SEB reported a quality beat in Q2 with the EPS coming in 5%/8% above ARCe/Cons, driven by higher NII, net fees and commissions and a beat on opex. The bank still expects NII to bottom out 3-6 months after the last rate cut, which means that we should continue to see some underlying pressure on NII over the next quarters. The lowered cost guidance (SEK 0.3bn lower) is a positive in the report, but given the 5% guided REA inflation from IRB-models (SEK 50bn or 80-90 bps on the CET 1 headroom) from ....