DNB Bank ASA DNBBY

FinancialsBanking ServicesNorway

Last close 34.22 USD on Nov 3, 2026, +30.8% year to date

Quant rating

Quant rating B Rank 102 of 304 in Financials

Growth D 230 of 304
Valuation C 194 of 304
Quality C 128 of 304
Revisions B 69 of 304
Momentum A 24 of 304

Wall Street consensus Hold (3.00)Average target 37.75 USD +10.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 49.3B
Enterprise value: 109.1B
52-week range: 25.26 – 35.00
3-year range: 17.54 – 35.00
Dividend yield: 5.64%
Beta (5 years): 0.63
Shares outstanding: 1,441M
Next earnings: Feb 4, 2027

About the company

DNB Bank ASA is a Norway-based financial services group in the Nordic region. The Group offers a full range of financial services, including loans, savings, advisory services, insurance and pension products for retail and corporate customers. DNB has operating segments: The Personal customers, which includes products and activities offered to private customers with the exception of home mortgages recorded under Traditional pension products. DNB offers distribution network, comprising mobile banking, digital banking, branch offices, customer centres and real estate broking; The Corporate customers Norway covers sale of products to and advisory services for small and medium-sized enterprises in Norway; The Large corporates and international customers covers Norwegian and international corporate customers in every industry segment, excluding commercial real estate. The Risk management and Traditional pension products segments are included in Other operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	17,574	17,030	15,850	8,165	5,324	–
Revenue growth	3.2%	7.4%	94.1%	53.4%	−17.4%	22.2%
EPS (basic, normalized)	2.88	2.60	2.48	2.14	1.80	–
EPS growth	10.7%	5.0%	15.7%	18.8%	30.7%	15.9%
Gross margin	–	–	–	–	–	–
Net margin	23.7%	22.7%	23.9%	40.4%	51.7%	32.5%
ROE	13.2%	–	15.9%	12.7%	–	13.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	106,936
Net debt (mil)	–
Total equity (mil)	29,477
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	17,574	+3.2%	6.2x	–	–	–	2.74	+0.2%	12.5x
2026	9,435	−46.3%	11.6x	20.19	–	1.7x	2.81	+2.7%	12.2x
2027	10,123	+7.3%	10.8x	21.01	+4.1%	1.6x	3.02	+7.7%	11.3x
2028	10,467	+3.4%	10.4x	22.03	+4.9%	1.6x	3.30	+9.1%	10.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,435	0.0%	−1.4%	−1.4%	2.81	−1.4%	−2.1%	−1.2%
2027	10,123	0.0%	+4.7%	+4.7%	3.02	−1.9%	+8.5%	+8.5%
2028	10,467	0.0%	+5.6%	+5.6%	3.30	0.0%	+14.1%	+14.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.62	0.64	0.73	0.74	–	–	–	–	–	–
EPS mean	–	–	0.62	0.58	–	–	–	–	–	–
Surprise	–	–	+18.5%	+27.4%	–	–	–	–	–	–

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
DNBBY DNB Bank ASA	49.3B	–	23.7%	0.77x	12.2x	11.3x	1.7x	1.6x
IDCBY Industrial and Commercial Bank of China Ltd	434.0B	–	–	–	126.0x	120.2x	11.2x	10.5x
CMWAY Commonwealth Bank of Australia	195.8B	–	–	–	25.7x	24.8x	–	–
DBSDY DBS Group Holdings Ltd	157.6B	–	–	–	16.6x	15.2x	–	–
UNCRY Unicredit, SpA	125.3B	–	39.8%	1.01x	9.9x	8.7x	–	–
MFG Mizuho Financial Group, Inc.	116.5B	–	–	1.70x	4.7x	4.1x	–	–
Mean		–	31.7%	1.16x	32.5x	30.7x	6.4x	6.1x
Median		–	31.7%	1.01x	14.4x	13.2x	6.4x	6.1x

Technical analysis

1M+5.9%
3M+6.4%
1Y+40.4%
3Y+133.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, DNB Bank ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	17,574	17,030	15,850	8,165	5,324	6,446
Total interest expense	11,139	11,382	9,778	3,236	931	1,944
Net interest income	6,435	5,648	6,073	4,930	4,393	4,503
Loan loss provision	279	106	261	−27.8	−98.6	1,156
Net interest income after loan loss provision	6,157	5,541	5,811	4,957	4,492	3,346
Non-interest income	3,493	2,636	2,667	2,779	2,657	2,612
Non-interest expense	−4,341	−3,349	−3,502	−3,594	−3,440	−3,178
Net income before taxes	5,309	4,828	4,977	4,142	3,709	2,780
Provision for taxes	984	798	1,067	756	847	493
Minority interest & equity in affiliates	−163	−170	−130	−86.9	−108	−132
Other	0	0	0	0	0	0
Net income before extraordinary items	4,162	3,860	3,780	3,299	2,754	2,156
Extraordinary items	8.2	0	−14.7	27.6	17.0	25.8
Net income	4,170	3,860	3,766	3,326	2,771	2,181
Basic weighted average shares (mil)	1,474	1,495	1,537	1,550	1,550	1,555
Diluted weighted average shares (mil)	1,474	1,495	1,537	1,550	1,550	1,555
Basic EPS excluding extraordinary items	2.82	2.58	2.46	2.13	1.78	1.39
Basic EPS, normalized	2.88	2.60	2.48	2.14	1.80	1.38

Balance sheet in millions of USD, fiscal years

Balance sheet, DNB Bank ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	27,298	27,584	41,999	33,741	38,798	42,201
Other earning assets	91,455	86,091	93,378	87,586	85,517	92,164
Net loans	238,929	198,097	197,074	200,221	198,136	197,462
Property, plant & equipment	2,098	1,848	2,115	2,170	2,433	2,387
Goodwill	1,679	740	829	854	499	501
Intangibles	526	204	203	195	160	140
Long-term investments	1,778	1,712	1,885	1,965	2,220	2,144
Other long-term assets	216	184	156	232	329	790
Other assets	3,389	1,525	1,748	3,093	3,388	2,498
Total assets	367,369	317,985	339,387	330,057	331,480	340,286
Liabilities
Accounts payable	202	91.9	99.5	353	208	321
Payable/accrued	–	–	–	–	–	–
Accrued expenses	742	522	462	460	474	429
Total deposits	184,168	151,759	160,793	160,662	164,318	152,251
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	93,273	89,101	93,723	85,437	88,157	95,813
Minority interest	306	192	220	1,504	30.2	13.9
Other liabilities	59,336	51,410	57,535	56,162	50,627	62,515
Total liabilities	338,026	293,076	312,833	304,577	303,814	311,343
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,816	1,631	1,871	1,978	2,200	1,807
Additional paid-in capital	1,862	1,648	1,848	1,912	2,127	2,636
Retained earnings (accumulated deficit)	−0.5	1.5	7.2	15.3	5.1	2.7
Treasury stock	–	–	–	–	–	–
Other equity	25,665	21,629	22,828	21,574	23,333	24,498
Total equity	29,342	24,909	26,554	25,480	27,666	28,944
Total liabilities & shareholders' equity	367,369	317,985	339,387	330,057	331,480	340,286

Cash flow statement in millions of USD, fiscal years

Cash flow statement, DNB Bank ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	18,359	−2,474	10,003	4,294	1,265	6,168
Cash from operations	7,217	−13,765	407	914	4,722	9,859
Investing activities
Capital expenditures	−265	−236	−403	−359	−509	−447
Other investing cash flows	−1,276	158	229	−422	10.6	−104
Cash from investing	−1,541	−77.4	−173	−781	−499	−551
Financing activities
Financing cash flow items	−14.2	−321	454	−286	−1,408	−2,950
Cash dividends paid	−2,469	−2,125	−1,906	−1,543	−3,063	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−884	−156	2,850	2,389	2,683	−8,969
Cash from financing	−3,368	−2,602	1,399	559	−1,788	−11,918
Foreign exchange effects	−127	313	189	266	−319	434
Net change in cash	2,181	−16,131	1,821	958	2,117	−2,175
Free cash flow	6,952	−14,000	4.3	555	4,213	9,412

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.