DnB released this morning its numbers for Q2 21. The Norwegian bank’s top line was roughly in line with expectations (and our forecasts) whereas it saw a big jump in total expenses both vs expectations and yoy driven by increased activity following the reopening of society. It remains to be seen whether this will negatively affect management’s guidance of a C/I ratio below 40% for 2023. We will, for that year, revise downwards the underlying numbers.