BankNordik has today upgraded its 2020 net profit guidance to DKK 50-90m (30-80m). This was triggered by lower-than-expected loan losses and lower travel insurance claims than expected due to the COVID-19 pandemic. The development in financial markets has also had a positive impact on earnings. Following the guidance upgrade, we lift 2020E net profit by 12%, mainly led by strong investment portfolio earnings as well as lower travel insurance claims. We hence estimate 2020 net profit of DKK 90m. We make only minor changes to 2021E-22E adjusted EPS. Our new fair value range is DKK 106-128 (104-127). - Marketing material commissioned by BankNordik.

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