SHB delivered a good Q4 report last week with underlying revenues in line with estimates and a strong print on opex – which was down ~7% y/y adjusted for non-recurring effects. This, in combination with another quarter without reported credit losses, drove the 10% EPS beat. Volume development remains muted however (down ~1.5% y/y in SEK) and we’ve lowered our NII estimates by 1%, leaving our FY26-27 EPS estimates unchanged despite 2% lower cost assumptions. For the first time in a few years SHB ....
