Sparebanken Møre (MORG) presented a solid Q1 report on Thursday and despite a soft NII and higher opex, lower impairments resulted in an earnings beat. The loan losses of NOK 36m, equivalent to 19bps is contrary to what we have seen in the other Norwegian banks and we expect higher provisions in Q2 following reversals within corporate in Q1. We have made fairly neutral estimate revisions to 2021 and hence reiterate Buy and target price of NOK 300 for now.
