We raise 2021E-22E pre-tax profit by 4-8%, mainly led by lower loan loss estimates. We leave 2021E-22E profit before losses roughly unchanged, as we marginally lower both income and cost estimates. Sparekassen Kronjylland expects 2021 pre-tax profit of DKK 240-300m. We estimate DKK 287m, and note that the bank historically has been fairly cautious on guidance. Despite headwind from the COVID-19 pandemic, 2020 pre-tax profit came in at DKK 278m, which was actually in the upper end of the initial 2020 guidance for DKK 240-300m. This was also ~55% above the top of the updated guidance range of DKK 140-180m from the H1 2020 report.
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