SpareBank 1 Nord-Norge (NONG) reported Q4 today and we found the report fairly neutral. The ROE was 10.2% - thus lower than we are used to seeing from the bank, but still decent given rate levels. Proposed DPS was NOK 3.9, yielding 5%. We have lowered 2021e EPS 3%, but increased 2022e 3%. The bank is trading around 2021e P/B 1.1x and 12x/10x 2021e/2022e EPS, and we continue to be enthusiastic. We keep Buy and TP of NOK 100 unchanged.
