DOCSLIB.ORG

Annual Report 2019 Report – Annual Group DNB Annual Report 2019 Creating Value for Customers, Shareholders, Employees and Society at Large

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2019 Report – Annual Group DNB Annual Report 2019 Creating Value for Customers, Shareholders, Employees and Society at Large DNB Group DNB Group – Annual report 2019 Annual report 2019 Creating value for customers, shareholders, employees and society at large. Contents Strategic report 22 About this report The macro economic situation 25 In this integrated annual report, we show how we Goals and strategic priorities 27 in DNB work to create value in the short and long Strategy and business model 28 term for our employees, shareholders and society More on our work with the strategic priority areas 32 at large. Sustainability and corporate responsibility ambitions 42 → DNB is a driving force for equality and diversity 44 Through integrated reporting, we expound on → DNB finances sustainable growth through loans the connection between our strategic goals, the and investments 50 topics we have defined as the most important → DNB combats financial crime and contributes to prioritise, the activities we implement and to a safe digital economy 62 the results that are of significance to our value → DNB helps its customers manage their own finances 68 creation and long-term viability. We use the framework from the International Governance 72 Integrated Reporting Council (IIRC) and meet Board of Directors of DNB ASA 74 the require ments of the sustainability reporting Board of Directors of DNB Bank ASA 76 standard prepared by the Global Reporting Organisation 77 Initiative (GRI). Our process of identifying the Group Management 79 most significant sustainability topics is based Corporate governance 82 on the industry standards prepared by the SASB Responsible purchasing 102 (Sustain ability Accounting Standards Board). Working conditions 103 The sustain ability data has been verified by a statutory auditor. Directors' report and annual accounts 104 We clarify the link between our business Directors' report 106 operations and our corporate responsibility in the Annual accounts 119 Sustainability Factbook at the back of this report. Auditor's report 212 The Factbook contains an overview of relevant key Auditor's assurance report, CR 217 figures for all the topics identified in the materiality analysis. The indicators used in the Factbook are taken from the GRI Standards where relevant, and Appendix we have also defined our own DNB indicators. Sustainability Factbook On our website you will find more relevant news about our corporate responsibility, and our sustainability library contains reports and results, key figures and other useful facts and documents. The annual report is available in English and Norwegian and can be downloaded as a PDF from DNB Investor Relations’ website. There you will also find more information on risk and capital management in our Pillar 3 report. Links More on corporate responsibility on our website: dnb.no/om-oss/social responsibility.html Sustainability library: dnb.no/en/about-us/csr/sustainability-library.html Investor Relations website: ir.dnb.no/press-and-reports/financial-reports Financial ambitions Financial ambitions 2020–2022 Achieved 2019 Return on equity (ROE) (Principal target) > 12% 11.7% Cost/income ratio (Key performance indicator) < 40% 42.2% Common equity Tier 1 capital ratio¹⁾ (Capitalisation level) ~ 17.9% 18.6% Payout ratio (Dividend policy) > 50% 57% / 78%²⁾ 1) In accordance with the EU capital requirements regulations (CRR/CRD IV) and with management buffer included. 2) 78 per cent includes the share buy-back programme of 2.0 per cent. Sustainability DNB is a driving force for equality DNB finances sustainable growth and diversity through loans and investments (read more on page 44) (read more on page 50) DNB combats financial crime and DNB helps its customers manage contributes to a safe digital economy their personal finances (read more on page 62) (read more on page 68) Annual report 2019 3 Financial highlights Financial highlights The DNB Group's market capitalisation and equity NOK billion 300 258 246 250 242 224 217 220 209 206 200 190 179 150 100 50 Earnings per share: 0 NOK 15.54 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 2015 2016 2017 2018 2019 Market capitalisation Equity Share dividend and payout ratio NOK Per cent 78%¹⁾ 14 80 73% 73% 12 70 3.31 10 2.43 60 50% 2.34 > 50% 8 50 6 40 30% 4 30 2 4.50 5.70 7.10 8.25 9.00 20 0 10 2015 2016 2017 2018 2019 Target Share buy-back programme (NOK) Dividend per share (NOK) Total payout ratio (per cent) 1) The payout ratio is based on the assumption that the full 2.0 per cent share buy-back programme is completed before the Annual General Meeting. 4 DNB Group Financial highlights Income statement DNB Group Amounts in NOK million 2019 2018 2017 2016 2015 Net interest income 39 202 36 822 35 422 34 110 35 358 → Net commissions and fees 9 716 9 310 8 448 8 280 8 862 → Net gains on financial instruments at fair value 3 183 1 342 4 548 6 513 8 683 → Net financial and risk result, life insurance 1 129 969 1 295 664 (389) → Net insurance result, non-life insurance 622 683 648 534 → Other operating income 1 628 1 302 744 1 948 959 Net other operating income, total 15 655 13 546 15 718 18 053 18 648 Total income 54 857 50 368 51 140 52 163 54 006 Operating expenses (22 608) (21 490) (21 429) (20 693) (21 068) Restructuring costs and non-recurring effects (525) (567) (1 165) (639) 1 157 Pre-tax operating profit before impairment 31 724 28 311 28 547 30 830 34 096 Net gains on fixed and intangible assets 1 703 529 738 (19) 45 Impairment of financial instruments (2 191) 139 (2 428) (7 424) (2 270) Pre-tax operating profit 31 235 28 979 26 858 23 387 31 871 Tax expense (5 465) (4 493) (5 054) (4 140) (7 048) Profit from operations held for sale, after taxes (49) (204) (1) 4 (51) Profit for the year 25 721 24 282 21 803 19 251 24 772 Balance sheet DNB Group Amounts in NOK million 31 Dec. 2019 31 Dec. 2018 31 Dec. 2017 31 Dec. 2016 31 Dec. 2015 Total assets 2 793 294 2 634 903 2 698 268 2 653 201 2 598 530 Loans to customers 1 667 189 1 597 758 1 545 415 1 509 078 1 542 744 Deposits from customers 969 557 927 092 971 137 934 897 944 428 Total equity 242 255 223 966 216 897 206 423 190 425 Average total assets 2 906 775 2 771 998 2 856 988 2 841 117 2 946 119 Total combined assets 3 176 655 2 950 748 3 026 065 2 930 891 2 900 714 Annual report 2019 5 Financial highlights Return on equity Cost/income ratio Per cent Per cent 44.2 15 14.5 45 43.8 42.2 40.9 < 40.0 13 40 > 12.0 11.7 11.7 36.9 10.8 11 35 10.1 9 30 7 25 5 20 2015 2016 2017 2018 2019 Target 2015 2016 2017 2018 2019 Target CET1 Capital ratio Leverage ratio Per cent Per cent 20 8 7.5 7.4 19 18.6 7.3 7.2 ~17.9 18 17.6 7 6.7 17.2 17 16.7 16.0 6.0 16 6 15 14 5 13 12 4 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. Target 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. Require- 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ment 6 DNB Group Financial highlights Reputaion¹⁾ Points 75 72.5 72.5 70.1 66.3 Customer 64.0 satisfaction (CSI): 60 72.8 points 45 30 2015 2016 2017 2018 2019 1) Score from RepTrak's reputation survey in Norway in the fourth quarter. Key figures and alternative performance measures DNB Group 2019 2018 2017 2016 2015 Return on equity, annualised (per cent)¹⁾ 11.7 11.7 10.8 10.1 14.5 Earnings per share (NOK) 15.54 14.56 12.84 11.46 14.99 Combined weighted total average spread for lending and deposits (per cent)¹⁾ 1.33 1.30 1.30 1.32 1.33 Average spread for ordinary lending to customers (per cent)¹⁾ 1.84 1.94 2.07 2.04 2.17 Average spread for deposits from customers (per cent)¹⁾ 0.51 0.29 0.17 0.21 0.01 Cost/income ratio (per cent)¹⁾ 42.2 43.8 44.2 40.9 36.9 Ratio of customer deposits to net loans to customers at end of period¹⁾ 58.2 58.0 62.8 62.0 61.2 Net loans and financial commitments in stage 2, per cent of net loans¹⁾ 6.69 6.99 Net loans and financial commitments in stage 3, per cent of net loans¹⁾ 1.09 1.45 1.12 1.65 0.91 Impairment relative to average net loans to customers (per cent)¹⁾ (0.13) 0.01 (0.15) (0.48) (0.15) Common equity Tier 1 capital ratio at end of period (per cent) 18.6 17.2 16.7 17.6 16.0 Leverage ratio (per cent) 7.4 7.5 7.2 7.3 6.7 Share price at end of period (NOK) 164.00 138.15 152.10 128.40 109.80 Price/book value¹⁾ 1.20 1.06 1.23 1.10 0.98 Dividend per share (NOK) 9.00 8.25 7.10 5.70 4.50 Score from RepTrak's reputation survey in the fourth quarter (points) 72.5 72.5 66.3 64.0 70.1 Dialogues with companies where various ESG-related topics have been discussed (number) 209 176 176 72 27 Customer satisfaction index, CSI, personal customers in Norway (score) 72.8 74.7 69.5 70.2 73.9 Number of full-time positions at end of period 9 020 9 225 9 144 11 007 11 380 Female representation at management levels 1–4 (%) 38.0 38.1 37.0 33.5 31.3 1) Defined as alternative performance measure (APM).
Load more

Recommended publications
  • Country Profile, Norway
    Update April 2009 COUNTRY PROFILE, NORWAY Introduction and Country Background 2 Banking Environment 4 Financial Authorities 6 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 16 Electronic Banking 19 Cash Pooling Solutions 21 Tax Issues 23 Source and Contacts 28 Page 1 of 28 Country profile, Norway Introduction and Country Background Norway’s rugged Key Facts coastline facing the North Atlantic sea Capital - Major Cities Oslo – Bergen, Trondheim, Stavanger stretches over 2,500 Area 324,220 km2 km Population 4.799 million (01-2009 estimate) Languages Norwegian Currency NOK (Norwegian Kroner) Telephone Code +47 National/ Bank 2009 — 1 Jan; 9-10, 13 Apr; 1, 17, 21 May; 1 Jun; 25- Holidays 26 Dec Bank Hours Generally from 8:15–15:30 Mon-Fri* Business Hours 10.00–17.00 Mon–Fri, to 19.00 Thu, 9:00–14.00 Sat Stock Exchange Oslo Børs (Oslo Stock Exchange) Leading Share Index OSEBX Overall Share Index OSEAX There is usually a designated day during the week when business hours are ex- tended. However, this day varies from bank to bank. Measured by per cap- Economic Performance ita GDP, Norway is among the wealthiest 2005 2006 2007 2008 countries in the Exchange Rate – NOK/EUR1 8.00 8.05 8.0153 8.2194 world, supported in Exchange Rate – NOK/USD1 6.4450 6.4180 5.8600 5.6361 large part by its ex- Money Market Rate (%)1 2.15 3.02 4.79 6.01 ploitation of oil and Consumer Inflation (%)2 1.6 2.3 0.8 3.2 gas reserves Unemployment Rate (%)3 4.6 3.4 2.5 2.5 GDP (NOK billions)4 1,946 1,995
    [Show full text]
  • Sparebanken Sør Boligkreditt AS
    Sparebanken Sør Boligkreditt AS Investor Presentation March 2016 Executive summary . The fifth largest savings bank in Norway with a strong market position in Southern Norway . High capitalization; Capital ratio of 15.5 % - Core Tier 1 ratio of 12.7 % at December 31th 2015 Sparebanken Sør . Rated A1 (stable outlook) by Moody’s . Strong asset quality – 65 per cent of loan book to retail customers . New rights issue of NOK 600 million in progress will strengthen capital ratio even further . 100 % owned and dedicated covered bond subsidiary of Sparebanken Sør . Cover pool consisting of 100 % prime Norwegian residential mortgages Sparebanken Sør . High quality cover pool reflected by the weighted average LTV of 55.3 % Boligkreditt . Covered bonds rated Aaa by Moody’s with 5 notches of “leeway” . Strong legal framework for covered bonds in Norway with LTV limit of 75 % for residential mortgages . Low interest rates, weak NOK and fiscal stimulus are counterbalancing economic slowdown stemming from the lower oil investments . Unemployment is expected to increase gradually but from a very low level and the unemployment Norwegian rate remains well below the European levels economy . The Norwegian government has a strong financial position with large budget surplus. The government pension fund, which accounts over 200% of the GDP, provides the government with substantial economic leeway . The Southern region is clearly less exposed to oil production than Western Norway Southern region . Registered unemployment in the Southern region remains below
    [Show full text]
  • Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Haare, Harald; Lund, Arild J.; Solheim, Jon A. Research Report Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability Staff Memo, No. 9/2016 Provided in Cooperation with: Norges Bank, Oslo Suggested Citation: Haare, Harald; Lund, Arild J.; Solheim, Jon A. (2016) : Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability, Staff Memo, No. 9/2016, ISBN 978-82-7553-919-7, Norges Bank, Oslo, http://hdl.handle.net/11250/2506540 This Version is available at: http://hdl.handle.net/10419/210322 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]
  • Konkurransen I Bankmarkedet
    KONKURRANSEN I BANKMARKEDET 2008 Kredittilsynet Rapport, april 2008 INNHOLD: 1. Innledning........................................................................................................................... 3 1.1. Formål ........................................................................................................................ 3 1.2. Definisjon av fri konkurranse..................................................................................... 3 1.3. Avgrensninger ............................................................................................................ 3 1.4. Rapportens innhold.................................................................................................... 3 2. Viktige drivkrefter for strukturendringer ........................................................................... 5 3. Viktige rammebetingelser for banknæringen..................................................................... 7 3.1. Internasjonalt regelverk.............................................................................................. 7 3.2. Norsk regelverk.......................................................................................................... 9 4. Beskrivelse av bankmarkedet........................................................................................... 13 4.1. Strukturutviklingen internasjonalt............................................................................ 13 4.2. Strukturutviklingen i Norge....................................................................................
    [Show full text]
  • Norway's Financial System
    2021 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP Government Pension Cash in Loans from financial institutions (gross domestic product) Fund Global (GPFG) circulation to private individuals, businesses and local governments 3 413bn 10 914bn 41bn 5 828bn GDP (mainland) 3 043bn Total domestic bonds Oslo Børs market Bank Average daily turnover in outstanding capitalisation deposits the foreign exchange market 2 439bn 2 778bn 2 930bn 257bn Number of Total assets of Card transactions Debt-to-GDP banks insurance companies per capita per annum ratio 134 1 982bn 456 229% Norway’s financial system Norges Bank Address: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo Telephone: +47 22316000 Telefax: +47 22413105 Email: [email protected] Website: http://www.norges-bank.no ISSN 2535-4078 (online) Contents PREFACE AND READER’S GUIDE 7 THE FINANCIAL SYSTEM 8 The primary tasks of the financial system 9 Providing consumers and businesses with borrowing and saving opportunities 9 Providing payment services 11 Risk management 12 Box: What is money? 12 Supervision and regulation of the financial system 13 Box: Risks in the financial system 14 International cooperation 15 1 FINANCIAL MARKETS 17 1.1 Money markets 17 1.1.1 Money market participants 18 Box: Turnover in securities: exchange-traded and OTC 18 Box: Liquidity 19 1.1.2 Unsecured money market instruments 20 1.1.3 Short-term paper and Treasury bills 20 Box: Norges Bank’s liquidity management and overnight lending rate 21 1.1.4 Secured money
    [Show full text]
  • Income Statement Sparebanken Sør
    Sparebanken Sør 3rd quarter 2015 Information The merger between Sparebanken Pluss and Sparebanken Sør complies with the rules set out in IFRS 3 and has been executed as a transaction. Sparebanken Sør´s net assets have been recognized in Sparebanken Pluss' balance sheet as of January 1st 2014. Negative goodwill is a consequence of divergence between the value of net assets and the fee paid in the merger. To prevent dilution of the equity ratio, negative goodwill has been fully recognized immediately after completion of the merger and transferred directly to the dividend equalization fund. (see separate note on the merger). Negative goodwill has been excluded from both the actual accounting figures and the comparative figures. 2 190 years of development and renewal 1985 The bank entered for the first time Telemark, through a Sparebanken Sør was merger with Nissedal established in 1984 after a Sparebank and totals Arendal Sparebank 1973 merger between Aust- today 7 branches in the was founded in 1825 The bank merged with 4 Agder Sparebank, 2 other county, where the latest as one of the first other savings banks in savings banks in Aust- was the opening of an savings banks in Aust-Agder, and formed Agder and 9 from Vest- office in Skien in the fall Norway. Aust-Agder Sparebank. Agder. of 2012. 2014 Merger between Sparebanken Pluss and Sparebanken Sør and the new bank is named Sparebanken Sør. The bank´s history The banks more recent Four savings banks in In January 1997 Sparebanken dates back to 1824 history starts in 1984 when Telemark and Pluss and Sparebanken NOR when Christianssand Sparebanken Agder was Sparebanken Agder agreed that Sparebanken Sparebank was established through a joined forces in 1987.
    [Show full text]
  • 2 Millioner I Gave Fra Sparebankstiftelsen DNB NOR Til Oppgradering Og Tilrettelegging for Aktivitet for Barn På Krisesentrene
    2 millioner i gave fra Sparebankstiftelsen DNB NOR til oppgradering og tilrettelegging for aktivitet for barn på krisesentrene Sparebankstiftelsen DNB NOR har etter søknad fra Krisesentersekretariatet innvilget 2 millioner kroner til krisesentrene på Østlandet. Gaven skal brukes til å oppgradere og tilrettelegge for barn og unge som bor eller er i kontakt med et krisesenter. Til tross for tiltak, forskning og flere rettigheter bor det hvert år mellom 1600 og 2000 barn ved norske krisesentre. Alderssammensettingen blant barna har stort sett vært stabil over tid. Omtrent halvparten av barna er under 5 år, mens en av tre er i alderen seks til tolv år. I 2011 var 13 % av barna mellom 13 til 17 år. Til sammen overnattet barna 61 095 døgn på et krisesenter dette året. Nasjonale statistikker viser at krisesentrene har ulike fasiliteter rettet mot barn og ungdom. I 2011 rapporterer 21 av de 48 krisesentrene at de har ungdomsrom, 25 hadde aktivitetsrom og 40 har lekerom for de mindre barna. Mange av de ansatte ved krisesentrene forteller at rommene som er tilrettelagt for barn og unge er lite funksjonelle, nedslitt og dårlig sikret, eller om utearealer som trengs å forbedres. Alle disse utfordringene i forhold til gode aktivitetstilbud for barn og unge har vært vanskelig for flere av krisesentrene å oppgradere grunnet stram økonomi. Dette til tross for at krisesentrene blir finansiert med offentlig støtte. Krisesentrene er derfor svært glad for nå å kunne gi et bedre aktivitetstilbud til barn ved hjelp av midlene fra Sparebankstiftelsen DNB NOR. Studier viser at betydningen av lek og aktiviteter for barn som bor på krisesentrene, kan gjennomarbeide vanskelige erfaringer, og at lek og aktiviteter har en selvhelbredende funksjon.
    [Show full text]
  • ÅRSRAPPORT OM BETALINGSFORMIDLING 1999 Information in English
    Betalingsformidling Rapport 1999 Oslo, juni 2000 Norges Banks årsrapport om betalingsformidling for 1999 Norges Banks årsrapport om betalingsformidling er gratis og kan bestilles fra: Norges Bank Abonnementsservice Postboks 1179 Sentrum 0107 Oslo Telefon: 22 31 63 83 Telefaks: 22 31 64 16 E-post: [email protected] Rapportens tabeller er også tilgjengelige på Norges Banks hjemmesider på Internett (norsk og engelsk versjon): www.norges-bank.no Ansvarlig redaktør: Henning Strand Redaksjonssekretær: Ola Storberg Redaksjonens adresse: Norges Bank Avdeling for finansiell infrastruktur og betalingssystemer (FIBE) Postboks 1179 Sentrum 0107 Oslo Telefon: 22 31 67 00 22 31 67 07 Telefaks: 22 31 65 42 Spørsmål om rapportens innhold kan rettes til: Rapportdel: Kontaktavdeling: Kapittel 2: Viktige hendelser i betalingsformidlingen innenlands......................................FIBE - Norges Banks oppgjørssystem (NBO)………...........…………………BANK og FIBE - Sedler og mynt...................………………............................................KOBE og FIBE Kapittel 3: Internasjonal utvikling..............................................….....................................FIBE Kapittel 4: Transaksjoner og omsetning i betalingsformidlingen.......................................STA og FIBE - Sedler og mynt..........................................….........................................KOBE og FIBE Kapittel 5: Priser i betalingsformidlingen...........................................................................STA og FIBE Kapittel 6: Norges Banks
    [Show full text]
  • Sparebankstiftelsen DNB NOR Årsrapport
    Sparebankstiftelsen DNB NOR Årsrapport Forside: Nær 70 fjellrockentusiaster brukte en langhelg i sommerferien til å arbeide dugnad for Vinjerock på Eidsbugarden i Jotunheimen i 2011. Arrangementet som gikk under navnet Krafsefestivalen, samlet frivillige fra hele landet. Vinjerock har fått bidrag til utbedring av festivalområdet av Sparebankstiftelsen DNB NOR. Januar 2011 Juni 2011 • Representanter for kulturlivet og frivil- • Telemark Museum får en samling av lighets-Norge inviteres til idémyldring porselen laget på Porsgrunn Porselens- for det som skal bli Oslos nye kulturhus i fabrikk på 1800-tallet i gave. Øvre Slottsgate 3. • Den nye utescenen på Akershus festning, • Raftostiftelsen, som hvert år deler ut som stiftelsen har bidratt til, blir Raftoprisen til menneskerettighets- høytidelig åpnet av daværende forsvars- forkjempere, åpner sitt nye undervisn- minister Grete Faremo og Oslos ingstilbud, Rettighetstanken. Sparebank- ordfører Fabian Stang. stiftelsen DNB NOR har bidratt med 1,4 millioner kroner. Juli 2011 • Festivalen Valdres Sommersymfoni Februar 2011 arrangeres, denne gang med nytt • Det kommer inn 1.690 gavesøknader konsertflygel. innen fristen 15. februar. Prioriterte • Nær 70 fjellrockentusiaster bruker en områder for 2011 er: Kulturminner og langhelg i sommerferien til å arbeide Ut i naturen. dugnad for Vinjerock i Jotunheimen. Med midler fra stiftelsen utbedres festivalområdet. Mars 2011 • Henie Onstad Kunstsenter får 4,5 mil- August 2011 lioner kroner over en treårs periode i gave til kjøp av ung eksperimentell samtids- • Kull 2 starter på Dannelsesprogrammet; kunst, og formidling av denne. ledelsesprogrammet som gis som inspi- rasjon til unge folk engasjert i frivillige organisasjoner. April 2011 • For første gang vises Svelviks historie i • Norsk Fjellmuseum i Lom får 2,469.000 et eget spill som engasjerer hele lokal- kroner til å tilgjengeliggjøre Klimapark miljøet.
    [Show full text]
  • Three Episodes of Financial Fragility in Norway Since the 1890S by Karsten R Gerdrup*
    BIS Working Papers No 142 Three episodes of financial fragility in Norway since the 1890s by Karsten R Gerdrup* Monetary and Economic Department October 2003 * Central Bank of Norway (Norges Bank) BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2002. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Abstract This paper provides for the first time a comparative study of three major banking crises in Norway (1899-1905, 1920-28 and 1988-92), and presents financial and macroeconomic data spanning more than 130 years. Financial sector development appears to be closely linked to booms and busts in economic activity during these years. The boom periods that preceded each of the three crises all have some common features: they were characterised by significant bank expansion, considerable asset price inflation and increased indebtedness. The non-financial sector increased its debt only slightly more than its income during the first two boom periods, but subsequent deflation increased its debt burden.
    [Show full text]
  • One Team Contents
    DnB NOR and society 2006 one team Contents About this report page 3 About DnB NOR page 4 From the desk of the CEO page 5 Targets and measures page 6 Ambitions and parameters page 8 Shareholders page 12 Society page 18 Customers page 26 Suppliers page 34 Employees page 40 GRI page 49 Auditor’s report page 50 About this report About this report This report examines DnB NOR’s value creation, results and challenges posed by environmental and social considerations. The main topics addressed in the report are ethics, responsible products and investments, human resources policy, requirements with respect to our suppliers, corporate governance and cooperation with organisations, authorities, cultural institutions and sports associations. DnB NOR’s financial results are described in the Group’s financial annual report. The report applies to the financial year 2006 and is DnB NOR’s second separate report on corporate social responsibility. As a rule, stated key figures apply as at 31 December of the relevant year. In addition, the report presents a number of targets and measures for corporate social responsibility and thus also serves as an action plan for 2007. The report encompasses the entire DnB NOR Group, including subsidiaries and brands such as Vital, Postbanken, Nordlandsbanken, Cresco etc. DnB NORD (established in cooperation with NORD/LB in 2005) and DnB NOR Monchebank in north-west Russia (acquired in 2006) are included where possible. Nevertheless, in a number of areas, DnB NORD and DnB NOR Monchebank are excluded due to lack of available data. The report is based on the internationally recognised reporting standard Global Reporting Ini- tiative (GRI).
    [Show full text]
  • DNB Group Supplementary Information for Investors and Analysts
    1 DNB Group SUPPLEMENTARY INFORMATION FOR INVESTORS AND ANALYSTS First quarter 2012 (UNAUDITED) Group Chief Executive Rune Bjerke For further information, please contact Bjørn Erik Næss, Chief Financial Officer [email protected] +47 2326 8401 Merete Stigen, Head of Group Financial Reporting [email protected] +47 4790 9878 Per Sagbakken, Head of IR/Long-term Funding [email protected] +47 2326 8400 Thor Tellefsen, IR/Long-term Funding [email protected] +47 2326 8404 Trond Sannes Marthinsen, IR/Long-term Funding [email protected] +47 2326 8403 Gunn Gjøsæther, IR/Long-term Funding [email protected] +47 2326 8402 Address DNB ASA, N-0021 Oslo Visiting address: Stranden 21 (Bryggetorget), Aker Brygge, Oslo E-mail Investor Relations: [email protected] Telefax Investor Relations: +47 22481994 DNB switchboard: +47 915 03000 Information on the Internet DNB's home page: dnb.no Financial Calendar 2012 Preliminary results 2011 and fourth quarter 2011 9 February Annual general meeting 25 April Ex-dividend date 26 April First quarter 2012 27 April Second quarter 2012 12 July Capital Markets Day, London 6 September Third quarter 2012 25 October 1 Contents 1. DNB - an overview ................................................................................................................ 3 Financial highlights .......................................................................................................................................... 4 DNB - Norway's leading financial services group ...........................................................................................
    [Show full text]