Earnings per EC NOK 3.9 vs ARCe/Cons 3.7. Q4 ROE 13.5%Beat driven by higher non-interest income and lower loan losses.... While costs come in higher than expectedNOK 12.0 DPS vs ARCe/Cons 9.5/9.2 should be well receivedBut report feels overall neutral for our estimates based on our first read
