Danske Bank har mod betaling udarbejdet denne analyse af Nordea:
Profitability surprised positively, mainly driven by loan loss reversals and better trading income. Core income was broadly flat, but the outlook for coming quarters seems positive. Asset quality developments were solid and Nordea reiterates the message from the Swedish banks about confidence in the real estate exposure in Sweden. Capitalisation improved and remains in excess of requirements and target, but the recently announced share buyback programme and normalising CCyBs are set to bring the CET1 ratio down. We see the Q2 report as largely credit neutral and maintain our Underweight recommendation.
Nordea delivered a strong net profit of EUR1,054m, which was 13% above Bloomberg consensus, corresponding to an annualised return on equity of 14.0%. On core income lines, the results were broadly in line with consensus, with NII spot on consensus while fees were 2% below. Costs came in slightly below expectations (-1%) and hence NII+Fees-Costs was in line with consensus. Trading income was a solid 15% above expectations, but the largest contributor to the profitability beat was loan loss reversals of EUR56m while consensus was expecting EUR61m in losses. The reason behind the better than expected development in loan losses was a release of EUR45m of the management COVID-19 buffer. As such, the improvement in profitability was largely driven by low-quality items while core lines were broadly neutral.
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