DNB Q3 profit falls as higher fee income cushions weaker interest earnings
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EPS: NOK 6.57, down 5.9% Y/Y from NOK 6.98.
Revenue: Total income declined 4.4% Y/Y to NOK 21.69B from NOK 22.69B.
Guidance: DNB expects a tax rate of 23% for full-year 2026 and subsequent periods, with a Q4 2026 tax rate of 22%.
Financial targets: Return on equity above 14%, annual organic loan growth of 3%-4% over time, annual net commission and fee income growth above 9%, and a cost/income ratio below 40%.
Net commissions and fees: Increased 14.6% Y/Y to NOK 4.49B from NOK 3.92B.
Pre-tax operating profit before impairment: Fell 8.1% Y/Y to NOK 13.06B from NOK 14.21B.
Impairment of financial instruments: Declined to NOK 529M from NOK 862M a year earlier.
Net profit: Decreased 7.9% Y/Y to NOK 9.84B from NOK 10.68B.
Return on equity: Fell to 14.5% from 15.8%.
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