Dividends around the corner
The solid profitability trend continued in Q3 with ROE of 39%. NOFI’s CET1 ratio of 16.7% was comfortably above both its internal target of 16.0% and the regulatory minimum of 15.3%. Hence, we see dividend distribution starting in H1 2018e. We have reduced our 2018–2019e EPS by 2–3%, driven by somewhat lower lending growth. We reiterate our BUY recommendation and NOK115 target.Norwegian Finans Holding ASA is a Norway-based bank. The Company focuses on e-commerce and self-service solutions, and offers deposit accounts and consumer loans, which are distributed through the Internet. It also provides a combined credit card and reward card for buying tickets with the airline Norwegian Air Shuttle ASA. The Company's ownership is divided between institutional and private investors in Norway and abroad. It operates through Bank Norwegian AS, a wholly owned subsidiary.
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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