The Norwegian major bank DNB is feeling the morning air.
The profit increased in the second quarter and the bank sees a positive trend in all customer segments, including rising housing prices, more people seeking mortgages, and higher real wages among Norwegian households.
"Inflation is decreasing and real wage increases are expected for most people this year", writes the bank's CEO Kjerstin Braathen in a comment.
However, she simultaneously warns of the unusually uncertain situation in the world around us.
DNB reports an operating profit before tax of 13.5 billion Norwegian kronor for the second quarter of the year. This can be compared to the profit of 12.3 billion during the corresponding quarter last year.
The profit increase was unexpectedly large, compared to Bloomberg's compilation of forecasts. The return on equity also exceeded expectations.
The net interest income – what the bank earned from the difference between deposit and lending rates – increased to 15.8 billion from 15.2 billion. The net fee income also increased, up to 3.4 billion from 2.8 billion a year earlier.
DNB is the first Nordic major bank to present its results for the second quarter. Helsinki-based Nordea and the three Swedish major banks Handelsbanken, SEB, and Swedbank, as well as Danske Bank, will present their reports for the second quarter next week.
