SpareBank 1 SMN (MING) published its Q4 numbers this afternoon and the result was characterized by a soft contribution from the SB1 Group and high loan losses. The only positive surprise as far as we can tell was the higher dividends, but we also liked the new cost target and efficiency program initiated. We have lowered our 2020e and 2021e EPS only 1%, and hence we keep our Buy and NOK 115 target price.
