Nordea har mod betaling udarbejdet denne analyse af BankNordik:
BankNordik’s 2021 result was pre-announced and hence all focus on underlying profitability and the ongoing capital optimisation efforts. Q4 2021 PBLL came in DKK 46m, which was DKK 4m (8%) ahead of estimate. On the positive side, net fee income was up 44% y/y and 15% ahead of our estimate, as BankNordik saw strong effects from its ongoing repricing efforts. Also, operating costs was strong, DKK 3m below (better) that our estimate. On the negative side, however, insurance income was soft. The CET1 ratio came in at 23.8%, 3.1 pp below our estimate, as BankNordik now is deducting the remaining DKK 250m EO dividend from the sale of its Danish activities, which is expected to be paid out in March 2022. Together with the proposed ordinary dividend payment of DKK 136m, this corresponds to a payout yield of 28%, based on yesterday’s closing price. All in all, a high quality report, which reaffirms the long-term profitability and capital repatriation story and warrants positive EPS revisions. The share is likely to trade above peers following today’s report.
