The proven challenger
Skandiabanken continued to report profitable growth in Q2, with an ROE of 12.4% and 4.6% higher lending volumes QOQ. We expect margins to pick up in H2 2017 following the rate adjustment effective from mid-August. We have raised our 2018–2019e EPS by 2–4% after factoring in this rate increase. We reiterate our BUY recommendation and have raised our target price from NOK89 to NOK96.
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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