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Nyhetsflöde Sparekassen Kronjylland

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3/9/2022 7:58:55 AM - Sparekassen Kronjylland: Another solid year ahead - Nordea - H2 2021 profit before loan losses (PBLL) was 17% above our estimate, while Sparekassen reported solid ~8% y/y lending growth, which was also above our expectations. Lending growth accelerated towards the end of H2 2021, which bodes well for 2022. On the negative side, lending margin pressure continued to weigh on NII in H2 2021, only partly offset by the repricing of corporate deposits from November 2021. We pencil in a spillover effect for 2022 along with the full effect of the recent repricing of private deposits, which is set to boost 2022 profitability. Consequently, we lift 2022E-23E PBLL by 3-6%. We estimate 2022 pre-tax profit of DKK 410m, which is materially above the initial 2022 guidance of DKK 250-300m. Marketing material commissioned by Sparekassen Kronjylland.
2/23/2022 8:45:32 AM - Sparekassen Kronjylland: Records are made to be broken - Nordea - Following the announcement of its preliminary 2021 figures, Sparekassen Kronjylland is set to report 2021 pre-tax profit of DKK 509m and net profit of DKK 425m, hence marking a record year for the bank in terms of profitability. More importantly, after years of efforts towards strengthening its credit book, Sparekassen is again visibly deploying capital toward growth initiatives, which suggests a more positive growth trajectory going forward. We therefore lift 2022E-23E PBLL by 2-3% as we now pencil in recent branch openings and positive sector momentum in general, only partly offset by a step-up in our cost estimates. We estimate a 2021 CET1 ratio of 18.5%, up 70 bp from H1, and a DKK 30m guaranteed capital inflow h/h for H2 2021. Marketing material commissioned by Sparekassen Kronjylland.
8/30/2021 2:02:46 PM - Sparekassen Kronjylland: More focus on profitability - Nordea - Sparekassen Kronjylland reported H1 2021 profit before loan losses of DKK 194m, DKK 21m (12%) above our estimate. This was led by higher-than-expected fee income and lower costs, while net interest income was in line with our estimate. The bank reported loan-loss reversals of DKK 43m, while the pandemic-related management buffer was reduced to DKK 247m (previously DKK 279m), hence still indicating a positive development in the underlying asset quality. Management raised its 2021 pre-tax profit guidance to DKK 420-480m (previously DKK 180-280m) amid the H1 report. We estimate DKK 464m. We raise 2021E-23E net profit by 8-37%, led by 7-10% higher profit before loan losses and lower loan losses.
8/19/2021 9:41:27 AM - Sparekassen Kronjylland: A guidance upgrade seems inevitable - Nordea - We expect Sparekassen Kronjylland to continue to benefit from the current sector tailwinds – a strong economic recovery and high activity level – supporting fee income and asset quality. We hence lift H1 2021E pre-tax profit by DKK 28m (18%) to DKK 183m, bringing the 2021E pre-tax profit up to DKK 341m. This is mainly driven by a better-than-expected development in asset quality. Our estimate is significantly above the current guidance range of DKK 180-280m, and we expect the bank to raise its guidance alongside the H1 report. We raise net interest income for 2021E-23E by 2-4%, led by a positive margin expansion, due to a revision of the threshold for negative rates on deposits. Conversely, we expect to see upward pressure on costs, due to the branch opening in Roskilde. We expect to see a CET1 ratio of 18.9% for H1 2021, up 30 bp from 2020. Marketing material commissioned by Sparekassen Kronjylland.
3/9/2021 1:36:41 PM - Sparekassen Kronjylland: Low loan losses despite high management buffer - Nordea - Sparekassen Kronjylland reported H2 2020 profit before loan losses of DKK 183m, which was DKK 11m (7%) ahead of our estimate. This was mainly led by better-than-expected market value adjustments and lower costs, while net fee income was slightly below our estimate. The key positive in the report was loan losses of only DKK ~6m, which was DKK 69m (93%) below our forecast. The underlying asset quality hence remains solid and at the end of 2020 the bank had a management buffer of DKK 279m in loan loss provisions related to the COVID-19 pandemic. This corresponds to ~1.7% of the total lending book, which is among the highest in the sector.