DNBNOR - DNB NOR: SECOND QUARTER RESULTS 2004

DnB NOR: Operating profits up 50 per cent to NOK 2.4 http://www.newsweb.no/index.asp?melding_ID=96073 billion in second quarter Second quarter of 2004 · Pre-tax operating profits for the second quarter were up a good 50 per cent to NOK 2 390 million (NOK 1 586 million in the second quarter of 2003) · Profits after taxes: NOK 1 745 million (1 360) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 1.43 (1.16) Attachment on www.newsweb.no DnB NOR: Operating profits up 50 per cent to NOK 2.4 billion in second quarter Second quarter of 2004 · Pre-tax operating profits for the second quarter were up a good 50 per cent to NOK 2 390 million (NOK 1 586 million in the second quarter of 2003) · Profits after taxes: NOK 1 745 million (1 360) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 1.43 (1.16) · Return on equity: 16.8 per cent (14.7) · Cost/income ratio: 53.1 per cent (54.7) · Core capital ratio: 7.2 per cent Figures for the second quarter of 2003 are adjusted for the sale of Elcon. First half of 2004: · Pre-tax operating profits: NOK 4 468 million (3 045) · Profits after taxes: NOK 3 262 million (2 424) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 2.71 (2.10) · Return on equity: 16.2 per cent (13.4) · Cost/income ratio: 55.6 per cent (57.5) Comments by the group chief executive `DnB NOR is a group showing steady progress,` says group chief executive Svein Aaser. `Profits are moving in the right direction and we are consolidating our position in the market. Customers are given priority even in a period characterised by intense activity to implement the merger between the two organisations.` `The positive trend from the first quarter was reinforced in the second quarter. We have maintained healthy earnings in a market situation with tough competition and low interest rates.` `I am pleased to report cost savings in line with our promises to investors at the time of the merger. In that connection, I would like to commend our staff, who display team spirit and are willing to make an extra effort,` says Svein Aaser. The second quarter report, including tables, can be downloaded from www.dnbnor.com Press release, second quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no