MORG reported Q3 earnings per EC of NOK 2.4, which was spot on our estimate for the quarter. A weaker than expected quarter on net fee and commission income was mostly offset by a slightly better NII (+2.4% q/q) – though as we noted in our preview we believe this is mostly a timing effect. On the negative side lending volumes were flat q/q and the LTM growth rate has now slowed to 3.7% - and factoring in a slightly lower growth rate into 2026 in our estimates means they come down 3%/1% for FY26/ ....
