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We expect Sparekassen Kronjylland to continue to benefit from the current sector tailwinds – a strong economic recovery and high activity level – supporting fee income and asset quality. We hence lift H1 2021E pre-tax profit by DKK 28m (18%) to DKK 183m, bringing the 2021E pre-tax profit up to DKK 341m. This is mainly driven by a better-than-expected development in asset quality. Our estimate is significantly above the current guidance range of DKK 180-280m, and we expect the bank to raise its guidance alongside the H1 report. We raise net interest income for 2021E-23E by 2-4%, led by a positive margin expansion, due to a revision of the threshold for negative rates on deposits. Conversely, we expect to see upward pressure on costs, due to the branch opening in Roskilde. We expect to see a CET1 ratio of 18.9% for H1 2021, up 30 bp from 2020. Marketing material commissioned by Sparekassen Kronjylland.
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