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Norway's largest bank, providing retail banking, corporate banking, and shipping/energy finance across the Nordics.
Norway's largest bank, providing retail banking, corporate banking, and shipping/energy finance across the Nordics.
Earns mainly from lending to Norwegian households and companies at a margin over deposit costs, with fees from payments, asset management and trading. Shipping, offshore and seafood lending is a speciality that gives it an international loan book. The Norwegian state is its largest shareholder.
In one line: A Norwegian Wells Fargo with a large shipping-finance book.
Moat: narrow (scale, distribution, brand). Dominant Norwegian retail/corporate franchise plus a globally significant shipping-lending book.
Headquarters: Oslo, Norway · Founded: 1822 · Employees: 11,203
Size DNB Bank (DNB.OL) is a Norway Financials company (Major Banks) with a market value of $50.0B, the 2nd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 321.90 on 6 Nov 2026.
Performance Over six months the shares gained 16.5%, against +7.3% for the median peer and +2.7% for the Norway market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median -2.0%); the operating margin is 53.8% (peer median 39.2%).
Valuation It trades at 1.76× book value against a peer median of 1.58× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 11.2%; DNB Bank delivers 15.1%, so the price asks less than the business earns today.
Credit DNB Bank has 33 bonds outstanding ($32.8B), rated A by the agencies.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 194B | NOK 208B | NOK 218B | NOK 184B | NOK 101B |
| Revenue growth | — | -5% | +18% | +83% | — |
| Net income | NOK 39.4B | NOK 41.9B | NOK 43.9B | NOK 38.2B | NOK 32.6B |
| Free cash flow | NOK 141B | NOK 4.75B | NOK 50.1B | NOK 97.5B | NOK 58.4B |
| Capital expenditure | NOK 2.05B | NOK 2.66B | NOK 2.68B | NOK 4.08B | NOK 3.51B |
| Total debt | NOK 1.36T | NOK 1.29T | NOK 1.27T | NOK 1.18T | NOK 1.03T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| DNB Bank DNB.OL | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% |
| Skandinaviska Enskilda Banken SEB-A.ST | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% |
| Svenska Handelsbanken SHB-A.ST | $32.6B | +23% | -14% | 12% | 1.68× | 9.0% |
| SpareBank 1 SMN MING.OL | $3.38B | +16% | -6% | 9% | 1.08× | 7.0% |
| Danske Bank A/S DANSKE.CO | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% |
| Storebrand STB.OL | $8.94B | +13% | +40% | 14% | 2.56× | 16.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DNB.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +0.5% | 6th highest of 21 |
| 6-month return | +16.5% | +7.3% | 7th highest of 21 |
| Return on equity | 15.1% | 13.1% | 3rd highest of 21 |
| Price / book | 1.76× | 1.58× | 8th most expensive of 21 |
| Trailing P/E | 11.8× | 12.7× | 8th cheapest of 21 |
| ROE the price implies | 11.2% | 13.8% | 10th least demanding of 21 |
| ROE delivered | 15.1% | 13.5% | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| United Overseas Bank U11.SI | Singapore | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% | 9.8% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |
| Skandinaviska Enskilda Banken SEB-A.ST | Sweden | $42.9B | +20% | -8% | 14% | 1.80× | 9.5% | 13.5% |
| Danske Bank A/S DANSKE.CO | Denmark | $42.4B | +11% | +8% | 14% | 1.68× | 6.1% | 14.1% |
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| PKO Bank Polski PKO.WA | Poland | $36.5B | +18% | -2% | 20% | 2.56× | 31.9% | 20.1% |
| China CITIC Bank 601998.SS | China | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% | n/a |
| Ping An Bank 000001.SZ | China | $34.4B | +3% | -9% | 9% | 0.48× | 3.6% | 9.0% |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| Svenska Handelsbanken SHB-A.ST | Sweden | $32.6B | +23% | -14% | 12% | 1.68× | 9.0% | 12.2% |
| Huntington Bancshares HBAN | United States | $31.2B | -3% | +24% | 9% | 1.06× | 10.2% | 9.1% |
| BPER Banca BPE.MI | Italy | $30.4B | +2% | +15% | 15% | 1.49× | 18.6% | 14.9% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
DNB Bank has 33 bonds outstanding with $32.8B face value. The agencies rate it A.