DnB NOR Bank ASA
DnB NOR – financial performance and future prospects

DnB NOR Bank ASA / 

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Based on recent speculation relating to potential losses in DnB NOR's loan
portfolio, DnB NOR would like to make the following clarification: 
 
As previously announced, the Group will present results for the fourth quarter
and full year 2008 on 12 February 2009. 
 
DnB NOR has previously indicated that pre-tax operating profits before
write-downs will total approximately NOK 15 billion for 2008. There is reason
to believe that profits will be well above this. 
 
Income for the fourth quarter has increased considerably, costs are under
control, while write-downs on loans have risen. The most pronounced increase in
write-downs is taking place in DnB NORD's Danish property portfolio and in
parts of the Norwegian SME portfolio. Losses are expected to total
approximately NOK 2-2.5 billion in the fourth quarter, which represents
0.70-0.80 per cent on an annual basis. In spite of the write-downs, profits
after write-downs and taxes are expected to be just over NOK 2 billion in the
fourth quarter. 
 
There is some uncertainty associated with the future level of loan losses. DnB
NOR's anticipated underlying earnings are sound and are expected, in spite of
the high level of losses, to generate net profits and thus an increase in
equity. 
 
DnB NOR is thus keeping to its plan to strengthen the core capital ratio
without raising new equity. 
 
 
Contact persons:
Bjørn Erik Næss, CFO
Trond Bentestuen, group executive vice president, Corporate Communications
Per Sagbakken, executive vice president, IR/Long-term Funding

News Source: NASDAQ OMX

26.01.2009  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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