DNB (No_rec, TP: NOK) - Activity ramping up
Boosted by strong core revenues and moderate loan losses, DNB reported a Q2 ROE of 16.6% versus its >13% target. Fuelled among other things by strong revenues from investment banking services, fee income rose 22% YOY. Moreover, the NII trend returned to positive territory with a 1.9% QOQ uptick. Following muted lending growth in H1, the bank expects some pick-up in H2. We have raised our 2025–2026e EPS by ~1–2% on higher NII and slightly lower costs.
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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