This content is only available within our institutional offering.
20 Oct 2022
Arctic: DNB - Bar raised ahead, but DNB delivered
Sign in
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account
Arctic: DNB - Bar raised ahead, but DNB delivered
DNB’s Q3 report was characterized by core earnings in line and the 8% beat compared to our estimates driven primarily by loan loss reversals. We particularly liked the updated guiding on the NII contribution of NOK 2.4bn each for the two last 50bps hikes, while the slightly higher expenses figure was the only weak spot. We have upped 2022e-2024e EPS 2% and remain positive towards the name. We keep our Buy and increase our TP to NOK 220 (215).