ABG har mod betaling udarbejdet denne analyse af BankNordik
- New net profit guidance DKK 140m-170m (160m-190m)
- Our expected rate path implies ‘23e income of DKK 509m
- ‘24e adj. P/E of 5.1x is well below peers
Net profit guidance downgrade from suffering bond portfolio
On Monday afternoon BankNordik downgraded its guidance for 2022 net profit to DKK 140-170m (160-190m) due to market value adjustments being negatively affected by the interest rate environment hurting its bond portfolio, as has been the case for many of the small Danish banks in recent weeks. Owing to this, we increase our estimated losses on market value adjustments in Q3’22e and Q4’22e to DKK 17m and DKK 15m, respectively. Apart from the deteriorating market value adjustments we expect the core banking and insurance activities to report another solid quarter. We expect Q3 to be another confirmation of BankNordik’s strong asset quality, strengthened by the Faroese gas independence and energy prices not seeing the same steep increases as in Denmark. We expect another quarter of moderate growth in Greenland, of 2%, and a solid performance of the core insurance business apart from the investment result as the Faroe Islands have been spared from large storms and cloudbursts in Q3.
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