default.

The LTV categories 75-90 and >90 per cent have been restated as a result of amendments to the Norwegian Lending Regulation in December 2024.

Development in loan to value

2.3.6 DNB Boligkreditt - Average mortgage lending - volumes and spreads

Amounts in NOK billion	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Average loans to customers	732	731	727	724	700	688	684	693	683
Spreads measured against actual funding costs (per cent)	0.66	0.70	0.67	0.57	0.58	0.52	0.46	0.30	0.24

2.3.7 DNB Eiendom - Residential real estate broking in Norway

	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Number of properties sold	4 629	5 715	4 776	3 711	4 580	5 643	3 932	3 425	4 485
Market shares of residential real estate broking, existing
homes (per cent)1	13.9	14.2	14.5	13.6	14.3	14.4	15.1	14.9	15.7

¹ Source: Eiendomsverdi AS.

2.4.1 Corporate customers Norway (CCN) - Financial performance

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income	4 860	4 859	4 910	5 057	4 889	4 784	4 706	4 936	4 844
Net other operating income	1 054	982	923	1 058	1 113	1 025	818	964	807
Total income	5 914	5 841	5 833	6 115	6 002	5 808	5 524	5 900	5 651
Operating expenses				(1 778) (1 754) (1 678) (1 819) (1 755) (1 705) (1 517) (1 581) (1 463)
Pre-tax operating profit before impairment	4 137	4 087	4 155	4 296	4 247	4 104	4 006	4 320	4 187
Net gains on fixed and intangible assets
Impairment of financial instruments	(373)	(203)	(119)	(45)	(148)	(292)	(186)	(418)	(435)
Profit from repossessed operations1				(19)	(6)
Pre-tax operating profit	3 764	3 884	4 036	4 232	4 094	3 812	3 821	3 902	3 752
Tax expense	(941)			(971) (1 009) (1 058) (1 023)		(953)	(955)	(975)	(938)
Profit for the period	2 823	2 913	3 027	3 174	3 070	2 859	2 865	2 926	2 814
Average balance sheet items in NOK billion:
Loans to customers2	545.8	540.3	534.4	531.2	523.2	522.2	516.0	518.6	516.6
Deposits from customers2	418.7	418.4	408.4	390.8	390.1	393.5	376.8	352.3	351.9
Allocated capital3	53.6	53.3	54.9	53.8	49.9	51.6	52.5	50.0	48.1
Key figures in per cent:
Cost/income ratio	30.1	30.0	28.8	29.8	29.2	29.3	27.5	26.8	25.9
Ratio of deposits to loans	76.7	77.4	76.4	73.6	74.6	75.4	73.0	67.9	68.1
Return on allocated capital, annualised3	20.9	21.9	22.4	23.5	24.5	22.3	21.9	23.2	23.2

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

2.4.2 CCN - Risk classification of portfolio

^* Of which exposure at default of NOK 9.7 billion in stage 3 as at 30 September 2025.

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

³ The allocated capital is based on the external capital adequacy expectations.

2.4.3 CCN - Exposure at default by industry segment as at 30 September 2025

2.4.4 SME - Key performance metrics - Small and medium-sized enterprises¹

	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Income figures (NOK million)
Net interest income	3 365	3 431	2 739	2 782	2 809	2 864	2 842	2 948	2 973
Other operating income	1 112	1 177	986	1 012	976	1 191	848	904	784
Impairment of financial instruments	(276)	(219)	(346)	(57)	(163)	(154)	(252)	(332)	(326)
Average balance sheet items (NOK billion)
Net loans to customers2	380.5	388.7	280.5	275.5	267.1	267.9	264.8	266.5	262.9
Deposits from customers2	311.0	274.0	230.1	220.0	221.2	221.4	229.1	229.8	233.7
Allocated capital3	33.9	34.7	25.1	25.2	24.3	25.1	24.5	24.4	23.7
Key figures (per cent, annualised)
Lending spreads	2.25	2.26	2.31	2.24	2.28	2.37	2.36	2.34	2.19
Deposit spreads	1.26	1.53	1.82	1.98	2.03	2.00	1.99	2.06	2.24
Return on allocated capital	24.6	25.8	26.9	30.0	29.7	30.9	28.5	28.3	28.9

¹ SME according to the EBA definition.

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

³ The allocated capital is based on the external capital adequacy expectations.

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

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income	4 864	4 880	4 879	5 044	4 690	4 382	4 486	4 906	4 778
Net other operating income	2 272	2 878	2 585	2 421	1 878	2 459	1 761	2 161	1 943
Total income	7 135	7 758	7 465	7 465	6 569	6 841	6 247	7 066	6 720
Operating expenses				(3 234) (3 327) (3 027) (2 949) (2 685) (2 727) (2 729) (2 769) (2 576)
Pre-tax operating profit before impairment	3 901	4 430	4 438	4 516	3 883	4 114	3 517	4 298	4 144
Net gains on fixed and intangible assets	0	0	0	1	0	0	0	0	(0)
Impairment of financial instruments	(359)	(463)	(225)	(58)	11	(188)	(69)	(352)	(392)
Profit from repossessed operations1	(36)	(23)	(89)	147	(52)	(54)	(43)	(111)	(6)
Pre-tax operating profit	3 506	3 944	4 123	4 606	3 843	3 872	3 406	3 835	3 746
Tax expense	(877)			(986) (1 031) (1 152)	(961)	(968)	(852)	(959)	(937)
Profit for the period	2 630	2 958	3 093	3 455	2 882	2 904	2 555	2 876	2 810
Average balance sheet items in NOK billion:
Loans to customers2	506.1	500.1	498.9	491.8	460.3	446.7	440.4	445.6	433.1
Deposits from customers2	449.8	462.3	512.5	475.4	472.1	497.0	480.6	492.2	481.1
Allocated capital3	69.4	67.4	62.5	62.2	62.7	60.2	59.1	60.4	60.1
Key figures in per cent:
Cost/income ratio	45.3	42.9	40.5	39.5	40.9	39.9	43.7	39.2	38.3
Ratio of deposits to loans	88.9	92.4	102.7	96.7	102.6	111.3	109.1	110.5	111.1
Return on allocated capital, annualised3	15.0	17.6	20.1	22.1	18.3	19.4	17.4	18.9	18.5

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

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

³ The allocated capital is based on the external capital adequacy expectations.

2.5.2 LCIC - Risk classification of portfolio

^* Of which exposure at default of NOK 8.0 billion in stage 3 as at 30 September 2025.

2.5.3 LCIC - Exposure at default by industry segment as at 30 September 2025

2.6.1 Other operations - Financial performance

3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
461	783	1 160	1 093	969	1 129	809	452	589
1 828	996	823	348	2 462	859	977	(592)	748
2 289	1 779	1 983	1 441	3 431	1 989	1 785		(140) 1 336
							(171)	248
1 390	666	1 043	359	2 889	1 787	1 517		(310) 1 584
2	2	18	2	0			(0)	(4)
9	1		1	1	1		(1)	1
8	41	66		58	54	43	111	6
1 409	711	1 125	233	2 949	1 842	1 557		(200) 1 588
315	477	399	2 510	25	215	250	1 067	(134)
6			106				(138)	(0)
1 730	1 157	1 482	2 849	2 934	2 019	1 779	729	1 454
246.1	231.8	241.9	192.2	126.1	107.0	104.7	108.4	106.7
95.5	170.0	188.1	183.7	177.9	202.5	131.0	53.1	89.5
			(899) (1 113) (31)	(3) (43)	(939) (1 082) (128)	(542) (40)	(201) (1) (37)	(267) (2) (1) (29)

¹ In the third quarter of 2024, there was a positive effect of NOK 716 million in profit from associated companies relating to the merger between Fremtind Forsikring and Eika Forsikring, which was completed on 1 July. This resulted in a reduction of DNB's ownership in Fremtind from 35 to 28.46 per cent.

DNB's share of profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment.

² Profits from repossessed operations which are fully consolidated in the DNB Group are presented net under "Profit from repossessed operations" under the relevant segments, with an opposing entry in Other operations. The repossessed operations are fully consolidated in Other operations.

2.7.1 DNB Carnegie - Financial performance

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net interest income	465	457	509	474	482	394	410	290	471
Net fees and commissions	1 278	1 668	1 145	1 169	838	1 224	727	870	675
Net financial items	847	1 055	1 035	1 244	931	1 145	1 066	953	944
Total income	2 591	3 181	2 689	2 888	2 252	2 763	2 203	2 112	2 089
Operating expenses					(1 737) (1 898) (1 414) (1 363) (1 174) (1 160) (1 108) (1 185) (1 057)
Pre-tax operating profit before impairment	854	1 283	1 276	1 525	1 078	1 603	1 095	928	1 032
Net gains on fixed and intangible assets	(0)	(0)		1
Impairment of financial instruments	1	1	(3)		2	(0)	(0)	(1)	0
Pre-tax operating profit	855	1 284	1 273	1 526	1 080	1 603	1 095	927	1 032
Tax expense	(214)	(321)	(318)	(381)	(270)	(401)	(274)	(232)	(258)
Profit for the period	641	963	955	1 144	810	1 202	821	695	774
Average balance sheet items in NOK billion:
Allocated capital1	12.5	12.3	10.2	9.4	9.2	8.2	8.1	7.6	7.3
Key figures in per cent:
Cost/income ratio	67.0	59.7	52.6	47.2	52.1	42.0	50.3	56.1	50.6
Return on allocated capital, annualised1	20.4	31.3	37.9	48.7	35.2	58.7	41.0	36.1	42.1

¹ Allocated capital corresponds to the external capital adequacy expectations.

2.7.2 DNB Carnegie - Breakdown of revenues

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Fixed income, currencies and commodities	856	1 044	963	1 075	1 057	1 024	794	910	824
Equities	446	594	420	300	285	339	262	269	281
Investment banking division	761	969	614	780	459	745	395	541	356
Securities services	125	166	128	120	117	160	133	100	114
Interest income on allocated capital	61	61	60	61	67	34	48	47	42
Total customer revenues	2 248	2 834	2 184	2 337	1 985	2 300	1 632	1 866	1 616
Fixed income, currencies and commodities	290	292	454	490	210	406	555	207	408
Equities	15	13	12	19	5	16	(27)	(3)	22
Interest income on allocated capital	39	42	39	43	51	40	43	43	44
Total risk management revenues	343	347	505	552	266	463	571	246	473
Total income	2 591	3 181	2 689	2 888	2 252	2 763	2 203	2 112	2 089

2.7.3 DNB Carnegie - Value-at-Risk

	30 Sept. 2025		Third quarter 2025
Amounts in NOK thousand			Actual Average Maximum Minimum
Currency risk	193	1 018	2 423	71
Interest rate risk	10 829	8 013	22 229	2 070
Equities	3 701	2 373	5 100	849
Total	14 722	11 404

Value-at-Risk is the maximum loss that could be incurred on trading positions from one day to the next at a 99 per cent confidence level.

2.8.1 DNB Livsforsikring Group - Legal entity consolidated accounts and solvency capital

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Upfront pricing of risk and guaranteed rate of return	41	41	41	42	42	42	43	43	41
Administration result	160	162	149	166	135	133	113	132	137
Administration result including upfront pricing of risk and guaranteed rate of return	200	202	190	208	177	175	156	175	178
Recorded interest result	286	192	182	(1 370) 1 053		764	681	364	(257)
Return on corporate portfolio	228	320	204	166	288	249	255	207	149
- Administration result - corporate portfolio	(1)	(1)	(1)	(2)	(0)	0	(1)	0	(0)
Allocations to policyholders, products with guaranteed rates of return	(254)	(189)		(217) 1 385	(1 081)	(756)	(754)	(125)	17
Net financial result	259	322	168	180	261	257	181	446	(91)
Net risk result	134	178	220	108	148	124	124	36	79
Net financial and risk result	393	499	388	288	408	382	304	482	(12)
Pre-tax operating profit	593	702	578	496	585	557	460	656	166
Tax expense	(142)	(155)	(150)	(93)	(120)	(133)	(93)	(177)	(56)
Profit for the period	451	547	428	404	465	424	367	479	110
Premium reserve at end of period	416 408	402 202	387 786	386 933	382 435	373 344	366 219	352 269	341 856
Non-guaranteed products	247 831	233 114	218 877	217 288	211 794	202 434	194 945	181 778	170 481
Guaranteed products	168 577	169 088	168 909	169 644	170 641	170 911	171 274	170 490	171 375
Solvency capital
Solvency II margin (%)
With transitional rules	264.5	263.6	266.4	262.3	259.5	263.2	257.4	248.4	269.6
Without transitional rules	264.5	263.6	266.4	262.3	259.5	263.2	257.4	248.4	269.6
Capital requirement
With transitional rules	13 074	13 236	13 054	13 135	12 973	12 806	12 782	12 795	11 975
Without transitional rules	13 074	13 236	13 054	13 135	12 973	12 806	12 782	12 795	11 975
Solvency capital
With transitional rules	34 584	34 890	34 769	34 458	33 663	33 703	32 901	31 780	32 284
Without transitional rules	34 584	34 890	34 769	34 458	33 663	33 703	32 901	31 780	32 284

The figures are as presented in the DNB Livsforsikring consolidated accounts, including use of additonal allocations/reserves (not according to IFRS 17).

2.8.2 DNB Livsforsikring Group - Financial performance

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net commissions and fees	222	221	224	247	201	197	181	181	180
Insurance service result	462	368	252	380	311	358	141	198	372
Insurance revenue, incl. release of CSM and risk adjustment	1 196	1 157	1 163	1 137	1 024	1 078	1 046	965	1 038
Insurance service expense, incl. operating expenses	(726)	(799)	(921)	(852)	(710)	(705)	(925)	(857)	(653)
Net revenue/expense from reinsurance contracts	(7)	10	10	94	(3)	(14)	20	90	(12)
Finance result, life insurance	58	(11)	28	87	7	75	62	128	(8)
Investment income from underlying assets or pool of assets, measured at fair value	730	5 358	1 546	(1 061) 4 489		2 248	11	7 817	(608)
Insurance finance income or expense		(673) (5 369) (1 518) 1 147				(4 482) (2 173)	51	(7 689)	599
Reinsurance finance income or expense			1			1	1		0
Other income	231	304	197	155	285	241	256	224	152
Total income	974	882	701	869	805	871	639	731	696
Operating expenses	(113)	(111)	(112)	(115)	(113)	(116)	(113)	(117)	(100)
Pre-tax operating profit	860	772	590	754	691	755	526	615	596
Tax expense	(208)	(172)	(153)	(157)	(136)	(193)	(111)	(167)	(164)
Profit for the period	652	599	436	597	555	563	416	448	432
Total average equity in the period	15 691	15 077	15 802	16 704	16 451	15 841	16 051	16 690	16 440
Return on equity, annualised (%)	16.5	15.9	11.2	14.2	13.4	14.3	10.4	10.6	10.4

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17.

2.8.3 DNB Livsforsikring Group - Non-guaranteed products income*

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net commissions and fees	221	208	214	233	196	194	175	182	171
Insurance service result	167	77	(53)	72	65	98	(120)	(60)	76
Insurance revenue, incl. release of CSM and risk adjustment	796	779	758	740	682	717	686	621	634
Insurance service expense, incl. operating expenses	(622)	(712)	(821)	(762)	(614)	(605)	(826)	(771)	(546)
Net revenue/expense from reinsurance contracts	(7)	10	10	94	(3)	(14)	20	90	(12)
Finance result, life insurance	58	(11)	28	87	7	75	62	128	(8)
Investment income from underlying assets or pool of assets, measured at fair value	215	441	190	78	407	213	133	505	60
Insurance finance income or expense	(157)	(452)	(162)	9	(400)	(138)	(71)	(377)	(69)
Reinsurance finance income or expense			1			1	1	0	0
Other income	35	47	28	23	40	26	36	35	40
Total income	481	321	217	414	308	393	153	286	279
Operating expenses	(110)	(108)	(108)	(111)	(110)	(112)	(109)	(113)	(96)
Pre-tax operating profit	371	213	108	303	198	280	43	173	183
Tax expense	(90)	(44)	(30)	(65)	(41)	(67)	(9)	(45)	(47)
Profit for the period	281	169	78	238	157	214	34	127	136
Premium income	5 221	5 069	5 680	5 180	4 459	5 285	4 754	4 708	5 124
Contract service margin (CSM)	446	473	459	378	206	219	178	80	168

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17, and include a limited portfolio of individual guaranteed products.

* Of which defined-contribution pension:

Net commissions and fees	204	191	195	216	177	175	161	170	155
Other income	4	5	3	3	5	(5)	11	9	10
Total income	208	195	198	218	182	171	172	179	166
Operating expenses	(98)	(93)	(95)	(97)	(96)	(98)	(95)	(99)	(83)
Pre-tax operating profit	110	102	103	121	86	72	77	80	83
Premium income	4 343	4 019	4 125	4 389	3 876	4 109	3 346	4 044	3 681
Customer funds	215 203	201 310	187 782	185 877	180 806	171 690	164 646	152 873	142 103

The figures are as presented in the DNB Group consolidated accounts and according to IFRS 17.

2.8.4 DNB Livsforsikring Group - Guaranteed products income

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24	4Q23	3Q23
Net commissions and fees	1	13	10	15	5	3	6	(1)	8
Insurance service result	296	291	305	308	246	260	262	258	296
Insurance revenue, incl. release of CSM and risk adjustment	399	378	404	398	343	361	360	344	403
Insurance service expense, incl. operating expenses	(104)	(87)	(100)	(90)	(96)	(100)	(99)	(86)	(107)
Net revenue/expense from reinsurance contracts
Finance result, life insurance		(0)	0	(0)			0	0	(0)
Investment income from underlying assets or pool of assets, measured at fair value	515	4 917	1 356	(1 139) 4 082		2 035		(122) 7 313	(668)
Insurance finance income or expense			(515) (4 917) (1 356) 1 139			(4 082) (2 035)	122	(7 313)	668
Reinsurance finance income or expense
Other income	196	258	170	132	245	215	219	189	112
Total income	492	562	485	455	497	479	487	446	417
Operating expenses	(3)	(3)	(4)	(4)	(4)	(4)	(4)	(4)	(4)
Pre-tax operating profit	489	559	481	451	493	475	483	442	413
Tax expense	(119)	(128)	(123)	(92)	(95)	(126)	(102)	(121)	(117)
Profit for the period	371	431	358	358	398	349	381	321	297
Premium income	488	328	712	447	586	361	662	271	422
Contract service margin (CSM) at end of period	14 033	13 395	13 953	13 410	11 214	12 270	11 637	10 429	12 923

2.9.1 Assets under management

Amounts in NOK million	3Q25	2Q25	1Q25	4Q24	3Q24	2Q24	1Q24
Assets under management (NOK billion)¹
Asset Management¹ ² ⁴ ⁵	1 386	1 375	1 301	1 128	1 088	1 045	1 009
Advisory/distribution³ ⁶	193	189	167	12	13	14	12
Total assets under management	1 579	1 564	1 468	1 140	1 101	1 059	1 021
Of which managed on behalf of DNB Livsforsikring²	420	411	396	392	391	379	371
Of which managed on behalf of DNB Bank as nominee⁵	234	222	206	221	209	201	191
Of which related to Holberg⁴		39	38
Net flow, Assets under management (NOK million)
Asset Management	12 630	8 553	1 634	11 602	8 320	9 467	4 562
Advisory/distribution	1 252	1 736	871
Total net flow	13 883	10 289	2 505	11 602	8 320	9 467	4 562
Net commisions and fees, Asset management services (NOK million)
Asset Management	819	758	624	597	528	487	454
Advisory/distribution	315	302	203	115	130	109	82
Total net commissions and fees, Asset management services	1 135	1 060	827	712	658	596	536
Of which performance fee	17	4	(3)	62	22	9	8
Margin, Assets under management
Asset management	0.26 %	0.25 %	0.23 %	0.22 %	0.22 %	0.21 %	0.20 %
Advisory/distribution	0.30 %	0.31 %	0.24 %	0.20 %	0.24 %	0.21 %	0.16 %
Total margin	0.28 %	0.28 %	0.25 %	0.23 %	0.24 %	0.23 %	0.21 %

¹ Assets under management and assets under reporting.

² Managed on behalf of DNB Livsforsikring.

³ Funds distributed for external providers.

⁴ Holberg was sold in the second quarter of 2025.

⁵ Managed on behalf of DNB Bank as nominee from 1Q25.

⁶ Assets under management in funds, discretionary and advisory portfolios.

Chapter 3 - The Norwegian economy

3.1.1 Basic information about Norway

Area	385 199 square kilometres
Population	5.6 million
Fertility rate	1.44
Life expectancy	M: 81.6 F: 84.8
Work participation rate, per cent 15-74 years	70.0 (M: 72.5 F: 67.3)
Gross domestic product 2024	USD 483.7 billion
GDP per capita 2024	USD 86 806
Rating	AAA, Aaa
Currency exchange rate used	10.74 USD/NOK (average 2024)
Net lending 2024	USD 79.7 billion or 16.5 per cent of GDP

Sources: Statistics Norway, Norges Bank, DNB Carnegie

3.1.2 Government net financial liabilities 2024

Sources: OECD Economic Outlook No. 117 database, June 2025

3.1.3 GDP growth mainland Norway and unemployment rate

Sources: LSEG Datastream, Statistics Norway, DNB Carnegie

3.1.4 Contribution to volume growth in GDP, mainland Norway

Per cent	2022	2023	2024	F2025	F2026	F2027	F2028
Household demand	3.9	(1.8)	(0.3)	0.9	1.2	1.4	1.4
Gross fixed capital formation, mainland companies	0.3	0.3	(0.3)	0.4	0.2	0.2	0.1
Gross fixed capital formation, petroleum activity	0.1	(0.4)	1.6	(0.7)	(0.5)	(0.3)	(0.2)
Public sector demand	0.6	1.2	0.9	0.5	0.8	0.6	0.6
Exports, mainland Norway	3.1	1.5	0.9	1.0	0.6	0.7	0.7
Imports, mainland Norway	5.4	(0.7)	1.7	0.9	0.8	0.8	0.9
Changes in stocks and statistical discrepancies	1.7	(0.8)	(0.5)	0.1
GDP, mainland Norway	4.3	0.7	0.6	1.3	1.5	1.7	1.7

3.1.5 Composition of GDP in 2024 3.1.6 Composition of exports in 2024

Sources: Statistics Norway, annual national accounts 11 February 2025

3.1.7 Key macro-economic indicators, Norway

Per cent	2022	2023	2024	F2025	F2026	F2027	F2028
GDP growth
- mainland Norway	4.3	0.7	0.6	1.3	1.5	1.8	1.8
- Norway, total	3.2	0.1	2.1	(0.5)	1.1	1.0	0.9
Private consumption	7.8	(1.2)	1.4	2.6	2.1	2.1	2.0
Gross fixed investment	0.3	(1.5)	(1.4)	0.2	2.0	2.1	2.4
Inflation (CPI)	5.8	5.5	3.1	2.9	2.5	2.6	2.6
Savings ratio1	4.7	3.6	6.9	7.6	8.7	8.9	9.4
Unemployment rate	3.3	3.6	4.0	4.7	4.7	4.6	4.4

¹ Per cent of household disposable income.

3.1.8 Credit market, 12 month percentage growth

Sources: LSEG Datastream, Statistics Norway, DNB Carnegie

3.1.9 Deposit market, 12 month percentage growth

3.1.10 House prices

Sources: Real Estate Norway, Statistics Norway, DNB Carnegie

3.1.11 Household interest burden1 and debt burden²

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

² Household debt as a percentage of disposable income.

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