DNB (No_rec, TP: NOK) - Capital buffers at historical high
Despite Q3 NII missing consensus, we expect margin resilience and a lending growth tailwind going forward. With a CET1 ratio of 21% excluding accrued dividends, capital buffers are now at record levels. While capital distributions for 2019 accounts remain unclarified due to the regulatory stance on bank dividends, DNB is laying the groundwork to make this possible during H1 2021. With raised tax rates for 2021–2022e as the main contributor, we have trimmed our 2021–2022 EPS estimates by 1–3%.DnB Nor is a holding company. Through its subsidiaries, Co. is financial services group in Norway. Co. provides a range of financial services, including loans, savings, advisory services, real estate broking, insurance and pension products for personal and corporate customers. Co.'s operations are divided into six segments: Personal Banking Norway, Corporate Banking Norway, Large Corporates and International, Markets, Wealth Management, and Products. As of Dec 31 2013, Co. had total assets of NOK2,389,438,000,000 and total deposit of NOK867,904,000,000.
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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