Well equipped for supporting our customers through challenging times

09 Feb 2023 07:30 CET

DNB's profit for the fourth quarter of 2022 was NOK 9 947 million, an increase
of NOK 3 792 million from the corresponding quarter last year.

The high level of activity in the Norwegian economy continued into the fourth
quarter. A tight labour market and rising inflation contributed to Norges Bank
raising the key policy rate several times to curb inflation. In addition, the
result was driven by growth and a reduction in tax of NOK 1 284 million
following the winding up of a subsidiary in Asia.

"Looking back, it's been a highly unusual year, with the reopening of society
after the pandemic, geopolitical turmoil and uncommonly high inflation. In a
turbulent financial market, the Norwegian economy has once again shown
resilience, and Norwegian companies' ability to adapt has really impressed me.
DNB is well equipped for supporting personal customers and businesses through
uncertain times," says CEO Kjerstin Braathen.

After a year of high activity and good results in all areas of the bank, DNB is
in a very sound financial position. At the Annual General Meeting, the Board of
Directors will propose a dividend of NOK 12.50 per share for 2022, in line with
the Group's dividend policy. Around half of DNB's dividends are channelled back
into Norwegian society.

"For the fifth year in a row, the DNB Savings Bank Foundation will receive more
than NOK 1 billion in dividends from DNB, and this year they will receive more
than NOK 1.6 billion. They use this money to promote positive causes in society,
for example by donating more than NOK 20 million to the Norwegian Trekking
Association. That's something we're proud of," says Braathen.

Increased activity in all product areas

Loans to customers increased by NOK 220 billion, or 12.3 per cent, in 2022.
Customer deposits increased by NOK 153 billion, or 10.7 per cent, during the
same period. A high level of customer activity, increased interest rate levels
and volume growth contributed to an increase in net interest income of NOK 3 785
million, or 36.8 per cent, compared with the fourth quarter of 2021, which was
characterised by historically low interest rates in the market. Compared with
the third quarter of 2022, the increase was NOK 1 818 million, or 14.8 per cent.

"Never before have we spoken with more customers, and we find that, on the
whole, our customers are well prepared. Our customers are seeking advice, and
businesses and personal customers alike are making necessary adjustments in the
face of the new economic situation," says Braathen.

Income from customer-driven activities (commission and fee income) remained on a
level with that of the corresponding quarter of last year and reached a solid 3
038 million, in a turbulent financial market. All product areas, and in
particular money transfer and banking services, contributed to a solid growth in
income of NOK 441 million in 2022, or 4 per cent, compared with the previous
year.

A driving force for sustainable transition

Throughout 2022, DNB saw a strong demand for financing for sustainable
initiatives. The bank aims to be a driving force for sustainable transition by
financing and facilitating sustainable activities worth NOK 1 500 billion by
2030. We are well on track to reach our target, and the status for this goal was
a total of NOK 391 billion at the end of last year. DNB Markets participated in
51 transactions across a wide range of regions and sectors, increasing its
transaction volume by 47 per cent compared with the previous year.

Financial key figures for the fourth quarter of 2022 (figures for the
corresponding quarter in 2021):

· Pre-tax operating profit before impairment amounted to NOK 10.98 billion
(8.2)
· Profit was NOK 9.9 billion (6.2)
· Earnings per share were NOK 6.26 (3.79)
· Return on equity was 16.2 per cent (10.3)
· Cost/income ratio was 40.7 per cent (43.9)
· Common equity Tier 1 (CET 1) capital ratio was 18.3 per cent (19.4)

Financial key figures for 2022 (corresponding figures for 2021):

· Pre-tax operating profit before impairment amounted to NOK 39.6 billion
(31.9)
· Profit was NOK 32.9 billion (25.4)
· Earnings per share were NOK 20.65 (15.74)
· Return on equity was 13.8 per cent (10.7)
· Cost/income ratio was 40.1 per cent (43.0)

For further information:

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

More information:
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581795_Presentation_DNB_4Q22.pdf
581795_Quarterly_Report_DNB_Group_4Q22.pdf
581795_Factbook_DNB_4Q22.pdf