Sparebank1 SR-Bank (Buy, TP: NOK103.00) - Profitable corporate growth
Q2 ROE was 12.3%, and PTP was 2% above consensus, driven by strong corporate lending growth at stable margins. Loan losses rose in the quarter but we remain positive about asset quality following support from the improving regional macro and higher oil-related activity. We reiterate our BUY and have raised our target price to NOK103 (NOK102).Sparebank 1 SR Bank is a savings bank. Co.'s core activities are sales and brokering of financial products and services, as well as leasing and real estate brokering. Co. is organized in three divisions: The Retail Market Division; The Corporate Market Division; and The Capital Market Division Co. provides products and services in the fields of financing, investments, money transfers, pensions and life and non-life insurance.
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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