Q4 EPS of DKK 7.2 vs ARCe/Cons 6.3/6.1. Q4 reported ROE 13.6%Strong read on NII and fees-and commissionOpex in line, net reversals of DKK 107m in Q4Announces DKK 9.35 in ord. DPS + 5.35 in XO leaving the total DPS at 14.7New share buyback programme of DKK 5bn vs ARCe/Cons 8.6/9.0bnOverall a good report, distributions likely somewhat higher than expected despite lower buybacks
