SpareBank 1 Østfold Akershus (SOAG) published its Q3 report today and overall we found recurring revenue on the strong side, operating expenses in line and cost of risk close to zero. Lending growth was a solid 2.2% within retail and 1.5% within corporate. We have increased 2020e/2021e/2022e EPS 10%/5%/5%. A run-rate RoE around 9% should be obtainable even in a zero interest rate environment, we reiterate Buy and our NOK 270 target.
27 Oct 2020
Impairments close to zero and solid growth
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Impairments close to zero and solid growth
SpareBank 1 Ostfold Akershus (SOAG:OSL) | 0 0 0.0%
- Published:
27 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
SpareBank 1 Østfold Akershus (SOAG) published its Q3 report today and overall we found recurring revenue on the strong side, operating expenses in line and cost of risk close to zero. Lending growth was a solid 2.2% within retail and 1.5% within corporate. We have increased 2020e/2021e/2022e EPS 10%/5%/5%. A run-rate RoE around 9% should be obtainable even in a zero interest rate environment, we reiterate Buy and our NOK 270 target.