DNB FY20 Profit Down on High Oil-Related LLPs; Efficiency Remains Strong.
DNB ASA (DNB or the Group) reported a net profit of NOK 19,840 million in 2020, down 23% compared to 2019. The reduction was almost entirely attributable to higher loan loss provisions (LLPs) taken in 2020. On a quarterly basis, net profit was NOK 5,274 million, down 5% Quarter-on-Quarter (QoQ) and 11% Year-on-Year (YoY). DNB reported a Return-on-Equity (ROE) of 8.4% in 2020 vs. 11.7% in 2019. The Group maintains a ROE target of above 12% by 2023.
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