SB1NO reported a 16.2% ROE in Q3 (12.8% adj. for one-offs) on a standalone basis, while the pro-forma ROE YTD including SOON would’ve been 14.0% (13.0% adjusted for one-offs). On a pro-forma basis the new bank would’ve had 12m lending growth of 6.1% - which is above the general market rate – and we continue to see room for solid growth going forward as capital synergies are realized and the adressable market expands. On the back of the report our estimates are relatively unchanged, but with the ....
