Hello everyone, very happy new year to all of you, and welcome to DNB pre-call for the fourth quarter. As usual, this will be a one-way call, unfortunately there will be no time for Q&A. The objective of this call is, as you know, to remind you on what we already have communicated that might have an effect on the fourth quarter's figures. I will go through the NII and the capital, Anna here will take the remaining of the P&L. Starting with the NII. First of all, it's the same number of interest days as we had in Q3. On the credit volume side, we see on the personal customers. In Q3, we had a growth of 1.1%.
Statistics from Norway shows for November that we had somewhat slowing growth during the year. In November, compared to November the year before, we had a growth of 4.1%. This is compared to the growth that we had in, for example, in February, beginning of the year, which was 4.9%. House prices were up 1.5% for the year, and in December it was fairly flat or plus 0.2%. In number of transactions, we were down 10% in 2022. For December it was down 25%. This is from the statistics, yeah, of Norway. On the corporate banking side, we had, as you remember, a very strong growth in the first half with a 17% FX adjusted annualized growth.
We said at that time that we will not see this kind of growth in the second half. In Q3, we came in at 0.7% growth, FX adjusted. From the statistics of Norway, we have seen that in the November statistics that there was a growth of 7.9% compared to the November the year before. As you know, our long-term guiding for growth is 3%-4%. Of course, due to this extraordinary growth in the first half in corporate, we will of course come in a little bit above the guided numbers. On the margin side, first of all, remind you of the effects of the rate hikes, and I hope you all from the table from Julia useful.
I'll just go through to make sure that you have the guided effects that we have been given. The re-pricing that had an effect from the 10th of August with 50 bps, we said had an expected annual effect of NOK 2.5 billion. The rate hike that had an effect from the 6th of October with 50 bps, we said NOK 2.4 billion. Effective from the 7th of November, another 50 bps, effect of NOK 2.4 billion. The last one, effect from the 19th of December, 25 basis points with an annual expected effect of NOK 1.2 billion. Going forward, we see that we had a increase, also rate increase in December with an effect from the 30th of January. That was a 25 bps rate hike.
We the market also expect one more rate hike of 25 basis points in March. As we have reported earlier, we have not seen any change in the competitive landscape, and we also seen that the other banks have acted rational in raising rates. On the FX side, we have seen that the average Norwegian krone has weakened slightly for the quarter. This will have a slight positive effect on the NII. So much for the NII. Now going over to capital. In Q3, we had our CET1 ratio 18.1%. FSA's expectations for the year end is 16.5%. From the 31st of March, the expectation is 17%, including the maximum full countercyclical buffer.
Just to remind you that the Minister of Finance announced that the risk weight floors on mortgages and CRE remain unchanged. They ruled against the FSA's proposal, that uncertainty has been removed. On the FX side, the period from beginning to the end of period, the NOK strengthened, and this will give a small positive effect on the CET1 ratio. Remember also that DNB, in DNB, we accumulate 50% of profit every quarter for dividend. If you expect us to pay out a higher dividend than 50%, this will have to be deducted from the fourth quarter. Just to remind you again, our dividend policy, no change here. We'll pay out more than 50%.
We say that we have the ambition of increasing dividend per share every year, and we will allocate excess capital back to our shareholders, mainly in form of share buybacks. With that, over to you, Anna.
Sure. Thanks, Rune. Moving on to commission and fees. In investment banking services, they typically see a seasonally higher activity level in the fourth quarter. Keep in mind that Q4 last year, meaning, 2021 was exceptionally strong, and that ECM and DCM markets are now to a much greater extent negatively impacted by the overall negative market conditions. On real estate brokerage, as Rune mentioned, the Norwegian real estate market has seen a lower activity level in the fourth quarter compared to the same quarter last year, shown both in the volume sold and volumes posted for sale. In asset management, based on the most recent statistics, in the market from November, we've seen a marginally positive market inflow in the overall Norwegian market. Money transfers.
Keep in mind that we saw a seasonal peak in the third quarter when international traveling picked up significantly during the summer months. Moving on to the table titled Net gains on financial instruments at fair value. Firstly, customer revenues in DNB Markets or FICC, has seen a high activity level in the quarter. We announced the mark-to-market effects on the AT1 and the basis swap yesterday, where we're recognizing a negative effect of NOK 847 million on the AT1 and negative NOK 604 million on the basis swap, totaling a little more than NOK 1.4 billion negative in the quarter. On costs, we don't really have any specific Q4 remarks.
Keep in mind that we typically see somewhat higher activity level in the fourth quarter, which all else equal, implies a somewhat higher cost level. A reminder on wage inflation in Norway, the market expected wage inflation for 2022 to come in around 4% and to come in around 4.8% in 2023. As we stated previously, we expect to come in somewhat higher than the national average due to the composition of our staff. Even though our cost base is primarily exposed to the Norwegian economy, we have some exposure to international inflation levels through our third-party contracts. As we've stated, numerous times previously, we continue to ensure that we don't under-invest in critical areas such as technology and compliance. Finally, a reminder on pension expense.
As we've said before, a normalized pension expense, in a quarter is just below NOK 400 million. The compensation scheme under the pension expense is primarily linked to development in global equities. Final topic of impairments and asset quality. We're generally comfortable with our portfolio. As per the third quarter, we had not yet seen signs of stress, but obviously continue to monitor this very closely. Impairments will vary from quarter to quarter, driven both by ECL model adjustments and company-specific events, as you've seen in the past quarters. There's clearly more uncertainty going forward given the macroeconomic outlook, and it would be natural to see more company-specific events going forward. Again, we have not seen any systemic areas of concern in the portfolio.
Finally, a kind request to please submit your consensus contributions to Julie by the close of business on January 25th. With that, I think, we round off and thank you very much for your attention. Thank you.
Thank you.