Nordea released this morning its numbers for Q3 19. These were affected by a number of one-offs on the expenses side. Adjusted for these items, profit before loan losses was roughly in line with expectations. The key takeaway is the announced financial targets for 2022. Management is targeting a ROE above 10% for 2022 (consensus at about 9%) with a dividend policy of 60% – 70% and a CET1 buffer of 150–200bp (240bp as of today).
