Sparekassen Sjælland-Fyn's Q1 2022 earnings were negatively impacted by market value adjustments and one-off expenses. Adjusted for this, however, underlying profit before loan losses improved by 6% y/y. While bank lending remained muted in Q1 2022, we were encouraged to see total business volumes (including DLR and TK credit lines) continuing on a strong trajectory. We also remain confident that lending volumes will pick up from Q2 2022, due to the overhanging phase-out of government packages. We trim 2022E-24E EPS by 3-6%. Sparekassen's 2022 pre-tax profit outlook remains unchanged at DKK 385-510m. We estimate DKK 461m and hence find ourselves above the guidance midpoint. Our new Gordon growth-based fair value is DKK 149-177 (153-182). Marketing material commissioned by Sparekassen Sjælland-Fyn.