DNB (No_rec, TP: NOK) - Further core revenue expansion
Aided by continued core revenue momentum, modest loan losses and tax tailwinds, DNB reported a strong Q4 ROE of 19.0%, despite soft trading income. Benefiting from margin and volume tailwinds, NII rose 3.7% QOQ, while fee income was up 12.3% YOY, driven by higher revenues from investment banking services. The board proposed a 2024 DPS of NOK16.75, implying a ~57% payout ratio (~64% including completed buybacks). We have raised our 2026e EPS by ~4%, driven by higher core revenues.
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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