1205 GMT - DNB Bank trades at a steep valuation and faces downside to consensus earnings expectations, UBS analyst Johan Ekblom writes. UBS expects DNB to report net income of 9.5 billion Norwegian kroner in the first quarter, down around 16% on quarter, primarily driven by lower net interest income, higher costs and higher loan losses. Against this, the consolidation of recently acquired Carnegie should support higher commission revenues. A stronger krone is a slight headwind to loan and capital volumes although relatively limited given around 80% of loan book is in kroner, he says. UBS lifts its price target to 230 Norwegian kroner from 225 kroner and keeps its sell rating. Shares fall 4.5% to 251 kroner. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 04, 2025 08:05 ET (12:05 GMT)
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