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Quarterly Report DNB Bank ASA 3Q19

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Quarterly Report DNB Bank ASA 3Q19 DNB Bank A company in the DNB Group Third quarter report 2019 (Unaudited) Q3 Financial highlights Income statement DNB Bank Group 3rd quarter 3rd quarter January-September Full year Amounts in NOK million 2019 2018 2019 2018 2018 Net interest income 10 150 9 299 29 367 27 634 37 388 Net commissions and fees 1 536 1 431 4 799 4 721 6 605 Net gains on financial instruments at fair value 1 523 611 3 622 905 1 351 Other operating income 612 581 1 839 1 939 2 522 Net other operating income 3 672 2 623 10 260 7 564 10 478 Total income 13 822 11 922 39 627 35 198 47 866 Operating expenses (5 318) (5 114) (16 108) (15 189) (20 681) Restructuring costs and non-recurring effects (134) (26) (177) (106) (565) Pre-tax operating profit before impairment 8 370 6 782 23 343 19 902 26 620 Net gains on fixed and intangible assets (40) (3) (43) 480 529 Impairment of financial instruments (1 247) (11) (2 014) 374 139 Pre-tax operating profit 7 083 6 769 21 286 20 756 27 288 Tax expense (1 417) (1 354) (4 257) (4 151) (4 976) Profit from operations held for sale, after taxes (36) (42) (117) (63) (204) Profit for the period 5 631 5 373 16 912 16 542 22 109 Balance sheet 30 Sept. 31 Dec. 30 Sept. Amounts in NOK million 2019 2018 2018 Total assets 2 576 850 2 307 710 2 387 216 Loans to customers 1 673 924 1 598 017 1 561 867 Deposits from customers 983 472 940 087 995 154 Total equity 215 989 207 933 200 665 Average total assets 2 543 839 2 434 354 2 454 510 Key figures and alternative performance measures 3rd quarter 3rd quarter January-September Full year 2019 2018 2019 2018 2018 Return on equity, annualised (per cent) 1) 10.8 11.2 11.1 11.6 11.5 Combined weighted total average spread for lending and deposits (per cent) 1) 1.32 1.30 1.32 1.29 1.30 Average spread for ordinary lending to customers (per cent) 1) 1.80 1.95 1.85 1.95 1.94 Average spread for deposits from customers (per cent) 1) 0.55 0.29 0.47 0.27 0.29 Cost/income ratio (per cent) 1) 39.4 43.1 41.1 43.5 44.4 Ratio of customer deposits to net loans to customers at end of period 1) 58.8 63.7 58.8 63.7 58.8 Net loans and financial commitments in stage 2, per cent of net loans 1) 6.80 6.62 6.80 6.62 6.96 Net loans and financial commitments in stage 3, per cent of net loans 1) 1.29 1.65 1.29 1.65 1.45 Impairment relative to average net loans to customers, annualised (per cent) 1) (0.30) (0.00) (0.16) 0.03 0.01 Common equity Tier 1 capital ratio, transitional rules, at end of period (per cent) 2) 17.2 16.5 17.2 16.5 16.5 Leverage ratio, Basel III (per cent) 7.2 7.0 7.2 7.0 7.4 Number of full-time positions at end of period 8 562 8 583 8 562 8 583 8 597 1) Defined as alternative performance measure (APM). APMs are described on ir.dnb.no. 2) Including 50 per cent of profit for the period, except for the full year figures. Third quarter report 2019 Directors’ report .............................................................................................................................. 2 Accounts Income statement DNB Bank ASA ........................................................................................................... 8 Comprehensive income statement DNB Bank ASA .................................................................................. 8 Balance sheet DNB Bank ASA .................................................................................................................. 9 Income statement DNB Bank Group ....................................................................................................... 10 Comprehensive income statement DNB Bank Group .............................................................................. 10 Balance sheet DNB Bank Group ............................................................................................................. 11 Statement of changes in equity .............................................................................................................. 12 Cash flow statement ................................................................................................................................ 14 Note 1 Basis for preparation ............................................................................................................ 16 Note 2 Segments .............................................................................................................................. 17 Note 3 Capital adequacy .................................................................................................................. 18 Note 4 Development in gross carrying amount and maximum exposure .......................................... 21 Note 5 Development in accumulated impairment of financial instruments ........................................ 24 Note 6 Loans and financial commitments to customers by industry segment ................................... 28 Note 7 Financial instruments at fair value ........................................................................................ 30 Note 8 Debt securities issued and subordinated loan capital ........................................................... 33 Note 9 Information on related parties ............................................................................................... 35 Note 10 Contingencies ..................................................................................................................... 35 Additional information Information about the DNB Bank Group ................................................................................................. 36 There has been no full or partial external audit of the quarterly directors’ report and accounts. DNB BANK – THIRD QUARTER REPORT 2019 (UNAUDITED) / 1 Directors’ report Third quarter financial performance In September, DNB adjusted its organisational structure to A strong Norwegian macroeconomic situation contributed to meet changes in the market, which also involved further changes to healthy lending growth, higher NOK interest rates and continued the Group Management team. strong asset quality. Norges Bank raised the key policy rate from 1.25 per cent to The DNB Bank Group1) delivered a solid profit of NOK 1.50 on 19 September. The following day, DNB increased the 5 631 million in the third quarter, an increase of NOK 257 million customer interest rates with effect from October for corporate from the third quarter of 2018, mainly driven by higher net interest customers and from November for personal customers. income as well as higher income from net commissions and fees. On 30 September, DNB completed the sale of part of its Compared with the previous quarter, profits decreased by NOK ownership interest in the Baltic banking group Luminor to a 302 million. consortium led by private equity funds managed by Blackstone. The common equity Tier 1 (CET1) capital ratio, calculated The transaction had a positive effect on the CET1 capital ratio, but according to transitional rules, was 17.2 per cent at end- no significant impact on profits. DNB will remain a shareholder in September, an increase from 16.5 per cent a year earlier, and up Luminor with a 20 per cent stake. from 16.7 per cent at end-June 2019. Without transitional rules, the In August, DNB launched a new residential real estate CET1 capital ratio was 18.9 per cent, up from 17.3 per cent a year brokerage service called Samsolgt ('co-sold'). Samsolgt is a digital, earlier, and from 17.7 per cent in the second quarter. The increase fixed-price brokerage service where the customers can save from the previous quarter is due to the closing of the Luminor money by doing part of the job themselves. transaction, retained earnings and a reduction in risk-weighted In September, DNB signed the UN Principles for Responsible assets. Banking. DNB was one of 130 banks gathered in New York City to The leverage ratio for the banking group was 7.2 per cent, up sign the principles. Collectively, this coalition of international banks from 7.0 per cent in the third quarter of 2018 and 7.1 per cent in the accounts for approximately USD 47 thousand billion in assets. second quarter. Also in September, DNB launched the campaign Return on equity was 10.8 per cent, compared with 11.2 per #huninvesterer (#girlsinvest) to put women and personal finances cent in the year-earlier period and 11.8 per cent in the second on the agenda. The gender gap in savings in general and mutual quarter. funds and equities in particular represents a significant business Total income increased by 15.9 per cent from the third quarter potential. As Norway's largest financial services group, DNB plays of 2018 and 3.0 per cent from the second quarter. an important role in addressing this. Through the campaign, DNB Profitable volume growth in all customer segments and wants to make sure that people understand how large the financial repricing effects led to an increase in net interest income of NOK gender gap actually is. 851 million or 9.2 per cent from the third quarter of 2018, and NOK DNB became a founding member of the Getting to Zero 404 million or 4.1 per cent from the second quarter. Coalition in September. The goal of the coalition is to bring together Net other operating income was NOK 3 672 million, up NOK high-impact and future-minded organisations working to get 1 049 million from the third quarter of 2018. There was a 7.4 per commercially viable deep-sea, zero-emission vessels into operation cent increase in net commissions and fees, as well as higher net by 2030 – an undeniably ambitious aspiration. gains on financial instruments at fair
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