Q1 EPS of NOK 6.5 vs ARCe/Cons 6.17/6.31Low quality beat however as NII and NCI comes in 2%/3% below consensusSolid capital print with CET 1 at 18.1%, supportive for distribution estimatesEstimates likely to come down 1-3% on lower NII, partially offset by lower taxExpect share to underperform today
