DnB NOR Bank ASA
Annual report and accounts for 2008 for DnB NOR Bank ASA and DnB NOR ASA

DnB NOR Bank ASA / 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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In a meeting on Monday, 16 March 2009, the Board of Directors of DnB NOR ASA
and DnB NOR Bank ASA approved the annual accounts for 2008. The annual reports
of DnB NOR Group and DnB NOR Bank for 2008 have been published on
www.newsweb.no 
 
The report of DnB NOR Group is also available on www.dnbnor.com
 
After the release of the preliminary and unaudited accounts for the fourth
quarter of 2008, some adjustments have been made in the DnB NOR Group's figures
for 2008. Profits for the 2008 accounting year have been reduced by a total of
NOK 315 million, to NOK 8 918 million for DnB NOR ASA and of NOK 315 million to
NOK 9 215 million for DnB NOR Bank ASA. The reduction is due to accrual
effects, whereby value adjustments will be reversed over the remaining term to
repricing. 
 
The decline in profits reflects a NOK 396 million reduction in other operating
income and a reduction in taxes of NOK 82 million. The decline in operating
income is attributable to a NOK 104 million reduction in profits from the
associated company Eksportfinans and an adjustment of loans carried at fair
value in the accounts of DnB NOR Bank ASA of NOK 292 million. The average
remaining term to repricing of the loans in the bank's portfolio is 1.2 years.
Both adjustments refer to loans with a fixed margin which are carried at fair
value in the accounts. Widening margins on new loans have resulted in negative
value adjustments, reflecting declining market values in the existing
portfolio. 
 
All the above-mentioned changes apply to the annual accounts and the accounts
for the fourth quarter of 2008. 

News Source: NASDAQ OMX

17.03.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       DnB NOR Bank ASA
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000800399
WKN:          
 
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