HELG delivered a Q3 report with few surprises, with total revenues of NOK 323m vs our 321m estimate, opex 2% below and loan losses spot on our estimate. As with most of the savings banks thus far in the quarter NII came in 3%/2% better than ARCe/Consensus, which seems driven by decent growth (1.3% q/q adj. for reclassification of two exposures in the corporate segment) and relatively stable margins. Unlike peers HELG did not sell any shares in Samspar to SSF in the quarter and as we’ve noted bef ....
