Nordea har mod betaling udarbejdet denne analyse af BankNordik:
BankNordik’s Q2 2021 profit before loan losses was DKK 47m, DKK 3m (7%) above our estimate, and it reported better-than-expected lending growth in the Faroes (1%) and Greenland (3%). Together with improving deposit margins, this supported net interest income, which came in DKK 3m (5%) ahead of our estimate. Earnings initiatives and process optimisation should continue to boost profitability – the bank has identified initiatives that could lift profits by DKK 20-25m annually for the coming years. The planned dividend and/or share buyback programme of DKK 450m was approved by the Danish FSA on 21 July 2021. Ahead of the EO general meeting on this topic, which will be held no later than October 2021, BankNordik will propose a split between dividends and share buybacks. We raise 2021E-23E adjusted EPS by 1-2%. Our new Gordon growth-based fair value range is DKK 192-215 (188-211).
Focus on core business likely to continue boosting profits We expect the strong underlying development for operating profit to continue in the coming quarters. We estimate annual profit before loan losses will increase by DKK 21m from 2021E to 2023E, due to the execution of previously announced earnings-enhancing initiatives, which include a revised deposit margin and new fees. In addition to the original back-office FTE reduction announced in January 2021, BankNordik’s current reorganisation and process optimisation has eliminated another 7-8 FTEs from staff and support functions. We expect this development to continue and we see further upside potential to the bank’s profitability, thanks to its renewed focus on the core business.
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.
