Sbanken (No_rec, TP: NOK) - Volume turnaround
Sbanken reported a somewhat soft Q3 ROE of 9.2% following negative trading income and a 4.8% QOQ decline in NII. That said, with the return to net volume inflows, management guided for healthy ~2% lending growth in Q4, while it expects the mortgage rate guarantee for 2021 to hamper margins short-term. We have cut our 2022e EPS by ~5%, mainly due to lower NII. We do not have a recommendation or target price given DNB Markets’ role as financial advisor to DNB in connection with the possible acquisition of Sbanken ASA.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.