SpareBank1 Nord-Norge (Buy, TP: NOK117.00) - Outlook for strong distributions
SpareBank 1 Nord-Norge reported a Q4 ROE of 18.8% and a pre-tax profit of NOK928m, 10% stronger YOY as continued NII momentum helped offset a rise in opex and loan losses. The board proposed a DPS of NOK7 for 2023 while the Q4 CET1 ratio of 17.1% should be supportive of capital distributions going forward. Owing to somewhat higher opex entering 2024, we have cut our 2024–2025e EPS by 2–3% but reiterate our BUY and NOK117 target price.Sparebanken Nord-Norge is engaged in the provision of financial products and services in North Norway. In addition to loans, deposits, payments transmission services, leasing and factoring, such financial products and services also include most savings products as well as life-and non-life insurance. Co. is active within the areas of real estate brokerage, trading in securities, active investment management, value assessment and other corporate services. Co. has 81 branches throughout North Norway. As of Dec 31 2008, Co.'s total assets were NOK65,507,000,000 and its total deposits were NOK34,572,000,000.
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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