RING delivered another good quarter and though the Earnings per EC figure of NOK 8.8 was slightly below our estimate due to low contributions from SB1 Gruppen, it was 7% above Factset consensus at NOK 8.2. Lending continued to pick up in Q2 with total lending growth of 1.2% q/q, and the bank also continued to see good deposit growth (4.8% q/q). Credit quality remained sound with loan losses of 1 bps in the quarter. We end up revising our FY25-FY26 estimates by 1-2% and we also incorporate the ex ....
