As reported in its profit warning SRBANK took another big chunk of impairments in Q2, but they (and we) now see a prospect of lower impairments going forward. We downgraded the share in June as we were concerned about a very soft NII outlook, but Q2 showed a lot more resilience than we expected. Our EPS is lifted 8% for 2021 and 5% for 2022 and we now see risk/reward as improved and upgrade to Buy (Hold) and increase our TP to NOK 85 (76).
