Nordea released its Q4 16 results this morning. Total income is 5.6% above consensus expectations and 4% above our expectations at €2.61bn. The beat was, however, mainly driven by volatile trading gains even though core revenues, whether net interest income or fees/commissions, were slightly better than anticipated with the latter being 3% higher than consensus expectations and 4% higher than our own expectations. Total expenses were in line with consensus while loan losses were much low
26 Jan 2017
A strong P&L and capital momentum
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A strong P&L and capital momentum
Nordea released its Q4 16 results this morning. Total income is 5.6% above consensus expectations and 4% above our expectations at €2.61bn. The beat was, however, mainly driven by volatile trading gains even though core revenues, whether net interest income or fees/commissions, were slightly better than anticipated with the latter being 3% higher than consensus expectations and 4% higher than our own expectations. Total expenses were in line with consensus while loan losses were much low