DNB reports lower pre-tax profit and strong growth in asset management

DNB released its third-quarter results, showing a reduction in pre-tax profit and a dip in net interest income relative to the previous year. While analysts had projected a lower profit figure, the actual shortfall was less than expected. The bank highlighted a record performance by its asset-management arm, with assets under management reaching a new high and customers buying fund shares for a record net amount.

DNB Carnegie also enjoyed a strong quarter, with client-related revenue up 25% and investment-banking income rising 44% from the prior year. The institution noted that recent interest-rate hikes by Norges Bank have yet to fully translate into higher net interest earnings. Additionally, DNB announced plans to cut around 400 jobs in its technology and services divisions to focus on AI development.