Pareto Bank (Buy, TP: NOK46.00) - Robust margins
Pareto Bank reported a solid Q3 ROE of 12.2%, helped by low loan loss provisions. Sustained lending yields, lower funding costs and stable credit demand should in our view bode well for future NII, while robust asset prices should limit loan losses. The bank has also decided to distribute a NOK2.0 DPS for 2019. We have raised our 2021–2022e EPS by 1–3% and as a result our target price to NOK46 (45). We reiterate our BUY.
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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