Q3 NII came in very strong 8% ahead of our estimate while NCI came in roughly in line with our estimate at DKK 19m. Moreover, insurance income was very strong in Q3 and costs were in line with our estimate at DKK 65m in the quarter. Asset quality also remained strong in Q3 with BankNordik still not reporting loan losses which was also one of the key reasons behind the September guidance upgrade. Overall, net profit came in 21% ahead of our estimate, led by strong results on all key lines in the quarter. Finally, the CET1 ratio was 21.8% in Q3, slightly stronger than our estimate. In light of the strong Q3 report, we are likely to make positive EPS revisions in the range 3-7% for 2023-24E and expect the share to be up today.
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