BNP Paribas starts NOBA Bank at 'outperform' on innovative growth path

NOBA Bank AB (publ)

06/11/2025 10:35

** BNP Paribas starts NOBA Bank NOBA.ST at "outperform", saying the Nordic lender is "highly profitable and innovative with clear growth targets"

** NOBA's "disciplined focus" on a few markets helped it gain traction, while it benefited from a structural shift towards specialists while its peers retrenched, BNP says

** The lender targets over 10% annual organic loan growth over medium term and its business plan doesn't involve sacrificing profitability, it adds

** BNP highlights NOBA's potential for a core Return on Tangible Equity (RoTE) above 30%, calling it "a rarity in the European banks space"

** Its core adjusted cost/income ratio is expected to fall below 20% of income, the broker notes

** "The key to NOBA's story is growth, with more business initiatives and M&As to come," says BNP

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))