
DNB ASA has a strong financial foundation, with a market capitalization of over NOK 1.5 trillion. This impressive figure reflects the bank's stability and trustworthiness.
In 2020, DNB ASA reported a net profit of NOK 26.6 billion, a significant increase from the previous year. This growth is a testament to the bank's successful business strategies.
The bank's assets under management (AUM) have been steadily increasing, reaching a total of NOK 2.4 trillion in 2020. This growth in AUM is a key driver of DNB ASA's financial performance.
With a solid financial performance and a strong market presence, DNB ASA is well-positioned to navigate the challenges and opportunities of the market.
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Financial Performance
DNB ASA has consistently delivered strong financial performance, with a net interest income of NOK 34.8 billion in 2020. This impressive figure is a testament to the bank's ability to generate revenue from its core operations.
The bank's net interest margin has been steadily increasing over the years, reaching 2.7% in 2020. This indicates a healthy spread between the bank's funding costs and its lending rates, which is essential for maintaining profitability.
DNB ASA's financial performance is also reflected in its strong capital position, with a Common Equity Tier 1 (CET1) ratio of 17.5% in 2020. This ratio is a key indicator of a bank's ability to absorb potential losses and maintain its financial stability.
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Balance Sheet Decomposition
Let's break down the balance sheet of DNB Bank ASA to understand its financial performance.
The bank's assets are a significant part of its balance sheet, totaling 3.3 trillion Norwegian kroner. This includes net loans of 2.3 trillion, making up a substantial portion of the bank's assets.
The bank's investments are also substantial, totaling 710.3 billion Norwegian kroner. This is a notable amount, indicating the bank's efforts to diversify its assets.
Property, Plant, and Equipment (PP&E) accounts for 21 billion Norwegian kroner, a relatively small portion of the bank's assets.
Intangible assets, such as software and brand names, amount to 10.7 billion Norwegian kroner.
Other assets, including cash and securities, total 620.6 billion Norwegian kroner.
Now, let's look at the bank's liabilities. Total deposits from customers amount to 1.7 trillion Norwegian kroner, making up the largest portion of the bank's liabilities.
The bank also has short-term debt of 119.5 billion Norwegian kroner, which is a relatively small portion of its liabilities.
Long-term debt, including bonds and loans, totals 891 billion Norwegian kroner.
Other liabilities, including taxes and provisions, amount to 642.9 billion Norwegian kroner.
Here's a breakdown of the bank's assets and liabilities:
Sales by Activity
DNB Bank ASA's sales by activity reveal a consistent growth trend in corporate customers, with sales increasing from 22.42B in 2020 to 47.2B in 2023.
The bank's sales to personal customers also saw a significant increase, rising from 18.24B in 2019 to 26.57B in 2023.
Other operations, which include various activities such as investments and other financial services, had a more mixed performance, with sales fluctuating between 8.1B and 10.06B between 2020 and 2022.
DNB Bank ASA's sales to corporate customers have consistently outpaced those to personal customers, with the former growing by 109% between 2020 and 2023, compared to the latter's 45% growth.
Here's a breakdown of the bank's sales by activity over the past few years:
Financial Institutions
Financial Institutions are doing well, with the Oslo Bors stock market experiencing a 5-day change of +0.46% on March 3, 2025. This is a slight increase from the 1st January change of +2.32%.
Pareto, a financial institution, has been selling off its February winners in its Norwegian portfolio, taking in 4 new companies as of 02:33 am on March 3, 2025.
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The Oslo Bors stock market value is currently at 260.20, a significant increase from its 1st January value.
TCS has extended its partnership with DNB Bank ASA by 5 years, as announced on February 28, 2025.
Here is a list of notable financial institutions and their recent changes:
- Oslo Bors: +0.46% 5-day change, +2.32% 1st January change
- Pareto: Sold February winners in its Norwegian portfolio, took in 4 new companies
- TCS: Extended partnership with DNB Bank ASA by 5 years
Market Analysis
DNB ASA is showing some interesting market dynamics. The Accumulation Distribution is at 0.0073, indicating a relatively low level of buying activity.
The Daily Balance Of Power is significantly higher at 0.2105, suggesting that the market is leaning in favor of the buyers. This could be a sign of a potential trend reversal.
The Rate Of Daily Change is at 1.0, which is a strong indicator of a rapid price movement. This could be due to a number of factors, including news or market sentiment.
The Day Median Price is 258.05, which is slightly lower than the Day Typical Price of 258.37. This could indicate a slight decrease in market value.
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The Market Facilitation Index is at 1.9, which is a relatively high level. This suggests that the market is being driven by a strong underlying trend.
The Price Action Indicator is 1.15, which is a moderate level of price movement. This could be due to a number of factors, including market sentiment or news.
Here's a summary of the key market indicators for DNB ASA:
Latest News
DNB ASA has been making headlines with its impressive Q4 2024 earnings. DNB increased profits more than expected, raising its dividend.
Several financial institutions have updated their target prices for DNB Bank ASA. Danske Bank raised its target price to 215 Norwegian kroner, while Pareto Securities raised its target price to 270 Norwegian kroner.
Here's a list of the updated target prices from various financial institutions:
DNB Bank ASA's Q4 profit was NOK 12,675 million, beating estimates. Norway's DNB beats profit forecast as strong activity boosts economy.
Press Releases
DNB ASA has recently released several press releases, providing valuable insights into the company's performance and future plans.
DNB Bank ASA published its Risk and capital management Pillar 3 attachment for the fourth quarter of 2024 on February 5th.
The Quarterly Report DNB Group for the fourth quarter of 2024 was also released on February 5th, offering a comprehensive overview of the company's financial performance.
DNB Bank ASA's Factbook for the fourth quarter of 2024 was published on the same day, providing detailed information on the company's operations and financials.
The proposed cash dividend for 2024 was announced on February 5th, with key information made available to the public.
DNB Bank ASA presented its results for the fourth quarter of 2024 on February 5th, with a presentation available for review.
Trading and Execution
DNB ASA's trading and execution capabilities are built on its strong foundation in the Norwegian financial market. The bank's extensive network and expertise enable it to provide clients with efficient and reliable trading services.
The bank's trading platform is designed to cater to the diverse needs of its clients, from individual investors to institutional clients. DNB ASA's trading platform offers a range of products and services, including cash, derivatives, and commodities trading.
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Execute Trades

Executing trades is a critical step in trading and execution.
You need to have a solid understanding of the different types of orders, such as market orders and limit orders, to execute trades effectively.
Market orders are executed at the current market price, while limit orders are executed at a specified price or better.
A well-executed trade requires a clear understanding of the order types and the ability to execute them quickly and efficiently.
In the article, we discussed how to use a trading platform to execute trades.
ETFs
ETFs are a popular investment option, and for good reason. They offer diversification and flexibility, allowing you to invest in a wide range of assets with a single trade.
DNB Bank ASA offers several ETFs, including the DNB OBX UCITS ETF - NOK, which has a weight of 13.52% and an AuM of 126 M€.
The DNB OBX UCITS ETF - NOK has seen a significant increase in value, with a 1st Jan change of +7.35%. This is a notable trend in the market.
Here's a breakdown of the ETFs offered by DNB Bank ASA:
The XACT NORDIC HIGH DIVIDEND LOW VOLATILITY UCITS ETF - SEK has a weight of 2.97% and an AuM of 743 M€, making it a significant player in the market.
Valuation and Estimates
DNB ASA's valuation is quite impressive, with a capitalization of 360B NOK. The company's P/E ratio is 7.73x in 2024, which is expected to increase to 8.93x in 2025.
DNB ASA's enterprise value is also substantial, ranging from 32.13B to 4,892B NOK. The EV/Sales ratio is 3.89x in 2024, which is expected to increase to 4.13x in 2025.
DNB ASA's free-float is around 55.62%, and the yield in 2024 is 7.38%. The yield is expected to decrease to 7.05% in 2025.
Here's a summary of DNB ASA's valuation metrics:
Returns Distribution Density
Let's break down the Returns Distribution Density for DnB ASA. The mean return is a respectable 0.18, indicating a relatively stable investment.

The Value At Risk (VaR) is a more concerning -1.35, suggesting that there's a possibility of a significant loss. This is something to keep in mind when considering investment in DnB ASA.
The Potential Upside is a promising 1.25, showing that there's room for growth. This could be a positive factor for investors.
Here's a summary of the key metrics:
The Standard Deviation of 0.85 indicates a moderate level of risk associated with the investment.
Price Targets Summary
DNB Bank ASA has an average 1-year price target of 250.2 NOK, according to Wall Street analysts. This is based on forecasts ranging from 217.15 NOK to 299.25 NOK.
Several analysts have recently raised their target prices for DNB Bank ASA. Danske Bank, for example, raised its target price to 215 Norwegian kroner (210) while reiterating a sell recommendation.
Here's a summary of the recent target price changes:
These changes reflect the varying opinions of Wall Street analysts regarding DNB Bank ASA's future performance.
Intrinsic Value
The intrinsic value of a stock is a crucial concept in valuation and estimates. It represents the true worth of a company, beyond its market price.
DNB Bank ASA has an intrinsic value of 310.64 NOK under the Base Case scenario. This is a significant difference from its current market price.
The intrinsic value is calculated using two methods: DCF (Discounted Cash Flow) and Relative values. These methods provide a comprehensive view of a company's worth.
The intrinsic value of DNB Bank ASA is undervalued by 17% compared to its current market price of 259.2 NOK. This suggests that the market price may not accurately reflect the company's true worth.
Calculating the intrinsic value gives investors a more accurate picture of a company's potential for growth and profitability.
Valuation
DNB Bank ASA's capitalization has fluctuated over time, with a highest value of 4,892 billion Norwegian kroner and a lowest value of 25.67 billion Norwegian kroner.
For another approach, see: Norwegian State Educational Loan Fund
The P/E ratio for DNB Bank ASA in 2024 is 7.73x, while the P/E ratio for 2025 is projected to be 8.93x.
DNB Bank ASA's enterprise value in 2024 is 360 billion Norwegian kroner, while the EV/Sales ratio for 2024 is 3.89x.
The free-float for DNB Bank ASA is 55.62%, and the yield in 2024 is 7.38%.
Here's a comparison of DNB Bank ASA's valuation metrics:
Frequently Asked Questions
What does DNB ASA stand for?
DNB ASA is the successor to the Norwegian bank Den norske Bank, which merged with Gjensidige NOR in 2003. DNB ASA is the current name of the bank, resulting from a series of mergers and acquisitions.
Who are the subsidiaries of DNB Bank ASA?
DNB Bank ASA's subsidiaries include DNB Markets, Cresco, DNB Eiendom, and DNB Asset Management, which operate in various sectors such as investment banking, finance, real estate, and asset management. These subsidiaries cater to both domestic and international clients.
Sources
- https://www.marketscreener.com/quote/stock/DNB-BANK-ASA-124363442/
- https://www.marketscreener.com/quote/stock/DNB-BANK-ASA-124363442/company/
- https://www.alphaspread.com/security/ose/dnb/summary
- https://markets.businessinsider.com/news/stocks/dnb-asa-sell-rating-justified-by-nii-dependence-and-competitive-headwinds-1033789368
- https://www.macroaxis.com/invest/advice/DNB.OL
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