DNB's profit in the fourth quarter of 2023 was NOK 9 403 million after tax. This
is NOK 698 million, or 6.9 per cent, lower than the corresponding quarter of
2022. The profit was driven by positive developments in net interest income and
other income. It was also affected by the tax rate being 16 per cent, due to the
distribution of debt interest in connection with international operations.

For 2023 as a whole, the profit after tax was NOK 39.5 billion, an increase of
NOK 6.0 billion, compared with 2022.

The results were strong in all customer segments, with a particularly large
contribution from the corporate market and the international offices. Out of
every NOK 10 of DNB's profits, NOK 7 came from other parts of the business
operations than the personal customer market in the fourth quarter.

"The Norwegian banking market consists of more than 100 banks. In this
competitive landscape, DNB delivered strong results both in the fourth quarter
and for the year as a whole," says CEO of DNB, Kjerstin Braathen.

Interest rate peak probably reached
The Norwegian central bank, Norges Bank, has raised the key policy rate 14 times
since the autumn of 2021 to curb high inflation. The economy has held up well,
nonetheless, and unemployment has remained at low levels.

"The Norwegian economy has proven to be remarkably sound, and we still believe
in a soft landing in 2024. However, there are two sides to this picture. The
situation is bleak in some industries, such as the building and construction
industry, but momentum remains high in the energy and supplier industry, among
others," says Braathen.

Many households are feeling the pinch, but the interest rate peak now appears to
have been reached. At the same time, there are indications that salaries will
rise faster than inflation this year, according to forecasts from DNB Markets.

"Norges Bank has indicated that we may see the first cuts in the key policy rate
towards the end of the year, which will be good news for many households and
companies. At the same time, it is important to keep in mind that uncertainty is
high, partly due to the demanding geopolitical situation in the world," says
Braathen.

Record-high commission and fee income
DNB's net interest income totalled NOK 15 997 million in the quarter. This is an
increase of 1.8 per cent from the previous quarter.

Income from other customer activities than lending and deposits (commission and
fee income) ended at NOK 2 927 million, up 7.0 per cent from the third quarter.
This is a historically good quarter for this income item.

DNB recognised impairment provisions of NOK 920 million this quarter, mainly
relating to individual customers in the corporate segment.

Giving half back to the community
At the Annual General Meeting, the Board of Directors of the bank will propose a
dividend of NOK 16 per share for 2023, in line with the Group's dividend
policy.

Around half of the dividend will be channelled back into Norwegian society
through the government's ownership, Folketrygdfondet (manager of the Government
Pension Fund Norway) and the DNB Savings Bank Foundation. With the dividend that
has been proposed, this means that in 2023, about NOK 12 billion will be
channelled back to the community.

Financial key figures for the fourth quarter of 2023 (figures for the
corresponding quarter in 2022 in parentheses):

Pre-tax operating profit before impairment amounted to NOK 12.3 billion (11.2)

Profit was NOK 9.4 billion (10.1)

Earnings per share were NOK 5.93 (6.36)

Return on equity was 14.6 per cent (17.1)

Cost/income ratio was 38.5 per cent (39.7)

Common equity Tier 1 (CET 1) capital ratio was 18.2 per cent (18.3)

Financial key figures for the full year 2023 (corresponding figures for 2022 in
parentheses):

Pre-tax operating profit before impairment amounted to NOK 53.1 billion (40.3)

Profit was NOK 39.5 billion (33.4)

Earnings per share were NOK 24.83 (21.02)

Return on equity was 15.9 per cent (14.7)

Cost/income ratio was 35.0 per cent (39.0)

For further information:

Rune Helland, Head of Investor Relations, tel.: (+47) 23 26 84 00 / (+47) 97 71
32 50

Øystein Kløvstad Langberg, Executive Vice President of Communications, tel:
(+47) 98 04 88 25 (+47) 98 04 88 25

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Securities Trading Act.

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