Analyst consensus

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

Analyst Rating

NLB stock has a Strong Buy and 9 Buy recommendations 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 162.5 EUR with a high forecast of 184 EUR and a low forecast of 142 EUR.

Projections

Income Statement (EURm)	4Q24E		2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	235.0	234.8	926.0	904.4	925.2	909.7	926.0	927.8
Net fee and commission income	83.8	83.8	314.6	308.4	327.6	324.7	346.9	344.2
Other operating income	0.0	-1.9	-1.4	-0.5	-9.0	-1.7	1.1	2.8
Total net operating income	319.8	316.7	1,243.3	1,212.3	1,252.8	1,232.7	1,273.4	1,274.9
Employee costs	-81.6	-81.3	-306.9	-306,4	-322.8	-319.8	-336.8	-332.0
Other general and administrative expenses	-65.3	-64.5	-218.6	-212.8	-231.5	-222.7	-241.7	-237.0
of which Balance sheet tax	-8.3	-8.3	-32.5	-32.6	-33.0	-33.1	-35.6	-35.6
Depreciation and amortisation	-15.6	-15.2	-57.2	-54.5	-57.5	-54.6	-59.2	-58.8
Total costs	-161.6	-161.0	-585.6	-573.7	-612.3	-597.1	-626.1	-627.8
Result before impairments and provisions	158.3	155.7	654.8	638.6	633.9	635.6	634.8	647.0
Net impairments and provisions (sum of below)	-34.0	-34.0	-30.8	-36.4	-64.6	-61.3	-67.6	-68.0
Impairments and provisions for credit risk	-34.0	-31.4	-24.7	-27.2	-53.9	-51.3	-57.7	-58.7
Other impairments and provisions	-3.6	-3.0	-11.2	-11.1	-10.7	-10.0	-8.6	-9.3
Gains less losses from capital investments in subsidiaries. associates and JVs	0.3	0.0	2.3	2.1	2.0	2.0	2.3	2.2
Result before tax	125.0	121.7	629.2	604.3	577.6	576.2	571.1	581.2
Income tax expense	-19.6	-17.4	-81.4	-74.2	-77.9	-69.5	-82.1	-81.9
Non controlling interests	-3.0	-2.8	-13.3	-13.6	-12.7	-13.1	-12.5	-12.5
Net profit attributable to shareholders	103.4	101.5	526.6	516.5	494.1	493.6	475.8	486.9

Key Ratios	2024E		2025E		2026E
	Median	Average	Median	Average	Median	Average
NPL ratio	1.6%	1.8%	2.0%	1.8%	1.8%	1.8%
Net loans to deposits	73.1%	71.4%	72.8%	71.8%	74.1%	73.0%
CET1 ratio	15.8%	15.7%	16.1%	16.0%	16.4%	16.83%
Total capital ratio	19.4%	18.8%	19.5%	19.9%	19.7%	20.1%
Loan growth	14.2%	12.6%	7.7%	7.7%	7.2%	7.3%
Deposit growth	5.3%	5.4%	5.8%	5.6%	5.9%	5.5%
Net interest margin	3.4%	3.4%	3.2%	3.3%	3.0%	3.1%
Cost of risk	0.17%	0.18%	0.35%	0.32%	0.32%	0.33%
Cost to income ratio	44.9%	45.2%	46.7%	46.4%	47.2%	46.9%
ROA	1.9%	1.9%	1.7%	1.7%	1.6%	1.6%
ROE	17.0%	16.6%	14.6%	14.5%	13.5%	13.5%
RWA	16,864	16,764	17,740	17,916	18,931	19,071
Dividends	11.75	11.99	12.45	12.11	12.50	12.61