** Barclays expects corporate loan growth to slow further in
2021, with the majority of corporate lending currently generated
towards lower-margin sectors such as residential and commercial
real estate
    ** Therefore, it sees most risk for Skandinaviska Enskilda
Banken  SEBa.ST  and DNB  DNB.OL  (both "underweight") as,
respectively, 38% and 35% of their net interest income comes
from the large corporates division   
    ** The brokerage keeps a bullish stance on
"overweight"-rated Swedbank  SWEDa.ST  and Svenska Handelsbanken
 SHBa.ST , citing its preference for the Swedish mortgage market
    ** It forecasts above-average capital return for
Handelsbanken over 2020/2021/2022 at 7.4%, while for Swedbank it
sees payout ratio to potentially increase once a settlement with
the U.S. Department of Justice is concluded  urn:newsml:reuters.com:*:nL8N2IV3XP,
generating a much higher dividend yield than the broker
currently forecasts
    ** Barclays sees an average dividend yield of 6.4% for the
Nordic banks 2020/2021/2022, among which Nordea  NDAFI.HE 
("equal-weight") screens as best-in-class with an estimated
average dividend yield of 8.3% 
    ** The broker also keeps an "equal-weight" rating on Danske
Bank  DANSKE.CO 
    
    
    
    
    

    

 ((marta.frackowiak@thomsonreuters.com))