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Contents Annual General Meeting The illustrations appearing Art nouveau detail on the cover and in the report from DnB’s Granite picture buildings owned by Hall in Bergen. Den norske Bank in various locations around the country. We wish to present different architectural styles and eras as well as the vibrant activity associated with these buildings. We are proud of these buildings and hope to be able to pass them on to future generations in their present or an even better state. Contents Financial highlights 2 Statement from the Group Mananging Director 4 Directors' report 7 Profit and Loss Accounts 20 Balance Sheets 21 Notes to the accounts 22 Auditors' report 55 Control Committee's report 55 Survey of results 56 Balance sheet summary 57 Survey of results/key figures 58 Volume and interest rate analysis 59 Shareholder information 61 Shares and share capital 61 20 largest shareholders 64 Operations in 1996 66 Divisions 68 Supervisory Board, Control Committee, Board of Directors, Management and Auditors 79 Addresses in Den norske Bank 80 Annual General Meeting Den norske Bank's Annual General Meeting will be held Tuesday, 22 April 1997 at 6 p.m. at the Radisson SAS Hotel, Holbergsgt. 30, Oslo. Den norske Bank's annual report has been approved by the Board of Directors in the original Norwegian version. This is an English translation. 1 Highlights and principal figures for 1996 • The DnB Group posted pre-tax operating profits of NOK 2 724 million and profits for the year of NOK 2 702 million, corresponding to NOK 4.22 per share. In 1995, pre-tax operating profits were NOK 2 663 million and profits for the year NOK 2 657 million, corresponding to NOK 4.15 per share. • The Board of Directors has proposed an ordinary dividend of NOK 1.35 per share and a supplementary dividend of NOK 0.40 per share. • DnB recorded substantial growth in lending in most market segments. • The quality of the Bank’s loan portfolio shows continued improvement. The volume of non- performing and doubtful commitments was reduced by around 25 per cent during the year. • DnB received a concession for the acquisition of Vital Forsikring ASA in January. Following the integration of Vital into the Group, the Bank has become the main channel for the sale of individual policies from Vital. New insurance products adapted for sale through the Bank have also been launched. • The government sold around 126.9 million shares in June, thus reducing its holdings from 72 per cent to 52 per cent. The shares were sold for NOK 19.30 per share. • The opening of the branch in Copenhagen, Denmark, marked the latest step in DnB’s strategy to establish an extensive global network within payment services. • In consequence of the increased need for asset management services in the private and public sectors, DnB has established a new asset management division. Amounts in NOK million DnB Group PROFIT AND LOSS ACCOUNTS 1996 1995 1994 Net interest income and credit commissions 4 242 4 347 4 693 Net other operating income 2 674 2 770 2 408 Operating expenses 4 580 4 939 4 549 Pre-tax operating profit before losses 2 337 2 178 2 552 Net reversals on losses on loans, guarantees, etc. 380 479 114 Net gain on long-term securities 7 6 23 Pre-tax operating profit 2 724 2 663 2 689 Taxes 22 6 10 Profit for the year 2 702 2 657 2 680 BALANCE SHEETS 31 Dec. 1996 31 Dec. 1995 31 Dec. 1994 Total assets 189 809 165 295 160 191 Average total assets 184 393 173 058 175 325 KEY FIGURES 1996 1995 1994 Percentage of average total assets Net interest income and credit commissions 2.30 2.51 2.68 Pre-tax operating profit before losses 1.27 1.26 1.46 Return on equity (%) 20.2 23.4 28.1 Earnings per share (NOK) 4.22 4.15 4.33 Core capital ratio (%) 7.7 8.6 7.4 Capital adequacy ratio (%) 10.9 13.2 13.1 2 The DnB Group • is Norway’s largest financial services group. Including subsidiaries, Den norske Bank ASA had total assets of approximately NOK 190 billion and a staff comprising 5 565 full-time positions at the end of 1996. In addition, Vital Forsikring had total assets of NOK 48 billion and a staff of 653. • is the principal bank for nearly half of Norway’s 300 largest companies and one of the world’s leading shipping banks. • has around 30 000 corporate customers and close to one million retail customers. • offers loans, deposits, asset management, payment and financial advisory services, foreign exchange and capital market products and life and pension insurance products. Architectural detail from Aker Brygge. 3 Norway's leading financial services group Finn A. Hvistendahl, Group Managing Director The Norwegian economy has entered a new phase. Oil revenues have climbed appreciably, and large parts of our business sector are doing extremely well in their respective markets. Unemployment is down, and most Norwegians are enjoying the progress through increased disposable income. These developments are reflected in DnB’s results for 1996, the best year in the history of the Group. Deposits and lending have risen, and the growth in economic activity boosted income from payment transactions and other financial services. We must capitalise on the strong profits today to prepare a sound foundation for the future, in order to enhance our competitive strength and ensure our customers the best overall selection of financial services. 4 DnB is Norway’s leading supplier of financial services to private individuals, companies and other operations. Our primary commitment is to provide our customers with competitive solutions to best meet their needs for services spanning the entire financial market. DnB considers it of prime importance to follow our customers’ lead both at home and abroad. As the business sector has become more heavily involved in international trade and a rising number of Norwegian companies are opting to enter the global arena, we have developed efficient cross-border payment services and established branches in the local markets of our major trading partners. In 1996, branches were opened in Hamburg and Copenhagen. Our international core activities, shipping and energy, show healthy growth, and we have opened an office for shipping clients in Piraeus. We are entrusted with the management of substantial values for our customers. In consequence of the rising demand for savings and investment products, we have now established a separate division for asset management. Our domestic distribution network is being adapted to customer preferences for greater flexibility and increased availability, which include telephone services, Telebank and other computer-based solutions. The number of people seeking to secure their families and their retirement years is constantly growing. In the process of expanding DnB’s total range of financial services to include insurance products, Vital Forsikring was integrated in the Group in 1996. We are already enjoying the fruits of our investment in Vital through the rapidly rising sales of insurance products through Den norske Bank. International financial institutions are now setting up for business in Norway, offering their services to both companies and private individuals. In their home markets they are expanding through mergers. Customers obtain the best solutions in markets featuring many highly competitive players. In the Norwegian financial market, further consolidation enhancing the strength of individual participants will promote customer interests and ensure better alternatives and more effective competition. DnB will increase its competitiveness through the continued development of expertise within the Group, improving cost efficiency and possibly through seeking new alliances or acquisitions. In this way, we will ensure that DnB remains the leading financial services group in Norway, to the benefit of customers, staff and shareholders. 5 ÅLESUND - THE ART NOUVEAU CITY In the centre of Ålesund, right in the middle of an impressive collection of well-preserved art nouveau buildings, you find Den norske Bank. Following the rebuilding of the city after the Ålesund fire in 1904, the city centre emerged as one of Norway’s most picturesque urban areas. No other place in the northern hemisphere can boast of such a strong constellation of art nouveau buildings as that found here. Den norske Bank’s building facing the sound was originally a type of warehouse and as such not suitable for use in banking. The building was torn down and later rebuilt as a copy of the original art nouveau building from 1906, although the interior was completely new. Odd Slyngstad was the architect responsible for the rebuilding. Bergen Bank (now DnB) moved into the building on 18 March 1980, having opened its first office in Ålesund in 1976. DenDen norskenorske Bank Bank Directors' report Den norske Bank hereby presents the highest annual performance and a positive earnings trend, the Board profits in the history of the Group. The results for proposes an ordinary dividend of NOK 1.35 per share. the 1996 financial year reflect sound operations, In addition, a supplementary dividend of NOK 0.40 is reduced costs, growth in deposits and lending and proposed to reflect the extraordinarily high earnings in a favourable loan-loss trend. Profits for the year of 1996. The total dividend will thus be NOK 1.75 per NOK 2 702 million are NOK 45 million above the share. The dividend approved for 1995 represented an 1995 figure. Earnings per share are NOK 4.22, ordinary dividend of NOK 1.25 and a supplementary compared with NOK 4.15 the previous year. The dividend of NOK 0.25 per share, totalling NOK 1.50. Board proposes a total dividend of NOK 1.75 per share for distribution to shareholders.
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