SWED reported a strong Q4 result with the EPS coming in 15%/16% above ARCe/Cons driven by another surprising beat on NII, higher non-interest income and net loan loss reversals. The new dividend policy also surprised positively with the FY24 DPS at SEK 21.7 vs ARCe/Cons at 15.0. The q/q movement on NII clearly caught both us and consensus off guard, but given that the bank reiterated its NII sensitivity and again commented on timing effects playing a part – we see few reasons to change our NII e ....
