DnB NOR: Pre-tax operating profits of NOK 3.7 billion (2.7) in first quarter

5/11/2006, 8:34 AM (Source: GlobeNewswire)

DnB NOR achieved the highest quarterly profits thus far in the
history of the Group for the first three months of 2006. Total income
increased by 19.4 per cent.

* Pre-tax operating profits rose 37 per cent to NOK 3 743
(NOK 2 728 million in the first quarter of 2005)
* Profits rose 39 per cent to NOK 2 849 million (2 046)
* Ordinary expenses were scaled back to 48.2 per cent (52.6)
of income
* Return on equity was 19.2 per cent (15.8)
* Earnings per share were NOK 2.11 (1.54)

Comments by group chief executive Svein Aaser:

"The quarterly figures reflect sound growth in both domestic and
international operations.
I would like to thank all DnB NOR employees for their joint efforts
in achieving good results throughout the Group. I am pleased to note
that we have recently completed Norway's most extensive and possibly
most complicated IT integration process and that 97 per cent of the
planned cost synergies in connection with the DnB NOR merger have now
been realised."

"The expansion in volumes both in Norway and abroad reflects a high
level of activity in the corporate and retail markets. The most
pronounced increase is taking place in the shipping and offshore
sectors, where our international operations are now on a level with
our domestic business volumes. I am also delighted by the high
revenues achieved by DnB NOR Markets, the sound growth in premium
income in Vital, Norway's largest life insurance company, and the
strong sales of the new asset management products under the Save
Smart concept."

"The first results from our new international initiatives are
promising. Our operations in Sweden, which has already been defined
as our home market, are developing well. We
are experiencing significant growth in the Baltic region and Poland
through our subsidiary
DnB NORD, which now has 127 branch offices and 550 000 customers, and
in North-West Russia, Monchebank is about to become part of the
Group. In other words, DnB NOR has never before been able to serve
its customers in such a large market as it can today," says group
chief executive Svein Aaser.

The quarterly report including tables can be downloaded from

The documents can be downloaded from the following links:

Press release DnB NOR

Presentation DnB NOR Group

First quarter report DnB NOR Group

Supplementary Information DnB NOR
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