DNB Posts Downbeat Q1 Profit

DNB ASA DNHBY posted a weaker-than-expected first-quarter net profit. DNB's quarterly net profit dropped to NOK1.76 billion, from NOK2.85 billion in the year-ago period, versus analysts' estimates of NOK2.51 billion. Its net interest income climbed to NOK6.65 billion from NOK6.02 billion, missing estimates of NOK6.94 billion. DNB's loan losses declined to NOK784 million from NOK892 billion, versus analysts' estimates of NOK745 billion. DNB shares closed at $123.88 yesterday.