Strong NII print with the pro-forma NII being up 2.5% y/yNon-interest income benefiting from a strong result in SB1 Gruppen and MtM effectsOpex higher than expected, driven by staff- and real estate expensesUnderlying loan losses higher than reported at NOK ~155m (26 bps)CET 1 ratio 20 bps below ARCe/ConsDespite the earnings per EC beat, we expect minor negative estimate revisions
