Komern banka: Projection of results for 1Q; shares today for the last time with a dividend claim

for a certain year, revenues should be unchanged quarter-on-quarter, then by 1% year-on-year to K6.3 billion. Revenues from fees are expected to be at a very high level (+12% y/y), driven mainly by revenues from the sale of aunt products parties (funds and bonds). Operating expenses are expected to decrease to the level of 5 billion kroner. The 8% increase in personnel and other administrative costs should be offset by a sharp drop in payments to regulatory funds (-33% to 780 million kroner). According to unofficial reports, it should remain at very low levels without significant burn marks.

We do not assume that the management would now significantly change the year-round view published in Norway or that the results would bring a significant impetus for the movement of the action. From a long-term perspective, the valuation at P/BV (approx. 2024) around 1.3x pi, the expected return on equity of 1113% in the following years, and more than 7% gross dividend income will certainly provide some room for further growth in supply, although since the beginning of the year it KB shares accounted for 20%, and with the political risk of introducing some form of sector tax, this space is relatively limited.

Stocks Chamber of the Bank last traded today with dividend demand at vi 82.66 K per share (9.5% gross div. income). The dividend payment itself will take place from May 27.