DNB Bank ASA

Earnings Release • Oct 21, 2021

High level of activity after the reopening

High level of activity after the reopening

21 October 2021

DNB has delivered its best ever third quarter with a profit of NOK 6 883

million, which is an increase of NOK 1 337 million from the corresponding

quarter last year, and of NOK 451 million from the second quarter of this year.

Norwegian society has been completely reopened, there is an upturn in the

economy, and unemployment has fallen to the same level as in February 2020.

After a very good first half of the year, DNB is continuing to strengthen its

financial position, and all parts of the bank are developing positively.

"All important indicators are pointing in the right direction. Norway has

reopened, and the level of activity in the economy is now higher than it was

before the shutdowns. We are seeing a strong development in all areas of DNB,

and combined with our solid portfolio, this puts us in a very good position for

achieving further growth and paying out dividends," says CEO Kjerstin Braathen.

Increased levels of activity for businesses and personal customers

During the quarter, customers have borrowed more money from DNB. The lending

growth corresponds to an annual growth of 3.7 and 2.9 per cent in the personal

and corporate markets, respectively, which is in line with the expectation of an

annual growth of 3 to 4 per cent. At the same time, both businesses and personal

customers are saving more in the bank.

"Norway has woken up again and everyday life is finally back to normal. We are

noticing a high level of customer activity in all areas. Our customers' card use

has increased, and among corporate customers we are seeing a normalisation in

nearly all industries, as well as a particularly welcome upward trend in

restaurants and nightlife," says Braathen.

Higher activity has contributed to a rise in net interest income of NOK 357

million or 3.8 per cent, compared with the second quarter of 2021.

Income from customer-driven activities (commission and fee income) is developing

positively, with an increase of 3.2 per cent from a strong third quarter last

year. This development can be ascribed to higher customer activity, particularly

in the areas of saving, pensions and insurance.

Solid portfolio quality and improved macroeconomic prospects contributed to net

reversals of NOK 200 million in the third quarter.

The best third quarter ever

DNB has just delivered its best ever third-quarter results. After the Ministry

of Finance lifted the extraordinary dividend restrictions for Norwegian banks in

September, several banks have already announced their dividends for 2020. In

line with the authorisation from the Annual General Meeting on 27 April this

year, DNB's Board of Directors has decided to pay a dividend of NOK 9 per share

for 2020. This is an increase of NOK 0.6 from 2019, which means that DNB

continues to deliver on the goal of increasing the nominal dividend every year.

In July, the Ministry of Finance approved DNB's offer for Sbanken. DNB is now

awaiting the Norwegian Competition Authority's approval before being able to

carry out the acquisition. The Competition Authority is expected to announce its

conclusion by the end of October.

Financial key figures for the third quarter of 2021 (figures for the

corresponding quarter in 2020):

· Pre-tax operating profit before impairment amounted to NOK 8.6 billion (7.7)

· Profit for the quarter was NOK 6.9 billion (5.5)

· Earnings per share were NOK 4.29 (3.41)

· Return on equity was 11.4 per cent (9.5)

· Cost/income ratio was 40.1 per cent (42.5)

· Common equity Tier 1 (CET1) capital ratio was 19.2 per cent (18.9)

Further details on DNB's results can be found on ir.dnb.no.

For further information:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71

32 50

Thomas Midteide, Group Executive Vice President of Communications &

Sustainability, tel.: (+47) 96 23 20 17

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Securities Trading Act.