Beat on all items except commission income
BankNordik reported strong Q2 numbers with pre-tax profit of DKK 87m (14% vs. ABGSCe at DKK 77m). The PTP was primarily driven by NII of DKK 86m (4% vs. ABGSCe at DKK 83m) and loan impairment reversals of DKK 7m (vs ABGSCe at DKK -3m). The NII beat was primarily driven by NIM improvements due to the higher interest rate environment and lending growth q-o-q. Loan reversals were DKK 7m despite a DKK 10m increase in management provisions. Management highlighted that it expects to keep impairments below the industry average going forward. A q-o-q improvement was noticeable in insurance income (DKK 19m, 30% vs. ABGSCe at DKK 15m), which equals a combined ratio of 76% (113% in Q1'23 and 83% in Q2'22), as they overprovided in Q1. Fees were lower than expected at DKK 19m (-14% vs. ABGSCe at DKK 22m). Costs came in at DKK 64m (2% vs. ABGSCe at DKK 63m). Lastly, BankNordik managed to grow its lending portfolio in Faroe Islands by 4% q-o-q while its deposit base declined (-0.9%), compared to the Greenland of +1.8% and -4.2%, respectively.
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