Nordea released this morning its numbers for Q1 20. In line with Swedbank’s numbers, it showed higher than expected core revenues (NII and fees/commissions) offset by a sluggish trading income (market effect). Loan losses were well below expectations but the (ex) Swedish bank has discounted the impact of COVID-19 within IFRS9 accounting to a very limited extent (expect it therefore to increase sharply during Q2 20). THe CET1 ratio was negatively impacted due to an increase in market ris
29 Apr 2020
Where are the losses?
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Where are the losses?
Nordea released this morning its numbers for Q1 20. In line with Swedbank’s numbers, it showed higher than expected core revenues (NII and fees/commissions) offset by a sluggish trading income (market effect). Loan losses were well below expectations but the (ex) Swedish bank has discounted the impact of COVID-19 within IFRS9 accounting to a very limited extent (expect it therefore to increase sharply during Q2 20). THe CET1 ratio was negatively impacted due to an increase in market ris