DNB Appoints New CFO and Head of Corporate Banking in Norway

Norway's DNB Bank has appointed Rasmus Figenschou as its new CFO and head of corporate banking in Norway. The bank's Q2 profit fell short of expectations due to soft interest income and loan losses, but mortgage demand surged. DNB shares tumbled after the disappointing results, with UBS reiterating a sell rating and a target of NOK 249.

Norway's DNB Bank has appointed Rasmus Figenschou as its new Chief Financial Officer (CFO) and head of corporate banking in Norway. The appointment comes as the bank reported a Q2 profit that fell short of expectations, primarily due to soft interest income and loan losses. Despite the disappointing results, mortgage demand surged, which may provide a positive outlook for the future. DNB shares tumbled following the announcement, with UBS reiterating a sell rating and a target of NOK 249.

Rasmus Figenschou, previously serving as the head of Corporate Banking in Norway, will take over as CFO on October 24, succeeding Ida Lerner, who is leaving the bank for a position outside the Nordic region. Marianne Wik Sætre, currently responsible for the retail banking business in the regions and serving as DNB's top executive in Bergen, will assume the role of head of corporate banking in Norway, effective August 18 [1].

The bank's Q2 profit was driven by strong returns among stocks in the financial industry, particularly in the Norwegian wealth fund, which posted a 698 billion Norwegian crowns ($68.28 billion) profit for the first half of the year. The fund's overall return for the January-June period was 5.7%, which was 0.05 percentage point lower than the return on its benchmark index [2].

However, DNB's Q2 profit was affected by soft interest income and loan losses. Despite this, mortgage demand surged, indicating potential growth opportunities for the bank. UBS Group's stock rose 2.97% pre-market on August 7, 2025, driven by strong Q2 results and the successful integration of Credit Suisse, which may have influenced the market's perception of DNB's financial health [4].

The appointment of Rasmus Figenschou and the changes in DNB's top management come at a critical time for the bank, as it navigates through challenging financial conditions. The bank's ability to manage its cost structure effectively and capitalize on mortgage demand will be key to its future performance.

References:
[1] https://www.marketscreener.com/news/dnb-appoints-new-cfo-and-head-of-corporate-banking-in-norway-ce7c5ed3de89fe23
[2] https://www.marketscreener.com/news/norway-wealth-fund-posts-68-billion-profit-for-january-june-lifted-by-finance-stocks-ce7c5ed3dd8af722
[4] https://www.ainvest.com/news/ubs-group-ag-soars-2-97-strong-q2-earnings-2508/