On Thursday morning, major bank DNB presented results for the third quarter. In the third quarter of this year, Norway’s largest bank had a profit before tax of NOK 9.8 billion, up from NOK 8.8 billion in the same period last year. Return on equity was 12.7 percent in the quarter.

Earlier, the corps of analysts estimated that DNB would present a pretax yield of NOK 9.93 billion, according to estimates obtained by TDN Direkt of 17 analysts.

Sky-high interest income

DNB’s interest income ended at NOK 12.3 billion in the third quarter, up from NOK 9.8 billion in the same period last year. Total revenue was NOK 16.1 billion, up from NOK 14.3 billion in the same quarter last year.

Up front, net interest income of NOK 12.2 billion and total revenue of NOK 16.7 billion are expected.

“I am impressed that the Norwegian business community is showing impressive resilience and ability to adapt in turbulent times. Norwegian companies have a high level of activity, which we see across our portfolio of companies,” said DNB CEO Kjerstin Braathen in a press release.

Small brake for DNB Markets

With fears of recession, inflation and rising interest rates in the background, 2022 has been a brutal year for the world’s financial markets. DNB Markets also took note of this.

The brokerage giant made pretax profit of NOK 704 million in the third quarter, compared with NOK 638 million in the same period this year.

Its total revenue is NOK 1.57 billion. This is an increase from NOK 1.4 billion in the third quarter of last year. It is usually the customer’s income that drives the returns for investment banks. In the third quarter, DNB Markets earned NOK 712 million in customer revenue, up NOK 154 million from the same quarter last year.