SpareBank 1 Nord-Norge (NONG) reported Q1 last week and we found the report supportive despite a soft NII. The ROE was 13.3% following loan loss reversals, but assuming normalised losses (20bps) it was 10.1% - approximately the same level as in Q4. We have included the Q1 numbers and adjusted for effects from the transfer of the portfolio in Q4, in sum increased 2021e 10%, but lowered 2022/2023 2%. We keep our Buy and target price of NOK 100 unchanged.
