Oslo Stock Exchange declines – DNB shares decline after the release of the numbers – E24

Banking giant DNB opened its accounting books for the last quarter of 2023. The share fell significantly.

The status is updated throughout the trading day.

The main index fell by 0.25 percent to 09.50. Monday and Tuesday ended with a decline.

The price of oil is about US$0.4 per barrel higher than it was at the close of Oslo Bores on Tuesday. A barrel of North Sea oil (Brent spot price) is trading at around $82 per barrel. This corresponds to a decline of about 0.4 percent since midnight.

This is the case for some of the most actively traded stocks in early trading:

• Equinor rose 0.27 percent
• DNB shares fell by 2.7%.
• The front line rises by 0.59 percent
• Power Drilling shares fell 1.33 percent

DNB's interest rate party continued in the fourth quarter

On Wednesday morning, DNB opened its accounting books for the fourth quarter. There it emerged that the Board of Directors would propose a dividend distribution of approximately NOK 25 billion. This corresponds to NOK 16 per share.

Key figures show the bank's performance is stronger than last year but somewhat weaker than analysts expected:

• The quarterly report shows that the bank made pre-tax profits of NOK 11.4 billion. This was up from NOK 10.5 billion in the fourth quarter of the previous year.
• The bank's net interest income amounted to NOK 16 billion in the fourth quarter. This was up from NOK 14.1 billion in the same period the previous year.
• The pre-tax result for the full year 2023 rose to a record level of NOK 50.4 billion from NOK 40.6 billion in 2022.
• Analysts had previously expected a pre-tax result of NOK 12.4 billion, while they expected net interest income of NOK 16.3 billion, according to estimates compiled by Bloomberg.

“Results are strong across all customer segments,” DNB reported. DNB CEO Kerstin Brathen said in a press release that the bank achieved “strong results” this quarter and over the full year.

DNB shares fell 2.7 percent.

Borregaard proposes a dividend of 373 million

The industrial group submitted its fourth quarter report last year. These are the key numbers:

• Turnover was NOK 1.61 billion, down from NOK 1.77 billion at the same time last year.
• Operating profit fell to NOK 192 million, from NOK 228 million.
• Profit before taxes fell to 135 from 210 million
• The Board of Directors proposes a dividend of NOK 3.75 per share for 2023, equivalent to a total of NOK 373 million.

Borregaard shares rose 7.2 percent.