DNB (No_rec, TP: NOK) - On course for further NII expansion
Supported by continued fee income momentum, modest cost inflation and loan loss reversals, DNB reported a Q1 ROE of 12.9%, well above its 12% long-term target. With guidance indicating a NOK1.2bn annual NII benefit from the third repricing supporting the already guided NOK1.5bn benefits from the two initial repricings, we see scope for the positive earnings trend to continue for DNB. Mainly driven by higher NII, we have raised our 2023–2024e EPS by ~2%.
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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