Sparebanken Vest (SVEG) reported Q4 today and we found the result on the strong side despite higher impairments. As a result of the heighted level of uncertainty the bank has chosen to increase stage 2 and 3 provisions by another NOK 95m and total impairments in 2020 was NOK 448m, equivalent to a modest 26bps of lending. We have made fairly moderate estimate revisions and reiterate our Buy recommendation and target price of NOK 80 for now.
