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Annual-Report-Dnb-Bank-2015.Pdf ANNUAL REPORT 2015 DNB BANK ANNUAL REPORT 2015 DNB Bank A company in the DNB Group Financial highlights Income statement DNB Bank Group Amounts in NOK million 2015 2014 2013 2012 2011 Net interest income 35 535 32 607 30 379 27 557 25 232 Net commissions and fees 5 956 5 891 5 481 5 353 5 230 Net gains on financial instruments at fair value 8 704 5 404 5 009 3 899 7 628 Other operating income 2 248 2 827 2 666 2 595 1 854 Net other operating income, total 16 909 14 122 13 156 11 847 14 713 Total income 52 444 46 729 43 535 39 404 39 945 Operating expenses (20 275) (19 618) (19 157) (19 084) (18 328) Restructuring costs and non-recurring effects 1 084 (218) (605) (42) Expenses relating to debt-financed structured products (450) Impairment losses for goodwill and intangible assets (557) (85) (380) Pre-tax operating profit before impairment 33 253 26 893 22 766 20 194 21 237 Net gains on fixed and intangible assets 45 52 150 (1) 19 Impairment of loans and guarantees (2 270) (1 639) (2 185) (3 179) (3 445) Pre-tax operating profit 31 028 25 306 20 730 17 013 17 811 Tax expense (7 755) (6 174) (5 042) (4 516) (5 308) Profit from operations held for sale, after taxes (51) (22) 4 96 (5) Profit for the year 23 222 19 110 15 692 12 593 12 498 Balance sheet DNB Bank Group 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. Amounts in NOK million 2015 2014 2013 2012 2011 Total assets 2 315 603 2 361 990 2 130 779 2 068 884 1 884 948 Loans to customers 1 531 932 1 447 465 1 350 656 1 308 864 1 291 660 Deposits from customers 957 322 951 049 891 256 819 945 750 102 Total equity 173 412 141 309 126 407 116 190 104 304 Average total assets 2 662 039 2 433 599 2 276 451 2 160 977 1 910 290 1) Key figures DNB Bank Group 2015 2014 2013 2012 2011 Return on equity (per cent) 15.1 14.5 13.1 11.8 13.5 Combined weighted total average spread for lending and deposits (per cent) 2) 1.23 1.23 1.25 1.18 1.10 Cost/income ratio (per cent) 36.6 42.4 46.4 48.5 45.9 Impairment relative to average net loans to customers (0.15) (0.12) (0.16) (0.24) (0.28) Common equity Tier 1 capital ratio, transitional rules, at year-end (per cent) 14.3 12.5 11.4 10.5 9.3 Tier 1 capital ratio, transitional rules, at year-end (per cent) 15.3 12.9 11.8 10.8 9.9 Capital ratio, transitional rules, at year-end (per cent) 17.9 15.2 13.9 12.4 11.5 Number of employees at year-end 11 047 11 257 11 601 12 655 12 982 Number of full-time positions at year-end 10 608 10 854 11 186 12 274 12 560 Customer satisfaction index, CSI (score) 73.9 71.1 72.5 74.2 74.6 1) For a more detailed table of key figures, see page 111. 2) Margin calculations for finance lease were adjusted in 2015. Figures for previous periods have been restated accordingly. Contents – Annual accounts Important events ................................................................................... 2 Balance sheet Note 26 Classification of financial instruments ........................................ 70 Directors' report .................................................................................... 3 Note 27 Fair value of financial instruments at amortised cost ................. 72 Note 28 Financial instruments at fair value .............................................. 74 Annual accounts Note 29 Offsetting .................................................................................... 79 Income statement ......................................................................................... 12 Note 30 Shareholdings ............................................................................. 80 Comprehensive income statement ................................................................ 12 Note 31 Transferred assets or assets with other restrictions .................. 81 Balance sheet ................................................................................................ 13 Note 32 Securities recieved which can be sold or repledged .................. 82 Statement of changes in equity ..................................................................... 14 Note 33 Commercial paper and bonds, held to maturity ......................... 82 Cash flow statement ...................................................................................... 15 Note 34 Investment properties ................................................................. 84 Note 35 Investments accounted for by the equity method ........................85 Notes to the accounts Note 36 Investments in subsidiaries ........................................................ 86 Note 1 Accounting principles .................................................................. 16 Note 37 Intangible assets ........................................................................ 87 Note 2 Segments .................................................................................... 26 Note 38 Fixed assets ................................................................................ 90 Note 3 Capitalisation policy and capital adequacy ................................. 28 Note 39 Leasing ....................................................................................... 91 Note 4 Risk management ....................................................................... 32 Note 40 Other assets ............................................................................... 92 Note 41 Deposits from customers for principal Credit risk customer groups ......................................................................... 92 Note 5 Credit risk .................................................................................... 35 Note 42 Debt securities issued ................................................................ 93 Note 6 Loans and commitments for principal customer groups ............. 42 Note 43 Subordinated loan capital and perpetual Note 7 Loans and commitments according subordinated loan capital securities ........................................... 95 to geographical location .............................................................. 44 Note 44 Other liabilities ............................................................................ 97 Note 8 Impaired loans and guarantees for principal Note 45 Equity ........................................................................................... 97 customer groups ......................................................................... 48 Note 9 Impairment of loans and guarantees .......................................... 49 Additional information Note 10 Impairment of loans and guarantees Note 46 Remunerations etc. .................................................................... 98 for principal customer groups ...................................................... 50 Note 47 Information on related parties .................................................. 104 Note 11 Developments in impairment of loans and guarantees .............. 51 Note 48 Off-balance sheet transactions and contingencies ................. 107 Market risk Statement pursuant to the Securities Trading Act ....... 109 Note 12 Market risk ................................................................................... 52 Note 13 Interest rate sensitivity ................................................................ 52 Auditor's report ................................................................................. 110 Note 14 Currency positions ...................................................................... 53 Note 15 Financial derivatives .................................................................... 53 Key figures .......................................................................................... 111 Liquidity risk Governing bodies ............................................................................ 112 Note 16 Liquidity risk ................................................................................. 56 Income statements Note 17 Net interest income ..................................................................... 59 Note 18 Interest rates on selected balance sheet items .......................... 60 Note 19 Net commission and fee income ................................................. 60 Note 20 Net gains on financial instruments at fair value .......................... 61 Note 21 Salaries and other personnel expenses ..................................... 61 Note 22 Other expenses .......................................................................... 62 Note 23 Depreciation and impairment of fixed and intangible assets ......................................................................... 62 Note 24 Pensions ...................................................................................... 63 Note 25 Taxes ........................................................................................... 67 DNB BANK – ANNUAL REPORT 2015 / 1 Important events 1st quarter . DNB’s mobile bank was used more than 34 million times and consolidated its position as Norway’s largest banking service platform. As the first commercial bank in the Nordic region, DNB Bank issued a green bond of NOK 1 billion to promote increased financing of renewable energy projects. DNB Bank issued two perpetual additional Tier 1 capital instruments with a nominal value of NOK 2 150 million and USD 750 million, respectively. DNB launched the concept “Home Journey”, a concept which means that DNB will advise on all aspects of the home purchase process. DNB was included in the index of the global 100 most sustainable corporations in the world. 2nd quarter . In late May, DNB launched the
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