DNB Bank ASA

OB:DNB Stock Report

Market Cap: NOK 422.5b

DNB Bank Management

Management criteria checks 3/4

DNB Bank's CEO is Kjerstin Braathen, appointed in Jan 2019, has a tenure of 7.42 years. total yearly compensation is NOK18.74M, comprised of 70.5% salary and 29.5% bonuses, including company stock and options. directly owns 0.007% of the company’s shares, worth NOK30.68M. The average tenure of the management team and the board of directors is 3.4 years and 2.2 years respectively.

Key information

Kjerstin Braathen

Chief executive officer

NOK 18.7m

Total compensation

CEO salary percentage70.49%
CEO tenure7.4yrs
CEO ownership0.007%
Management average tenure3.4yrs
Board average tenure2.2yrs

Recent management updates

Recent updates

Narrative Update • Jun 07

DNB: Future Returns Will Reflect Conflicting Views And Capital Return Execution

Analysts have edged their fair value estimate for DNB Bank slightly lower to about NOK 302 from NOK 303, as recent cuts to published price targets, including reductions such as NOK 296 to NOK 276 and NOK 296 to NOK 267, sit alongside several fresh upgrades and point to a more mixed research backdrop. Analyst Commentary Recent research on DNB Bank reflects a split view, with some firms trimming price targets while others are turning more positive and upgrading the stock.
Narrative Update • May 12

DNB: Future Returns Will Depend On Conflicting Views And Upcoming Dividend Discipline

Analysts have trimmed the DNB Bank fair value estimate to NOK 303.00, reflecting a recalibrated price target after a mixed set of updates that include Citi's NOK 29 reduction alongside more positive target moves and upgrades from other firms. Analyst Commentary Recent Street research on DNB Bank shows a split between bullish analysts lifting targets and ratings, and one bearish move that trims upside assumptions.
Narrative Update • Apr 20

DNB: Future Returns Will Depend On Execution And Dividend And Buyback Discipline

Analysts have raised the DNB Bank fair value estimate from NOK 301.27 to about NOK 312.19. This reflects updated views on slightly stronger revenue growth, a small improvement in profit margin and a modestly higher future P/E multiple, supported by a series of recent price target hikes and upgrades across several firms.
Narrative Update • Apr 05

DNB: Future Returns Will Hinge On Execution And Ongoing Capital Return Choices

Analysts have nudged the DNB Bank price target higher to NOK 301.27 from NOK 298.47, citing refreshed models that reflect slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E, along with a series of recent target changes across the Street, including revisions from Morgan Stanley, JPMorgan, Citi and Pareto. Analyst Commentary Recent Street research on DNB Bank shows a mix of optimism and caution, with several fresh price target moves and one downgrade shaping how analysts think about valuation, earnings power and execution risks.
Narrative Update • Mar 22

DNB: Future Returns Will Depend On Execution And Dividend Capital Return Choices

Analysts have adjusted their DNB Bank price targets, with recent NOK 10 to NOK 15 upward moves from several firms set against earlier modest trims, as they refine assumptions around discount rates, profitability, and future P/E levels. Analyst Commentary Recent research shows a split view on DNB Bank, with several price target increases in the NOK 10 to NOK 15 range contrasted with at least one downgrade and a small target cut to NOK 281.
Narrative Update • Mar 08

DNB: Future Returns Will Hinge On Execution Versus Cyclical Earnings Risk

DNB Bank’s analyst price target has nudged higher to NOK 298.47, with analysts citing modestly stronger revenue growth assumptions, a slightly improved profit margin outlook, and a broadly steady future P/E expectation around 14x as key drivers for the update. Analyst Commentary Recent research suggests a mixed but generally constructive tone around DNB Bank, with several price target raises offset by at least one downgrade.
Narrative Update • Feb 21

DNB: Future Returns Will Balance Mixed Broker Views And Execution Risk

The analyst price target for DNB Bank has moved from NOK 289.27 to NOK 296.80. Analysts generally point to modestly higher revenue and profit margin assumptions, as well as a lower future P/E, as key reasons for the shift.
Narrative Update • Feb 07

DNB: Future Returns Will Reflect Cautious Pricing And Execution Risk

Analysts have nudged their fair value estimate for DNB Bank higher to NOK 289.27 from NOK 283.53, reflecting updated assumptions on discount rates, revenue growth, profit margin and future P/E, even though recent Street price targets have moved slightly lower. Analyst Commentary Recent Street research has become a bit more cautious on DNB Bank, with price targets adjusted slightly lower even as our fair value estimate has been nudged higher.
Narrative Update • Jan 24

DNB: Future Returns Will Reflect Cautious Pricing And Ongoing Legal Uncertainty

Analysts now see fair value for DNB Bank at NOK 283.53, a modest NOK 6.73 shift that reflects slight adjustments to long term revenue growth, profit margin and future P/E assumptions, alongside recent Street price target trims to NOK 281 and NOK 283. Analyst Commentary Recent Street commentary around DNB Bank has centered on small trims to price targets, with the latest updates pointing to NOK 281 and NOK 283.
Narrative Update • Jan 09

DNB: Future Returns Will Reflect Legal Uncertainty And Stable Profitability Assumptions

The analyst price target for DNB Bank has shifted slightly higher to NOK 276.80 from NOK 275.60. Analysts attribute this to updated views on revenue growth, profit margins, discount rates and future P/E multiples, following recent target revisions from NOK 286 to NOK 283 and from NOK 252 to NOK 265.
Narrative Update • Dec 23

DNB: Future Returns Will Balance Profitability Strength Against Macro And Execution Risks

Analysts have nudged their price target on DNB Bank slightly higher to NOK 275.60 from about NOK 274.93, citing modestly stronger profit margin expectations despite mixed recent target revisions across the Street. Analyst Commentary Recent Street updates on DNB Bank present a mixed but generally constructive picture, with price targets adjusting in a relatively tight range and reflecting differing views on execution and earnings momentum.
Narrative Update • Dec 09

DNB: Future Returns Will Reflect Profitability Strength Amid Macro And Capital Risks

Analysts have modestly revised their price target for DNB Bank to NOK 283, reflecting slightly lower long term growth assumptions but improved profitability expectations that keep the stock’s valuation attractive relative to its forward earnings multiple. Analyst Commentary Recent Street research on DNB Bank reflects a mixed but generally constructive stance, with some analysts turning more positive on the bank’s earnings trajectory and capital return potential, while others remain cautious on valuation and macro headwinds.
Narrative Update • Nov 25

DNB: Future Performance Will Weigh Resilient Margins Against Macro Risks

The analyst price target for DNB Bank has been slightly lowered, as recent updates reflect a NOK 0.20 decrease in fair value. This change comes as analysts factor in marginal adjustments to growth, profitability, and discount rate assumptions.
Narrative Update • Nov 10

DNB: Future Performance Will Reflect Stable Margins and Sector Shifts Ahead

DNB Bank's analyst price target saw a slight decrease to NOK 275.13 as analysts cite minor adjustments in revenue growth expectations and discount rates, balanced by stable profit margins and future valuation metrics. Analyst Commentary Recent analyst updates reflect a range of perspectives on DNB Bank's outlook, balancing optimism regarding valuation and growth prospects with some caution around execution and sector dynamics.
Narrative Update • Oct 27

Higher Revenue And Margin Forecasts Will Offset Impact Of Low Rates

The average analyst price target for DNB Bank has increased modestly, rising from NOK 272.33 to NOK 275.47. Analysts cite higher expected revenue growth and improved profit margins as key drivers behind their more optimistic outlook.
Narrative Update • Oct 13

Norwegian And European Low Rates Will Erode Net Margins

DNB Bank’s analyst price target has been modestly raised from NOK 269.57 to NOK 272.33. This reflects analysts’ expectations of improving growth and profitability metrics following recent positive research updates.
Narrative Update • Sep 04

Norwegian And European Low Rates Will Erode Net Margins

Analysts remain cautious on DNB Bank due to ongoing macroeconomic uncertainties and moderated interest rate expectations, balancing slightly improved capital and fee income outlooks, resulting in an unchanged consensus price target at NOK269.57. Analyst Commentary Mixed adjustments reflect shifting sentiment after recent earnings, with some analysts citing modestly improved outlooks while others remain cautious on sector fundamentals.
Analysis Article • Jul 13

DNB Bank ASA (OB:DNB) Just Reported Second-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

DNB Bank ASA ( OB:DNB ) just released its latest second-quarter report and things are not looking great. Results look...
User avatar
New Narrative • Nov 07

Challenging Acquisition Strategy And Economic Constraints Threaten Future Earnings Growth

High interest rates in Norway may compress DNB Bank's net margins, challenging earnings growth in a moderate economic environment.

CEO Compensation Analysis

How has Kjerstin Braathen's remuneration changed compared to DNB Bank's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

NOK 41b

Dec 31 2025NOK 19mNOK 13m

NOK 42b

Sep 30 2025n/an/a

NOK 43b

Jun 30 2025n/an/a

NOK 44b

Mar 31 2025n/an/a

NOK 45b

Dec 31 2024NOK 17mNOK 12m

NOK 44b

Sep 30 2024n/an/a

NOK 41b

Jun 30 2024n/an/a

NOK 39b

Mar 31 2024n/an/a

NOK 38b

Dec 31 2023NOK 16mNOK 12m

NOK 38b

Sep 30 2023n/an/a

NOK 39b

Jun 30 2023n/an/a

NOK 37b

Mar 31 2023n/an/a

NOK 35b

Dec 31 2022NOK 15mNOK 11m

NOK 32b

Sep 30 2022n/an/a

NOK 28b

Jun 30 2022n/an/a

NOK 27b

Mar 31 2022n/an/a

NOK 26b

Dec 31 2021NOK 15mNOK 11m

NOK 24b

Sep 30 2021n/an/a

NOK 23b

Jun 30 2021n/an/a

NOK 22b

Mar 31 2021n/an/a

NOK 21b

Dec 31 2020NOK 12mNOK 8m

NOK 18b

Sep 30 2020n/an/a

NOK 19b

Jun 30 2020n/an/a

NOK 20b

Mar 31 2020n/an/a

NOK 21b

Dec 31 2019NOK 9mNOK 6m

NOK 25b

Compensation vs Market: Kjerstin's total compensation ($USD1.97M) is about average for companies of similar size in the Norwegian market ($USD1.80M).

Compensation vs Earnings: Kjerstin's compensation has been consistent with company performance over the past year.

CEO

Kjerstin Braathen (56 yo)

7.4yrs
Tenure
NOK 18,742,000
Compensation

Ms. Kjerstin Rasmussen Braathen serves as Member of Corporate Assembly at Equinor ASA since May 15, 2020. Ms. Braathen served as Chairwoman of the Board at DNB Livsforsikring AS until May 24, 2019. Ms. Bra...

Leadership Team

NamePositionTenureCompensationOwnership
Kjerstin Braathen
Group Chief Executive Officer7.4yrsNOK 18.74m0.0073%
NOK 30.7m
Rasmus Aage Figenschou
CFO & EVP of Corporate Marketless than a yearNOK 8.00m0.0013%
NOK 5.5m
Maria Loevold
Group EVP of the Retail Market & Personal Banking and COO7.4yrsNOK 7.59m0.0013%
NOK 5.3m
Elin Sandnes
Group Executive Vice President of Technology & Services2.4yrsNOK 6.50m0.00029%
NOK 1.2m
Fredrik Berger
Group Executive VP of Group Compliance & Group Chief Compliance Officer3.4yrsNOK 5.24m0.00084%
NOK 3.5m
Even Westerveld
Group Executive Vice President of People & Communication2.8yrsNOK 5.95m0.00034%
NOK 1.4m
Harald Serck-Hanssen
Group Executive Vice President of Large Corporates & International13.4yrsNOK 10.91m0.0043%
NOK 18.4m
Hakon Hansen
Group Executive Vice President of Wealth Management8yrsNOK 7.36m0.0023%
NOK 9.6m
Morten Opstad
Group Executive Vice President of DNB Carnegie6.8yrsNOK 17.23m0.0052%
NOK 22.0m
Per Naess-Fladset
Group Executive Vice President of Products3.2yrsNOK 5.68m0.00037%
NOK 1.6m
Eline Skramstad
Group Chief Risk Officer2.1yrsNOK 5.28m0.000020%
NOK 84.5k
Marianne Saetre
Group Executive Vice President of Corporate Banking Norwayno dataNOK 2.59mno data
3.4yrs
Average Tenure
47yo
Average Age

Experienced Management: DNB's management team is considered experienced (3.4 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Petter-Boerre Furberg
Independent Director3.2yrsNOK 549.00k0.0010%
NOK 4.4m
Eimund Nygaard
Chair of the Boardless than a yearno datano data
Gro Bakstad
Independent Director9.2yrsNOK 738.00kno data
Eli Solhaug
Employee Representative Director2.2yrsNOK 488.00k0.00030%
NOK 1.3m
Lillian Hattrem
Employee Representative Director10.4yrsNOK 705.00k0.00021%
NOK 887.3k
Lars Rosaeg
Directorless than a yearno datano data
Jens Olsen
Independent Vice Chair of the Board7.4yrsNOK 1.13mno data
Berit Behring
Independent Director1.2yrsNOK 658.00kno data
Vivian Lund
Independent Director1.2yrsNOK 658.00k0.000040%
NOK 169.0k
Ann-Mari Sæterlid
Deputy Employee Representative Director6yrsno data0.000050%
NOK 211.3k
Haakon Sandven
Director2.2yrsNOK 488.00kno data
Kurt Andre Andersen
Deputy Employee Representative Directorno datano data0.000020%
NOK 84.5k
2.2yrs
Average Tenure
59.5yo
Average Age

Experienced Board: DNB's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/14 17:58
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DNB Bank ASA is covered by 30 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Namita SamtaniBarclays
Adam BarrassBerenberg