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Sparekassen Sjælland-Fyn reported profit before loan losses of DKK 120m for Q3 2021, DKK 15m (14%) above our estimate. NII was DKK 10m (5%) below our estimate, due to continued margin pressure and muted lending. On the positive side, we are encouraged to see fee income coming in 4% ahead of our estimate, while costs were DKK 5m (2%) below our estimate. Reported loan losses were DKK 10m for Q3, but the bank has increased its management buffer by DKK 18m q/q, up to DKK 215m. After adjusting for the new buffer, the bank's underlying asset quality continues to show improvements. The bank also lifted its outlook for 2021 – it now expects pre-tax profit in the range of DKK 485-525m (DKK 450-525m previously). We estimate 2021 pre-tax profit of DKK 515m, on the upper end of the new guidance range. Our new Gordon growth-based fair value range is DKK 135-160 (132-157). Marketing material commissioned by Sparekassen Sjæ lland-Fyn.
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