SpareBank 1 Nord-Norge (NONG) reported a soft Q4 result today following NOK 64m in restructuring costs, NOK 6m in non-recurring AML costs, along with the weak contribution from the SB1 Group. NII however was very solid and a higher run-rate compensates for higher opex and net effect on our 2020/2021 EPS/DPS is +1%. We still see NOK 5.0 in DPS for 2020 and 2021 and reiterate our Buy recommendation and increase target price to NOK 86 (85).
