Oslo - DNB, Norway’s largest bank, reported a smaller-than-expected top-line growth for the first quarter on Friday, but said a recent rate hike by the central bank would have a positive impact from the second quarter onwards.
The lender’s net interest income, a key measure of revenue, rose by 3.1 percent on year to 9.29 billion Norwegian crowns ($1.06 billion) in the January-March period, lagging expectations in a Reuters poll for 9.48 billion. “The Norwegian economy has got off to a flying start in 2019. Current macro trends provide a tailwind for both businesses and private individuals who are customers in DNB,” the company said.
“ There were net reversals of 32 million crowns (3,7 million dollars) within the shipping segment. The macro drivers for the shipping portfolio remained stable during the first quarter.