Nordea held its CMD following its Q4 earnings. As the group reached its targets in advance, it is now aiming at a 45-47% C/I ratio, a RoE above 13% and a 10bp cost of risk by 2025. Nordea is looking to achieve these objectives through income growth and cost inflation moderation. Another positive element is the group’s pledge to distribute excess capital through a 60-70% dividend payout ratio policy combined with sequential buy-back programmes over the next few years.
