DNB (1K) | Hold | Q2: NIM pressure, but leaner on capital

研报英文原文证据摘录

DNB (1K) | Hold | Q2: NIM pressure, but leaner on capital

#EstimatesRevision

Release date: 15 July 2026

Company research

ESG profile HoldDNB

Norway | Banks & Asset Managers Beta Profile: MCap: NOK415.3bn

Target Price: NOK317.00 (313.00) Change in TP: 1.3 % Bloomberg: DNB NO Reuters: DNB.OL

Current Price: NOK296.00 Change in Revenues: 0.3% 26E/-0.4% 27E Free float 50.8%

Up/downside: 7.1% Change in Rep PBT: 1.4% 26E/-0.7% 27E Avg. daily volume (NOKm) 1,013.6

YTD abs performance 5.2% Market data: 14 July 2026 Change in Adj. EPS: 0.3% 26E/none 27E

52-week high/low (NOK) 312.70/257.30

Q2: NIM pressure, but leaner on capital Price performance

Why this report?

DNB reported Q2 earnings broadly in line with consensus, but underlying

trends were mixed. EPS was unchanged QOQ at NOK6.50, as low credit losses

offset weaker NII and higher costs. NII fell 1% QOQ and missed consensus by

2%, reflecting continued margin pressure and product-mix effects. Fees were

solid, supported by investment banking and asset management. We make

only smaller estimate changes, raise our target price by 1% to NOK317 and

maintain our Hold rating.

Key findings

NII fell 1% QOQ and was 2% below consensus. Lower lending spreads were partly

offset by stronger deposit spreads, 1% lending growth and one additional interest

day. Management said roughly half of the underlying spread pressure reflected

competition, with the remainder being related to the product mix. Q3 NII should FY to 31/12 (NOK) 12/26E 12/27E 12/28E

Total revenues 89,189 92,954 94,897

improve as the May rate-hike repricing became effective in mid-July and much of Pre-prov. profit 53,414 56,285 56,985

the quarter-end loan growth was booked late in Q2. Pre-tax profit 51,176 53,677 54,294