Sparebank 1 Østlandet (Hold, TP: NOK90.00) - NII to rebound from weak Q2
SPOL’s Q2 ROE of 11.3% and pre-tax profit of NOK534m were well above our forecasts, following strong net results from financial items and lower-than-expected costs. While the bank continues to gain market share, with annual lending growth of 9.4%, ‘real’ NII missed our estimate by 6% in Q2. While we expect NII to rebound in Q3, we have trimmed our estimates by ~1% to reflect lower NII and costs. We reiterate our HOLD and NOK90 target price.
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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