Norway's DNB Q1 profit falls, lowers 2026 tax guidance

Dnb Bank ASA

23/04/2026 06:39

Overview

Norway banking group's Q1 profit fell yr/yr to NOK 9.9 bln

Earnings per share for Q1 declined to NOK 6.50 from NOK 7.04 last year

Company changed 2026 tax guidance to 22% from 23%

Outlook

DNB lowers 2026 tax guidance to 22% from 23%

Company expects long-term tax guidance to remain at 23%

DNB says market volatility and geopolitical uncertainty expected to persist

Result Drivers

SAVINGS AND INVESTMENT ACTIVITY - Record net flows to mutual funds and increased share trading turnover boosted customer activity

MARKET VOLATILITY - Increased market volatility dampened capital markets transaction activity but drove demand for trading and hedging, particularly in fixed income, currency and commodities

LOW HOUSING MARKET ACTIVITY - Lending growth was modest, with low activity in the housing market and only a slight increase in lending across customer segments

Company press release: ID:nWkr5GMhFT

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
NOK 6.5
Q1 CET1 Capital Ratio
18.1%
Q1 ROE
14%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 13 "hold" and 4 "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy."

Wall Street's median 12-month price target for DNB Bank ASA is NOK315.00, about 8.8% above its April 22 closing price of NOK289.50

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)