Sbanken (Buy, TP: NOK75.00) - Continued low-risk lending growth
Q2 provided a solid earnings mix, reflecting continued volume momentum on the back of buoyant mortgage volumes, and management reiterated its 8% mortgage growth ambition for 2020. Sbanken also seems to have regained control of costs. We have raised our 2021–2022e EPS by 1–2%. In our view, the recent improvement in the Norwegian economy has reduced uncertainty about growth and asset quality, prompting us to raise our target price to NOK75 (68) and to reiterate our BUY.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.