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DNB Bank
DNB Bank (DNB) investor relations material
DNB Bank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Delivered strong Q4 2025 results with robust growth across customer segments and product areas, supported by a resilient Norwegian economy with low unemployment and solid real wage development, though investment pace slowed and inflation trended downward.
Q4 profit was NOK 11,612 million, down 8.4% year-over-year but up 8.7% sequentially; earnings per share were NOK 7.65 for the quarter and NOK 28.45 for 2025.
Board proposes a dividend of NOK 18.00 per share for 2025, totaling NOK 26.2 billion, with share buy-backs increasing total payout ratio to 86%.
Acquisition of Carnegie Group completed in March 2025, strengthening investment banking and wealth management in the Nordics.
Return on equity reached 16.6% in Q4 2025.
Financial highlights
Net interest income for 2025 rose 0.8% to NOK 64,731 million, with 1.2% quarter-over-quarter growth in Q4; net commissions and fees up 40.3% YoY in Q4 and 31.5% for the year.
Pre-tax operating profit before impairment was NOK 14,194 million in Q4 2025, nearly flat sequentially but up NOK 705 million year-over-year.
Operating expenses rose to NOK 9,361 million in Q4, including NOK 200 million in non-recurring costs, mainly due to high activity and Carnegie integration.
Cost/income ratio improved to 37.4% in Q4 2025; full-year cost/income ratio was 38.0%.
Profit for the period was NOK 11,612 million, up NOK 928 million from Q3 2025 but down NOK 1,063 million year-over-year.
Outlook and guidance
Norwegian mainland GDP growth forecast at 1.5% for 2026, with positive real wage growth expected to drive consumption and savings.
Targeting ROE above 14% and annual organic loan growth of 3–4% over time, with ambition to increase net commissions and fees by more than 9% annually in 2026–2027.
DNB Carnegie expects a policy rate cut to 3.75% in June 2026, remaining stable thereafter.
Dividend policy unchanged: payout ratio above 50% in cash, with share buy-backs as a flexible tool.
Confident in ability to deliver growth and maintain profitability despite margin pressures.
Carnegie acquisition's market share impact?
NII outlook given Norges Bank rate cuts?
Impairment rise vs. lower net Stage 3 loans?
Carnegie's future growth drivers beyond Q4?
DNB's strategy for profitable growth in Norway?
Progress on DNB Liv's capital repatriation?
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Next DNB Bank earnings date
Q1 2026 (Media)23 Apr, 2026
DNB Bank
Next DNB Bank earnings date
Q1 2026 (Media)23 Apr, 2026
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Frequently asked questions
Norway's Largest Bank
DNB is Norway's largest bank and an important player in the wider Nordic financial region. Headquartered in Oslo, DNB has woven itself into the fabric of the Nordic economy, playing a crucial role in both local and international financial markets. The bank offers a wide range of traditional banking services for both businesses and private individuals.
A History Spanning two Centuries
DNB's journey began in 1822 when it was founded as Christiania Sparebank. In its early years, it catered primarily to the local population, focusing on providing savings and loan services. The bank expanded its operations significantly through a series of mergers and acquisitions over the years. The most notable of these was the merger between Den Norske Bank (DnB) and Gjensidige NOR in 2003, resulting in the modern iteration of the company. This cemented DNB's place as Norway's largest financial services group, and it has maintained this position to the present day. Today, they’re an important player in the Nordic Banking sphere together compete with other large banks in the region, including names like Danske Bank, Skandinaviska Enskilda Banken, and Nordea.
A Comprehensive Financial Services Provider
As a full-service bank, DNB offers a wide range of financial products and services to its customers. This includes personal and business banking services, wealth management, and insurance. Personal banking services cover everything from day-to-day transaction accounts, credit and debit cards, home and personal loans, to savings and investment opportunities. For businesses, DNB offers corporate banking services, including business loans, cash management solutions, and tailored services for industries like shipping, offshore, and seafood.
Furthermore, DNB has a strong focus on digital banking, providing customers with an advanced mobile banking app that allows for seamless transactions, personal finance management, and easy access to their accounts. With a strong emphasis on digital innovation, DNB offers contemporary, convenient banking solutions that align with the evolving needs of its customers.
DNB in the Nordic Banking Landscape
DNB's influence extends well beyond Norway's borders, making it a notable player in the broader Nordic banking industry. As one of the largest financial institutions in the region, DNB is pivotal to the Nordic financial infrastructure. It has branches, subsidiaries, and representative offices in many countries, serving a wide array of customers from various backgrounds and industries. Today, they also have representational offices in various financial hubs across both Europe and the rest of the world.
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