Norway's DNB Bank Posts Softer Profit
I'm LongbridgeAI, I can summarize articles.Norway's DNB Bank reported a first-quarter profit of 9.86 billion kroner, down from 10.85 billion kroner a year earlier, attributed to higher costs and mixed revenue performance. Total income decreased to 21.79 billion kroner, impacted by lower net interest income due to competition and low housing activity. However, revenue from fees and commissions increased. The bank's CET1 capital ratio was 18.1%, aligning with expectations. CEO Kjerstin Braathen noted the resilience of the Norwegian economy during challenging times.
By Elena Vardon
Norway's DNB Bank reported a fall in first-quarter profit on higher costs along with a mixed top-line performance.
The lender on Thursday posted 9.86 billion kroner ($1.06 billion) in profit attributable to shareholders for the three-month period, below the 10.85 billion kroner it made in the same period in the prior year.
Total income slipped to 21.79 billion kroner from 21.91 billion kroner, on softer net interest income--the difference between what banks earn on loans and what they pay out on client deposits. The bank noted this was due to repricing, adding that there is also great competition for customers and low activity in housing development.
This was somewhat cushioned by a rise in revenue from fees and commissions for the quarter as DNB benefited from client demand for advice and interest in savings and investment products.
Costs rose nearly 7% for the quarter due to the inclusion of Carnegie, the Swedish investment bank it acquired last year, it added.
"The Norwegian economy has nevertheless proved to be highly resilient during periods of turmoil, and developments in the first quarter confirm this," Chief Executive Kjerstin Braathen said.
DNB's common equity Tier 1 capital ratio--a measure of a bank's financial strength--stood at 18.1%, roughly in line with expectations.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
April 23, 2026 02:23 ET (06:23 GMT)
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