This morning, BankNordik has upgraded its 2021 net profit guidance range to DKK 190-220m (previously DKK 150-200m). We estimate DKK 184m. According to the bank, the upgrade is mainly triggered by lower-than-expected impairments along with operating profit being slightly higher than expected. The financial guidance includes one-offs of DKK 90m, which are primarily related to revenue from the sale of the Danish activities to Spar Nord. We expect to make positive EPS adj. revisions for 2021E around 10-15%, which is driven by positive revisions to impairment charges. We also expect to see minor positive revisions for 2022E-23E earnings.
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