** BofA Global Research says Nordic banks' fourth quarter net interest income (NII) is "saved again" by temporary effects, but sees fortunes to reverse in 2025
** The broker cuts 2025 NII by 1.2% on average for Swedish banks as the 2024 temporary boost reverses in 2025 partly offset by higher rate expectations
** Norway is the clear outlier with loan growth rebounding, driven by the business segment versus negative business sentiment in the other Nordic countries, it says
** Yield profiles of Nordic banks remain mostly unimpressive versus Europe until extra buffers come down, it adds
** BofA double upgrades DNB DNB.OL to "buy" on improved NII dynamics with fading market rate cut expectations and surging loan growth in Norway
** It downgrades Swedbank SWEDa.ST to "underperform" from "neutral" as all positives are priced in, while seeing the strongest NII pressure in the Nordics
** The broker maintains "buy" on Danske DANSKE.CO, "neutral" on Nordea, and "underperform" on Svenska Handelsbanken SHBa.ST, and SEB SEBa.ST
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))
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