DNB ASA (D1NC) Q3 2026 Earnings Report
DE:D1NC Q3 2026 EPS Results
- Actual EPS
- EUR 0.68
- Consensus EPS
- EUR 0.60
- Beat/Miss
- Beat by +EUR 0.08
- One Year Ago EPS
- EUR 0.67
DE:D1NC Q3 2026 Revenue Results
- Actual Revenue
- EUR 4.80B
- Expected Revenue
- EUR 2.03B
- Beat/Miss
- Beat by +EUR 2.76B
- YoY Revenue Growth
- +1.33%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
DE:D1NC Upcoming Earnings
DNB ASA's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Q3 2026
Earnings Call Date:Oct 21, 2026|% Change Since:7.61%|
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by return on equity above target, 5% group growth, higher net interest income and fees, lower costs, strong capital, robust credit quality, asset-management inflows and a strong investment-banking pipeline. The main challenges were fierce competition and related margin pressure, weak construction-finance activity, delayed investment decisions, investment-banking timing risk, and somewhat higher funding costs in the quarter. The highlights significantly outweighed the lowlights.
Company Guidance
Management said 3%-4% loan growth remains valid; broader SME growth has been more in the area of between 3% and 4% over time, or 6% adjusting for construction finance, while they do expect the construction market to come back but said it is still too early to say when it will start to materialize. They said the announced repricing of loans and deposits by up to 25 basis points will take effect in the end of November and, everything else equal, will have a positive impact on NII; historical impact from a 25 basis point rate hike or rate cut has been in the area between NOK 800 million and NOK 1.2 billion. The investment banking pipeline remains strong, but IPO activity has been pushed out somewhat, credit sentiment is slower, and there should not be an automatic extrapolation of third-quarter results.
- Resilient Norwegian EconomyManagement said the Norwegian economy remains resilient, with expected growth of 1.1% this year, unemployment around the 2% level, and households and industries showing resilience and strong performance. The policy rate is now 4.5%, while inflation has declined but remains stickier than expected relative to the central bank's 2% target.
- Return on Equity Above TargetThird-quarter return on equity was 14.5%, above DNB's minimum targeted return of 14%. Excluding DNB's share of profits from the Luminor transaction announced during the quarter, return on equity was 15.5%.
- Net Interest Income Growth Supported by RepricingNet interest income increased 2.5% from the previous quarter, with management attributing the improvement in personal-customer NII to the first customer repricing taking close to full effect during the quarter. A further repricing of loans and deposits of up to 25 basis points is scheduled to take effect toward the end of November.
- Strong Fee and Commission PerformanceNet commission and fee income increased 14.6% from the same quarter of the prior year. Investment banking income increased 38% year over year, while asset management increased 11.5 percentage points. Management noted that certain larger transactions completed late in the second quarter and closed early in the third quarter contributed to the results.
- Lower Reported CostsCosts were down NOK 355 million, reflecting reductions in both fixed salaries and variable salaries. Variable salaries were nevertheless at a higher level than in the same quarter last year, reflecting an active third quarter.
- Robust and Diversified Credit PortfolioThe loan portfolio was described as robust and well diversified. Impairments were NOK 529 million, with management reporting no industry- or sector-specific issues and no notable portfolio migration.
- Strong Capital Position and Share BuybackCommon equity was 17.3%, which management said was 100 basis points above the required expected level of the FSA. This figure included a 30-basis-point deduction related to the announced share buyback of 0.75% of shares. Management said capital allocation strategy remains unchanged and that new buyback programs will be announced when the capital buffer permits.
- Profitable Group GrowthThe group delivered 5% year-over-year growth, which management attributed to disciplined capital allocation and profitable growth across business areas.
- AI Delivering Operational and Customer BenefitsManagement said AI is producing real operational gains, including cost reduction through a lower number of FTEs and enhanced customer value. Chatbots for both brands are handling more requests without employee involvement, customers are increasingly satisfied and sometimes prefer the chatbots, call-center employees are becoming more efficient advisors through automatic transcripts, and fewer call-center employees are required. Automated Know Your Customer processes are also improving the customer experience and process efficiency.
- Increasing Products per Retail CustomerThe number of retail banking products per customer increased from 4.7 to 4.8. DNB customers have fewer than 1.7 relationships with other banks, compared with approximately 2.5 relationships for customers of a cited digital-only brand.
- Retail and Corporate Loan GrowthPersonal-customer lending growth was 0.4% in the quarter, compared with 0.3% in the second quarter, and 1.4% year over year. Corporate Customers Norway's broader SME portfolio has grown between 3% and 4% over time, or approximately 6% when adjusted for the historically weak construction-finance contribution. Large-corporate lending increased 3.4% excluding currency effects and 10.8% year over year. Total platform growth was 5% year over year.
- Asset Management Inflows and Savings MomentumAsset management inflows have been positive for five, six or seven consecutive quarters. A single institutional mandate contributed NOK 30 billion of inflows in both the third quarter and second quarter; excluding that mandate, inflows were still more than NOK 20 billion in the third quarter. Retail inflows were NOK 6.5 billion. Personal-customer savings agreements reached an all-time high of more than NOK 1 billion per month, while defined-contribution assets continued to receive monthly employer contributions.
- Asset Management Initiatives Supporting GrowthManagement cited digital-platform innovation, integration of savings products into mobile banking, individual and collective advice, and the She Invests conferences and related social-media community as initiatives supporting asset-management inflows. Margins were described as stable over time despite the shift from active to index products and prior margin pressure from reforms.
- Strong and Broad-Based Investment Banking QuarterInvestment banking had a very strong third quarter, including an all-time high in DNB Markets bond revenue. Revenue was described as diversified across products, customers and geographies, with no single fee event accounting for more than a single-digit percentage of overall investment banking fees. About half of the top 10 mandates so far this year were Nordic mandates outside Norway.
- DNB Carnegie Integration ProgressManagement said the combined DNB Carnegie platform has a very competitive offering and is more relevant to clients than ever. After five full quarters of joint operation, investment-banking advisory integration was described as complete, allowing the organization to become less internally focused and spend more time on client dialogue.
- Strong Pipeline and Customer Loyalty InvestmentsThe investment-banking pipeline was described as strong, with management characterizing recent activity as broad-based. DNB is also investing in its platform and AI features to build loyalty and prepare for a changing competitive environment. Approximately half of Norway's population actively uses DNB's banking app, while around one-fourth has mortgages with DNB.
- MREL Compliance and Stable Risk-Weighted AssetsDNB said it fulfills all MREL requirements with a good margin. Risk-weighted assets were fairly flat quarter over quarter, with no structural changes, portfolio migration or model-related developments highlighted.
DE:D1NC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 0.65- | 0.72 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 0.600.68 | 0.67 | 1.29% (+0.01) | |
| Jul 14, 2026 | 2026 (Q2) | 0.620.62 | 0.65 | -4.27% (-0.03) | |
| Apr 23, 2026 | 2026 (Q1) | 0.600.62 | 0.68 | -7.67% (-0.05) | |
| Feb 04, 2026 | 2025 (Q4) | 0.660.72 | 0.78 | -7.37% (-0.06) | |
| Oct 22, 2025 | 2025 (Q3) | 0.660.67 | 0.75 | -10.86% (-0.08) | |
| Jul 11, 2025 | 2025 (Q2) | 0.680.65 | 0.66 | -0.59% (-0.00) | |
| May 07, 2025 | 2025 (Q1) | 0.640.68 | 0.62 | 8.31% (+0.05) | |
| Feb 05, 2025 | 2024 (Q4) | 0.630.78 | 0.58 | 35.22% (+0.20) | |
| Oct 22, 2024 | 2024 (Q3) | 0.630.75 | 0.61 | 22.54% (+0.14) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
