MORG reported Q1 earnings per EC of NOK 2.13, which was 7% below our estimate and 10% below Factset consensus. The miss was primarily due to a surprisingly big q/q swing on NII, which declined 7% vs Q4 and 5% y/y. The net interest margin (in % of total assets) was 1.87%, down 20bps y/y despite stable policy rates, which highlights that we are seeing some margin pressure beginning to materialize. While we think part of it is explained by some timing effects on market funding in the quarter, we no ....
