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BankNordik reported solid Q1 2022 figures across all income lines, and underlying profitability came in 9% ahead of our estimate. Also, loan loss reversals contributed positively to profitability, which underpins resilience in the face of geopolitical uncertainty. We raise 2022E adjusted EPS by 16%, albeit with the majority stemming from low-quality items. Following strong profitability in Q1 2022, BankNordik states that it now aims at the upper end of its 2022 full-year guidance range for net profit (DKK 130-160m). We estimate DKK 167m and hence see scope for a guidance upgrade – potentially already ahead of Q2 2022. Our new Gordon growth-based fair value is DKK 157-176 (DKK 155-174). Marketing material commissioned by BankNordik.
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