DNB (No_rec, TP: NOK) - >12% ROE to remain key priority
With a YTD ROE of 13.0%, DNB looks set to reach its >12% ROE target with ample headroom in 2022. Supported by the rising interest rates and efforts to improve capital-light revenue streams, we see scope for continued earnings tailwinds ahead. We expect the main focus at DNB’s 15 November CMD to be its new financial targets towards 2025 and that its key targets (including its >12% ROE) will be reiterated.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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