Edition:
United States

DNB ASA (DNB.OL)

DNB.OL on Oslo Stock Exchange

138.20NOK
24 Mar 2017
Change (% chg)

kr1.20 (+0.88%)
Prev Close
kr137.00
Open
kr136.70
Day's High
kr138.50
Day's Low
kr136.70
Volume
2,225,138
Avg. Vol
2,571,852
52-wk High
kr144.90
52-wk Low
kr90.80

Latest Key Developments (Source: Significant Developments)

Norway's DNB to cut 100 jobs in corporate banking unit
Wednesday, 8 Mar 2017 07:30am EST 

Dnb Asa : Says to cut equivalent of 100 full-time jobs in its corporate banking unit . Says cuts are in response to customers' increasing use of digital solutions . Says some of the employees will be offered to work in a different unit . More than 1,200 jobs remain in the corporate banking unit following the cuts . Says earlier this week, equivalent of 17 full-time jobs were cut in retail banking Further company coverage: [DNB.OL] ((terje.solsvik@thomsonreuters.com;)).  Full Article

DNB Q4 net profit beats forecast, plans share buyback, rising dividends
Thursday, 2 Feb 2017 01:41am EST 

Dnb Asa : Capital build-up completed one year ahead of schedule . q4 net profit nok 5.4 billion (reuters poll nok 4.22 billion) . proposes 2016 dividend of nok 5.70 per share (Reuters poll nok 5.32 per share) . long-term target is to distribute more than 50 per cent of profits as dividends to its shareholders. Group is planning a share buy-back programme to be implemented in course of 2017 . The Group aspires to have a cost/income ratio below 40 per cent towards 2018 and a dividend payout ratio of more than 50 per cent from 2017 . q4 pretax profit before impairments nok 7.4 billion (reuters poll nok 7.54 billion) . As we have now reached our capital target, our most important financial tasks in period ahead will be to increase our return on equity and provide a robust dividend payout ratio . q4 loan losses nok 1.75 billion (reuters poll loss nok 1.98 billion) . says the principal target is still to achieve a return on equity above 12 per cent towards 2019 . volume-weighted spreads are anticipated to widen somewhat in 2017, while lending volumes are expected to be stable in 2017 and 2018 . says total impairment losses for the period 2016 to 2018 are estimated to be up to nok 18 billion, with the highest impairment losses during the first part of the period.  Full Article

DNB can handle raised buffer, declines dividend comment -spokesman
Thursday, 15 Dec 2016 05:25am EST 

DNB ASA : Norway's largest bank DNB will have no problem adjusting to raised capital buffer requirement, spokesman Even Westerveld said . He declined to comment on any potential impact the raised buffer could have on the bank's dividend . Earlier on Thursday Norway's finance ministry said it will increase its countercyclical capital buffer requirement for banks to 2.0 percent from end-2017 compared with 1.5 percent currently, giving banks 12 months to build the additional capital they need [nL5N1E96WR] Further company coverage: [DNB.OL] (Reporting By Ole Petter Skonnord, editing by Terje Solsvik) ((olepetter.skonnord@thomsonreuters.com;)).  Full Article

Olympic Shipping says investors willing to put up $62 mln in refinancing
Friday, 14 Oct 2016 09:15am EDT 

: Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, out of which approximately 400 million is new liquidity . The investment is contingent on a restructuring of the group, which must be agreed with lenders . The current shareholders will be invited to participate in the share issue on equal terms . Companies controlled by the main shareholder of the company, Stig Remoey, are among the investors in the consortium, while the remaining parties in the consortium are investors with direct or indirect connection to the maritime cluster in Norway's Sunnmoere region . The shipping firm has a fleet of 23 oil services vessels . Interest-bearing debt related to the long-term financing of the fleet amounts to 4.9 billion Norwegian crowns at the end of second quarter . In addition, Olympic Ship As has net bond obligations amounting to 690 million crowns . Short-term debt, excluding current liability of long-term debt and bonds, amounted to 237 million crowns . Norway's oil services industry is undergoing a comprehensive financial restructuring after big cuts in spending among oil companies since late 2014.  Full Article

Norway's DNB appoints Kjerstin Braathen new CFO
Monday, 26 Sep 2016 08:00am EDT 

Dnb Asa : Kjerstin Braathen has been appointed new chief financial officer (CFO) in DNB with effect as of 1 March 2017 . Up till now, Braathen has been group executive vice president and head of Corporate Banking Norway . Current CFO Bjoern Erik Naess will retire on same date. He was entitled to retire when reaching the age of 62 in August 2016, but the agreement was extended to 1 March 2017 . Benedicte Schilbred Fasmer will become new group executive president and head of corporate banking Norway with immediate effect .Rune Garborg will become new group executive president in charge of Vipps and payments with immediate effect. This is a new position in the group management team.  Full Article

Norwegian bank DNB sees years of oil industry restructurings
Tuesday, 30 Aug 2016 05:11am EDT 

Top Norwegian bank DNB's Executive Vice President of Large Corporates and International Harald Serck-Hanssen told Reuters: Some drilling rig and offshore service vessel (OSV) firms may need two phases of debt restructuring . Initial rig and service vessel industry restructuring phase may only see firms through to late 2018/early 2019 . May see some rig, service vessel bankruptcies in 2016; and 2017 will be another tough year . Says offshore service vessel industry will likely see more deals like the Aker-Solstad tie-up . Most oil companies have a break-even much below today’s oil price so we are not concerned about that . Oil service firms outside OSV and rig segments are in better shape than we would have expected Further company coverage: [DNB.OL] (Reporting by Stine Jacobsen in Stavanger, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Gjensidige Forsikring issue NOK 1 bln bond
Monday, 29 Aug 2016 06:48am EDT 

Gjensidige Forsikring Asa : successful placement of restricted tier 1 bond issue . Today issued a perpetual restricted tier 1 bond amounting to nok 1,000 million with a coupon of 3m nibor + 3.60 percentage points p.a. and with a call option for issuer after five years . Bond fulfills regulatory requirements as tier 1 eligible capital under solvency ii and achieves intermediate equity content under s&p rating model .Dnb markets and nordea markets were advisors and managers for transaction.  Full Article

Bank DNB CEO plans for oil price at around $50 at year-end
Tuesday, 12 Jul 2016 04:20am EDT 

DNB CEO Rune Bjerke told a presentation of the bank's second-quarter results: On how the bank assesses future economic developments in Norway given that it sees higher-than-expected loan losses this year: "We do not expect a deterioration of the domestic situation (in Norway) on top of current expectations ... We expect the oil price to be around $50 at the end of year." Further company coverage: [DNB.OL] (Reporting by Gwladys Fouche) ((gwladys.fouche@thomsonreuters.com;)).  Full Article

BRIEF-Bank DNB hit by higher-than-expected losses in Q2 due oil downturn
Tuesday, 12 Jul 2016 01:57am EDT 

Norwegian bank DNB says: Q2 net profit NOK 4.6 billion (Reuters poll NOK 4.66 billion) . Q2 net interest income NOK 8.5 billion (Reuters poll NOK 8.79 billion) . Q2 loan losses NOK 2.32 billion (Reuters poll loss NOK 1.57 billion) . On Brexit: "Without severe and long-lasting effects in the financial markets, Brexit will probably have a limited effect on the Norwegian economy" . We are maintaining our guiding that total impairment losses for 2016, 2017 and 2018 will be below NOK 18 billion. . However, level of impairment will probably be higher this year than previous 2016 guidance of below NOK 6 billion . Some of losses related to downturn in petroleum industry are materialising earlier than we expected . In consequence of a negative trend in the offshore supply vessel and rig markets and an increase in collective impairment during the first half of the year, impairment losses are estimated to be up to NOK 18 billion over a three-year period, with the highest impairment losses during the first part of the period . DNB's financial ambitions, as presented in November 2015, stay firm . The common equity tier 1 capital ratio (transitional rules) was 15.2 percent in Q2 . From year-end 2016, the common equity tier 1 capital ratio shall be minimum 15 percent, which is in accordance with statutory requirements.  Full Article

BRIEF-Bank DNB hit by higher-than-expected losses in Q2 due oil downturn
Tuesday, 12 Jul 2016 01:55am EDT 

Norwegian bank DNB says: Q2 net profit NOK 4.6 billion (Reuters poll NOK 4.66 billion) . Q2 net interest income NOK 8.5 billion (Reuters poll NOK 8.79 billion) . Q2 loan losses NOK 2.32 billion (Reuters poll loss NOK 1.57 billion) . On Brexit: "Without severe and long-lasting effects in the financial markets, Brexit will probably have a limited effect on the Norwegian economy" . We are maintaining our guiding that total impairment losses for 2016, 2017 and 2018 will be below NOK 18 billion. . However, level of impairment will probably be higher this year than previous 2016 guidance of below NOK 6 billion . Some of losses related to downturn in petroleum industry are materialising earlier than we expected . In consequence of a negative trend in the offshore supply vessel and rig markets and an increase in collective impairment during the first half of the year, impairment losses are estimated to be up to NOK 18 billion over a three-year period, with the highest impairment losses during the first part of the period . DNB's financial ambitions, as presented in November 2015, stay firm . The common equity tier 1 capital ratio (transitional rules) was 15.2 percent in Q2 . From year-end 2016, the common equity tier 1 capital ratio shall be minimum 15 percent, which is in accordance with statutory requirements.  Full Article

More From Around the Web