SOAG reported Q1 results on Thursday and the report was on the soft side relative to expectations with a miss on NII, opex and loan losses – and reported a Q1 ROE of 9.4% below its new >11% ROE target. The bank also came in below our estimate on capital, but will see a ~100-200 bps uplift from CRR3 (ARCe 150bps) and will also benefit from the sale of SamSpar shares which will lead to a NOK 48m one-off gain and a ~70 bps boost on capital in Q2/25. We saw some margin pressure coming through also f ....
