DNB Bank ASA

Annual Report • Apr 20, 2023

DNB Group (page 1 of 2)

- restated comparative figures for 2022

Income statement	4Q22			3Q22			2Q22			1Q22			Full year 2022
Amounts in NOK million	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated
Interest income, amortised cost	27 417		27 417	19 893		19 893	15 311		15 311	12 620		12 620	75 241		75 241
Other interest income	1 811		1 811	1 436		1 436	817		817	687		687	4 751		4 751
Interest expenses, amortised cost	(14 992)		(14 992)	(8 389)		(8 389)	(3 807)		(3 807)	(1 892)		(1 892)	(29 080)		(29 080)
Other interest expenses	(166)		(166)	(687)		(687)	(796)		(796)	(969)		(969)	(2 619)		(2 619)
Net interest income	14 071		14 071	12 253		12 253	11 525		11 525	10 445		10 445	48 294		48 294
Commission and fee income etc.	3 963	(285)	3 678	3 813	(290)	3 522	3 847	(299)	3 548	3 720	(284)	3 435	15 343	(1 159)	14 184
Commission and fee expenses etc.	(926)	(44)	(970)	(1 070)	23	(1 047)	(1 018)	28	(990)	(876)	28	(848)	(3 890)	34	(3 856)
Net gains on financial instruments at fair value	256	0	256	706	0	706	1 624	0	1 624	1 562	(0)	1 562	4 147	0	4 147
Net financial result, life insurance (prior to IFRS 17)	194	(194)		(40)	40		(175)	175		(98)	98		(119)	119
Net risk result, life insurance (prior to IFRS 17)	160	(160)		123	(123)		73	(73)		130	(130)		487	(487)
Net insurance result (IFRS 17)		504	504		261	261		277	277		192	192		1 235	1 235
Profit from investments accounted for by the equity method	482	(22)	460	5	54	60	144	22	165	(15)	75	60	617	129	746
Net gains on investment properties	(9)		(9)	4		4	2		2	(4)		(4)	(7)		(7)
Other income	336	231	567	334	27	361	297	(60)	237	276	(50)	226	1 244	147	1 390
Net other operating income	4 457	30	4 487	3 875	(8)	3 867	4 794	69	4 863	4 695	(73)	4 623	17 821	18	17 840
Total income	18 527	30	18 558	16 128	(8)	16 120	16 319	69	16 388	15 141	(73)	15 068	66 115	18	66 133
Salaries and other personnel expenses	(4 275)	49	(4 226)	(3 625)	48	(3 578)	(3 627)	42	(3 585)	(3 344)	42	(3 302)	(14 871)	181	(14 690)
Other expenses	(2 357)	114	(2 243)	(1 947)	134	(1 812)	(2 022)	92	(1 930)	(1 772)	110	(1 662)	(8 098)	450	(7 648)
Depreciation and impairment of fixed and intangible assets	(916)	19	(897)	(901)	19	(882)	(874)	19	(856)	(850)	19	(831)	(3 541)	76	(3 465)
Total operating expenses	(7 548)	182	(7 366)	(6 473)	201	(6 272)	(6 524)	154	(6 370)	(5 966)	171	(5 795)	(26 510)	707	(25 803)
Pre-tax operating profit before impairment	10 979	213	11 192	9 655	192	9 848	9 795	223	10 018	9 175	98	9 273	39 605	726	40 331
Net gains on fixed and intangible assets	(25)		(25)	1	0	1	0	(0)	0	1		1	(24)		(24)
Impairment of financial instruments	(674)		(674)	148		148	209		209	589		589	272		272
Pre-tax operating profit	10 280	213	10 493	9 803	192	9 996	10 005	223	10 227	9 765	98	9 863	39 854	726	40 579
Tax expense	(460)	(59)	(519)	(2 255)	(35)	(2 289)	(2 301)	(50)	(2 351)	(2 246)	(6)	(2 252)	(7 262)	(149)	(7 411)
Profit from operations held for sale, after taxes	127		127	26		26	81		81	36		36	270		270
Profit for the period	9 947	154	10 101	7 575	158	7 733	7 785	172	7 957	7 555	92	7 647	32 861	577	33 438
Portion attributable to shareholders	9 704	154	9 858	7 397	158	7 555	7 611	172	7 783	7 299	92	7 391	32 010	577	32 587
Portion attributable to non-controlling interests	9		9	6		6	36		36	31		31	82		82
Portion attributable to additional Tier 1 capital holders	234		234	172		172	138		138	225		225	769		769
Profit for the period	9 947	154	10 101	7 575	158	7 733	7 785	172	7 957	7 555	92	7 647	32 861	577	33 438
Earnings/diluted earnings per share (NOK)	6.26	0.10	6.36	4.77	0.10	4.87	4.91	0.11	5.02	4.71	0.06	4.77	20.65	0.37	21.02
Earnings per share excluding operations held for sale (NOK)	6.18	0.10	6.28	4.75	0.11	4.86	4.86	0.11	4.97	4.68	0.06	4.74	20.47	0.37	20.84
Key figures		4Q22			3Q22			2Q22			1Q22			Full year 2022
Per cent	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated
Cost/income ratio	40.7	(1.0)	39.7	40.1	(1.2)	38.9	40.0	(1.1)	38.9	39.4	(0.9)	38.5	40.1	(1.1)	39.0
Return on equity, annualised	16.2	0.9	17.1	12.7	0.9	13.6	13.3	0.9	14.2	12.9	0.8	13.7	13.8	0.9	14.7

DNB Group (page 2 of 2)

- restated comparative figures for 2022

Balance sheet	31 December 2022			30 September 2022			30 June 2022			31 March 2022			31 December 2021/ 1 January 2022
Amounts in NOK million	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated	Reported	Change	Restated
Assets
Cash and deposits with central banks	309 988		309 988	441 873		441 873	382 631		382 631	383 193		383 193	296 727		296 727
Due from credit institutions	20 558	0	20 558	67 039	0	67 039	47 012	0	47 012	63 084	0	63 084	44 959		44 959
Loans to customers	1 961 464			1 961 464 1 959 268		8 1 959 276 1 924 509				11 1 924 520 1 840 303		15 1 840 318	1 744 922		20 1 744 942
Commercial paper and bonds	488 087	(2 646)	485 440	427 356	(5 811)	421 544	430 426	(4 600)	425 826	409 938	(840)	409 098	425 267	4 180	429 448
Shareholdings	33 350	(0)	33 350	36 220	(0)	36 220	34 614	0	34 614	38 866	0	38 866	35 297		35 297
Assets, customers bearing the risk	138 259	0	138 259	128 365	(0)	128 365	130 260	0	130 260	137 361	0	137 361	138 747		138 747
Financial derivatives	185 687		185 687	312 574		312 574	235 950		235 950	156 951		156 951	135 400		135 400
Investment properties	14 651		14 651	18 092	0	18 092	18 283	0	18 283	18 006		18 006	17 823		17 823
Investments accounted for by the equity method	19 257	(12)	19 246	18 790	10	18 800	18 843	(44)	18 799	19 593	(66)	19 527	19 549	(141)	19 409
Intangible assets	10 273		10 273	10 173		10 173	10 266		10 266	10 175		10 175	5 804		5 804
Deferred tax assets	510		510	768	1 447	2 215	723	1 590	2 314	613	1 618	2 231	649	1 683	2 332
Fixed assets	21 254		21 254	22 055		22 055	21 690		21 690	21 429		21 429	21 430		21 430
Assets held for sale	1 767		1 767	1 822		1 822	2 072		2 072	2 218		2 218	2 245		2 245
Other assets	31 324	(368)	30 956	40 994	(264)	40 730	50 528	(400)	50 128	46 179	(282)	45 898	30 423	(289)	30 135
Total assets	3 236 431		(3 026) 3 233 405 3 485 388			(4 612) 3 480 777 3 307 807				(3 443) 3 304 364 3 147 909		446 3 148 356	2 919 244		5 454 2 924 698
Liabilities and equity
Due to credit institutions	177 298		177 298	229 776	0	229 776	226 847		226 847	208 934		208 934	149 611		149 611
Deposits from customers	1 396 630			1 396 630 1 470 882			1 470 882 1 393 381			1 393 381 1 321 825		1 321 825	1 247 719		1 247 719
Financial derivatives	190 142		190 142	279 309		279 309	211 668		211 668	137 429		137 429	114 348		114 348
Debt securities issued	737 886		737 886	788 949		788 949	778 553		778 553	765 485		765 485	702 759		702 759
Insurance liabilities, customers bearing the risk	138 259	0	138 259	128 365	(0)	128 365	130 260	0	130 260	137 361	0	137 361	138 747		138 747
Insurance liabilities	191 059	9 542	200 601	191 565	8 080	199 646	193 449	8 983	202 431	196 931	11 914	208 845	199 379	17 166	216 545
Payable taxes	4 057		4 057	6 233		6 233	4 643		4 643	5 539	0	5 539	3 054		3 054
Deferred taxes	5 136	(3 081)	2 055	1 720	(1 695)	25	1 624	(1 585)	38	1 634	(1 607)	27	1 571	(1 549)	23
Other liabilities	34 200	(228)	33 972	47 735	(1 583)	46 151	53 275	(1 269)	52 006	56 745	(118)	56 627	39 718	(327)	39 390
Liabilities held for sale	541		541	461		461	476		476	550		550	896		896
Provisions	977		977	1 089		1 089	1 007		1 007	1 200		1 200	1 642		1 642
Pension commitments	4 657		4 657	4 383		4 383	4 538		4 538	4 643		4 643	5 073		5 073
Senior non-preferred bonds	59 702		59 702	54 069		54 069	40 617		40 617	37 952		37 952	37 769		37 769
Subordinated loan capital	36 788		36 788	29 841		29 841	28 345		28 345	27 201		27 201	33 047		33 047
Total liabilities	2 977 332		6 233 2 983 565 3 234 377			4 802 3 239 179 3 068 684				6 128 3 074 812 2 903 428		10 189 2 913 618	2 675 332		15 290 2 690 622
Additional Tier 1 capital	16 089		16 089	14 849		14 849	11 438		11 438	11 317		11 317	16 974		16 974
Non-controlling interests	227		227	421		421	399		399	325		325	266		266
Share capital	19 378		19 378	19 380		19 380	19 380		19 380	19 380		19 380	19 379		19 379
Share premium	18 733		18 733	18 733		18 733	18 733		18 733	18 733		18 733	18 733		18 733
Other equity	204 672	(9 259)	195 413	197 629	(9 413)	188 216	189 173	(9 571)	179 602	194 726	(9 743)	184 983	188 559	(9 836)	178 723
Total equity	259 098	(9 259)	249 840	251 011	(9 413)	241 598	239 123	(9 571)	229 552	244 481	(9 743)	234 738	243 912	(9 836)	234 076
Total liabilities and equity	3 236 431		(3 026) 3 233 405 3 485 388			(4 612) 3 480 777 3 307 807				(3 443) 3 304 364 3 147 909		446 3 148 356	2 919 244		5 454 2 924 698