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Results DNB Group Second Quarter 2021

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Results DNB Group Second Quarter 2021 Results DNB Group Second quarter 2021 Kjerstin R. Braathen (CEO) Ottar Ertzeid (CFO) Q2 13 July 2021 Continued strong performance and solid asset quality Return on equity (ROE) of 11.1 per cent in 2Q21 Return on equity A result of strong deliveries across the Group, combined with net reversals of Per cent, trailing 12-month figures impairment provisions 12.3 12.3 11.7 Continued profitable lending growth 9.8 9.8 9.1 8.8 9.2 Currency adjusted lending growth of 1.7 per cent from 1Q21, and 2.9 per 8.4 cent from 2Q20 All-time high net commissions and fees 20 per cent increase from corresponding quarter last year – contributions from all areas 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Material net reversals of impairment provisions Net reversals of NOK 833 million reflecting the Group’s robust portfolio and customer-specific reversals in stage 3 Profit for CET1 the period capital ratio NOK billion 6.4 19.1% Strong Earnings per share (EPS) – a firm foundation for dividend policy EPS of NOK 4.01 in the quarter, up 31 per cent from 2Q20 CET1: Common equity Tier 1 2 Improved and positive outlook for the Norwegian economy . High activity level in the Norwegian economy, with an expected mainland GDP growth of 3.7 per cent for 2021 and 3.5 per cent next year . Norges Bank expects up to five rate hikes before year-end 2022, the first one occurring in September 2021, and up to seven rate hikes in total by the end of 2024 . Registered unemployment is nearly at pre-pandemic levels – reduced by more than 70 per cent since the peak in April 2020 Mainland GDP growth Key policy rate Registered unemployment YoY, per cent Per cent Full-time unemployment, per cent 1.56 1.50 10.4 3.7 3.5 1.07 2.3 1.8 1.4 (2.5) 2.9 2.8 2.3 2.6 2.7 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e 8 Dec 2022e 2023e 2024e 2021e 2022e 2023e 2024e 20 Oct 13 Apr 21 Apr 16 Feb 29 Sep 10 Mar 24 Mar 18 Aug 19 May 25 May 16 June 30 June Forecast June Forecast April Forecast January Sources: DNB Markets, Statistics Norway, Norges Bank (the Norwegian central bank), NAV (the Norwegian Labour and Welfare Administration). 3 Positioning the Group to continue to deliver on our strategic ambitions Voluntary cash offer for Sbanken ASA Vipps to merge its wallet with MobilePay and Pivo1) . DNB will hold approximately 91.2 per cent of the shares in . Vipps has agreed to merge its digital wallet with Pivo Sbanken following the settlement of the board-recommended (OP Financial Group) and MobilePay (Danske Bank)2) voluntary cash offer of NOK 108.85 per share . The ambition is to create Europe’s best and most . DNB and Sbanken are a good fit, strategically and financially, comprehensive digital wallet, and to further strengthen providing an opportunity to combine two of Norway’s top product development and innovation within payment solutions providers of digital customer experiences to further improve our customer solutions . The new company will be serving 11 million users and more than 330 000 vendors across the Nordics, with more than . Following a recommendation from Finanstilsynet (the Norwegian 700 million annual transactions FSA), the Norwegian Ministry of Finance has approved the acquisition. The Norwegian Competition Authority has opened a Phase II review to assess the effects of the transaction on the distribution of mutual funds savings + + + 1) Pending approval from the relevant authorities. 2) BankID and BankAxept will de-merge into a separate entity co-owned by the Norwegian banks. 4 DNB will be a driving force for sustainable transition 1 DNB is financing the Net-zero emissions in Finance and facilitate climate transition and sustainable value creation 2050 NOK1 500 BN across our financing and investment for sustainable activities by 2030 2 activities and own operations DNB is a driving force for diversity and inclusion Reduce the emissions intensity Increase assets under management of our portfolio by in sustainability themed funds to 3 NOK BN DNB combats financial 2030 100 Oil and gas: 25% by 2025 and reduce the emissions intensity crime and contributes to Shipping: one third of DNB Livsforsikring’s portfolio by 55% by a secure digital economy Commercial property: 25–35% 2030 5 Personal customers – profitable growth and strong performance within all areas Highlights in the quarter Pre-tax operating profit NOK million . Growth in loans and deposits of 4.2 and 5.4 per cent, respectively, from end- June 2020 . 2 437 Net interest income up 8.8 per cent from 1Q21 . 2 242 Net commission and fees up 16.1 per cent from 1Q21, with contributions from all areas 2 005 Strong development in savings NOK billion 494 469 436 172 95 115 2Q20 1Q21 2Q21 30 June 30 Sept. 31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March 30 June 2019 2019 2019 2020 2020 2020 2020 2021 2021 Before impairment provisions Mutual funds Deposits 6 Corporate customers - strong results driven by high customer activity and net reversals of impairment provisions Highlights in the quarter Pre-tax operating profit NOK million . Growth in loans and deposits from end-March 2021 of 2.7 and 3.1 per cent, respectively 5 535 . High activity in capital markets and all-time high income from investment banking, up 24 per cent from 2Q20 4 734 . Material reversals of net impairment provisions Income from investment banking NOK million 1 404 2 587 1 143 1 131 2Q20 1Q21 2Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Before impairment provisions 7 Profitable increase in both loans and deposits . Loans to personal customers up 1.4 per cent and corporate customers up 2.7 per cent in the quarter . Total loan growth in customer segments 2.0 per cent (1.7 currency adjusted) . Continued expectation of around 3-4 per cent annual loan growth . Deposit growth in the quarter of 4.1 per cent (3.7 currency adjusted) Loans per customer segment Average loans and deposits in the customer segments NOK billion NOK billion 834 822 1 570 1 591 1 571 1 592 1 574 1 581 800 802 1 536 1 554 784 (29) 763 1 180 1 138 1 107 1 065 1 081 994 956 974 Personal customers Corporate customers 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 30 June 2020 31 March 2021 30 June 2021 Performing loans Deposits Of which exchange rate effects from 30 June 2021 8 Stable development in net interest margin and combined spreads . Spreads on lending and deposits reflected the decrease of 19 basis points in average NOK money market rates . Increased deposit-to-loan ratio had a negative effect of ~2 basis points on both combined spreads and net interest margin Net interest margin1) Spreads in customer segments Per cent Per cent 2.14 2.08 2.05 1.94 2.02 1.95 1.80 1.80 1.61 1.62 1.58 1.32 1.34 1.38 1.25 1.23 1.23 1.19 1.18 1.42 ²⁾ 1.38 1.39 1.37 1.36 0.62 0.55 0.49 0.13 0.08 0.02 (0.07) (0.00) 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Lending spreads Deposit spreads Combined spreads – weighted average 1) Total net interest income relative to average loans and deposits in the customer segments. 2) Norges Bank reduced the key policy rate from 1.50 to 0.25 per cent in March 2020 and to 0 per cent in May 2020. 9 Increased net interest income driven by higher volumes and an additional interest day Net interest income from 1Q21 to 2Q21 NOK million 1) 1) Positive effect of increased NOK money market rates offset by lower interest on equity. 10 All-time high commissions and fees – up 20 per cent from 2Q20 Commissions and fees NOK million Real estate broking 2 883 Income up 14 per cent from 2Q20 – driven by high activity in residential real estate broking 2 631 395 2 396 Investment banking services 306 High activity in all markets – income up 56 per cent from 2Q20 347 855 Asset management and custodial services 722 Increased asset values and net inflow – income up 25 per cent from 2Q20 547 Guarantee commissions 496 398 468 Income down 13 per cent from 2Q20, temporarily reduced demand for some guarantee products 233 208 202 Money transfer and banking services 277 321 293 Although still affected by low international travel activity – income up 6 per cent from 2Q20 594 606 642 Sale of insurance products Income up 8 per cent from 2Q20 – fees from non-life insurance (Fremtind) 2Q20 1Q21 2Q21 up 47 per cent 11 Operating expenses reflecting increased activity and a more normalised level of IT expenses Operating expenses from 1Q21 to 2Q21 NOK million 1) 1) The scheme is partly hedged, a corresponding gain of NOK 67 million is recognised in net gains on financial instruments. 12 Net reversals of impairment provisions reflect the robust portfolio . 98.9 per cent of the portfolio in stages 1 and 2 . Reversals in stages 1 and 2 reflect improved underlying credit quality . Reversals in stage 3 are customer-specific Impairment of financial instruments by industry segment Maximum exposure (on- and off-balance sheet items), NOK million net of accumulated impairment provisions 2Q21 1Q21 2Q20 Stage 1 Stage 2 Stage 3 Total 833 110 (2 120) NOK 2 205 billion NOK 156 billion NOK 26 billion (+56) (-2) (-1) Of which: Personal customers - Stages 1 and 2 69 20 24 - Stage 3 (30) (44) (67) Corporate customers*) 1.1% - Stages 1 and 2 244 209 558 - Stage 3 550 (74) (2 636) 92.4% 6.5% *) Of which oil, gas and offshore: - Stages 1 and 2 182 (30) 861 - Stage 3 (208) 157 (2 724) 13 Continued high CET1 capital ratio .
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