Sbanken (Buy, TP: NOK97.00) - Supportive growth outlook
Sbanken reported a Q4 ROE of 13.3% and pre-tax profit 8% above consensus driven by lower loan losses, only partly offset by higher costs. The bank reiterates its outlook for >10% annual lending growth with roughly stable margins despite the modest growth pace in Q4. We have reduced our 2018–2019e EPS by ~3%, while we reiterate BUY and our NOK97 target price.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.
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