Sparekassen Sjælland-Fyn – Q2 2021: Solid underlying result with small misses on volatile items - Nordea

Q2 2021 profit before loan losses came in at DKK 117m, DKK 12m (9%) below our estimate. The deviation was led by total income being DKK 8m (2%) below our estimate, and total costs being DKK 4m above (2%) above our estimate. Net interest income was DKK 2m ahead of our estimate owing to DKK 7m (31%) lower than expected interest expenses. Fee and commission income continue to see support from high activity, coming in at DKK 156m, which is DKK 4m (3%) above our estimate and up 16% y/y. Profit before loan losses, however, was negatively impacted by market value adjustments of DKK -4m. On the other hand, strong asset quality continue to support net profits and the bank reported loan loss reversals of DKK 19m, DKK 9m better than our expectations. Sparekassen Sjælland-Fyn reiterated its most recent 2021 pre-tax profit guidance of DKK 450-525m, which was announced ahead of the Q2 report (on 14 July).

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