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BankNordik: Another 10% guidance upgrade bodes well for H2 2023 - Nordea

Today, BankNordik upgraded its FY 2023E net profit guidance from DKK 235-265m to DKK 260-290m, corresponding to a ~10% guidance upgrade at the midpoint. The upgrade was driven by an improved outlook in core operations as well as customer resilience which has led to lower-than-expected impairment levels – similar to the reasons behind the guidance upgrade back in June 2023. For FY 2023E, we currently estimate net profit of EUR 260m which is hence in the low end of the new guidance range. In order to reach the midpoint of the new net profit guidance, we would have to lift our FY 2023E net profit estimate by ~6%. BankNordik will publish its Third Quarter financial results on November 2nd.

Today, BankNordik upgraded its FY 2023E net profit guidance from DKK 235-265m to DKK 260-290m, corresponding to a ~10% guidance upgrade at the midpoint. The upgrade was driven by an improved outlook in core operations as well as customer resilience which has led to lower-than-expected impairment levels – similar to the reasons behind the guidance upgrade back in June 2023. For FY 2023E, we currently estimate net profit of EUR 260m which is hence in the low end of the new guidance range. In order to reach the midpoint of the new net profit guidance, we would have to lift our FY 2023E net profit estimate by ~6%. BankNordik will publish its Third Quarter financial results on November 2nd.
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