SpareBank 1 SMN (MING) published its Q1 numbers on Friday and the result was on the weak side following higher than expected loan losses and a weak contribution from SB1/Fremtind. However, we found core earnings to be on the strong side and liked the report. The rate cut from Norges Bank is negative and lowers our NII 3%, but we argue MING is well positioned to navigate through the crisis and trading at an attractive P/B 2020e 0.82x.
