Q1 2021 operating profit came in at DKK 35m, on a par with our estimate. Total income was slightly ahead of our expectation, costs were in line, and loan losses were DKK 1m above. Lending growth was, however, a little subdued and lending ended up ~2% below our estimate. We thus lower 2021E-23E net interest income by 2%, although this is offset by small positive revisions to the other income items. We leave our 2022E-23E net profit roughly unchanged. Our new Gordon growth-based fair value range is DKK 179-202 (189-207) per share. Marketing material commissioned by BankNordik.
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