SpareBank 1 Nord-Norge (NONG) reported a solid EPS beat in Q3 resulting from strong fees, a solid contribution from associates and a strong trading line. Lending growth was also decent on the strong side at 1.1% within retail and 2.8% within corporate. The ROE was 14.5% in the quarter and this is best in class out so far in Q3. We have increased 2020e EPS by 11%, whilst 2021e/2022e EPS are upped 5%/4%. We keep our Buy rating and TP of NOK 73 unchanged.
26 Oct 2020
14.5% RoE and solid growth in Q3
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14.5% RoE and solid growth in Q3
SpareBank 1 Nord-Norge (NONG:OSL) | 0 0 0.0%
- Published:
26 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
SpareBank 1 Nord-Norge (NONG) reported a solid EPS beat in Q3 resulting from strong fees, a solid contribution from associates and a strong trading line. Lending growth was also decent on the strong side at 1.1% within retail and 2.8% within corporate. The ROE was 14.5% in the quarter and this is best in class out so far in Q3. We have increased 2020e EPS by 11%, whilst 2021e/2022e EPS are upped 5%/4%. We keep our Buy rating and TP of NOK 73 unchanged.