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Third party research

Føroya Banki: Solid start to the year - Nordea

Føroya Banki

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

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Føroya Banki reported a solid Q1, as profit before loan losses landed at DKK 56m, DKK 3m (7%) better than our estimate. This was mainly driven by net insurance income coming in (19% (DKK ~2m) above our estimate due to higher premium income and lower claims. Operating costs increased by 6.4% y/y and came in 4% above our estimate. We trim 2025E-27E net profit by ~0.5%, led by 2% higher 2025E-27E costs. Føroya Banki reiterated its 2025 net profit guidance of DKK 210-240m; we estimate DKK 220m. We reiterate our Gordon growth-based fair value range of DKK 161-197. Marketing material commissioned by Føroya Banki.
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