Aktieanalys

Føroya Banki: Relief on capital requirements - Nordea

Nordea Publicerad: 02 Aug 07:34

Føroya Banki delivered a solid Q2 2024 result with net profit of DKK 87m, DKK 19m above our estimate. This was mainly driven by loan loss reversals of DKK 7m (DKK 13m better than our estimate), and earnings from investment portfolio of DKK 35m (DKK 15m above our estimate). Those beats were somewhat offset by lower net commission and fee income, with slightly higher costs than expected. The conclusion of the Danish FSA investigation of the property markets in the Faroe Islands and Greenland was a major relief. With improved clarity around capital requirements, the road is now paved for 2024E-26E dividends of 50-55% of market cap. Our new Gordon growth-based fair value range is DKK 191-234 (190-232). Marketing material commissioned by Føroya Banki.

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