First quarter (Unaudited)
DNB Group
2026
-2-
Contact informationGroup Management
Kjerstin R. Braathen, CEO Rasmus T. Figenschou, CFO
For further information, please contact | ||
Rune Helland, Head of Investor Relations | rune.helland@dnb.no | +47 23 26 84 00 |
Anne Engebretsen, Investor Relations | anne.engebretsen@dnb.no | +47 23 26 84 08 |
Thor Tellefsen, Long Term Funding | thor.tellefsen@dnb.no | +47 23 26 84 04 |
Mathias Bruvik, Head of Group Financial Reporting | mathias.bruvik@dnb.no | +47 91 75 87 74 |
Address
Postal address: DNB, PO Box 1600 Sentrum, N-0021 Oslo Visiting address: Dronning Eufemias gate 30, Bjørvika, 0191 Oslo
Telephone number
+47 91 50 48 00
Information on the Internet
DNB's Investor Relations page: ir.dnb.no
Financial calendar2026
30 April Distribution of dividends
14 July Q2 2026
21 October Q3 2026
2027
4 February Q4 2026
19 March Annual report 2026
27 April Annual general meeting
28 April Ex-dividend date
29 April Q1 2027
7 May Distribution of dividends
13 July Q2 2027
20 October Q3 2027
Statements regarding DNB's relative market positions are, unless otherwise specified, based on internal DNB analyses.
Contents chapter 1 - DNB GroupFinancial results and key figures
Income statement - condensed
Income statement - quarterly figures
Income statement - full-year figures
Comprehensive income statement
Balance sheet - quarterly figures
Balance sheet - full-year figures
Key figures - quarterly figures
Key figures - full-year figures
Key figures - definitions
Net interest income
Net interest income - split by segments
Average volumes - split by segments
Interest rate spreads - split by segments
Quarterly development in average interest rate spreads
Net interest income
Changes in net interest income
Net other operating income
Net other operating income
Net gains on financial instruments at fair value
Profit from investments accounted for by the equity method - Fremtind
Operating expenses
Operating expenses
Full-time positions based on the operational structure
IT expenses
Loans and financial commitments
Loans and financial commitments to customers by industry segment
Development in maximum exposure of loans and financial commitments to customers
Development in accumulated impairment of loans and financial commitments to customers
Stage 3 - development in net loans at amortised cost and financial commitments to customers
Impairment of financial instruments
Exposure at default (EAD) and risk classification
Credit portfolio
Customer segments
Breakdown of commercial real estate
Breakdown of shipping
Breakdown of oil, gas and offshore
Breakdown of power and renewables
DNB's risk classification
Liquidity, funding and shareholder structure
Funding
Redemption profile
Minimum requirement for own funds and eligible liabilities (MREL)
Asset encumbrance
Liquid assets
Liquidity Coverage Ratio (LCR)
Net Stable Funding Ratio (NSFR)
Credit ratings
Major shareholders
Ownership according to nationality
Share buy-back programmes
Capital adequacy
Own funds - condensed
Leverage ratio
Specification of exposure at default, risk exposure amount and average risk weights
Own funds - DNB Bank ASA and DNB Group
Cross-sectoral financial group
Financial performance
Extracts from income statement
Main balance sheet items and key figures
Key figures - Norwegian and international units
Market shares
DNB's market shares in Norway
Development in market shares, loans and deposits
DNB Livsforsikring - market shares
DNB Asset Management - market shares retail market
Personal customers (PC)
Financial performance
Key performance metrics - main customer divisions
Risk classification of portfolio
EAD by industry segment
Distribution of loan to value
DNB Boligkreditt - Average mortgage lending - volumes and spreads
DNB Eiendom - Residential real estate broking in Norway
Corporate customers Norway (CCN)
Financial performance
Risk classification of portfolio
EAD by industry segment
Key performance metrics - Small and medium-sized enterprises
Large corporates and international customers (LCIC)
Financial performance
Risk classification of portfolio
EAD by industry segment
Other operations
Financial performance
Product areas
DNB Carnegie
Financial performance
Breakdown of revenues
Value-at-Risk
DNB Livsforsikring Group
Legal entity consolidated accounts and solvency capital
Financial performance
Non-guaranteed products income
Guaranteed products income
Asset Management
Assets under management
Basic information about Norway
Government net financial liabilities
GDP growth mainland Norway and unemployment rate
Contribution to volume growth in GDP, mainland Norway
Composition of GDP
Composition of exports
Key macro-economic indicators, Norway
Credit market, 12 month percentage growth
Deposit market, 12 month percentage growth
House prices
Household interest burden and debt burden
Chapter 1 - DNB Group |
Financial results and key figures Net interest income Net other operating income Operating expenses Loans and financial commitments Exposure at default and risk classification Liquidity, funding and shareholder structure Capital adequacy |
Income statement - condensed1
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Net interest income
15,299
16,179
15,990
16,152
16,410
16,718
16,129
15,817
15,526
Net commissions and fees
4,129
4,612
3,916
4,370
3,500
3,287
3,038
3,439
2,702
Net gains on financial instruments at fair value2
1,197
1,333
1,387
519
1,193
372
1,660
1,010
1,183
Net insurance result
486
547
521
357
280
467
318
433
203
Other operating income
682
885
876
1,093
530
873
1,706
873
783
Net other operating income3
6,494
7,376
6,700
6,339
5,503
4,998
6,722
5,756
4,872
Total income
21,793
23,555
22,691
22,491
21,913
21,716
22,851
21,572
20,398
Operating expenses
(8,395)
(9,312)
(8,428)
(8,672)
(7,885)
(7,792)
(7,431)
(7,503)
(7,306)
Restructuring costs and non-recurring effects
(45)
(49)
(55)
(53)
(23)
(435)
(0)
(3)
22
Pre-tax operating profit before impairment
13,353
14,194
14,208
13,766
14,006
13,489
15,419
14,067
13,113
Net gains on fixed and intangible assets
2
5
2
3
18
2
0
(3)
(2)
Impairment of loans and guarantees
(644)
(853)
(862)
(677)
(410)
(157)
(170)
(560)
(323)
Pre-tax operating profit
12,711
13,346
13,347
13,091
13,614
13,334
15,250
13,504
12,789
Tax expense
(2,797)
(1,884)
(2,669)
(2,618)
(2,723)
(765)
(3,050)
(2,701)
(2,558)
Profit from operations held for sale, after taxes
(55)
150
6
(31)
(43)
106
(40)
(37)
(29)
Profit for the period
9,860
11,612
10,684
10,442
10,849
12,675
12,160
10,766
10,203
Portion attributable to shareholders
9,466
11,193
10,268
10,049
10,434
12,178
11,632
10,271
9,789
See table 1.1.2 "Income statement" for more details.
See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
See table 1.3.1 "Net other operating income" for specification.
Income statement - quarterly figures
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Interest income, effective interest method
37,776
38,914
40,746
46,136
45,172
46,021
46,882
47,571
46,268
Other interest income
1,149
1,414
1,345
1,390
1,653
1,912
1,233
1,594
2,073
Interest expenses, effective interest method
(22,594)
(23,034)
(24,419)
(30,206)
(30,181)
(31,256)
(32,021)
(33,203)
(33,163)
Other interest expenses
(1,032)
(1,115)
(1,682)
(1,168)
(235)
42
35
(146)
348
Net interest income
15,299
16,179
15,990
16,152
16,410
16,718
16,129
15,817
15,526
Commission and fee income etc.
5,741
6,254
5,388
5,804
4,592
4,356
3,951
4,354
3,636
Commission and fee expenses etc.
(1,612)
(1,642)
(1,472)
(1,434)
(1,092)
(1,069)
(914)
(915)
(934)
Net gains on financial instruments at fair value1
1,197
1,333
1,387
519
1,193
372
1,660
1,010
1,183
Net insurance result
486
547
521
357
280
467
318
433
203
Profit from investments accounted for by the equity method2
247
424
361
394
27
256
1,016
258
188
Net gains on investment properties
4
(21)
5
(2)
9
102
5
(7)
3
Other income
431
482
511
701
494
515
685
622
592
Net other operating income
6,494
7,376
6,700
6,339
5,503
4,998
6,722
5,756
4,872
Total income
21,793
23,555
22,691
22,491
21,913
21,716
22,851
21,572
20,398
Salaries and other personnel expenses
(4,941)
(5,547)
(5,082)
(5,203)
(4,590)
(4,982)
(4,399)
(4,319)
(4,261)
Other expenses
(2,569)
(2,861)
(2,460)
(2,549)
(2,431)
(2,334)
(2,123)
(2,288)
(2,148)
Depreciation and impairment of fixed and intangible assets
(930)
(952)
(941)
(972)
(886)
(910)
(910)
(898)
(875)
Total operating expenses
(8,441)
(9,361)
(8,483)
(8,725)
(7,907)
(8,227)
(7,431)
(7,505)
(7,284)
Pre-tax operating profit before impairment
13,353
14,194
14,208
13,766
14,006
13,489
15,419
14,067
13,113
Net gains on fixed and intangible assets
2
5
2
3
18
2
0
(3)
(2)
Impairment of financial instruments
(644)
(853)
(862)
(677)
(410)
(157)
(170)
(560)
(323)
Pre-tax operating profit
12,711
13,346
13,347
13,091
13,614
13,334
15,250
13,504
12,789
Tax expense
(2,797)
(1,884)
(2,669)
(2,618)
(2,723)
(765)
(3,050)
(2,701)
(2,558)
Profit from operations held for sale, after taxes
(55)
150
6
(31)
(43)
106
(40)
(37)
(29)
Profit for the period
9,860
11,612
10,684
10,442
10,849
12,675
12,160
10,766
10,203
Portion attributable to shareholders
9,466
11,193
10,268
10,049
10,434
12,178
11,632
10,271
9,789
Portion attributable to non-controlling interests
(9)
15
25
(7)
6
28
(1)
6
(1)
Portion attributable to additional Tier 1 capital holders
404
404
390
400
409
469
529
489
414
Profit for the period
9,860
11,612
10,684
10,442
10,849
12,675
12,160
10,766
10,203
Earnings/diluted earnings per share (NOK)
6.50
7.65
6.98
6.79
7.04
8.21
7.83
6.83
6.48
Earnings per share excluding operations held for sale (NOK)
6.54
7.54
6.98
6.81
7.07
8.14
7.86
6.86
6.50
Average exchange rates in the period:
EUR/NOK USD/NOK
11.39
9.73
11.75
10.10
11.80
10.10
11.69
10.31
11.65
11.08
11.76
11.02
11.76
10.71
11.58
10.76
11.42
10.52
See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
See table 1.3.3 for details on Fremtind.
Income statement - full-year figures
Amounts in NOK million
2025
2024
2023
2022
2021
Interest income, effective interest method
170,969
186,742
153,550
75,241
43,997
Other interest income
5,802
6,812
7,095
4,751
2,890
Interest expenses, effective interest method
(107,840)
(129,643)
(101,757)
(29,080)
(4,693)
Other interest expenses
(4,200)
279
2,658
(2,619)
(3,504)
Net interest income
64,731
64,190
61,547
48,294
38,690
Commission and fee income etc.
22,038
16,298
14,772
14,184
14,992
Commission and fee expenses etc.
(5,640)
(3,832)
(3,658)
(3,856)
(3,981)
Net gains on financial instruments at fair value1
4,431
4,225
5,283
4,147
3,621
Net financial result, life insurance (prior to IFRS 17)
581
Net risk result, life insurance (prior to IFRS 17)
210
Net insurance result
1,705
1,421
1,183
1,235
0
Profit from investments accounted for by the equity method2
1,206
1,719
449
746
524
Net gains on investment properties
(10)
103
43
(7)
91
Other income
2,188
2,413
2,077
1,390
1,188
Net other operating income
25,918
22,347
20,150
17,840
17,225
Total income
90,649
86,537
81,697
66,133
55,915
Salaries and other personnel expenses
(20,422)
(17,961)
(16,320)
(14,690)
(13,826)
Other expenses
(10,302)
(8,893)
(8,506)
(7,648)
(6,845)
Depreciation and impairment of fixed and intangible assets
(3,751)
(3,594)
(3,794)
(3,465)
(3,363)
Total operating expenses
(34,476)
(30,448)
(28,620)
(25,803)
(24,034)
Pre-tax operating profit before impairment
56,173
56,089
53,077
40,331
31,881
Net gains on fixed and intangible assets
28
(2)
11
(24)
(82)
Impairment of financial instruments
(2,803)
(1,209)
(2,649)
272
868
Pre-tax operating profit
53,398
54,878
50,440
40,579
32,667
Tax expense
(9,894)
(9,074)
(10,811)
(7,411)
(7,462)
Profit from operations held for sale, after taxes
82
0
(149)
270
150
Profit for the period
43,586
45,804
39,479
33,438
25,355
Portion attributable to shareholders
Portion attributable to non-controlling interests Portion attributable to additional Tier 1 capital holders
41,944
39
1,603
43,870
33
1,901
38,166
2
1,312
32,587
82
769
24,407
26
922
Profit for the period
43,586
45,804
39,479
33,438
25,355
Earnings/diluted earnings per share (NOK)
28.45
29.34
24.83
21.02
15.74
Earnings per share excluding operations held for sale (NOK)
28.40
29.34
24.93
20.85
15.65
Average exchange rates in the period:
EUR/NOK
11.67
11.63
11.41
10.10
10.17
USD/NOK
10.69
10.75
10.56
9.61
8.59
See table 1.3.2 "Net gains on financial instruments at fair value" for specification.
See table 1.3.3 for details on Fremtind.
Comprehensive income statement
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Profit for the period
9,860
11,612
10,684
10,442
10,849
12,675
12,160
10,766
10,203
Actuarial gains and losses
0
125
207
Property revaluation
(0)
5
(8)
3
(0)
5
0
(16)
Financial liabilities designated at fair value through profit or loss, changes in credit risk
(13)
(17)
(10)
(13)
1
(1)
(8)
(37)
(30)
Tax
3
(22)
2
3
(0)
(50)
2
9
8
Items that will not be reclassified to the income statement
(9)
91
(16)
(7)
1
161
(6)
(44)
(23)
Currency translation of foreign operations
Currency translation reserve reclassified to the income statement Hedging of net investments
Financial assets at fair value through OCI
Tax
(5,532)
4,370
12
(1,094)
1,937
(1,612)
131
370
(1,771)
1,325
204
(382)
528
(439)
13
106
(4,054)
(1)
3,200
196
(849)
2,590
(1,987)
(270)
564
1,898
(1,527)
(76)
401
(1,328)
(29)
1,016
88
(276)
3,991
(3,188)
449
685
Items that may subsequently be reclassified to the income statement
(2,245)
826
(624)
209
(1,509)
896
695
(529)
1,937
Other comprehensive income for the period
(2,254)
917
(639)
202
(1,508)
1,057
690
(573)
1,914
Comprehensive income for the period
7,607
12,529
10,044
10,644
9,341
13,732
12,850
10,194
12,117
Full-year figures
Amounts in NOK million
2025
2024
2023
2022
2021
Profit for the period
43,586
45,804
39,479
33,438
25,355
Actuarial gains and losses
125
207
(291)
414
(183)
Property revaluation
(0)
(11)
2
5
212
Items allocated to customers, life insurance (prior to IFRS 17)
(193)
Financial liabilities designated at fair value through profit or loss, changes in credit risk
(39)
(75)
(102)
140
29
Tax
(16)
(31)
99
(131)
41
Items that will not be reclassified to the income statement
69
89
(292)
428
(93)
Currency translation of foreign operations
(3,360)
7,150
4,950
3,275
(1,018)
Currency translation reserve reclassified to the income statement
(1)
(29)
(5,213)
0
Hedging of net investments
2,474
(5,686)
(3,845)
(2,878)
680
Hedging reserve reclassified to the income statement
5,137
Financial assets at fair value through OCI
545
191
(147)
(704)
(101)
Tax
(755)
1,374
998
900
(148)
Tax reclassified to the income statement
(1,284)
Items that may subsequently be reclassified to the income statement
(1,098)
3,000
1,955
(767)
(587)
Other comprehensive income for the period
(1,029)
3,089
1,663
(340)
(681)
Comprehensive income for the period
42,558
48,893
41,142
33,098
24,674
Balance sheet - quarterly figures
Amounts in NOK million
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Assets
Cash and deposits with central banks
281,216
162,780
226,525
434,618
545,441
147,944
590,605
542,410
821,623
Due from credit institutions
172,461
111,809
101,246
117,428
152,220
165,563
160,038
181,926
123,057
Loans to customers¹
2,357,621
2,403,340
2,467,848
2,290,686
2,323,370
2,251,513
2,074,352
2,011,602
2,008,528
Commercial paper and bonds at fair value
487,031
529,301
517,787
512,722
523,783
574,896
534,679
468,962
472,983
Shareholdings
38,663
37,051
34,707
32,461
30,277
33,107
31,725
31,386
29,525
Assets, customers bearing the risk
245,958
245,788
232,628
217,718
203,569
202,255
196,648
187,007
179,450
Financial derivatives
127,724
101,839
105,211
107,403
119,397
141,144
114,526
126,265
141,311
Investment property
5,883
5,783
5,937
6,328
7,348
8,205
8,571
8,945
9,206
Investments accounted for by the equity method²
17,851
17,886
17,366
16,984
19,212
19,462
19,406
18,187
18,953
Intangible assets
21,412
22,178
21,761
22,227
22,128
10,735
10,585
10,461
10,452
Deferred tax assets
225
249
289
294
298
687
392
390
395
Fixed assets
20,595
21,102
21,141
21,583
21,855
21,006
21,421
21,635
21,832
Assets held for sale
1,758
1,926
2,081
2,022
2,029
1,399
1,395
1,197
1,220
Other assets
58,717
34,256
46,624
53,306
59,315
36,210
87,614
67,014
57,874
Total assets
3,837,114
3,695,290
3,801,152
3,835,781
4,030,241
3,614,125
3,851,957
3,677,388
3,896,408
Liabilities and equity
Due to credit institutions
410,197
330,635
381,248
376,911
495,523
237,089
413,816
331,847
429,290
Deposits from customers
1,553,850
1,521,872
1,536,884
1,552,606
1,625,502
1,487,763
1,573,719
1,565,330
1,565,992
Financial derivatives
134,331
102,035
110,760
93,366
123,855
117,032
108,672
123,472
130,855
Debt securities issued
765,280
787,164
825,673
872,400
849,551
854,765
837,010
773,133
853,808
Liabilities, customers bearing the risk
245,958
245,788
232,628
217,718
203,569
202,255
196,648
187,007
179,450
Insurance liabilities
186,287
189,236
189,585
191,725
189,035
189,877
193,920
192,598
193,121
Payable taxes
15,470
13,125
9,521
7,171
5,775
3,115
6,014
4,760
10,496
Deferred taxes
3,011
3,006
5,075
5,029
5,001
4,823
2,746
2,700
2,746
Other liabilities
73,519
50,131
71,500
72,255
81,667
70,589
92,209
83,878
102,798
Liabilities held for sale
442
548
475
432
442
548
385
387
451
Provisions
1,082
1,315
1,339
1,361
1,504
1,598
1,128
1,213
1,315
Pension commitments
6,060
6,077
5,966
5,776
5,607
5,594
5,849
5,698
5,585
Senior non-preferred bond
106,627
112,476
110,708
125,719
114,816
119,484
104,805
102,363
103,730
Subordinated loan capital
34,126
36,026
35,740
36,693
35,441
36,269
34,924
33,575
34,168
Total liabilities
3,536,239
3,399,434
3,517,102
3,559,163
3,737,286
3,330,800
3,571,845
3,407,963
3,613,803
Additional Tier 1 capital
23,583
23,380
21,883
22,045
22,135
21,916
30,301
30,176
25,259
Non-controlling interests
558
705
688
671
691
218
190
157
167
Share capital
18,165
18,262
18,348
18,449
18,533
18,533
18,533
18,638
18,862
Share premium
18,733
18,733
18,733
18,733
18,733
18,733
18,733
18,733
18,733
Other equity
239,836
234,775
224,397
216,720
232,863
223,925
212,354
201,721
219,584
Total equity
300,875
295,855
284,050
276,618
292,955
283,325
280,112
269,425
282,605
Total liabilities and equity
3,837,114
3,695,290
3,801,152
3,835,781
4,030,241
3,614,125
3,851,957
3,677,388
3,896,408
Exchange rates at the end of the period:
EUR/NOK USD/NOK
11.24
9.74
11.83
10.08
11.70
9.97
11.86
10.13
11.40
10.55
11.78
11.35
11.76
10.53
11.40
10.66
11.65
10.78
Of which repo trading volumes
See table 1.3.3 for details on Fremtind.
257,566 287,558 402,777 226,731 296,523 221,435 92,948 61,872 62,695
Balance sheet - full-year figures
Amounts in NOK million
31 Dec.
2025
31 Dec.
2024
31 Dec.
2023
31 Dec.
2022
31 Dec.
2021
Assets
Cash and deposits with central banks
162,780
147,944
331,408
309,988
296,727
Due from credit institutions
111,809
165,563
94,259
20,558
44,959
Loans to customers¹
2,403,340
2,251,513
1,997,363
1,961,464
1,744,922
Commercial paper and bonds at fair value
529,301
574,896
569,464
485,440
425,267
Shareholdings
37,051
33,107
22,281
33,350
35,297
Assets, customers bearing the risk
245,788
202,255
166,722
138,259
138,747
Financial derivatives
101,839
141,144
142,543
137,754
107,530
Investment property
5,783
8,205
9,454
14,651
17,823
Investments accounted for by the equity method²
17,886
19,462
19,100
19,246
19,549
Intangible assets
22,178
10,735
10,456
10,273
5,804
Deferred tax assets
249
687
388
510
649
Fixed assets
21,102
21,006
21,439
21,254
21,430
Assets held for sale
1,926
1,399
1,195
1,767
2,245
Other assets
34,256
36,210
53,652
78,889
58,293
Total assets
3,695,290
3,614,125
3,439,724
3,233,405
2,919,244
Liabilities and equity
Due to credit institutions
330,635
237,089
206,714
177,298
149,611
Deposits from customers
1,521,872
1,487,763
1,422,941
1,396,630
1,247,719
Financial derivatives
102,035
117,032
155,588
153,911
85,282
Debt securities issued
787,164
854,765
807,928
737,886
702,759
Liabilities, customers bearing the risk
245,788
202,255
166,722
138,259
138,747
Insurance liabilities
189,236
189,877
195,319
200,601
199,379
Payable taxes
13,125
3,115
9,488
4,057
3,054
Deferred taxes
3,006
4,823
2,722
2,055
1,571
Other liabilities
50,131
70,589
56,172
70,202
68,784
Liabilities held for sale
548
548
540
541
896
Provisions
1,315
1,598
1,146
977
1,642
Pension commitments
6,077
5,594
5,343
4,657
5,073
Senior non-preferred bond
112,476
119,484
99,848
59,702
37,769
Subordinated loan capital
36,026
36,269
39,957
36,788
33,047
Total liabilities
3,399,434
3,330,800
3,170,428
2,983,565
2,675,332
Additional Tier 1 capital
23,380
21,916
22,004
16,089
16,974
Non-controlling interests
705
218
168
227
266
Share capital
18,262
18,533
18,960
19,378
19,379
Share premium
18,733
18,733
18,733
18,733
18,733
Other equity
234,775
223,925
209,431
195,413
188,559
Total equity
295,855
283,325
269,296
249,840
243,912
Total liabilities and equity
3,695,290
3,614,125
3,439,724
3,233,405
2,919,244
Exchange rates at the end of the period:
EUR/NOK
11.83
11.78
11.21
10.52
9.99
USD/NOK
10.08
11.35
10.13
9.84
8.82
Of which repo trading volumes
See table 1.3.3 for details on Fremtind.
287,558 221,435 66,698 56,872 54,779
Key figures - quarterly figures
Definitions:
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Interest rate analysis
-1- Combined weighted total average spreads for lending and deposits (%)
1.24
1.29
1.35
1.35
1.36
1.39
1.39
1.40
1.43
-1- Average spreads for ordinary lending to customers (%)
1.52
1.61
1.73
1.66
1.72
1.65
1.62
1.67
1.62
-1- Average spreads for deposits from customers (%)
0.87
0.86
0.84
0.95
0.90
1.03
1.07
1.04
1.18
-2- Net interest margin (%)
1.74
1.81
1.80
1.85
1.90
1.94
1.90
1.89
1.87
Average NIBOR (%)
4.18
4.18
4.28
4.57
4.54
4.69
4.74
4.72
4.71
NIBOR at end of period (%)
4.34
4.07
4.13
4.34
4.57
4.68
4.73
4.73
4.73
Rate of return/profitability
-3- Cost/income ratio (%)
38.7
39.7
37.4
38.8
36.1
37.9
32.5
34.8
35.7
-4- Return on equity, annualised (%)
14.0
16.6
15.8
15.4
15.9
19.0
18.9
16.6
15.6
-5- RAROC, annualised (%)
13.8
15.8
16.0
15.0
15.2
15.3
17.7
16.0
15.9
Average equity attributable to shareholders, (NOK million)
273,563
266,766
257,823
262,561
266,101
254,661
244,668
249,405
251,687
Financial strength at end of period
Common equity Tier 1 capital ratio (%)1
18.1
17.9
17.9
18.3
18.5
19.4
19.0
19.0
19.0
Tier 1 capital ratio (%)1
19.9
19.8
19.7
20.1
20.3
21.2
20.9
20.8
21.1
Capital ratio (%)1
22.4
22.4
22.3
22.7
22.8
23.8
23.4
23.3
23.6
Leverage ratio (%)1
6.5
6.6
6.3
6.2
6.0
6.9
6.3
6.5
6.2
Loan portfolio and impairment
-6- Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost
5.58
6.37
6.58
6.32
6.32
7.22
8.69
9.32
10.04
-7- Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost
0.90
0.81
0.82
0.95
0.99
0.97
1.06
1.07
1.07
-8- Impairment relative to average net loans to customers at amortised cost, annualised (per cent)
(0.11)
(0.15)
(0.15)
(0.12)
(0.08)
(0.03)
(0.03)
(0.11)
(0.07)
Liquidity
Ratio of customer deposits to net loans to customers at end of period, customer segments (%)
73.8
72.2
73.6
73.4
76.1
74.3
72.7
77.1
77.3
Total assets owned or managed by DNB
-9- Assets under management at end of period (NOK billion)
1,597
1,667
1,579
1,564
1,468
1,140
1,101
1,059
1,021
-10- Total combined assets at end of period (NOK billion)
5,006
4,930
4,960
4,989
5,102
4,362
4,562
4,358
4,547
Average total assets (NOK billion)
3,932
4,185
4,279
4,281
4,217
3,981
3,969
4,000
3,991
Staff
Number of full-time positions at end of period
10,683
10,829
10,917
11,058
11,188
10,603
10,719
10,628
10,584
Sustainability
Lending and facilitation of funding to the sustainable transition (NOK
billion, accumulated)
973.6
928.6
877.3
835.5
792.2
751.8
690.5
645.2
603.0
Score from Traction's reputation survey in Norway (points)
60
61
59
59
60
57
55
58
55
Customer satisfaction index, CSI, personal customers in Norway
(score)
72.1
72.3
70.9
71.6
74.4
73.0
71.1
69.7
69.3
Female representation at management levels 1-4 (%)
38
38
38
37
37
36
37
38
39
The DNB share
-11- Number of issued shares at end of period (1,000)2
1,477,605
1,477,605
1,477,605
1,477,605
1,492,530
1,492,530
1,492,530
1,492,530
1,542,613
-12- Number of outstanding shares at end of
period (1,000)2
1,453,225
1,460,974
1,467,853
1,475,931
1,482,680
1,482,680
1,482,680
1,491,031
1,508,952
Average number of outstanding shares (1,000)2
1,455,357
1,463,667
1,470,159
1,480,430
1,482,680
1,482,680
1,484,888
1,502,776
1,510,159
-13- Earnings per share (NOK)
6.50
7.65
6.98
6.79
7.04
8.21
7.83
6.83
6.48
-14- Earnings per share excl. operations held for sale (NOK)
6.54
7.54
6.98
6.81
7.07
8.14
7.86
6.86
6.50
-16- Book value per share incl. allocated dividend at end of period (NOK)
190.43
186.02
177.93
172.03
182.19
176.16
168.36
160.35
170.44
Share price at end of period (NOK)
301.20
281.50
271.50
278.60
275.50
226.90
216.40
209.70
215.10
-17- Price/earnings ratio
11.58
9.20
9.72
10.26
9.79
6.91
6.91
7.67
8.30
-18- Price/book value
1.58
1.51
1.53
1.62
1.51
1.29
1.29
1.31
1.26
-19- Market capitalisation (NOK billion)
437.7
411.3
399.0
411.2
408.5
336.4
320.9
312.7
324.6
Including part of the interim profit. For quarterly figures, the highest of the dividend payout ratio of the preceding year and average of the dividend pay-out ratio for the past three years has been deducted from interim profit, in accordance with CRR.
See table 1.7.11 for information on share buy-back programmes.
For definitions of selected key figures, see table 1.1.9.
Key figures - full-year figures
Definitions:
2025
2024
2023
2022
2021
Interest rate analysis
-1- Combined weighted total average spreads for lending and deposits (%)
1.34
1.40
1.39
1.21
1.17
-1- Average spreads for ordinary lending to customers (%)
1.68
1.64
1.45
1.47
1.94
-1- Average spreads for deposits from customers (%)
0.89
1.08
1.32
0.88
0.14
-2- Net interest margin (%)
1.84
1.90
1.84
1.54
1.38
Average NIBOR (%)
4.39
4.72
4.16
2.05
0.47
NIBOR at end of period (%)
4.07
4.68
4.73
3.26
0.95
Rate of return/profitability
-3- Cost/income ratio (%)
38.0
35.2
35.0
39.0
43.0
-4- Return on equity, annualised (%)
15.9
17.5
15.9
14.7
10.7
-5- RAROC, annualised (%)
15.5
16.2
15.5
13.0
9.5
Average equity attributable to shareholders (NOK million)
263,313
250,106
239,526
222,431
228,207
Financial strength at end of period
Common equity Tier 1 capital ratio (%)
17.9
19.4
18.2
18.3
19.4
Tier 1 capital ratio (%)
19.8
21.2
20.0
19.6
21.0
Capital ratio (%)
22.4
23.8
22.5
21.8
24.0
Leverage ratio (%)
6.6
6.9
6.8
6.8
7.3
Loan portfolio and impairment
-6- Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost
6.37
7.22
9.35
9.28
8.30
-7- Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost
0.81
0.97
1.17
1.25
1.55
-8- Impairment relative to average net loans to customers at amortised cost, annualised (per cent)
(0.12)
(0.06)
(0.13)
0.01
0.05
Liquidity
Ratio of customer deposits to net loans to customers at end of period, customer segments (%)
72.2
74.3
74.9
75.1
75.8
Total assets owned or managed by DNB
-9- Assets under management at end of period (NOK billion)
1,667
1,140
945
809
882
-10- Total combined assets at end of period (NOK billion)
4,930
4,362
4,035
3,727
3,463
Average total assets (NOK billion)
4,185
3,981
3,687
3,502
3,404
Staff
Number of full-time positions at end of period
10,829
10,603
10,617
10,351
9,410
Sustainability
Lending and facilitation of funding to the sustainable transition (NOK billion, accumulated)
928.6
751.8
561.8
390.9
220.6
Score from Traction's reputation survey in Norway (points)
61
57
57
60
63
Customer satisfaction index, CSI, personal customers in Norway (score)
72.3
73.0
68.5
71.1
72.7
Female representation at management levels 1-4 (%)
38
36
39
38
40
The DNB share
-11- Number of issued shares at end of period (1,000)¹
1,477,605
1,492,530
1,542,613
1,550,365
1,550,365
-12- Number of outstanding shares at end of period (1,000)¹
1,460,974
1,482,680
1,516,838
1,550,261
1,550,351
Average number of outstanding shares (1,000)¹
1,474,234
1,495,277
1,536,882
1,550,333
1,550,290
-13- Earnings per share (NOK)
28.45
29.34
24.83
21.02
15.74
-14- Earnings per share excl. operations held for sale (NOK)
28.40
29.34
24.93
20.85
15.65
Dividend per share (NOK)
18.00
16.75
16.00
12.50
9.75
-15- Total shareholder's return (%)
32.3
13.7
18.7
1.2
31.8
Dividend yield (%)
6.39
7.38
7.41
6.43
4.83
-16- Book value per share incl. allocated dividend at end of period (NOK)
186.02
176.16
162.92
150.64
146.21
Share price at end of period (NOK)
281.50
226.90
216.00
194.45
202.00
-17- Price/earnings ratio
9.89
7.73
8.70
9.25
12.91
-18- Price/book value
1.51
1.29
1.33
1.29
1.38
-19- Market capitalisation (NOK billion)
411.3
336.4
327.6
301.4
313.2
1 See table 1.7.11 for information on share buy-back programmes.
For definitions of selected key figures, see table 1.1.9.
Key figures - definitions
-1- | Based on customer segments and nominal values and excluding impaired loans. Measured against the corresponding money market rate. |
-2- | Based on net interest income relative to net loans to customers and deposits from customers. |
-3- | Total operating expenses relative to total operating income. |
-4- | Return on equity represents the shareholders' share of profit for the period relative to average equity excluding additional Tier 1 capital and non-controlling interests. |
-5- | RAROC (Risk-Adjusted Return On Capital) is defined as risk-adjusted profits (shareholders' share) relative to average equity excluding additional Tier 1 capital and non-controlling interests. Risk-adjusted profits indicate the level of profits in a normalised situation. Among other things, recorded impairment losses on loans are replaced by normalised losses. |
-6- | Net loans at amortised cost and financial commitments in stage 2 divided by net loans to customers at amortised cost. |
-7- | Net loans at amortised cost and financial commitments in stage 3 divided by net loans to customers at amortised cost. |
-8- | Impairment relative to average net loans to customers at amortised cost, annualised (per cent). |
-9- | Total assets under management or under reporting for the Group's assets management businesses, and assets under advisory/distribution for other providers. |
-10- | Total assets and assets under management. |
-11- | Number of issued shares. |
-12- | Number of issued shares excluding DNB shares owned for trading purpose and as part of buy-back programmes. |
-13- | The shareholders' share of profits relative to the average number of outstanding shares. |
-14- | The shareholders' share of profits excluding profits from operations held for sale relative to the average number of outstanding shares. |
-15- | Share price performance including the value of all re-invested dividends. The dividend is calculated re-invested as from the day the share is traded exclusive the right to the dividend (ex-dividend date). |
-16- | The shareholders' share of equity, excluding additional Tier 1 capital and non-controlling interests, at end of period relative to the number of outstanding shares. |
-17- | Closing price at end of period relative to annualised earnings per share. |
-18- | Share price at end of period relative to book value per share. |
-19- | Number of outstanding shares multiplied by the closing share price, at end of period. |
Net interest income - split by segments
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Interest margin on performing loans to customers¹
8,829
9,097
9,212
9,013
9,518
9,034
8,197
8,056
7,795
Customer segments
7,648
8,201
8,713
8,189
8,342
8,104
7,760
7,826
7,598
Personal customers
2,109
2,482
2,924
2,492
2,603
2,372
2,305
2,405
2,243
Corporate customers Norway
2,832
2,910
2,943
2,903
2,907
2,898
2,829
2,866
2,834
Large corporates and international customers
2,707
2,809
2,845
2,794
2,833
2,835
2,626
2,555
2,521
Other operations
1,181
896
499
824
1,176
930
438
229
197
Interest margin on deposits from customers
2,991
2,908
2,711
3,071
2,983
3,136
3,305
3,496
4,040
Customer segments
3,198
3,197
3,148
3,531
3,355
3,705
3,855
3,775
4,169
Personal customers
2,167
2,129
2,043
2,349
2,212
2,471
2,619
2,575
2,714
Corporate customers Norway
910
941
965
1,042
1,023
1,095
1,113
1,100
1,076
Large corporates and international customers
121
127
139
139
120
138
123
101
379
Other operations
(207)
(290)
(437)
(459)
(373)
(568)
(550)
(280)
(129)
Equity and non-interest bearing items
2,567
2,573
2,534
2,736
2,801
2,901
2,860
2,856
2,792
Customer segments²
1,575
1,665
1,794
1,808
1,661
1,729
1,741
1,724
1,629
Personal customers ²
645
671
705
718
640
660
691
671
587
Corporate customers Norway ²
443
469
498
505
492
511
499
503
495
Large corporates and international customers ²
487
525
591
585
529
558
552
550
546
Other operations
993
909
740
928
1,140
1,172
1,119
1,132
1,163
Other net interest income
912
1,601
1,534
1,331
1,108
1,647
1,766
1,409
899
Customer segments
1,773
2,312
1,875
1,841
1,892
2,087
1,803
1,362
1,322
Personal customers
75
367
133
72
6
21
(35)
(130)
(18)
Corporate customers Norway
394
616
454
408
489
553
448
315
300
Large corporates and international customers
1,305
1,329
1,288
1,362
1,397
1,512
1,390
1,177
1,039
Other operations
(861)
(711)
(341)
(510)
(784)
(440)
(37)
47
(422)
Total net interest income
15,299
16,179
15,990
16,152
16,410
16,718
16,129
15,817
15,526
Customer segments
14,193
15,374
15,529
15,369
15,250
15,625
15,160
14,687
14,718
Personal customers
4,995
5,648
5,806
5,630
5,461
5,525
5,580
5,521
5,526
Corporate customers Norway
4,579
4,936
4,860
4,859
4,910
5,057
4,889
4,784
4,706
Large corporates and international customers
4,619
4,791
4,864
4,880
4,879
5,044
4,690
4,382
4,486
Other operations
1,106
804
461
783
1,160
1,093
969
1,129
809
Excluding impaired loans.
Allocated capital.
Average volumes - split by segments
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Performing loans to customers1
2,327,286
2,322,709
2,239,393
2,201,172
2,204,128
2,139,436
2,020,621
1,985,594
1,978,654
Customer segments
2,037,491
2,022,283
2,001,760
1,977,388
1,969,828
1,954,990
1,902,529
1,885,950
1,881,214
Personal customers
973,188
968,915
962,787
958,241
951,441
947,192
933,793
931,364
941,287
Corporate customers Norway
559,486
546,698
536,759
531,914
526,837
523,320
515,646
514,527
508,492
Large corporates and international customers
504,817
506,670
502,215
487,233
491,550
484,478
453,090
440,059
431,436
Other operations
289,795
300,426
237,632
223,784
234,299
184,447
118,093
99,644
97,440
Deposits from customers1
1,542,980
1,524,799
1,571,574
1,648,780
1,684,385
1,601,815
1,596,820
1,647,453
1,545,804
Customer segments
1,497,161
1,480,983
1,487,655
1,492,314
1,506,947
1,428,118
1,428,399
1,453,896
1,423,630
Personal customers
629,077
616,921
625,360
617,169
591,184
570,709
573,633
570,375
571,185
Corporate customers Norway
409,770
406,501
414,852
415,444
406,780
386,018
386,251
390,693
375,434
Large corporates and international customers
458,315
457,561
447,443
459,701
508,982
471,391
468,514
492,829
477,010
Other operations
45,818
43,816
83,919
156,467
177,439
173,697
168,422
193,557
122,174
Equity and non-interest bearing items
245,575
241,197
231,899
236,778
246,635
241,126
236,387
239,854
234,989
Customer segments
189,277
193,075
193,985
192,061
182,049
177,472
174,328
173,472
173,329
Personal customers 2
71,758
72,015
70,938
71,363
64,711
61,546
61,742
61,701
61,748
Corporate customers Norway 2
53,289
54,373
53,642
53,302
54,868
53,757
49,893
51,581
52,517
Large corporates and international customers 2
64,230
66,687
69,405
67,396
62,471
62,170
62,693
60,190
59,064
Other operations
56,297
48,122
37,914
44,716
64,586
63,654
62,059
66,382
61,660
Average nominal amount, excluding impaired loans.
Allocated capital.
Interest rate spreads - split by segments1
Per cent
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Average lending spreads - customer segments
1.52
1.61
1.73
1.66
1.72
1.65
1.62
1.67
1.62
Personal customers
0.88
1.02
1.20
1.04
1.11
1.00
0.98
1.04
0.96
Corporate customers Norway
2.05
2.11
2.18
2.19
2.24
2.20
2.18
2.24
2.24
Large corporates and international customers
2.17
2.20
2.25
2.30
2.34
2.33
2.31
2.34
2.35
Average deposits spreads - customer segments
Personal customers Corporate customers Norway
0.87
1.40
0.90
0.86
1.37
0.92
0.84
1.30
0.92
0.95
1.53
1.01
0.90
1.52
1.02
1.03
1.72
1.13
1.07
1.82
1.15
1.04
1.82
1.13
1.18
1.91
1.15
Large corporates and international customers
0.11
0.11
0.12
0.12
0.10
0.12
0.10
0.08
0.32
Combined weighted average spreads
- customer segments
1.24
1.29
1.35
1.35
1.36
1.39
1.39
1.40
1.43
Net interest margin
1.74
1.81
1.80
1.85
1.90
1.94
1.90
1.89
1.87
1 Spreads are calculated based on money market rates and do not include additional funding costs related to liquidity measures. See ir.dnb.no for definition and additional information on alternative performance measures (APMs).
Quarterly development in average interest rate spreads
Customer segments
Per cent
1.62 1.65 1.72 1.66 1.73 1.61
1.52
Lending spreads
1.39 1.39 1.36 1.35 1.35 1.29 1.24
1.07
1.03
0.90
0.95
0.84
0.86
0.87
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Combined spreads
- weighted average Deposit spreads
Personal customers
Per cent
1.82 1.72
1.52 1.53 1.30 1.37 1.40
Deposit spreads
1.30 1.27 1.27 1.23 1.24 1.15
1.20
1.08
Combined spreads
- weighted average
0.98 1.00 1.11 1.04
1.02
0.88
Lending spreads
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Quarterly development in average interest rate spreads (continued)
Corporate customers Norway
Per cent
1.74
1.75
1.71
1.67
1.63
1.60
1.57
2.18 2.20 2.24 2.19 2.18 2.11
1.15 1.13
2.05
Lending spreads Combined spreads
weighted average
1.02 1.01 0.92 0.92 0.90
Deposit spreads
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Large corporates and international customers
Per cent
2.31 2.33 2.34 2.30 2.25 2.20
2.17
Lending spreads
1.19 1.24 1.20 1.24 1.25 1.21 1.19
Combined spreads
weighted average
0.10 0.12 0.10 0.12 0.12 0.11 0.11
Deposit spreads
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Net interest income
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Interest margin on performing loans - customer segments
7,648
8,201
8,713
8,189
8,342
8,104
7,760
7,826
7,598
Interest margin on deposits - customer segments
3,198
3,197
3,148
3,531
3,355
3,705
3,855
3,775
4,169
Amortisation effects and fees
1,291
1,467
1,420
1,370
1,436
1,393
1,211
1,141
1,055
Equity and non-interest bearing items
2,567
2,573
2,534
2,736
2,801
2,901
2,860
2,856
2,792
Operational leasing
676
690
697
721
725
753
791
793
800
Contributions to the deposit guarantee and resolution funds
(346)
(340)
(339)
(341)
(342)
(328)
(327)
(372)
(344)
Other
264
389
(181)
(55)
93
191
(21)
(204)
(543)
Net interest income
15,299
16,179
15,990
16,152
16,410
16,718
16,129
15,817
15,526
Changes in net interest income
Amounts in NOK million | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 |
Net interest income | 15,299 | 16,179 | 15,990 | 16,152 | 16,410 | 16,718 | 16,129 | 15,817 | 15,526 |
Changes from previous quarters: | Changes from 4Q25 | Changes from 3Q25 | Changes from 2Q25 | Changes from 1Q25 | Changes from 4Q24 | Changes from 3Q24 | Changes from 2Q24 | Changes from 1Q24 |
Lending volumes | 136 | 93 | 120 | 91 | 80 | 212 | 68 | (9) |
Deposit volumes | 95 | (44) | 30 | 129 | 109 | (7) | (50) | 36 |
Lending spreads | (429) | (598) | 320 | (272) | 322 | 93 | (239) | 196 |
Deposit spreads | (20) | 94 | (451) | 18 | (388) | (147) | 89 | (432) |
Exchange rate movements | (86) | (7) | (8) | (74) | (11) | 43 | 19 | 44 |
Interest days | (248) | 129 | 130 | (225) | 127 | |||
Long term funding | 35 | 15 | 23 | (50) | (110) | (16) | 21 | (5) |
Amortisation effects and fees | (176) | 47 | 50 | (66) | 43 | 182 | 70 | 86 |
Equity and non-interest bearing items | (6) | 40 | (202) | (66) | (99) | 41 | 4 | 65 |
Contributions to the deposit guarantee and resolution funds | (7) | (1) | 2 | 1 | (13) | (2) | 45 | (28) |
Interest income on loans subject to impairment provisions | (62) | 8 | 13 | (35) | 0 | 29 | (13) | 58 |
Other net interest income | (112) | 541 | (187) | (66) | (16) | 162 | 172 | 279 |
Total | (880) | 188 | (162) | (258) | (308) | 589 | 312 | 290 |
Net other operating income
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Money transfer and interbank transactions
523
546
654
555
581
587
641
626
558
Guarantee commissions
255
296
263
306
288
290
279
271
258
Asset management services
1,153
1,244
1,135
1,060
827
712
658
596
536
Credit broking
120
245
151
165
66
172
69
137
116
Corporate finance
772
1,153
635
970
699
562
402
731
276
Real estate broking
291
241
289
357
282
228
265
344
220
Custodial services
72
90
74
106
90
81
68
93
100
Securities broking
490
365
307
404
240
145
162
149
159
Sale of insurance products
454
451
429
385
381
394
356
351
319
Other income from banking services
(0)
(20)
(21)
61
45
117
139
141
160
Net commissions and fees
4,129
4,612
3,916
4,370
3,500
3,287
3,038
3,439
2,702
Net gains on financial instruments at fair value
1,197
1,333
1,387
519
1,193
372
1,660
1,010
1,183
Net life insurance result
486
547
521
357
280
467
318
433
203
Profit from investments accounted for by the equity method
247
424
361
394
27
256
1,016
258
188
Net gains on investment properties
4
(21)
5
(2)
9
102
5
(7)
3
Other income
431
482
511
701
494
515
685
622
592
Other operating income
682
885
876
1,093
530
873
1,706
873
783
Net other operating income, total
6,494
7,376
6,700
6,339
5,503
4,998
6,722
5,756
4,872
Full-year figures
Amounts in NOK million
2025
2024
2023
2022
2021
Money transfer and interbank transactions
2,337
2,412
2,371
2,121
1,406
Guarantee commissions
1,154
1,098
997
932
853
Asset management services
4,267
2,503
2,055
1,868
1,773
Credit broking
627
494
319
308
618
Corporate finance
3,457
1,970
1,511
1,453
1,827
Real estate broking
1,169
1,056
1,050
1,067
1,258
Custodial services
360
342
342
363
257
Securities broking
1,316
616
596
603
555
Sale of insurance products
1,646
1,419
1,376
1,382
2,482
Other income from banking services
66
556
497
231
(17)
Net commissions and fees
16,398
12,466
11,115
10,328
11,011
Net gains on financial instruments at fair value
4,431
4,225
5,283
4,147
3,621
Net financial result, life insurance (prior to IFRS 17)
581
Net risk result, life insurance (prior to IFRS 17)
210
Net insurance result
1,705
1,421
1,183
1,235
Net life insurance result
1,705
1,421
1,183
1,235
790
Profit from investments accounted for by the equity method
1,206
1,719
449
746
524
Net gains on investment properties
(10)
103
43
(7)
91
Other income
2,188
2,413
2,077
1,390
1,188
Other operating income
3,384
4,235
2,569
2,129
1,803
Net other operating income, total
25,918
22,347
20,150
17,840
17,225
Net gains on financial instruments at fair value
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Customer revenues in DNB Carnegie
853
930
700
898
786
894
921
851
715
Trading revenues in DNB Carnegie (excl. CVA/DVA/FVA and credit spreads effects)1
336
131
97
189
212
268
138
225
227
Hedging of defined-benefit pension scheme
27
45
91
118
(8)
(5)
42
39
99
Credit spreads on bonds
44
11
30
17
(7)
(50)
32
57
87
Credit spreads on fixed-rate loans
32
50
6
3
16
(28)
(55)
110
54
CVA/DVA/FVA
30
10
51
(60)
39
77
(153)
42
42
Other mark-to-market adjustments
409
(175)
284
(327)
406
(930)
947
55
(344)
Basis swaps
30
83
264
(97)
209
(836)
(194)
(290)
(240)
Exchange rate effects related to additional Tier 1 capital
(566)
248
(136)
(222)
(459)
982
(19)
(79)
543
Net gains on financial instruments at fair value
1,197
1,333
1,387
519
1,193
372
1,660
1,010
1,183
Full-year figures
Amounts in NOK million
2025
2024
2023
2022
2021
Customer revenues in DNB Carnegie
3,314
3,380
3,120
2,852
2,228
Trading revenues in DNB Carnegie (excl. CVA/DVA/FVA
and credit spreads effects)1
628
858
1,199
761
182
Hedging of defined-benefit pension scheme
245
176
173
(164)
219
Credit spreads on bonds
51
126
70
(331)
182
Credit spreads on fixed-rate loans
74
81
(18)
(443)
74
CVA/DVA/FVA
40
9
42
103
262
Other mark-to-market adjustments
189
(273)
976
(247)
296
Basis swaps
458
(1,559)
(612)
822
(310)
Exchange rate effects related to additional Tier 1 capital
(568)
1,427
332
794
487
Net gains on financial instruments at fair value
4,431
4,225
5,283
4,147
3,621
1 CVA: Credit valuation adjustment. DVA: Debit valuation adjustment. FVA: Funding valuation adjustment.
Profit from investments accounted for by the equity method - Fremtind
DNB Group's share of Fremtind's financial results1
Income statement2
Amounts in NOK million | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 |
Income Profit after tax | 6,334 873 | 6,047 1,044 | 6,223 1,161 | 5,386 850 | 6,086 606 | 6,044 964 | 6,116 825 | 4,008 388 | 4,293 206 |
Share of profit after tax | 249 | 297 | 330 | 242 | 172 | 274 | 235 | 136 | 72 |
Depreciation and impairment of value adjustments after tax | (42) | (42) | (42) | (42) | (42) | (42) | (42) | (53) | (53) |
Merger with Eika Forsikring | 716 | ||||||||
Other adjustments | (0) | (0) | (39) | 39 | (90) | (32) | (30) | 42 | 0 |
The Group's share of profit after tax2 | 207 | 255 | 250 | 239 | 40 | 200 | 879 | 125 | 19 |
Balance sheet
Amounts in NOK million | 31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | 31 March 2025 | 31 Dec. 2024 | 30 Sept. 2024 | 30 June 2023 | 31 March 2024 |
The Group's share of equity Unpaid dividends Goodwill Value adjustments after tax Eliminations | 4,667 1,053 1,286 566 11 | 4,421 1,053 1,286 608 8 | 5,184 1,286 650 (5) | 4,848 1,286 691 36 | 4,600 663 1,286 733 58 | 4,614 663 1,286 775 (39) | 4,993 1,286 817 (2) | 3,384 1,467 1,085 28 | 3,262 286 1,467 1,138 (91) |
Carrying amount | 7,582 | 7,376 | 7,115 | 6,861 | 7,340 | 7,300 | 7,094 | 5,965 | 6,062 |
1 Represents DNB Bank ASA's ownership interest in Fremtind Forsikring (Fremtind), which was 35 per cent up to and including the second quarter of 2024. After the merger between Eika Forsikring and Fremtind, which was completed on 1 July, DNB's ownership interest in Fremtind is 28.46 per cent.
Financial performance - Fremtind
Amounts in NOK million | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 |
Insurance premium | 6,334 | 6,047 | 6,223 | 5,386 | 6,086 | 6,044 | 6,116 | 4,008 | 4,293 |
Claims | (4,984) | (4,895) | (4,755) | (4,482) | (5,167) | (4,888) | (5,128) | (3,695) | (4,418) |
Other operational income/cost | 5 | 16 | (38) | (463) | (224) | 142 | (372) | (158) | 32 |
Operational profit | 1,355 | 1,167 | 1,430 | 440 | 695 | 1,299 | 616 | 154 | (93) |
Other income/cost | (153) | (386) | (268) | (154) | (147) | (172) | (148) | (32) | (25) |
Financial results | (25) | 592 | 341 | 850 | 305 | 43 | 627 | 374 | 351 |
Pre-tax operating profit | 1,177 | 1,373 | 1,503 | 1,136 | 852 | 1,170 | 1,095 | 495 | 233 |
Tax expense | (303) | (329) | (342) | (286) | (246) | (207) | (271) | (108) | (27) |
Profit after tax | 873 | 1,044 | 1,161 | 850 | 606 | 964 | 825 | 388 | 206 |
Claims ratio (%) | 57.9 | 58.8 | 55.6 | 59.5 | 64.5 | 61.1 | 65.5 | 70.7 | 83.9 |
Cost/income ratio (%) | 20.8 | 22.2 | 20.8 | 23.8 | 20.4 | 19.8 | 18.3 | 21.6 | 19.0 |
Combined ratio (%) | 78.7 | 81.0 | 76.4 | 83.3 | 84.9 | 80.9 | 83.8 | 92.2 | 102.9 |
Book equity at end of period | 16,397 | 15,533 | 18,216 | 17,033 | 16,162 | 16,213 | 17,544 | 9,669 | 9,319 |
Return on equity, annualised (%) | 21.9 | 24.8 | 26.4 | 20.5 | 15.3 | 23.2 | 24.1 | 14.9 | 8.9 |
Return on financial portfolio (%)1 | (0.1) | 1.9 | 1.1 | 3.0 | 1.0 | 0.2 | 2.4 | 1.4 | 1.5 |
Solvency II ratio at end of period (%)2 | 197 | 215 | 203 | 187 | 187 | 217 | 206 | 185 | 191 |
1 Value adjusted.
2 Preliminary ratio.
-
Operating expenses
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Salaries
(3,558)
(3,980)
(3,508)
(3,690)
(3,288)
(3,251)
(3,117)
(3,065)
(2,932)
Employer's national insurance contributions
(675)
(679)
(696)
(647)
(628)
(639)
(616)
(579)
(600)
Pension expenses
(479)
(629)
(646)
(681)
(469)
(479)
(528)
(523)
(568)
Restructuring expenses
(45)
(49)
(55)
(30)
(23)
(427)
(0)
(3)
(10)
Other personnel expenses
(184)
(211)
(178)
(155)
(181)
(188)
(138)
(149)
(152)
Total salaries and other personnel expenses
(4,941)
(5,547)
(5,082)
(5,203)
(4,590)
(4,982)
(4,399)
(4,319)
(4,261)
Fees
(158)
(219)
(162)
(204)
(246)
(209)
(166)
(164)
(156)
IT expenses
(1,621)
(1,759)
(1,680)
(1,655)
(1,519)
(1,468)
(1,371)
(1,487)
(1,446)
Postage and telecommunications
(38)
(36)
(34)
(30)
(32)
(28)
(27)
(31)
(22)
Office supplies
(8)
(8)
(6)
(9)
(5)
(6)
(5)
(7)
(5)
Marketing and public relations
(276)
(295)
(223)
(259)
(222)
(227)
(209)
(272)
(205)
Travel expenses
(80)
(99)
(60)
(77)
(61)
(77)
(59)
(68)
(48)
Reimbursement to Norway Post for transactions executed
(0)
(0)
(0)
(0)
(0)
(1)
(0)
(0)
Training expenses
(26)
(22)
(18)
(14)
(27)
(39)
(16)
(18)
(16)
Operating expenses on properties and premises
(112)
(128)
(114)
(127)
(111)
(102)
(106)
(85)
(107)
Operating expenses on machinery, vehicles and office equipment
(9)
(9)
(7)
(8)
(8)
(7)
(6)
(7)
(7)
Other operating expenses
(240)
(285)
(155)
(167)
(199)
(171)
(158)
(150)
(136)
Total other expenses
(2,569)
(2,861)
(2,460)
(2,549)
(2,431)
(2,334)
(2,123)
(2,288)
(2,148)
Depreciation and impairment of fixed and intangible assets
(930)
(952)
(941)
(972)
(886)
(910)
(910)
(898)
(875)
Total operating expenses
(8,441)
(9,361)
(8,483)
(8,725)
(7,907)
(8,227)
(7,431)
(7,505)
(7,284)
Full year figures
Amounts in NOK million
2025
2024
2023
2022
2021
Salaries
(14,466)
(12,364)
(11,554)
(10,619)
(9,555)
Employer's national insurance contributions
(2,650)
(2,434)
(2,243)
(1,984)
(1,743)
Pension expenses
(2,425)
(2,097)
(1,880)
(1,373)
(1,631)
Restructuring expenses
(156)
(440)
(42)
(18)
(142)
Other personnel expenses
(725)
(626)
(600)
(697)
(755)
Total salaries and other personnel expenses
(20,422)
(17,961)
(16,320)
(14,690)
(13,826)
Fees
(832)
(695)
(735)
(765)
(640)
IT expenses
(6,614)
(5,772)
(5,298)
(4,366)
(3,923)
Postage and telecommunications
(131)
(108)
(117)
(154)
(132)
Office supplies
(28)
(23)
(22)
(28)
(40)
Marketing and public relations
(999)
(913)
(916)
(841)
(675)
Travel expenses
(297)
(251)
(228)
(184)
(55)
Reimbursement to Norway Post for transactions executed
(0)
(1)
(0)
(0)
(0)
Training expenses
(82)
(89)
(76)
(74)
(53)
Operating expenses on properties and premises
(480)
(400)
(435)
(427)
(409)
Operating expenses on machinery, vehicles and office equipment
(33)
(27)
(31)
(32)
(59)
Other operating expenses
(806)
(614)
(649)
(778)
(858)
Total other expenses
(10,302)
(8,893)
(8,506)
(7,648)
(6,845)
Impairment losses for goodwill
(2)
(7)
Depreciation and impairment of fixed and intangible assets
(3,751)
(3,594)
(3,794)
(3,463)
(3,356)
Total depreciation and impairment of fixed and intangible
assets
(3,751)
(3,594)
(3,794)
(3,465)
(3,363)
Total operating expenses
(34,476)
(30,448)
(28,620)
(25,803)
(24,034)
-
Full-time positions based on the operational structure
Full-time positions
31 March
2026¹
31 Dec.
2025¹
30 Sept.
2025¹
30 June
2025¹
31 March
2025¹
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Total ordinary operations*
10,683
10,829
10,917
11,058
11,188
10,603
10,719
10,628
10,584
* Of which:
Personal Banking
2,627
Technology & Services
2,197
Large Corporates & International
1,307
Corporate Banking Norway
1,006
DNB Carnegie¹ ²
1,393
Wealth Management ¹
1,096
Group Finance
407
Products, Data & Innovation
167
People & Communication
170
Group Risk Management
148
Other entities
164
Carnegie has been included from March 2025, and from the second quarter of 2025 included in the respective areas.
DNB Markets was renamed DNB Carnegie in May 2025.
- IT expenses
Amounts in NOK million | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 |
Software and licenses | (660) | (658) | (652) | (591) | (544) | (483) | (450) | (461) | (488) |
IT consultants | (489) | (669) | (622) | (609) | (583) | (617) | (541) | (660) | (613) |
Leasing | 8 | 8 | 8 | 8 | 8 | (2) | 6 | 8 | 8 |
Other IT expenses | (480) | (440) | (414) | (464) | (400) | (367) | (386) | (375) | (353) |
IT expenses | (1,621) | (1,759) | (1,680) | (1,655) | (1,519) | (1,468) | (1,371) | (1,487) | (1,446) |
Depreciation | (117) | (125) | (114) | (114) | (105) | (132) | (103) | (102) | (95) |
Impairment | 0 | (0) | (23) | (8) | |||||
Depreciation and impairment | (117) | (125) | (114) | (137) | (105) | (140) | (103) | (102) | (95) |
Total IT expenses | (1,737) | (1,884) | (1,794) | (1,792) | (1,624) | (1,609) | (1,474) | (1,589) | (1,541) |
Capitalised systems development expenses | 2,066 | 2,088 | 1,958 | 1,963 | 1,879 | 1,928 | 1,754 | 1,635 | 1,593 |
The figures do not include salaries and indirect expenses.
1.5.1 Loans and financial commitments to customers by industry segment
Maximum exposure is the gross carrying amount of loans to customers plus off-balance exposure, which mainly includes guarantees, unutilised credit lines and loan offers.
As at 31 December 2025
Amounts in NOK million | Maximum exposure | Accumulated impairment | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | Net total | |
Bank, insurance and portfolio management | 409,104 | 1,234 | 1,538 | 411,876 | (39) | (4) | (142) | (185) | 411,690 |
Commercial real estate | 274,920 | 15,370 | 3,974 | 294,264 | (190) | (103) | (646) | (939) | 293,325 |
Shipping | 57,069 | 1,085 | 9 | 58,163 | (32) | (3) | (1) | (36) | 58,127 |
Oil, gas and offshore | 112,174 | 4,626 | 857 | 117,657 | (34) | (17) | (328) | (379) | 117,278 |
Power and renewables | 144,802 | 6,201 | 2,238 | 153,241 | (51) | (23) | (825) | (899) | 152,342 |
Healthcare | 60,481 | 787 | 692 | 61,959 | (27) | (14) | (208) | (250) | 61,709 |
Public sector | 19,043 | 25 | 0 | 19,069 | (0) | (0) | (0) | (0) | 19,068 |
Fishing, fish farming and farming | 112,161 | 6,653 | 962 | 119,776 | (23) | (33) | (155) | (210) | 119,566 |
Retail industries | 79,507 | 8,596 | 1,875 | 89,978 | (53) | (142) | (377) | (572) | 89,406 |
Manufacturing | 110,754 | 7,378 | 3,007 | 121,140 | (40) | (48) | (430) | (518) | 120,622 |
Technology, media and telecom | 70,147 | 3,311 | 110 | 73,569 | (29) | (42) | (44) | (115) | 73,453 |
Services | 88,618 | 5,821 | 1,415 | 95,854 | (56) | (78) | (510) | (644) | 95,211 |
Residential property | 127,988 | 6,980 | 2,430 | 137,398 | (72) | (54) | (642) | (768) | 136,629 |
Personal customers | 1,302,636 | 52,689 | 5,350 | 1,360,676 | (244) | (274) | (632) | (1,149) | 1,359,526 |
Other corporate customers | 119,159 | 9,239 | 2,238 | 130,636 | (67) | (118) | (973) | (1,158) | 129,478 |
Total | 3,088,562 | 129,995 | 26,697 | 3,245,254 | (957) | (952) | (5,914) | (7,823) | 3,237,432 |
Stage 1 - loans and financial commitments to customers by industry segment
Amounts in NOK million | Maximum exposure | Accumulated impairment | ||||||
31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | 31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | |
Bank, insurance and portfolio management | 409,104 | 395,249 | 507,278 | 320,325 | (39) | (35) | (33) | (45) |
Commercial real estate | 274,920 | 279,175 | 255,065 | 246,907 | (190) | (191) | (190) | (184) |
Shipping | 57,069 | 58,122 | 53,779 | 53,183 | (32) | (34) | (36) | (21) |
Oil, gas and offshore | 112,174 | 116,171 | 95,805 | 101,989 | (34) | (46) | (51) | (22) |
Power and renewables | 144,802 | 144,613 | 139,739 | 158,860 | (51) | (48) | (49) | (56) |
Healthcare | 60,481 | 63,386 | 57,022 | 59,309 | (27) | (28) | (27) | (31) |
Public sector | 19,043 | 18,880 | 18,833 | 20,667 | (0) | (0) | (0) | |
Fishing, fish farming and farming | 112,161 | 117,343 | 114,928 | 117,168 | (23) | (23) | (28) | (18) |
Retail industries | 79,507 | 71,420 | 75,905 | 76,056 | (53) | (51) | (58) | (61) |
Manufacturing | 110,754 | 112,692 | 107,903 | 106,151 | (40) | (48) | (55) | (59) |
Technology, media and telecom | 70,147 | 76,115 | 69,152 | 65,710 | (29) | (35) | (32) | (33) |
Services | 88,618 | 95,293 | 90,422 | 87,529 | (56) | (72) | (71) | (94) |
Residential property | 127,988 | 125,053 | 126,900 | 141,598 | (72) | (69) | (77) | (79) |
Personal customers | 1,302,636 | 1,296,253 | 1,302,486 | 1,297,544 | (244) | (237) | (234) | (242) |
Other corporate customers | 119,159 | 116,996 | 133,284 | 106,631 | (67) | (75) | (80) | (90) |
Total | 3,088,562 | 3,086,760 | 3,148,499 | 2,959,628 | (957) | (992) | (1,020) | (1,035) |
Loans and financial commitments to customers by industry segment (continued)
Stage 2 - loans and financial commitments to customers by industry segment
Amounts in NOK million
Maximum exposure
Accumulated impairment
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
Bank, insurance and portfolio management
1,234
2,396
1,702
4,015
(4)
(22)
(5)
(13)
Commercial real estate
15,370
25,140
27,026
21,990
(103)
(138)
(150)
(101)
Shipping
1,085
1,879
966
1,058
(3)
(5)
(4)
(2)
Oil, gas and offshore
4,626
8,768
8,401
1,905
(17)
(34)
(40)
(11)
Power and renewables
6,201
7,681
9,477
6,986
(23)
(26)
(30)
(21)
Healthcare
787
982
1,525
2,039
(14)
(15)
(5)
(6)
Public sector
25
15
24
33
(0)
(0)
(0)
Fishing, fish farming and farming
6,653
6,913
7,398
3,287
(33)
(43)
(48)
(25)
Retail industries
8,596
14,752
14,045
14,184
(142)
(221)
(126)
(84)
Manufacturing
7,378
9,707
9,550
6,611
(48)
(48)
(76)
(49)
Technology, media and telecom
3,311
4,681
4,972
5,515
(42)
(56)
(64)
(85)
Services
5,821
7,727
7,264
8,576
(78)
(101)
(90)
(93)
Residential property
6,980
11,636
15,367
14,134
(54)
(64)
(72)
(67)
Personal customers
52,689
35,151
39,160
39,808
(274)
(185)
(205)
(175)
Other corporate customers
9,239
13,861
13,325
12,267
(118)
(159)
(172)
(113)
Total
129,995
151,289
160,201
142,410
(952)
(1,117)
(1,086)
(845)
Stage 3 - loans and financial commitments to customers by industry segment
Amounts in NOK million
Maximum exposure
Accumulated impairment
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
Bank, insurance and portfolio management
1,538
1,494
1,278
1,220
(142)
(139)
(27)
(19)
Commercial real estate
3,974
3,225
3,825
2,990
(646)
(515)
(762)
(596)
Shipping
9
7
5
115
(1)
(0)
(1)
(2)
Oil, gas and offshore
857
1,153
2,659
2,842
(328)
(665)
(680)
(793)
Power and renewables
2,238
2,318
2,304
2,376
(825)
(853)
(837)
(845)
Healthcare
692
712
693
703
(208)
(213)
(140)
(95)
Public sector
0
1
1
(0)
(0)
(0)
Fishing, fish farming and farming
962
915
1,139
1,161
(155)
(231)
(211)
(192)
Retail industries
1,875
1,917
1,371
1,519
(377)
(433)
(288)
(428)
Manufacturing
3,007
2,854
467
402
(430)
(405)
(160)
(172)
Technology, media and telecom
110
116
119
112
(44)
(56)
(56)
(47)
Services
1,415
1,221
1,305
3,238
(510)
(422)
(409)
(400)
Residential property
2,430
2,142
2,774
3,112
(642)
(603)
(471)
(623)
Personal customers
5,350
5,426
5,629
5,644
(632)
(659)
(746)
(720)
Other corporate customers
2,238
1,473
1,853
1,616
(973)
(606)
(839)
(771)
Total
26,697
24,972
25,423
27,050
(5,914)
(5,800)
(5,628)
(5,703)
Development in maximum exposure of loans and financial commitments to customers
Maximum exposure is the gross carrying amount of loans to customers plus off-balance exposure, which mainly includes guarantees, unutilised credit lines and loan offers.
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Maximum exposure at beginning of period
3,263,021
3,334,122
3,129,088
3,170,086
3,053,441
2,874,729
2,794,553
2,767,990
2,751,924
Originated and purchased
313,411
299,873
550,519
341,038
396,099
385,800
277,446
214,673
457,724
Derecognition
(304,293)
(381,140)
(337,680)
(381,469)
(281,457)
(217,271)
(208,397)
(182,585)
(457,619)
Acquisitions
118
15,429
Exchange rate movements
(26,814)
10,084
(7,469)
(444)
(13,221)
10,425
11,150
(5,525)
15,960
Other
(71)
(38)
(334)
(123)
(205)
(242)
(21)
Maximum exposure at end of period
3,245,254
3,263,021
3,334,122
3,129,088
3,170,086
3,053,441
2,874,729
2,794,553
2,767,990
Stage 1 - development in maximum exposure of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Maximum exposure at beginning of period
3,086,760
3,148,499
2,959,628
2,997,559
2,866,724
2,669,937
2,582,461
2,541,596
2,538,637
Transfer into Stage 1
41,210
28,961
29,086
23,237
36,693
36,844
37,538
41,474
26,886
Transfer to Stage 2
(28,921)
(35,723)
(52,533)
(34,211)
(34,589)
(32,392)
(45,146)
(43,760)
(47,729)
Transfer to Stage 3
(526)
(2,126)
(6,137)
(1,939)
(555)
(729)
(1,477)
(603)
(886)
Originated and purchased
306,200
297,220
548,589
338,881
390,155
383,424
274,500
213,740
332,007
Derecognition
(290,538)
(359,688)
(322,735)
(363,316)
(263,371)
(200,346)
(188,366)
(164,910)
(322,458)
Acquisitions
118
15,429
Exchange rate movements
(25,594)
9,515
(7,244)
(525)
(12,830)
10,108
10,439
(5,077)
15,137
Other1
(28)
(16)
(153)
(59)
(97)
(120)
(11)
Maximum exposure at end of period
3,088,562
3,086,760
3,148,499
2,959,628
2,997,559
2,866,724
2,669,937
2,582,461
2,541,596
Stage 2 - development in maximum exposure of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Maximum exposure at beginning of period
151,289
160,201
142,410
144,472
159,688
177,073
184,687
198,608
183,912
Transfer to Stage 1
(40,907)
(28,375)
(26,450)
(22,657)
(36,360)
(35,355)
(37,168)
(41,237)
(25,767)
Transfer into Stage 2
29,453
36,530
53,041
37,146
35,131
32,820
45,609
44,130
48,792
Transfer to Stage 3
(2,782)
(2,649)
(2,090)
(2,853)
(1,463)
(2,828)
(1,782)
(2,522)
(3,004)
Originated and purchased
4,591
2,358
1,803
1,457
4,547
1,337
1,961
244
3,757
Derecognition
(10,589)
(17,233)
(8,128)
(15,135)
(16,562)
(13,585)
(16,806)
(14,140)
(9,795)
Acquisitions
Exchange rate movements
(1,021)
476
(212)
42
(407)
343
582
(396)
714
Other1
(40)
(20)
(173)
(61)
(104)
(117)
(10)
Maximum exposure at end of period
129,995
151,289
160,201
142,410
144,472
159,688
177,073
184,687
198,608
Stage 3 - development in maximum exposure of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Maximum exposure at beginning of period
24,972
25,423
27,050
28,055
27,029
27,720
27,404
27,786
29,375
Transfer to Stage 1
(303)
(586)
(2,635)
(581)
(333)
(1,489)
(370)
(238)
(1,118)
Transfer to Stage 2
(532)
(807)
(508)
(2,934)
(543)
(428)
(462)
(371)
(1,063)
Transfer into Stage 3
3,308
4,774
8,228
4,792
2,017
3,557
3,258
3,125
3,890
Originated and purchased
2,619
295
127
700
1,397
1,039
985
689
949
Derecognition
(3,166)
(4,219)
(6,817)
(3,018)
(1,524)
(3,340)
(3,225)
(3,535)
(4,356)
Acquisitions
Exchange rate movements
(199)
93
(13)
39
16
(26)
129
(52)
109
Other1
(2)
(2)
(8)
(3)
(4)
(5)
Maximum exposure at end of period
26,697
24,972
25,423
27,050
28,055
27,029
27,720
27,404
27,786
1 The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland.
Development in accumulated impairment of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Accumulated impairment at beginning of period
(7,908)
(7,734)
(7,583)
(7,572)
(7,766)
(8,271)
(8,278)
(8,759)
(8,454)
Originated and purchased
(155)
(200)
(156)
(189)
(165)
(188)
(239)
(172)
(263)
Increased expected credit loss
(1,632)
(1,508)
(1,083)
(1,039)
(862)
(716)
(950)
(3,049)
(3,188)
Decreased (reversed) expected credit loss
1,235
1,003
687
755
1,085
938
1,134
2,734
2,729
Write-offs
433
435
333
403
63
413
24
687
246
Derecognition (including repayments)
146
122
54
75
94
53
75
265
204
Acquisitions
(29)
Exchange rate movements
59
(23)
12
(16)
8
8
(40)
17
(33)
Other
(1)
Accumulated impairment at end of period
(7,823)
(7,908)
(7,734)
(7,583)
(7,572)
(7,766)
(8,271)
(8,278)
(8,759)
Stage 1 - development in accumulated impairment of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Accumulated impairment at beginning of period
(992)
(1,020)
(1,035)
(1,105)
(1,044)
(1,039)
(1,055)
(977)
(925)
Changes due to significant change in credit risk
(110)
(117)
(51)
(65)
(76)
(116)
(139)
(145)
(50)
Originated and purchased
(128)
(82)
(113)
(147)
(131)
(153)
(191)
(148)
(195)
Increased expected credit loss
(64)
(27)
(164)
(51)
(107)
(82)
(33)
(139)
(102)
Decreased (reversed) expected credit loss
306
253
338
331
276
346
377
305
288
Write-offs
Derecognition (including repayments)
16
11
1
2
3
1
6
47
12
Acquisitions
(29)
Exchange rate movements
12
(6)
4
2
(3)
(5)
3
(5)
Other
Accumulated impairment at end of period
(957)
(992)
(1,020)
(1,035)
(1,105)
(1,044)
(1,039)
(1,055)
(977)
Stage 2 - development in accumulated impairment of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Accumulated impairment at beginning of period
(1,117)
(1,086)
(845)
(813)
(916)
(979)
(1,009)
(1,084)
(1,063)
Changes due to significant change in credit risk
139
146
48
51
85
130
169
142
70
Originated and purchased
(27)
(118)
(43)
(42)
(34)
(35)
(48)
(24)
(68)
Increased expected credit loss
(226)
(251)
(401)
(216)
(181)
(208)
(248)
(296)
(261)
Decreased (reversed) expected credit loss
144
88
102
102
145
123
92
186
142
Write-offs
Derecognition (including repayments)
126
110
50
73
87
59
67
64
100
Acquisitions
Exchange rate movements
9
(4)
2
(2)
3
(2)
(4)
3
(5)
Other
Accumulated impairment at end of period
(952)
(1,117)
(1,086)
(845)
(813)
(916)
(979)
(1,009)
(1,084)
Stage 3 - development in accumulated impairment of loans and financial commitments to customers
Amounts in NOK million
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
Accumulated impairment at beginning of period
(5,800)
(5,628)
(5,703)
(5,654)
(5,805)
(6,253)
(6,214)
(6,698)
(6,466)
Changes due to significant change in credit risk
(31)
(26)
2
15
(10)
(11)
(30)
4
(23)
Originated and purchased
Increased expected credit loss
(1,342)
(1,230)
(518)
(772)
(574)
(426)
(669)
(2,614)
(2,825)
Decreased (reversed) expected credit loss
785
662
247
322
664
469
665
2,243
2,299
Write-offs
433
435
333
403
63
413
24
687
246
Derecognition (including repayments)
4
1
3
4
(7)
2
154
92
Acquisitions
Exchange rate movements
38
(13)
6
(14)
3
13
(31)
11
(23)
Other
Accumulated impairment at end of period
(5,914)
(5,800)
(5,628)
(5,703)
(5,654)
(5,805)
(6,253)
(6,214)
(6,698)
Stage 3 - development in net loans at amortised cost and financial commitments to customers
0.97
0.70
0.99
0.71
0.95
0.68
0.82
0.60
0.81
0.59
0.90
0.64
Per cent
1.07
1.07
1.06
0.76
NOK billion
0.76
0.75
21.1
21.2
21.5
21.2
22.4
21.3
19.8
19.2
20.8
31 March
30 June
30 Sept.
31 Dec.
31 March
30 June
30 Sept.
31 Dec.
2024
2025
31 March
2026
Net loans at amortised cost in stage 3 Net financial commitments in stage 3Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost
Net loans at amortised cost and financial commitments in stage 3, as a percentage of net loans at amortised cost and financial commitments
Impairment of financial instruments
Amounts in NOK million | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 |
Personal customers | (128) | (16) | (103) | (18) | (81) | (79) | (44) | (111) | (111) |
Commercial real estate | (119) | 109 | (153) | (115) | (31) | 42 | 9 | (141) | 64 |
Residential property | (21) | (179) | (53) | (108) | (22) | 33 | (93) | (29) | (79) |
Power and renewables | 1 | (8) | (8) | (15) | (28) | (1) | 6 | (21) | (18) |
Oil, gas and offshore | 52 | 12 | 41 | 2 | (9) | 144 | 137 | (20) | (14) |
Other | (428) | (771) | (585) | (423) | (240) | (295) | (185) | (238) | (165) |
Total | (644) | (853) | (862) | (677) | (410) | (157) | (170) | (560) | (323) |
Credit portfolio
Exposure at default by industry segment
Exposure at default, EAD, is the share of the approved credit that is expected to be drawn at the time of any future default at the same time as there is a downturn in the market. The tables show the EAD in DNB's credit portfolio and is calculated by using external credit conversion factors that are aligned with regulatory requirements.
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Bank, insurance and portfolio management
127.1
115.4
134.8
150.6
134.3
128.9
119.4
107.2
113.1
Commercial real estate1
256.4
268.0
252.9
249.4
248.7
247.4
244.2
245.6
243.8
Shipping1
53.9
56.7
49.9
47.5
48.9
53.2
46.2
47.3
43.7
Oil, gas and offshore1
82.9
75.0
64.4
63.9
73.0
77.1
69.2
69.4
72.3
Power and renewables1
105.6
108.7
105.6
116.9
114.4
115.0
104.0
94.8
94.9
Healthcare
48.9
48.9
45.2
44.7
49.3
53.6
52.8
52.1
51.4
Public sector
13.5
13.3
13.7
12.6
15.7
13.5
12.2
11.0
10.4
Fishing, fish farming and farming
105.3
106.1
108.1
104.5
101.7
110.4
99.2
95.5
90.2
Retail industries
66.4
62.7
64.9
65.5
68.4
64.4
66.7
68.2
67.3
Manufacturing
86.4
87.2
82.9
81.8
83.2
89.7
83.1
79.5
79.8
Technology, media and telecom
57.1
60.6
53.0
50.3
51.9
53.1
47.4
48.3
48.9
Services
71.5
80.1
75.1
78.0
73.8
69.2
73.6
75.9
72.5
Residential property
140.7
140.5
142.2
139.0
140.2
141.5
140.2
139.2
140.4
Other corporate customers
105.2
102.6
105.4
92.8
95.3
95.8
96.5
89.9
86.9
Personal customers*
1,234.0
1,233.0
1,226.7
1,220.7
1,222.8
1,209.1
1,197.3
1,182.6
1,179.7
Total exposure at default in customer segments**
2,554.9
2,558.8
2,524.7
2,518.3
2,521.6
2,521.8
2,452.0
2,406.4
2,395.2
Central banks
196.0
113.1
203.4
464.2
511.9
225.8
630.2
563.9
857.6
Bonds
291.7
313.6
298.2
295.9
296.7
298.6
293.5
257.5
261.8
Carnegie
11.1
11.3
10.1
9.7
10.7
Total exposure at default in Group
3,053.8
2,996.9
3,036.3
3,288.2
3,340.9
3,046.2
3,375.7
3,227.8
3,514.6
* Of which:
- Mortgages
1,078.6
1,074.2
1,071.2
1,066.4
1,093.1
1,079.4
1,069.4
1,059.1
1,056.9
- Other exposures
155.4
158.8
155.6
154.3
129.7
129.7
127.9
123.6
122.8
** Of which international portfolio
606.8
616.3
605.9
613.0
611.8
626.2
578.1
554.0
553.8
1 For a breakdown, see tables 1.6.3 - 1.6.6.
Credit portfolio (continued)
Risk classification of portfolio1, 2
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Low risk Medium risk
High risk*
1,895.7
537.9
121.4
1,894.0
541.5
123.4
1,865.5
536.4
122.8
1,876.4
522.2
119.8
1,886.3
514.6
120.7
1,895.5
526.6
99.7
1,846.5
507.7
97.8
1,777.8
529.2
99.4
1,780.7
518.7
95.8
Total portfolio
2,554.9
2,558.8
2,524.7
2,518.3
2,521.6
2,521.8
2,452.0
2,406.4
2,395.2
* Of which exposure at default in stage 3
26.7
24.9
25.1
29.0
26.3
25.5
25.3
25.1
24.7
Of which international portfolio:
Low risk
Medium risk High risk*
492.8
91.3
22.7
496.0
95.2
25.1
484.4
95.1
26.3
481.4
102.4
29.2
481.5
100.8
29.6
497.3
101.1
27.8
447.7
103.0
27.4
431.0
93.0
29.9
434.0
91.7
28.1
Total international portfolio
606.8
616.3
605.9
613.0
611.8
626.2
578.1
554.0
553.8
* Of which exposure at default in stage 3
8.1
7.9
7.5
11.1
9.2
8.2
7.5
7.9
9.1
For a breakdown of commercial real estate, shipping, oil, gas and offshore and power and renewables, see tables 1.6.3-1.6.6.
Exposure at default by industry segment Risk classification of portfolio
Bank, insurance and portfolio management 5%
Commercial real estate 10%
Shipping 2%
Oil, gas and offshore 3%
Power and renewables 4%
Personal customers* 48%
Healthcare 2%
Public sector 1%
Fishing, fish farming and farming
4%
Other corporate customers 4%
Residential property 6%
Services 3%
Retail industries 3%
Technology, Manufacturing media and 3%
telecom 2%
NOK billion
2,000
1,896
1,800
1,600
1,400
1,200
30 Sept. 2024
31 Dec. 2024
31 March 2025
30 June 2025
30 Sept. 2025
31 Dec. 2025
31 March 2026
1,000
800
600
538
400
200
121
0
Low risk
Medium risk
High risk*
* Of which mortgages 42 per cent of total exposure at default. * Of which exposure at default of NOK 26.7 billion in stage 3 as at 31 March 2026.
Customer segments
Exposure at default
Personal customers
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Mortgages
Other exposures
1,078.6
155.4
1,074.2
158.8
1,071.2
155.6
1,066.4
154.3
1,093.1
129.7
1,079.4
129.7
1,069.4
127.9
1,059.1
123.6
1,056.9
122.8
Total exposure at default
1,234.0
1,233.0
1,226.7
1,220.7
1,222.8
1,209.1
1,197.3
1,182.6
1,179.7
Corporate customers Norway, by industry segment
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Bank, insurance and portfolio management
7.6
7.4
6.5
10.6
11.3
13.4
11.2
13.4
12.9
Commercial real estate
241.9
253.3
238.9
236.3
236.4
234.9
231.3
233.8
231.6
Shipping
2.8
2.8
1.5
1.0
1.2
1.1
1.2
1.0
1.0
Oil, gas and offshore
1.2
1.2
1.3
1.4
1.3
1.2
0.6
0.7
0.5
Power and renewables
17.1
16.3
15.8
19.2
17.3
15.0
15.6
15.6
15.4
Healthcare
0.0
0.0
0.1
0.0
0.0
0.1
0.1
0.1
0.1
Public sector
7.3
8.3
7.6
6.9
7.9
7.8
7.6
6.6
6.3
Fishing, fish farming and farming
36.2
34.7
35.1
35.4
35.6
34.2
32.3
32.0
29.5
Retail industries
18.8
18.7
18.5
18.6
18.7
18.0
18.4
18.9
19.6
Manufacturing
18.6
18.5
18.5
17.2
16.9
18.0
17.1
16.8
15.8
Technology, media and telecom
4.0
3.6
3.4
3.3
3.3
3.3
3.4
3.4
3.0
Services
19.1
24.7
20.3
20.3
21.1
22.9
25.0
25.7
24.0
Residential property
139.3
139.1
141.1
138.3
139.1
140.4
139.1
138.1
139.2
Other corporate customers
30.5
29.9
30.6
27.2
27.7
24.7
26.0
22.6
22.3
Total exposure at default
544.4
558.6
539.2
535.6
537.8
535.0
528.9
528.7
521.2
Large corporates and international customers, by industry segment
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Bank, insurance and portfolio management
104.3
100.8
98.7
101.5
97.6
103.4
90.6
83.5
88.8
Commercial real estate
11.0
10.9
9.8
9.7
9.3
9.7
10.1
8.9
9.5
Shipping
51.2
54.0
48.3
46.5
47.7
52.1
45.0
46.2
42.6
Oil, gas and offshore
81.8
73.8
63.1
62.5
71.7
75.8
68.6
68.8
71.7
Power and renewables
88.4
92.4
89.8
97.7
97.0
100.0
88.4
79.1
79.5
Healthcare
48.9
48.9
45.1
44.6
49.2
53.6
52.7
52.1
51.4
Public sector
5.3
2.4
3.0
2.9
3.3
3.0
3.3
3.2
2.8
Fishing, fish farming and farming
68.8
71.1
72.7
69.0
66.0
76.0
64.7
61.4
60.4
Retail industries
47.1
43.4
45.8
46.4
49.2
45.9
47.7
48.6
47.0
Manufacturing
67.8
68.6
64.3
64.5
66.3
71.7
65.5
61.8
64.0
Technology, media and telecom
53.1
56.9
49.5
46.5
48.5
49.5
43.8
44.6
45.6
Services
51.3
52.1
50.4
51.2
50.0
44.5
46.7
47.6
46.6
Residential property
1.2
1.3
0.9
0.6
0.9
0.9
0.9
0.8
1.0
Other corporate customers
73.0
70.9
73.2
64.5
65.6
69.7
69.1
65.9
63.3
Total exposure at default
753.1
747.6
714.5
708.1
722.1
755.8
697.0
672.6
674.1
Other corporate customers
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Total exposure at default
23.4
19.7
44.2
53.9
38.8
21.9
28.8
22.5
20.1
Customer segments (continued)
Risk classification of portfolio
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Low risk
Personal customers
937.0
944.6
941.7
950.9
959.2
949.0
952.1
894.0
901.6
Corporate customers Norway
363.0
368.8
352.0
353.9
362.6
364.2
359.0
371.0
363.7
Large corporates and international customers
580.7
568.7
536.0
526.4
533.8
567.3
513.5
497.9
501.8
Other
15.0
12.0
35.9
45.1
30.7
14.9
21.9
15.0
13.6
Total
1,895.7
1,894.0
1,865.5
1,876.4
1,886.3
1,895.5
1,846.5
1,777.8
1,780.7
Medium risk
Personal customers
244.0
240.8
237.9
224.6
219.8
235.5
220.9
261.7
253.2
Corporate customers Norway
144.3
148.4
148.1
145.5
138.5
134.2
136.0
127.8
126.8
Large corporates and international customers
143.1
146.3
143.8
144.9
149.5
151.8
145.6
133.8
133.8
Other
6.5
6.0
6.6
7.2
6.7
5.1
5.3
6.0
4.9
Total
537.9
541.5
536.4
522.2
514.6
526.6
507.7
529.2
518.7
High risk*
Personal customers
52.9
47.6
47.1
45.2
43.8
24.6
24.3
27.0
24.8
Corporate customers Norway
37.2
41.5
39.1
36.2
36.7
36.6
33.9
30.0
30.7
Large corporates and international customers
29.3
32.6
34.7
36.8
38.8
36.6
37.9
40.9
38.6
Other
1.9
1.7
1.8
1.6
1.4
1.9
1.7
1.5
1.7
Total
121.4
123.4
122.8
119.8
120.7
99.7
97.8
99.4
95.8
Total Personal customers
1,234.0
1,233.0
1,226.7
1,220.7
1,222.8
1,209.1
1,197.3
1,182.6
1,179.7
Total Corporate customers Norway
544.4
558.6
539.2
535.6
537.8
535.0
528.9
528.7
521.2
Total Large corporates and international customers
753.1
747.6
714.5
708.1
722.1
755.8
697.0
672.6
674.1
Total Other
23.4
19.7
44.2
53.9
38.8
21.9
28.8
22.5
20.1
Total risk classification of portfolio
2,554.9
2,558.8
2,524.7
2,518.3
2,521.6
2,521.8
2,452.0
2,406.4
2,395.2
* Of which exposure at default in stage 3
Personal customers
5.6
5.8
6.2
6.2
6.2
6.2
6.3
6.2
5.4
Corporate customers Norway
10.0
9.3
9.7
8.9
7.6
7.8
7.7
7.2
7.1
Large corporates and international customers
9.8
8.5
8.0
12.6
11.7
10.4
10.2
10.9
11.4
Other
1.3
1.3
1.2
1.2
0.8
1.0
1.1
0.8
0.9
Total
26.7
24.9
25.1
29.0
26.3
25.5
25.3
25.1
24.7
Breakdown of commercial real estate
Exposure at default
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Retail store facility building loans
1.9
1.6
1.4
1.5
1.5
1.5
1.6
1.5
1.5
Hotel building loans
7.2
10.2
10.8
11.2
8.7
8.6
7.6
7.5
12.2
Shopping centre building loans
1.4
1.5
1.5
1.5
1.5
1.9
2.2
2.2
1.9
Office premises building loans
7.1
6.8
7.0
6.7
6.5
6.3
4.8
5.9
6.1
Leasing of retail store facilities
21.8
21.5
20.3
20.6
22.0
21.2
20.6
20.8
19.8
Leasing of hotels
30.5
30.7
30.6
25.8
26.7
26.4
27.6
29.9
30.8
Leasing of shopping centres
10.6
11.1
11.3
12.3
12.2
12.5
12.4
11.5
12.2
Leasing of office premises
95.9
89.1
86.6
91.0
90.3
90.9
91.6
92.1
89.4
Leasing of warehouse/ logistics/ multi-purpose buildings
34.8
36.2
36.1
35.9
36.7
36.2
36.8
36.3
35.1
Other
45.2
59.4
47.3
43.0
42.7
41.8
39.0
37.8
34.7
Total
256.4
268.0
252.9
249.4
248.7
247.4
244.2
245.6
243.8
Risk classification of portfolio
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Low risk
185.6
193.7
179.7
178.7
179.6
180.7
178.6
185.2
181.1
Medium risk
58.1
59.3
60.3
57.8
57.0
54.1
53.2
49.4
52.2
High risk*
12.7
15.0
12.8
12.9
12.2
12.6
12.4
11.0
10.5
Total
256.4
268.0
252.9
249.4
248.7
247.4
244.2
245.6
243.8
* Of which exposure at default in stage 3
3.1
2.3
2.8
3.0
2.7
2.9
2.8
2.7
2.4
Exposure at default Risk classification of portfolio
Retail store facility building loans
1%
Hotel building loans 3%
Shopping centre building loans
1%
Other 18%
Office premises building loans 3%
Leasing of retail store facilities 8%
Leasing of hotels 12%
Leasing of warehouse/ logistics/ multipurpose buildings 14%
Leasing of office premises 37%
Leasing of shopping centres 4%
High risk*
Medium risk
Low risk
0
13
25
50
58
75
100
30 Sept. 2024
31 Dec. 2024
31 March 2025
30 June 2025
30 Sept. 2025
31 Dec. 2025
31 March 2026
150
125
175
186
200
NOK billion
* Of which exposure at default of NOK 3.1 billion in stage 3 as at 31 March 2026.
Breakdown of commercial real estate (continued)
Exposure at default by geographic distribution
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Oslo/ Akershus
Eastern Norway excl. Oslo/ Akershus Western Norway
Central/ Northern Norway Sweden
Other Europe
97.2
60.3
42.2
40.1
7.4
9.2
103.7
64.0
43.3
40.4
6.7
9.8
91.5
62.8
43.6
36.5
8.4
10.2
91.6
63.6
44.3
37.1
8.0
4.8
92.1
63.1
44.3
36.5
8.2
4.4
90.8
63.8
44.0
37.3
7.1
4.3
90.8
62.3
42.3
36.3
8.5
3.9
91.8
64.1
39.8
36.2
10.0
3.8
90.1
63.0
38.6
36.8
11.4
4.0
Total
256.4
268.0
252.9
249.4
248.7
247.4
244.2
245.6
243.8
Exposure at default by geographic distribution
Sweden 3%
Other Europe 4%
Central/ Northern Norway 16%
Oslo/ Akershus 38%
Western Norway 16%
Eastern Norway excl. Oslo/ Akershus 23%
Breakdown of shipping
Exposure at default
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Chemical and product tankers Container
Crude oil carriers Dry bulk
Gas carriers
Other shipping
6.7
1.1
16.5
10.1
10.6
9.1
7.1
1.2
18.0
9.8
10.8
9.9
7.0
1.0
14.6
9.2
9.0
9.1
6.7
1.2
13.0
10.9
9.4
6.3
6.7
1.4
13.8
11.6
9.8
5.6
6.8
2.2
13.6
12.1
10.2
8.3
6.6
1.7
11.4
9.8
9.2
7.4
5.3
1.9
13.0
9.7
9.4
7.9
5.8
1.8
11.6
8.9
10.0
5.7
Total
53.9
56.7
49.9
47.5
48.9
53.2
46.2
47.3
43.7
Risk classification of portfolio
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Low risk Medium risk
High risk*
35.9
17.9
0.1
39.4
17.2
0.1
34.3
15.4
0.1
29.6
17.8
0.1
30.1
18.4
0.4
31.1
21.8
0.4
30.6
15.3
0.2
32.8
14.2
0.2
30.8
12.6
0.3
Total1
53.9
56.7
49.9
47.5
48.9
53.2
46.2
47.3
43.7
* Of which exposure at default in stage 3
0.0
0.0
0.0
0.0
0.2
0.3
0.2
0.2
0.2
1 For a breakdown into sub-segments, see next page.
Exposure at default Risk classification of portfolio
Other shipping 17%
Chemical and product tankers 12%
Container 2%
Gas carriers 20%
Crude oil carriers 31%
Dry bulk 19%
40
NOK billion
36
35
30
25
30 Sept. 2024
31 Dec. 2024
31 March 2025
30 June 2025
30 Sept. 2025
31 Dec. 2025
31 March 2026
20
18
15
10
5
0
0
Low risk
Medium risk
High risk*
* Of which exposure at default of NOK 0.0 billion in stage 3 as at 31 March 2026.
Breakdown of shipping (continued)
Risk classification of portfolio - breakdown into sub-segments
Amounts in NOK billion
31 March
2026
31 Dec.
2025
30 Sept.
2025
30 June
2025
31 March
2025
31 Dec.
2024
30 Sept.
2024
30 June
2024
31 March
2024
Low risk
Crude oil sector Dry bulk sector Container sector Other
13.6
4.0
0.8
17.5
14.7
4.8
1.2
18.8
11.4
4.4
1.0
17.5
9.7
4.4
1.2
14.3
10.2
4.6
1.4
14.1
7.4
5.7
1.7
16.2
5.4
5.0
1.4
18.8
7.3
5.1
1.4
18.9
7.5
5.8
1.3
16.3
Total
35.9
39.4
34.3
29.6
30.1
31.1
30.6
32.8
30.8
Medium risk
Crude oil sector Dry bulk sector Container sector Other
2.8
6.1
0.3
8.7
3.3
5.0
0.0
8.9
3.2
4.8
0.0
7.4
3.3
6.5
0.0
8.0
3.6
6.8
0.0
8.0
6.1
6.2
0.5
9.0
6.0
4.6
0.4
4.4
5.7
4.3
0.5
3.8
4.1
2.8
0.5
5.1
Total
17.9
17.2
15.4
17.8
18.4
21.8
15.3
14.2
12.6
High risk*
Crude oil sector Dry bulk sector Container sector Other
0.1
0.1
0.1
0.1
0.2
0.1
0.3
0.1
0.2
0.0
0.0
0.2
0.0
0.0
0.2
0.0
Total
0.1
0.1
0.1
0.1
0.4
0.4
0.2
0.2
0.3
Total shipping
53.9
56.7
49.9
47.5
48.9
53.2
46.2
47.3
43.7
* Of which exposure at default in stage 3
Crude oil sector Dry bulk sector Container sector
Other
0.0
0.0
0.0
0.0
0.2
0.0
0.3
0.0
0.2
0.0
0.2
0.0
0.2
0.0
Total
0.0
0.0
0.0
0.0
0.2
0.3
0.2
0.2
0.2
Breakdown of oil, gas and offshore
Exposure at default
Amounts in NOK billion | 31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | 31 March 2025 | 31 Dec. 2024 | 30 Sept. 2024 | 30 June 2024 | 31 March 2024 |
Oil and gas Offshore Oilfield services | 51.7 20.0 11.2 | 44.6 18.8 11.5 | 32.1 21.8 10.5 | 31.7 21.9 10.3 | 36.2 25.9 10.9 | 38.0 26.6 12.4 | 32.6 24.4 12.3 | 30.6 26.7 12.1 | 31.9 26.8 13.6 |
Total | 82.9 | 75.0 | 64.4 | 63.9 | 73.0 | 77.1 | 69.2 | 69.4 | 72.3 |
Risk classification of portfolio
Amounts in NOK billion | 31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | 31 March 2025 | 31 Dec. 2024 | 30 Sept. 2024 | 30 June 2024 | 31 March 2024 |
Low risk Medium risk High risk* | 71.6 10.0 1.3 | 62.9 10.4 1.7 | 51.7 9.5 3.2 | 50.5 9.9 3.5 | 54.8 14.1 4.1 | 57.2 15.5 4.4 | 50.0 14.0 5.2 | 47.8 16.0 5.7 | 50.6 15.2 6.5 |
Total1 | 82.9 | 75.0 | 64.4 | 63.9 | 73.0 | 77.1 | 69.2 | 69.4 | 72.3 |
* Of which exposure at default in stage 3 | 0.9 | 1.2 | 2.7 | 2.9 | 3.0 | 3.2 | 3.7 | 3.7 | 4.5 |
1 For a breakdown into sub-segments, see next page.
NOK billion
60 31 March 2024
30 June 2024
30 Sept. 2024
50
31 Dec. 2024
31 March 2025
40 30 June 2025
30 Sept. 2025
30
20
10
10
1
0
Low risk Medium risk High risk*
Exposure at default Risk classification of portfolio
Oilfield services 14%
Offshore 24%
Oil and gas 62%
High risk*
Medium risk
Low risk
0
1
10
10
20
30
40
30 Sept. 2024
31 Dec. 2024
31 March 2025
30 June 2025
30 Sept. 2025
31 Dec. 2025
31 March 2026
60
50
70
72
80
NOK billion
* Of which exposure at default of NOK 0.9 billion in stage 3 as at 31 March 2026.
Breakdown of oil, gas and offshore (continued)
Risk classification of portfolio - breakdown into sub-segments
Amounts in NOK billion | 31 March 2026 | 31 Dec. 2025 | 30 Sept. 2025 | 30 June 2025 | 31 March 2025 | 31 Dec. 2024 | 30 Sept. 2024 | 30 June 2024 | 31 March 2024 |
Low risk Oil and gas sector Offshore sector Oilfield services sector | 49.4 13.8 8.4 | 43.0 11.2 8.7 | 29.0 14.1 8.5 | 28.4 13.3 8.9 | 32.8 12.0 10.0 | 35.1 10.6 11.5 | 28.7 10.1 11.2 | 26.1 10.9 10.8 | 28.4 10.7 11.4 |
Total | 71.6 | 62.9 | 51.7 | 50.5 | 54.8 | 57.2 | 50.0 | 47.8 | 50.6 |
Medium risk Oil and gas sector Offshore sector Oilfield services sector | 2.2 5.0 2.7 | 1.3 6.4 2.7 | 2.7 5.0 1.8 | 3.0 5.6 1.3 | 3.0 10.4 0.6 | 2.6 12.2 0.7 | 3.5 10.0 0.5 | 4.1 11.0 0.8 | 3.2 10.5 1.5 |
Total | 10.0 | 10.4 | 9.5 | 9.9 | 14.1 | 15.5 | 14.0 | 16.0 | 15.2 |
High risk* Oil and gas sector Offshore sector Oilfield services sector | 0.0 1.2 0.1 | 0.3 1.2 0.1 | 0.4 2.8 0.1 | 0.3 3.0 0.1 | 0.3 3.6 0.2 | 0.3 3.8 0.2 | 0.3 4.3 0.6 | 0.3 4.8 0.6 | 0.3 5.5 0.6 |
Total | 1.3 | 1.7 | 3.2 | 3.5 | 4.1 | 4.4 | 5.2 | 5.7 | 6.5 |
Total oil, gas and offshore | 82.9 | 75.0 | 64.4 | 63.9 | 73.0 | 77.1 | 69.2 | 69.4 | 72.3 |
* Of which exposure at default in stage 3
Oil and gas sector Offshore sector Oilfield services sector | 0.0 0.8 0.0 | 0.3 0.8 0.0 | 0.3 2.3 0.0 | 0.3 2.6 0.0 | 0.3 2.7 0.0 | 0.3 2.8 0.0 | 0.3 3.3 0.0 | 0.3 3.4 0.0 | 0.3 4.1 0.1 |
Total | 0.9 | 1.2 | 2.7 | 2.9 | 3.0 | 3.2 | 3.7 | 3.7 | 4.5 |