DNB (No_rec, TP: NOK) - Reassuring capital buffer
In our view, strong capital-light revenue trends, an improved capital buffer (now 320bp), and robust asset quality were the highlights of the Q1 report. While adverse mix-effects continued to pressure margins, a sustained skew towards interest-sensitive lending volumes and continued deposit inflow should return as accelerated margin relief when Norwegian interest rates start to rise. Our 2022–2023e EPS are largely unchanged, as lower NII is offset by higher fees and lower loan losses.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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