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BankNordik will publish its Q2 2023 report on 3 August. Ahead of the report, we raise our 2023-25 NII estimates by 1-3% while also raising cost estimates by ~1%. This leaves us with an estimated 2023 net profit of DKK 261m, which is at the upper end of BankNordik's guidance range that was upgraded in June. Moreover, we still believe that BankNordik is set to distribute ~40% of its current market cap by 2024 to reach the proposed capitalisation target of a CET1 ratio equal to 20%. We also continue to see scope for more when it comes to the proposed 2024 targets on ROE and cost/income, where we are currently ahead of the targets. Lastly, BankNordik is trading at a capital-adjusted 2025E P/E of ~3.4x, which puts the share at a ~45% discount to its Danish peers.
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