EPS NOK 4.57 vs ARCe/Cons 4.3/4.6. ROE 13.3% (11.1% adj. for sale of property)Revenues a bit stronger, but lending growth slowing down due to tough competition.... While loan losses came in higher again at NOK 128m (32bps)DPS NOK 12.7 vs ARCe/Cons 12.0/11.7, ~70% payout ratio.New 40% C/I target adds some estimate support, but underlying results neutral/slightly below
