MORG’s Q4 results came in above expectations, with earnings per EC of NOK 2.78, beating our estimate of NOK 2.33 and coming in 18% above consensus. The beat was primarily driven by an encouraging cost development and net loan loss reversals, while NII was also 1% above expected. Despite the strong earnings delivery, the proposed FY25 DPS of NOK 7.0 was slightly disappointing, coming in below both consensus (NOK 7.64) and our expectation (NOK 8.2). MORG is thus retaining more capital headroom tha ....
