3
Third quarter report (Unaudited)
2026
DNB Group
Financial highlights Income statementAmounts in NOK million | 3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Net interest income | 15,504 | 15,990 | 45,935 | 48,552 | 64,731 |
Net commissions and fees | 4,489 | 3,916 | 13,188 | 11,786 | 16,398 |
Net gains on financial instruments at fair value | 756 | 1,387 | 2,910 | 3,099 | 4,431 |
Net insurance result | 458 | 521 | 1,446 | 1,158 | 1,705 |
Other operating income | 485 | 876 | 2,330 | 2,499 | 3,384 |
Net other operating income | 6,189 | 6,700 | 19,874 | 18,542 | 25,918 |
Total income | 21,693 | 22,691 | 65,809 | 67,094 | 90,649 |
Operating expenses | (8,593) | (8,428) | (25,892) | (24,985) | (34,297) |
Restructuring costs and non-recurring effects | (42) | (55) | (172) | (130) | (179) |
Pre-tax operating profit before impairment | 13,059 | 14,208 | 39,745 | 41,979 | 56,173 |
Net gains on fixed and intangible assets | 0 | 2 | 16 | 23 | 28 |
Impairment of financial instruments | (529) | (862) | (1,511) | (1,950) | (2,803) |
Pre-tax operating profit | 12,530 | 13,347 | 38,250 | 40,052 | 53,398 |
Tax expense | (2,757) | (2,669) | (8,728) | (8,010) | (9,894) |
Profit from operations held for sale, after taxes | 71 | 6 | 4 | (67) | 82 |
Profit for the period | 9,844 | 10,684 | 29,526 | 31,974 | 43,586 |
Amounts in NOK million | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Total assets | 3,860,316 | 3,695,290 | 3,801,152 |
Loans to customers | 2,271,021 | 2,403,340 | 2,467,848 |
Deposits from customers | 1,523,576 | 1,521,872 | 1,536,884 |
Total equity | 283,776 | 295,855 | 284,050 |
Average total assets | 4,028,413 | 4,184,938 | 4,278,998 |
Total combined assets¹ | 5,246,437 | 4,930,301 | 4,959,952 |
1 Defined as alternative performance measure (APM). APMs are described on ir.dnb.no.
Key figures and alternative performance measures3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 | |
Return on equity, annualised (per cent)¹ | 14.5 | 15.8 | 14.4 | 15.7 | 15.9 |
Earnings per share (NOK) | 6.57 | 6.98 | 19.58 | 20.81 | 28.45 |
Combined weighted total average spreads for lending and deposits (per cent)¹ | 1.20 | 1.35 | 1.21 | 1.36 | 1.34 |
Average spreads for ordinary lending to customers (per cent)¹ | 1.33 | 1.73 | 1.39 | 1.70 | 1.68 |
Average spreads for deposits from customers (per cent)¹ | 1.03 | 0.84 | 0.97 | 0.90 | 0.89 |
Cost/income ratio (per cent)¹ | 39.8 | 37.4 | 39.6 | 37.4 | 38.0 |
Ratio of customer deposits to net loans to customers at end of period, customer segments (per cent)¹ | 71.6 | 73.6 | 71.6 | 73.6 | 72.2 |
Net loans at amortised cost and financial commitments in stage 2, per cent of net loans at amortised cost¹ | 7.47 | 6.58 | 7.47 | 6.58 | 6.37 |
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost¹ | 0.86 | 0.82 | 0.86 | 0.82 | 0.81 |
Impairment relative to average net loans to customers at amortised cost, annualised (per cent)¹ | (0.09) | (0.15) | (0.09) | (0.11) | (0.12) |
Common equity Tier 1 capital ratio at end of period (per cent) | 17.3 | 17.9 | 17.3 | 17.9 | 17.9 |
Leverage ratio at end of period (per cent) | 6.3 | 6.3 | 6.3 | 6.3 | 6.6 |
Share price at end of period (NOK) | 315.80 | 271.50 | 315.80 | 271.50 | 281.50 |
Book value per share at end of period (NOK) | 182.50 | 177.93 | 182.50 | 177.93 | 186.02 |
Price/book value¹ | 1.73 | 1.53 | 1.73 | 1.53 | 1.51 |
Dividend per share (NOK) | 18.00 |
Sustainability: | |||||
Lending and facilitation of funding to the sustainable transition (NOK billion, accumulated) | 1,076 | 877 | 1,076 | 877 | 929 |
Score from Traction's reputation survey in Norway (points) | 59 | 59 | 59 | 59 | 61 |
Customer satisfaction index, CSI, personal customers in Norway (score) | 73.2 | 70.9 | 73.2 | 70.9 | 72.3 |
Female representation at management levels 1-4 (per cent) | 38 | 38 | 38 | 38 | 38 |
1 Defined as alternative performance measure (APM). APMs are described on ir.dnb.no.
For additional key figures and definition, please see the Factbook on ir.dnb.no.
Contents Directors' report .....................................................................5Accounts for the DNB Group
G - Income statement................................................................................ 16
G - Comprehensive income statement ................................................... 17
G - Balance sheet ....................................................................................... 18
G - Statement of changes in equity......................................................... 19
G - Cash flow statement ........................................................................... 21
Note G1 Basis for preparation..................................................... 22
Note G2 Segments........................................................................ 22
Note G3 Capital adequacy .......................................................... 24
Note G4 Taxes ............................................................................... 25
Note G5 Development in gross carrying amount and 26
maximum exposure....................................................................................
Note G6 Development in accumulated impairment of 27
financial instruments..................................................................................
Note G7 Loans and financial commitments to customers by 28
industry segment .......................................................................................
Accounts for DNB Bank ASA (parent company)P - Income statement ................................................................................ 35
P - Comprehensive income statement.................................................... 36
P - Balance sheet........................................................................................ 37
P - Statement of changes in equity.......................................................... 38
Note P1 Basis for preparation..................................................... 39
Note P2 Capital adequacy .......................................................... 40
Note P3 Development in accumulated impairment of 41
Note P4 | Financial instruments at fair value............................... | 42 |
Note P5 | Information on related parties..................................... | 43 |
financial instruments..................................................................................
Information about DNB ......................................................... 44Note G8 Financial instruments at fair value............................... 30
Note G9 Debt securities issued, senior non-preferred bonds 31
and subordinated loan capital..................................................................
Note G10 Contingencies................................................................ 33
There has been no full or partial external audit of the quarterly directors' report and accounts.
DNB GROUP - THIRD QUARTER REPORT 2026 / 4
Directors' reportDNB's results in the third quarter were solid, supported by a resilient Norwegian economy. Economic activity increased further, with business investment holding up and the decline in housing investment coming to a halt, even as residential construction remained low. Employment continued to rise, and capacity utilisation drifted down to slightly below a normal level. The Norwegian central bank, Norges Bank, raised the key policy rate on 24 September, from
4.25 per cent to 4.50 per cent, and signalled that the rate would likely need to remain elevated for a time. The capital situation for DNB remained sound, and the portfolio well diversified and robust.
Third quarter financial performanceThe Group delivered profits of NOK 9,844 million in the third quarter, a decrease of NOK 839 million, or 7.9 per cent, from the corresponding quarter of last year, but on the same level as in the second quarter of 2026.
The sale of DNB's ownership share in Luminor had a negative effect of NOK 704 million on the profits in the quarter, partly offset by a gain of NOK 277 million related to the sale of DNB Næringseiendom.
Earnings per share were NOK 6.57 in the quarter, compared with NOK 6.98 in the year-earlier period and NOK 6.50 in the second quarter. The common equity Tier 1 (CET1) capital ratio was 17.3 per cent at end-September, down from
17.9 per cent a year earlier and from 17.4 per cent in the previous quarter.
The leverage ratio was 6.3 per cent at end-September, which was at the same level as the year-earlier period and the previous quarter.
Annualised return on equity (ROE) was 14.5 per cent in the third quarter, driven by strong performance and high activity across the Group. The corresponding figures were
15.8 per cent in the third quarter of 2025, and 14.6 per cent in the second quarter of 2026.
Net interest income decreased by NOK 486 million, or
3.0 per cent, from the third quarter of 2025. Compared with the previous quarter, net interest income increased by NOK 372 million, or 2.5 per cent, due to repricing effects and higher interest on equity.
Net other operating income was affected by the sale of Luminor and DNB Næringseiendom, and amounted to NOK 6,189 million in the quarter, down NOK 511 million or
7.6 per cent from the corresponding quarter of 2025, and down NOK 1,002 million, or 13.9 per cent, from the previous quarter. Net commissions and fees were up NOK 573 million, or 14.6 per cent, compared with the corresponding quarter of last year, primarily driven by corporate finance and asset management services
Operating expenses totalled NOK 8,634 million in the third quarter, up NOK 151 million, or 1.8 per cent, from the corresponding period a year earlier. Compared with the previous quarter, operating expenses were down NOK 355 million, or 4.0 per cent, reflecting seasonally lower activity.
Impairment of financial instruments amounted to NOK 529 million in the third quarter, mainly related to company-specific events within various segments.
SustainabilitySustainability efforts during the quarter remained focused on enabling the customer transition and integrating sustainability considerations into decision-making processes. The Group continued to advance its sustainability assessment framework, by making ongoing enhancements to risk and credit processes and strengthening analytical tools.
Sustainable finance activity has been solid across the Nordic market so far this year. Demand for green bonds and green loans continues to be robust, while DNB has supported customers through sustainability-related advisory services, including in connection with selected initial public offerings (IPOs).
As at end-September, DNB had mobilised a cumulative total of NOK 1,076 billion to the sustainable transition, through lending and facilitation. DNB remains on track to reach the target of NOK 1,500 billion to the sustainable transition by 2030.
Other events in the third quarterThe 1.0 per cent share buy-back programme announced on 15 May was completed on 10 July. On 14 July, DNB announced another programme of up to 1.0 per cent. As of 30 September, DNB had repurchased 9,338,237 shares in the open market under this second programme, and it was completed on 2 October. A proposal will be made at the Annual General Meeting in 2027 to cancel the shares bought back under the two programmes. In addition, according to an agreement with the Norwegian government, represented by the Ministry of Trade, Industry and Fisheries, a proposal will be made at the same meeting to redeem a proportion of the government's holding. Furthermore, on 20 October a new share buy-back programme of 0.75 per cent was approved by the Board of Directors.
In the third quarter, a new digital voice portal was launched, enabling customers to reach the right adviser faster. As a result, 92 per cent of customers were connected to the correct adviser on the first attempt.
On 20 July, DNB announced the sale of its 19.95 per cent ownership stake in Luminor to OTP Bank Plc. Following the announcement, the investment was classified as held for sale, and a loss of NOK 704 million was recognised in the third quarter.
The sale of DNB Næringseiendom to the Norwegian real estate firm UNION Gruppen was completed on 1 September and resulted in a gain of NOK 277 million in the quarter.
On 1 September, DNB integrated the competence and areas of responsibility of the Group unit Products, Data & Innovation (PDI) into the Group unit Technology & Services, and the business areas Personal Banking and Corporate Banking Norway. The Group unit PDI was consequently dissolved. The change aims to reduce complexity, increase implementation capacity and bring product development closer to customers.
Following the decision of Norges Bank to increase the key policy rate by 0.25 percentage point on 24 September, DNB decided to increase interest rates on mortgages and deposits by up to 0.25 percentage point. The new rates entered into effect on 29 September for new mortgages and deposits and will apply from 29 November for existing mortgages and deposits.
In Traction's reputation survey for the third quarter, DNB achieved a score of 59 points, up from 58 in the previous quarter. The target is a score of over 65 points, indicating that DNB is a well-liked bank.
On 1 October, Mitra Hagen Negård took up the position of Head of Investor Relations at DNB, succeeding Rune Helland.
Financial performance in the three first quartersDNB recorded profits of NOK 29,526 million in the first three quarters of 2026, down NOK 2,449 million, or 7.7 per cent, from the corresponding period in 2025.
Annualised return on equity was 14.4 per cent, compared with 15.7 per cent in the year-earlier period, and earnings per share were NOK 19.58, down from NOK 20.81.
Net interest income decreased by NOK 2,618 million, or 5.4 per cent. There was an average increase in performing loans of 3.0 per cent and a 0.9 per cent increase in average deposit volumes from the first three quarters of 2025. The combined spreads narrowed by 15 basis points, compared with the year-earlier period. Average lending spreads for the customer segments narrowed by 32 basis points and deposit spreads widened by 8 basis points.
Net other operating income increased by NOK 1,333 million, or 7.2 per cent. Net commissions and fees showed a strong development and increased by NOK 1,401 million, or 11.9 per cent. The growth was primarily driven by investment banking, asset management and the sale of insurance products. Investment banking benefited from strong corporate finance activity, particularly within Equity Capital Markets (ECM), Debt Capital Markets (DCM) and mergers and acquisitions, while asset management was supported by record net inflows, higher assets under management and positive market valuation effects. These gains more than offset weaker income from money transfer and banking services, which reflected higher payment-related costs as well as credit insurance and securitisation costs, in addition to lower real estate broking activity. Guarantee commissions were broadly resilient despite adverse foreign exchange rates, portfolio mix effects and the phasing out of tax guarantees.
Total operating expenses were up NOK 949 million, or 3.8 per cent. Personnel expenses increased due to wage growth as well as activity-based variable salaries and the closed defined-benefit pension scheme which is partly hedged. The IT expenses increased due to price growth and investment in AI (artificial intelligence) and modernisation initiatives.
There were impairment provisions of NOK 1,511 million in the first three quarters of 2026, compared with impairment provisions of NOK 1,950 million in the corresponding period of last year. For the personal customers industry segment, there were impairment provisions of NOK 215 million. The impairment provisions could mainly be seen in stages 2 and 3, driven by consumer finance. The corporate customers industry segments saw impairment provisions of NOK 1,296 million in the first three quarters of 2026, including a provision relating to the legacy portfolio in Poland.
Additional impairment provisions were mainly driven by specific customers in stage 3, spread across various industry segments.
Third quarter income statement - main items Net interest incomeAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Interest margin on performing loans - customer segments | 6,890 | 6,618 | 8,713 |
Interest margin on deposits -customer segments | 3,932 | 3,858 | 3,148 |
Amortisation effects and fees | 1,314 | 1,313 | 1,420 |
Equity and non-interest bearing items | 2,766 | 2,695 | 2,534 |
Operational leasing | 666 | 656 | 697 |
Contributions to the deposit guarantee and resolution funds | (367) | (385) | (339) |
Other net interest income | 301 | 377 | (181) |
Net interest income | 15,504 | 15,132 | 15,990 |
Net interest income decreased by NOK 486 million, or 3.0 per cent, from the third quarter of 2025. This was mainly due to repricing effects and competition. There was an average increase of NOK 51.2 billion, or 2.6 per cent, in performing loans. Adjusted for exchange rate effects, volumes were up NOK 85.0 billion, or 4.2 per cent. During the same period, deposits were up NOK 28.5 billion, or 1.9 per cent. Adjusted for exchange rate effects, deposits were up NOK 55.8 billion, or 3.8 per cent. Average lending spreads narrowed by 40 basis points, while average deposit spreads widened by 19 basis points. Volume-weighted spreads for the customer segments narrowed by 15 basis points.
Compared with the second quarter of 2026, net interest income increased by NOK 372 million, or 2.5 per cent. This was due to repricing effects and higher interest on equity, as well as one additional interest day. There was profitable growth in both loans and deposits, with an average increase in performing loans of NOK 17.4 billion, or 0.9 per cent, and an increase in deposits of NOK 3.9 billion, or 0.3 per cent.
Average lending spreads widened by 3 basis points, and average deposit spreads widened by 1 basis point. Volume-weighted spreads for the customer segments widened by 2 basis points.
Net other operating incomeAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Net commissions and fees | 4,489 | 4,569 | 3,916 |
Basis swaps | 151 | (290) | 264 |
Exchange rate effects related to additional Tier 1 capital | (534) | 96 | (136) |
Net gains on other financial instruments at fair value | 1,139 | 1,152 | 1,259 |
Net insurance result | 458 | 501 | 521 |
Net profit from associated companies | (310) | 550 | 361 |
Other operating income | 795 | 613 | 516 |
Net other operating income | 6,189 | 7,191 | 6,700 |
In the third quarter, net other operating income saw a negative effect of NOK 704 million, due to the sale of Luminor, which affected net profit from associated companies. The sale of DNB Næringseiendom had a positive effect on other operating income of NOK 277 million in the quarter.
Compared with the third quarter of 2025, there was a decrease of NOK 511 million, or 7.6 per cent. However, net commissions and fees contributed positively and increased by NOK 573 million, or 14.6 per cent. There were strong results across product areas, particularly within corporate finance and asset management services, with an all-time high net flow of NOK 54.5 billion in the quarter.
Compared with the previous quarter, net other operating income decreased by NOK 1,002 million, or 13.9 per cent. There was a negative exchange rate effect related to additional Tier 1 (AT1) capital, and net commissions and fees decreased by NOK 80 million, or 1.7 per cent.
Operating expensesAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Salaries and other personnel expenses | (5,137) | (5,420) | (5,028) |
Restructuring expenses | (36) | (27) | (55) |
Other expenses | (2,537) | (2,577) | (2,460) |
Depreciation of fixed and intangible assets | (919) | (907) | (941) |
Impairment of fixed and intangible assets | (6) | (58) | - |
Total operating expenses | (8,634) | (8,989) | (8,483) |
Total operating expenses increased by NOK 151 million, or
1.8 per cent, compared with the third quarter of 2025.
Compared with the second quarter of 2026, operating expenses were down NOK 355 million, or 4.0 per cent. This was due to seasonally lower activity. In addition, there were lower pension expenses, due to lower return on the closed defined-benefit pension scheme.
The cost/income ratio was 39.8 per cent in the quarter.
Impairments of financial instruments by industry segmentAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Personal customers | (131) | 43 | (103) |
Commercial real estate | (46) | (33) | (153) |
Residential property | 10 | (145) | (53) |
Power and renewables | 1 | 4 | (8) |
Oil, gas and offshore | 69 | (5) | 41 |
Other | (432) | (203) | (585) |
Total impairment of financial instruments | (529) | (338) | (862) |
Impairment of financial instruments amounted to NOK 529 million in the quarter.
Impairment provisions in the personal customers industry segment amounted to NOK 131 million. The impairment provisions could primarily be seen in stages 2 and 3, due to slightly negative customer migration. The corporate customers industry segments saw impairment provisions of NOK 398 million. The impairment provisions could primarily be seen in stage 3, relating to specific customers spread across various industry segments. In the corresponding quarter of 2025, impairment provisions amounted to NOK 862 million, while the second quarter of 2026 saw impairment provisions of NOK 338 million. The macro forecasts remained relatively stable during the third quarter and did not have a significant impact on the impairment of the portfolio. The Group's net loan portfolio remained robust, with 99.4 per cent in stages 1 and 2. Net stage 3 loans and financial commitments amounted to NOK 19.2 billion at end-September 2026, which was a decrease of NOK 0.6 billion from the corresponding period of 2025, and a decrease of NOK 0.3 billion from the previous quarter.
Taxes in the quarterThe DNB Group's tax expense for the third quarter is estimated at NOK 2,757 million, or 22 per cent of the pretax operating profit.
Financial performance -segmentsFinancial governance in DNB is adapted to the different customer segments. Reported figures reflect total sales of products and services to the relevant segments.
Personal customersAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Net interest income Net other operating income | 5,260 2,270 | 4,847 2,212 | 5,806 2,089 |
Total income Operating expenses | 7,530 (3,146) | 7,060 (3,171) | 7,895 (3,116) |
Pre-tax operating profit before impairment | 4,384 | 3,889 | 4,779 |
Net gains on fixed and intangible assets | - | 0 | 0 |
Impairment of financial instruments | (67) | 57 | (140) |
Profit from repossessed operations | 69 | (0) | 29 |
Pre-tax operating profit | 4,386 | 3,945 | 4,668 |
Tax expense | (1,097) | (986) | (1,167) |
Profit for the period | 3,290 | 2,959 | 3,501 |
Amounts in NOK billion | 3Q26 | 2Q26 | 3Q25 |
Loans to customers | 984.7 | 980.2 | 969.7 |
Deposits from customers | 658.3 | 647.0 | 634.8 |
Numbers in per cent | 3Q26 | 2Q26 | 3Q25 |
Lending spreads¹ | 0.61 | 0.54 | 1.20 |
Deposit spreads¹ | 1.69 | 1.73 | 1.30 |
Return on allocated capital | 19.3 | 17.1 | 19.6 |
Cost/income ratio | 41.8 | 44.9 | 39.5 |
Ratio of deposits to loans | 66.9 | 66.0 | 65.5 |
1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).
The personal customers segment delivered solid profitability in a highly competitive market and had a return on allocated capital of 19.3 per cent in the third quarter.
Average loans to customers increased by 1.5 per cent from the corresponding quarter of 2025, and by 0.5 per cent from the previous quarter. Average deposits from customers increased by 3.7 per cent from the third quarter of 2025 and by 1.7 per cent from the previous quarter. The average deposits-to-loans ratio was 66.9 per cent. The third quarter included customer repricing effects following the interest rate changes announced in May 2026. Combined spreads on loans and deposits narrowed by 20 basis points from the third quarter of 2025 and widened by 3 basis points from the previous quarter.
Net other operating income increased by 8.6 per cent from the corresponding quarter of 2025, driven by higher income from long-term savings products, insurance sales and payment services. Compared with the previous quarter, there was an increase of 2.6 per cent related to continued growth in income from long-term savings products as well as seasonally higher income from payment services. The positive effect was partially offset by seasonally lower real estate broking activity.
Operating expenses increased by 1.0 per cent from the corresponding quarter of 2025, mainly due to restructuring costs and higher activity-driven costs such as marketing expenses. The effect was partially offset by organisational changes within private banking. From the previous quarter, operating expenses decreased by 0.8 per cent, mainly due to the organisational changes mentioned as well as seasonal fluctuations in real estate broking.
Profit from repossessed operations of NOK 69 million were included in the third quarter, related to a customer within private banking.
Impairment of financial instruments amounted to NOK 67 million in the quarter, compared with impairment provisions of NOK 140 million and net reversals of NOK 57 million in the corresponding quarter of 2025 and the second quarter of 2026, respectively. The impairment provisions were mainly observed in stage 3 within mortgages and consumer finance. The macro effect on the impairment provisions for the quarter was insignificant. Overall, the credit quality in the portfolio remained strong.
DNB's market share of credit to households in Norway was
22.1 per cent at end-August. The market share of total household savings was 28.2 per cent at the same point in time, while the market share of savings in mutual funds amounted to 39.4 per cent at end-September. DNB Eiendom had an average market share of 13.9 per cent in the third quarter.
Corporate customers NorwayAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Net interest income | 4,699 | 4,634 | 4,860 |
Net other operating income | 1,099 | 1,139 | 1,054 |
Total income | 5,798 | 5,773 | 5,914 |
Operating expenses | (1,768) | (1,797) | (1,778) |
Pre-tax operating profit before impairment | 4,030 | 3,976 | 4,137 |
Impairment of financial instruments | (287) | (211) | (373) |
Profit from repossessed operations | (2) | (2) | - |
Pre-tax operating profit | 3,741 | 3,763 | 3,764 |
Tax expense | (935) | (941) | (941) |
Profit for the period | 2,806 | 2,822 | 2,823 |
Amounts in NOK billion | 3Q26 | 2Q26 | 3Q25 |
Loans to customers | 574.7 | 569.0 | 545.8 |
Deposits from customers | 421.0 | 433.8 | 418.7 |
Numbers in per cent | 3Q26 | 2Q26 | 3Q25 |
Lending spreads¹ | 1.87 | 1.91 | 2.18 |
Deposit spreads¹ | 0.95 | 0.90 | 0.92 |
Return on allocated capital | 21.2 | 21.9 | 20.9 |
Cost/income ratio | 30.5 | 31.1 | 30.1 |
Ratio of deposits to loans | 73.2 | 76.2 | 76.7 |
1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).
The third quarter showed solid performance, with continued loan growth and higher net interest income than in the previous quarter. However, deposit volumes declined due to seasonal variations.
In the quarter, the return on allocated capital in the corporate customers Norway segment was 21.2 per cent, up from 20.9 per cent in the corresponding quarter of 2025, and down from 21.9 per cent in the previous quarter.
Net interest income decreased by NOK 161 million, or 3.3 per cent, compared with the corresponding quarter of last year. This was mainly due to lower lending margins, which more than offset volume growth. Compared with the previous quarter, net interest income increased by
NOK 65 million, or 1.4 per cent, supported by a higher number of interest days and higher deposit margins, partly offset by lower lending margins. Average loans to customers increased by 5.3 per cent from the corresponding quarter of 2025 and by 1.0 per cent from the previous quarter. Lending spreads narrowed by 31 basis points compared with the corresponding quarter of 2025 and by 4 basis points compared with the previous quarter, reflecting continued competitive pressure and lagged effects relating to interest rate changes. Average deposit volumes increased by 0.5 per cent compared with the corresponding period last year and decreased by 3.0 per cent from the previous quarter. The decrease in average deposits from the previous quarter reflects seasonal variation in public sector deposits and withdrawals of time deposits from organisations. The ratio of deposits to loans for the quarter ended at 73.2 per cent.
Net other operating income amounted to NOK 1,099 million in the quarter. This was an increase of NOK 44 million, or 4.2 per cent, compared with the corresponding quarter of 2025. The increase from the third quarter of 2025 reflects growth across several product areas, including DNB Carnegie, insurance sales and asset management. Compared with the previous quarter, net other operating income was down 3.5 per cent.
Operating expenses amounted to NOK 1,768 million, a decrease of NOK 10 million from the corresponding quarter of 2025 and a decrease of NOK 29 million from the previous quarter. The cost/income ratio ended at 30.5 per cent, which is an increase from 30.1 per cent in the corresponding quarter of last year and a decrease from 31.1 per cent in the previous quarter. The second quarter was affected by one-off items.
Impairment of financial instruments amounted to NOK 287 million in the quarter. Compared with the
corresponding quarter of 2025, this was a decrease of NOK 86 million, and an increase of NOK 76 million compared with the previous quarter. The impairment provisions were mainly related to individual customers in stage 3 within various segments.
Large corporates and international customersAmounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Net interest income | 4,774 | 4,681 | 4,864 |
Net other operating income | 2,792 | 3,055 | 2,272 |
Total income | 7,567 | 7,735 | 7,135 |
Operating expenses | (3,399) | (3,637) | (3,234) |
Pre-tax operating profit before impairment | 4,168 | 4,098 | 3,901 |
Impairment of financial instruments | (171) | (177) | (359) |
Profit from repossessed operations | (21) | (26) | (36) |
Pre-tax operating profit | 3,976 | 3,895 | 3,506 |
Tax expense | (994) | (974) | (877) |
Profit for the period | 2,982 | 2,921 | 2,630 |
Amounts in NOK billion | 3Q26 | 2Q26 | 3Q25 |
Loans to customers | 515.3 | 508.0 | 506.1 |
Deposits from customers | 453.0 | 442.2 | 449.8 |
Numbers in per cent | 3Q26 | 2Q26 | 3Q25 |
Lending spreads¹ | 2.11 | 2.10 | 2.25 |
Deposit spreads¹ | 0.15 | 0.12 | 0.12 |
Return on allocated capital | 18.2 | 18.6 | 15.0 |
Cost/income ratio | 44.9 | 47.0 | 45.3 |
Ratio of deposits to loans | 87.9 | 87.1 | 88.9 |
1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).
The third quarter showed solid operational performance, driven by higher net interest income, strong DNB Carnegie income, lower costs and stable underlying credit quality. The segment is entering the fourth quarter with a robust balance sheet, solid customer activity and continued strategic momentum.
The return on allocated capital in the third quarter was 18.2 per cent, up from 15.0 per cent in the corresponding quarter of 2025 and down from 18.6 per cent in the previous quarter.
Net interest income decreased by NOK 89 million, or 1.8 per cent, compared with the corresponding quarter of last year, mainly due to lower lending margins, partly offset by volume growth. Compared with the previous quarter, net interest income increased by NOK 94 million, or 2.0 per cent, driven by one additional interest day, volume growth, improved margins and higher interest on allocated capital. Average loans to customers increased by 1.8 per cent from the corresponding period of 2025 and by 1.4 per cent from the previous quarter. Growth in lending volumes was seen across most sectors and locations, with an increasing footprint in the Nordics. Lending spreads narrowed by 14 basis points, compared with the corresponding quarter of 2025, reflecting competitive pressure and product mix effects.
Compared with the previous quarter, lending spreads widened by 1 basis point. Average deposit volumes were up
0.7 per cent compared with the corresponding period last year and up 2.4 per cent from the previous quarter. The ratio of deposits to loans for the quarter ended at 87.9 per cent.
Net other operating income amounted to NOK 2,792 million in the quarter, up 22.9 per cent from the corresponding quarter of 2025, driven by strong DNB Carnegie income, with significantly higher corporate finance revenues, supported by growth in wealth management and insurance-related income, and down 8.6 per cent from the previous quarter. The decrease from the previous quarter reflects lower DNB Carnegie income, following a very strong second quarter.
Operating expenses were NOK 3,399 million in the quarter, an increase of NOK 165 million from the corresponding period last year and a decrease of NOK 238 million from the previous quarter. The decrease reflects lower personnel costs due to a reduction in FTEs and consultants, as well as lower IT costs. The cost/income ratio was 44.9 per cent in the quarter, compared with 47.0 per cent in the previous quarter.
Impairment of financial instruments amounted to
NOK 171 million in the quarter. The corresponding quarter of 2025 showed impairment provisions of NOK 359 million, while the previous quarter saw impairment provisions of NOK 177 million. The impairment provisions for the third quarter were mainly driven by one specific customer in
stage 3. The credit quality of the portfolio remained solid.
Other operationsThis segment includes the results from risk management in DNB Carnegie and from traditional pension products with a guaranteed rate of return. In addition, the other operations segment includes Group items not allocated to the customer segments.
Amounts in NOK million | 3Q26 | 2Q26 | 3Q25 |
Net interest income Net other operating income | 770 (99) | 970 741 | 461 1,828 |
Total income Operating expenses | 671 (194) | 1,711 (339) | 2,289 (899) |
Pre-tax operating profit before impairment | 477 | 1,371 | 1,390 |
Net gains on fixed and intangible assets | 0 | 13 | 2 |
Impairment of financial instruments | (4) | (7) | 9 |
Profit from repossessed operations | (46) | 28 | 8 |
Pre-tax operating profit | 427 | 1,405 | 1,409 |
Tax expense | 269 | (274) | 315 |
Profit from operations held for sale, after taxes | 71 | (13) | 6 |
Profit for the period | 767 | 1,118 | 1,730 |
Amounts in NOK billion | 3Q26 | 2Q26 | 3Q25 |
Loans to customers | 199.0 | 257.0 | 246.1 |
Deposits from customers | 121.4 | 125.0 | 95.5 |
The profit for the other operations segment was NOK 767 million in the third quarter.
Risk management income amounted to NOK 209 million, which was a decrease of NOK 134 million compared with the same period last year. The decrease was primarily driven by lower income from interest rate trading and repurchase agreements (Repos). Compared with the previous quarter, risk management income increased by NOK 37 million with income from interest rate trading as the main contributor.
The pre-tax operating profit for guaranteed pension products was NOK 770 million in the third quarter, compared with NOK 489 million in the corresponding quarter of 2025, and NOK 583 million in the previous quarter. Compared with the third quarter of 2025, the insurance result increased by NOK 22 million. The return on the company portfolio relating to guaranteed products increased by NOK 246 million. The main reason for the improved return in the third quarter was the gain from the sale of DNB Næringseiendom to UNION Gruppen. The gain amounted to NOK 277 million, of which NOK 238 million was allocated to guaranteed products. The solvency margin without transitional rules was 278 per cent as at 30 September 2026, an increase from 265 per cent as at 30 September 2025 and an increase from 271 per cent as at 30 June 2026. The strengthened solvency margin was driven by lower market risk and a product result that was better than the assumptions under Solvency II. At the current interest rate level, the transitional rules for technical insurance provisions have no effect, and the solvency margins with and without transitional rules are equal.
DNB's share of the profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment. Due to the loss related to the sale of Luminor, there was a decrease in profit from these companies of NOK 673 million from the third quarter of 2025, and of NOK 858 million compared with the previous quarter.
Funding, liquidity and balance sheetInvestor demand for DNB's short-term funding remained strong in both Europe and the United States in the quarter, despite the geopolitical tensions in the Middle East and the ongoing war in Ukraine.
Throughout the quarter, DNB placed emphasis on issuing short-term funding across all its funding programmes and in multiple currencies, in order to maintain strong funding capacity and diversification in its short-term funding sources.
Market conditions for financial issuers of long-term debt were relatively favourable for most of the third quarter, with credit spreads tightening during the first two months, partly driven by lower new issuance activity due to the summer holiday.
These favourable conditions continued despite heightened geopolitical tensions in the Middle East and the associated rise in energy prices, which in turn raised concerns about higher inflation. This led to elevated government bond yields and stronger expectations of higher central bank key policy rates. In addition, the financial markets focused on the technology sector, particularly on high valuations and the substantial investments required in connection with AI. Towards the end of the quarter, markets became more affected by the factors mentioned above, resulting in wider credit spreads throughout September. DNB issued long-term debt instruments totalling around NOK 17 billion in the third quarter, divided between covered bonds in NOK issued by DNB Boligkreditt AS, senior non-preferred bonds in NOK and SEK, and Tier 2 capital in EUR.
The total nominal value of long-term debt securities issued by the Group was NOK 503 billion at end-September, compared with NOK 542 billion at end-December. The average remaining term to maturity for long-term debt securities issued was 3.6 years.
The short-term liquidity requirement, the Liquidity Coverage Ratio (LCR), remained stable at above 100 per cent throughout the year, and was 125 per cent at end-September. The net long-term stable funding ratio (NSFR) was 112 per cent, which was well above the minimum requirement of 100 per cent for stable and long-term funding.
Total combined assets in the DNB Group were NOK 5,246 billion at end-September, up from NOK
4,960 billion a year earlier. Total assets in the Group's balance sheet were NOK 3,860 billion at end-September, compared with NOK 3,801 billion at end-September 2025.
The ratio of customer deposits to net loans to customers for the customer segments, was 71.6 per cent, down from
73.6 per cent a year earlier.
Capital positionThe common equity Tier 1 (CET1) capital ratio was 17.3 per cent at end-September, down from 17.9 per cent one year earlier and 17.4 per cent at end-June.
The reduction in the CET1 capital ratio during the quarter was primarily driven by the new share buy-back programme. Positive earnings generation was more than offset by the buy-back and underlying portfolio-driven growth in risk exposure amount (REA), while reported REA growth was moderated by favourable foreign exchange rates and migration effects.
The CET1 capital ratio requirement for DNB at end-September was 15.3 per cent, while the expectation from the supervisory authorities, including Pillar 2 Guidance, was
16.3 per cent. The Group therefore maintained a solid
1.0 percentage point buffer above the current supervisory capital level expectation.
The leverage ratio was 6.3 per cent at end-September, unchanged from a year earlier and from the previous quarter.
Capital adequacyThe capital adequacy regulations specify a minimum requirement for own funds based on a risk exposure amount that includes credit risk, market risk and operational risk. In addition to meeting the Pillar 1 minimum requirement, DNB must meet the Pillar 2 requirements and the combined buffer requirements under Pillar 1.
Capital and risk3Q26 | 2Q26 | 3Q25 | |
CET1 capital ratio, per cent | 17.3 | 17.4 | 17.9 |
Tier 1 capital ratio, per cent | 19.1 | 19.2 | 19.7 |
Capital ratio, per cent | 21.8 | 21.7 | 22.3 |
Risk exposure amount, NOK billion | 1,191 | 1,191 | 1,162 |
Leverage ratio, per cent | 6.3 | 6.3 | 6.3 |
As the DNB Group consists of both a credit institution and a life insurance company, DNB has to satisfy a cross-sectoral calculation test to demonstrate that it complies with sectoral requirements: the capital adequacy requirement, in accordance with the Capital Requirements Regulation / Capital Requirements Directive (CRR/CRD), and the Solvency II requirement. At end-September, DNB complied with these requirements by a good margin, with excess capital of NOK 40.2 billion.
New regulatory framework Review of Norwegian risk-weight floors for mortgage and commercial real estate lendingIn September 2026, Finanstilsynet (the Financial Supervisory Authority of Norway) launched a consultation process on the future calibration of the Norwegian risk-weight floors for residential mortgage and commercial real estate lending.
The current measures, which impose minimum average risk weights of 25 per cent for residential mortgages and
35 per cent for commercial real estate exposures for banks using internal ratings-based models (IRB banks), expire at year-end 2026. The consultation forms part of the authorities' ongoing assessment of financial stability risks and the appropriateness of capital requirements for real estate-related lending. Depending on the final calibration of the measures, the consultation may result in some reduction in risk exposure amount and regulatory capital requirements for IRB banks, including DNB. The Group will continue to monitor the process and assess the impact of any final regulatory decisions.
New emergency preparedness council for financial servicesIn July 2026, the Norwegian Ministry of Finance established an emergency preparedness council for financial services. The council will serve as a strategic forum for information exchange and dialogue between the public authorities and the financial industry on security and emergency preparedness issues. The initiative reflects an increasingly complex threat landscape and aims to strengthen cooperation between the authorities and financial institutions on matters relating to the resilience and continuity of critical financial services.
European Commission announces review of banking rulesOn 17 July 2026, the European Commission adopted a Communication on the competitiveness of the European banking sector. The Commission highlighted regulatory complexity and market fragmentation as key challenges, and announced plans to propose changes to the EU banking framework in the first quarter of 2027. The initiative is part of broader efforts to strengthen the competitiveness, efficiency and integration of the European banking sector.
The Commission has invited stakeholders to provide input on the proposed direction of future reforms. A simpler, more efficient and better integrated regulatory framework could improve the operating conditions for European banks, including DNB. DNB will continue to monitor the regulatory developments and assess the potential implications for the Group.
Countercyclical capital buffer maintainedAt its meeting on 12 August, the Monetary Policy and Financial Stability Committee of Norges Bank decided to maintain the countercyclical capital buffer requirement at
2.5 per cent. The Committee assessed the Norwegian financial system as robust, with banks remaining profitable, well capitalised and able to absorb potential losses while continuing to provide credit to households and businesses. While geopolitical tensions and international uncertainty continue to pose risks to financial stability, households and businesses generally continue to have good access to credit, and banks report broadly unchanged lending practices. The Committee also noted that household debt growth has remained moderate relative to income growth in recent years, contributing to reduced vulnerabilities in the household sector. The unchanged buffer requirement provides continued predictability for banks' capital planning while supporting resilience in the financial system.
DORA implementation expanded in NorwayFrom 1 September 2026, additional categories of financial entities in Norway became subject to the Digital Operational Resilience Act (DORA), and the former Norwegian ICT Regulations were replaced by DORA-based requirements.
The expanded framework introduces harmonised rules for digital operational resilience, including management of ICT risk, incident reporting and management of third-party ICT providers. The changes are part of the ongoing implementation of the EU's digital resilience framework across the Norwegian financial sector.
Macroeconomic developmentsThe growth expectations for Norway's main trading partners have been revised marginally upwards for 2026 and 2027, but growth is still expected to remain somewhat below the potential. Investment relating to artificial intelligence and defence, together with an expansionary fiscal policy in the US, points to a solid demand side. However, energy prices are expected to remain high for a longer period of time, and could dampen growth in some countries and contribute to higher inflation.
The Norwegian economy has shown some signs of weakness so far this year. Mainland GDP growth has been revised down for previous periods and is slightly below trend, while growth in the first half of the year was slightly below trend. On the other hand, employment is still growing, and registered unemployment has remained stable at 2.1 per cent.
Statistics Norway's Labour Force Survey (LFS) also shows that unemployment appears to have stabilised following a period of increase. The pay settlement in the leading sectors was 4.4 per cent, which means that households are still experiencing real wage growth. Private consumption data has nonetheless been somewhat weak so far this year, and higher saving suggests that households are becoming more cautious in the face of increased energy prices and interest rates.
Inflation has remained high and core inflation rose to 3.1 per cent in September. Prospects of stronger inflationary impulses from abroad, combined with solid growth in purchasing power in Norway, suggest that inflation will remain above target for some time. Norges Bank therefore raised the key policy rate to 4.50 per cent in September and signalled that a further hike cannot be ruled out. The central bank is focused on bringing inflation down within a reasonable timeframe. DNB Carnegie expects no further hikes, but notes that this is not unlikely.
The Norwegian krone (NOK) has continued to benefit from higher Norwegian interest rates and energy prices. Measured by the import-weighted exchange rate index, I-44, the NOK had strengthened by more than 4 per cent at the end of September, compared with its previous peak at the end of June.
The description of risks and uncertainties in the DNB Group's annual report for 2025 provides a fair representation of risks and uncertainties that may affect DNB in the next reporting period.
Future prospectsThe Group's overriding financial target is a return on equity (ROE) above 14 per cent. Several factors will support DNB in achieving this target, including growth in loans and deposits and in commissions and fees from capital-light products, continued cost discipline and efficient capital management.
The Group's ambition is to deliver annual organic loan growth of 3 to 4 per cent over time, although growth may be higher or lower in individual years.
Following Norges Bank's increase in the key policy rate from
4.00 per cent to 4.25 per cent in May and DNB's subsequent repricing announcements, net interest income was positively affected from 12 July. The repricing will have full effect from the fourth quarter. Norges Bank's further increase in the key policy rate to 4.50 per cent in September and DNB's subsequent repricing announcements are expected to affect net interest income positively from 29 November. This repricing will have full effect from the first quarter of 2027.
DNB has an ambition to increase net commissions and fees by more than 9 per cent annually and to maintain a cost/ income ratio below 40 per cent.
The Group's tax rate in the third quarter was 22 per cent. The same tax rate is expected in the fourth quarter. The Group's tax rate is expected to be 23 per cent for 2026 as a whole and going forward.
The supervisory expectation for DNB's common equity Tier 1 (CET1) capital ratio is above 16.3 per cent. In its capital planning, DNB has set the supervisory expectation plus a management buffer as its target capital level. The buffer is intended to absorb market-driven fluctuations, including movements in foreign exchange rates, as well as potential regulatory changes. The CET1 capital ratio at the end of the third quarter was 17.3 per cent.
The Group's dividend policy remains unchanged, with a payout ratio of more than 50 per cent in cash dividends and an ambition to increase the nominal dividend per share each year. In addition to dividend payments, repurchases of own shares will be used as a flexible tool for allocating excess capital to DNB's shareholders. The Board has received authorisation from the Annual General Meeting to repurchase up to 3.5 per cent of outstanding shares in 2026. By 2 October, the Group has completed two share buy-back programmes of 1 per cent. An additional programme of 0.75 per cent has been approved by the Board.
Oslo, 20 October 2026
The Board of Directors of DNB Bank ASA
Eimund Nygaard Jens Petter Olsen
(Chair of the Board) (Vice Chair of the Board)
Gro Bakstad
Berit Behring
Petter-Børre Furberg
Lillian Hattrem
Vivian Lund
Lars Røsæg
Haakon Christopher Sandven
Eli Solhaug
Kjerstin R. Braathen
(Group Chief Executive Officer, CEO)
Accounts for the DNB GroupDNB GROUP - THIRD QUARTER REPORT 2026 / 15
G - Income statementAmounts in NOK million | 3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Interest income, effective interest method | 40,796 | 40,746 | 118,239 | 132,054 | 170,969 |
Other interest income | 1,278 | 1,345 | 3,439 | 4,388 | 5,802 |
Interest expenses, effective interest method | (25,623) | (24,419) | (72,467) | (84,806) | (107,840) |
Other interest expenses | (946) | (1,682) | (3,276) | (3,085) | (4,200) |
Net interest income | 15,504 | 15,990 | 45,935 | 48,552 | 64,731 |
Commission and fee income | 6,209 | 5,388 | 18,202 | 15,785 | 22,038 |
Commission and fee expenses | (1,719) | (1,472) | (5,014) | (3,998) | (5,640) |
Net gains on financial instruments at fair value | 756 | 1,387 | 2,910 | 3,099 | 4,431 |
Net insurance result | 458 | 521 | 1,446 | 1,158 | 1,705 |
Profit from investments accounted for by the equity method | (310) | 361 | 488 | 781 | 1,206 |
Net gains on investment properties | 2 | 5 | 7 | 11 | (10) |
Other income | 793 | 511 | 1,836 | 1,706 | 2,188 |
Net other operating income | 6,189 | 6,700 | 19,874 | 18,542 | 25,918 |
Total income | 21,693 | 22,691 | 65,809 | 67,094 | 90,649 |
Salaries and other personnel expenses | (5,172) | (5,082) | (15,561) | (14,876) | (20,422) |
Other expenses | (2,537) | (2,460) | (7,684) | (7,441) | (10,302) |
Depreciation and impairment of fixed and intangible assets | (925) | (941) | (2,820) | (2,799) | (3,751) |
Total operating expenses | (8,634) | (8,483) | (26,064) | (25,115) | (34,476) |
Pre-tax operating profit before impairment | 13,059 | 14,208 | 39,745 | 41,979 | 56,173 |
Net gains on fixed and intangible assets | 0 | 2 | 16 | 23 | 28 |
Impairment of financial instruments | (529) | (862) | (1,511) | (1,950) | (2,803) |
Pre-tax operating profit | 12,530 | 13,347 | 38,250 | 40,052 | 53,398 |
Tax expense | (2,757) | (2,669) | (8,728) | (8,010) | (9,894) |
Profit from operations held for sale, after taxes | 71 | 6 | 4 | (67) | 82 |
Profit for the period | 9,844 | 10,684 | 29,526 | 31,974 | 43,586 |
Portion attributable to shareholders | 9,371 | 10,268 | 28,241 | 30,752 | 41,944 |
Portion attributable to non-controlling interests | 64 | 25 | 64 | 24 | 39 |
Portion attributable to additional Tier 1 capital holders | 409 | 390 | 1,221 | 1,199 | 1,603 |
Profit for the period | 9,844 | 10,684 | 29,526 | 31,974 | 43,586 |
Earnings/diluted earnings per share (NOK) | 6.57 | 6.98 | 19.58 | 20.81 | 28.45 |
Earnings per share excluding operations held for sale (NOK) | 6.52 | 6.98 | 19.58 | 20.86 | 28.40 |
Amounts in NOK million | 3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Profit for the period | 9,844 | 10,684 | 29,526 | 31,974 | 43,586 |
Actuarial gains and losses | (58) | - | (58) | - | 125 |
Property revaluation | 0 | (8) | 0 | (6) | (0) |
Financial liabilities designated at FVTPL, changes in credit risk | 15 | (10) | (54) | (22) | (39) |
Tax on other comprehensive income | 11 | 2 | 28 | 5 | (16) |
Items that will not be reclassified to the income statement | (32) | (16) | (84) | (22) | 69 |
Currency translation of foreign operations | (3,937) | (1,771) | (8,677) | (5,297) | (3,360) |
Currency translation reserve reclassified to the income statement | - | - | - | (1) | (1) |
Hedging of net investment | 3,620 | 1,325 | 7,386 | 4,086 | 2,474 |
Financial assets at fair value through OCI | (87) | 204 | 123 | 413 | 545 |
Tax on other comprehensive income | (881) | (382) | (1,874) | (1,125) | (755) |
Items that may subsequently be reclassified to the income statement | (1,284) | (624) | (3,043) | (1,923) | (1,098) |
Other comprehensive income for the period | (1,317) | (639) | (3,126) | (1,945) | (1,029) |
Comprehensive income for the period | 8,528 | 10,044 | 26,399 | 30,029 | 42,558 |
Amounts in NOK million | Note | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Assets | ||||
Cash and deposits with central banks | 184,564 | 162,780 | 226,525 | |
Due from credit institutions | 290,221 | 111,809 | 101,246 | |
G5, G6, G7, | ||||
Loans to customers | G8 | 2,271,021 | 2,403,340 | 2,467,848 |
Commercial paper and bonds | G8 | 519,224 | 529,301 | 517,787 |
Shareholdings | G8 | 42,589 | 37,051 | 34,707 |
Assets, customers bearing the risk | G8 | 277,658 | 245,788 | 232,628 |
Financial derivatives | G8 | 160,479 | 101,839 | 105,211 |
Investment properties | 4,946 | 5,783 | 5,937 | |
Investments accounted for by the equity method | 13,587 | 17,886 | 17,366 | |
Intangible assets | 20,672 | 22,178 | 21,761 | |
Deferred tax assets | 224 | 249 | 289 | |
Fixed assets | 20,671 | 21,102 | 21,141 | |
Assets held for sale | 5,047 | 1,926 | 2,081 | |
Other assets | 49,413 | 34,256 | 46,624 | |
Total assets | 3,860,316 | 3,695,290 | 3,801,152 |
Amounts in NOK million | Note | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Liabilities and equity | ||||
Due to credit institutions | 311,907 | 330,635 | 381,248 | |
Deposits from customers | G8 | 1,523,576 | 1,521,872 | 1,536,884 |
Financial derivatives | G8 | 170,777 | 102,035 | 110,760 |
Debt securities issued | G8, G9 | 886,259 | 787,164 | 825,673 |
Liabilities, customers bearing the risk | G8 | 277,658 | 245,788 | 232,628 |
Insurance liabilities | 184,878 | 189,236 | 189,585 | |
Payable taxes | 10,532 | 13,125 | 9,521 | |
Deferred taxes | 3,047 | 3,006 | 5,075 | |
Other liabilities | 58,655 | 50,131 | 71,500 | |
Liabilities held for sale | 576 | 548 | 475 | |
Provisions | 1,023 | 1,315 | 1,339 | |
Pension commitments | 6,480 | 6,077 | 5,966 | |
Senior non-preferred bonds | G8, G9 | 104,996 | 112,476 | 110,708 |
Subordinated loan capital | G8, G9 | 36,177 | 36,026 | 35,740 |
Total liabilities | 3,576,540 | 3,399,434 | 3,517,102 | |
Additional Tier 1 capital | 23,739 | 23,380 | 21,883 | |
Non-controlling interests | 562 | 705 | 688 | |
Share capital | 17,773 | 18,262 | 18,348 | |
Share premium | 18,733 | 18,733 | 18,733 | |
Other equity | 222,969 | 234,775 | 224,397 | |
Total equity | 283,776 | 295,855 | 284,050 | |
Total liabilities and equity | 3,860,316 | 3,695,290 | 3,801,152 |
Amounts in NOK million | Non-controlling interests | Share capital | Share premium | Additional Tier 1 capital | Net currency translation reserve | Liability credit reserve | Other equity | Total equity |
Balance sheet as at 31 December 2024 | 218 | 18,533 | 18,733 | 21,916 | 10,123 | 17 | 213,785 | 283,325 |
Profit for the period | 24 | - | - | 1,199 | - | - | 30,752 | 31,974 |
Property revaluation | - | - | - | - | - | - | (6) | (6) |
Financial assets at fair value through OCI | - | - | - | - | - | - | 413 | 413 |
Financial liabilities designated at FVTPL, changes in credit risk | - | - | - | - | - | (22) | - | (22) |
Currency translation of foreign operations | - | - | - | - | (5,297) | - | - | (5,297) |
Hedging of net investment | - | - | - | - | 4,086 | - | - | 4,086 |
Reclassified to the income statement on the liquidation of foreign operations | - | - | - | - | (1) | - | - | (1) |
Tax on other comprehensive income | - | - | - | - | (1,022) | 5 | (103) | (1,119) |
Comprehensive income for the period | 24 | - | - | 1,199 | (2,234) | (16) | 31,056 | 30,029 |
Interest payments AT1 capital | - | - | - | (832) | - | - | - | (832) |
AT1 capital redeemed | - | - | - | (400) | - | - | - | (400) |
Share buy-back programme | - | (185) | - | - | - | - | (3,502) | (3,687) |
Non-controlling interests | 446 | - | - | - | - | - | - | 446 |
Other equity transactions | - | - | - | - | (86) | 7 | 81 | 3 |
Dividends paid for 2024 (NOK 16.75 per share) | - | - | - | - | - | - | (24,835) | (24,835) |
Balance sheet as at 30 September 2025 | 688 | 18,348 | 18,733 | 21,883 | 7,804 | 8 | 216,586 | 284,050 |
Amounts in NOK million | Non-controlling interests | Share capital | Share premium | Additional Tier 1 capital | Net currency translation reserve | Liability credit reserve | Other equity | Total equity |
Balance sheet as at 31 December 2025 | 705 | 18,262 | 18,733 | 23,380 | 8,624 | (5) | 226,157 | 295,855 |
Profit for the period | 64 | - | - | 1,221 | - | - | 28,241 | 29,526 |
Actuarial gains and losses | - | - | - | - | - | - | (58) | (58) |
Property revaluation | - | - | - | - | - | - | 0 | 0 |
Financial assets at fair value through OCI | - | - | - | - | - | - | 123 | 123 |
Financial liabilities designated at FVTPL, changes in credit risk | - | - | - | - | - | (54) | - | (54) |
Currency translation of foreign operations | - | - | - | - | (8,677) | - | - | (8,677) |
Hedging of net investment | - | - | - | - | 7,386 | - | - | 7,386 |
Tax on other comprehensive income | - | - | - | - | (1,844) | 13 | (16) | (1,846) |
Comprehensive income for the period | 64 | - | - | 1,221 | (3,135) | (40) | 28,290 | 26,399 |
Interest payments AT1 capital | - | - | - | (862) | - | - | - | (862) |
Share buy-back programme | - | (489) | - | - | - | - | (10,764) | (11,253) |
Non-controlling interests | (207) | - | - | - | - | - | - | (207) |
Other equity transactions | - | - | - | - | 6 | - | (5) | 2 |
Dividends paid for 2025 (NOK 18.00 per share) | - | - | - | - | - | - | (26,158) | (26,158) |
Balance sheet as at 30 September 2026 | 562 | 17,773 | 18,733 | 23,739 | 5,495 | (45) | 217,519 | 283,776 |
Amounts in NOK million | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Operating activities | |||
Net receipts/(payments) on loans to customers | 81,065 | (236,184) | (163,594) |
Net receipts on deposits from customers | 17,061 | 68,054 | 61,983 |
Receipts on issued bonds and commercial paper | 833,415 | 1,233,896 | 1,451,435 |
Payments on redeemed bonds and commercial paper | (681,815) | (1,247,981) | (1,517,033) |
Net receipts/(payments) on loans to credit institutions | (218,609) | 209,137 | 143,850 |
Interest received | 121,289 | 137,531 | 177,450 |
Interest paid | (60,516) | (70,810) | (108,578) |
Net receipts on commissions and fees | 12,125 | 13,797 | 18,541 |
Net receipts/(payments) on the sale of financial assets in liquidity or trading portfolio | (544) | 68,302 | 22,191 |
Payments to operations | (26,256) | (22,751) | (30,797) |
Taxes paid | (2,782) | (2,412) | (3,498) |
Receipts on premiums | 17,965 | 16,345 | 21,847 |
Net receipts on premium reserve transfers | 1,721 | 1,352 | 2,056 |
Payments of insurance settlements | (12,400) | (12,390) | (16,493) |
Other net receipts/(payments) | (26,115) | (4,716) | 13,230 |
Net cash flow from operating activities | 55,605 | 151,171 | 72,590 |
Investing activities | |||
Net payments on the acquisition or disposal of fixed assets | (1,094) | (1,710) | (2,662) |
Receipts on investment properties | 45 | 1,517 | 1,627 |
Payments on and for investment properties | (6) | - | - |
Investment in long-term shares | (173) | (15,393) | (15,393) |
Disposals of long-term shares | - | - | 85 |
Dividends received on long-term investments in shares | 1,161 | - | 844 |
Net cash flow from investing activities | (67) | (15,585) | (15,499) |
Amounts in NOK million | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Financing activities | |||
Receipts on issued senior non-preferred bonds | 34,613 | 9,297 | 19,583 |
Payments on redeemed senior non-preferred bonds | (34,498) | (13,321) | (22,359) |
Receipts on issued subordinated loan capital | 5,434 | 4,762 | 4,762 |
Redemptions of subordinated loan capital | (4,063) | (4,590) | (4,590) |
Receipts on issued AT1 capital | - | - | 1,850 |
Redemptions of AT1 capital | - | (400) | (400) |
Interest payments on AT1 capital | (862) | (832) | (1,592) |
Lease payments | (585) | (565) | (765) |
Net purchase of own shares | (11,253) | (3,687) | (5,527) |
Dividend payments | (26,158) | (24,835) | (24,835) |
Net cash flow from financing activities | (37,372) | (34,170) | (33,874) |
Effects of exchange rate changes on cash and cash equivalents | (4,559) | (5,772) | (1,282) |
Net cash flow | 13,607 | 95,643 | 21,936 |
Cash as at 1 January | 174,176 | 152,240 | 152,240 |
Net receipts of cash | 13,607 | 95,643 | 21,936 |
Cash at end of period* | 187,783 | 247,883 | 174,176 |
*) Of which: Cash and deposits with central banks | 184,564 | 226,525 | 162,780 |
Deposits with credit institutions with no agreed period of notice | 3,219 | 21,358 | 11,396 |
Note G1 Basis for preparation
The quarterly financial statements for the Group have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as adopted by the European Union. When preparing the consolidated financial statements, the management makes estimates, judgements and assumptions that affect the application of the accounting principles, as well as income, expenses, and the carrying amount of assets and liabilities. Estimates and assumptions are subject to continual evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be probable on the balance sheet date. A description of the accounting policies, significant estimates, and areas where judgement is applied by the Group, can be found in Note G1 Accounting principles in the annual report for 2025. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the Group are in conformity with those described in the annual report.
Note G2 SegmentsAccording to DNB's management model, the operating segments are independent profit centres that are fully responsible for their profit after tax and for achieving the targeted returns on allocated capital. DNB has the following operating segments: Personal customers, Large corporates and international customers, Corporate customers Norway, Risk management and Traditional pension products (with guaranteed rate of return). The Risk management and Traditional pension products segments are included in Other operations. DNB's share of profit in major associated companies (most importantly Luminor, Vipps and Fremtind) is included in Other operations.
Income statement, third quarterAmounts in NOK million | Personal customers | Corporate customers Norway | Large corporates and international customers | Other operations | Eliminations | DNB Group | ||||||
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
Net interest income | 5,260 | 5,806 | 4,699 | 4,860 | 4,774 | 4,864 | 770 | 461 | - | - | 15,504 | 15,990 |
Net other operating income | 2,270 | 2,089 | 1,099 | 1,054 | 2,792 | 2,272 | (99) | 1,828 | 128 | (544) | 6,189 | 6,700 |
Total income | 7,530 | 7,895 | 5,798 | 5,914 | 7,567 | 7,135 | 671 | 2,289 | 128 | (544) | 21,693 | 22,690 |
Operating expenses | (3,146) | (3,116) | (1,768) | (1,778) | (3,399) | (3,234) | (194) | (899) | (128) | 544 | (8,635) | (8,483) |
Pre-tax operating profit before impairment | 4,384 | 4,779 | 4,030 | 4,137 | 4,168 | 3,901 | 477 | 1,390 | 0 | - | 13,059 | 14,208 |
Net gains on fixed and intangible assets | - | 0 | - | - | 0 | 0 | 0 | 2 | - | - | 0 | 2 |
Impairment of financial instruments | (67) | (140) | (287) | (373) | (171) | (359) | (4) | 9 | - | - | (529) | (862) |
Profit from repossessed operations | 69 | 29 | (2) | - | (21) | (36) | (46) | 8 | - | - | - | - |
Pre-tax operating profit | 4,386 | 4,668 | 3,741 | 3,764 | 3,976 | 3,506 | 427 | 1,409 | (0) | - | 12,530 | 13,347 |
Tax expense | (1,097) | (1,167) | (935) | (941) | (994) | (877) | 269 | 315 | - | - | (2,757) | (2,669) |
Profit from operations held for sale, after taxes | - | - | - | - | - | - | 71 | 6 | - | - | 71 | 6 |
Profit for the period | 3,290 | 3,501 | 2,806 | 2,823 | 2,982 | 2,630 | 767 | 1,730 | (0) | - | 9,844 | 10,684 |
Amounts in NOK million | Personal customers | Corporate customers Norway | Large corporates and international customers | Other operations | Eliminations | DNB Group | ||||||
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
Net interest income | 15,103 | 16,897 | 13,912 | 14,629 | 14,074 | 14,622 | 2,846 | 2,404 | - | - | 45,935 | 48,552 |
Net other operating income | 6,530 | 5,777 | 3,428 | 2,960 | 8,371 | 7,735 | 1,529 | 3,648 | 18 | (1,577) | 19,875 | 18,542 |
Total income | 21,632 | 22,674 | 17,340 | 17,588 | 22,445 | 22,357 | 4,375 | 6,052 | 18 | (1,577) | 65,809 | 67,094 |
Operating expenses | (9,431) | (8,943) | (5,349) | (5,209) | (10,383) | (9,588) | (883) | (2,953) | (18) | 1,577 | (26,064) | (25,115) |
Pre-tax operating profit before impairment | 12,201 | 13,731 | 11,991 | 12,379 | 12,061 | 12,769 | 3,491 | 3,099 | 0 | - | 39,745 | 41,979 |
Net gains on fixed and intangible assets | 0 | 1 | - | - | (0) | 0 | 15 | 22 | - | - | 16 | 23 |
Impairment of financial instruments | (90) | (215) | (1,018) | (695) | (384) | (1,047) | (19) | 7 | - | - | (1,511) | (1,950) |
Profit from repossessed operations | 46 | 34 | (18) | - | (99) | (149) | 71 | 115 | - | - | - | - |
Pre-tax operating profit | 12,158 | 13,550 | 10,955 | 11,684 | 11,578 | 11,574 | 3,559 | 3,244 | 0 | - | 38,250 | 40,053 |
Tax expense | (3,039) | (3,388) | (2,739) | (2,921) | (2,895) | (2,894) | (55) | 1,192 | - | - | (8,728) | (8,010) |
Profit from operations held for sale, after taxes | - | - | - | - | - | - | 4 | (67) | - | - | 4 | (67) |
Profit for the period | 9,118 | 10,163 | 8,217 | 8,763 | 8,684 | 8,681 | 3,507 | 4,368 | 0 | - | 29,526 | 31,975 |
Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period.
Amounts in NOK million | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Total equity | 283,776 | 295,855 | 284,050 |
Effect from regulatory consolidation | 2,133 | 2,041 | 1,540 |
Adjustment to retained earnings for foreseeable dividends | (17,423) | - | (17,588) |
Additional Tier 1 capital instruments included in total equity | (23,130) | (23,130) | (21,280) |
Net accrued interest on additional Tier 1 capital instruments | (609) | (250) | (603) |
Common equity Tier 1 capital instruments | 244,747 | 274,516 | 246,119 |
Regulatory adjustments | |||
Pension funds above pension commitments | (156) | (325) | (82) |
Goodwill | (16,915) | (18,052) | (17,789) |
Deferred tax assets that rely on future profitability, excluding temporary differences | - | - | (203) |
Other intangible assets | (4,639) | (4,624) | (4,769) |
Dividends payable and group contributions | - | (26,158) | - |
Share buy-back program | (6,753) | (6,181) | (5,815) |
Deduction for investments in insurance companies¹ | (3,957) | (3,619) | (3,728) |
IRB provisions shortfall | (4,611) | (4,373) | (3,856) |
Additional value adjustments (AVA) | (728) | (682) | (724) |
Insufficient coverage for non-performing exposures | (566) | (346) | (401) |
(Gains) or losses on liabilities at fair value resulting from own credit risk | 45 | 5 | (8) |
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA) | (234) | (196) | (205) |
Securitisation positions | (285) | (292) | (291) |
Common equity Tier 1 capital | 205,949 | 209,673 | 208,248 |
Amounts in NOK million | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Additional Tier 1 capital instruments | 23,130 | 23,130 | 21,626 |
Deduction of holdings of Tier 1 instruments in insurance companies² | |||
(1,500) | (1,500) | (1,500) | |
Non-eligible Additional Tier 1 capital | (10) | (10) | (10) |
Additional Tier 1 | 21,620 | 21,620 | 20,116 |
Tier 1 capital | 227,569 | 231,293 | 228,364 |
Term subordinated loan capital | 37,946 | 34,695 | 34,586 |
Deduction of holdings of Tier 2 instruments in insurance companies² | |||
(4,088) | (4,088) | (4,088) | |
Non-eligible Tier 2 capital | (1,824) | (25) | (25) |
Tier 2 capital | 32,035 | 30,582 | 30,473 |
Own funds | 259,604 | 261,875 | 258,838 |
Total risk exposure amount Minimum capital requirement | 1,190,857 95,269 | 1,171,022 93,682 | 1,161,647 92,932 |
Capital ratios (per cent): | |||
Common equity Tier 1 capital ratio | 17.3 | 17.9 | 17.9 |
Tier 1 capital ratio | 19.1 | 19.8 | 19.7 |
Total capital ratio | 21.8 | 22.4 | 22.3 |
Deductions are made for significant investments in financial sector entities when the total value of the investments exceeds 10 per cent of common equity Tier 1 capital. The amounts that are not deducted are given a risk weight of 250 per cent.
Investment in Tier 1 and Tier 2 instruments issued by the Group's insurance companies are deducted from the Group's Tier 1 and Tier 2 capital.
The DNB Group's tax expense for the first three quarters of 2026 amounted to NOK 8,728 million, of which NOK 313 million related to estimated top up tax for 2024 as further described below. Excluding top-up tax, the DNB Group's tax expense is based on an estimated effective tax rate of 22 per cent of the pre-tax operating profit.
Pillar 2 top-up taxThe Pillar 2 rules (which establish a global minimum effective corporate tax rate of 15 per cent) became effective on 1 January 2024. DNB Bank has recognised top-up tax relating to the Pillar 2 rules for the 2024 fiscal year of NOK 313 million, which is included in the Group's tax expense for the second quarter of 2026.
The calculated top-up tax is based on the GloBE Information Return (GIR) for 2024, which was filed on 30 June 2026, available information and DNB's interpretation of the Pillar 2 rules as at the reporting date. Due to the complexity of the rules, the continued development through the publication of guidance, interpretations and other relevant materials, as well as limited market practice, the estimate is subject to uncertainty. The final tax amount may differ from the amount recognised.
Based on analyses performed, the Group does not expect any material exposure to top-up tax for 2025 or 2026.
Uncertain tax positions Draft decision on change in the tax assessment for DNB Bank ASA for 2019-2023, and notice of change for 2024 and 2025DNB Bank ASA received a draft decision from the Norwegian tax authorities in the third quarter of 2026 on a change to the tax assessment due to changed pricing of intra-Group transactions with international subsidiaries. The draft decision covers the fiscal years 2019-2023. The amount stated in the draft decision entails a tax exposure of about NOK 3.75 billion for the period covered. In addition, notice has been given of a change in the tax assessment for the years 2024 and 2025, which has not been quantified. DNB disagrees with the tax authorities' approach and assessments. DNB is of opinion that it has a strong case, and no provisions have been recognised in the accounts.
See also note G25 Taxes in the annual report for 2025.
Note G5 Development in gross carrying amount and maximum exposure Loans to customers at amortised costsAmounts in NOK million | Jan.-Sept. 2026 | |||
Stage 1 | Stage 2 | Stage 3 | Total | |
Gross carrying amount as at 1 Jan. | 2,217,161 | 124,470 | 22,922 | 2,364,553 |
Transfer to stage 1 | 65,327 | (64,533) | (793) | - |
Transfer to stage 2 | (107,010) | 108,965 | (1,955) | - |
Transfer to stage 3 | (1,515) | (6,715) | 8,229 | - |
Originated and purchased | 432,287 | 7,022 | 3,095 | 442,403 |
Derecognition | (507,145) | (26,815) | (7,941) | (541,902) |
Acquisitions | - | - | - | - |
Exchange rate movements | (25,684) | (1,664) | (292) | (27,639) |
Other¹ | 876 | (130) | (6) | 740 |
Gross carrying amount as at end of period | 2,074,296 | 140,599 | 23,259 | 2,238,154 |
Full year 2025 | |||
Stage 1 | Stage 2 | Stage 3 | Total |
2,055,522 | 125,877 | 23,806 | 2,205,206 |
93,618 | (90,962) | (2,656) | - |
(133,855) | 136,591 | (2,736) | - |
(6,129) | (8,148) | 14,277 | - |
1,075,210 | 7,207 | 1,929 | 1,084,346 |
(869,819) | (46,069) | (11,760) | (927,648) |
5,678 | - | - | 5,678 |
(2,739) | 331 | 79 | (2,330) |
(325) | (358) | (17) | (700) |
2,217,161 | 124,470 | 22,922 | 2,364,553 |
Amounts in NOK million | Jan.-Sept. 2026 | |||
Stage 1 | Stage 2 | Stage 3 | Total | |
Maximum exposure as at 1 Jan. | 869,598 | 26,819 | 2,051 | 898,468 |
Transfer to stage 1 | 20,246 | (20,151) | (95) | - |
Transfer to stage 2 | (24,012) | 24,104 | (92) | - |
Transfer to stage 3 | (325) | (758) | 1,084 | - |
Originated and purchased | 441,870 | 784 | 696 | 443,349 |
Derecognition | (350,028) | (3,325) | (1,412) | (354,765) |
Acquisitions | - | - | - | - |
Exchange rate movements | (18,672) | (481) | (78) | (19,231) |
Maximum exposure as at end of period | 938,676 | 26,992 | 2,154 | 967,822 |
Full year 2025 | |||
Stage 1 | Stage 2 | Stage 3 | Total |
811,201 | 33,811 | 3,223 | 848,235 |
24,359 | (22,880) | (1,479) | - |
(23,201) | 25,257 | (2,056) | - |
(4,628) | (907) | 5,534 | - |
499,635 | 2,958 | 590 | 503,183 |
(439,291) | (10,989) | (3,818) | (454,099) |
9,869 | - | - | 9,869 |
(8,345) | (432) | 56 | (8,720) |
869,598 | 26,819 | 2,051 | 898,468 |
1 The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland. See note G51 Contingencies in DNB Group's annual report 2025.
Note G6 Development in accumulated impairment of financial instruments Loans to customers at amortised costsAmounts in NOK million | Jan.-Sept. 2026 | |||
Stage 1 | Stage 2 | Stage 3 | Total | |
Accumulated impairment as at 1 Jan. | (763) | (910) | (5,737) | (7,410) |
Transfer to stage 1 | (310) | 305 | 5 | (0) |
Transfer to stage 2 | 95 | (130) | 35 | 0 |
Transfer to stage 3 | 2 | 75 | (77) | 0 |
Originated and purchased | (276) | (99) | - | (375) |
Increased expected credit loss | (166) | (651) | (3,175) | (3,993) |
Decreased (reversed) expected credit loss | 622 | 335 | 2,165 | 3,122 |
Write-offs | - | - | 603 | 603 |
Derecognition | 8 | 130 | 20 | 158 |
Acquisitions | (0) | (0) | 0 | (0) |
Exchange rate movements | 17 | 16 | 69 | 102 |
Accumulated impairment as at end of period | (772) | (930) | (6,091) | (7,793) |
Full year 2025 | |||
Stage 1 | Stage 2 | Stage 3 | Total |
(779) | (739) | (5,607) | (7,124) |
(424) | 407 | 17 | - |
151 | (183) | 33 | - |
10 | 91 | (101) | - |
(304) | (130) | - | (434) |
(287) | (879) | (3,024) | (4,190) |
882 | 317 | 1,722 | 2,921 |
- | - | 1,234 | 1,234 |
16 | 210 | 7 | 234 |
(28) | - | - | (28) |
(1) | (4) | (17) | (22) |
(763) | (910) | (5,737) | (7,410) |
Amounts in NOK million | Jan.-Sept. 2026 | |||
Stage 1 | Stage 2 | Stage 3 | Total | |
Accumulated impairment as at 1 Jan. | (228) | (207) | (63) | (498) |
Transfer to stage 1 | (56) | 56 | 1 | (0) |
Transfer to stage 2 | 20 | (22) | 2 | - |
Transfer to stage 3 | 0 | 5 | (6) | 0 |
Originated and purchased | (135) | (26) | - | (162) |
Increased expected credit loss | (24) | (79) | (52) | (154) |
Decreased (reversed) expected credit loss | 198 | 48 | 39 | 284 |
Derecognition | 1 | 88 | 1 | 90 |
Acquisitions | 0 | 0 | - | 0 |
Exchange rate movements | 6 | 4 | 0 | 9 |
Accumulated impairment as at end of period | (219) | (133) | (78) | (430) |
Full year 2025 | |||
Stage 1 | Stage 2 | Stage 3 | Total |
(266) | (178) | (198) | (642) |
(78) | 70 | 8 | - |
26 | (68) | 42 | - |
6 | 13 | (18) | - |
(169) | (107) | - | (277) |
(62) | (170) | (70) | (301) |
316 | 120 | 173 | 609 |
1 | 110 | 1 | 111 |
(1) | - | - | (1) |
1 | 3 | (1) | 3 |
(228) | (207) | (63) | (498) |
For explanatory comments about the impairment of financial instruments, see the directors' report.
Note G7 Loans and financial commitments to customers by industry segment Loans to customers as at 30 September 2026Accumulated impairment
Amounts in NOK million | Gross carrying amount | Stage 1 | Stage 2 | Stage 3 | Loans at fair value | Total |
Bank, insurance and portfolio management | 238,054 | (32) | (5) | (149) | - | 237,868 |
Commercial real estate | 275,281 | (169) | (111) | (709) | 107 | 274,400 |
Shipping | 41,433 | (20) | (3) | (2) | - | 41,409 |
Oil, gas and offshore | 37,864 | (13) | (7) | (273) | - | 37,571 |
Power and renewables | 74,114 | (34) | (15) | (802) | - | 73,263 |
Healthcare | 33,030 | (17) | (4) | (232) | - | 32,778 |
Public sector | 3,081 | (0) | (0) | (3) | - | 3,078 |
Fishing, fish farming and farming | 93,488 | (21) | (32) | (246) | 45 | 93,234 |
Retail industries | 40,719 | (26) | (112) | (474) | - | 40,108 |
Manufacturing | 57,179 | (20) | (39) | (189) | - | 56,932 |
Technology, media and telecom | 53,562 | (21) | (30) | (67) | - | 53,444 |
Services | 65,331 | (43) | (80) | (603) | 29 | 64,633 |
Residential property | 114,575 | (52) | (63) | (719) | 213 | 113,954 |
Personal customers | 1,022,160 | (256) | (282) | (586) | 40,257 | 1,061,293 |
Other corporate customers | 88,283 | (49) | (148) | (1,038) | 9 | 87,057 |
Total¹ | 2,238,154 | (772) | (930) | (6,091) | 40,660 | 2,271,021 |
1 Of which NOK 129,835 million in repo trading volumes.
Loans to customers as at 31 December 2025Accumulated impairment
Amounts in NOK million | Gross carrying amount | Stage 1 | Stage 2 | Stage 3 | Loans at fair value | Total |
Bank, insurance and portfolio management | 357,172 | (21) | (7) | (138) | - | 357,006 |
Commercial real estate | 276,993 | (170) | (132) | (510) | 106 | 276,286 |
Shipping | 40,463 | (24) | (4) | (0) | - | 40,435 |
Oil, gas and offshore | 37,708 | (21) | (10) | (665) | - | 37,013 |
Power and renewables | 72,455 | (30) | (22) | (853) | - | 71,550 |
Healthcare | 31,076 | (16) | (13) | (213) | - | 30,835 |
Public sector | 3,649 | (0) | (0) | (0) | - | 3,649 |
Fishing, fish farming and farming | 89,494 | (18) | (40) | (225) | 68 | 89,279 |
Retail industries | 49,578 | (29) | (144) | (427) | - | 48,978 |
Manufacturing | 60,826 | (24) | (33) | (392) | - | 60,377 |
Technology, media and telecom | 54,993 | (22) | (47) | (55) | - | 54,869 |
Services | 72,297 | (51) | (91) | (419) | 28 | 71,763 |
Residential property | 116,856 | (56) | (60) | (588) | 260 | 116,412 |
Personal customers | 1,015,085 | (227) | (172) | (657) | 45,730 | 1,059,759 |
Other corporate customers | 85,908 | (55) | (136) | (594) | 7 | 85,129 |
Total¹ | 2,364,553 | (763) | (910) | (5,737) | 46,198 | 2,403,340 |
1 Of which NOK 287,558 million in repo trading volumes.
Financial commitments as at 30 September 2026Accumulated impairment
Financial commitments as at 31 December 2025Accumulated impairment
Amounts in NOK million | Maximum exposure | Stage 1 | Stage 2 | Stage 3 | Total |
Bank, insurance and portfolio management | 63,662 | (21) | (3) | (0) | 63,638 |
Commercial real estate | 29,162 | (18) | (2) | (2) | 29,140 |
Shipping | 18,795 | (9) | (0) | - | 18,786 |
Oil, gas and offshore | 87,918 | (23) | (3) | - | 87,892 |
Power and renewables | 96,527 | (18) | (6) | (6) | 96,498 |
Healthcare | 29,616 | (10) | (0) | - | 29,606 |
Public sector | 14,619 | (0) | (0) | - | 14,619 |
Fishing, fish farming and farming | 34,045 | (7) | (2) | (9) | 34,027 |
Retail industries | 42,195 | (19) | (20) | (3) | 42,152 |
Manufacturing | 65,485 | (18) | (27) | (8) | 65,431 |
Technology, media and telecom | 38,574 | (18) | (7) | (0) | 38,548 |
Services | 29,775 | (14) | (11) | (3) | 29,747 |
Residential property | 25,238 | (14) | (4) | (28) | 25,193 |
Personal customers | 347,608 | (11) | (22) | (2) | 347,572 |
Other corporate customers | 44,603 | (19) | (25) | (16) | 44,543 |
Total | 967,822 | (219) | (133) | (78) | 967,392 |
Amounts in NOK million | Maximum exposure | Stage 1 | Stage 2 | Stage 3 | Total |
Bank, insurance and portfolio management | 41,967 | (15) | (15) | (0) | 41,936 |
Commercial real estate | 30,547 | (21) | (5) | (5) | 30,515 |
Shipping | 19,544 | (10) | (1) | - | 19,533 |
Oil, gas and offshore | 88,383 | (25) | (24) | - | 88,334 |
Power and renewables | 82,157 | (18) | (5) | - | 82,134 |
Healthcare | 34,004 | (12) | (3) | - | 33,989 |
Public sector | 15,247 | (0) | (0) | - | 15,247 |
Fishing, fish farming and farming | 35,677 | (5) | (3) | (6) | 35,662 |
Retail industries | 38,512 | (22) | (77) | (5) | 38,408 |
Manufacturing | 64,427 | (24) | (16) | (12) | 64,375 |
Technology, media and telecom | 25,918 | (13) | (9) | (0) | 25,895 |
Services | 31,945 | (21) | (10) | (3) | 31,911 |
Residential property | 21,975 | (13) | (3) | (15) | 21,943 |
Personal customers | 321,745 | (10) | (13) | (2) | 321,720 |
Other corporate customers | 46,422 | (20) | (22) | (12) | 46,368 |
Total | 898,468 | (228) | (207) | (63) | 897,971 |
Amounts in NOK million | Level 1 | Level 2 | Level 3 | Total |
Assets as at 30 September 2026 | ||||
Loans to customers | - | - | 40,660 | 40,660 |
Commercial paper and bonds | 13,009 | 490,967 | 674 | 504,650 |
Shareholdings | 9,252 | 22,506 | 10,830 | 42,589 |
Assets, customers bearing the risk | - | 270,233 | - | 270,233 |
Financial derivatives | 1,275 | 157,422 | 1,782 | 160,479 |
Liabilities as at 30 September 2026 | ||||
Deposits from customers | - | 49,925 | - | 49,925 |
Debt securities issued | - | 8,004 | - | 8,004 |
Senior non-preferred bonds | - | 3,840 | - | 3,840 |
Subordinated loan capital | - | 1,104 | - | 1,104 |
Liabilities, customers bearing the risk | - | 277,658 | - | 277,658 |
Financial derivatives | 1,302 | 167,534 | 1,941 | 170,777 |
Other financial liabilities¹ | 627 | 2,786 | - | 3,413 |
Financial assets | Financial liabilities | ||||
Amounts in NOK million | Loans to customers | Commercial paper/ bonds | Shareholdings | Financial derivatives | Financial derivatives |
Carrying amount as at 31 December 2024 | 53,431 | 531 | 13,920 | 2,434 | 2,093 |
Net gains recognised in the income statement | 696 | 7 | (519) | 390 | 53 |
Acquisition of Carnegie | - | - | 234 | 63 | - |
Additions/purchases | 2,227 | 1,876 | 3,222 | 841 | 878 |
Sales | - | (710) | (3,683) | (426) | - |
Settled | (10,156) | (3) | - | (1,168) | (1,224) |
Transferred from level 1 or level 2 | - | 170 | - | - | - |
Transferred to level 1 or level 2 | - | (1,096) | (2) | - | - |
Other | - | (22) | 10 | (19) | 25 |
Carrying amount as at 31 December 2025 | 46,198 | 752 | 13,183 | 2,114 | 1,826 |
Assets as at 31 December 2025 | ||||
Loans to customers | - | - | 46,198 | 46,198 |
Commercial paper and bonds | 15,636 | 499,327 | 752 | 515,716 |
Shareholdings | 7,101 | 16,767 | 13,183 | 37,051 |
Assets, customers bearing the risk | - | 239,102 | - | 239,102 |
Financial derivatives | 602 | 99,123 | 2,114 | 101,839 |
Liabilities as at 31 December 2025 | ||||
Deposits from customers | - | 38,819 | - | 38,819 |
Debt securities issued | - | 5,267 | - | 5,267 |
Senior non-preferred bonds | - | 1,769 | - | 1,769 |
Subordinated loan capital | - | 1,123 | - | 1,123 |
Liabilities, customers bearing the risk | - | 245,788 | - | 245,788 |
Financial derivatives | 444 | 99,765 | 1,826 | 102,035 |
Other financial liabilities¹ | 2,071 | 5 | - | 2,076 |
Net gains recognised in the income statement | (12) | 23 | (1,384) | 138 | (129) |
Additions/purchases | 1,335 | 1,091 | 2,483 | 745 | 923 |
Sales | - | (1,241) | (3,416) | (457) | - |
Settled | (6,861) | (27) | - | (756) | (678) |
Transferred from level 1 or level 2 | - | 313 | - | - | - |
Transferred to level 1 or level 2 | - | (225) | - | - | - |
Other | - | (12) | (36) | (2) | - |
Carrying amount as at 30 September 2026 | 40,660 | 674 | 10,830 | 1,782 | 1,941 |
1 Short positions trading activities.
For a further description of the instruments and valuation techniques, see the annual report for 2025.
Sensitivity analysis, level 3An increase in the discount rate on fixed-rate loans by 10 basis points will decrease the fair value by NOK 75 million. The effects on other Level 3 financial instruments are insignificant.
Note G9 Debt securities issued, senior non-preferred bonds and subordinated loan capitalAs an element in liquidity management, the DNB Group issues and redeems own securities issued by DNB Bank ASA and DNB Boligkreditt AS.
Debt securities issued 2026Amounts in NOK million | Balance 30 Sept. 2026 | Issued | Matured/ redeemed | Exchange rate movements | Other changes | Balance 31 Dec. 2025 |
Commercial papers | ||||||
issued, nominal | ||||||
amount | 506,037 | 636,231 | (482,490) | (12,930) | 0 | 365,225 |
Bond debt, nominal | ||||||
amount¹ | 89,381 | 23,043 | (20,424) | (5,717) | (133) | 92,613 |
Covered bonds, | ||||||
nominal amount¹ | 306,515 | 174,141 | (178,902) | (25,635) | 0 | 336,911 |
Value adjustments² | (15,674) | (3) | - | (34) | (8,053) | (7,584) |
Debt securities issued | 886,259 | 833,413 | (681,815) | (44,316) | (8,186) | 787,164 |
DNB Bank ASA | 593,138 | 659,246 | (502,914) | (18,681) | (2,127) | 457,615 |
Debt securities issued 2025
Amounts in NOK million | Balance 31 Dec. 2025 | Issued | Matured/ redeemed | Exchange rate movement s | Other changes | Balance 31 Dec. 2024 |
Commercial papers | ||||||
issued, nominal | ||||||
amount | 365,225 | 1,167,752 | (1,250,384) | (2,779) | - | 450,636 |
Bond debt, nominal | ||||||
amount¹ | 92,613 | 22,353 | (19,385) | (2,161) | 142 | 91,663 |
Covered bonds, | ||||||
nominal amount¹ | 336,911 | 261,329 | (247,264) | 2,033 | - | 320,813 |
Value adjustments² | (7,584) | - | (0) | 10 | 752 | (8,347) |
Debt securities issued | 787,164 | 1,451,435 | (1,517,033) | (2,896) | 894 | 854,765 |
DNB Bank ASA | 457,615 | 1,190,106 | (1,269,769) | (4,950) | 1,889 | 540,340 |
Amounts in NOK million | Balance 30 Sept. 2026 | Issued | Matured/ redeemed | Exchange rate movements | Other changes | Balance 31 Dec. 2025 |
Senior non-preferred bonds, nominal amount | 106,719 | 34,613 | (34,498) | (5,897) | (0) | 112,501 |
Value adjustments² | (1,723) | - | - | - | (1,698) | (25) |
Senior non-preferred bonds | 104,996 | 34,613 | (34,498) | (5,897) | (1,698) | 112,476 |
DNB Bank ASA | 104,996 | 34,613 | (34,498) | (5,897) | (1,698) | 112,476 |
Amounts in NOK million | Balance 31 Dec. 2025 | Issued | Matured/ redeemed | Exchange rate movement s | Other changes | Balance 31 Dec. 2024 |
Senior non-preferred bonds, nominal amount | 112,501 | 19,583 | (22,359) | (5,291) | - | 120,568 |
Value adjustments² | (25) | - | - | - | 1,060 | (1,085) |
Senior non-preferred bonds | 112,476 | 19,583 | (22,359) | (5,291) | 1,060 | 119,484 |
DNB Bank ASA | 112,476 | 19,583 | (22,359) | (5,291) | 1,060 | 119,484 |
Amounts in NOK million | Balance 30 Sept. 2026 | Issued | Matured/ redeemed | Exchange rate movements | Other changes | Balance 31 Dec. 2025 |
Term subordinated loan capital, nominal amount | 36,134 | 5,434 | (3,450) | (548) | 2 | 34,695 |
Perpetual subordinated loan capital, nominal amount | - | - | (613) | (30) | - | 643 |
Value adjustments² | 43 | - | - | - | (645) | 688 |
Subordinated loan capital and perpetual subordinated loan capital securities | 36,177 | 5,434 | (4,063) | (578) | (643) | 36,026 |
DNB Bank ASA | 36,177 | 5,434 | (4,063) | (578) | (643) | 36,026 |
Amounts in NOK million | Balance 31 Dec. 2025 | Issued | Matured/ redeemed | Exchange rate movements | Other changes | Balance 31 Dec. 2024 |
Term subordinated loan capital, nominal amount | 34,695 | 4,762 | (4,590) | (264) | - | 34,788 |
Perpetual subordinated loan capital, nominal amount | 643 | - | - | (82) | - | 724 |
Value adjustments² | 688 | - | (1) | - | (68) | 757 |
Subordinated loan capital and perpetual subordinated loan capital securities | 36,026 | 4,762 | (4,591) | (346) | (68) | 36,269 |
DNB Bank ASA | 36,026 | 4,762 | (4,591) | (346) | (68) | 36,269 |
1 Excluding own bonds. The total nominal amount of outstanding covered bonds in DNB Boligkreditt was NOK 483 billion as at 30 September 2026. The market value of the cover pool represented NOK 759 billion. The comparable figures were NOK 516 billion and NOK 822 billion, respectively, as at 31 December 2025.
2 Including accrued interest, fair value adjustments and premiums/discounts.
Note G10 ContingenciesDue to its extensive operations in Norway and internationally, the DNB Group is regularly a party to various legal actions and tax-related disputes. None of the current disputes are expected to have any material impact on the Group's financial position.
In accordance with a judgment of the Swedish Patent and Market Court dated 14 May 2025 regarding DNB Finans Sweden's variable leasing fee product, DNB Finans Sweden has adapted its private car leasing services for consumers. The Swedish Consumer Ombudsman has filed an action with the Swedish National Board for Consumer Disputes on behalf of leasing customers who were subject to fee adjustments in the period June 2020 to February 2023, seeking retroactive invalidation of the former provision governing fee adjustments and repayment of excess leasing fees with interest. The Board's decisions are advisory and not binding on the parties. DNB Finans Sweden contests the claims, and no provision has been recognised in the accounts.
On 20 April 2026, the Swedish National Board for Consumer Disputes issued a decision to reject the action brought by the Swedish Consumer Ombudsman, and closed the case on the part of the Board.
Value added tax relating to the purchase of EuroBonus pointsThe matter concerns a dispute regarding the value added tax (VAT) treatment of a cooperation agreement between SAS and DNB relating to the purchase of EuroBonus points issued to DNB's customers. In 2024, DNB Bank ASA received a decision from the Norwegian tax authorities regarding reassessment of the VAT treatment for the years 2014-2016, in which the tax authorities concluded that these purchases are subject to VAT. DNB disagreed with the tax authorities' view and therefore brought the matter before the courts. The case was heard by Oslo District Court in February 2026, and judgment was rendered in favour of the Norwegian government. DNB disagrees with the outcome and has appealed the decision. In addition, the tax authorities have initiated a tax audit for the period 2019-2024 relating to the same agreement. The total VAT exposure is estimated at approximately NOK 0.5 billion. No provision has been recognised in the accounts in relation to the matter.
See note G25 Taxes and G51 Contingencies in the annual report for 2025.
Accounts for DNB Bank ASADNB GROUP - THIRD QUARTER REPORT 2026 / 34
P - Income statementAmounts in NOK million | 3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Interest income, effective interest method | 30,710 | 32,172 | 89,804 | 106,596 | 137,317 |
Other interest income | 2,774 | 3,105 | 7,639 | 9,550 | 12,653 |
Interest expenses, effective interest method | (23,792) | (23,327) | (68,432) | (80,833) | (103,153) |
Other interest expenses | 883 | 115 | 2,497 | 1,314 | 2,047 |
Net interest income | 10,575 | 12,064 | 31,508 | 36,629 | 48,864 |
Commission and fee income | 2,971 | 2,717 | 8,788 | 8,330 | 11,352 |
Commission and fee expenses | (998) | (971) | (2,922) | (2,739) | (3,840) |
Net gains on financial instruments at fair value | 368 | 915 | 2,145 | 2,434 | 3,690 |
Other income | 119 | 2,290 | 13,564 | 4,691 | 20,161 |
Net other operating income | 2,460 | 4,952 | 21,575 | 12,715 | 31,363 |
Total income | 13,035 | 17,016 | 53,083 | 49,343 | 80,227 |
Salaries and other personnel expenses | (3,608) | (3,789) | (10,733) | (11,306) | (15,101) |
Other expenses | (2,119) | (2,080) | (6,338) | (6,445) | (8,860) |
Depreciation and impairment of fixed and intangible assets | (430) | (874) | (1,508) | (2,660) | (4,519) |
Total operating expenses | (6,157) | (6,743) | (18,579) | (20,412) | (28,481) |
Pre-tax operating profit before impairment | 6,878 | 10,273 | 34,504 | 28,932 | 51,746 |
Net gains on fixed and intangible assets | 1 | 248 | 22 | 1,377 | 1,393 |
Impairment of financial instruments | (178) | (430) | (673) | (997) | (1,780) |
Pre-tax operating profit | 6,701 | 10,091 | 33,853 | 29,311 | 51,360 |
Tax expense | (1,474) | (2,018) | (7,761) | (5,862) | (6,241) |
Profit for the period | 5,227 | 8,072 | 26,092 | 23,449 | 45,119 |
Portion attributable to shareholders of DNB Bank ASA | 4,817 | 7,682 | 24,871 | 22,250 | 43,516 |
Portion attributable to additional Tier 1 capital holders | 409 | 390 | 1,221 | 1,199 | 1,603 |
Profit for the period | 5,227 | 8,072 | 26,092 | 23,449 | 45,119 |
Amounts in NOK million | 3rd quarter 2026 | 3rd quarter 2025 | Jan.-Sept. 2026 | Jan.-Sept. 2025 | Full year 2025 |
Profit for the period | 5,227 | 8,072 | 26,092 | 23,449 | 45,119 |
Actuarial gains and losses | (51) | - | (51) | - | 139 |
Financial liabilities designated at FVTPL, changes in credit risk | 5 | (4) | (6) | (10) | (14) |
Tax on other comprehensive income | 12 | 1 | 14 | 2 | (26) |
Items that will not be reclassified to the income statement | (35) | (3) | (43) | (7) | 100 |
Currency translation of foreign operations | (19) | (23) | (147) | 86 | 150 |
Financial assets at fair value through OCI | (83) | 198 | 132 | 410 | 546 |
Tax on other comprehensive income | 21 | (50) | (33) | (102) | (136) |
Items that may subsequently be reclassified to the income statement | (81) | 125 | (48) | 393 | 560 |
Other comprehensive income for the period | (116) | 122 | (91) | 386 | 659 |
Comprehensive income for the period | 5,111 | 8,195 | 26,002 | 23,835 | 45,778 |
Amounts in NOK million | Note | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Assets | ||||
Cash and deposits with central banks | 181,538 | 159,726 | 214,852 | |
Due from credit institutions | 830,523 | 542,147 | 485,574 | |
Loans to customers | P3, P4 | 1,167,250 | 1,451,264 | 1,530,090 |
Commercial paper and bonds | P4 | 536,515 | 545,303 | 529,284 |
Shareholdings | P4 | 9,912 | 8,463 | 7,062 |
Financial derivatives | P4 | 186,593 | 122,858 | 125,069 |
Investments in associated companies | 10,253 | 10,234 | 10,234 | |
Investments in subsidiaries | 163,153 | 149,567 | 148,929 | |
Intangible assets | 8,672 | 9,463 | 9,320 | |
Deferred tax assets | 6,123 | 2,937 | 387 | |
Fixed assets | 5,794 | 16,321 | 16,461 | |
Other assets | 40,563 | 55,476 | 55,087 | |
Total assets | 3,146,889 | 3,073,760 | 3,132,348 |
Amounts in NOK million | Note | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Liabilities and equity | ||||
Due to credit institutions | 399,318 | 481,088 | 508,934 | |
Deposits from customers | P4 | 1,509,137 | 1,511,606 | 1,517,272 |
Financial derivatives | P4 | 179,874 | 141,910 | 149,483 |
Debt securities issued | P4, G9 | 593,138 | 457,615 | 481,004 |
Payable taxes | 7,805 | 9,861 | 6,565 | |
Deferred taxes | 67 | 1,004 | 1,050 | |
Other liabilities | 48,921 | 68,736 | 63,277 | |
Provisions | 645 | 827 | 836 | |
Pension commitments | 5,649 | 5,335 | 5,241 | |
Senior non-preferred bonds | P4, G9 | 104,996 | 112,476 | 110,708 |
Subordinated loan capital | P4, G9 | 36,177 | 36,026 | 35,740 |
Total liabilities | 2,885,727 | 2,826,483 | 2,880,109 | |
Additional Tier 1 capital | 23,739 | 23,380 | 21,883 | |
Share capital | 17,773 | 18,262 | 18,348 | |
Share premium | 18,733 | 18,733 | 18,733 | |
Other equity | 200,918 | 186,901 | 193,275 | |
Total equity | 261,162 | 247,276 | 252,238 | |
Total liabilities and equity | 3,146,889 | 3,073,760 | 3,132,348 |
Amounts in NOK million | Share capital | Share premium | Additional Tier 1 capital | Net currency translation reserve | Liability credit reserve | Other equity | Total equity |
Balance sheet as at 31 December 2024 | 18,533 | 18,733 | 21,916 | 739 | 0 | 173,401 | 233,322 |
Profit for the period | - | - | 1,199 | - | - | 22,250 | 23,449 |
Financial assets at fair value through OCI | - | - | - | - | - | 410 | 410 |
Financial liabilities designated at FVTPL, changes in credit risk | - | - | - | - | (10) | - | (10) |
Currency translation of foreign operations | - | - | - | 86 | - | - | 86 |
Tax on other comprehensive income | - | - | - | - | 2 | (102) | (100) |
Comprehensive income for the period | - | - | 1,199 | 86 | (7) | 22,558 | 23,835 |
Interest payments AT1 capital | - | - | (832) | - | - | - | (832) |
AT1 capital redeemed | - | - | (400) | - | - | - | (400) |
Share buy-back programme | (185) | - | - | - | - | (3,502) | (3,687) |
Balance sheet as at 30 September 2025 | 18,348 | 18,733 | 21,883 | 825 | (7) | 192,457 | 252,238 |
Balance sheet as at 31 December 2025 | 18,262 | 18,733 | 23,380 | 890 | (10) | 186,022 | 247,276 |
Profit for the period | - | - | 1,221 | - | - | 24,871 | 26,092 |
Actuarial gains and losses | - | - | - | - | - | (51) | (51) |
Financial assets at fair value through OCI | - | - | - | - | - | 132 | 132 |
Financial liabilities designated at FVTPL, changes in credit risk | - | - | - | - | (6) | - | (6) |
Currency translation of foreign operations | - | - | - | (147) | - | - | (147) |
Tax on other comprehensive income | - | - | - | - | 2 | (20) | (19) |
Comprehensive income for the period | - | - | 1,221 | (147) | (5) | 24,932 | 26,002 |
Interest payments AT1 capital | - | - | (862) | - | - | - | (862) |
Share buy-back programme | (489) | - | - | - | - | (10,764) | (11,253) |
Balance sheet as at 30 September 2026 | 17,773 | 18,733 | 23,739 | 743 | (14) | 200,189 | 261,162 |
DNB Bank ASA has prepared the financial statements according to the Norwegian Ministry of Finance's regulations on annual accounts. A description of the accounting principles applied by the company when preparing the financial statements can be found in Note 1 Accounting principles in the annual report for 2025. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the company are in conformity with those described in the annual report.
See note G9 to the consolidated accounts for information about debt securities issued, senior non-preferred bonds and subordinated loan capital, and note G10 for information about contingencies.
Intragroup mergerIn the first quarter of 2026, DNB Bank ASA carried out an internal reorganisation. The business operations related to DNB Finans were demerged and subsequently merged into Eksportfinans AS, which was renamed DNB Finans AS upon completion. The transaction was completed in late January 2026 and was carried out at book value. As part of the reorganisation, DNB Bank ASA transferred the assets and liabilities related to DNB Finans to the new entity. The equity of DNB Bank ASA remains unchanged following the transaction. The reorganisation covered the business operations in Norway, Sweden and Finland, while the operations in Denmark were transferred from DNB Bank ASA to DNB Finans AS after the merger.
Note P2 Capital adequacyCapital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period.
Amounts in NOK million | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Total equity | 261,162 | 247,276 | 252,238 |
Adjustment to retained earnings for foreseeable dividends | (16,463) | - | (13,350) |
Additional Tier 1 capital instruments included in total equity | (23,130) | (23,130) | (21,280) |
Net accrued interest on additional Tier 1 capital instruments | (609) | (250) | (603) |
Common equity Tier 1 capital instruments | 220,961 | 223,897 | 217,005 |
Regulatory adjustments | |||
Pension funds above pension commitments | (156) | (146) | (82) |
Goodwill | (6,384) | (7,222) | (7,205) |
Deferred tax assets that rely of future profitability, excluding temporary differences | - | - | (14) |
Other intangible assets | (1,997) | (1,449) | (1,600) |
Share buy-back program | (6,753) | (6,181) | (5,815) |
IRB provisions shortfall | (2,368) | (2,543) | (2,170) |
Additional value adjustments (AVA) | (643) | (743) | (773) |
Insufficient coverage for non-performing exposures | (436) | (154) | (262) |
(Gains) or losses on liabilities at fair value resulting from own credit risk | 14 | 10 | 7 |
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA) | (234) | (196) | (205) |
Securitisation positions | (285) | (292) | (291) |
Common equity Tier 1 capital | 201,719 | 204,980 | 198,594 |
Amounts in NOK million | 30 Sept. 2026 | 31 Dec. 2025 | 30 Sept. 2025 |
Additional Tier 1 capital instruments | 23,130 | 23,130 | 21,280 |
Non-eligible Tier 1 capital | (10) | (10) | (10) |
Additional Tier 1 capital | 23,120 | 23,120 | 21,270 |
Tier 1 capital | 224,839 | 228,100 | 219,864 |
Term subordinated loan capital | 37,946 | 34,695 | 34,586 |
Deduction of holdings of Tier 2 instruments in insurance companies¹ | (1,500) | (1,500) | (1,500) |
Non-eligible Tier 2 capital | (1,824) | (25) | (25) |
Tier 2 capital | 34,623 | 33,170 | 33,061 |
Own funds | 259,461 | 261,270 | 252,925 |
Total risk exposure amount Minimum capital requirement | 1,006,260 80,501 | 1,026,954 82,156 | 1,012,076 80,966 |
Capital ratios (per cent): | |||
Common equity Tier 1 capital ratio | 20.0 | 20.0 | 19.6 |
Tier 1 capital ratio | 22.3 | 22.2 | 21.7 |
Total capital ratio | 25.8 | 25.4 | 25.0 |
1 Investments in Tier 2 instruments issued by the Group's insurance companies are deducted from the Parent's Tier 2 capital.