Skandiabanken (Buy, TP: NOK97.00) - Margin tailwind
Skandiabanken reported a Q3 ROE of 13%, supported by continued profitable growth (albeit at a somewhat more moderate pace than in H1). We nonetheless expect NII momentum to remain strong as margins should continue to climb in Q4e with the full quarterly effect of the rate adjustment in mid-August. Our 2018–2019e EPS is largely unchanged, and we reiterate our BUY recommendation and 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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