DNB Bank ASA

Earnings Release • Oct 22, 2025

High level of activity and strong platform for further growth in the Nordic region

High level of activity and strong platform for further growth in the Nordic region

DNB recorded a solid profit after tax of NOK 10.7 billion in the third quarter

of 2025. This is an increase of NOK 242 million, or 2.3 per cent, compared with

the second quarter of this year.

"The Norwegian economy is performing better than expected, and Norwegian

companies are continuing to invest while employment remains at a high level.

Combined with falling inflation, this gives both companies and individuals

increased confidence in their own finances going forward," says CEO Kjerstin

Braathen.

"This positive trend is also reflected in the Nordic region. The level of

activity in the Swedish capital market is a good example of this. This is also

attractive from an international perspective, and DNB Carnegie is well

positioned here," says Braathen.

A leading Nordic asset manager

An increasing number of customers are choosing DNB for its holistic advisory

services and professional wealth management. At the end of the quarter, assets

under management (AUM) reached a record-high NOK 1 579 billion, which is an

increase of NOK 15 billion from the previous quarter. Holberg Fondene was sold

in May, and NOK 39 billion in AUM from Holberg was phased out during the

quarter. The underlying growth in the quarter was thus NOK 54 billion - marking

one of the strongest quarters ever in this area.

"The record growth in wealth management and the launch of several specialised

mutual funds show that we are hitting the mark when it comes to meeting our

customers' needs and preferences. The acquisition of Carnegie creates further

opportunities, particularly in private banking, asset management and investment

banking. With Carnegie Fonder on board, we are now Norway's largest asset

manager and well positioned for further growth outside Norway as well," says

Braathen.

The savings rate is the highest it has been in ten years, with the exception of

the pandemic period. DNB's customers have never saved more in mutual funds

through fixed savings schemes - over NOK 920 million per month, equivalent to

more than NOK 10 billion per year.

Profitable lending growth in the customer segments

Lending to personal customers increased by 2.7 per cent compared with the third

quarter of last year, and by 0.4 per cent compared with the previous quarter.

Lending to the largest companies increased by 0.5 per cent in the third quarter,

while lending to small and medium-sized businesses remained stable.

There has been a high level of activity throughout the quarter, particularly

relating to refinancing and remortgaging. Interest from new customers has been

especially high since Sbanken cut its interest rate a week before the most

recent cut in the key policy rate by the Norwegian central bank, Norges Bank.

"We see that customers value the combination of simple, digital solutions and

personal advisory services - and that they choose whatever suits them best.

Following the interest rate adjustment, the level of activity at Sbanken has

been historically high, with the largest inflow of new customers in 15 years,"

says Braathen.

Strong foundation for further growth in financial advisory services

Over time, DNB has shown solid growth in income from other customer-related

activities than lending and deposits, and the acquisition of Carnegie has

further strengthened the Group's position.

At the end of the third quarter, DNB Carnegie had facilitated 446 capital market

transactions globally (equity capital markets (ECM) and corporate bonds), and

was among the lead advisers in 14 major initial public offerings (IPOs), such as

those for NOBA and Verisure. The Verisure IPO was the largest in the Swedish

market in over 25 years, the second largest ever in Sweden and the largest in

Europe since 2022.

"A mere five months after the establishment of DNB Carnegie we see that our

customers' trust in us is increasing, and we are winning engagements that would

previously have gone to international players," says Braathen.

Financial key figures for the third quarter of 2025 (figures for the

corresponding quarter of 2024 in parentheses):

Pre-tax operating profit before impairment amounted to NOK 14.2 billion (15.4)

Profit was NOK 10.7 billion (12.2)

Earnings per share were NOK 6.98 (7.83)

Return on equity was 15.8 per cent (18.9)

Cost/income ratio was 37.4 per cent (32.5)

Common equity Tier 1 (CET1) capital ratio was 17.9 per cent (19.0)

For further information:

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

32 50

Liselotte Lunde, Head of Communications, tel.: (+47) 95 94 92 35

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

-12 of the Securities Trading Act.