DNBBF - DNB Bank ASA (DNBBY) Q2 2024 Earnings Call Transcript
2024-07-11 15:12:10 ET
DNB Bank ASA (DNBBY)
Q2 2024 Earnings Call Transcript
July 11, 2024, 07:30 AM ET
Company Participants
Rune Helland - IR
Ida Lerner - CFO
Kjerstin Braathen - CEO
Alexander Opstad - Head of DNB Markets
Hakon Hansen - Head of Wealth
Conference Call Participants
Riccardo Rovere - Mediobanca
Sofie Peterzens - JPMorgan
Namita Samtani - Barclays
Hugh Moorhead - Berenberg
Jacob Kruse - Autonomous
Martin Ekstedt - Handelsbanken
Shrey Srivastava - Citigroup
Jan Erik Gjerland - ABG
Presentation
Operator
Hello. Welcome to the DNB Quarter Two Conference Call. My name is Caroline, and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, your lines will be on listen-only mode. However, you'll have an opportunity to ask questions at the end of the call. [Operator Instructions] I will now hand over the call to your host, Rune Helland to begin today's conference. Thank you.
Rune Helland
Thank you so much, and hello, everyone, and welcome to the Q2 quarterly analyst call. Around the table here in Oslo, we have in addition to the CFO and [CFO] (ph), Kjerstin and Ida; Hakon Hansen, Head of Wealth. We have Alexander Opstad, Head of DNB Markets; and we have also Harald Serck-Hanssen, the Head of Corporate. Before we open up for your questions, Ida will give you the highlights for the quarter. So please?
Ida Lerner
Hello, everyone, and very nice to see so many of you on the call. I'll start with a bit brief update on the macro picture. The Norwegian economy continues to show strength with low unemployment, resilient activity level and increasing confidence among both individuals as well as corporate. Investment activity in the petroleum industry is expected to remain high in 2024 and mainland corporate investments are expected to pick-up from low levels in the second half and then gradually increase in the coming years. Overall household consumption has upheld well in spite of higher inflation and increased interest rates. Purchasing power is expected to further improve this year by increasing real wages already in 2024. Unemployment remains low at 2% and expected to remain around this level in the coming years. Inflationary pressure has come down, but remains higher than the long-term target of around 2%. With wage growth around 5.2% this year, continued strong Norwegian economy and low unemployment, the Norwegian Central Bank is expected to maintain the key policy rate at 4.5% until March next year, and then gradually decrease it towards 3.25% in 2027....
DNB Bank ASA (DNBBY) Q2 2024 Earnings Call Transcript