October 20, 2022 at 06:40 am
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Results DNB Group
Third quarter 2022
Kjerstin R. Braathen (CEO) | Q3 |
Ida Lerner (CFO) |
20 October 2022
Strong performance and solid asset quality
Return on equity
Per cent, trailing 12-month figures
10.3 | 10.7 | 11.4 | 12.0 | 12.3 | ||||
9.8 | ||||||||
8.8 | 9.2 | |||||||
8.4 | ||||||||
3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Profit for | CET1 |
the period | capital ratio |
NOK billion | Per cent |
7.6 | 18.1 |
Return on equity (ROE) of 12.7 per cent in the quarter
Driven by strong performance in the customer segments and increased fee- related income
Net interest income (NII) up 25.5 per cent from 3Q21 and 6.3 per cent from 2Q22
Driven by profitable growth, acquisition of Sbanken and repricing
Net commissions and fees up 12.0 per cent from 3Q21
All-time high third quarter result - strong increase in income from money transfer and solid performance across other product areas
Robust and well-diversified portfolio 99.1 per cent in stages 1 and 2
Net reversals of impairment provisions in stage 3
Earnings per share (EPS) up 11.2 per cent from 3Q21
EPS of NOK 4.77 for the quarter
2
Continued high activity in the Norwegian economy
- Mainland GDP expected to decrease temporarily as efforts to combat inflation are implemented
- High share of floating-rate mortgages ensures efficient monetary policy
- Growing corporate investments expected to keep unemployment at low level
GDP and inflation
Actual and DNB Markets forecast
YoY growth, Per cent
4.1 | 3.7 | 4.3 |
2.3 | 3.3 | 2.8 |
(2.3) | ||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022F | 2023F | 2024F | 2025F | ||||
Mainland GDP | Core inflation | |||||||||||||
Full-time unemployment
Actual and DNB Markets forecast
Per cent
5.0 | ||||||||||
3.0 | 3.0 | |||||||||
1.8 | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022F | 2023F | 2024F | 2025F |
Full-time unemployment |
Key policy rate
Actual and DNB Markets forecast
Per cent
3.25 | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023F | 2024F | 2025F |
Key policy rate |
Sources: Norges Bank (Norwegian central bank), DNB Markets forecast, Statistics Norway, NAV (Norwegian Labour and Welfare Administration) | 3 |
Personal customers - strong increase in other income and solid loan growth
Total income
NOK million
5 326 | 5 388 | |||
4 459 | 4 352 | 4 497 | ||
53.0 | ||||
48.8 | 50.7 | 50.1 | ||
47.8 | ||||
3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 |
Sbanken | Cost/income ratio |
Highlights in the quarter
- Pre-taxoperating profit up 4.7 per cent from 2Q22. Solid performance in Sbanken, up 23.7 per cent from 2Q22
- Loan growth of 1.1 per cent in the quarter, Sbanken 4.9 per cent
- Underlying savings volumes stable despite market turmoil and seasonal effects
Money transfer and banking services
NOK million
430
308
229
162
3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
4
Corporate customers - strong result reflects high activity across industries
Total income
NOK million
9 773 | 10 018 | |||
9 483 | ||||
9 158 | ||||
8 240 | ||||
39.7 | 39.1 | |||
37.3 | 37.5 | 36.9 | ||
3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 |
Cost/income ratio |
Highlights in the quarter
- Pre-taxoperating profit up 26.5 per cent from 3Q21 and 1.7 from 2Q22
- Year-to-dategrowth in loans to SMEs of 7.4 per cent
- Net interest income up 13.3 per cent in the quarter
- Solid performance in other income, up 27.1 per cent from 3Q21 adjusted for income from financial instruments
Income from Markets products
NOK million
1 293
982 | 1 056 |
3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 |
5
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