DNB Bank has released its fourth-quarter results, highlighting the strong performance of its corporate market and international offices. While the profits are in line with expectations, they are slightly lower compared to the same period the previous year.
Profit Figures
For the three months ended December 31, DNB Bank reported a profit of 9.02 billion Norwegian kroner ($863.8 million), representing a decrease from the previous year's figure of NOK9.86 billion. This result is slightly lower than the expected profit of NOK8.96 billion, as per a company-compiled consensus.
Total Income and Net Interest Income
DNB Bank's total income for the quarter was NOK19.99 billion, with net interest income contributing NOK16.00 billion. This is an increase from the comparable quarter of the previous year, where total income was reported as NOK18.56 billion and net interest income as NOK14.07 billion. However, both figures fell short of analysts' estimates of NOK20.62 billion and NOK16.20 billion respectively.
Tax Rate and Financial Strength
The bank's tax rate for the quarter was 16%, mainly due to the distribution of debt interest linked with its international operations. DNB's common equity Tier 1 capital ratio, a measure of its financial strength, slipped slightly to 18.2% at the end of December compared to 18.3% in the previous quarter.
Dividend Proposal
DNB Bank has proposed a dividend of NOK16 per share for 2023, which is an increase from the previous year's dividend of NOK12.5.
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