DNB reported a Q3 EPS of NOK 7.0 which was in line with consensus, but with core income (NII and NCI) below and reported loan losses higher – the small beat on costs was not enough to offset. Lending growth was also a bit slow at 0.3% q/q (FX-adj) though the bank emphasized that it saw higher activity towards the end of the quarter. We nonetheless think that competition is set to remain fierce in Norway moving forward, which should continue to wear on particularly retail margins – but potentiall ....
