Norway’s Biggest Bank Declares Dividend After Profit Surge

(Bloomberg) --

DNB Bank ASA will return excess cash to shareholders after reporting a third-quarter profit that beat analyst estimates.

Net income surged 25% from a year earlier to 6.66 billion kroner ($800 million), beating all estimates in a Bloomberg survey of analysts. Net interest income rose to 9.77 billion kroner in the quarter. The bank declared a dividend of 9 kroner a share, the full amount authorized by a general meeting in April.

See more detail on the results here

“We are seeing a strong development in all areas of DNB, and combined with our solid portfolio, this puts us in a very good position for achieving further growth and paying out dividends,” CEO Kjerstin Braathen said in a statement. 

Customer activity is high across all areas after Norway removed the rest of its infection restrictions, the bank said. Net commission and fee income rose 3.2% in the quarter, boosted by saving, pensions and insurance.

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