DNBNOR - DNB NOR IN SECOND QUARTER: 30 PER CENT RISE IN PROFITS

Second quarter 2005 · Profits after taxes rose 30 per cent to NOK 2 440 million (NOK 1 876 million in the second quarter of 2004) · The cost/income ratio was reduced to 52.6 per cent (55.7) · Return on equity came to 18.6 per cent (16.4) · Earnings per share were NOK 1.82 (1.42) · The core capital ratio at end-June rose to 7.5 per cent (7.2) Attachment on www.newsweb.no Second quarter 2005 · Profits after taxes rose 30 per cent to NOK 2 440 million (NOK 1 876 million in the second quarter of 2004) · The cost/income ratio was reduced to 52.6 per cent (55.7) · Return on equity came to 18.6 per cent (16.4) · Earnings per share were NOK 1.82 (1.42) · The core capital ratio at end-June rose to 7.5 per cent (7.2) First half 2005 · Profits after taxes rose 15.5 per cent to NOK 4 414 million (NOK 3 822 million in the first half of 2004) · The cost/income ratio was reduced to 53.2 per cent (57.7) · Return on equity came to 17.0 per cent (16.5) · Earnings per share were NOK 3.30 (2.90) Comments by group chief executive Svein Aaser: `It is a pleasure for me to present the best figures in the history of the Group. This has not just happened, but can be attributed not least to the committed and systematic efforts of all of the Group`s employees over a long period.` `During a period when competition in financial markets has been stronger than ever and spreads, as anticipated, have been under pressure, there has nonetheless been an increase in total income. This shows that diversity and a broad distribution are DnB NOR`s strengths. I am also pleased to note the renewed growth in corporate market activity, especially within shipping, which is our key international focus area,` says Aaser. `Write-downs on loans are at a low level. Though this partly reflects the current healthy Norwegian economy, it is not least due to long-term, professional risk management. We have cut costs wherever we can, and this process will continue in the next quarters,` he says. `All branches have now been reprofiled. The new design, along with new customer loyalty programmes, has been well received by customers. Customers also benefit from the merger through better interest rate terms, which has led to an appreciable increase in market competition. The merger is on schedule, and integration efforts are progressing as planned,` says group chief executive Svein Aaser. Results are reported in accordance with international accounting principles (IFRS). The transition to IFRS has no impact on the formal core capital ratio. The second quarter report, including tables, can be downloaded from www.dnbnor.com. Press release, second quarter report, presentation and Supplementary Informastion for Investors and Analysts can be found on www.newsweb.no