Sparebank1 SR-Bank (Buy, TP: NOK112.00) - Delivering on 2018 targets
SR-Bank reported a Q4 ROE of 10.1%, leaving the full-year ROE at 11.3%, above its 11% target for 2018. For this year, it increased its financial ambitions, targeting an 11.5% ROE. Pre-tax profit was in line with our expectations as higher NII offset somewhat weaker fees and higher costs. The bank proposed a NOK4.5 DPS, in line with both our and consensus expectations. We reiterate our BUY and NOK112 target price.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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