NONG delivered a solid Q4 with earnings per EC of NOK 3.5 vs ARCe/Cons 3.2/3.1 and reported ROE of 16.1%. The beat was driven by a stronger net investment result and lower opex, while core lines (NII and fees) were broadly in line. The bank proposed a NOK 8.5 DPS, a bit shy our estimate, but also raised its ROE target to 14% (13%) and lowered its C/I target to 35% (40%). We lift our NII estimates 1% for FY26 and FY27 on slightly higher growth assumptions, while also lowering our cost estimates b ....
