SpareBank 1 SMN (MING) published Q4 on Friday and stronger growth and solid income lines characterized the result. All other income lines were on the strong side, but the contribution from Markets was the main reason for the beat. The BoD have proposed a DPS of NOK 4.40, where NOK 1.30 to be paid in April and the rest in Q4. We have increased our 21e/22e EPS 2%/3% and continue to see upside - we keep our Buy rating and NOK 130 target price.
