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BankNordik: 10% guidance upgrade in line with expectations - Nordea

This morning, BankNordik upgraded its FY 2023E net profit guidance from DKK 210-240m to DKK 235-265m, corresponding to a ~10% upgrade. The upgrade was driven by an improved outlook in core operations and customer resilience which has led to lower-than-expected impairment levels. On Wednesday, we published a flash in which it was stated that we saw upside to the old guidance and hence, this upgrade was in line with our expectations. We currently estimate net profit in 2023E of DKK 253m which is slightly above the midpoint of the new guidance. However, in light of the rate hike by the Danish Central Bank yesterday and the upgrade, our estimates could come up further.

This morning, BankNordik upgraded its FY 2023E net profit guidance from DKK 210-240m to DKK 235-265m, corresponding to a ~10% upgrade. The upgrade was driven by an improved outlook in core operations and customer resilience which has led to lower-than-expected impairment levels. On Wednesday, we published a flash in which it was stated that we saw upside to the old guidance and hence, this upgrade was in line with our expectations. We currently estimate net profit in 2023E of DKK 253m which is slightly above the midpoint of the new guidance. However, in light of the rate hike by the Danish Central Bank yesterday and the upgrade, our estimates could come up further.
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