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Third party research

BankNordik: Q2 as expected – minor EPS revisions expected - Nordea

Føroya Banki

This is a third party research report and does not necessarily reflect our views or values

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Q2 NII, NCI and insurance income came in as expected. Lending was roughly flat q/q and was in line with our estimate. Costs were 1% above our estimate but we are unlikely to make revisions to our cost estimate for H2 22. Asset quality was very strong as loan loss reversals were DKK 14m better than our estimate, leading to a 16% beat on operating profit. On the negative side, the CET-1 ratio were 40bp lower than our estimate, as a consequence of higher REA. We are likely to make only minor EPS revisions on the back of the report and we expect the share to be roughly flat today. BankNordik’s FY 2022 net profit guidance was left unchanged at DKK 160-190m. We estimate DKK 181m.
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