Correction: DNB will report a total tax expense of about NOK 460 million for the fourth quarter 2022

23 Jan 2023 12:24 CET

Issuer

DNB BANK ASA

The low tax expense is mainly a result of the liquidation of the subsidiary in
Asia in the fourth quarter. DNB hedges investments in foreign subsidiaries to
eliminate the foreign currency exposure which arises when the functional
currency differs from that of the Group. Gains or losses on investments in
foreign subsidiaries are exempt from tax while corresponding gains or losses on
hedging instruments are taxable. When a foreign operation is disposed of or
liquidated, the cumulative gains or losses of the hedging instruments recognised
in equity is reclassified to the ordinary income statement. The reclassification
reduces the tax expense in the fourth quarter with NOK 1 284 million.

This gives an effective tax rate for 2022 of 18 per cent but will have no effect
on the tax guiding going forward (23 per cent).

For further information, please contact:

Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13
250

This information is subject to the disclosure requirements according to Section
5-12 of the Norwegian Securities Trading Act.


Source

DNB Bank ASA

Provider

Oslo Børs Newspoint

Company Name

ADJ Sparebank Kreditt 85/25 CALL, ADJ Sparebank Kreditt 86/26, DNB BANK ASA, DNB Bank ASA 18/28 FRN C SUB, DNB Bank ASA 18/28 FRN SEK C SUB, DNB Bank ASA 18/28 ADJ SEK C SUB, DNB Bank ASA 18/23 2,50%, DNB Bank ASA 19/23 FRN, DNB Bank ASA 19/23 2,20%, DNB Bank ASA 19/PERP FRN C HYBRID, DNB Bank ASA 20/30 FRN C SUB, DNB Bank ASA 21/29 ADJ C, DNB Bank ASA 21/29 FRN C, DNB Bank ASA 21/32 FRN C SUB, DNB Bank ASA 21/32 ADJ C SUB, DNB Bank ASA 22/32 FRN C SUB, DNB Bank ASA 22/PERP FRN C HYBRID, DNB Bank ASA 22/PERP ADJ C HYBRID

ISIN

NO0001595557, NO0001595599, NO0010161896, NO0010818446, NO0010818453, NO0010818479, NO0010836471, NO0010849490, NO0010849508, NO0010858749, NO0010868656, NO0010883341, NO0011038309, NO0011038317, NO0011151672, NO0011151680, NO0011203374, NO0012618984, NO0012618992, NO0012740119, NO0012740101

Symbol

DNB

Market

Oslo Børs