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Financials

Norway's DNB misses Q1 forecast on mounting loss provisions

OSLO, April 30 (Reuters) - Norway’s DNB reported a surprise drop in first-quarter profits on Thursday as the bank set aside reserves to meet future loan defaults amid the COVID-19 pandemic and a plunge in oil prices that hurt many clients.

Net profit fell to 4.0 billion Norwegian crowns ($389 million) for the January-March period from 7.6 billion crowns a year earlier, lagging the average forecast of 7.74 billion crowns in a Refinitiv poll of analysts. ($1 = 10.2891 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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