BankNordik: Another strong result with continued solid asset quality - Nordea

Q2 NII came in 2% above our estimate at DKK 86m while NCI came in at DKK 19m versus our estimate at DKK 22m. Moreover, insurance income was particularly strong in Q2, coming in at DKK 19m versus our estimate at DKK 11m. Meanwhile, costs were in line with our estimate. Asset quality remained very strong in the quarter with BankNordik reporting reversals of DKK 7m while we expected DKK 0m. On the other hand, Q2 market value adjustments came in weaker than our estimate at DKK 15m (we estimated DKK 23m). Overall, net profit came in 2% ahead of our estimate. Finally, BankNordik also reported an increase in the management estimated provision from DKK 65m to DKK 75m due to the continued uncertain environment. We are likely to make small EPS revisions in light of the report and expect the share to be slightly up today.

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