NDA reported another solid result in Q2 with an EPS beat of 3% vs ARCe/Cons and a Q2 reported ROE of 16.2% - driven by 2 bps in net reversals and continued solid credit quality. The share was sent down 3% on reporting day, likely due to the bank’s comment that full reciprocity on the Norwegian SyRB (systemic risk buffer) is likely to be needed from Q4/25 – which will absorb 20 bps on the CET 1 headroom due to a higher requirement. The bank has guided for a ~150 bps CET 1 run-rate headroom moving ....
