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DNB Årsrapport 2014 Annual report 2014 DNB BANK – a company in the DNB Group Financial highlights Income statement DNB Bank Group Amounts in NOK million 2014 2013 2012 2011 2010 Net interest income 32 607 30 379 27 557 25 232 23 387 Net commissions and fees 5 891 5 481 5 353 5 230 5 212 Net gains on financial instruments at fair value 5 404 5 009 3 899 7 628 4 973 Other operating income 2 827 2 666 2 595 1 854 2 882 Net other operating income, total 14 122 13 156 11 847 14 713 13 067 Total income 46 729 43 535 39 404 39 945 36 454 Operating expenses 19 618 19 157 19 084 18 328 16 451 Restructuring costs and non-recurring effects 218 605 42 0 0 Expenses relating to debt-financed structured products 0 450 0 0 0 Impairment losses for goodwill and intangible assets 0 557 85 380 591 Pre-tax operating profit before impairment 26 893 22 766 20 194 21 237 19 412 Net gains on fixed and intangible assets 52 150 (1) 19 23 Impairment of loans and guarantees 1 639 2 185 3 179 3 445 2 997 Pre-tax operating profit 25 306 20 730 17 013 17 811 16 437 Tax expense 6 174 5 042 4 516 5 308 4 827 Profit from operations held for sale, after taxes (22) 4 96 (5) 75 Profit for the year 19 110 15 692 12 593 12 498 11 685 Profit attribute to shareholders 19 110 15 692 12 593 12 498 12 437 Profit attribute to minority interests 0 0 0 0 (752) Balance sheet 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. Amounts in NOK million 2014 2013 2012 2011 2010 Total assets 2 361 990 2 130 779 2 068 884 1 884 948 1 637 639 Loans to customers 1 447 465 1 350 656 1 308 864 1 291 660 1 184 100 Deposits from customers 951 049 891 256 819 945 750 102 664 012 Total equity 141 309 126 407 116 190 104 304 89 859 Average total assets 2 433 599 2 276 451 2 160 977 1 910 290 1 752 123 Key figures 1) 2014 2013 2012 2011 2010 Return on equity (per cent) 14.5 13.1 11.8 13.5 13.9 Combined weighted total average spread for lending and deposits (per cent) 1.25 1.26 1.18 1.10 1.12 Cost/income ratio (per cent) 42.4 46.4 48.5 45.9 47.6 Impairment relative to average net loans to customers 0.12 0.16 0.24 0.28 0.25 Common equity Tier 1 capital ratio, transitional rules, at year-end (per cent) 12.5 11.4 10.5 9.3 8.3 Tier 1 capital ratio, transitional rules, at year-end (per cent) 12.9 11.8 10.8 9.9 9.2 Capital ratio, transitional rules, at year-end (per cent) 15.2 13.9 12.4 11.5 11.7 Number of employees at year-end 11 257 11 601 12 655 12 982 12 288 Number of full-time positions at year-end 10 854 11 186 12 274 12 560 11 970 Customer satisfaction index, CSI (score) 71.1 72.5 74.2 74.6 72.8 1) For a more detailed table of key figures, see page 113. Contents Important events in 2014 ................................................... 2 Balance sheet Note 29 Classification of financial instruments ............................. 72 Directors' report .................................................................... 3 Note 30 Fair value of financial instruments at amortised cost ...... 74 Note 31 Financial instruments at fair value .................................. 76 Annual accounts Note 32 Offsetting ....................................................................... 81 Income statement .......................................................................... 14 Note 33 Shareholdings ............................................................... 82 Comprehensive income statement .................................................. 14 Note 34 Transferred assets or assets with other restrictions ........ 83 Balance sheet ................................................................................. 15 Note 35 Securities recieved which can be sold or repledged ....... 83 Statement of changes in equity ....................................................... 16 Note 36 Commercial paper and bonds, held to maturity .............. 84 Cash flow statement ....................................................................... 17 Note 37 Investment properties .................................................... 85 Accounting principles ...................................................................... 18 Note 38 Investments in associated companies ............................. 86 Note 39 Investments in subsidiaries ............................................ 87 Notes to the accounts Note 40 Intangible assets ............................................................ 88 Note 1 Important accounting estimates, judgments and Note 41 Goodwill ......................................................................... 90 assumptions ................................................................... 27 Note 42 Fixed assets ................................................................... 91 Note 2 Changes in group structure ............................................. 28 Note 43 Leasing ......................................................................... 93 Note 3 Segments ....................................................................... 29 Note 44 Other assets .................................................................. 94 Note 4 Capitalisation policy and capital adequacy ...................... 32 Note 45 Deposits from customers for principal Note 5 Risk management .......................................................... 35 customer groups ............................................................ 94 Note 46 Debt securities issued .................................................... 95 Credit risk Note 47 Subordinated loan capital and perpetual Note 6 Credit risk ....................................................................... 38 subordinated loan capital securities ............................... 97 Note 7 Loans and commitments for principal customer groups ... 45 Note 48 Provisions ...................................................................... 99 Note 8 Loans and commitments according Note 49 Other liabilities ............................................................... 99 to geographical location .................................................. 47 Note 9 Impaired loans and guarantees for principal Additional information customer groups ............................................................ 51 Note 50 Remunerations etc. ....................................................... 100 Note 10 Impairment of loans and guarantees ............................... 52 Note 51 Information on related parties ....................................... 105 Note 11 Impairment of loans and guarantees Note 52 Off-balance sheet transactions, contingencies for principal customer groups .......................................... 53 and post-balance sheet events ..................................... 108 Note 12 Developments in impairment of loans and guarantees .... 54 Signatures of the board members .................................................109 Market risk Statement pursuant to the Securities Trading Act .......................... 110 Note 13 Market risk ..................................................................... 55 Note 14 Interest rate sensitivity .................................................... 55 Note 15 Currency positions .......................................................... 56 Auditor's report ..................................................................111 Note 16 Financial derivatives ....................................................... 56 Control Committee's report ......................................... 112 Liquidity risk Note 17 Liquidity risk ................................................................... 59 Key figures ...........................................................................113 Income statements Governing bodies ..............................................................114 Note 18 Net interest income ........................................................ 62 Note 19 Interest rates on selected balance sheet items ............... 63 Note 20 Net commission and fee income ..................................... 63 Note 21 Other income ................................................................. 64 Note 22 Net gains on financial instruments at fair value ............... 64 Note 23 Salaries and other personnel expenses .......................... 64 Note 24 Other expenses ............................................................. 65 Note 25 Depreciation and impairment of fixed and intangible assets ............................................................ 65 Note 26 Pensions ........................................................................ 65 Note 27 Number of employees/full-time positions ......................... 68 Note 28 Taxes ............................................................................. 69 DNB Bank Annual Report 2014 1 Important events in 2014 First quarter . DNB’s equity funds DNB Global (II) and DNB Obligasjon (I) were named best equity funds by Morningstar in their respective categories for 2013. Second quarter . At end-June 2014, DNB had completed the relocation of all office functions in Oslo, Bergen and Trondheim, respectively. Along with Nordea Bank Norge and Kommunalbanken, DNB was defined as a systemically important financial institution, SIFI, and thus became subject to a separate 2 per cent capital buffer requirement as of 1 July 2015. Third quarter . DNB once again qualified for inclusion in the Dow Jones Sustainability Index, DJSI, as the only Nordic bank. The index measures financial, environmental and social performance. The sale of the shareholding in Nets was completed in July. The sale of the subsidiary JSC DNB Bank in Russia was completed in July.

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