DNB’s Q3 was on the strong side in our view as lending growth was solid, impairments continue to trend down and earnings from all parts of the business were sound. We argue you should look through the minor deviation on NII, also fx adjusted, and the increased tax rate and focus on distribution capacity once DNB is allowed to pay dividends again. We increase ’20e EPS 9%, but lower ’21e/’22e 3%/2%. We reiterate Buy and our target price of NOK 165.
22 Oct 2020
What I want for Christmas is a DPS
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What I want for Christmas is a DPS
DNB Bank ASA (DNB:OSL) | 0 0 0.0%
- Published:
22 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
15
DNB’s Q3 was on the strong side in our view as lending growth was solid, impairments continue to trend down and earnings from all parts of the business were sound. We argue you should look through the minor deviation on NII, also fx adjusted, and the increased tax rate and focus on distribution capacity once DNB is allowed to pay dividends again. We increase ’20e EPS 9%, but lower ’21e/’22e 3%/2%. We reiterate Buy and our target price of NOK 165.