Sbanken (Buy, TP: NOK96.00) - Solid lending growth
Sbanken reported profitable growth in Q3, with an ROE of 12.5% and pre-tax profit in line with consensus. The bank is continuing to take market share, with lending growth YTD close to its annual target of 10%. We have lowered our 2019–2020e EPS by 4–5%, primarily due to lower NII. We have reduced our target price to NOK96 (NOK99), but reiterate our BUY recommendation.Sbanken ASA, formerly Skandiabanken ASA, is a Norway-based online retail bank. The Bank operates a digital platform, through which serves individual customers in Norway. Its financial products and services comprise current accounts, payment and card services, savings, investment products, as well as long- and short-term loans.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.