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SENASTE
Sparekassen Kronjylland reported H1 2021 profit before loan losses of DKK 194m, DKK 21m (12%) above our estimate. This was led by higher-than-expected fee income and lower costs, while net interest income was in line with our estimate. The bank reported loan-loss reversals of DKK 43m, while the pandemic-related management buffer was reduced to DKK 247m (previously DKK 279m), hence still indicating a positive development in the underlying asset quality. Management raised its 2021 pre-tax profit guidance to DKK 420-480m (previously DKK 180-280m) amid the H1 report. We estimate DKK 464m. We raise 2021E-23E net profit by 8-37%, led by 7-10% higher profit before loan losses and lower loan losses.
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