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Annual Report 2000 Den Norske Bank ASA Contents 1984 Annual Report 2000 Den norske Bank ASA Contents Page 2 Directors' Report Page 13 Annual Accounts Page 52 Auditor's Report Control Committee's Report Page 53 Supervisory Board, Control Committee, Board of Directors, Management and Auditors Page 54 Addresses 1 Directors' report 2000 Directors' report Den norske Bank ASA is a subsidiary of DnB Holding ASA, which is the holding company for the DnB Group. In addition to Den norske Bank ASA, the financial services group comprises Vital Forsikring ASA, Vital Fondsforsikring AS, Vital Skade AS and DnB Kapitalforvaltning AS, as well as a number of sub-subsidiaries. Den norske Bank ASA, the Group’s largest entity, is responsible for the Group’s commercial banking operations and has balance sheet assets of NOK 342 billion, representing 77 per cent of the Group’s total combined assets. Den norske Bank ASA offers banking including large corporates and shipping Den norske Bank ASA has a large services and products to customers in clients. The Bank also includes foreign number of directly-owned subsidiaries, Norway and abroad. Customer service exchange and capital markets activities the largest of which are DnB Finans, is provided primarily through branches, in DnB Markets and cash management DnB Investor, DnB Kort and DnB post offices and regional financial services under the business area Finan- Eiendom. Operations in all these units services centres in Norway, as well cial, Payment and Group Services. In are linked closely to those of the Bank, as through branches in London, New addition, operations include support though for legal or practical matters, York, Singapore, Copenhagen, Stock- functions for product areas and market they are organised as independent holm and Hamburg. Furthermore, segments in the Bank and other group subsidiaries. All subsidiaries are centralised units in Oslo and Bergen companies, including information consolidated in the DnB Group. provide service to corporate clients, technology and logistics. Looking back on 2000 All figures for 1999 and previous years refer to the combined operations of Den norske Bank ASA and Postbanken AS (pro forma accounting figures), unless otherwise stated. The Bank has been granted exemption by the Banking, Insurance and Securities Commission from the requirement to prepare consolidated accounts for the Bank and its subsidiaries. The Bank and its subsidiaries are consolidated in the group accounts of the parent company DnB Holding ASA. All figures in the Directors’ report thus refer to the accounts of Den norske Bank ASA, unless special reference is made to other units within the Group. In accordance with the provisions of the Norwegian Accounting Act, the Board of Directors confirms that the accounts have been prepared on a going concern basis. Den norske Bank, like the DnB Group, recorded healthy profits in 2000, with progress in all business areas. There was a high level of activity throughout the year. Den norske Bank capitalised on its sound financial position to make significant investments in new technologies to enhance its position in constantly changing markets. Financial development stood at NOK 342 billion at the end customer proximity and strengthen of 2000, a rise of 8.6 per cent from DnB’s customer operations within Den norske Bank recorded profits the previous year. new technologies. for 2000 of NOK 3 370 million, an The integration of Den norske increase of NOK 770 million com- Major events in 2000 Bank and Postbanken continued in pared with combined profits for Den line with the merger plans. As a result, norske Bank and Postbanken in 1999. Den norske Bank experienced a surge staff numbers were cut back by around Pre-tax operating profits before losses in activity in 2000, partly as a result 260 full-time positions during 2000, came to NOK 4 293 million, up from of improved distribution capacity. while there was an increase in staff NOK 2 887 million in 1999. Return The positive financial development levels of some 10 full-time positions on equity was 16.6 per cent in 2000, provided the basis for substantial in new business areas. Overlapping as against 13.2 per cent in 1999. investments in new technologies. functions were coordinated and cus- Total ordinary expenses repre- Den norske Bank’s Internet banks tomer portfolios transferred to uniform sented 60.9 per cent of total income in became market leaders in 2000. systems. The financial results achieved 2000, compared with 65.2 per cent in The DnB Group restructured through the integration process were 1999. Net problem commitments were operations in May 2000 through ahead of schedule. scaled back by NOK 2.1 billion or the establishment of business areas During 2000, Den norske Bank 51.2 per cent during 2000, standing at functioning as independent profit focused strongly on the development NOK 2 billion at end-December 2000. centres with clearly defined respon- of good solutions for electronic cus- Total assets in Den norske Bank sibilities. The aim was to increase tomer services and e-commerce. New 2 Directors' report 2000 systems solutions were thus worked Towards the end of 2000, 1 January 2000. out for the Internet, while existing sys- Den norske Bank signed a letter of During 2000, the US credit rating tems were adjusted and joint develop- intent on the sale of Postbanken's agency Moody’s upgraded Den norske ment companies were established with Clearing House (PBS) to the Banks' Bank’s credit rating from A2 to A1. leading partners within electronic Central Clearing House (BBS). The commerce (e-commerce), for example final agreement was signed in Board of Directors in 2000 the joint ventures Doorstep with Tele- January 2001. At the turn of the year, nor and Netaxept with Norway Post Den norske Bank also entered into In 2000, the Board of Directors and Accenture. cooperation with Norges Bank (the monitored the Bank’s operations, risk In March 2001, a total of 310 000 central bank of Norway) with respect profile and financial development. The customers had signed up as users of to cash handling services, signing a Board has been concerned about the Den norske Bank’s electronic services, letter of intent concerning the transfer differences in competitive parameters a rise from 98 000 at the beginning of of Den norske Bank’s cash handling between Norwegian financial insti- 2000. 7.4 million payment transactions operations to a separate company. tutions and international market par- were conducted through Internet banks These changes are the result of a major ticipants. Harmonised competition during 2000, a rise from 2.1 million review of operations aiming to exploit terms are required to enable Norwe- one year earlier. economies of scale, clearly define gian financial institutions to maintain In August 2000, the agreement responsibilities and initiate out- and strengthen their position in the with Norway Post on the use of the sourcing and benchmarking of Norwegian market and follow custom- postal network to serve Postbanken’s products and services. The review ers abroad. The Board of Directors customers was extended until the end also covers information technology will consider various forms of cooper- of 2005. The agreement ensures that and group functions. ation with other institutions when the customers will be offered a wide range The subsidiaries DnB Fonds AS situation is right. of banking services and opens up for and Vital Forsikring Holding AS were customer service through post office merged with Den norske Bank ASA outlets in stores. and incorporated in the accounts as of Strategy As the DnB Group’s commercial banking operation and largest legal entity, Den norske Bank is a key factor in all aspects of the DnB Group’s strategy. Den norske Bank’s strategy is to provide financial services and products within the banking sector to the Group’s customers in compliance with the Group’s strategy. The principal activities of most business areas in the DnB Group are within banking, and the Bank’s strategy is thus closely coordinated with the Group’s overall strategy. The DnB Group has a leading position be the best partner for Norwegian among the strongest financial brands in the Norwegian financial market, corporate and retail customers to fulfil in Norway and meet the product re- with a strategic core comprising the their needs for financial services. quirements of all customer segments. large Norwegian customer base com- In future, the main challenge will Distribution network. The DnB bined with the Group’s extensive dis- be to fill the role of trusted advisor Group has by far the largest distribu- tribution network. DnB aims to create with an understanding of customer tion network in Norway. In addition to shareholder value by making optimum needs parallel to establishing a strong telephone and Internet banking, DnB use of and strengthening its market market position within electronic has close to 4 000 direct contact points position and by giving priority to areas services. Factors such as globalisation, with customers through bank branches, where it can achieve lasting competi- new technology, greater openness, insurers, agents and the postal network. tive advantages. better information and new market Additional sales capacity is provided Strong focus on Norway and participants all contribute to more by the specialist and product units Norwegian customers is an important intense competition and pressure on DnB Markets, DnB Finans and DnB part of this strategy. The Group’s prices of financial services. DnB’s Kapitalforvaltning. DnB’s distribution position in the domestic market can main competitive advantages are its model allows customers to choose also be utilised to increase transaction customer base, customer data and from various channels depending on volume with international customers sound customer relations. Strong their needs and preferences. This doing business with Norway.
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