Morrow bank reported Q1 figures earlier today. Here's our take

Q1 growth at 6,2% q/q and 24,8% y/y - everything else fine

Very strong growth calculated at 6,2% q/q and 24,8% y/y. The growth is mainly in Norway, with 21,2% growth y/y most likely due to the new refinancing product🔥

Cost was good with cost/income of 28,0% or adjusted 24,4%, on their way to the long-term guidance of 20%.

Net interest income came in at 349 MSEK with NIM of 7%. A marginal decrease.

Loan loss came in at a strong 4,1% in the lower end of management guiding👍

What do we see that “some” other analysts do not?

ABG presented different figures than what we show here. The reason is that they have not done their homework on the currency side. As such, you should listen to us (as always?), or Pareto who seem to have figured out the currency equation 😁

Our point is this: The report is better than “some” analysts say, and in this quarter, you should listen to us (or Pareto who seem to have figured out the currency equation 😁)

Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)

Best regards,
David and Sverre

Hvaler Invest AS
Lillestrøm, Norway
13.05.26