Features
Pricing
Events
Reg.News
Short Interest
Explore Content
- Explore
  - Providers
    
    Providers
    
    Free/Commissioned
    
    High Net Worth Offering
    
    Institutional Offering
    
    Free/Commissioned
    
    Research that is free to access for all investors. Companies commission these providers to write research about them.
    View Research
    
    What is our Main Bundle Offering?
    
    Brokers who write research on their corporate clients and make it available through our main bundle offering.
    View Research
    
    What is Institutional?
    
    Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
    View Research
  - Regions
    
    Regions
    
    UK
    
    Rest of EMEA
    
    N America
    
    APAC
    
    LatAm
  - Exchanges
    
    Exchanges
    
    Aquis Apex
    
    Australian Securities Exchange
    
    Canadian Securities Exchange
    
    Euronext Paris
    
    London Stock Exchange (domestic)
    
    SIX Swiss Exchange
  - Sectors
    
    Sector Coverage
    
    Building & Construction
    
    Discretionary Personal Goods
    
    Discretionary Retail
    
    Energy
    
    Health
    
    Investment Trusts
    
    Media
    
    Resources
    
    Technology
  - Small / Large Cap
    
    Small / Large Cap
    
    UK100
    
    UK250
    
    UK Smallcap
    
    UK Other Main Markets
    
    Other
Login
Sign Up

LIVE

Event in Progress:

Join Here ×

31 Jan 2024

Refocusing on total yields as growth stalls

DNB (DNB:STO), 0 | DNB OBX (OBXD:OSL), 0 | DNB Bank ASA (DNB:OSL), 0 | DNB-ETN Obx X3 Bear (BEAROBXX:STO), 0 | DNB-ETN Obx X3 Bull (BULLOBXX:STO), 0 | DNB - ETN Equinor Bull (BULLEQNR:STO), 0 | DNB-ETN Norsk Hydro Bear (BEARNHY:STO), 0 | DNB-ETN Telenor Bull (BULLTEL:STO), 0 | DNB - ETN TELENOR BEAR (BEARTEL:STO), 0 | DNB-ETN Yara Bear (BEARYAR:STO), 0 | DNB - ETN Equinor Bear (BEAREQNR:STO), 0 | DNB-ETN Yara Bull (BULLYAR:STO), 0 | DNB-ETN REC BULL (BULLREC:STO), 0 | DNB-ETN Seadrill Bull (BULLSDRL:STO), 0 | DNB-ETN Marine Harvest Bull (BULLMHG:STO), 0 | DNB-ETN Norsk Hydro Bull (BULLNHY:STO), 0 | DNB-ETN Marine Harvest Bear (BEARMHG:STO), 0 | DNB-ETN Pgs Bear (BEARPGS:STO), 0 | DNB - ETN Equinor X3 Bear (BEAREQNX:STO), 0 | DNB-ETN SUBSEA 7 BEAR (BEARSUBC:STO), 0 | DNB-ETN Yara X3 Bear (BEARYARX:STO), 0 | DNB-ETN Pgs Bull (BULLPGS:STO), 0 | DNB - ETN Equinor X3 Bull (BULLEQNX:STO), 0 | DNB-ETN Subsea 7 Bull (BULLSUBC:STO), 0 | DNB-ETN Yara X3 Bull (BULLYARX:STO), 0 | DNB-ETN Aker Solutions Bull (BULLAKSO:STO), 0 | DNB-ETN Aker Solutions Bear (BEARAKSO:STO), 0 | DNB-ETN Storebrand Bull (BULLSTB:STO), 0 | DNB-ETN Storebrand Bear (BEARSTB:STO), 0 | DNB-ETN Gjensidige X3 Bull (BULLGJFX:STO), 0 | DNB-ETN Gjensidige X3 Bear (BEARGJFX:STO), 0 | DNB-ETN Orkla X3 Bull (BULLORKX:STO), 0 | DNB-ETN Orkla X3 Bear (BEARORKX:STO), 0 | DNB-ETN Telenor X3 Bull (BULLTELX:STO), 0 | DNB-ETN Telenor X3 Bear (BEARTELX:STO), 0 | DNB - ETN Oil Service (OBOSX:STO), 0 | DNB - ETN Oil Service Bull (BULLOBOS:STO), 0 | DNB - ETN Oil Service Bear (BEAROBOS:STO), 0 | DNB-ETN NORWEGIAN BULL (BULLNAS:STO), 0 | DNB-ETN Norwegian Bear (BEARNAS:STO), 0 | DNB-ETN Tgs Bull (BULLTGS:STO), 0 | DNB-ETN Tgs Bear (BEARTGS:STO), 0 | DNB - ETN Obx X5 Bull (BULLOBX5:STO), 0 | DNB - ETN Obx X5 Bear (BEAROBX5:STO), 0 | DNB - ETN Mhg X3 Bull (BULLMHG3:STO), 0 | DNB - ETN Mhg X3 Bear (BEARMHG3:STO), 0 | DNB - ETN Seafood (SEAFOOD:STO), 0 | DNB - ETN Seafood X3 Bull (BULLSEA3:STO), 0 | DNB - ETN Seafood X3 Bear (BEARSEA3:STO), 0 | DNB - ETN Frontline Bull (BULLFRO:STO), 0 | DNB - ETN Frontline Bear (BEARFRO:STO), 0 | DNB - ETN Nod Bull (BULLNOD:STO), 0 | DNB - ETN Nod Bear (BEARNOD:STO), 0 | DNB - ETN Norwegian X3 Bull (BULLNAS3:STO), 0 | DNB - ETN Norwegian X3 Bear (BEARNAS3:STO), 0 | DNB - ETN Equinor Short (SHORTEQN:STO), 0 | DNB - ETN Shipping (SHIPPING:STO), 0 | DNB-ETN Nofi Bull (BULLNOFI:STO), 0 | DNB-ETN Nofi Bear (BEARNOFI:STO), 0 | DNB-ETN Akerbp Bull (BULLAKBP:STO), 0 | DNB-ETN Akerbp Bear (BEARAKBP:STO), 0 | DNB ETN Storebrand X3 Bull (BULLSTB3:STO), 0 | DNB ETN Storebrand X3 Bear (BEARSTB3:STO), 0 | DNB ETN Bwlpg Bear (BEARBWLP:STO), 0 | DNB ETN Golden Ocean Bear (BEARGOGL:STO), 0 | DNB ETN Adevinta A Bull (BULLADEA:STO), 0 | DNB ETN Adevinta A Bear (BEARADEA:STO), 0 | DNB ETN Aker X3 Bull (BULLAKE3:STO), 0 | DNB ETN Aker X3 Bear (BEARAKE3:STO), 0 | DNB ETN Borr Drilling Bull (BULLBDRL:STO), 0 | DNB ETN Borr Drilling Bear (BEARBDRL:STO), 0 | DNB ETN Bw Offshore Bull (BULLBWO:STO), 0 | DNB ETN Bw Offshore Bear (BEARBWO:STO), 0 | DNB ETN Elkem Bull (BULLELK:STO), 0 | DNB ETN Elkem Bear (BEARELK:STO), 0 | DNB ETN Grieg Seafood Bull (BULLGSF:STO), 0 | DNB ETN Grieg Seafood Bear (BEARGSF:STO), 0 | DNB ETN Nel Bull (BULLNEL:STO), 0 | DNB ETN Nel Bear (BEARNEL:STO), 0 | DNB ETN Salmar Bull (BULLSALM:STO), 0 | DNB ETN Salmar Bear (BEARSALM:STO), 0 | DNB ETN Tomra Bull (BULLTOM3:STO), 0 | DNB ETN Tomra Bear (BEARTOM3:STO), 0

- ABGSC Financials Research | Magnus Andersson | Patrik Brattelius | Jan Erik Gjerland
- 10 pages

Q4: Slower volume growth again for both lending and deposits leads us to lower '24e-'25e adj EPS by 3-4%, but we up DPS. Total yield focus gives ~11% p.a. '24e-'25e and trimmed CET1. HOLD.

Sign up to access

Get access to our full offering from over 30 providers

Get access to our full offering from over 30 providers

Already a member? Log in here

Refocusing on total yields as growth stalls

DNB (DNB:STO), 0 | DNB OBX (OBXD:OSL), 0 | DNB Bank ASA (DNB:OSL), 0 | DNB-ETN Obx X3 Bear (BEAROBXX:STO), 0 | DNB-ETN Obx X3 Bull (BULLOBXX:STO), 0 | DNB - ETN Equinor Bull (BULLEQNR:STO), 0 | DNB-ETN Norsk Hydro Bear (BEARNHY:STO), 0 | DNB-ETN Telenor Bull (BULLTEL:STO), 0 | DNB - ETN TELENOR BEAR (BEARTEL:STO), 0 | DNB-ETN Yara Bear (BEARYAR:STO), 0 | DNB - ETN Equinor Bear (BEAREQNR:STO), 0 | DNB-ETN Yara Bull (BULLYAR:STO), 0 | DNB-ETN REC BULL (BULLREC:STO), 0 | DNB-ETN Seadrill Bull (BULLSDRL:STO), 0 | DNB-ETN Marine Harvest Bull (BULLMHG:STO), 0 | DNB-ETN Norsk Hydro Bull (BULLNHY:STO), 0 | DNB-ETN Marine Harvest Bear (BEARMHG:STO), 0 | DNB-ETN Pgs Bear (BEARPGS:STO), 0 | DNB - ETN Equinor X3 Bear (BEAREQNX:STO), 0 | DNB-ETN SUBSEA 7 BEAR (BEARSUBC:STO), 0 | DNB-ETN Yara X3 Bear (BEARYARX:STO), 0 | DNB-ETN Pgs Bull (BULLPGS:STO), 0 | DNB - ETN Equinor X3 Bull (BULLEQNX:STO), 0 | DNB-ETN Subsea 7 Bull (BULLSUBC:STO), 0 | DNB-ETN Yara X3 Bull (BULLYARX:STO), 0 | DNB-ETN Aker Solutions Bull (BULLAKSO:STO), 0 | DNB-ETN Aker Solutions Bear (BEARAKSO:STO), 0 | DNB-ETN Storebrand Bull (BULLSTB:STO), 0 | DNB-ETN Storebrand Bear (BEARSTB:STO), 0 | DNB-ETN Gjensidige X3 Bull (BULLGJFX:STO), 0 | DNB-ETN Gjensidige X3 Bear (BEARGJFX:STO), 0 | DNB-ETN Orkla X3 Bull (BULLORKX:STO), 0 | DNB-ETN Orkla X3 Bear (BEARORKX:STO), 0 | DNB-ETN Telenor X3 Bull (BULLTELX:STO), 0 | DNB-ETN Telenor X3 Bear (BEARTELX:STO), 0 | DNB - ETN Oil Service (OBOSX:STO), 0 | DNB - ETN Oil Service Bull (BULLOBOS:STO), 0 | DNB - ETN Oil Service Bear (BEAROBOS:STO), 0 | DNB-ETN NORWEGIAN BULL (BULLNAS:STO), 0 | DNB-ETN Norwegian Bear (BEARNAS:STO), 0 | DNB-ETN Tgs Bull (BULLTGS:STO), 0 | DNB-ETN Tgs Bear (BEARTGS:STO), 0 | DNB - ETN Obx X5 Bull (BULLOBX5:STO), 0 | DNB - ETN Obx X5 Bear (BEAROBX5:STO), 0 | DNB - ETN Mhg X3 Bull (BULLMHG3:STO), 0 | DNB - ETN Mhg X3 Bear (BEARMHG3:STO), 0 | DNB - ETN Seafood (SEAFOOD:STO), 0 | DNB - ETN Seafood X3 Bull (BULLSEA3:STO), 0 | DNB - ETN Seafood X3 Bear (BEARSEA3:STO), 0 | DNB - ETN Frontline Bull (BULLFRO:STO), 0 | DNB - ETN Frontline Bear (BEARFRO:STO), 0 | DNB - ETN Nod Bull (BULLNOD:STO), 0 | DNB - ETN Nod Bear (BEARNOD:STO), 0 | DNB - ETN Norwegian X3 Bull (BULLNAS3:STO), 0 | DNB - ETN Norwegian X3 Bear (BEARNAS3:STO), 0 | DNB - ETN Equinor Short (SHORTEQN:STO), 0 | DNB - ETN Shipping (SHIPPING:STO), 0 | DNB-ETN Nofi Bull (BULLNOFI:STO), 0 | DNB-ETN Nofi Bear (BEARNOFI:STO), 0 | DNB-ETN Akerbp Bull (BULLAKBP:STO), 0 | DNB-ETN Akerbp Bear (BEARAKBP:STO), 0 | DNB ETN Storebrand X3 Bull (BULLSTB3:STO), 0 | DNB ETN Storebrand X3 Bear (BEARSTB3:STO), 0 | DNB ETN Bwlpg Bear (BEARBWLP:STO), 0 | DNB ETN Golden Ocean Bear (BEARGOGL:STO), 0 | DNB ETN Adevinta A Bull (BULLADEA:STO), 0 | DNB ETN Adevinta A Bear (BEARADEA:STO), 0 | DNB ETN Aker X3 Bull (BULLAKE3:STO), 0 | DNB ETN Aker X3 Bear (BEARAKE3:STO), 0 | DNB ETN Borr Drilling Bull (BULLBDRL:STO), 0 | DNB ETN Borr Drilling Bear (BEARBDRL:STO), 0 | DNB ETN Bw Offshore Bull (BULLBWO:STO), 0 | DNB ETN Bw Offshore Bear (BEARBWO:STO), 0 | DNB ETN Elkem Bull (BULLELK:STO), 0 | DNB ETN Elkem Bear (BEARELK:STO), 0 | DNB ETN Grieg Seafood Bull (BULLGSF:STO), 0 | DNB ETN Grieg Seafood Bear (BEARGSF:STO), 0 | DNB ETN Nel Bull (BULLNEL:STO), 0 | DNB ETN Nel Bear (BEARNEL:STO), 0 | DNB ETN Salmar Bull (BULLSALM:STO), 0 | DNB ETN Salmar Bear (BEARSALM:STO), 0 | DNB ETN Tomra Bull (BULLTOM3:STO), 0 | DNB ETN Tomra Bear (BEARTOM3:STO), 0

Published: 31 Jan 2024
Author: ABGSC Financials Research | Magnus Andersson | Patrik Brattelius | Jan Erik Gjerland
Pages: 10

Q4: Slower volume growth again for both lending and deposits leads us to lower '24e-'25e adj EPS by 3-4%, but we up DPS. Total yield focus gives ~11% p.a. '24e-'25e and trimmed CET1. HOLD.

More Content

More Content

Nordic banks – Statistical update - Danish lending May 2025

Companies: NDA SEBA DANSKE SHBA SWEDA SHBA NDA SWEDA DNB SEBA DANSKE

Mixed set of results...earnings at risk

Companies: DNB Bank ASA

Nordic banks – Statistical update – Swedish lending, May 2025

Companies: NDA SEBA DANSKE SHBA SWEDA SHBA NDA SWEDA DNB SEBA DANSKE

Mixed results...

Companies: DNB Bank ASA

Nordic banks – Statistical update - Norwegian lending May 2025

Companies: NDA SEBA DANSKE SHBA SWEDA SHBA NDA SWEDA DNB SEBA DANSKE

Research Tree

Useful Links

Features
Pricing
RNS/Newswires Feeds
Providers Hub
Company Hub
Stock Pick League
Chrome Extension
iOS and Android Apps

Account

Login
Join Now
Contact

Follow us on Linkedin
Follow us on X

© Research Tree 2025

Terms of Service
Privacy Policy and Statement on Cookies

Research Tree will never share your details with third parties for marketing purposes. Research Tree distributes research documents that have been produced and approved by Financial Conduct Authority (FCA) Authorised & Regulated firms as well as relevant content from non-authorised sources, who are not regulated but the information is in the public domain. For the avoidance of doubt Research Tree is not giving advice, nor has Research Tree validated any of the information.

Research Tree is an Appointed Representative of Sturgeon Ventures which is Authorised and Regulated by the Financial Conduct Authority.

Top

Home
Features
Pricing
Event Hub
Reg.News
Short Interest Tracker
Explore Content
Providers
Contact
Sign Up
Sign In