Sparebanken Møre (MORG) reported Q4 this morning and we found earnings just on the soft side following higher operating expenses. Lending growth in Q4 was decent within retail with 1.0%, whilst the corporate book was flat q/q and 12m overall growth is now at 4.7%. We have lowered 2022e EPS/DPS 2% but argue one should focus on 2023e RoE given the expected rate hikes. Hence, we keep our NOK 465 TP and reiterate our Hold for now.
