Robust results in an uncertain macroeconomic situation

DNB recorded a profit of NOK 9.9 billion in the first quarter of 2026.

"The conflict in the Middle East has global repercussions and serves as a strong reminder of just how interconnected the global economy is. The Norwegian economy has nevertheless proved to be highly resilient during periods of turmoil, and developments in the first quarter confirm this," says Group Chief Executive Officer (CEO) Kjerstin Braathen.

DNB's profit for the first quarter of 2026 is NOK 1,752 million lower than it was in the fourth quarter of 2025.

"With the markets being as volatile as they are now, we find that many customers are contacting us for advice on their personal finances, particularly regarding savings and investments. Despite higher inflation, Norway has seen even higher wage growth in recent years, and unemployment remains low," she says.

Record-high mutual fund savings and stock market activity

More customers are placing their savings in DNB, and activity was high during the quarter. The net flow to mutual funds reached a record total of NOK 20.4 billion. Turnover in share trading amounted to NOK 74 billion, roughly double the figure for the fourth quarter. The annual amount saved in mutual fund-based savings schemes increased by 3.8 per cent during the quarter.

"Interest in savings and investments among Norwegians remains high. At present, Norwegians save around 9 per cent of their disposable income, which is three times as much as before the pandemic. We are also seeing that mutual fund customers have become accustomed to navigating a more volatile market. They make well-considered decisions and are more confident in their investment choices than they were during the market turmoil last spring, when many chose to sell," says Braathen.

DNB Carnegie demonstrates strength in turbulent markets

DNB Carnegie increased its total income by 9.8 per cent compared with the corresponding quarter last year.

Increased geopolitical uncertainty and market volatility during parts of the first quarter dampened transaction activity in the capital markets during the quarter, but at the same time, demand for trading and hedging increased, particularly in fixed income, currency and commodities.

"In a turbulent market, our most important task is to give our customers strength of action and a sense of security, and DNB Carnegie creates value for its customers through strong products, solid market insight and reliable advisory services, also when markets are more volatile. We look forward to exploiting more and more of the potential of DNB's Nordic platform in the time ahead, for the benefit of our customers," says Braathen.

Underlying customer income rose by 6 per cent compared with the corresponding period last year, while commission and fee income rose by 18 per cent.

Lower activity in the housing market

Overall lending growth across all customer segments was 0.3 per cent in the first quarter, while the 12-month growth in the personal customer market was 1.6 per cent. The proportion of borrowers applying for interest-only periods remains very low, and the loan portfolio in the personal customer market is sound.

"There is great competition for customers, and high-quality digital solutions are important when customers choose banks. That is why we are continuing to develop digital solutions that make things simpler for our customers. With low activity in housing development, we know it is difficult for young people to enter the property market, and we are proud that last year we helped nearly 12,000 young people buy their first home," says Braathen.

Financial key figures for the first quarter of 2026 (figures for the corresponding quarter in 2025 in parentheses): Pre-tax operating profit before impairment amounted to NOK 13.4 billion (14.0) Profit was NOK 9.9 billion (10.8) Earnings per share were NOK 6.50 (7.04) Return on equity was 14.0 per cent (15.9) Cost/income ratio was 38.7 per cent (36.1) Common equity Tier 1 (CET1) capital ratio was 18.1 per cent (18.5) DNB is changing its tax guidance for 2026 from 23 per cent to 22 per cent. The long-term tax guidance is expected to remain unchanged at 23 per cent.

For further information: Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71 32 50 Liselotte Lunde, Head of Communications, tel.: (+47) 95 94 92 35