SHB reported a pre-provision profit some 4% ahead of our estimate and in line with consensus, but with surprisingly low loan loss provisions (~9bps) the EPS came in 25% ahead. Though we still expect losses to be elevated medium term, we have lowered them significantly for ’20/’21/’22 leading our EPS up 13%/8%/1%. We now expect ROE of ~9.5% for 20-22 and still see SHB as close to fair value after today’s rally. We raise our TP to SEK 90 (84), but stick to Hold