Norway’s DNB Announces Dividend After Posting Record Q3 Earnings

Kjerstin Braathen arrives to be a property league successful Oslo aft the Norwegian Bank DNB appointed her arsenic caller radical main enforcement of DNB connected June 12, 2019. (Terje Bendiksby/AFP via Getty Images)

OSLO—Norway’s largest bank DNB reported its champion ever third-quarter net connected Thursday aft the state ended pandemic restrictions, and announced it would present marque a dividend outgo for 2020, sending its shares higher.

DNB’s nett net roseate to 6.88 cardinal crowns ($826.88 million) for July–September from 5.55 cardinal crowns a twelvemonth earlier, beating an mean forecast of 5.76 cardinal crowns successful a canvass of analysts compiled by the firm.

The Nordic state dropped each home pandemic restrictions connected Sept. 25. Some 86 percent of adults were afloat vaccinated against COVID-19 arsenic of Wednesday.

Shares successful DNB were up 1.9 percent astatine 07:08 GMT, outperforming a level Oslo benchmark index.

“All important indicators are pointing successful the close direction. Norway has reopened, and the level of enactment successful the system is present higher than it was earlier the shutdowns,” Chief Executive Kjerstin Braathen said successful a statement.

“We are seeing a beardown improvement successful each areas of DNB.”

Fellow Nordic banks Nordea and Swedbank besides posted rising third-quarter nett connected Thursday partially owed to economies reopening.

Following the grounds results, DNB volition present wage a dividend of 9 crowns per stock to its owners based connected past year’s earnings.

Norwegian regulators had proscribed slope dividends owed to the COVID-19 pandemic, but those restrictions person since been lifted.

The dividend outgo is the maximum the bank’s owners permitted the committee to wage retired earlier this year.

By Gwladys Fouche and Victoria Klesty