SpareBank 1 Ringerike Hadeland (RING) published its Q2 report on Friday and the quarter was characterised by solid lending growth, zero loan losses and higher non-interest income, including a NOK 18m gain from Spb1 Forvaltning. We have increased 2021/2022 EPS 10%/2% and reiterate our Hold recommendation, but increase our target price to NOK 295 (270). The target price is equivalent to 1.1x 2021e BVPS, 11x 2022e EPS and a dividend yield of 4.5%.
