Analyst consensus

Consensus estimates are based on projections made by financial analysts who cover NLB.

Analyst Rating

NLB stock has a Strong Buy recommendation according to 10 analysts.

NLBR Stock 12 Month Forecast

The forecase is based on 10 analysts offering 12 month price targets for NLB. The average price target is 162.8 EUR with a high forecast of 186 EUR and a low forecast of 142 EUR.

Projections

Key Ratios	2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average
NPL ratio	2.0%	2.0%	2.1%	2.0%	2.0%	2.0%
Net loans to deposits	68.2%	68.3%	69.0%	69.7%	70.1%	70.8%
CET1 ratio	16.5%	16.3%	16.6%	16.8%	16.7%	16.8%
Total capital ratio	19.9%	20.1%	20.1%	20.2%	20.0%	20.0%
Loan growth	7.9%	7.6%	7.0%	6.9%	6.4%	6.7%
Deposit growth	4.5%	4.1%	5.6%	5.2%	5.6%	5.2%
Net interest margin	3.4%	3.3%	3.2%	3.1%	3.0%	3.0%
Cost of risk	0.20%	0.23%	0.35%	0.36%	0.39%	0.39%
Cost to income ratio	46.4%	46.1%	47.1%	47.4%	48.1%	48.5%
ROA	1.9%	1.9%	1.7%	1.7%	1.5%	1.5%
ROE	16.5%	16.4%	14.4%	14.2%	13.1%	13.0%
RWA	16,864	16,692	17,728	17,670	18,734	18,900
Dividends	11.00	11.00	11.50	11.49	12.21	11.79

Income Statement (EURm)	3Q24E		2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	224.0	220.1	885.8	884.2	880.0	876.9	877.0	875.4
Net fee and commission income	79.0	78.1	299.0	300.0	321.0	317.3	341.7	336.6
Other operating income	-1.1	0.0	-2.2	2.5	10.0	3.7	10.0	3.9
Total net operating income	302.5	298.3	1196.5	1186.7	1193.2	1197.9	1233.0	1216.0
Employee costs	-77.0	-76.6	-303.3	-305.1	-318.5	-318.4	-322.6	-327.4
Other general and administrative expenses	-50.6	-51.3	-211.7	-207.2	-229.0	-219.5	-236.7	-227.1
of which Balance sheet tax	-8.1	-7.5	-32.2	-32.3	-33.5	-32.9	-35.4	-33.8
Depreciation and amortisation	-13.0	-12.7	-53.0	-51.3	-54.3	-52.3	-55.2	-53.3
Total costs	-142.7	-141.8	-573.0	-561.5	-587.4	-585.9	-608.0	-603.3
Result before impairments and provisions	160.6	156.4	636.0	628.6	622.0	606.1	617.3	607.2
Net impairments and provisions (sum of below)	-11.4	-12.8	-42.6	-42.0	-64.4	-63.3	-68.4	-71.8
Impairments and provisions for credit risk	-8.4	-11.3	-36.2	-35.7	-54.0	-56.5	-64.3	-65.4
Other impairments and provisions	-2.7	-3.2	-12.9	-12.2	-10.7	-11.1	-10.3	-11.2
Gains less losses from capital investments in subsidiaries. associates and JVs	0.3	0.2	2.0	1.6	2.0	1.9	1.1	1.0
Result before tax	141.8	143.8	586.1	587.3	553.0	556.8	542.4	550.8
Income tax expense	-19.6	-17.9	-70.3	-66.3	-76.0	-69.8	-78.6	-69.5
Non controlling interests	-3.2	-3.6	-13.0	-12.9	-13.0	-13.2	-13.0	-13.4
Net profit attributable to shareholders	121.7	122.3	501.0	504.7	488.0	473.8	467.0	468.1