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)	Q1E		2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average	Median	Average
Net interest income	235.4	237.2	926.5	931.7	961.2	943.6	968.9	969.5
Net fee and commission income	79.6	79.0	329.0	330.5	349.7	348.3	364.8	365.2
Other operating income	-5.0	-3.5	28.0	28.0	2.6	-0.4	2.9	0.2
Total net operating income	312.0	312.9	1,264.1	1,295.5	1,303.0	1,290.0	1,361.9	1,335.0
Employee costs	-78.7	-79.8	-331.5	-332.8	-344.0	-342.0	-361.9	-356.4
Other general and administrative expenses	-49.4	-51.4	-201.8	-199.6	-201.0	-190.0	-217.7	-215.1
Depreciation and amortisation	-15.0	-14.8	-58.3	-57.2	-59.3	-58.4	-60.3	-60.4
Balance sheet tax	-8.1	-8.2	-34.1	-33.3	-35.6	-35.1	-37.0	-36.6
Total costs	-151.1	-152.2	-631.0	-624.0	-641.8	-647.4	-667.4	-670.6
Result before impairments and provisions	165.7	176.7	641.1	635.6	647.6	643.1	660.1	657.1
Net impairments and provisions (sum of below)	-12.6	-11.4	-65.3	-60.3	-73.9	-70.2	-82.4	-75.1
Impairments and provisions for credit risk	-10.3	-9.6	-53.9	-48.1	-65.9	-58.9	-78.9	-65.8
Other impairments and provisions	-1.2	-1.5	-13.2	-13.2	-13.3	-13.5	-13.7	-13.6
Gains less losses from capital investments in subsidiaries, associates and JVs	0.8	0.7	2.0	1.1	2.0	2.1	2.0	2.0
Result before tax	150.4	159.9	577.6	576.4	577.8	574.1	587.5	588.4
Income tax expense	-20.4	-19.9	-78.7	-75.9	-79.5	-77.9	-82.3	-81.7
Non controlling interests	-3.4	-3.5	-15.0	-14.2	-13.0	-13.8	-13.0	-13.9
Net profit attributable to shareholders	124.7	142.5	483.7	485.6	483.9	480.7	492.2	491.1

Key Ratios	2025E		2026E		2027E
	Median	Average	Median	Average	Median	Average
NPL ratio	1.9%	1.9%	1.8%	1.8%	1.7%	1.8%
Net loans to deposits	75.8%	74.9%	76.6%	76.0%	78.8%	77.1%
CET1 ratio	15.5%	15.7%	15.6%	15.7%	15.6%	15.7%
Total capital ratio	15.9%	16.0%	15.9%	16.1%	15.9%	16.1%
Loan growth	7.5%	7.1%	6.6%	6.5%	6.6%	6.8%
Deposit growth	5.0%	5.2%	5.0%	5.0%	5.2%	5.4%
Net interest margin	3.3%	3.3%	3.2%	3.2%	3.1%	3.1%
Cost of risk	0.35%	0.32%	0.40%	0.38%	0.40%	0.39%
Cost to income ratio	45.9%	45.4%	45.2%	45.5%	44.2%	45.4%
ROA	1.7%	1.7%	1.6%	1.6%	1.5%	1.5%
ROE	14.6%	14.6%	13.6%	13.6%	12.9%	13.0%
RWA	18,667	18,517	19,711	19,755	20,836	21,095
Dividends	12.93	13.08	13.43	13.55	13.82	14.04

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