ABG har mod betaling udarbejdet denne analyse af BankNordik:
- New initiatives to drive ‘23e RONAV above 10%
- EO distribution deducted, we expect DKK 47 EO DPS
- Trading at a 22e P/E of 8.5x and 5.5x adj. for ‘21e DPS
NII and fee income above ABGSCe in Q2, costs above as well
On 4 August, BankNordik reported Q2’21 profit before loan losses of DKK 47m (2% above ABGSCe). NII was 2% above ABGSCe, driven by sequential lending growth of 2%, especially linked to corporate lending on the Faro Islands. Commissions of DKK 20m (ABGSCe DKK 17m) were up 54% y-o-y, driven by high activity while insurance income of DKK 14m Q2 was close to our expectations. Q2 costs of DKK 61m (ABGSCe DKK 57m) were a negative surprise linked to IT projects. Loan losses were net reversals of DKK 27m (145bp). Non-recurring items of DKK 4m included a DKK 19m gain from the divestment of the Danish business (DKK 77m in Q1) while an EO expense of DKK 15m for client compensation linked to a return shortfall was as flagged. Q2 CET1 of 25.7% (31% in Q1’21) contained H1’21 net profits excl. expected dividends while the DKK 450m EO distribution for 2021 was deducted.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
