SpareBank 1 Ringerike Hadeland (RING) published its Q1 report and held a presentation yesterday. The report was characterised by solid lending growth and loan loss reversals. We have only made minor estimate revisions and 2021/2022 EPS is increased 4%/1%. We reiterate our Hold recommendation and target price of NOK 265. At NOK 260 the bank is trading at 0.98x 2021e BVPS, 11x 2022e EPS and a dividend yield of 4.7%.
