SVEG continued its impressive operational performance in Q3 with a beat on revenues and once again lower operating expenses than expected. The cost/income ratio in the quarter was 21.4% and despite several drivers for higher costs materializing in the banking sector over the last year SVEG managed to keep costs flat y/y. While we suspect that this will be increasingly difficult to repeat over time, it is impressive and means the bank should be able to maintain a ROE well above its target also wh ....
