Growth in all customer areas driven by high customer activity and a robust Norwegian economy

04 Feb 2026 07:30 CET

DNB recorded a profit of NOK 11.6 billion in the fourth quarter of 2025. This is
an increase of NOK 928 million, or 8.7 per cent, compared with the third quarter
of 2025.

"Despite the fact that 2025 was a year characterised by geopolitical turmoil,
the Norwegian economy remains strong, with a high level of activity and low
unemployment. This is reflected in DNB's profits through substantial activity in
all customer segments, and a 4.9 per cent increase in lending, compared with the
year before," says CEO Kjerstin Braathen.

Corporate customers Norway showed a particularly strong development in the last
quarter of 2025, with lending growth of 5.2 per cent, while lending growth for
large corporates and international customers ended at 2.7 per cent.

More customers chose DNB in 2025

For the personal customer market as a whole, there was a 13 per cent increase
across DNB and Sbanken in the number of active pre-qualification letters
throughout 2025, with particularly strong growth in Sbanken. DNB's lending
growth in the personal customer market was 2.2 per cent, and deposit growth
ended at 7.7 per cent in 2025.

"We have a robust and broad range of products and services that serve all
customer groups well, through DNB's breadth and the fully digital Sbanken. We
see that customer satisfaction is increasing in both brands, and it's
particularly good to see that customer satisfaction in Sbanken is now at its
highest level since the integration," says Braathen.

Strong growth in commission and fee income, driven by DNB Carnegie

Over time, DNB has shown solid growth in income from other customer activities
than loans and deposits. In 2025, this income increased by a full 31.5 per cent.

DNB Carnegie represents a large proportion of this income, with strong
development across products and markets since completion of the merger in May
2025. The investment bank operations are among the areas in which the overall
strength of DNB Carnegie has yielded good results, and the commission-based
income from this area has doubled, compared with the same period the year
before.

Among other things, DNB Carnegie has been a key player in the very high activity
in the Swedish capital market.

"The Nordic region is becoming increasingly attractive to investors, and our
position as the leading investment bank in the Nordics gives us a sound position
for continuing to support our customers. DNB Carnegie is entering the new year
with twice as many IPO (Initial Public Offering) assignments as this time last
year," says Braathen.

In 2025, the Stockholm stock exchange accounted for almost half of the value of
all IPOs in Europe, and last year, DNB Carnegie was the largest facilitator in
Europe, measured in both number and volume. Among other things, DNB Carnegie
helped facilitate the listing of Verisure, which was the largest IPO in Sweden
in over 25 years, and the largest in Europe since 2022.

Norwegians save 4 out of 10 NOK in DNB's mutual funds

The savings trend in the Norwegian market remains strong, and at present, 4 out
of 10 NOK in mutual funds saved by Norwegians are placed in funds managed by
DNB. DNB Asset Management now manages more capital than customers have in
deposits in the bank.

"Norwegians have never ever saved more. During the past year, DNB has launched
several specialised mutual funds, and we see that the customers have welcomed
these warmly," says Braathen. Fixed savings schemes are approaching NOK 1
billion per month in mutual fund savings.

Assets under management (AUM) increased by NOK 88 billion from the third quarter
of 2025, and net inflow in the quarter was NOK 20.2 billion.

Half of the dividends are channelled back to the community

For 2025 as a whole, the DNB Group has a pre-tax operating profit of NOK 53.4
billion, and the Group has made provisions for losses on loans totalling NOK 2.8
billion. DNB remains one of the most well capitalised banks in Europe, with a
common equity Tier 1 (CET1) capital ratio of 17.9 per cent.

The Board of Directors of DNB will propose to the ordinary Annual General
Meeting that a divided of NOK 18.00 per share is paid for 2025, in line with the
Group's ambition to increase the nominal dividend per share.

"Around half of DNB's dividends will be channelled right back to Norwegian
society through the government's ownership, Folketrygdfondet (manager of the
Government Pension Fund Norway) and the DNB Savings Bank Foundation. With the
proposed dividend, for these three players alone, about NOK 13.1 billion will be
channelled back to the community," says Braathen.

Financial key figures for the fourth quarter of 2025 (figures for the
corresponding quarter in 2024 in parentheses):

Pre-tax operating profit before impairment amounted to NOK 14.2 billion (13.5)

Profit was NOK 11.6 billion (12.7)

Earnings per share were NOK 7.65 (8.21)

Return on equity was 16.6 per cent (15.9)

Cost/income ratio was 39.7 per cent (37.9)

Common equity Tier 1 (CET1) capital ratio was 17.9 per cent (19.4)

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.

More information:
Access the news on Oslo Bors NewsWeb site

664811_Factbook_4Q25.pdf
664811_Presentation_4Q25.pdf
664811_Quarterly_Report_DNB_Group_4Q25.pdf