We had expected a soft Q4 report after the PW issued in late December, but actual results were still on the weak side with a Q4 earnings per EC of NOK 1.5, a ROE of 4% and a FY25 DPS of NOK 7.7 vs our NOK 9.5 estimate. ROE was 9.7% for FY25. We note that part of the miss in Q4 is explained by a NOK 10m restructuring provision on opex, so the bank is seemingly taking measures to improve efficiency (which hasn’t really been a weak point to be fair) in the face of expected margin pressure and, unfo ....
