SB1NO delivered a result broadly in line with expectations in its first quarter after the merger between SRBNK and SOON. The Q4 P&L came in slightly below our estimate, but the impression overall was better with solid growth and a dividend above our estimate. As expected, the bank also increased the estimated operational synergies to NOK >300m (150m), but somewhat surprisingly also lifted its ROE target to 14% (13%). In the near-term we think that will be tough to reach (ARCe ROE ~12% for 2025-2 ....
