As evidence mounts of a convincing turnaround in the banking sector, investors focus on the hot new item of non-NII growth and where the next leg of non-NII growth is likely to come from. Look behind the numbers and appreciate the posture of the SBV to see the system de-risking. Accounting profits surged 41% across our coverage universe in 2017. However, we believe an enhanced appreciation of the sector will be gained by observing how banks have passed our barrage of asset quality metrics and by