DNB (No_rec, TP: NOK) - Set for NII expansion
Supported by a 4% sequential NII uptick and loan-loss reversals, DNB reported a strong Q3 ROE of 11.4%. Additionally, the bank guided for an cNOK1.5bn annual NII benefit due to the recent repricing efforts following the key policy rate hike. While reversals were slightly lower QOQ, we expect the improved macroeconomic outlook and reduced cyclical exposure to support asset quality, and forecast below-normalised loan losses for the next 12 months. We have raised our 2022–2023e EPS by ~1–2%, driven by higher NII and trimmed 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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