Norway's DNB Q2 beat forecasts on the back of rate hikes

Norway's biggest lender DNB on Tuesday reported quarterly earnings above forecasts, supported by interest rate hikes and strong business activity across Norway which the bank said it expected to continue. Net profit rose to 7.79 billion crowns ($761.4 million) for the April to June quarter from 6.43 billion a year earlier, beating the 6.76 billion crowns expected by analysts in a poll compiled by the bank. "The Norwegian business community is maintaining its momentum," Chief Executive Kjerstin Braathen said in a statement. "We are also expecting that Norwegian companies' investments will continue to grow, well above what we are seeing in other countries." DNB's shares traded up 0.9% at 0702 GMT, beating a 0.1% rise in the Oslo benchmark index.