Sbanken (Buy, TP: NOK87.00) - Conservative asset mix bearing fruit
Sbanken reported a strong Q4 ROE of 12.5%, fuelled by low loan losses as its conservative asset mix is starting to bear fruit. Sbanken also expects loan losses and costs to trend down during 2021, and plans to seek more generous capital distributions going forward. We have raised our target price to NOK87 (76) on our higher EPS estimates, and 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.
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