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DNB

DNB's npls (as % of loans) fell 26.5% yoy to 1.65% in 3Q2019

By Helgi Library - November 19, 2019

DNB's non-performing loans reached 1.65% of total loans at the end of 2019-09-30, down from 2.25% compared to the previous year. ...

DNB's npls (as % of loans) fell 26.5% yoy to 1.65% in 3Q2019

By Helgi Library - November 19, 2019

DNB's non-performing loans reached 1.65% of total loans at the end of 2019-09-30, down from 2.25% compared to the previous year. ...

DNB's net interest margin rose 5.12% yoy to 1.38% in 3Q2019

By Helgi Library - November 19, 2019

DNB's net interest margin amounted to 1.38% in the third quarter of 2019, up from 1.34% when compared to the previous quarter. ...

Annual Quarterly LTM
Profit Statement 2016 2017 2018
Net Interest Income NOK mil 34,215 35,650 36,894
Net Fee Income NOK mil 8,278 8,448 9,310
Other Income NOK mil 11,654 10,716 7,539
Total Revenues NOK mil 54,147 54,814 53,743
Operating Profit NOK mil 34,346 33,386 32,253
Provisions NOK mil 7,424 2,428 -139
Net Profit NOK mil 19,251 21,803 24,282
Balance Sheet 2016 2017 2018
Interbank Loans NOK mil 176,442 239,328 130,146
Customer Loans NOK mil 1,509,080 1,545,420 1,597,760
Total Assets NOK mil 2,653,200 2,698,270 2,634,900
Shareholders' Equity NOK mil 206,422 216,897 223,966
Interbank Borrowing NOK mil 367,484 231,198 192,080
Customer Deposits NOK mil 933,710 970,260 926,232
Issued Debt Securities NOK mil 641,801 809,785 833,000
Ratios 2016 2017 2018
ROE % 9.70 10.3 11.0
ROA % 0.733 0.815 0.911
Costs (As % Of Assets) % 0.754 0.801 0.806
Costs (As % Of Income) % 36.6 39.1 40.0
Capital Adequacy Ratio % 19.5 20.0 19.9
Net Interest Margin % 1.30 1.33 1.38
Loans (As % Of Deposits) % 162 159 173
NPLs (As % Of Loans) % 2.42 1.70 1.99
Provisions (As % Of NPLs) % 36.8 44.8 30.9
Valuation 2016 2017 2018
Price/Earnings (P/E) 10.9 11.3 9.07
Price/Book Value (P/BV) 1.01 1.13 0.983
Dividend Yield % 4.44 4.67 5.97
Earnings Per Share (EPS) 11.8 13.4 15.2
Book Value Per Share 127 133 140
Dividend Per Share 5.70 7.07 8.21

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summary Unit 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                            
Net Interest Income NOK mil                                               27,616 30,604 32,907 35,785 34,215    
Total Revenues NOK mil                                               43,264 48,638 51,734 57,179 54,147    
Operating Profit NOK mil                                               23,155 28,282 31,406 36,725 34,346    
Net Profit NOK mil                                               13,792 17,511 20,617 24,772 19,251    
balance sheet                                                            
Interbank Loans NOK mil                                               37,136 180,882 373,409 301,216 176,442    
Customer Loans NOK mil                                               1,297,890 1,340,830 1,438,840 1,542,740 1,509,080    
Debt Securities NOK mil                                               498,133 528,738 487,109 480,673 489,295    
Total Assets NOK mil                                               2,320,240 2,405,510 2,649,340 2,598,530 2,653,200    
Shareholders' Equity NOK mil                                               127,492 141,944 158,723 190,425 206,422    
Interbank Borrowing NOK mil                                               251,471 234,533 214,279 322,358 367,484    
Customer Deposits NOK mil                                               810,876 867,590 941,469 943,595 933,710    
Issued Debt Securities NOK mil                                               729,137 737,831 841,344 675,893 641,801    
ratios                                                            
ROE %                                               11.2 13.0 13.7 14.2 9.70    
ROA %                                               0.620 0.741 0.816 0.944 0.733    
Costs (As % Of Assets) %                                               0.905 0.861 0.804 0.780 0.754    
Costs (As % Of Income) %                                               46.5 41.9 39.3 35.8 36.6    
Capital Adequacy Ratio % ... ... ... ...                                       12.6 14.0 15.2 17.8 19.5    
Net Interest Margin %                                               1.24 1.30 1.30 1.36 1.30    
Interest Income (As % Of Revenues) %                                               63.8 62.9 63.6 62.6 63.2    
Fee Income (As % Of Revenues) %                                               16.1 17.6 17.3 15.5 15.3    
Equity (As % Of Assets) %                                               5.49 5.90 5.99 7.33 7.78    
Loans (As % Of Deposits) %                                               160 155 153 163 162    
Loans (As % Assets) %                                               55.9 55.7 54.3 59.4 56.9    
NPLs (As % Of Loans) % ... ... ...                                         2.23 2.28 1.86 1.46 2.42    
Provisions (As % Of NPLs) % ... ... ...                                         42.2 41.3 46.1 51.5 36.8    
valuation                                                            
Market Capitalisation (End Of Period) USD mil ... ... ...                                         20,628 29,153 24,082 20,300 24,262    
Number Of Shares (Average) mil                                               1,627 1,628 1,629 1,628 1,628    
Share Price (End Of Period) ... ... ...                                         70.5 109 111 110 128    
Earnings Per Share (EPS)                                               8.48 10.8 12.7 15.2 11.8    
Book Value Per Share                                               78.3 87.2 97.4 117 127    
Dividend Per Share                                               2.10 2.70 3.80 4.50 5.70    
Price/Earnings (P/E) ... ... ... ...                                       8.31 10.1 8.75 7.22 10.9    
Price/Book Value (P/BV) ... ... ...                                         0.899 1.25 1.14 0.939 1.01    
Dividend Yield % ... ... ...                                         2.98 2.49 3.43 4.10 4.44    
Earnings Per Share Growth % ...                                             6.15 26.9 17.7 20.2 -22.3    
Book Value Per Share Growth % ...                                             8.10 11.3 11.8 20.1 8.40    
income statement Unit 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                            
Interest Income NOK mil                                               63,468 60,816 61,866 57,958 52,530    
Interest Cost NOK mil                                               35,852 30,212 28,959 22,173 18,315    
Net Interest Income NOK mil                                               27,616 30,604 32,907 35,785 34,215    
Net Fee Income NOK mil                                               6,962 8,536 8,970 8,862 8,278    
Other Income NOK mil                                               8,686 9,498 9,857 12,532 11,654    
Total Revenues NOK mil                                               43,264 48,638 51,734 57,179 54,147    
Operating Cost NOK mil                                               20,109 20,356 20,328 20,454 19,801    
Operating Profit NOK mil                                               23,155 28,282 31,406 36,725 34,346    
Provisions NOK mil                                               3,179 2,185 1,639 2,269 7,424    
Extra and Other Cost NOK mil                                               2,200 3,388 2,665 2,585 3,535    
Pre-Tax Profit NOK mil                                               17,776 22,709 27,102 31,871 23,387    
Tax NOK mil                                               4,081 5,202 6,463 7,048 4,140    
Minorities NOK mil                                               0 0 0 0 0    
Net Profit NOK mil                                               13,792 17,511 20,617 24,772 19,251    
Dividends NOK mil                                               3,420 4,398 6,189 7,330 9,284    
growth rates                                                            
Net Interest Income Growth % ...                                             7.16 10.8 7.53 8.75 -4.39    
Net Fee Income Growth % ...                                             1.22 22.6 5.08 -1.20 -6.59    
Total Revenue Growth % ...                                             -2.08 12.4 6.37 10.5 -5.30    
Operating Cost Growth % ...                                             7.83 1.23 -0.138 0.620 -3.19    
Operating Profit Growth % ...                                             -9.32 22.1 11.0 16.9 -6.48    
Pre-Tax Profit Growth % ...                                             -3.43 27.8 19.3 17.6 -26.6    
Net Profit Growth % ...                                             6.26 27.0 17.7 20.2 -22.3    
balance sheet Unit 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                            
Cash NOK mil                                               298,891 167,171 58,507 19,317 208,263    
Interbank Loans NOK mil                                               37,136 180,882 373,409 301,216 176,442    
Customer Loans NOK mil                                               1,297,890 1,340,830 1,438,840 1,542,740 1,509,080    
Debt Securities NOK mil                                               498,133 528,738 487,109 480,673 489,295    
Fixed Assets NOK mil                                               17,543 19,009 20,115 14,936 13,761    
Total Assets NOK mil                                               2,320,240 2,405,510 2,649,340 2,598,530 2,653,200    
Shareholders' Equity NOK mil                                               127,492 141,944 158,723 190,425 206,422    
Of Which Minority Interest NOK mil                                               0 0 0 0 0    
Liabilities NOK mil                                               2,192,750 2,263,560 2,490,620 2,408,100 2,446,780    
Interbank Borrowing NOK mil                                               251,471 234,533 214,279 322,358 367,484    
Customer Deposits NOK mil                                               810,876 867,590 941,469 943,595 933,710    
Issued Debt Securities NOK mil                                               729,137 737,831 841,344 675,893 641,801    
Other Liabilities NOK mil                                               401,265 423,609 493,526 466,259 503,784    
asset quality                                                            
Non-Performing Loans NOK mil ... ... ...                                         29,212 30,804 27,051 22,647 36,781    
Gross Loans NOK mil                                               1,310,230 1,353,550 1,451,300 1,554,410 1,522,630    
Provisions NOK mil                                               3,179 2,185 1,639 2,269 7,424    
growth rates                                                            
Customer Loan Growth % ...                                             1.46 3.31 7.31 7.22 -2.18    
Total Asset Growth % ...                                             9.13 3.67 10.1 -1.92 2.10    
Shareholders' Equity Growth % ...                                             8.21 11.3 11.8 20.0 8.40    
Customer Deposit Growth % ...                                             9.58 6.99 8.52 0.226 -1.05    
ratios Unit 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                            
ROE %                                               11.2 13.0 13.7 14.2 9.70    
ROA %                                               0.620 0.741 0.816 0.944 0.733    
Costs (As % Of Assets) %                                               0.905 0.861 0.804 0.780 0.754    
Costs (As % Of Income) %                                               46.5 41.9 39.3 35.8 36.6    
Capital Adequacy Ratio % ... ... ... ...                                       12.6 14.0 15.2 17.8 19.5    
Tier 1 Ratio % ... ...                                           11.0 12.1 13.0 15.3 17.6    
Net Interest Margin %                                               1.24 1.30 1.30 1.36 1.30    
Interest Spread % ...                                             1.15 1.22 1.23 1.30 1.25    
Asset Yield %                                               2.85 2.57 2.45 2.21 2.00    
Cost Of Liabilities % ...                                             1.71 1.36 1.22 0.905 0.754    
Payout Ratio %                                               24.8 25.1 30.0 29.6 48.2    
Interest Income (As % Of Revenues) %                                               63.8 62.9 63.6 62.6 63.2    
Fee Income (As % Of Revenues) %                                               16.1 17.6 17.3 15.5 15.3    
Other Income (As % Of Revenues) %                                               20.1 19.5 19.1 21.9 21.5    
Equity (As % Of Assets) %                                               5.49 5.90 5.99 7.33 7.78    
Loans (As % Of Deposits) %                                               160 155 153 163 162    
Loans (As % Assets) %                                               55.9 55.7 54.3 59.4 56.9    
NPLs (As % Of Loans) % ... ... ...                                         2.23 2.28 1.86 1.46 2.42    
Provisions (As % Of NPLs) % ... ... ...                                         42.2 41.3 46.1 51.5 36.8    
Provisions (As % Of Loans) %                                               0.951 0.949 0.866 0.756 0.898    
Cost of Provisions (As % Of Loans) %                                               0.247 0.166 0.118 0.152 0.487    
other data Unit 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                            
Employees ... ... ... ...                                       13,703 12,452 12,064 11,380 11,007    

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DNB's net interest margin rose 5.12% yoy to 1.38% in 3Q2019

By Helgi Library - November 19, 2019

DNB's net interest margin amounted to 1.38% in the third quarter of 2019, up from 1.34% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 1.43% in 4Q2018 and an all time low of 1.16% in 2Q201...

DNB's capital adequacy ratio rose 2.00% yoy to 20.4% in 3Q2019

By Helgi Library - November 19, 2019

DNB's capital adequacy ratio reached 20.4% at the end of third quarter of 2019, up from 20.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 20.5% in 1Q2018 and an all time low of 11.0% in 3Q2011. The Tie...

DNB's capital adequacy ratio rose 2.00% yoy to 20.4% in 3Q2019

By Helgi Library - November 19, 2019

DNB's capital adequacy ratio reached 20.4% at the end of third quarter of 2019, up from 20.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 20.5% in 1Q2018 and an all time low of 11.0% in 3Q2011. The Tie...

DNB's net profit rose 6.80% yoy to NOK 6,059 mil in 3Q2019

By Helgi Library - November 19, 2019

DNB made a net profit of NOK 6,059 mil in the third quarter of 2019, up 6.8% when compared to the same period of last year. This implies a return on equity of 10.7%. Historically, the bank’s net profit reached an all time high of NOK 7,582 mil in 1Q2019 and an al...

DNB's share price (end of period) fell 6.32% yoy to 160 in 3Q2019

By Helgi Library - November 19, 2019

DNB stock traded at 160 per share at the end of third quarter of 2019 implying a market capitalization of USD 27,868 mil. Over the last five years, the stock has appreciated by 33.2 % implying an annual average growth of 5.90 %. In absolute terms, the value of the com...

DNB's net profit rose 6.80% yoy to NOK 6,059 mil in 3Q2019

By Helgi Library - November 19, 2019

DNB made a net profit of NOK 6,059 mil in the third quarter of 2019, up 6.8% when compared to the same period of last year. This implies a return on equity of 10.7%. Historically, the bank’s net profit reached an all time high of NOK 7,582 mil in 1Q2019 and an al...

DNB's share price (end of period) fell 6.32% yoy to 160 in 3Q2019

By Helgi Library - November 19, 2019

DNB stock traded at 160 per share at the end of third quarter of 2019 implying a market capitalization of USD 27,868 mil. Over the last five years, the stock has appreciated by 33.2 % implying an annual average growth of 5.90 %. In absolute terms, the value of the com...

DNB's price/earnings (P/E) fell 14.1% yoy to 10.4 in 3Q2019

By Helgi Library - November 19, 2019

DNB stock traded at 160 per share at the end third quarter of 2019 implying a market capitalization of USD 27,868 mil. Since the end of 3Q2014, the stock has appreciated by 33.2 % implying an annual average growth of 5.90 %. In absolute terms, the value of the company...

DNB's price/earnings (P/E) fell 14.1% yoy to 10.4 in 3Q2019

By Helgi Library - November 19, 2019

DNB stock traded at 160 per share at the end third quarter of 2019 implying a market capitalization of USD 27,868 mil. Since the end of 3Q2014, the stock has appreciated by 33.2 % implying an annual average growth of 5.90 %. In absolute terms, the value of the company...

DNB's net interest income rose 8.99% yoy to NOK 9,991 mil in 3Q2019

By Helgi Library - November 19, 2019

DNB generated total banking revenues of NOK 15,481 mil in the third quarter of 2019, up 16.9% when compared to the same period of last year and 3.53% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee and ...

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Finance

DNB has been growing its revenues and asset by 4.08% and 3.70% a year on average in the last 10 years. Its loans and deposits have grown by 2.98% and 4.49% a year during that time and loans to deposits ratio reached 173% at the end of 2018. The company achieved an average return on equity of 11.8% in the last decade with net profit growing 10.2% a year on average. In terms of operating efficiency, its cost to income ratio reached 40.0% in 2018, compared to 40.7% average in the last decade.

Equity represented 8.50% of total assets or 14.0% of loans at the end of 2018. DNB's non-performing loans were 1.99% of total loans while provisions covered some 30.9% of NPLs at the end of 2018.

Valuation

DNB stock traded at 138 per share at the end of 2018 resulting in a market capitalization of USD 25,346 mil. Over the previous five years, stock price rose by 26.7% or 4.85% a year on average. That’s compared to an average ROE of 11.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 9.07x and price to book value (PBV) of 0.983x in 2018.

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