NDA delivered a strong report given the circumstances, though it left some continued uncertainty on loan losses as updated macroeconomic assumptions will only be fully implemented in the ECL model in Q2. Core revenues came in better than expected and for now revenue growth continues to outpace cost growth. Our EPS comes up 5%/4%/5% for ’20/’21/’22 on the back of the report we reiterate our Buy recommendation with a SEK 72 (70) TP.