Norwegian niche banks - 3Q 2015 Review - Healthy top-line growth in 3Q
Healthy top-line growth in 3Q and we hike 16e avg. EPS +7.3% as niche banks continue to benefit from underlying growth and drop in deposit rates. We reiterate buy recommendation on all niche banks after 3Q15.
• Bank Norwegian (BUY, NOK 62)
• Pareto Bank (BUY, NOK 42)
• yA Bank (BUY, NOK 70)
• Bank 2 (BUY, NOK 5.50)