Nordic banks – Statistical update – Swedish bankruptcies June 2025

Nordic banks – Statistical update - Finnish lending May 2025

Nordic banks – Statistical update - Danish lending May 2025

Nordic banks – Statistical update – Swedish lending, May 2025

Nordic banks – Statistical update - Norwegian lending May 2025

Restart share buybacks of NOK 4.2bn

Wants to acquire up to 1% or NOK 4.2bn of own shares until 1 Oct. Just soft of consensus NOK 5.47bn expectation for 25e, inline with ABG. Stock to react just soft to today's capital repatriation plan

Norwegian banks: Q1'25 outcome vs. expectations

Nordic banks – Statistical update – Swedish bankruptcies May 2025

Nordic banks – Statistical update – Finnish lending April 2025

Nordic banks – Statistical update – Swedish lending, April 2025

Nordic banks – Statistical update - Danish lending April 2025

Nordic banks – Statistical update – Norwegian lending April 2025

Priced for flat interest rates: down to SELL

Insurance trip: 16 insurers in three days

Non-life have price increases > inflation in all markets, most in Norway. Life insurance growth with rapid growth & dividend payments. Prefer ALMB, Sampo, Solid, Tryg among non-life; STB for life

Delivers in-line with expectations

Adj. PTP -1% vs. ABGSCe & cons, driven by mgmt loan loss overlay; Trimmed lending guiding and positive capital revisions; Cons. up for 25e (beat), minor for '26e-'27e, stock to hold up

SBAB - Meeting the Head of Treasury

A small step in their broader plan

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower...

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we co...

SpareBank 1 Østlandet (Hold, TP: NOK168.00) - Improving asset quality

Supported by continued lending growth, low loan losses and good fee income growth, the Q1 ROE was 14.1%, despite somewhat elevated costs and slightly weaker NII. The capital position remains strong, with an end-Q1 CET1 ratio of 17.1% that should be further supported by upcoming regulatory changes. We have lowered our 2026–2027e EPS by ~1–2%, but reiterate our HOLD and NOK168 target price.

Rogaland Sparebank (Hold, TP: NOK137.00) - Stronger capital tailwind o...

Boosted by the distribution of customer dividends, an uptick in NII, even with two fewer interest days QOQ, and moderate loan losses, the Q1 ROE was 13.2%, despite somewhat softer fee income. The bank adjusted its guided positive impact from the implementation of Basel IV to 3.0%-points (previously 2.6%-points). We have raised our 2026–2027e EPS by ~6%, on higher NII, and our target price to NOK137 (130). At a 2026e P/E of ~12.0x, we continue to find a better risk/reward elsewhere in the sector,...