Deutsche Bank has repeaqted a “buy” recommendation with a target price of 5.10 euros for the share of the National Bank, after the announcement of positive results.
Net profit, it says, was 30% higher than forecast, boosted by better-than-estimated performance on all fronts (especially in net interest income and fees). As a result of its strong performance and high interest rates, the bank revised upwards its 2022 core operating profit forecast to €600m from €490m previously, revising its return on equity to 10% from 9%.
The German bank’s analysts also “see” positive news on the capital front, with the CET1 FL index better than forecast at 15.2%, while overall, the results show that the National Bank is on track for a significant recovery in profitability in 2022, maintaining good prospects for 2023-2024 as well, despite macroeconomic uncertainty.
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