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DNB ASA
(OTC:DNBBY)
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Rating:68Neutral
Price Target:
$38.00
â–²(12.66% Upside)
Action:Reiterated
Date:07/15/26
The score is primarily driven by attractive valuation (low P/E and high dividend yield) and a constructive earnings-call picture (strong ROE, capital and fee/asset-management momentum). These positives are moderated by middling financial-statement quality due to leverage, recently negative revenue growth, and volatile cash flow, while technicals are supportive but not strongly bullish given somewhat stretched momentum indicators.
Positive Factors
Strong profitability
High and consistent profitability indicates that DNB’s core banking franchise is generating attractive returns across the cycle. A 14.6% ROE and stable margins provide internal capacity to support investment, capital distributions, and continued business development.
Negative Factors
Net interest income pressure
Lower net interest income and margin compression directly weaken DNB’s largest earnings engine. Competition and product mix are already reducing spread income, and sustained repricing pressure could offset loan growth and make future profit expansion more dependent on fee businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High and consistent profitability indicates that DNB’s core banking franchise is generating attractive returns across the cycle. A 14.6% ROE and stable margins provide internal capacity to support investment, capital distributions, and continued business development.
Read all positive factors
DNB ASA (DNBBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.55B
Dividend Yield5.64%
Average Volume (3M)7.62K
Price to Earnings (P/E)11.6
Beta (1Y)0.46
Revenue Growth-2.03%
EPS Growth1.25%
CountryUS
Employees11,203
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)27.56
Shares Outstanding1,440,664,900
10 Day Avg. Volume12,135
30 Day Avg. Volume7,620
Financial Highlights & Ratios
PEG Ratio-3.84
Price to Book (P/B)1.40
Price to Sales (P/S)2.04
P/FCF Ratio5.89
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.78
Revenue Forecast (FY)$9.33B
DNB ASA Business Overview & Revenue Model
Company Description
DNB Bank ASA is a leading financial institution, offering a broad spectrum of services to individual consumers, businesses, and institutional clients, both within Norway and across international markets. For its personal banking customers, the com...
How the Company Makes Money
DNB makes money primarily by earning interest and fees from a broad set of financial products and services.
1) Net interest income (core banking): A major revenue driver is the spread between (a) interest earned on loans and other interest-bearin...
DNB ASA Earnings Call Summary
Earnings Call Date:Jul 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive performance: strong profitability (ROE 14.6%), record asset management inflows (NOK 46.3bn) and robust capital metrics (CET1 17.4%) highlight momentum across fees, wealth and corporate businesses. Headwinds remain in net interest income and margins (NII down, margin down ~4 bps), higher operating costs and some one-off provisions (Poland, insurance scheme effects), but these are largely manageable and partly seasonal. On balance the achievements and growth drivers outweigh the challenges.Positive Updates
Strong Profitability and ROE
Return on equity of 14.6% in Q2; earnings per share of NOK 6.5 for the quarter (NOK 13.01 year-to-date); cost/income ratio at 40.3%.
Negative Updates
Net Interest Income and Margin Pressure
Net interest income down NOK 167 million quarter-on-quarter; net interest margin down ~4 basis points to 1.70%; overall NII down 1.1% versus the previous quarter. Margin headwind included a NOK 264 million negative margin effect driven roughly half by competition and half by product/portfolio mix.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Profitability and ROE
Return on equity of 14.6% in Q2; earnings per share of NOK 6.5 for the quarter (NOK 13.01 year-to-date); cost/income ratio at 40.3%.
Read all positive updates
Company Guidance
Management guided that Norway’s mainland economy is expected to grow about 1.5% this year with unemployment around 2%, and the Norges Bank is likely to hike once more (probably in Q3) taking the policy rate to 4.5% before two cuts are penciled in for H2‑2027 to ~4%; customer repricings announced after the May hike became effective July 12 and should support NII in Q3 (Q2 NIM was 1.70%, down 4 bps, and NII fell NOK 167m q‑o‑q), while group loan‑growth ambition remains 3–4% (FX‑adjusted loans were +1.4% q‑o‑q / +4.3% y‑o‑y), deposits were +1.5% q‑o‑q (deposit‑to‑loan ratio 73.9%), CET1 stood at 17.4% with ~100 bps headroom and a leverage ratio of 6.3% (vs regulatory ~3%), buybacks totalling 2% (1% completed, 1% announced) reduced CET1 by ~80 bps, and tax guidance is 22% for Q3–Q4 (c.23% for the full year).DNB ASA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 188.29B | 201.48B | 214.18B | 180.35B | 97.09B | 63.59B |
| Gross Profit | 68.71B | 89.44B | 84.82B | 78.60B | 65.66B | 56.26B |
| EBITDA | 54.69B | 57.15B | 58.50B | 54.05B | 44.03B | 36.03B |
| Net Income | 41.39B | 43.55B | 45.77B | 39.48B | 33.36B | 25.33B |
Balance Sheet | ||||||
| Total Assets | 3.88T | 3.70T | 3.61T | 3.44T | 3.23T | 2.92T |
| Cash, Cash Equivalents and Short-Term Investments | 253.29B | 162.78B | 179.96B | 525.95B | 455.16B | 400.72B |
| Total Debt | 979.79B | 935.67B | 1.01T | 952.37B | 838.67B | 778.50B |
| Total Liabilities | 3.60T | 3.40T | 3.33T | 3.17T | 2.98T | 2.68T |
| Stockholders Equity | 278.76B | 295.15B | 283.11B | 269.13B | 249.61B | 243.65B |
Cash Flow | ||||||
| Free Cash Flow | 23.19B | 69.93B | -159.12B | 43.00M | 5.44B | 37.10B |
| Operating Cash Flow | 25.41B | 72.59B | -156.44B | 4.12B | 8.95B | 41.59B |
| Investing Cash Flow | -168.76B | -15.50B | -880.00M | -1.76B | -7.65B | -4.39B |
| Financing Cash Flow | -49.29B | -33.87B | -29.57B | 14.18B | 5.48B | -15.74B |
DNB ASA Technical Analysis
Positive
33.73
Price Trends
31.91
Positive
31.21
Positive
29.52
Positive
Market Momentum
0.68
Negative
75.11
Negative
97.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DNBBY, the sentiment is Positive. The current price of 33.73 is above the 20-day moving average (MA) of 33.47, above the 50-day MA of 31.91, and above the 200-day MA of 29.52, indicating a bullish trend. The MACD of 0.68 indicates Negative momentum. The RSI at 75.11 is Negative, neither overbought nor oversold. The STOCH value of 97.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DNBBY.
DNB ASA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $37.58B | 9.89 | 9.20% | 2.43% | 5.37% | 14.38% | |
72 Outperform | $63.10B | 11.71 | 9.01% | 4.03% | 0.36% | 18.53% | |
72 Outperform | $75.08B | 7.37 | 16.16% | 4.98% | 6.60% | 29.61% | |
70 Outperform | $43.17B | 9.96 | 10.68% | 2.57% | 3.72% | 10.87% | |
68 Neutral | $49.55B | 11.59 | 14.63% | 5.64% | -2.03% | 1.25% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $88.04B | 13.97 | 11.05% | 3.52% | -13.48% | 25.29% |
* Financial Sector Average
DNBBY
DNB ASA
34.42
9.25
36.76%
TFC
Truist Financial
51.65
7.53
17.07%
KB
Kb Financial Group
128.68
50.96
65.57%
LYG
Lloyds Banking
6.08
1.86
43.94%
NWG
NatWest Group
18.94
5.63
42.27%
SHG
Shinhan Financial Group Co
82.28
35.29
75.10%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.