Vestjysk Bank: DJS synergies starting to show

Vestjysk Bank: DJS synergies starting to show - ABG

Q3 PBLL 10% ahead of ABGSCe driven by lower costs
NII and commissions were below our expectations
We expect a neutral reaction today

Vestjysk Bank reported Q3’21 Profit Before Loan Losses (PBLL) of DKK 151m which were 10% above ABGSCe. A positive cost surprise with Q3’21 costs 11% below ABGSCe was the main driver for the PBLL beat, it seems synergies from the takeover of DJS in the start of the year has started to roll into the numbers. Adjusted for DJS and EO costs related to DJS, costs are down 19% y-o-y. NII was a disappointment being 5% below ABGSCe and 3% down q-o-q despite lending growth of 0.8% q-o-q; a negative mix effect seem to be behind this while there may be a temporary drag related to liquidity placement as well. Commissions were 6% below ABGSCe while trading was 28% ahead. Net loan loss reversals of DKK 18m were close to ABGSCe of DKK 20m, with the real estate sector and other business sector driving the net loan loss reversals. The management reservation for economic uncertainty remains DKK 258m (1.5% of lending). CET1 of 17.8% was 60bp below ABGSCe due to VB not consolidating Q3’21 net profit as we expected (to be consolidated Q4’21).

We expect a neutral reaction today, with the positive cost surprise being countered by NII and commission income below our expectations. We are not sure market expectations for 2022 PTP will move much post Q3’21.

Vestjysk Bank: DJS synergies starting to show - ABG

Agnes Michanek pekar ut vägen framåt

Börsläget den 10 december, 2024

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Börsläget den 10 december, 2024

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Vestjysk Bank: DJS synergies starting to show - ABG

Agnes Michanek pekar ut vägen framåt

Börsläget den 10 december, 2024

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Agnes Michanek pekar ut vägen framåt

Börsläget den 10 december, 2024

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