Nordea released its numbers for Q1 21 this morning. Net profit was well above expectations (and ours) driven by higher revenues and lower loan losses. More importantly, the beat at the revenue level was of good quality as both net interest income and fees/commissions were above expectations. Loan losses were twice as low as expectations in line with what the bulk (if not all) of global banks have already announced. We will upgrade our EPS for Nordea.
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Nordea released its numbers for Q1 21 this morning. Net profit was well above expectations (and ours) driven by higher revenues and lower loan losses. More importantly, the beat at the revenue level was of good quality as both net interest income and fees/commissions were above expectations. Loan losses were twice as low as expectations in line with what the bulk (if not all) of global banks have already announced. We will upgrade our EPS for Nordea.