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 175.4 EUR with a high forecast of 209 EUR and a low forecast of 142 EUR.

Projections

Income Statement (EURm)	Q2E		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	232.3	233.2	942.8	937.9	957.7	956.5	986.8	987.7
Net fee and commission income	85.2	84.9	329.0	329.3	348.6	347.8	359.7	364.3
Other operating income	-0.4	0.1	2.0	4.4	5.0	2.7	5.0	4.5
Net Non-interest income	85.0	72.3	341.1	339.8	354.4	355.4	364.9	371.9
Total net operating income	317.5	317.8	1,280.0	1,270.7	1,313.3	1,306.5	1,348.8	1,356.1
Employee costs	-84.1	-84.1	-341.9	-337.5	-357.4	-350.6	-368.0	-363.2
Other general and administrative expenses	-52.2	-51.6	-206.8	-206.0	-213.8	-212.0	-219.5	-220.0
Depreciation and amortisation	-17.0	-16.6	-65.0	-63.3	-66.3	-65.0	-67.5	-66.7
Total costs	-150.9	-152.2	-615.3	-611.8	-637.3	-634.1	-660.2	-657.5
Balance sheet tax	-8.1	-8.3	-33.0	-33.3	-35.0	-35.3	-37.0	-37.0
Result before impairments and provisions	157.8	159.3	630.7	634.0	641.7	647.9	653.4	669.9
Net impairments and provisions (sum of below)	-10.9	-10.6	-66.0	-63.9	-76.0	-73.0	-86.0	-80.3
Impairments and provisions for credit risk	-8.8	-8.7	-54.2	-51.5	-69.1	-63.1	-79.2	-71.1
Other impairments and provisions	-2.0	-2.6	-10.7	-11.1	-10.6	-11.8	-12.0	-12.4
Gains less losses from capital investments in subsidiaries, associates and JVs	0.6	0.5	2.3	2.2	2.3	2.1	2.3	2.1
Result before tax	150.0	150.1	563.7	573.2	569.7	576.8	589.0	595.0
Income tax expense	-19.2	-19.7	-77.2	-72.9	-78.5	-75.8	-79.6	-80.9
Non controlling interests	-3.7	-3.6	-14.0	-14.1	-13.0	-14.2	-13.0	-14.3
Net profit attributable to shareholders	126.0	126.9	483.6	484.6	486.5	485.3	494.7	498.2

Key Ratios	2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average
NPL ratio	1.9%	1.8%	1.8%	1.8%	1.7%	1.8%
Net loans to deposits	78.0%	76.4%	77.0%	77.4%	79.9%	78.9%
CET1 ratio	15.5%	15.5%	15.5%	15.6%	15.6%	15.7%
T1 ratio	15.7%	15.7%	15.8%	15.7%	15.9%	15.7%
Total capital ratio	18.7%	19.0%	18.7%	18.7%	18.7%	18.8%
Loan growth	9.1%	9.8%	6.9%	6.8%	7.0%	6.9%
Deposit growth	5.0%	4.8%	5.0%	5.4%	5.2%	5.6%
Net interest margin	3.28%	3.28%	3.13%	3.14%	3.06%	3.06%
Cost of risk	0.35%	0.34%	0.40%	0.37%	0.40%	0.38%
Cost to income ratio	48.1%	48.1%	48.6%	48.5%	48.6%	48.5%
ROA	1.6%	1.7%	1.5%	1.6%	1.5%	1.5%
ROE	14.5%	14.5%	13.7%	13.6%	12.9%	13.2%
RWA	19,297	19,076	20,556	20,378	21,765	21,683
Dividends (per share, €)	12.86	12.99	13.68	13.67	14.00	14.22