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SENASTE
H2 2021 profit before loan losses (PBLL) was 17% above our estimate, while Sparekassen reported solid ~8% y/y lending growth, which was also above our expectations. Lending growth accelerated towards the end of H2 2021, which bodes well for 2022. On the negative side, lending margin pressure continued to weigh on NII in H2 2021, only partly offset by the repricing of corporate deposits from November 2021. We pencil in a spillover effect for 2022 along with the full effect of the recent repricing of private deposits, which is set to boost 2022 profitability. Consequently, we lift 2022E-23E PBLL by 3-6%. We estimate 2022 pre-tax profit of DKK 410m, which is materially above the initial 2022 guidance of DKK 250-300m. Marketing material commissioned by Sparekassen Kronjylland.
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