We expect a somewhat muted Q1 result from DNB due to NII headwinds q/q and a weaker trading line, but with Norges Bank now projecting at least one rate hike during 2026 our FY27 estimates come up 3% while for FY28 we model a NOK 30 EPS. We are 2% below consensus for Q1, while we are 2-3% above for 2027-2028e. The competitive environment in Norway continues to look challenging, especially on mortgages, but with a well-diversified lending book, solid non-interest income growth and good cost contro ....
