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DNB posts higher Q3 profit, citing strong Norway economy

Norway-based DNB ASA reported higher third-quarter profits, with positive momentum in the Norwegian economy driving the result in spite of increased global economic uncertainty.

The bank said third-quarter profit attributable to shareholders totaled 5.75 billion Norwegian kroner, up from 5.44 billion kroner in the same period of 2018.

EPS for the quarter came in at 3.64 kroner, compared to 3.41 kroner year over year. Annualized return on equity remained unchanged at 10.9%.

The bank attributed the positive results to the good momentum in the Norwegian economy despite increased global uncertainty.

DNB also announced a share buyback program, comprising up to 0.5% of its shares. It will purchase the shares at a price between 10 kroner and 250 kroner each by the end of March 2020.

Net interest income increased year over year to 9.98 billion kroner from 9.15 billion kroner. Commission and fee income amounted to 3.28 billion kroner, compared to 3.03 billion kroner.

Impairment of financial instruments stood at 1.25 billion kroner, compared to 11 million kroner in the third quarter of 2018, mainly because of a single exposure related to one customer, which the bank accounted for on Sept. 24.

Depreciation and impairment of fixed and intangible assets amounted to 843 million kroner in the quarter, compared to 495 million kroner in the year-ago period.

For the nine months ended Sept. 30, DNB's profit attributable to shareholders amounted to 18.98 billion kroner, up from 16.72 billion kroner year over year.

EPS increased year over year to 11.93 kroner from 10.42 kroner.

The bank's common equity Tier 1 capital ratio according to transitional rules was 16.9% as of Sept. 30, compared to 16.5% at the end of September 2018.

Its Basel III leverage ratio was 7.1% as of September-end, unchanged from the end of September 2018.

As of Oct. 23, US$1 was equivalent to 9.15 Norwegian kroner.