NONG delivered a solid Q3 report as expected, with NII benefitting q/q from good retail growth and lower funding costs (Nibor-effect as we flagged in our preview) though with clear signs of tough competition wearing on margins. Non-interest income was slightly below our estimate but overall at a good level with solid results from associated companies. Opex was also roughly in line with expectations, and we’ve kept our estimates there unchanged for FY26-27. In sum our Earnings per EC come down 1% ....
