Sparebanken Møre (MORG) reported a solid Q1 EPS of NOK 8.2 and an RoE close to 10% following lower loan losses and higher MtM gains. Lending growth in the quarter was 0.8% within retail and 2.3% within corporate, a tad lower than Q4, but at an acceptable level. We like the reduced offshore exposure and that MORG will be one of the banks benefitting the most from coming rate hikes. Hence, we increase our TP to NOK 375 (360) and reiterate Buy.
