DNB (No_rec, TP: NOK) - Capital build-up enables buy-backs
DNB reported a Q3 ROE of 10.9% and PTP 4% above consensus. Following a solid CET1 ratio of 18.3% under Basel III, the bank announced the initiation of a 0.5% share buy-back programme. The positive trend in the Norwegian economy, combined with the remaining effects from the initiated rate adjustments, should in our view support an ROE approaching 12% in 2020. We have raised our 2020–2021e EPS by 0–1%.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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