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Report: DNB CEO maintains FY'16 dividend target despite YOY Q2 profit fall

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Report: DNB CEO maintains FY'16 dividend target despite YOY Q2 profit fall

DNBASA CEO Rune Bjerke told Reuters on July 12 that the Norwegianlender is still aiming to pay a 2016 dividend at the higher end of its targetrange of 30% to 50% of profit, despite a year-over-year fall in second-quarterearnings.

DNB earlier reported second-quarter group profit attributable toshareholders of DNB BankASA of 4.11 billion Norwegian kroner, down from 4.55 billion kronera year ago, a decline it attributed primarily to higher loan impairment losses.

Bjerke added thatDNB will continue to build its capital backstop to reach its 15.5% commonequity Tier 1 ratio target by no later than 2017. Once it does so, it intendsto pay a dividend in excess of 50%, Reuters noted.

As of July 11, US$1 was equivalent to 8.50 Norwegiankroner.