HELG reported Q3 earnings per EC of NOK 4.4, 16% above our estimate and 21% above Factset consensus. The beat was driven by higher non-interest income, lower costs and lower loan losses in the quarter. Cost control continues to be impressive and the Q3 opex was down 1% y/y. On the negative side we saw lending volumes decline 2.4% q/q and an increase in Stage 3 loans (though with no effect on provisions as collateral values seem to be good). Lower lending volumes and negative mix effects on margi ....
