Sbanken (Buy, TP: NOK85.00) - Further NII tailwind ahead
Sbanken reported a Q3 ROE of 14%, boosted by a lower than expected resolution fund contribution. The bank is continuing to take market share, and near-term NII should in our view benefit from higher volumes and the implemented repricing. Our 2020–2021 EPS forecasts are unchanged, as higher NII is offset by higher loan losses to reflect the new guidance. We reiterate our BUY and NOK85 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.
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.