2024-04-23 20:16:11 ET
DNB Bank ASA (DNBBY)
Q1 2024 Earnings Conference Call
April 23, 2024, 07:30 AM ET
Company Participants
Rune Helland - IR
Ida Lerner - CFO
Sverre Krog - CRO
Kjerstin Braathen - CEO
Conference Call Participants
Sofie Peterzens - JPMorgan
Riccardo Rovere - Mediobanca
Hugh Moorhead - Berenberg
Jacob Kruse - Autonomous
Vegard Toverud - Pareto
Shrey Srivastava - Citi
Namita Samtani - Barclay
Riccardo Rovere - Mediobanca
Presentation
Operator
Hello and welcome to DNB Q1 Conference Call. My name is Alan. I'll be your coordinator for today's event. [Operator Instructions]
I'll now hand you to your host, Rune Helland, to begin today's conference. Thank you.
Rune Helland
Thank you very much and a warm welcome to all of you for DNB's analyst call for the first quarter of 2024. Around the table here in Oslo, we have the CEO, Kjerstin, the CFO, Ida, Head of Personal Banking, Ingjerd, and Corporate, Harald, Head of Wealth, Hakon, and the Chief Risk Officer, Sverre.
Before we start the Q&A, Ida will give you the highlights for the quarter. Ida?
Ida Lerner
Thank you, Rune, and a warm welcome to all of you listening in.
The Norwegian economy continues to show strength and clear signs of soft landing ahead. Mainland GDP growth is expected to be 0.8% in 2024 and 1.5% in 2025, and then pick up further towards 2027. Mainland corporate investments are expected to be muted in the short term before picking up in 2026 and 2027. The energy transition is, in addition to this, expected to continue to push investments in manufacturing and power supply in the coming years.
Overall household consumption is expected to rebound in the second half of 2024 on the back of positive real wage growth, even though we haven't seen such a decline as we would have expected on the consumption bearing in mind the increased interest rates as well as the increased overall costs. Unemployment remains low at 1.8% and is expected to remain low even if it will move up towards 2.4% in 2026 and onwards....
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DNB Bank ASA (DNBBY) Q1 2024 Earnings Call Transcript