ANNUAL REPORT 2015

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ANNUAL REPORT 2015 - DNB

DNB Bank

A company in the DNB Group

ANNUAL REPORT

DNB BANK ANNUAL REPORT

Financial highlights

Income statement DNB Bank Group

Amounts in NOK million 2015 2014 2013 2012 2011 Net interest income 35 535 32 607 30 379 27 557 25 232 Net commissions and fees 5 956 5 891 5 481 5 353 5 230

Net gains on financial instruments at fair value 8 704 5 404 5 009 3 899 7 628 Other operating income 2 248 2 827 2 666 2 595 1 854

Net other operating income, total 16 909 14 122 13 156 11 847 14 713 Total income 52 444 46 729 43 535 39 404 39 945 Operating expenses (20 275) (19 618) (19 157) (19 084) (18 328) Restructuring costs and non-recurring effects 1 084 (218) (605) (42) Expenses relating to debt-financed structured products (450) Impairment losses for goodwill and intangible assets (557) (85) (380) Pre-tax operating profit before impairment 33 253 26 893 22 766 20 194 21 237 Net gains on fixed and intangible assets 45 52 150 (1) 19 Impairment of loans and guarantees (2 270) (1 639) (2 185) (3 179) (3 445) Pre-tax operating profit 31 028 25 306 20 730 17 013 17 811 Tax expense (7 755) (6 174) (5 042) (4 516) (5 308) Profit from operations held for sale, after taxes (51) (22) 4 96 (5)

Profit for the year 23 222 19

110 15 692 12 593 12 498

Balance sheet DNB Bank Group

31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.

Amounts in NOK million 2015 2014 2013 2012 2011 Total assets 2 315 603 2 361 990 2 130 779 2 068 884 1 884 948

Loans to customers 1 531 932 1 447 465 1

350 656 1 308 864 1 291 660

Deposits from customers 957 322 951 049 891 256 819 945 750 102 Total equity 173 412 141 309 126 407 116 190 104 304 Average total assets 2 662 039 2 433 599 2 276 451 2 160 977 1 910 290

Key figures

DNB Bank Group

2015 2014 2013 2012 2011

Return on equity (per cent) 15.1 14.5 13.1 11.8 13.5 Combined weighted total average spread for lending and deposits (per cent) 2)

1.23 1.23 1.25 1.18 1.10

Cost/income ratio (per cent) 36.6 42.4 46.4 48.5 45.9 Impairment relative to average net loans to customers (0.15) (0.12) (0.16) (0.24) (0.28)

Common equity Tier 1 capital ratio, transitional rules, at year-end (per cent) 14.3 12.5 11.4 10.5 9.3

Tier 1 capital ratio, transitional rules, at year-end (per cent) 15.3 12.9 11.8 10.8 9.9 Capital ratio, transitional rules, at year-end (per cent) 17.9 15.2 13.9 12.4 11.5 Number of employees at year-end 11 047 11 257 11 601 12 655 12 982 Number of full-time positions at year-end 10 608 10 854 11 186 12 274 12 560 Customer satisfaction index, CSI (score) 73.9 71.1 72.5 74.2 74.6

1) For a more detailed table of key figures, see page 111.

2) Margin calculations for finance lease were adjusted in 2015. Figures for previous periods have been restated accordingly.

Contents - Annual accounts

Important events ........................................................................ ........... 2 Directors' report ........................................................................ ............ 3

Annual accounts

Income statement ........................................................................ ................. 12 Comprehensive income statement ................................................................ 12 Balance sheet ........................................................................ ........................ 13

Statement of changes in equity ..................................................................... 14

Cash flow statement

.............. 15

Notes to the accounts

Note 1 Accounting principles .................................................................. 16 Note 2 Segments ........................................................................ ............ 26 Note 3 Capitalisation policy and capital adequacy ................................. 28 Note 4 Risk management ....................................................................... 32

Credit risk

Note 5 Credit risk ........................................................................ ............ 35 Note 6 Loans and commitments for principal customer groups ............. 42

Note 7 Loans and commitments according

to geographical location .............................................................. 44 Note 8 Impaired loans and guarantees for principal customer groups ........................................................................ . 48 Note 9 Impairment of loans and guarantees .......................................... 49

Note 1

0 Impairment of loans and guarantees

for principal customer groups ...................................................... 50 Note 11 Developments in impairment of loans and guarantees .............. 51

Market risk

Note 12 Market risk ........................................................................ ........... 52

Note 13 Interest rate sensitivity ................................................................ 52

Note 14 Currency positions ...................................................................... 53

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[PDF] ANNUAL REPORT 2015 - DNB