Spb 1 Nord-Norge (NONG) reported Q2 this morning and we found the report clearly on the strong side. The ROE was 15.6% following solid Spb1/Fremtind numbers and loan loss reversals, but also assuming normalised losses (20bps) RoE was a very solid 13.8%. We have included Q2 and updated our assumptions for the coming transaction with Spb 1 Helgeland, in sum we increase ’21/’22/’23 11%/5%/5%. We keep our Buy and increase our target price to NOK 101 (95).
