HELG overall delivered a good Q4 report in our view, though the miss on NII and the DPS weighed on the share on the reporting day. It is particularly positive to see that the cost trajectory slowed significantly in Q4 with costs down 6% y/y, while the bank also provided us with some estimate comfort on ’25 loan losses as it expects these to be lower than the 2024 level. On the negative side the bank guided for lower commission income from Q1 onwards, making it tough to reach the new 12% (11%) RO ....
